ECHOLS LELDON E 4

What Happened
Leldon E. Echols, a director of Trinity Industries, Inc. (TRN), was granted 676 phantom stock units on 2026-06-30. The units are recorded at a per-share value of $34.58, for a total grant value of $23,376. The Form 4 reports this as an award/grant (derivative transaction).

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-02. No late-filing indication in the provided data.
• Instrument: 676 Trinity Phantom Stock Units (derivative award), conversion rate 1-for-1 (one unit = one share).
• Reported price/value: $34.58 per share; total reported value $23,376.
• Shares owned after transaction: not disclosed in the provided filing.
• Transaction code: A (award/grant/other acquisition).
• Footnote: Units were accrued under the Trinity Industries, Inc. Deferred Plan for Directors’ Fees; settlement will be in cash after the director’s retirement (see footnote F1).

Context: Phantom stock units are cash‑settled long‑term awards that track the company’s share value but do not immediately transfer voting shares or direct share ownership. Such grants are routine for board compensation and do not necessarily signal the director is buying or selling actual stock.