Director adds 720 phantom stock units at Trinity (NYSE: TRN)

Rhea-AI Filing Summary

Trinity Industries director Leldon E. Echols reported receiving a grant of Trinity Phantom Stock Units. On March 31, 2026, he acquired 720 phantom stock units linked to Trinity common stock at a reference price of $32.18 per unit. These units were accrued under the Trinity Industries, Inc. Deferred Plan for Directors Fees and convert on a 1-for-1 basis to common stock equivalents, but the account will be settled in cash after his retirement. Following this grant, Echols holds a total of 75,411 Trinity Phantom Stock Units directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider ECHOLS LELDON E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Trinity Phantom Stock Units	720	$32.18	$23K

Holdings After Transaction: Trinity Phantom Stock Units — 75,411 shares (Direct)

Footnotes (1)

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Key Figures

Phantom units granted: 720 units Reference price per unit: $32.18 per unit Total phantom units after grant: 75,411 units +1 more

4 metrics

Phantom units granted 720 units Grant of Trinity Phantom Stock Units on March 31, 2026

Reference price per unit $32.18 per unit Valuation used for the 720 phantom stock units granted

Total phantom units after grant 75,411 units Director Leldon E. Echols’ Trinity Phantom Stock Units after transaction

Conversion ratio 1-for-1 One phantom stock unit per one share of Trinity common stock equivalent

Key Terms

Trinity Phantom Stock Units, Deferred Plan for Directors Fees, 1 - for - 1, settlement of the account will be in cash

4 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."

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."

Form 4 Insider Transactions: What Each Field Means →

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)
03/31/2026

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	03/31/2026		A		720		(1)	(1)	Common Stock	720	$32.18	75,411	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	04/02/2026
	** 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)

FAQ

What insider transaction did TRN director Leldon E. Echols report on this Form 4?

Leldon E. Echols reported the acquisition of 720 Trinity Phantom Stock Units on March 31, 2026. These units were granted under Trinity Industries’ Deferred Plan for Directors Fees and increase his total phantom unit holdings to 75,411 after the transaction.

What are Trinity Phantom Stock Units reported in the TRN Form 4 filing?

Trinity Phantom Stock Units are bookkeeping units that track Trinity common stock value on a 1-for-1 basis. They are accrued under the Deferred Plan for Directors Fees and, according to the filing, are ultimately settled in cash after the reporting person’s retirement.

How many Trinity Phantom Stock Units does TRN director Echols hold after this grant?

After receiving 720 additional Trinity Phantom Stock Units, Leldon E. Echols holds 75,411 phantom stock units in total. This figure reflects his direct holdings in the deferred compensation plan as reported following the March 31, 2026 grant transaction.

At what price were the 720 Trinity Phantom Stock Units credited in the TRN filing?

The 720 Trinity Phantom Stock Units were credited at a reference price of $32.18 per unit. This price is used to value the deferred award tied to Trinity common stock under the company’s Deferred Plan for Directors Fees.

How and when will Trinity Phantom Stock Units reported by TRN be settled?

According to the footnote in the filing, the Trinity Phantom Stock Units will be settled in cash after the reporting person’s retirement. Although the units convert on a 1-for-1 basis with Trinity common stock, no actual shares are issued at settlement.