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 related to deferred compensation plans.
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 reported transactions involve common shares held directly and indirectly through IRAs, as well as phantom stock acquired under the company's deferred compensation plan.
- As of May 3, 2024, Hayek directly owns 203,883 common shares.
- He also indirectly owns 2,000 common shares through a Merrill-Lynch IRA and 1,630 common shares through a Vanguard IRA.
- Additionally, Hayek holds 4,113.32 units of phantom stock under the Deferred Compensation Plan, reflecting theoretical WOR common shares.
- The phantom stock units are subject to restrictions on transfer to other investment options within the plan until distribution, which generally commences upon leaving Worthington Enterprises and its subsidiaries.
- The reported amount includes additional common shares acquired pursuant to the dividend reinvestment feature of the IRA as reported in the plan statement dated March 29, 2024.
- The amount reported includes the additional unfunded theoretical common shares (i.e., phantom stock) credited pursuant to the theoretical Worthington Enterprises, Inc. common share deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan on April 1, 2024.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing, so the sentiment is neutral.
Positives
- The reporting of beneficial ownership changes provides transparency to investors.
Industry Context
Form 4 filings are a standard part of regulatory compliance for corporate insiders, providing transparency into their transactions in company stock.
Stakeholder Impact
- Shareholders are informed about changes in the beneficial ownership of a key executive.
Key Dates
| Date | Description |
|---|---|
| March 29, 2024 | Date of the plan statement for the IRA dividend reinvestment. |
| April 1, 2024 | Date of the dividend reinvestment feature of the 2005 NQ Plan. |
| May 3, 2024 | Date of the reported transaction. |
| May 6, 2024 | Date of signature for the Form 4 filing. |
| October 1, 2014 | Effective date of the Plan amendment restricting transfers of phantom stock to other investment options. |
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