<SEC-DOCUMENT>0000950103-22-006990.txt : 20220607
<SEC-HEADER>0000950103-22-006990.hdr.sgml : 20220607
<ACCEPTANCE-DATETIME>20220426142021
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-22-006990
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSX CORP
		CENTRAL INDEX KEY:			0000277948
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		IRS NUMBER:				621051971
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043593200

	MAIL ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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    <TD STYLE="width: 53%; font-weight: normal; font-size: 10pt"><IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 47%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Law
                           Department</B></FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">500 Water Street,
    J150</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Jacksonville,
    FL 3220</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Tel. 904-359-1735</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Fax 904-245-3614</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Michael_Burns@csx.com</FONT></P></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;<B>Michael S. Burns </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Vice President, General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Admitted in IN &ndash; Not Admitted in FL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">FL Authorized House Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">April 26, 2022&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">U.S. Securities
and Exchange Commission&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">100 F Street,
N.E.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 12%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 88%; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perry Hindin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division of Corporation Finance</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office of Mergers and Acquisitions</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>By EDGAR</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5pt; text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; width: 88%; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CSX Corporation </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Definitive Proxy Statement on Schedule 14A</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File No. 001-08022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed March 22, 2022</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">Dear Mr. Hindin:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I am transmitting
our response to the comment of the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the U.S. Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) regarding the Company&rsquo;s Definitive Proxy Statement on Schedule 14A dated April
18, 2022 (the &ldquo;CSX Proxy Statement&rdquo;) concerning its upcoming Annual Meeting of Shareholders to be held on May 4, 2022 (the
&ldquo;CSX Annual Meeting&rdquo;). When used in this letter, the words &ldquo;Company,&rdquo; &ldquo;CSX,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
and &ldquo;our&rdquo; refer to CSX Corporation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Set forth below
is our response to the Staff&rsquo;s comment. For convenience, the Staff comment is reproduced in bold italics below, and is followed
by our response.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Definitive Proxy Statement on Schedule
14A filed on March 22, 2022</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>General</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>We note that CSX filed
a definitive proxy statement relating to its annual meeting on March 22, 2022. We also note that a preliminary proxy statement on Schedule
14A was filed by Chris Larson on April 12, 2022, constituting a &ldquo;solicitation in opposition,&rdquo; as defined in Note 3 to paragraph
(a) of Exchange Act Rule 14a-6. In light of the information summarized in the following bullet points, suggesting that CSX knew, or reasonably
should have known, of the existence of such solicitation in opposition, please advise why CSX did not file its annual proxy statement
in preliminary form pursuant to Exchange Act Rule 14a-6(a). In responding to this </I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>comment, please refer
to I.G.2 of the Division of Corporation Finance: Manual of Publicly Available Telephone Interpretations, Third Supplement, July 2001.
It is our understanding that:</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>in
                                            correspondence dated February 2, 2022 from Mr. Larson addressed to Nathan Goldman, Corporate
                                            Secretary of CSX, Mr. Larson gave notice to Mr. Goldman that Mr. Larson &ldquo;intends to
                                            solicit proxies from shareholders in support of the shareholder Board nominee&rdquo; and
                                            that &ldquo;such solicitation shall be in compliance regarding proxy solicitation as required
                                            pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended.&rdquo;</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>in
                                            an email from Mark Austin, Assistant Corporate Secretary to Mr. Larson, dated February 11,
                                            2022, Mr. Austin asked that Mr. Larson confirm whether he planned to file a proxy statement
                                            with the SEC and deliver proxy statements to CSX shareholders &ldquo;representing at least
                                            half of CSX's outstanding common stock.&rdquo; We note that such email did not seek confirmation
                                            as to whether Mr. Larson planned to deliver proxy statements to </I>any <I>CSX shareholders,
                                            e.g. shareholders representing less than half of CSX&rsquo;s outstanding common stock.</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>in
                                            an email from Mr. Larson to Mr. Austin, dated February 14, 2022, replying to Mr. Austin&rsquo;s
                                            request for confirmation, Mr. Larson indicated that he was not seeking to deliver a proxy
                                            statement and/or form of proxy to &ldquo;holders of at least the percentage of the Corporation's
                                            outstanding capital stock required to elect the nominee.&rdquo; We note that such correspondence
                                            from Mr. Larson does not appear to refute the statement in his February 2 correspondence
                                            suggesting that he would solicit </I>some <I>CSX shareholders.</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Please also advise us
of CSX&rsquo;s intent with respect to disclosing to its shareholders the existence of this solicitation in opposition along with the
additional disclosure specified by Items 4(b) and 5(b) in Exchange Act Rule 14a-101.</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company acknowledges
the Staff&rsquo;s comment, and in light of the preliminary proxy statement on Schedule 14A filed by Mr. Chris Larson (&ldquo;Mr. Larson&rdquo;)
on April 12, 2022, the Company filed a revised definitive proxy statement (DEFR14A) with the Commission on April 22, 2022, to disclose
Mr. Larson&rsquo;s solicitation in opposition and provide the additional disclosure specified by Items 4(b) and 5(b) in Rule 14a-101
of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At the time of filing
its definitive proxy statement on March 22, 2022, based on the Company&rsquo;s then-current understanding of Mr. Larson&rsquo;s likely
intentions from email and telephone communications with Mr. Larson, the Company did not believe that a preliminary proxy statement under
Rule 14a-6(a) of the Exchange Act was required. The Company regrets any confusion between it and Mr. Larson regarding his intentions.
