Form 4: CSX Corp EVP & COO Michael A. Cory Reports Stock Transactions

Michael A. Cory, EVP & COO of CSX Corp, reports acquisition of restricted stock units and options, along with disposals to cover tax obligations.

Summary

• On February 14, 2025, Michael A. Cory, EVP & COO of CSX Corp, reported several transactions involving CSX common stock.
• He disposed of 1,154 shares at $33.37 to satisfy tax obligations.
• He disposed of 1,276 shares at $33.37 to satisfy tax obligations.
• He acquired 18,880 restricted stock units (RSUs) with no cost.
• He acquired 62,014 options with an exercise price of $33.37.
• Following these transactions, Cory directly owns 81,535 shares of common stock and 62,014 options.
• The RSUs and options were awarded pursuant to the CSX Corporation 2025-2027 Long-Term Incentive Plan and vest in three equal installments on February 14, 2026, February 14, 2027, and February 14, 2028.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of RSUs and options suggests confidence from the executive, while the sale of shares to cover taxes is a routine transaction.

Positives

• The acquisition of RSUs and options indicates confidence in the company's future performance.
• The vesting schedule of the RSUs and options aligns Cory's interests with the long-term success of CSX.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting schedule of the RSUs and options suggests a multi-year performance horizon.

Industry Context

Insider transactions are routinely monitored by investors to gauge management's sentiment regarding the company's prospects. The acquisition of RSUs and options is generally viewed positively.

Comparison to Industry Standards

• Long-term incentive plans using RSUs and stock options are standard practice among publicly traded companies, including CSX's peers in the transportation sector such as Union Pacific (UNP) and Norfolk Southern (NSC).
• Vesting schedules of three years are also typical to ensure alignment with long-term shareholder value creation.
• The size of the RSU and option grants would be benchmarked against similar roles and performance metrics within the industry to assess competitiveness.

Stakeholder Impact

• The transactions have a minor impact on shareholders, as the number of shares involved is relatively small compared to the total outstanding shares.
• The incentive plan aims to align management's interests with those of shareholders, potentially benefiting all stakeholders in the long run.

Key Dates

Keywords

CSX, Michael A. Cory, EVP & COO, Form 4, Stock Options, Restricted Stock Units, Insider Trading, Beneficial Ownership, Long-Term Incentive Plan