Form 4: CSX CEO Stephen Angel Acquires Phantom Stock

CSX Corp's President and CEO, Stephen F. Angel, acquired 261 units of phantom stock at $34.85 per unit, increasing his indirect beneficial ownership to 515 units.

Summary

• Stephen F. Angel, President & CEO and Director of CSX Corp, reported an acquisition of phantom stock.
• The transaction involved 261 units of phantom stock acquired on December 1, 2025.
• Each unit of phantom stock is the economic equivalent of one share of CSX common stock.
• The acquisition price for the phantom stock was $34.85 per unit.
• Following this transaction, Stephen F. Angel beneficially owns 515 units of phantom stock indirectly through the CSX Executive Deferred Compensation Plan.
• Units of phantom stock are payable in cash, consistent with the reporting person's distribution election at the time of deferral.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction related to executive compensation, which is generally neutral in sentiment. It reflects a standard part of an executive's deferred compensation plan.

Positives

• The acquisition of phantom stock by the President & CEO aligns executive compensation with company performance, as phantom stock value is tied to common stock.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This insider transaction is a routine disclosure related to executive compensation within the railroad industry, reflecting a standard component of a deferred compensation plan. It does not provide specific insights into broader industry trends or competitive positioning.

Comparison to Industry Standards

• Executive deferred compensation plans, including those involving phantom stock, are common across large publicly traded companies, particularly in established industries like transportation and logistics. The structure of phantom stock, where units are equivalent to common stock and payable in cash, is a standard mechanism for aligning executive interests with shareholder value without immediate equity issuance.

Related Party Transactions

• The transaction involves the acquisition of phantom stock by a company officer (Stephen F. Angel) through the CSX Executive Deferred Compensation Plan, which is a standard compensation arrangement between the company and its executive.

Stakeholder Impact

• Shareholders: The transaction is part of executive compensation, aligning management's interests with shareholder value through equity-linked incentives.
• Employees: No direct impact on general employees is indicated by this filing.

Key Dates

Keywords

CSX, Stephen Angel, Phantom Stock, Insider Transaction, Executive Compensation, Form 4, Deferred Compensation, Railroad