Attached files

file filename
10-K - ANNUAL REPORT - WORTHINGTON INDUSTRIES INCd174336d10k.htm
EX-99.1 - EX-99.1 - WORTHINGTON INDUSTRIES INCd174336dex991.htm
EX-32.2 - EX-32.2 - WORTHINGTON INDUSTRIES INCd174336dex322.htm
EX-32.1 - EX-32.1 - WORTHINGTON INDUSTRIES INCd174336dex321.htm
EX-31.2 - EX-31.2 - WORTHINGTON INDUSTRIES INCd174336dex312.htm
EX-31.1 - EX-31.1 - WORTHINGTON INDUSTRIES INCd174336dex311.htm
EX-24 - EX-24 - WORTHINGTON INDUSTRIES INCd174336dex24.htm
EX-23.2 - EX-23.2 - WORTHINGTON INDUSTRIES INCd174336dex232.htm
EX-23.1 - EX-23.1 - WORTHINGTON INDUSTRIES INCd174336dex231.htm
EX-21 - EX-21 - WORTHINGTON INDUSTRIES INCd174336dex21.htm
EX-10.65 - EX-10.65 - WORTHINGTON INDUSTRIES INCd174336dex1065.htm
EX-4.10 - EX-4.10 - WORTHINGTON INDUSTRIES INCd174336dex410.htm

Exhibit 10.71

SUMMARY OF ANNUAL CASH INCENTIVE BONUS AWARDS,

LONG-TERM PERFORMANCE AWARDS, STOCK OPTIONS AND RESTRICTED COMMON

SHARES GRANTED IN FISCAL 2017 FOR NAMED EXECUTIVE OFFICERS

Annual Cash Incentive Bonus Awards Granted In Fiscal 2017

The following table sets forth the annual cash incentive bonus awards granted to the following named executive officers (“NEOs”) of Worthington Industries, Inc. (the “Company”) under the Worthington Industries, Inc. Annual Incentive Plan for Executives for the twelve-month performance period ending May 31, 2017:

Annual Cash Incentive Bonus Awards Granted for Fiscal 2017

 

Name

   Annual Cash Incentive Bonus Awards for  Twelve-Month
Performance Period Ending May 31, 2017 (1)
 
     Threshold ($)      Target ($)      Maximum ($)  

John P. McConnell

     442,900         885,800         1,771,600   

B. Andrew Rose

     288,450         576,900         1,153,800   

Mark A. Russell

     350,000         700,000         1,400,000   

Geoffrey G. Gilmore

     240,000         480,000         960,000   

Virgil L. Winland

     225,000         450,000         900,000   

 

(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 Mr. Gilmore, a Pressure Cylinders business unit executive, the corporate EPS measure carries a 20% weighting, the applicable Pressure Cylinders operating income (“EOI”) carries a 30% weighting, and the Pressure Cylinders EVA carries a 50% weighting. For all calculations, restructuring charges and non-recurring items are excluded and EPS and the Steel Processing business unit EOI 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.

 

1


Long-Term Performance Awards, Option Awards and Restricted Common Share Awards Granted in Fiscal 2017

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, 2019 and the option awards and restricted common share awards granted to the NEOs in the fiscal year ending May 31, 2017 (“Fiscal 2017”).

Long-Term Performance Awards, Option Awards and Restricted Common Share Awards Granted in Fiscal 2017

 

Name

  Long-Term Cash Performance Awards for  Three-
Fiscal-Year Period Ending May 31, 2019 (1)
    Long-Term Performance Share  Awards for Three-Fiscal-
Year Period Ending May 31, 2019 (1)
    Option
Awards:

Number of
Common
Shares
Underlying
Options (2)
    Exercise
or Base
Price  of

Option
Awards

($/Share) (2)
     Restricted
Common

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

John P. McConnell

    500,000        1,000,000        2,000,000        7,500        15,000        30,000        26,500        42.30         22,500 (3) 

B. Andrew Rose

    300,000        600,000        1,200,000        3,750        7,500        15,000        13,500        42.30         12,000 (3) 

Mark A. Russell

    300,000        600,000        1,200,000        3,750        7,500        15,000        13,500        42.30         12,000 (3) 

Geoffrey G. Gilmore

    165,000        330,000        660,00        2,500        5,000        10,000        7,500        42.30         8,000 (3) 

Virgil L. Winland

    115,000        230,000        460,000        1,313        2,625        5,250        4,000        42.30         3,800 (3) 

 

(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 (the “1997 LTIP”) for the three-fiscal-year performance period from June 1, 2016 to May 31, 2019. 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. For Mr. Gilmore, a Pressure Cylinders business unit executive, the cumulative corporate EVA and EPS growth measures together carry a 50% weighting, and the Pressure Cylinders business unit EOI targets are weighted 50%. In all calculations, restructuring charges and non-recurring items are excluded, and EPS and Steel Processing business unit EOI 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 30, 2016, 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 $42.30, the fair market value of the underlying common shares on the date of grant. The options become exercisable over three years in increments of 33% per year on each anniversary of their grant date.

(3)

These annual time-vested restricted common share awards were granted effective June 30, 2016 under the 1997 LTIP.

 

2