0000950170-23-068333.txt : 20231205 0000950170-23-068333.hdr.sgml : 20231205 20231205183221 ACCESSION NUMBER: 0000950170-23-068333 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20231201 FILED AS OF DATE: 20231205 DATE AS OF CHANGE: 20231205 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Witt Steven R CENTRAL INDEX KEY: 0001920040 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-41830 FILM NUMBER: 231467987 MAIL ADDRESS: STREET 1: WORTHINGTON INDUSTRIES, INC STREET 2: 200 OLD WILSON BRIDGE ROAD CITY: COLUMBUS STATE: OH ZIP: 43085 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Worthington Steel, Inc. CENTRAL INDEX KEY: 0001968487 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310] IRS NUMBER: 922632000 STATE OF INCORPORATION: OH FISCAL YEAR END: 0531 BUSINESS ADDRESS: STREET 1: 200 W. OLD WILSON BRIDGE ROAD CITY: COLUMBUS STATE: OH ZIP: 43085 BUSINESS PHONE: 614-840-4995 MAIL ADDRESS: STREET 1: 200 W. OLD WILSON BRIDGE ROAD CITY: COLUMBUS STATE: OH ZIP: 43085 4 1 ownership.xml 4 X0508 4 2023-12-01 0001968487 Worthington Steel, Inc. WS 0001920040 Witt Steven R 100 OLD WILSON BRIDGE ROAD COLUMBUS OH 43085 false true false false Controller false Common Shares 2023-12-01 4 A false 31971 A 35288 D Non-qualified stock option (right to buy) 14.37 2023-12-01 4 A false 4198 A 2032-06-24 Common Shares 4198 4198 D Non-qualified stock option (right to buy) 21.51 2023-12-01 4 A false 2260 A 2033-06-30 Common Shares 2260 2260 D 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. 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) 2,906 WS Restricted Shares that vest June 25, 2024, (ii) 6,459 WS Restricted Shares that vest April 12, 2025, (iii) 3,875 WS Restricted Shares that vest June 24, 2025, and (iv) 18,731 WS Restricted Shares that vest June 30, 2026. Includes 3,371 of the Issuer's common shares received in connection with the Distribution in respect of WOR common shares held as of the Record Date. 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. 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. 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. /s/ Joseph Y. Heuer, as attorney-in-fact for Steven R. Witt 2023-12-05