# EDGAR Filing Document

**Accession Number:** 0001305086
**File Stem:** 0001225208-23-001159
**Filing Date:** 2023-1
**Character Count:** 9455
**Document Hash:** 7b15fb30245b1a29f9300f628c5d0a20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001225208-23-001159.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001225208-23-001159

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230127

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Squires James A
- **CENTRAL INDEX KEY:** 0001305086

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08339
- **FILM NUMBER:** 23574420

**MAIL ADDRESS:**
- **STREET 1:** 650 W PEACHTREE ST NW
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30308
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORFOLK SOUTHERN CORP
- **CENTRAL INDEX KEY:** 0000702165
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROADS, LINE-HAUL OPERATING [4011]
- **IRS NUMBER:** 521188014
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 650 W PEACHTREE STREET NW
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30308
- **BUSINESS PHONE:** 470-463-6807

**MAIL ADDRESS:**
- **STREET 1:** 650 W PEACHTREE STREET NW
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30308

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Squires James A<br><sub>(Last) (First) (Middle)</sub><br>650 W PEACHTREE ST NW<br><sub>(Street)</sub><br>ATLANTA, GA 30308<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-27 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NORFOLK SOUTHERN CORP [ NSC ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-27 |  | M |  | 664 | A | 0<sup>(1)</sup> | 56409 | D |  |
| Common Stock | 2023-01-27 |  | F |  | 246 | D | $241.2000 | 56163 | D |  |
| Common Stock | 2023-01-28 |  | M |  | 2984 | A | 0<sup>(2)</sup> | 59147 | D |  |
| Common Stock | 2023-01-28 |  | M |  | 2250 | A | 0<sup>(3)</sup> | 61397 | D |  |
| Common Stock | 2023-01-28 |  | F |  | 833 | D | $239.0550 | 60564 | D |  |
| Common Stock | 2023-01-28 |  | F |  | 1105 | D | $239.0550 | 59459 | D |  |
| Common Stock | 2023-01-30 |  | M |  | 2300 | A | 0<sup>(4)</sup> | 61759 | D |  |
| Common Stock | 2023-01-30 |  | F |  | 852 | D | $239.0550 | 60907 | D |  |
| Common Stock |  |  |  |  |  |  |  | 20000 | I | By GRATs |
| Common Stock |  |  |  |  |  |  |  | 32613 | I | By Spouse |
| Common Stock |  |  |  |  |  |  |  | 1000.9230 | I | By the E.H. Squires Irrevocable Trust<sup>(5)</sup> |
| Common Stock |  |  |  |  |  |  |  | 1000.9230 | I | By the M.O. Squires Irrevocable Trust<sup>(5)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> | 2023-01-27 |  | M<sup>(1)</sup> |  |  | 664 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock | 664 | <sup>(1)</sup> | 17078<sup>(6)</sup> | D |  |
| Restricted Stock Units | <sup>(3)</sup> | 2023-01-28 |  | M<sup>(3)</sup> |  |  | 2250 | <sup>(3)</sup> | <sup>(3)</sup> | Common Stock | 2250 | <sup>(3)</sup> | 14828 | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2023-01-28 |  | M<sup>(2)</sup> |  |  | 2984 | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock | 2984 | <sup>(2)</sup> | 11844 | D |  |
| Restricted Stock Units | <sup>(4)</sup> | 2023-01-30 |  | M<sup>(4)</sup> |  |  | 2300 | <sup>(4)</sup> | <sup>(4)</sup> | Common Stock | 2300 | <sup>(4)</sup> | 9544 | D |  |

---

### Footnotes:

(1) Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 27, 2022, under the terms of the Norfolk Southern Corporation Long-Term Incentive Plan. Each Unit is the economic equivalent of one share of Common Stock. These Units ultimately will be settled in Common Stock, vesting ratably in four annual installments beginning on the first anniversary of the grant date. This distribution represents the first of four installments.

(2) Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 28, 2019, under the terms of the Norfolk Southern Corporation Long-Term Incentive Plan. Each Unit is the economic equivalent of one share of Common Stock. These Units ultimately will be settled in Common Stock, vesting ratably in four annual installments beginning on the first anniversary of the grant date. This distribution represents the fourth of four installments.

(3) Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 28, 2021, under the terms of the Norfolk Southern Corporation Long-Term Incentive Plan. Each Unit is the economic equivalent of one share of Common Stock. These Units ultimately will be settled in Common Stock, vesting ratably in four annual installments beginning on the first anniversary of the grant date. This distribution represents the second of four installments.

(4) Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 30, 2020, under the terms of the Norfolk Southern Corporation Long-Term Incentive Plan. Each Unit is the economic equivalent of one share of Common Stock. These Units ultimately will be settled in Common Stock, vesting ratably in four annual installments beginning on the first anniversary of the grant date. This distribution represents the third of four installments.

(5) Represents shares held by irrevocable trust for the benefit of the reporting person's child.  The reporting person's spouse is the trustee of the trust.  The reporting person has no pecuniary interest or investment control over these shares.

(6) This amount reflects the non-reportable cancellation of 5,312 Restricted Stock Units originally granted on January 27, 2022.

**Signature:** Denise W. Hutson via P.O.A. for James A. Squires  
**Date:** 2023-01-31

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**