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 August 23, 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 acquisitions of phantom stock under the Deferred Compensation Plan and adjustments in common shares held directly and indirectly through IRAs.
- Hayek directly owns 219,903 common shares.
- He also indirectly owns 2,000 common shares through a Merrill-Lynch IRA and 1,636 common shares through a Vanguard IRA.
- Additionally, Hayek holds 4,156.79 units of phantom stock under the Deferred Compensation Plan, which track Worthington Enterprises common shares on a one-for-one basis.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, and the transactions reported do not suggest any significant positive or negative sentiment.
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
This filing is a routine disclosure of changes in beneficial ownership by a company executive, as required by the SEC. It provides transparency to investors regarding the holdings of company insiders.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the holdings of a key executive.
- The changes in ownership are unlikely to have a significant impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| June 28, 2024 | Date of the plan statement for the dividend reinvestment feature of the IRA. |
| July 31, 2024 | Date of the theoretical Worthington Enterprises, Inc. common share deemed investment option pursuant to the dividend reinvestment feature of the 2005 NQ Plan. |
| August 23, 2024 | Date of the transaction reported in the Form 4 filing. |
| August 26, 2024 | Date of signature for the Form 4 filing. |
| October 1, 2014 | Effective date after which phantom stock fund amounts cannot be transferred to alternative deemed investment options under the Plan until distribution. |
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