Exhibit 10.40
SUMMARY OF ANNUAL CASH INCENTIVE BONUS AWARDS,
LONG-TERM PERFORMANCE AWARDS, STOCK OPTIONS AND RESTRICTED COMMON
SHARES GRANTED IN FISCAL 2024 FOR NAMED EXECUTIVE OFFICERS
OF WORTHINGTON INDUSTRIES, INC.
Annual Cash Incentive Bonus Awards Granted In Fiscal 2024
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 2022 Annual Meeting of Shareholders held on September 28, 2022 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 2023 Annual Meeting of Shareholders to be held on September 27, 2023 (“NEOs”), which grants were made under the Worthington Industries, Inc. Annual Incentive Plan for Executives for the twelve-month performance period ending May 31, 2024:
Annual Cash Incentive Bonus Awards Granted for Fiscal 2024
Name | Annual Cash Incentive Bonus Awards for Fiscal Year Performance Period Ending May 31, 2024 (1) | ||
| Threshold ($) | Target ($) | Maximum ($) |
B. Andrew Rose | 577,000 | 1,155,000 | 2,310,000 |
Joseph B. Hayek | 332,813 | 665,625 | 1,331,250 |
Geoffrey G. Gilmore | 418,077 | 836,154 | 1,672,308 |
John P. McConnell | 220,667 | 441,334 | 882,669 |
Steven M. Caravati | 180,000 | 360,000 | 720,000 |
Long-Term Performance Awards, Option Awards and Restricted Common Share Awards Granted in Fiscal 2024
The following table sets forth the long-term performance awards (consisting of long-term cash performance awards and long-term performance share awards) for the three-fiscal-year period ending May 31, 2026 and the option awards and restricted common share awards granted to the NEOs in the fiscal year ending May 31, 2024 (“Fiscal 2024”).
Long-Term Performance Awards, Option Awards and
Restricted Common Share Awards Granted in Fiscal 2024
Name
| Long-Term Cash Performance Awards for Three-Fiscal-Year Period Ending | Long-Term Performance Share Awards for Three-Fiscal-Year Period Ending | Option Awards: Number of Common Shares Underlying Options (2) | Exercise or Base Price of Option Awards | Restricted Common | ||||
| Threshold ($) | Target ($) | Maximum ($) | Threshold (# of Common Shares) | Target (# of Common Shares) | Maximum (# of Common Shares) |
|
|
|
B. Andrew Rose | 860,000 | 1,720,000 | 3,440,000 | 6,250 | 12,500 | 25,000 | 16,600 | 69.47 | 18,700 |
Joseph B. Hayek | 300,00 | 600,000 | 1,200,000 | 2,150 | 4,300 | 8,600 | 5,800 | 69.47 | 6,600 |
Geoffrey G. Gilmore | 280,000 | 560,000 | 1,120,000 | 2,100 | 4,200 | 8,400 | 5,500 | 69.47 | 6,300 |
John P. McConnell | 500,000 | 1,000,000 | 2,000,000 | 0 | 0 | 0 | 0 | N/A | 0 |
Steven M. Caravati | 100,000 | 200,000 | 400,000 | 700 | 1,400 | 2,800 | 2,000 | 69.47 | 2,200 |