Form 4: Worthington Enterprises CEO Joseph Hayek Discloses Latest Shareholdings and Phantom Stock Acquisition
Insider Transaction Report
Worthington Enterprises, Inc. (WOR) President and CEO Joseph B. Hayek has filed a Form 4 detailing his direct and indirect beneficial ownership of common shares and the acquisition of phantom stock units.
Summary
- Joseph B. Hayek, President and CEO of Worthington Enterprises, Inc., filed a Form 4 disclosing his beneficial ownership.
- Mr. Hayek directly owns 186,990 common shares of Worthington Enterprises.
- He indirectly owns 2,000 common shares through an IRA (Merrill-Lynch) and 1,656 common shares through an IRA (Vanguard), with the latter including shares acquired via dividend reinvestment as of March 31, 2025.
- On June 13, 2025, Mr. Hayek acquired 4.2 phantom stock units under the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan.
- These phantom stock units track WOR common shares on a one-for-one basis and were acquired at a price of $59.69 per unit.
- Following this transaction, Mr. Hayek beneficially owns 4,530.77 phantom stock units, which also includes units credited from dividend reinvestment on March 31, 2025.
- Phantom stock balances credited after October 1, 2014, cannot be transferred to alternative investment options until distribution from the Plan, which generally occurs in WOR common shares upon leaving the company.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of insider holdings and a minor acquisition of phantom stock, which is neutral in sentiment. It does not indicate significant positive or negative news for the company's operations or financial health.
Future Outlook
The document is a disclosure of insider holdings and transactions and does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.
Industry Context
This Form 4 filing is a standard regulatory disclosure of an insider's equity transactions and holdings, common across all publicly traded companies. It provides transparency into management's direct and indirect stake in the company, which can be a signal of confidence or lack thereof, depending on the nature of the transaction (acquisition vs. disposition).
Stakeholder Impact
- Shareholders: Provides transparency regarding the equity holdings and recent phantom stock acquisition of a key executive, Joseph B. Hayek, which can inform investment decisions.
Key Dates
| Date | Description |
|---|---|
| 2014-10-01 | Effective date after which phantom stock account balances cannot be immediately transferred to other deemed investment options under the Deferred Compensation Plan until distribution. |
| 2025-03-31 | Date of plan statement for IRA (Vanguard) showing additional common shares acquired via dividend reinvestment, and date of dividend reinvestment for phantom stock units. |
| 2025-06-13 | Date of earliest transaction reported, specifically the acquisition of phantom stock units. |
| 2025-06-17 | Date the Form 4 was signed by Patrick J. Kennedy, as attorney-in-fact for Joseph B. Hayek. |
Keywords
Worthington Enterprises, WOR, Joseph B. Hayek, SEC Form 4, Insider Trading, Beneficial Ownership, Phantom Stock, Deferred Compensation Plan, Common Shares, Director, CEO
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