Form 4: Norfolk Southern Director Receives RSU Dividend Equivalents

Norfolk Southern Director William Clyburn Jr. received 5.7009 restricted stock units as dividend equivalent payments on November 20, 2025.

Summary

• William Clyburn Jr., a Director of Norfolk Southern Corp (NSC), reported a transaction on November 20, 2025.
• The transaction involved the acquisition of 5.7009 Restricted Stock Units (RSUs).
• These RSUs were credited to his account in the Norfolk Southern Corporation Long-Term Incentive Plan as dividend equivalent payments on restricted stock units held under the plan.
• The calculation was based on the market value of Norfolk Southern's common stock, which was $282.86, on the dividend payment date.
• These units will ultimately be satisfied in common stock.
• Following this transaction, Mr. Clyburn beneficially owns 1,189.0435 Restricted Stock Units directly.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. It's a routine, non-discretionary transaction that shows continued participation in the company's equity plan, but doesn't indicate new strategic moves or significant financial performance.

Positives

• The transaction is a routine, non-discretionary crediting of dividend equivalents, indicating the director's continued participation in the company's long-term incentive plan.
• It aligns the director's interests with shareholders through equity ownership.

Future Outlook

This Form 4 is a historical report of an insider transaction and does not contain forward-looking statements or guidance.

Industry Context

This routine insider transaction report does not provide specific insights into broader industry trends or competitive landscape.

Related Party Transactions

• The transaction involves a director receiving equity compensation as part of an established plan, which is a routine related party dealing and is appropriately disclosed.

Stakeholder Impact

• This routine transaction has a minor positive impact on shareholders by aligning director interests with equity ownership, but no significant impact on employees, customers, suppliers, or creditors is indicated.

Next Steps

• The restricted stock units will ultimately be satisfied in common stock, but no specific future actions, events, or milestones beyond this crediting are detailed in this filing.

Key Dates

Recommendation

This Form 4 reports a routine, non-discretionary crediting of restricted stock units to a director as dividend equivalent payments. It does not signal any new strategic developments, changes in company performance, or discretionary insider buying/selling that would warrant a change in investment recommendation based solely on this filing. It simply reflects the ongoing operation of the company's long-term incentive plan.

Keywords

Norfolk Southern, NSC, Form 4, Restricted Stock Units, RSU, Dividend Equivalents, Insider Transaction, Director Compensation, Equity Compensation