Worthington (WOR) Controller Kevin J. Chan Receives Phantom Stock Award

What Happened

• Kevin J. Chan, Controller of Worthington Enterprises, was credited with 4.04 theoretical (phantom) WOR shares on September 4, 2026. The filing values the award at $62.49 per share for a total of $252. This was an award/acquisition credited to a 401(k)/deferred compensation account, not an open-market purchase of actual common stock.

Key Details

• Transaction date and filing: Acquisition dated 2026-09-04; Form 4 filed 2026-09-08 (timely, given the Labor Day holiday on Sept 7).
• Transaction type/code: A — Award/Grant; reported as a derivative (phantom stock) acquisition.
• Price and value: 4.04 shares × $62.49 = $252 (reported).
• Shares owned after transaction: Not specified in the report.
• Relevant footnotes:
  • Based on a 401(k) Plan statement dated Sept 4, 2026 (F1).
  • The credited "phantom stock" tracks WOR common shares one-for-one under the 2005 Deferred Compensation Plan (F2).
  • Phantom-stock amounts credited after Oct 1, 2014 cannot be moved to other deemed investment options until distribution; distributions are made in actual WOR shares and generally commence upon leaving the company (F3).
  • The reported amount includes additional unfunded theoretical shares from a dividend reinvestment feature on June 29, 2026 (F4).

Context

• This transaction reflects a credit in a deferred compensation/401(k) plan (phantom stock), not a market purchase or sale of issued shares. Phantom shares are bookkeeping units that track the company’s stock and are typically paid out in actual shares upon distribution events; they do not directly change the public float until distributed. The dollar value is small (~$252), so this is routine compensation/plan activity rather than a significant insider market signal.