Worthington Enterprises has disclosed an insider compensation transaction involving Controller Kevin J. Chan, who received an award of 4.4 phantom stock units on September 18, 2026. The award was made under the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan and was recorded at a reference value of $57.38 per unit.

Following the award, Chan’s phantom stock balance increased to 332.49 units. The phantom units track the value of Worthington Enterprises common shares, giving the deferred compensation arrangement an economic connection to the company’s stock performance without representing an immediate acquisition of common shares.

Insider Holdings Extend Beyond Phantom Units

Chan’s reported exposure to WOR shares also includes conventional equity holdings. As of September 18, he held 7,036 common shares directly, while another 3,132.12 common shares were held indirectly through a 401(k) plan.

These holdings provide additional context for the Form 4 disclosure because the controller’s reported interests include both direct ownership and compensation-linked units whose value follows the company’s common stock.

Deferred Compensation Plan Limits Reallocation

The phantom stock arrangement has specific restrictions. Phantom stock held under the plan could no longer be reallocated to other investment options after October 1, 2014. The units are generally distributed in Worthington common shares after the participant leaves the company, meaning the arrangement can create a longer-term link between deferred compensation and the company’s equity.

The reported phantom balance also incorporates additional units generated through a dividend reinvestment feature. A related credit of phantom units was recorded on June 29, 2026, adding to the balance tracked under the deferred compensation plan.

No Rule 10b5-1 Trading Plan Reported

The filing does not report a Rule 10b5-1 trading plan associated with the transaction. That distinction is relevant when assessing the nature of the disclosure because the reported activity concerns an award under a compensation plan rather than a disclosed open-market purchase or sale.

For investors following Worthington Enterprises, the filing primarily provides visibility into executive compensation and insider equity exposure. The next focus will be whether future filings show additional changes in Chan’s direct holdings, phantom units or other equity-linked compensation.