Worthington controller awarded 4.4 phantom units
Controller Kevin J. Chan received additional phantom stock tied to WOR shares and reports updated direct and 401(k) common share holdings.
Rhea-AI Filing Summary
WORTHINGTON ENTERPRISES, INC. (symbol: WOR) is the issuer of record for a Form 4 filing submitted to the SEC. CHAN KEVIN J reported acquisition or exercise transactions in this Form 4 filing.
WORTHINGTON ENTERPRISES, INC. (WOR) reports that Controller Kevin J. Chan received an award of 4.4 units of phantom stock under the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan on September 18, 2026, at a reference value of $57.38 per unit, bringing his phantom stock balance to 332.49 units tracking WOR common shares.
He also holds 7,036 WOR common shares directly and 3,132.12 common shares indirectly through a 401(k) plan as of September 18, 2026. Phantom stock in this plan cannot be reallocated to other investment options after October 1, 2014 and is generally distributed in WOR common shares after leaving the company; the reported phantom balance includes additional units from a dividend reinvestment feature credited on June 29, 2026. No Rule 10b5‑1 trading plan is reported.
Positive
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Negative
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Insider Trade Summary
Grant/Award: 4.4 shares
Grant/Award
3 txns
Insider
CHAN KEVIN J
Role
Controller
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Acquired Under the Deferred Compensation Plan F2, F3, F4 | 4.4 | $57.38 | $252.47 |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares F1 | -- | -- | -- |
Holdings After Transaction:
Phantom Stock Acquired Under the Deferred Compensation Plan — 332.49 contracts (Direct);
Common Shares — 7,036 shares (Direct);
Common Shares — 3,132.12 shares (Indirect, By 401(k) Plan)
Footnotes (4)
- F1. The information in this report is based on a 401(k) Plan statement dated as of September 18, 2026.
- F2. 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.
- F3. 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.
- F4. 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
Phantom stock units acquired: 4.4 units
Phantom stock reference price: $57.38 per unit
Total phantom stock units after award: 332.49 units
+3 more
6 metrics
Phantom stock units acquired
4.4 units
Award under the Deferred Compensation Plan on September 18, 2026
Phantom stock reference price
$57.38 per unit
Value used for 4.4 phantom stock units on September 18, 2026
Total phantom stock units after award
332.49 units
Phantom stock credited to Kevin J. Chan’s account after the September 18, 2026 award
Direct WOR common shares
7,036 shares
Direct holdings as of September 18, 2026
Indirect WOR common shares via 401(k)
3,132.12 shares
Held indirectly by 401(k) Plan, based on statement dated September 18, 2026
Dividend reinvestment credit date
June 29, 2026
Date additional phantom stock units were credited via dividend reinvestment feature
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
"Phantom Stock Acquired Under the 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 dividend reinvestment feature of the 2005 NQ Plan"
401(k) Plan financial
"based on a 401(k) Plan statement dated as of September 18, 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did WOR Controller Kevin J. Chan acquire in this Form 4 filing?
He was credited with 4.4 units of phantom stock under the 2005 Deferred Compensation Plan on September 18, 2026, at a reference value of $57.38 per unit, increasing his phantom stock balance to 332.49 units that track WOR common shares one-for-one.
What is phantom stock in the context of WOR’s 2005 Deferred Compensation Plan?
Phantom stock represents theoretical WOR common shares credited to the participant’s account that track WOR common shares on a one-for-one basis. These units are unfunded and are ultimately distributed in WOR common shares under the plan terms.
When can WOR phantom stock units be transferred or reallocated under the plan?
The plan states that, effective October 1, 2014 and thereafter, any amount credited to the phantom stock fund may not be transferred to alternative deemed investment options until distribution, which generally begins after leaving Worthington Enterprises, Inc. and its subsidiaries.
How did dividends affect Kevin J. Chan’s phantom stock at WOR?
His reported phantom stock balance includes additional unfunded theoretical shares credited on June 29, 2026 under the plan’s dividend reinvestment feature, which adds phantom units in connection with dividends.
Was the WOR Form 4 transaction by Kevin J. Chan under a Rule 10b5-1 plan?
No. The filing’s Rule 10b5‑1 checkbox is not marked as affirming a plan, and there is no footnote stating that the phantom stock award was made under a Rule 10b5‑1 trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
