Document:

EX-4.18

  Exhibit 4.18

  August 1, 2022

  Securities and Exchange Commission

  100 F Street, NE

  Washington, D.C.  20549

  Re:	Worthington Industries, Inc. – Annual Report on Form 10-K for the fiscal year ended May 31, 2022 

  - SEC File No. 1-8399

  Ladies and Gentlemen:

  Worthington Industries, Inc., an Ohio corporation, is today filing its Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the “Form 10-K”).

  None of (i) Worthington Industries, Inc., (ii) any of the consolidated subsidiaries of Worthington Industries, Inc. or (iii) Worthington Armstrong Venture, a 50%-owned unconsolidated joint venture (in the form of a general partnership between Armstrong Ventures, Inc., a subsidiary of Armstrong World Industries, Inc., and The Worthington Steel Company (Delaware), a subsidiary of Worthington Industries, Inc.), for which financial statements are required to be filed with the Form 10-K, has outstanding any instrument or agreement with respect to its long-term debt, other than those filed or incorporated by reference as an exhibit to the Form 10-K, under which the total amount of long-term debt authorized exceeds 10% of the total assets of Worthington Industries, Inc. and its subsidiaries on a consolidated basis.  In accordance with the provisions of Item 601(b)(4)(iii) of SEC Regulation S-K, Worthington Industries, Inc. hereby agrees to furnish to the SEC, upon request, a copy of each instrument or agreement defining (i) the rights of holders of the long-term debt of Worthington Industries, Inc. or (ii) the rights of holders of the long-term debt of a consolidated subsidiary of Worthington Industries, Inc. or (iii) the rights of holders of the long-term debt of Worthington Armstrong Venture, in each case which is not being filed or incorporated by reference as an exhibit to the Form 10-K.

   

  		
	 
	Very truly yours,

	 
	 

	 
	WORTHINGTON INDUSTRIES, INC.

	 
	 

	 
	/s/ Joseph B. Hayek

	 
	Joseph B. Hayek

	 
	Vice President and Chief Financial OfficerEX-10.69

  Exhibit 10.69

  ANNUAL BASE SALARIES APPROVED FOR NAMED EXECUTIVE OFFICERS

  OF

  WORTHINGTON INDUSTRIES, INC.

   

  In June 2022, the Compensation Committee of the Board of Directors of Worthington Industries, Inc. (the “Registrant”) approved base salary increases for the following executive officers of the Registrant who will be named executive officers of the Registrant for purposes of the disclosure to be included in the Registrant’s Proxy Statement for the 2022 Annual Meeting of Shareholders to be held on September 28, 2022, which will become effective in September 2022. 

   

  					
	Name and Principal Position
	 
	 
	Base Salary

	 
	 
	 
	 
	 

	B. Andrew Rose
President and CEO
	 
	 
	$
	750,000

	 
	 
	 
	 
	 

	Joseph B. Hayek
	 
	 
	 
	 

	Vice President and Chief Financial Officer
	 
	 
	$
	500,000

	 
	 
	 
	 
	 

	Geoffrey G. Gilmore
Executive Vice President and Chief Operating Officer 
	 
	 
	$
	660,000

	 
	 
	 
	 
	 

	John P. McConnell
Executive Chairman; a Director
	 
	 
	$
	428,480

	 
	 
	 
	 
	 

	Catherine M. Lyttle
Senior Vice President and Chief Human Resources Officer 
	 
	 
	$
	378,000EX-10.81

  Exhibit 10.81

  SUMMARY OF ANNUAL CASH INCENTIVE BONUS AWARDS, 

  LONG-TERM PERFORMANCE AWARDS, STOCK OPTIONS AND RESTRICTED COMMON

  SHARES GRANTED IN FISCAL 2023 FOR NAMED EXECUTIVE OFFICERS 

  OF WORTHINGTON INDUSTRIES, INC.

