Worthington (NYSE: WOR) controller adds phantom stock in comp plan update
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
CHAN KEVIN J reported acquisition or exercise transactions in this Form 4 filing.
WORTHINGTON ENTERPRISES, INC. Controller Kevin J. Chan reported routine updates to his share-based holdings. The filing shows that on April 17, 2026, he received 4.440 units of phantom stock credited under the company’s deferred compensation plan, tied to WOR common shares on a one-for-one basis.
These phantom stock units were added through a dividend reinvestment feature and now total 231.020 units in the plan. The report also updates his common share holdings, reflecting 5,806 shares held directly and 3,031.920 theoretical common shares held indirectly via a 401(k) plan statement dated April 17, 2026. The activity represents compensation-related accruals and holdings updates rather than open-market buying or selling.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
CHAN KEVIN J
Role
Controller
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock | 4.44 | $55.15 | $244.87 |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Phantom Stock — 231.02 shares (Direct, null);
Common Shares — 5,806 shares (Direct, null);
Common Shares — 3,031.92 shares (Indirect, By 401(k) Plan)
Footnotes (1)
- The information in this report is based on a 401(k) Plan statement dated as of April 17, 2026. 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. 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. 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 March 27, 2026.
Key Figures
Phantom stock granted: 4.440 units
Phantom stock balance: 231.020 units
Reference price per phantom unit: $55.15 per unit
+2 more
5 metrics
Phantom stock granted
4.440 units
Grant on April 17, 2026 under deferred compensation plan
Phantom stock balance
231.020 units
Total theoretical common shares after grant
Reference price per phantom unit
$55.15 per unit
Price associated with 4.440 phantom stock units
Direct common shares
5,806 shares
Common shares held directly after reported transactions
401(k) theoretical common shares
3,031.920 shares
Indirect holdings via 401(k) plan as of April 17, 2026
Key Terms
phantom stock, Deferred Compensation Plan, dividend reinvestment feature, 401(k) Plan
4 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.
dividend reinvestment feature financial
"credited pursuant to the theoretical Worthington Enterprises, Inc. common shares deemed investment option pursuant to the dividend reinvestment feature"
401(k) Plan financial
"based on a 401(k) Plan statement dated as of April 17, 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.
FAQ
What insider activity did WOR Controller Kevin Chan report on this Form 4?
Kevin Chan reported a routine award of 4.440 phantom stock units and updated existing holdings. These units are credited under a deferred compensation plan and track Worthington Enterprises common shares one-for-one, rather than reflecting open-market stock purchases or sales.
What is the size of the phantom stock grant reported for Worthington Enterprises (WOR)?
The filing reports a grant of 4.440 phantom stock units at a reference price of $55.15 per unit. These units are part of a deferred compensation arrangement and increase Chan’s phantom stock balance to 231.020 units that track WOR common shares.
How do phantom stock units work in Worthington Enterprises’ deferred compensation plan?
Phantom stock units are theoretical common shares credited to an account that track WOR stock one-for-one. Under the plan, amounts in the phantom stock fund generally cannot be transferred to other investments and are distributed in WOR common shares, typically when a participant leaves the company.
Was Kevin Chan’s Form 4 for WOR an open-market stock purchase or sale?
No, the reported activity was not an open-market trade. It reflects a grant of phantom stock units and updated holdings in a 401(k) plan and deferred compensation plan, which are compensation and retirement-related entries, not discretionary market buying or selling.