ECHOLS LELDON E 4

What Happened
Leldon E. Echols, a director of Trinity Industries, received an award of 720 phantom stock units on 2026-03-31. The units are reported at a conversion value of $32.18 each, for a total reported value of $23,170. This was an award/derivative grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-03-31; 720 units at $32.18 per unit (value $23,170).
• Transaction type: Grant/Award of phantom stock units (derivative), SEC Form 4 code A.
• Shares owned after transaction: Not specified in the filing.
• Footnote: Units were accrued under the Trinity Deferred Plan for Directors Fees and convert 1-for-1 to Trinity common stock; settlement will be in cash after the reporting person’s retirement.
• Timeliness: Filed 2026-04-02 for a 2026-03-31 transaction — appears to be a timely Form 4 filing.

Context
Phantom stock units are a form of deferred compensation that track the value of company shares but are typically settled in cash; they are awards rather than purchases, so they do not directly increase the insider’s equity stake today. Such grants are common as director compensation and should be viewed as routine corporate compensation unless accompanied by other trading activity.