Form 4: Worthington Enterprises EVP and CFO Joseph B. Hayek Reports Changes in Beneficial Ownership

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 5, 2024, Joseph B. Hayek, the EVP and CFO of Worthington Enterprises, filed a Form 4 with the SEC.
• The filing reports changes in his beneficial ownership of the company's common shares and derivative securities.
• Hayek directly owns 203,883 common shares.
• He also indirectly owns 2,000 common shares through an IRA at Merrill-Lynch and 1,630 shares through an IRA at Vanguard.
• Additionally, Hayek acquired 2.99 units of phantom stock under the Deferred Compensation Plan, with a price of $61.59 per unit, resulting in a total of 4,107.01 units.
• These phantom stock units track Worthington Enterprises common shares on a one-for-one basis and are distributed as common shares upon leaving the company.
• The reported amount includes additional common shares acquired through dividend reinvestment in the IRA and additional unfunded theoretical common shares credited pursuant to the dividend reinvestment feature of the 2005 NQ Plan on April 1, 2024.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the document primarily reports routine transactions related to executive compensation and stock ownership. There are no explicit positive or negative indicators.

Positives

• The reporting person's holdings in the company have increased through dividend reinvestment and phantom stock acquisition, indicating confidence in the company's future.

Future Outlook

Distributions from the Deferred Compensation Plan are made only in WOR common shares and generally commence upon leaving Worthington Enterprises, Inc. and its subsidiaries.

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors. This filing indicates the EVP and CFO's continued investment in the company's stock through various means.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the holdings of a key executive.
• Employees participating in the Deferred Compensation Plan are impacted by the terms of the plan, including the distribution of phantom stock upon leaving the company.

Key Dates