Worthington controller awarded new company shares
Worthington Enterprises controller Kevin J. Chan reported equity compensation and related tax withholding transactions.
Rhea-AI Filing Summary
Worthington Enterprises controller Kevin J. Chan reported equity compensation and related tax withholding transactions. He received 362 common shares as a long-term performance award tied to company results over the three-year period ended May 31, 2026, while 162 shares were withheld at $53.09 per share to satisfy tax obligations upon the vesting of restricted stock. Chan now holds 7,036 common shares directly, 3,097.19 common shares through a 401(k) plan as of July 7, 2026, and 306.65 theoretical “phantom stock” common shares in a deferred compensation plan that track Worthington common shares one-for-one.
Positive
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Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
CHAN KEVIN J
Role
Controller
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Acquired Under the Deferred Compensation Plan | 45.93 | $53.09 | $2K |
| Grant/Award | Common Shares | 362 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Shares | 162 | $53.09 | $9K |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Phantom Stock Acquired Under the Deferred Compensation Plan — 306.65 contracts (Direct);
Common Shares — 7,036 shares (Direct);
Common Shares — 3,097.19 shares (Indirect, By 401(k) Plan)
Footnotes (6)
- F1. A long-term performance share award was granted on June 30, 2023 pursuant to the Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan. Common Shares were to be earned based on the level of achievement of specified performance objectives over the three-year period ended May 31, 2026. On June 22, 2026, the Compensation Committee of the Company's Board of Directors met and approved the payout of the reported common shares based on the performance of the Company for the three-year period ended May 31, 2026.
- F2. Represents shares withheld upon the vesting of restricted stock in order to satisfy the reporting person's tax withholding obligation upon such vesting.
- F3. The information in this report is based on a 401(k) Plan statement dated as of July 7, 2026.
- F4. 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.
- F5. 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.
- F6. The amount reported includes the additional unfunded theoretical common shares (i.e., phantom stock) credited pursuant to the dividend reinvestment feature of the 2005 NQ Plan on June 29, 2026.
Key Figures
Performance share award: 362 common shares
Tax withholding shares: 162 common shares at $53.09
Direct common shares after transactions: 7,198 common shares
+3 more
6 metrics
Performance share award
362 common shares
Grant/award acquisition tied to three-year performance period ended May 31, 2026
Tax withholding shares
162 common shares at $53.09
Shares withheld upon vesting of restricted stock to satisfy tax obligation
Direct common shares after transactions
7,198 common shares
Direct ownership following July 7, 2026 transactions
401(k) plan holdings
3,097.19 common shares
Indirect ownership via 401(k) plan as of July 7, 2026
Phantom stock acquired
45.93 phantom shares at $53.09
Additional phantom stock units credited in deferred compensation plan
Total phantom stock after transactions
306.65 phantom shares
Deferred compensation plan balance tracking common shares one-for-one
Key Terms
phantom stock, Deferred Compensation Plan, restricted stock, 401(k) Plan, +1 more
5 terms
phantom stock financial
"The theoretical WOR common shares ("phantom stock") credited to the reporting person's account..."
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
Deferred Compensation Plan financial
"credited to the reporting person's account in the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan..."
A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.
restricted stock financial
"Represents shares withheld upon the vesting of restricted stock in order to satisfy the reporting person's tax withholding obligation..."
Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.
401(k) Plan financial
"The information in this report is based on a 401(k) Plan statement dated as of July 7, 2026."
A 401(k) plan is a workplace retirement account that lets employees set aside part of their pay into a tax-advantaged savings pot, often with employers adding matching contributions — like a workplace piggy bank for future income. It matters to investors because the amount people save and how employers fund these plans influence consumer spending, corporate payroll costs and the flow of money into financial markets, which can affect stock prices and company valuations.
dividend reinvestment feature financial
"includes the additional unfunded theoretical common shares (i.e., phantom stock) credited pursuant to the dividend reinvestment feature..."
AI-generated analysis. How Rhea-AI works. Not financial advice.
