WOR Form 4: 6,310-share sale and phantom stock rise to 153.09

Rhea-AI Filing Summary

Kevin J. Chan, identified as an officer and controller of Worthington Enterprises, Inc. (WOR), reported changes in his beneficial ownership dated 10/03/2025. He disposed of 6,310 common shares and, following that transaction, beneficially owns 2,960.7 common shares indirectly through a 401(k) plan statement dated 10/03/2025. The filing also shows an acquisition of 4.41 theoretical "phantom" WOR common shares credited to his account under the company’s deferred compensation plan, bringing the reported phantom stock balance to 153.09 shares. The phantom shares track WOR common shares one-for-one and are payable only in actual WOR common shares on distribution; the filing notes a dividend reinvestment credit applied on 09/29/2025.

Insights

Corporate Governance Analyst

Insider reduced direct holdings but retains indirect and deferred exposure.

The reported sale of 6,310 common shares on 10/03/2025 lowered direct ownership while the reporting person continues to hold 2,960.7 shares indirectly via a 401(k) plan. The filing separately records an increase in deferred-compensation "phantom" shares to 153.09, which convert to actual shares only upon distribution.

This pattern shows liquidating some direct stock while maintaining exposure through employer-sponsored plans; monitor for additional Section 16 filings and any scheduled distributions from the deferred plan in the near-to-medium term.

Compensation & Equity Specialist

Deferred-compensation mechanics increased theoretical share balance via dividend reinvestment.

The phantom stock position represents a non‑funded, theoretical holding that tracks common shares one-for-one and was credited with dividends on 09/29/2025. The filing explains these phantom shares cannot be transferred within the plan and are distributed in actual common shares when participants separate from service.

Investors should note that the $55.63 figure in the filing relates to valuation of the reported phantom allocation; it does not reflect an open market purchase obligation by the company.

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

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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^*

CHAN KEVIN J

(Last) (First) (Middle)

200 WEST OLD WILSON BRIDGE ROAD

(Street)

COLUMBUS OH 43085

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WORTHINGTON ENTERPRISES, INC. [ WOR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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

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

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

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
Common Shares								6,310	D
Common Shares								2,960.7(1)	I	By 401(k) Plan

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
Phantom Stock	(2)	10/03/2025		A		4.41		(3)	(3)	Common Shares	4.41	$55.63	153.09(4)	D

Explanation of Responses:

1. The information in this report is based on a 401(k) Plan statement dated as of October 3, 2025.

2. The theoretical WOR common shares ("phantom stock") credited to the reporting person's account in the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan, as amended (the "Plan") track WOR common shares on a one-for-one basis.

3. Prior to October 1, 2014, the account balances related to the phantom stock investment option could be immediately transferred to other deemed investment options under the terms of the Plan. The Plan provides that, effective October 1, 2014 and thereafter, any amount credited in a participant's account to the phantom stock fund may not be transferred to an alternative deemed investment option under the Plan until distribution from the Plan. Distributions are made only in WOR common shares and generally commence upon leaving Worthington Enterprises, Inc. and its subsidiaries.

4. The amount reported includes the additional unfunded theoretical common shares (i.e., phantom stock) credited pursuant to the theoretical Worthington Enterprises, Inc. common shares deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan on September 29, 2025.

	/s/Patrick J. Kennedy, as attorney-in-fact for Kevin J. Chan	10/06/2025
	** Signature of Reporting Person	Date
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