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NORFOLK SOUTHERN CORP Director's Dealing 2014

Dec 11, 2014

29951_dirs_2014-12-11_9b01ae97-0c30-46c5-9443-65d059dfd636.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NORFOLK SOUTHERN CORP (NSC)
CIK: 0000702165
Period of Report: 2014-12-09

Reporting Person: STEWART MARTA R (EVP-Finance and CFO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2014-12-09 Common Stock M 2017.0000 $49.5550 Acquired 32134.4352 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2014-12-09 Option (right to buy, granted 2007) $49.5550 M 2017.0000 Disposed 2017-01-24 Common Stock (2017.0000) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 2659.2581 Indirect

Footnotes

F1: Represents the approximate number of whole shares of Common Stock estimated -- on the basis of the unit accounting system used by the Plan Administrator -- as of December 9, 2014, to have been credited to the reporting person's account in the Norfolk Southern Corporation Thrift and Investment Plan (TIP), a trusteed 401(k) plan. In accordance with TIP's terms applicable to all participants, acquisitions were made at various times and at various prices.

F2: Reflects exercise and resulting cancellation of stock option, in a single transaction, exempt from Section 16(b). The stock option was granted under the Long-Term Incentive Plan (a Rule 16b-3 plan).