Trinity Industries director granted phantom stock units

ECHOLS LELDON E reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

ECHOLS LELDON E reported acquisition or exercise transactions in this Form 4 filing.

Trinity Industries director Leldon E. Echols received a grant of 676 Trinity Phantom Stock Units on Trinity Industries Inc. common stock. These units were awarded under the company’s Deferred Plan for Directors Fees at a reference price of $34.58 per unit.

Each phantom stock unit is credited at a 1-for-1 rate to one share of Trinity common stock, but the account will be settled in cash after Echols’ retirement rather than in actual shares. Following this compensation award, his balance in the plan totals 76,087 phantom stock units.

Insider Trade Summary

Grant/Award: 676 shares

Grant/Award 1 txn

Insider ECHOLS LELDON E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Trinity Phantom Stock Units	676	$34.58	$23K

Holdings After Transaction: Trinity Phantom Stock Units — 76,087 contracts (Direct)

Footnotes (1)

1. F1. The Trinity Phantom Stock Units were accrued under the Trinity Industries, Inc. Deferred Plan for Directors Fees. Stock units are converted at "1 - for - 1" (a rate of one stock unit per one share of Trinity common stock). Settlement of the account will be in cash after the reporting person's retirement.

Key Figures

Phantom stock units granted: 676 units Reference price per unit: $34.58 per unit Total phantom units after grant: 76,087 units +3 more

6 metrics

Phantom stock units granted 676 units Grant of Trinity Phantom Stock Units on common stock

Reference price per unit $34.58 per unit Grant valuation for phantom stock units

Total phantom units after grant 76,087 units Balance in deferred director fee plan after transaction

Unit-to-share conversion rate 1-for-1 One phantom stock unit per one share of common stock

Settlement method Cash settlement Account settled in cash after director’s retirement

Transaction code A Grant, award, or other acquisition of derivative security

Key Terms

Trinity Phantom Stock Units, Deferred Plan for Directors Fees, stock units, 1 - for - 1, +1 more

5 terms

Trinity Phantom Stock Units financial

"The Trinity Phantom Stock Units were accrued under the Trinity Industries, Inc. Deferred Plan for Directors Fees."

Deferred Plan for Directors Fees financial

"The Trinity Phantom Stock Units were accrued under the Trinity Industries, Inc. Deferred Plan for Directors Fees."

stock units financial

"Stock units are converted at "1 - for - 1" (a rate of one stock unit per one share of Trinity common stock)."

Stock units are individual pieces of ownership in a company, like slices of a pie that together make up the whole business. They matter to investors because each unit represents a claim on the company’s assets, profits and sometimes voting power, and changes in the number or value of these units affect ownership percentages, potential dividends and share dilution — all of which influence an investment’s worth.

1 - for - 1 financial

"Stock units are converted at "1 - for - 1" (a rate of one stock unit per one share of Trinity common stock)."

settlement of the account will be in cash financial

"Settlement of the account will be in cash after the reporting person's retirement."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Trinity Industries (TRN) director Leldon E. Echols report on this Form 4?

Leldon E. Echols reported receiving 676 Trinity Phantom Stock Units as a compensation grant. The units are tied to Trinity common stock under a deferred director fee plan and increase his plan balance to 76,087 units.

Is the Echols Form 4 at Trinity Industries (TRN) a stock purchase or sale?

The Form 4 reports an acquisition as a grant or award, not a market purchase or sale. Echols received 676 phantom stock units as director compensation rather than buying or selling Trinity Industries common shares.

How do Trinity Industries (TRN) Trinity Phantom Stock Units work for directors?

Trinity Phantom Stock Units are accrued under a deferred plan for director fees. Each unit is credited at a 1-for-1 rate to a share of Trinity common stock, but the balance is ultimately settled in cash after the director’s retirement.

What is the value reference for Echols’ 676 phantom stock units at Trinity Industries (TRN)?

The 676 Trinity Phantom Stock Units were awarded using a reference price of $34.58 per unit. This price is used for accounting the grant, while final cash settlement after retirement will depend on plan terms at that time.

How many Trinity Phantom Stock Units does Echols hold after this Form 4 transaction at TRN?

After receiving 676 additional Trinity Phantom Stock Units, Echols’ total balance in the deferred director fee plan is 76,087 units. This figure reflects all phantom stock units credited to him under the plan following the reported grant.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 04:14 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ECHOLS LELDON E

(Last) (First) (Middle)

14221 N. DALLAS PARKWAY

SUITE 1100

(Street)

DALLAS TEXAS 75254

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TRINITY INDUSTRIES INC [ NYSE/TRN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Trinity Phantom Stock Units	$0	06/30/2026		A		676		(1)	(1)	Common Stock	676	$34.58	76,087	D

Explanation of Responses:

1. The Trinity Phantom Stock Units were accrued under the Trinity Industries, Inc. Deferred Plan for Directors Fees. Stock units are converted at "1 - for - 1" (a rate of one stock unit per one share of Trinity common stock). Settlement of the account will be in cash after the reporting person's retirement.

Remarks:

	Phillip M. Kim For: Leldon E. Echols	07/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)