Form 4: Worthington Enterprises CEO Joseph Hayek Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Joseph Hayek, President & CEO of Worthington Enterprises, reports changes in beneficial ownership of company stock, including acquisitions through a deferred compensation plan and dividend reinvestments.
Summary
- Joseph Hayek, the President & CEO of Worthington Enterprises, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The report indicates acquisitions of common shares through dividend reinvestments in his IRA accounts and phantom stock acquired under the Deferred Compensation Plan.
- As of April 17, 2025, Hayek directly owns 187,507 common shares.
- He also indirectly owns 2,000 common shares through a Merrill-Lynch IRA and 1,649 common shares through a Vanguard IRA.
- Additionally, he holds 4,513.28 phantom stock units through the company's Deferred Compensation Plan, which track WOR common shares on a one-for-one basis.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing, indicating normal business operations and insider activity. The sentiment is neutral to slightly positive as it reflects continued investment by the CEO in the company.
Positives
- The reporting of transactions is a standard procedure for company insiders and ensures transparency.
Industry Context
This filing is a routine disclosure required by the SEC for corporate insiders, providing transparency to the market regarding their holdings and transactions in the company's stock. It's common for executives to participate in deferred compensation plans and dividend reinvestment programs.
Comparison to Industry Standards
- Executive compensation packages often include deferred compensation plans and stock options to align management's interests with those of shareholders.
- Dividend reinvestment programs are a common way for shareholders, including executives, to increase their holdings in a company over time.
- The specifics of Worthington Enterprises' Deferred Compensation Plan are similar to those offered by other publicly traded companies, with restrictions on transferring phantom stock to other investment options.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the CEO's investment in the company.
- It assures stakeholders that the CEO's interests are aligned with theirs through stock ownership and participation in compensation plans.
Key Dates
| Date | Description |
|---|---|
| December 31, 2024 | Date of the plan statement for the IRA, reporting additional common shares acquired pursuant to the dividend reinvestment feature. |
| October 1, 2014 | Effective date after which phantom stock fund amounts may not be transferred to alternative deemed investment options under the Plan until distribution. |
| March 31, 2025 | Date of the theoretical Worthington Enterprises, Inc. common share deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan. |
| April 17, 2025 | Date of the transaction involving phantom stock acquisition under the Deferred Compensation Plan. |
| April 21, 2025 | Date of the report filing. |
Keywords
Worthington Enterprises, Joseph Hayek, beneficial ownership, Form 4, insider trading, common shares, phantom stock, dividend reinvestment, Deferred Compensation Plan, IRA
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