Re: Short-Term Performance Bonus Awards and Targets

Exhibit 10.23

Memorandum

From:

You have been granted a Performance Bonus Award under the Worthington Industries, Inc. Annual Short Term Incentive Plan (the “Plan”) on the terms described below. The Performance Bonus Award is designed to provide incentive payouts based on the attainment of stated financial performance targets over the fiscal year.

In an effort to focus on both the quantity and quality of earnings, the Performance Bonus Awards incorporate both an earnings and economic value added (“EVA”) component. For corporate employees, half of the possible Performance Bonus Award is allocated to the corporate earnings per share (“EPS”) target and half to the corporate EVA target. For business unit employees, the Performance Bonus Award is structured a little differently: 20% of the possible Performance Bonus Award is allocated to the same corporate EPS targets as the corporate officers, 30% is allocated to business unit operating income targets, and 50% is allocated to business unit EVA targets.

Below is a summary of your compensation targets for FY xxxx.

The following tables breakdown your Threshold, Target and Maximum performance levels for each of the metrics, along with your Short-Term Bonus opportunity for the FY XXXX performance period by each of the performance metrics.