WORTHINGTON ENTERPRISES, INC.
For the period ended Aug 14, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Aug 14, 2024 · Filed Aug 14, 2024
Use the contents to explore the available documents and sections.
Contents
Cover page
Show cover page
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Actof 1934
Filed by the Registrant ☒
Filed by a party other than the Registrant☐
Check the appropriatebox:
☐ Preliminary Proxy Statement
☐ Confidential, for Useof the Commission Only (as permitted by Rule 14a-6(e)(2))
☒ Definitive Proxy Statement
☐ Definitive Additional Materials
☐ Soliciting Material under §240.14a-12
(Name of Registrantas Specifiedin its Charter)
(Nameof Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒ No feerequired
☐ Fee paid previously with preliminary materials
☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
Dear Fellow Shareholders:
On behalf of the Board of Directors and employees of Worthington Enterprises, Inc. (“we”, “our” and “us”), I cordially invite you to participate via live webcast in our 2024 Annual Meeting of Shareholders (the “Annual Meeting”) to be held on Tuesday, September 24, 2024, beginning at 3:00 p.m., Eastern Daylight Time. The Annual Meeting will be a virtual meeting of shareholders which means that you will be able to participate in the Annual Meeting, vote and submit your questions during the Annual Meeting via live webcast by visiting www.virtualshareholdermeeting.com/WOR2024. You willnot be able to attend the Annual Meeting in person.
Details of the business to be conducted at the Annual Meeting are provided in the accompanying Notice of Annual Meeting of Shareholders and Proxy Statement, which you are urged to read carefully. If you are a registered shareholder participating in the Annual Meeting via the live webcast at www.virtualshareholdermeeting.com/WOR2024, you may revoke your proxy and vote during the Annual Meeting, even if you have previously submitted a proxy.
We have elected to take advantage of Securities and Exchange Commission (“SEC”) rules that allow us to furnish proxy materials to certain shareholders via the Internet. On or about the date of this letter, we began mailing a Notice of Internet Availability of Proxy Materials (the “Notice of Availability”) to our shareholders of record at the close of business on July 29, 2024. At the same time, we provided those shareholders with access to our online proxy materials and filed our proxy materials with the SEC. We believe furnishing proxy materials to our shareholders via the Internet will allow us to provide our shareholders with the information they need, while lowering the costs of delivery and reducing the environmental impact of the Annual Meeting. If you have received the Notice of Availability, you will not receive a printed copy of the proxy materials unless you request them by following the instructions for requesting such proxy materials contained in the Notice of Availability.
It is important that your common shares be represented at the Annual Meeting whether or not you are personally able to participate via the live webcast. Accordingly, after reading the accompanying proxy materials, please promptly submit your proxy by telephone, Internet, mobile device or mail as described in the Proxy Statement or the Notice of Availability.
Your continuing interest in our company is greatly appreciated.
Sincerely,
John B. Blystone
Chairman of the Board
August 14, 2024
Notice of Annual Meeting of Shareholders to be Held on September 24, 2024
Notice is hereby given that the 2024 Annual Meeting of Shareholders (the “Annual Meeting”) of Worthington Enterprises, Inc. (“we”, “our” and “us”) will be held at 3:00 p.m., Eastern Daylight Time, on Wednesday, September 24, 2024. The Annual Meeting will be held virtually, meaning that you will be able to participate in the Annual Meeting, vote and submit your questions during the Annual Meeting via live webcast by visiting www.virtualshareholdermeeting.com/WOR2024. You willnot be able to attend the Annual Meeting in person.
The Annual Meeting is being held to:
(1)
Elect four directors, each to serve for a term of three years to expire at our 2027 annual meeting of shareholders;
(2)
Approve, on an advisory basis, a resolution to approve the compensation of our named executive officers;
(3)
Approve the Worthington Enterprises, Inc. 2024 Long-Term Incentive Plan;
(4)
Ratify the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year ending May 31, 2025; and
(5)
Transact such other business as may properly come before the Annual Meeting.
Only shareholders of record at the close of business on the record date, July 29, 2024, are entitled to notice of, and to vote at, the Annual Meeting.
We began mailing a Notice of Internet Availability of Proxy Materials (the “Notice of Availability”) on or about August 14, 2024 to shareholders of record at the close of business on July 29, 2024. The Notice of Availability contains instructions on how to access via the Internet our letter to shareholders, this Notice of Annual Meeting of Shareholders, our 2024 Proxy Statement, our 2024 Annual Report and the form of proxy, as well as instructions on how to request a paper copy of the proxy materials.
By Order of the Board of Directors,
| Patrick J. Kennedy | |
|---|---|
| Secretary | |
| Columbus, Ohio | August 14, 2024 |
| Before you vote, access the proxy materials in one of the following ways prior to the Annual Meeting:To view ONLINE: Have available the information printed in the box found directly after “Control #” provided in your Notice of Availability and visit www.proxyvote.com 24 hours a day, seven days a week, prior to the voting deadline at 11:59 p.m., Eastern Daylight Time, on September 23, 2024.To view USING YOUR MOBILE DEVICE: Scan the QR barcode found on your proxy card or Notice of Availability.To receive a PAPER or E-MAIL* copy:You must request a paper or e-mail copy of the proxy materials. There is no charge for requesting a copy. Please choose one of the following methods to make your request: | ||
| By Internet: www.proxyvote.com | By Telephone: 1-800-579-1639 | By E-Mail*: sendmaterial@proxyvote.com |
| *If you request proxy materials by e-mail, please send a blank e-mail including in the subject line the information that is printed in the box found directly after “Control #” provided in your Notice of Availability. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before September 10, 2024 to facilitate timely delivery of the proxy materials. | ||
200 West Old Wilson Bridge Road
Columbus, Ohio 43085
(614) 438-3210
www.worthingtonenterprises.com
2024 PROXY STATEMENT
Dated: August 14, 2024
FOR THE ANNUAL MEETING OF SHAREHOLDERS
To Be Held On September 24, 2024
Table of Contents
| Page · Page | |||
|---|---|---|---|
| Proxy Statement Summary | 1 | Compensation of Directors | 76 |
| General Information | 7 | Equity Compensation Plan Information | 79 |
| Security Ownership of Certain Beneficial Owners and Management | 11 | Proposal 2: Advisory Vote to Approve the Compensation of the NEOs | 81 |
| Corporate Governance | 14 | Proposal 3: Approval of the Worthington Enterprises, Inc. 2024 Long-Term Incentive Plan | 83 |
| Transactions With Certain Related Persons | 24 | Proposal 4: Ratification of the Selection of Independent Registered Public Accounting Firm | 90 |
| Proposal 1: Election of Directors | 28 | Audit Committee Matters | 91 |
| Executive Compensation | 34 | Miscellaneous Items | 94 |
| Compensation Discussion and Analysis | 34 | Householding of Annual Meeting Materials | 94 |
| Compensation Committee Report | 52 | Shareholder Proposals for 2025 Annual Meeting | 94 |
| Outstanding Equity Awards at Fiscal 2024 Year-End | 58 | References | 95 |
| Option Exercises and Stock Vested | 61 | Other Business | 95 |
| Non-Qualified Deferred Compensation | 62 | Appendix I – Companies in Comparator Group | I-1 |
| Potential Payments Upon Termination or Change in Control | 64 | Appendix II - Worthington Enterprises, Inc. 2024 Long-Term Incentive Plan | II-1 |
| CEO Pay Ratio | 67 | ||
| Pay Versus Performance | 68 | ||
| NEO Compensation for Fiscal 2025 | 74 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.