<SEC-DOCUMENT>0001193125-24-125226.txt : 20240430
<SEC-HEADER>0001193125-24-125226.hdr.sgml : 20240430
<ACCEPTANCE-DATETIME>20240430163225
ACCESSION NUMBER:		0001193125-24-125226
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240430
DATE AS OF CHANGE:		20240430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORFOLK SOUTHERN CORP
		CENTRAL INDEX KEY:			0000702165
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				521188014
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08339
		FILM NUMBER:		24897825

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d821761ddefa14a.htm
<DESCRIPTION>DEFA14A
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Act of 1934 (Amendment No. ) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Filed by the Registrant</P></TD>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Check the appropriate box:</B></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9744;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Definitive Additional Materials</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Soliciting Material Under Rule <FONT STYLE="white-space:nowrap">14a-12</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Norfolk Southern Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><I>(Name of Registrant as Specified In Its Charter) </I></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><I>(Name of Person(s) Filing Proxy Statement, if Other than the Registrant) </I></P>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>No fee required.</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Fee paid previously with preliminary materials.</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></B></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The following communication was distributed to employees of Norfolk Southern Corporation on
April&nbsp;30, 2024. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Positive news ahead of our Annual Meeting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over the past several weeks, our leadership team and board of directors have been working tirelessly to connect with investors and other key stakeholders.
Together, they are ensuring that those stakeholders understand our strategy, the progress we have made, and the success the entire Norfolk Southern team is producing for the long-term. Among those meetings was Institutional Shareholder Services
(ISS) &#150; the leading proxy advisory firm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today, ISS issued a recommendation that Norfolk Southern shareholders vote &#147;FOR&#148; a majority of
our director nominees at the Annual Meeting, including our CEO <B>Alan Shaw</B>. They also recognized the deep leadership of our entire management team, and the critical skills brought by our board members. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Importantly, they also acknowledged that our balanced strategy is sound and our team&#146;s effective execution of it. You can find some of the key takeaways
from the report in the <U>press release we issued</U>. Here is some additional information to put today&#146;s news in context: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What is ISS? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ISS is a firm that provides shareholders with research, data, and recommendations on votes like this one. Roughly a quarter of NS shareholders vote with ISS,
and many others look to them for how they should consider voting their shares. Members of our board of directors and management team met with ISS, as did Ancora. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What does this mean? </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ISS&#146; recommendation is an
important third-party endorsement that we have the right strategy, management team, and board in place to deliver for our customers and shareholders. In fact, as part of its recommendation, ISS acknowledged &#147;[t]he prevailing strategy appears to
be logical, particularly when considered alongside evolving views on rail service...&#148;<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Furthermore, ISS recognized the risks that Ancora would introduce if their campaign is successful. Its report clearly indicates that a change in leadership
and board control is not warranted. Additionally, the report suggests that at this critical point in our transformation, replacing a majority of the members of our board with Ancora&#146;s inferior nominees would impede our progress, introduce
significant risk, and ultimately destroy long-term shareholder value. While the ISS report suggests that some of Ancora&#146;s nominees should be added to our board, we will continue to highlight the strength of our board nominees and are
encouraging shareholders to elect them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is important to note that while our shareholders may take into consideration the recommendation of proxy
advisory firms, it is ultimately up to each shareholder &#150; including many of you &#150; to decide how to vote. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What happens next? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will not stop tirelessly advocating for our company, employees, and stakeholders. Our board and management team are continuing to highlight the significant
progress we are making to deliver on our goals. The Annual Meeting is scheduled to begin at 8:30 a.m. ET on May&nbsp;9, and we expect to be able to share a preliminary update on the election of directors shortly after. </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Permission to use quotations was neither sought nor obtained. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What can you do? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Every vote is important &#150; regardless of how many shares you own. If you are a shareholder, we urge you to promptly vote <B>FOR ONLY</B> Norfolk
Southern&#146;s 13 nominees on the <B>WHITE</B> proxy card today. Since the Annual Meeting is fast approaching, we encourage you to submit your votes electronically, by following the easy instructions on your <B>WHITE</B> proxy card. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A vote for Norfolk Southern&#146;s director nominees is a vote for our strategy and our team. Our strategy is taking hold, and we are on a clear path to close
the margin gap with peers. In the past few weeks alone, we have achieved meaningful operational improvements &#150; thanks to your hard work and commitment to our railroad. I am confident that the future is bright at Norfolk Southern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more information on how to vote, please click <U>here</U>. You may also call our proxy solicitor for assistance: Innisfree M&amp;A Incorporated, <B>(877) <FONT
STYLE="white-space:nowrap">750-9496</FONT> </B>(toll-free from the U.S. and Canada). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has filed a definitive proxy statement (the &#147;2024 Proxy Statement&#148;) on Schedule 14A and a WHITE proxy card with the Securities and
Exchange Commission (the &#147;SEC&#148;) in connection with the solicitation of proxies for its 2024 Annual Meeting of Shareholders (the &#147;2024 Annual Meeting&#148;). SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE COMPANY&#146;S 2024 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE WHITE PROXY CARD AND ANY OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the 2024
Proxy Statement, any amendments or supplements to the 2024 Proxy Statement and other documents that the Company files with the SEC from the SEC&#146;s website at www.sec.gov or the Company&#146;s website at https://norfolksouthern.investorroom.com
as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Information Concerning
Participants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company, its directors and certain of its executive officers and employees may be deemed participants in the solicitation of proxies
from shareholders in connection with the matters to be considered at the 2024 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the persons who may, under the rules of the SEC, be
considered participants in the solicitation of shareholders in connection with the 2024 Annual Meeting is included in Norfolk Southern&#146;s 2024 Proxy Statement, filed with the SEC on March&nbsp;20, 2024. To the extent holdings by our directors
and executive officers of Norfolk Southern securities reported in the 2024 Proxy Statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change of Ownership on Forms 3, 4 or 5 filed with the
SEC. These documents are available free of charge as described above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement on Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this communication are &#147;forward-looking statements&#148; within the meaning of the &#147;safe harbor&#148; provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance, including statements relating to our ability to execute on our strategic plan and our 2024 Annual Meeting and involve
known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any
forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;would,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148;
&#147;anticipate,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;consider,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;feel,&#148; or other comparable terminology. The Company has based
these forward-looking statements on its current expectations, assumptions, estimates, beliefs, and projections. While the Company believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements
are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company&#146;s control. These and other important factors, including those discussed under &#147;Risk
Factors&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023, as well as the Company&#146;s subsequent filings with the SEC, may cause actual results, performance, or achievements
to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the
Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. </P>
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