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
- On April 19, 2024, Joseph B. Hayek, the EVP and CFO of Worthington Enterprises, filed a Form 4 to report changes in his beneficial ownership of the company's securities.
- The reported changes include common shares held directly and indirectly through IRAs, as well as phantom stock acquired under the company's deferred compensation plan.
- 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 4,110.22 units of phantom stock acquired under the Deferred Compensation Plan, which track Worthington Enterprises common shares on a one-for-one basis.
- The phantom stock holdings include additional units credited pursuant to the dividend reinvestment feature of the 2005 NQ Plan on April 1, 2024.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
This filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their holdings and transactions in the company's securities.
Comparison to Industry Standards
- Form 4 filings are standard practice for executives at publicly traded companies like Worthington Enterprises, similar to filings made by executives at companies such as Nucor Corporation or Steel Dynamics, Inc.
- The details disclosed are comparable to those found in similar filings, including direct and indirect ownership of shares, as well as holdings in deferred compensation plans.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the holdings of a key executive.
- It assures stakeholders that the executive's interests are aligned with those of the company.
Key Dates
| Date | Description |
|---|---|
| March 29, 2024 | Date of the plan statement for the dividend reinvestment feature of the IRA. |
| April 1, 2024 | Date of 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. |
| April 19, 2024 | Date of the reported transaction. |
| April 22, 2024 | Date of signature for the Form 4 filing. |
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