The Company filed its definitive proxy statement under a good faith belief that a preliminary proxy statement was not required.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As noted in the
Staff&rsquo;s comment, on February 4, 2022, Mr. Larson notified the Corporate Secretary of CSX of his intention to nominate himself for
election as a director at the CSX Annual Meeting. In connection with his notice to the Corporate Secretary of CSX, Mr. Larson delivered
an &ldquo;Advanced Proxy Solicitation Notice,&rdquo; that indicated his intention &ldquo;to solicit proxies from shareholders in support
of [his nomination].&rdquo; Article I, Section 11(a)(ii)(C)(5) of the Amended and Restated Bylaws of CSX Corporation (the &ldquo;Bylaws&rdquo;)
requires &ldquo;a representation whether the shareholder or the beneficial owner, if any, intends or is part of a group that intends
(a) <I>to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation&rsquo;s outstanding
capital stock required to approve or adopt the proposal or elect the nominee</I> and/or (b) otherwise to solicit proxies from</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">shareholders in support of such proposal
or nomination&rdquo; (emphasis added). This Bylaw provision corresponds to Rule 14a-4(c)(2) of the Exchange Act, which permits a registrant
to exercise discretionary voting authority even if it has received timely notice of a shareholder proposal pursuant to Rule 14a-4(c)(1)
if the proponent has not, among other things, provided &ldquo;the registrant with a written statement, within the time-frame determined
under paragraph (c)(1) of [Rule 14a-4 of the Exchange Act], that the proponent intends to deliver a proxy statement and form of proxy
to holders of at least the percentage of the company&rsquo;s voting shares required under applicable law to carry the proposal.&rdquo;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Given Mr. Larson&rsquo;s
&ldquo;Advanced Proxy Solicitation Notice&rdquo; lacked information required under the Bylaws, the Company sought clarification from
him. On February 14, 2022, Mr. Larson provided such clarification, noting in his cover email that &ldquo;The short answer is no, I will
not be soliciting the percentage of the company&rsquo;s voting shares required to carry the nomination.&rdquo; Likewise, in a letter
attached to this email, he stated: &ldquo;Should solicitation occur, I am not seeking to deliver a proxy statement and/or form of proxy
to holders of at least the percentage of the Corporation&rsquo;s outstanding capital stock required to elect the nominee.&rdquo; The
Company recognized Mr. Larson&rsquo;s right to nomination, and communications from Company representatives to Mr. Larson were focused
on whether he would meet the requirements under Commission rules for a solicitation in opposition. That emphasis, including the use of
specific language from the rules, may have resulted in confusion between the parties.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company&rsquo;s
good faith belief that Mr. Larson would likely not conduct a solicitation in opposition was buttressed by a lack of communication from
Mr. Larson following his February 14, 2022 email, the fact that Mr. Larson had not requested the Company&rsquo;s shareholder list or
contacted Broadridge Financial Solutions and therefore the Company believed he had no way of distributing a proxy statement and/or form
of proxy to any of CSX&rsquo;s shareholders and Mr. Larson&rsquo;s ambiguous and indefinite statements to the Company regarding his potential
solicitation, including in his formal letter response, dated February 14, 2022 (&ldquo;[s]hould solicitation occur&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Company ultimately
determined that it could properly exercise discretionary voting authority with respect to Mr. Larson&rsquo;s nomination at the CSX Annual
Meeting and following a review of the Commission&rsquo;s Compliance and Disclosure Interpretations Question (&ldquo;C&amp;DI&rdquo;)
124.08, the Company believed it was not required to file contested proxy materials in preliminary form. Instead, the Company, consistent
with C&amp;DI 124.08, filed a definitive proxy statement with the Commission on March 22, 2022. Based on the guidance set forth in C&amp;DI
124.08, the CSX Proxy Statement included a description of the nature of Mr. Larson&rsquo;s nomination and a discussion of how CSX intended
to exercise its discretion to vote on his nomination if properly presented at the CSX Annual Meeting, without reference to or discussion
of any solicitation in opposition with respect to Mr. Larson&rsquo;s nomination. The Company also believed that this approach was consistent
with Rule 14a-6(a), including the guidance that the &ldquo;exclusion from filing preliminary proxy material does not apply <I>if the
registrant comments upon or refers to a solicitation in opposition</I> in connection with the meeting in its proxy material&rdquo; (emphasis
added)).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In light of the
Company&rsquo;s good faith belief as described above, we do not believe that filing a definitive proxy statement on March 22, 2022 was
inconsistent with the I.G.2 of the Division of Corporation Finance: Manual of Publicly Available Telephone Interpretations, Third Supplement,
July 2001 (the &ldquo;Telephone Interpretation&rdquo;) in light of the facts known at the time. Specifically, the Telephone Interpretation
makes clear that a corporation cannot avoid its responsibility to file a preliminary proxy statement because a dissident has not yet
filed a solicitation statement in opposition that the company &ldquo;knows, or reasonably should know, of.&rdquo; For the reasons explained
above, we do not believe this was the case here.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Given Mr. Larson
did ultimately file a preliminary proxy statement on April 12, 2022, including his solicitation in opposition, the Company promptly filed
a revised definitive proxy statement with the Commission on April 22, 2022 to describe and respond to certain elements of Mr. Larson&rsquo;s
solicitation in opposition and provide the additional disclosure specified by Items 4(b) and 5(b) in Exchange Act Rule 14a-101.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Should you have
any questions or comments regarding the response above, please contact me at (904) 359-1735 or michael_burns@csx.com, or Ning Chiu at
(212) 450-4908 or ning.chiu@davispolk.com.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt"><U>/s/ Michael S. Burns</U>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt">Michael S. Burns&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt">Vice President and General
Counsel</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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