CHAN KEVIN J 4
4 · WORTHINGTON ENTERPRISES, INC. · Filed Mar 9, 2026
Research Summary
AI-generated summary of this filing
Worthington (WOR) Controller Kevin J. Chan Receives Award
What Happened
Kevin J. Chan, Controller of Worthington Enterprises, received an award/acquisition of 4.81 theoretical (phantom) Worthington common shares at a reported valuation of $51.03 per share, totaling about $245. The transaction is a derivative award under the company's deferred compensation/401(k) arrangements, not an open-market stock purchase.
Key Details
- Transaction date and filing: acquisition dated 2026-03-06; Form 4 filed 2026-03-09. No late-filing flag is indicated in the report.
- Transaction type/code: A (award/acquisition) — derivative phantom stock credited to a 401(k) deferred compensation account.
- Shares/amount: 4.81 phantom shares at $51.03 each; aggregate value ≈ $245.
- Shares owned after transaction: not specified in the reported details.
- Footnotes of note:
- F1: Based on a 401(k) Plan statement dated March 6, 2026.
- F2: The phantom shares track WOR common shares on a one-for-one basis.
- F3: Amounts credited to the phantom stock option generally cannot be transferred to other plan options after Oct 1, 2014; distributions are made only in WOR common shares (typically upon leaving the company).
- F4: The reported amount includes dividend-reinvestment credits applied Dec 31, 2025.
Context
Phantom stock awards are unfunded, theoretical shares that mirror the economic value of company stock and are commonly used in deferred compensation or retirement plans. They do not represent an immediate open-market purchase or sale and typically convert to actual shares (or equivalent value) only under plan distribution rules, so this routine plan credit should not be read as a direct market sentiment signal.
Insider Transaction Report
- Award
Phantom Stock
[F2][F3][F4]2026-03-06$51.03/sh+4.81$245→ 202.67 total→ Common Shares (4.81 underlying)
- 5,806
Common Shares
- 3,001.78(indirect: By 401(k))
Common Shares
[F1]
Footnotes (4)
- [F1]The information in this report is based on a 401(k) Plan statement dated as of March 6, 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 theoretical Worthington Enterprises, Inc. common shares deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan on December 31, 2025.