Form 4: Worthington Enterprises EVP and CFO Joseph B. Hayek Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Joseph B. Hayek, EVP and CFO of Worthington Enterprises, reports changes in beneficial ownership of common shares and phantom stock acquired under the company's deferred compensation plan.
Summary
- Joseph B. Hayek, the EVP and CFO of Worthington Enterprises, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- The report indicates direct ownership of 203,883 common shares.
- Hayek also holds 2,000 common shares indirectly through a Merrill-Lynch IRA and 1,630 shares through a Vanguard IRA.
- Additionally, Hayek acquired 3.16 units of phantom stock under the Deferred Compensation Plan, with each unit tracking a Worthington Enterprises common share.
- The reported amount includes additional common shares acquired through dividend reinvestment in the IRA as of March 29, 2024.
- The phantom stock amount includes additional unfunded theoretical common shares credited pursuant to the dividend reinvestment feature of the 2005 NQ Plan on April 1, 2024.
- Distributions from the Deferred Compensation Plan are made only in Worthington Enterprises common shares and generally commence upon leaving the company.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, so the sentiment is considered neutral.
Positives
- The reporting of changes in beneficial ownership is a standard practice and ensures transparency for investors.
Future Outlook
The document does not contain any specific forward-looking statements or guidance.
Industry Context
This filing is a routine disclosure related to executive compensation and ownership, common in publicly traded companies.
Comparison to Industry Standards
- Form 4 filings are standard practice for corporate insiders and are comparable across all publicly traded companies.
- Deferred compensation plans are a common component of executive compensation packages in many industries.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the ownership stake of a key executive.
Key Dates
| Date | Description |
|---|---|
| March 29, 2024 | Date of the plan statement for the IRA, reporting additional common shares acquired pursuant to the dividend reinvestment feature. |
| April 1, 2024 | Date of the theoretical Worthington Enterprises, Inc. common share deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan. |
| May 17, 2024 | Date of the transaction involving phantom stock acquisition. |
| May 20, 2024 | Date of the report filing. |
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