   

  Annual Cash Incentive Bonus Awards Granted In Fiscal 2023

   

  The following table sets forth the annual cash incentive bonus awards granted to the following current executive officers of Worthington Industries, Inc. (the “Registrant”) who either are named executive officers of the Registrant for purposes of the disclosure included in the Registrant’s Proxy Statement for the 2021 Annual Meeting of Shareholders held on September 29, 2021 and/or will be named executive officers of the Registrant for purposes of the disclosure to be included in the Registrant’s Proxy Statement for the 2022 Annual Meeting of Shareholders to be held on September 28, 2022 (“NEOs”), which grants were made under the Worthington Industries, Inc. Annual Incentive Plan for Executives for the twelve-month performance period ending May 31, 2023: 

   

  Annual Cash Incentive Bonus Awards Granted for Fiscal 2023

  				
	Name
	Annual Cash Incentive Bonus Awards for Twelve-Month Performance Period Ending May 31, 2023 (1)

	 
	Threshold ($)
	Target ($)
	Maximum ($)

	B. Andrew Rose
	525,000
	1,050,000
	2,100,000

	Joseph B. Hayek
	307,500
	615,000
	1,230,000

	Geoffrey G. Gilmore
	405,900
	811,800
	1,623,600

	John P. McConnell
	214,240
	428,480
	856,960

	Catherine M. Lyttle
	189,000
	378,000
	756,000

  (1)Payouts which can be earned under these annual cash incentive bonus awards are generally tied to achieving specified levels (threshold, target and maximum) of corporate economic value added (“EVA”) and earnings per share (“EPS”) for the twelve-month performance period with each performance measure carrying a 50% weighting. For all calculations, restructuring charges and non-recurring items are excluded and both Corporate EPS and the Steel Processing business unit results are to be adjusted to eliminate the impact of FIFO gains and losses.  If the performance level falls between threshold and target or between target and maximum, the award is linearly prorated.  If threshold levels are not reached for any performance measure, no annual cash incentive bonus will be paid.  Annual cash incentive bonus award payouts earned will be made within a reasonable time following the end of the performance period.  In the event of a change in control of the Company (followed by actual or constructive termination of an NEO’s employment during the performance period), the annual cash incentive bonus award would be considered to be earned at “target” and payable as of the date of termination of employment.

   

   

  

   

  Long-Term Performance Awards, Option Awards and Restricted Common Share Awards Granted in Fiscal 2023

   

  The following table sets forth the long-term performance awards (consisting of long-term cash performance awards and long-term performance share awards) for the three-fiscal-year period ending May 31, 2025 and the option awards and restricted common share awards granted to the NEOs in the fiscal year ending May 31, 2023 (“Fiscal 2023”).

  Long-Term Performance Awards, Option Awards and 

  Restricted Common Share Awards Granted in Fiscal 2023

  										
	Name
 
	Long-Term Cash Performance Awards for Three-Fiscal-Year Period Ending 
May 31, 2025 (1)
	Long-Term Performance Share Awards for Three-Fiscal-Year Period Ending 
May 31, 2025 (1)
	Option Awards:
Number of Common Shares Underlying Options (2)
	Exercise or Base Price of Option Awards
($/Share) (2)
	Restricted Common
Share Awards (3)

	 
	Threshold
($)
	Target
($)
	Maximum
($)
	Threshold
(# of Common Shares)
	Target
(# of Common Shares)
	Maximum
(# of Common Shares)
	 
	 
	 

	B. Andrew Rose
	800,000
	1,600,000
	3,200,000
	9,100
	18,200
	36,400
	25,400
	46.39
	27,200

	Joseph B. Hayek
	240,000
	480,000
	960,000
	2,700
	5,400
	10,800
	7,700
	46.39
	8,200

	Geoffrey G. Gilmore
	280,000
	560,000
	1,120,000
	3,200
	6,400
	12,800
	8,900
	46.39
	9,500

	John P. McConnell
	500,000
	1,000,000
	2,000,000
	0
	0
	0
	0
	N/A
	0

	Catherine M. Lyttle
	120,000
	240,000
	480,000
	1,350
	2,700
	5,400
	3,900
	46.39
	4,100

