CHAN KEVIN J 4

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.