4//SEC Filing
RIBEAU SIDNEY A 4
Accession 0000950170-23-068341
CIK 0001968487other
Filed
Dec 4, 7:00 PM ET
Accepted
Dec 5, 6:38 PM ET
Size
9.3 KB
Accession
0000950170-23-068341
Insider Transaction Report
Form 4
RIBEAU SIDNEY A
Director
Transactions
- Award
Phantom Stock Acquired Under Deferred Compensation Plan
2023-12-01+60,592→ 60,592 total→ Common Shares (60,592 underlying) - Award
Common Shares
2023-12-01+7,428→ 68,633 total
Footnotes (4)
- [F1]On December 1, 2023, Worthington Enterprises, Inc. (f/k/a Worthington Industries, Inc.) ("WOR") completed a pro rata spin-off distribution (the "Distribution") of all of its common shares of the Issuer to the holders of record of WOR common shares as of November 21, 2023 (the "Record Date"). In connection with the Distribution, pursuant to the terms of the Employee Matters Agreement, dated as of November 30, 2023, by and between WOR and the Issuer (the "EMA"), all outstanding equity awards with respect to WOR common shares held by the Reporting Person were equitably adjusted and converted into equity awards with respect to the Issuer's common shares, with such equitable adjustments determined based on (i) the closing price of one WOR common share on the close of trading on November 30, 2023 and (ii) the closing price of one Issuer common share on December 1, 2023.
- [F2]Represents the grant of restricted stock of WS ("WS Restricted Shares") upon the conversion of restricted stock of WOR held by the Reporting Person as of December 1, 2023 in connection with the Distribution, in accordance with the terms of the EMA. The WS Restricted Shares were granted pursuant to the Worthington Steel, Inc. 2023 Equity Incentive Plan for Non-Employee Directors in a manner intended to preserve the aggregate intrinsic value of the awards, on the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding restricted stock of WOR. The WS Restricted Shares vest on the Issuer's annual meeting of shareholders in 2024.
- [F3]Includes 61,205 of the Issuer's common shares received in connection with the Distribution in respect of WOR common shares held as of the Record Date.
- [F4]Represents unfunded theoretical common shares (i.e. phantom stock) of the Issuer ("WS Phantom Shares") credited to a bookkeeping account for the benefit of the Reporting Person under the Worthington Steel, Inc. Deferred Compensation Plan for Directors upon conversion of unfunded theoretical common shares of WOR ("WOR Phantom Shares") previously credited to a bookkeeping account for the benefit of the Reporting Person under a WOR plan in connection with the Distribution, in accordance with the terms of the EMA. The WS Phantom Shares are generally subject to the same terms and conditions as applicable to the corresponding WOR Phantom Shares. The WS Phantom Shares credited to the Reporting Person's account track common shares of the Issuer on a one-for-one basis. Distributions are made only in common shares of the Issuer and generally commence upon the Reporting Person leaving the Board of Directors of the Issuer.
Documents
Issuer
Worthington Steel, Inc.
CIK 0001968487
Entity typeother
Related Parties
1- filerCIK 0001184881
Filing Metadata
- Form type
- 4
- Filed
- Dec 4, 7:00 PM ET
- Accepted
- Dec 5, 6:38 PM ET
- Size
- 9.3 KB