Form 4: Worthington Enterprises Controller Kevin J. Chan Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Kevin J. Chan, Controller at Worthington Enterprises, reports changes in beneficial ownership of common shares and phantom stock related to the company's 401(k) and deferred compensation plans.
Summary
- Kevin J. Chan, Controller of Worthington Enterprises, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- The report indicates transactions involving common shares and phantom stock within the company's 401(k) and deferred compensation plans.
- Chan directly owns 5,589 common shares.
- He also indirectly owns 2,814.16 common shares through a 401(k) plan.
- Additionally, Chan holds phantom stock, with 5.07 shares acquired on April 4, 2025, at a price of $46.46.
- The phantom stock is part of the 2005 Deferred Compensation Plan and tracks WOR common shares on a one-for-one basis.
- Distributions from the phantom stock fund are made only in WOR common shares upon leaving Worthington Enterprises and its subsidiaries.
- The reported amount includes additional unfunded theoretical common shares credited pursuant to the dividend reinvestment feature of the 2005 NQ Plan on March 31, 2025.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are standard practice for company insiders to report changes in their ownership of company securities, ensuring transparency and compliance with SEC regulations.
Comparison to Industry Standards
- Form 4 filings are a standard regulatory requirement for publicly traded companies in the United States, ensuring transparency in insider trading.
- Companies like Nucor, Steel Dynamics, and Commercial Metals Company also have similar insider reporting requirements.
- The reporting of phantom stock and deferred compensation plans is common among large corporations to incentivize and retain key employees.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- Employees participating in the 401(k) and deferred compensation plans are directly impacted by the value of the company's shares.
Key Dates
| Date | Description |
|---|---|
| October 1, 2014 | Effective date after which phantom stock investment options cannot be transferred to alternative deemed investment options until distribution from the Plan. |
| March 31, 2025 | Date of dividend reinvestment for theoretical Worthington Enterprises, Inc. common shares. |
| April 4, 2025 | Date of transaction for phantom stock acquisition and date of 401(k) Plan statement. |
| April 7, 2025 | Date of Form 4 filing. |
Keywords
Worthington Enterprises, Kevin J. Chan, Form 4, Beneficial Ownership, Common Shares, Phantom Stock, 401(k) Plan, Deferred Compensation Plan
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