Norfolk Southern EVP & CIDO Anil Bhatt Settles RSUs with Routine Tax Withholding

Insider Filing Analysis: Norfolk Southern Corp ($NSC)

Overview

On October 26, 2026, Norfolk Southern Corp filed a Form 4 for Anil Bhatt, Executive Vice President & Chief Information and Digital Officer (EVP & CIDO). The filing reflects the vesting of restricted stock units (RSUs) and corresponding share withholding for tax liability on October 24, 2026.

Key Transaction Details

• RSU Settlement (Code M): 3,259 RSUs were exercised/settled into Common Stock at $0.00 per share, representing the second tranche of a three-installment grant awarded in October 2024.
• Tax Withholding (Code F): 1,338 shares were surrendered to the issuer at a market price of $332.09 per share to satisfy statutory tax obligations, valued at approximately $444,336.42.
• Net Change: Direct common stock ownership increased by a net of 1,921 shares, bringing total direct common share ownership to 3,960 shares. Bhatt also retains 8,408 RSUs.

Market & Trading Assessment

• Trading Significance: Low. The disposition of shares was entirely executed under transaction code 'F' to cover withholding taxes rather than an open-market discretionary sale.
• Sentiment: Neutral. This is standard executive equity compensation activity and does not indicate a directional market stance by the insider.