CSX SVP Michael S. Burns Exercises Options, Sells 13,000 Shares

What Happened
Michael S. Burns, Senior Vice President, Chief Legal Officer & Corporate Secretary of CSX Corporation, exercised options on 13,000 shares on 2026-07-24 at an exercise price of $26.50 per share (cost $344,500) and immediately sold those 13,000 shares in open-market transactions at a weighted average price of $52.68, generating roughly $684,840 in gross proceeds. The filing also includes a derivative-conversion line at $0 reflecting the option conversion/settlement tied to the exercise.

Key Details

• Transaction date: 2026-07-24 (Form filed 2026-07-27; filing appears timely).
• Exercise: 13,000 shares @ $26.50 = $344,500 (transaction code M).
• Sale: 13,000 shares @ weighted avg $52.68 = $684,840 (transaction code S). Sale prices ranged $52.67–$52.71 per footnote.
• Derivative line: a separate M-line shows 13,000 shares disposed @ $0 — bookkeeping for the option conversion/settlement.
• Shares owned after transaction: not specified in the provided excerpt.
• Footnotes: F1 notes 662 shares acquired under CSX Employee Stock Purchase Plan (6/30/2026); F2 explains the weighted-average sale price range and offers to provide per-price breakdown on request; F3 references shares held via the CSX Savings Thrift Plan (trustee-held equivalents).

Context
This was a classic cashless exercise — options were exercised and the resulting shares were sold the same day. Such transactions are common for executives exercising vested options to cover exercise cost and taxes; they are routine and do not by themselves indicate the insider’s view on long-term company prospects. Purchases (buys) tend to carry more weight for signaling than exercises followed by immediate sales.