on December 17, 2019, Trinity Industries, Inc. and Mr. Wallace entered into an Executive Transition Agreement (the “Agreement”), which sets forth certain matters with respect to the terms of Mr. Wallace's phased transition. The terms and conditions of the Agreement include, but are not limited to, the following: Mr. wallace will continue to serve in a full time capacity in his current role as chief executive officer and president of the company, and a member of the company's board of directors (the “board”), until the close of business on December 31, 2019, at which time Mr. wallace will step down from his current roles. Mr. wallace will help transition his current role, responsibilities, and business knowledge to his successor upon his successor's appointment.

From and after January 1, 2020, until Mr. Wallace's successor is appointed, the Company will be managed by an interim Office of the Chief Executive Officer (the “Office of the CEO”), consisting of Melendy E. Lovett, Senior Vice President and Chief Financial Officer, Eric R. Marchetto, Senior Vice President and Group President, and Sarah R. Teachout, Senior Vice President and Chief Legal Officer. The Office of the CEO will have the duties and responsibilities of the Chief Executive Officer and will report to the Board. Each of the members of the Office of the CEO will remain in their current positions with the Company while carrying out their Office of the CEO responsibilities.