| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | WS | Common Shares | Award | +37.1K | +130.17% | 65.7K | Dec 1, 2023 | Direct | F1, F2, F3 | ||
| holding | WS | Common Shares | 4.6K | Dec 1, 2023 | by IRA | F4 | |||||
| holding | WS | Common Shares | 1.21 | Dec 1, 2023 | by 401(k) Plan | F5 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | WS | Non-qualified stock option (right to buy) | Award | +3.44K | 3.44K | Dec 1, 2023 | Common Shares | 3.44K | $18.64 | Direct | F1, F6, F7 | |||
| transaction | WS | Non-qualified stock option (right to buy) | Award | +10.3K | 10.3K | Dec 1, 2023 | Common Shares | 10.3K | $14.37 | Direct | F1, F6, F8 | |||
| transaction | WS | Non-qualified stock option (right to buy) | Award | +9.69K | 9.69K | Dec 1, 2023 | Common Shares | 9.69K | $21.51 | Direct | F1, F6, F9 | |||
| transaction | WS | Phantom Stock Acquired Under Deferred Compensation Plan | Award | +2.42K | 2.42K | Dec 1, 2023 | Common Shares | 2.42K | Direct | F1, F10 |
| Id | Content |
|---|---|
| F1 | On December 1, 2023, Worthington Enterprises, Inc. (f/k/a Worthington Industries, Inc.) ("WOR") completed a pro rata spin-off distribution (the "Distribution") of all of its common shares of the Issuer to the holders of record of WOR common shares as of November 21, 2023 (the "Record Date"). In connection with the Distribution, pursuant to the terms of the Employee Matters Agreement, dated as of November 30, 2023, by and between WOR and the Issuer (the "EMA"), all outstanding equity awards with respect to WOR common shares held by the Reporting Person were equitably adjusted and converted into equity awards with respect to the Issuer's common shares, with such equitable adjustments determined based on (i) the closing price of one WOR common share on the close of trading on November 30, 2023 and (ii) the closing price of one Issuer common share on December 1, 2023. |
| F2 | Represents the grant of restricted stock of WS ("WS Restricted Shares") upon the conversion of restricted stock of WOR held by the Reporting Person as of December 1, 2023 in connection with the Distribution, in accordance with the terms of the EMA. The WS Restricted Shares were granted pursuant to the Worthington Steel, Inc. 2023 Long-Term Incentive Plan in a manner intended to preserve the aggregate intrinsic value of the awards, on generally the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding restricted stock of WOR. Includes (i) 9,689 WS Restricted Shares that vest June 25, 2024, (ii) 16,471 WS Restricted Shares that vest June 24, 2025, and (iii) 10,981 WS Restricted Shares that vest June 30, 2026. |
| F3 | Includes 28,532 of the Issuer's common shares received in connection with the Distribution in respect of WOR common shares held as of the Record Date. |
| F4 | Represents Issuer common shares received in connection with the Distribution in respect of WOR common shares held as of the Record Date. |
| F5 | Represents Issuer common shares received in connection with the Distribution in respect of WOR common shares held as of the Record Date. Amount listed based on the most up-to-date information available regarding holdings in the WOR Company Stock Fund under the WOR Deferred Profit Sharing Plan and is based on a WOR Plan statement as of June 30, 2023. |
| F6 | Represents the grant of stock options to purchase the Issuer's common shares ("WS Options") upon the conversion of stock options to purchase WOR common shares ("WOR Options") in connection with the Distribution, in accordance with the terms of the EMA. The WS Options were granted pursuant to the Worthington Steel, Inc. Non-Qualified Deferred Compensation Plan (the "NQ Plan") in a manner intended to preserve the aggregate intrinsic value of the awards, and are generally subject to the same terms and conditions (including vesting, exercise and expiration schedules) as applicable to the corresponding WOR Options. |
| F7 | Corresponds to the remaining portion of WOR Options initially granted on June 25, 2021 that were outstanding on December 1, 2023, which originally vested 33.33% annually on June 25, 2022, June 25, 2023 and June 25, 2024. |
| F8 | Corresponds to the remaining portion of WOR Options initially granted on June 24, 2022 that were outstanding on December 1, 2023, which originally vested 33.33% annually on June 24, 2023, June 24, 2024 and June 24, 2025. |
| F9 | Corresponds to the remaining portion of WOR Options initially granted on June 30, 2023 that were outstanding on December 1, 2023, which originally vested 33.33% annually on June 30, 2024, June 30, 2025 and June 25, 2026. |
| F10 | Represents unfunded theoretical common shares (i.e. phantom stock) of the Issuer ("WS Phantom Shares") credited to a bookkeeping account for the benefit of the Reporting Person under the NQ Plan upon conversion of unfunded theoretical common shares of WOR ("WOR Phantom Shares") previously credited to a bookkeeping account for the benefit of the Reporting Person under a WOR plan in connection with the Distribution, in accordance with the terms of the EMA. The WS Phantom Shares are generally subject to the same terms and conditions as applicable to the corresponding WOR Phantom Shares. The WS Phantom Shares credited to the Reporting Person's account track common shares of the Issuer on a one-for-one basis. Distributions are made only in common shares of the Issuer and generally commence upon leaving the Issuer and its subsidiaries. |