  (1)	These columns show the potential payouts under the long-term cash performance awards and the long-term performance share awards granted to the NEOs under the Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan (as amended, the “1997 LTIP”) for the three-fiscal-year performance period from June 1, 2022 to May 31, 2025.  Payouts of long-term cash performance awards and long-term performance share awards for Corporate executives are tied to achieving specified levels (threshold, target and maximum) of cumulative corporate EVA for the three-fiscal-year performance period and EPS growth over that performance period, with each performance measure carrying a 50% weighting.  In all calculations, restructuring charges and non-recurring items are excluded, and Corporate EPS and Steel Processing business unit results are to be adjusted to eliminate the impact of FIFO gains or losses.  No awards are paid or distributed if none of the three-fiscal-year threshold financial measures are met.  If the performance levels fall between threshold and target or between target and maximum, the award is linearly prorated.

  (2)	Effective June 24, 2022, under the Worthington Industries, Inc. 2010 Stock Option Plan, the NEOs were granted non-qualified stock options with respect to the number of common shares shown, with an exercise price equal to $46.39, the fair market value of the underlying common shares on the date of grant.  The options become exercisable over three years in increments of one-third per year on each anniversary of their grant date.

  (3)	These annual time-vested restricted common share awards were granted effective June 24, 2022 under the 1997 LTIP and will generally cliff vest on the third anniversary of the grant date.EX-10.89

  Exhibit 10.89

   

  WORTHINGTON INDUSTRIES, INC.

  AMENDED AND RESTATED 1997 LONG-TERM INCENTIVE PLAN

  RESTRICTED STOCK AWARD AGREEMENT

  50,000 SHARES – JOSEPH B. HAYEK

   

   

  This Restricted Stock Award Agreement (this “Agreement”) is made effective as of September 25, 2019 (the “Grant Date”) by and between Worthington Industries, Inc. (the “Company”) and Joseph B. Hayek (the “Participant”).

  Section 1.	Award of Restricted Stock.

  The Company hereby grants the Participant an award of 50,000 restricted common shares of the Company (the “Restricted Stock”).  The Restricted Stock is subject to the terms and conditions described in the Worthington Industries, Inc. Amended and Restated 1997 Long-Term Incentive Plan (the “Plan”) and this Agreement.

  Section 2.	Vesting.

  (a)	General.  Subject to Section 3, the Restricted Stock will vest if both the Time Based Vesting Condition and the Performance Condition are met within the Award Period (as defined below). 

  (b)	Time Based Vesting Condition.  The Restricted Stock will meet the Time Based Vesting Condition on the fifth annual anniversary of the Grant Date (September 25, 2024); provided that the Participant has continuously remained an employee of the Company or a subsidiary of the Company through such date.   

  (c)	Performance Based Vesting Condition.  The Performance Condition will be met if during any 90-consecutive-calander-day period falling within the Award Period (as defined below), the reported closing price of the Company’s Shares equals or exceeds $65.00 per Share.  Meeting of the Performance Condition is subject to certification by the Committee that the foregoing performance criteria have been established and the Performance Condition applicable to the Restricted Stock have been met on the date as of which such certification is made.  

  The Restricted Stock will be forfeited if the conditions for vesting set forth in Section 2 or Section 3 are not met by the end of the Award Period.

  	The “Award Period” is the period beginning on the Grant Date and ending on the fifth anniversary of the Grant Date.

   

   

  

   

  Section 3.	Accelerated Vesting.

  (a)	Death or Disability.  Any unvested Restricted Stock generally is forfeited if the Participant terminates employment due to death or disability as determined by the Committee, but (i) the Committee, in its sole discretion, may cause all or a portion of the Restricted Stock to vest as of the date of termination due to death or disability, as determined by the Committee; and (ii) the Committee shall cause all of the Restricted Stock to vest as of the date of termination due to death or disability, as determined by the Committee, if the Performance Condition has been met, but not the Time Based Vesting Condition.  

