Worthington Enterprises (WOR) CEO adds phantom stock under deferred plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
HAYEK JOSEPH B reported acquisition or exercise transactions in this Form 4 filing.
Worthington Enterprises, Inc. President & CEO Joseph B. Hayek reported routine equity-related updates with no open-market buying or selling of common shares. He received an award of 5.09 units of phantom stock under the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan for Directors at a reference price of $54.38 per unit, bringing his phantom stock balance to 5,283.04 units. These theoretical WOR common shares track actual common shares on a one-for-one basis and are distributed only in WOR common shares, generally after he leaves Worthington Enterprises and its subsidiaries. The filing also shows updated common share holdings of 210,339 shares held directly, plus 1,677 and 2,000 common shares held indirectly through IRA accounts at Vanguard and Merrill Lynch, which include amounts credited through dividend reinvestment features.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
HAYEK JOSEPH B
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Acquired Under the Deferred Compensation Plan | 5.09 | $54.38 | $276.79 |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Phantom Stock Acquired Under the Deferred Compensation Plan — 5,283.04 shares (Direct, null);
Common Shares — 210,339 shares (Direct, null);
Common Shares — 2,000 shares (Indirect, By IRA (Merrill-Lynch))
Footnotes (1)
- The amount reported includes additional common shares acquired pursuant to the dividend reinvestment feature of the IRA as reported in the plan statement dated March 31, 2026. The theoretical WOR common shares ("phantom stock") credited to the reporting person's account in the Worthington Industries, Inc. Amended and Restated 2005 Deferred Compensation Plan for Directors, as amended (the "Plan") track WOR common shares on a one-for-one basis. Prior to October 1, 2014, the account balances related to the phantom stock investment option could be immediately transferred to other deemed investment options under the terms of the Plan. The Plan provides that, effective October 1, 2014 and thereafter, any amount credited in a participant's account to the phantom stock fund may not be transferred to an alternative deemed investment option under the Plan until distribution from the Plan. Distributions are made only in WOR common shares and generally commence upon leaving Worthington Enterprises, Inc. and its subsidiaries. The amount reported includes the additional unfunded theoretical common shares (i.e., phantom stock) credited pursuant to the dividend reinvestment feature of the 2005 NQ Plan on March 27, 2026.
Key Figures
Phantom stock grant: 5.09 units
Phantom stock reference price: $54.38 per unit
Total phantom stock after grant: 5,283.04 units
+3 more
6 metrics
Phantom stock grant
5.09 units
Phantom stock acquired under Deferred Compensation Plan
Phantom stock reference price
$54.38 per unit
Grant of phantom stock units on 2026-05-01
Total phantom stock after grant
5,283.04 units
Balance of theoretical WOR common shares in plan
Direct common shares
210,339 shares
Common Shares held directly after transactions
Vanguard IRA common shares
1,677 shares
Indirect ownership by IRA (Vanguard)
Merrill Lynch IRA common shares
2,000 shares
Indirect ownership by IRA (Merrill-Lynch)
Key Terms
phantom stock, Deferred Compensation Plan, dividend reinvestment feature, IRA, +1 more
5 terms
phantom stock financial
"The theoretical WOR common shares ("phantom stock") credited to the reporting person's account"
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
Deferred Compensation Plan financial
"Amended and Restated 2005 Deferred Compensation Plan for Directors, as amended (the "Plan")"
A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.
dividend reinvestment feature financial
"includes additional common shares acquired pursuant to the dividend reinvestment feature of the IRA"
IRA financial
"additional common shares acquired pursuant to the dividend reinvestment feature of the IRA"
An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.
FAQ
What insider activity did Worthington Enterprises (WOR) report for CEO Joseph B. Hayek?
Joseph B. Hayek reported a small phantom stock award and updated holdings. He acquired 5.09 phantom stock units under a deferred compensation plan and reported direct and IRA-based common share balances, with no open-market purchases or sales of WOR common shares disclosed.
How many phantom stock units does the WOR CEO hold after this Form 4 filing?
After this filing, the WOR CEO holds 5,283.04 phantom stock units. These theoretical units track Worthington Enterprises common shares on a one-for-one basis and are payable only in WOR common shares, generally beginning when he leaves Worthington Enterprises and its subsidiaries.
What is the reference price and size of the phantom stock grant to the WOR CEO?
The CEO received 5.09 phantom stock units at a reference price of $54.38. The units were credited under a deferred compensation plan and track Worthington Enterprises common shares, adding to his existing phantom stock balance rather than representing cash or common share transactions.