Form 4: Worthington Enterprises Controller Kevin J. Chan Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Kevin J. Chan, Controller of 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
- On April 21, 2025, Kevin J. Chan, Controller of Worthington Enterprises, filed a Form 4 with the SEC detailing changes in his beneficial ownership of the company's securities.
- The report indicates transactions related to common shares held directly and indirectly through a 401(k) plan, as well as phantom stock held in a deferred compensation plan.
- Chan directly owns 5,589 common shares.
- He also indirectly owns 2,820.89 common shares through a 401(k) plan.
- Additionally, Chan holds 105.2 units of phantom stock in 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 are subject to certain restrictions on transfer and distribution.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral. It simply reports transactions and holdings.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their transactions in company stock. This filing is typical for executives managing their holdings in company-sponsored retirement and compensation plans.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their insiders, ensuring compliance with SEC regulations.
- Companies like Nucor, Steel Dynamics, and Reliance Steel & Aluminum also have executives who regularly file Form 4s to report changes in their beneficial ownership.
- The details in this filing are specific to Worthington Enterprises' compensation and benefit plans, which are likely structured similarly to those of other companies in the manufacturing sector.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the holdings of a key executive.
- Employees participating in the 401(k) and deferred compensation plans may be interested in the details of the phantom stock and common share transactions.
Key Dates
| Date | Description |
|---|---|
| October 1, 2014 | Effective this date, amounts credited to the phantom stock fund in the deferred compensation plan cannot be transferred to alternative deemed investment options until distribution from the plan. |
| March 31, 2025 | Additional unfunded theoretical common shares (i.e., phantom stock) credited pursuant to the theoretical Worthington Enterprises, Inc. common shares deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan. |
| 04/17/2025 | Date of the 401(k) Plan statement used as the basis for the report. |
| 04/17/2025 | Transaction date for phantom stock acquisition. |
| 04/21/2025 | Date of Form 4 filing. |
Keywords
Form 4, beneficial ownership, Worthington Enterprises, Kevin J. Chan, common shares, phantom stock, 401(k), deferred compensation plan, securities, Controller
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