  (b)	Change in Control.  If there is a Change in Control and within two years thereafter the Participant’s employment is terminated by the Company without “cause” or by the Participant “due to an adverse change in the terms of the Participant’s employment” (as those terms are defined in rules adopted by the Committee), any unvested Restricted Stock (to the extent not then forfeited) will become fully vested on the date employment is terminated.  The provisions of this Section 3(b) will apply in lieu of the provisions of Section 10 of the Plan.  For purposes of clarity, no unvested Restricted Stock will vest if the Participant’s termination occurs after the end of the Award Period.  

  (c)	Termination Without Cause.  If the Company terminates the Participant’s employment without “Cause” after the Performance Condition has been met, but before the Time Based Vesting Condition has been met, the Restricted Stock will fully vest as of the date of such termination of employment. 	“Cause” shall mean the Participant’s (i) willful and continued failure to substantially perform assigned duties; (ii) gross misconduct;  (iii) material breach of any term of any material agreement with the Company or any subsidiary, including this Agreement;  (iv) conviction of (or plea of no contest or nolo contendere to) (A) a felony or (B) a crime other than a felony, which involves a breach of trust or fiduciary duty owned to the Company or any subsidiary; or (v) material violation of the Company’s code of conduct or any other policy of the Company or any subsidiary that applies to the Participant.  

  Section 4.            Restrictions on Transferability.  

  Until the Restricted Stock becomes vested as described in Section 2 or Section 3, the Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.  

   

  Section 5. 	Rights Before Vesting.  

  	Before the Restricted Stock vests, (a) the Restricted Stock will be held in escrow by the Company; (b) the Participant may exercise full voting rights associated with the Restricted Stock; and (c) the Participant will be entitled to all dividends and other distributions paid with respect to the Restricted Stock, but such dividends and other distributions will be held in escrow by the Company and will be subject to the same restrictions, terms and conditions as the Restricted Stock to which they relate.

   

  2

   

  

   

  Section 6.	Settlement.

  If the applicable terms and conditions of this Agreement are satisfied, the Restricted Stock will be released from any transfer restrictions or delivered to the Participant with reasonable promptness after all applicable restrictions have lapsed.  Any fractional shares of Restricted Stock will be settled in cash based upon the Fair Market Value of a Common Share on the settlement date.

  The issuance of Shares will be subject to the satisfaction of the Company’s counsel that such issuance will be in compliance with applicable Federal and state securities laws.  Any Shares delivered under the Plan will be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed and any applicable Federal or state securities law, and the Committee may cause a legend or legends to be put on any certificates evidencing such Shares to make appropriate reference to such restrictions.

  Section 7.	Withholding.

  The Company is authorized to withhold in respect of the Restricted Stock, the amount of withholding taxes due in respect of vesting of such Restricted Stock and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.  The Committee may establish procedures for election by the Participant to satisfy such withholding taxes by delivery of, or directing the Company to retain, Shares that would otherwise be deliverable upon vesting of the Restricted Stock.

  Section 8.	Non-Competition.

  In the event that the Participant terminates employment with the Company for any reason whatsoever, and within 18 months after the date thereof becomes associated with, employed by, renders services to, or owns any interest in (other than any nonsubstantial interest, as determined by the Committee), any business that is in competition with the Company or any subsidiary of the Company or with any business in which the Company or any subsidiary of the Company has a substantial interest as determined by the Committee, the Committee, in its sole discretion, may require the Participant to return to the Company the economic value of the Restricted Stock which is realized or obtained (measured as of the date on which the Restricted Stock vested) by the Participant at any time during the period beginning on that date which is six months prior to the date of the Participant’s termination of employment with the Company.

  Section 9. 	Other Terms and Conditions.  

  	(a)	Beneficiaries.  The Participant may designate a beneficiary to receive any Restricted Stock that is unsettled in the event of the Participant’s death.  If no beneficiary is designated, the Participant’s beneficiary will be the Participant’s surviving spouse and, if there is no surviving spouse, the Participant’s estate.

