CHAN KEVIN J 4
4 · WORTHINGTON ENTERPRISES, INC. · Filed Mar 25, 2026
Research Summary
AI-generated summary of this filing
Worthington (WOR) Controller Kevin J. Chan Receives Phantom Stock Award
What Happened
Kevin J. Chan, Controller of Worthington Enterprises, received an award/acquisition of 13.29 theoretical (phantom) Worthington shares on 2026-03-24 at an implicit value of $51.88 per share, totaling about $689. This was recorded as a derivative award (transaction code A) credited to his account in the company’s deferred compensation/401(k) plan — not an open-market purchase of actual shares.
Key Details
- Transaction date and reported value: 2026-03-24; 13.29 shares @ $51.88 each; total ≈ $689.
- Form filed: 2026-03-25 (appears timely for a next-day filing).
- Shares owned after transaction: not specified in the filing.
- Nature of award: The shares are “phantom stock” credited under the Worthington Deferred Compensation Plan (per footnotes). They track WOR common shares 1:1 but are theoretical/unfunded until distribution.
- Footnotes of note:
- F1: Report based on a 401(k) statement dated March 20, 2026.
- F2–F3: Phantom stock tracks common shares one-for-one and, since Oct 1, 2014, cannot be moved to other deemed investment options until distributed; distributions are made only in WOR common shares (generally upon leaving the company).
- F4: Amount includes dividend reinvestment credits through Dec 31, 2025.
Context
This was a deferred-compensation credit (phantom shares), not a cash purchase or sale of tradable stock. Such credits are routine plan accounting events and do not represent immediate market transactions or liquid holdings. Because distribution is generally in actual WOR shares only upon plan distribution (e.g., separation from service), this award increases phantom/share-equivalent holdings but does not provide immediately tradable shares.
Insider Transaction Report
- Award
Phantom Stock
[F2][F3][F4]2026-03-24$51.88/sh+13.29$689→ 221.11 total→ Common Shares (13.29 underlying)
- 5,806
Common Shares
- 3,008.62(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 20, 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.