Form 4: CSX CEO Stephen Angel Acquires Phantom Stock

CSX President and CEO Stephen Angel reported the acquisition of 251 units of phantom stock through the company's deferred compensation plan.

Summary

• Stephen F. Angel, President & CEO and Director of CSX Corp, acquired 251 units of phantom stock on January 2, 2026.
• The phantom stock units were acquired at a price of $36.27 per unit.
• Each phantom stock unit is economically equivalent to one share of CSX common stock and is payable in cash based on the reporting person's distribution election.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading schedule.
• Following this transaction, Stephen Angel beneficially owns a total of 767 units of phantom stock indirectly through the CSX Executive Deferred Compensation Plan.
• This total includes 0.89 units acquired on December 15, 2025, due to a dividend payment at $37.18 per share.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by the CEO, particularly under a Rule 10b5-1 plan, suggests management confidence in the company's future performance and aligns executive incentives with shareholder interests.

Positives

• The acquisition of phantom stock by the CEO indicates continued alignment of management's interests with shareholder value.
• The transaction was made under a Rule 10b5-1(c) plan, suggesting a pre-planned, systematic approach to equity compensation and reducing concerns about opportunistic trading.

Future Outlook

N/A

Industry Context

N/A

Corporate Governance

Related Party Transactions

• Acquisition of 251 units of phantom stock by President & CEO Stephen F. Angel through the CSX Executive Deferred Compensation Plan.

Stakeholder Impact

• Shareholders: Potential positive signal of management confidence and alignment of interests.
• Employees: Reflects the company's executive compensation structure, potentially influencing employee perception of fairness and incentives.

Key Dates

Recommendation

The filing details a routine acquisition of phantom stock by the CEO as part of a deferred compensation plan, executed under a Rule 10b5-1 plan. While it signals management's continued alignment with shareholder interests, it does not present new fundamental information or a significant change in the company's outlook to warrant a change from a 'hold' position. It's a standard disclosure of executive compensation.

Keywords

CSX, Stephen Angel, Insider Trading, Form 4, Phantom Stock, Executive Compensation, Deferred Compensation, Rule 10b5-1, Director, CEO