   

  3

   

  

   

  (b)	No Guarantee of Employment.  The granting of Restricted Stock will not confer upon the Participant any right to continued employment with the Company, nor will it interfere in any way with the right of the Company to terminate the employment of the Participant at any time, with or without cause.

  (c)	Governing Law. This Agreement will be governed by and construed in accordance with the laws (other than laws governing conflicts of laws) of the State of Ohio.

  (d)	Rights and Remedies Cumulative.  All rights and remedies of the Company and of the Participant enumerated in this Agreement will be cumulative and, except as expressly provided otherwise in this Agreement, none will exclude any other rights or remedies allowed at law or in equity, and each of said rights or remedies may be exercised and enforced concurrently.

  (e)	Captions.  The captions contained in this Agreement are included only for convenience of reference and do not define, limit, explain or modify this Agreement or its interpretation, construction or meaning and are in no way to be construed as a part of this Agreement.

  (f)	Severability.  If any provision of this Agreement or the application of any provision hereof to any person or any circumstance will be determined to be invalid or unenforceable, then such determination will not affect any other provision of this Agreement or the application of said provision to any other person or circumstance, all of which other provisions will remain in full force and in effect.

  (g)	Entire Agreement.  This Agreement, together with the Notice of Grant and the Plan, which are incorporated herein by reference, constitutes the entire agreement between the Company and the Participant in respect of the subject matter of this Agreement, and this Agreement supersedes all prior and contemporaneous agreements between the parties hereto in connection with the subject matter of this Agreement.  No officer, director, employee or other servant or agent of the Company, and no servant or agent of the Participant, is authorized to make any representation, warranty or other promise not contained in this Agreement.  No change, termination or attempted waiver of any of the provisions of this Agreement will be binding upon any party hereto unless contained in a writing signed by the party to be charged.

  (h)	Restricted Stock Subject to the Plan.  The Restricted Stock is subject to the terms and conditions described in this Agreement and the Plan, which is incorporated by reference into and made a part of this Agreement.  In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan will govern except as specifically provided in this Agreement.  The Committee has the sole responsibility for interpreting the Plan and this Agreement, and the Committee’s determination of the meaning of any provision in the Plan or this Agreement will be binding on the Participant.  Capitalized terms that are not defined in this Agreement have the same meaning as in the Plan.

   

  4

   

  

   

  (i)	Section 83(b) Election. The Participant may file an election pursuant to Section 83(b) of the Code to be taxed currently on the Fair Market Value of the Restricted Stock (less any purchase price paid for the Restricted Stock).  The election will be made on a form provided by the Company and must be filed with the Internal Revenue Service no later than 30 days after the Grant Date. The Participant must seek the advice of the Participant’s own tax advisors as to the advisability of making such an election, the potential consequences of making such an election, the requirements for making such an election, and the other tax consequences of the Restricted Stock under federal, state, and any other laws, rules and regulations that may be applicable. The Company and its agents have not and are not providing any tax advice to the Participant.

  Section 10. 	Application of Section 280G of the Code.

  If the Company determines that any payment or benefit, including any accelerated vesting, due to the Participant under this Agreement in connection with a Change in Control, when combined with any other payment or benefit due to the Participant from the Company or any other entity in connection with such Change in Control, would be considered a “parachute payment” within the meaning of Section 280G of the Code, the payments and benefits due to the Participant under this Agreement may be reduced by the Company to $1.00 less than the amount that would otherwise be considered a “parachute payment” within the meaning of Section 280G of the Code, in accordance with rules and procedures which may be established by the Committee.

  	IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the Grant Date set forth above.

  PARTICIPANT					WORTHINGTON INDUSTRIES, INC.

  /s/Joseph B. Hayek					By:  /s/Dale T. Brinkman			

  Signature							Dale T. Brinkman

   

  Joseph B. Hayek					Its:  Vice President - Secretary		

  Printed Name

   

  Dated: September 25, 2019				Dated: September 25, 2019			

   

   

   

   

  5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]