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[Form 4] Berkshire Hills Bancorp, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Morgan Stanley Finance LLC is issuing $2.508 million of Trigger Performance Leveraged Upside Securities (PLUS) maturing 6 July 2028. Each $1,000 note is an unsecured obligation of MSFL, fully and unconditionally guaranteed by Morgan Stanley, and will pay no periodic interest.

Pay-off structure

  • Upside: If the final level of each index (S&P 500 & Russell 2000) exceeds its initial level, investors receive principal plus 136 % of the worst performer鈥檚 gain.
  • Par: If either index is 鈮� its initial level but both remain 鈮� 70 % of the initial, only principal is returned.
  • Downside: If either index closes below its 70 % downside threshold (SPX 4,343.465 / RTY 1,522.525), repayment equals principal 脳 performance of the worst performer, exposing investors to 1 % loss for every 1 % decline; the payment can fall to $0.

Key terms

  • Issue/Strike/Pricing date: 30 June 2025  |  Maturity: 6 July 2028 (3-year tenor)
  • Initial levels: SPX 6,204.95; RTY 2,175.035
  • Estimated value on pricing date: $972.30 (97.23 % of issue price) reflecting structuring & hedging costs
  • No listing; secondary liquidity solely through MS&Co, which is not obligated to make a market
  • Aggregate commissions to dealers: up to $6.25 per note (sold only through fee-based advisory accounts)
  • Minimum denomination: $1,000; CUSIP 61778KF44

Risk highlights

  • Principal at risk; no minimum repayment
  • Linked to the worst performing index, eliminating diversification benefits
  • Subject to Morgan Stanley credit risk; MSFL has no independent operations
  • Estimated value < issue price; expected secondary price lower than par
  • Limited or no secondary market; investors should be prepared to hold to maturity

Morgan Stanley Finance LLC emette titoli per un valore di 2,508 milioni di dollari denominati Trigger Performance Leveraged Upside Securities (PLUS) con scadenza il 6 luglio 2028. Ogni nota da 1.000 dollari rappresenta un'obbligazione non garantita di MSFL, garantita in modo pieno e incondizionato da Morgan Stanley, e non paga interessi periodici.

Struttura del rimborso

  • Rendimento positivo: Se il livello finale di ciascun indice (S&P 500 e Russell 2000) supera il livello iniziale, gli investitori ricevono il capitale pi霉 il 136% del guadagno del peggior indice.
  • Pari capitale: Se uno degli indici 猫 鈮� al livello iniziale ma entrambi rimangono 鈮� al 70% del livello iniziale, viene restituito solo il capitale.
  • Perdita: Se uno degli indici chiude sotto la soglia del 70% (SPX 4.343,465 / RTY 1.522,525), il rimborso corrisponde al capitale moltiplicato per la performance del peggior indice, esponendo gli investitori a una perdita dell'1% per ogni 1% di calo; il pagamento pu貌 arrivare a zero.

Termini chiave

  • Data di emissione/strike/prezzo: 30 giugno 2025 | Scadenza: 6 luglio 2028 (durata 3 anni)
  • Livelli iniziali: SPX 6.204,95; RTY 2.175,035
  • Valore stimato alla data di prezzo: 972,30 $ (97,23% del prezzo di emissione) che riflette costi di strutturazione e copertura
  • Non quotato; liquidit脿 secondaria solo tramite MS&Co, che non 猫 obbligata a fare mercato
  • Commissioni aggregate ai dealer: fino a 6,25 $ per nota (venduto solo tramite conti di consulenza a tariffa)
  • Taglio minimo: 1.000 $; CUSIP 61778KF44

Rischi principali

  • Capitale a rischio; nessun rimborso minimo garantito
  • Collegato all鈥檌ndice peggior performante, eliminando i benefici della diversificazione
  • Soggetto al rischio di credito di Morgan Stanley; MSFL non ha operazioni indipendenti
  • Valore stimato inferiore al prezzo di emissione; prezzo secondario atteso inferiore al valore nominale
  • Mercato secondario limitato o assente; gli investitori devono essere pronti a mantenere fino alla scadenza

Morgan Stanley Finance LLC est谩 emitiendo 2,508 millones de d贸lares en Trigger Performance Leveraged Upside Securities (PLUS) con vencimiento el 6 de julio de 2028. Cada nota de 1.000 d贸lares es una obligaci贸n no garantizada de MSFL, garantizada total e incondicionalmente por Morgan Stanley, y no pagar谩 intereses peri贸dicos.

Estructura de pago

  • Ganancia: Si el nivel final de cada 铆苍诲颈肠别 (S&P 500 y Russell 2000) supera su nivel inicial, los inversionistas reciben el capital m谩s el 136% de la ganancia del peor 铆苍诲颈肠别.
  • Par: Si cualquiera de los 铆苍诲颈肠别s est谩 鈮� a su nivel inicial pero ambos permanecen 鈮� al 70% del nivel inicial, solo se devuelve el capital.
  • Perdida: Si cualquiera de los 铆苍诲颈肠别s cierra por debajo del umbral del 70% (SPX 4,343.465 / RTY 1,522.525), el reembolso ser谩 el capital multiplicado por el rendimiento del peor 铆苍诲颈肠别, exponiendo a los inversionistas a una p茅rdida del 1% por cada 1% de ca铆da; el pago puede llegar a cero.

T茅rminos clave

  • Fecha de emisi贸n/strike/precio: 30 de junio de 2025 | Vencimiento: 6 de julio de 2028 (plazo de 3 a帽os)
  • Niveles iniciales: SPX 6,204.95; RTY 2,175.035
  • Valor estimado en la fecha de precio: $972.30 (97.23% del precio de emisi贸n) reflejando costos de estructuraci贸n y cobertura
  • No listado; liquidez secundaria solo a trav茅s de MS&Co, que no est谩 obligado a hacer mercado
  • Comisiones agregadas a distribuidores: hasta $6.25 por nota (vendido solo a trav茅s de cuentas de asesor铆a con tarifa)
  • Denominaci贸n m铆nima: $1,000; CUSIP 61778KF44

Aspectos de riesgo

  • Capital en riesgo; sin reembolso m铆nimo
  • Vinculado al 铆苍诲颈肠别 peor rendimiento, eliminando beneficios de diversificaci贸n
  • Sujeto al riesgo crediticio de Morgan Stanley; MSFL no tiene operaciones independientes
  • Valor estimado < al precio de emisi贸n; precio secundario esperado menor al par
  • Mercado secundario limitado o inexistente; los inversionistas deben estar preparados para mantener hasta el vencimiento

Morgan Stanley Finance LLC電� 2028雲� 7鞗� 6鞚� 毵岅赴霅橂姅 Trigger Performance Leveraged Upside Securities (PLUS)毳� 2,508毵� 雼煬 攴滊搿� 氚滍枆頃╇媹雼�. 臧� 1,000雼煬 鞏挫潓鞚� MSFL鞚� 氍措嫶氤� 毂勲鞚措┌, Morgan Stanley臧� 鞝勲┐鞝侅澊瓿� 氍挫“瓯挫爜鞙茧 氤挫頃橂┌, 鞝曣赴 鞚挫瀽毳� 歆�旮夗晿歆� 鞎婌姷雼堧嫟.

靸來櫂 甑“

  • 靸侅姽 鞁�: 臧� 歆�靾橃潣 斓滌 靾橃 (S&P 500 氚� Russell 2000)鞚� 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 韴瀽鞛愲姅 鞗愱笀瓿� 斓滌晠鞚� 靾橃澋毳犾潉 旮半頃� 歆�靾橃潣 靸侅姽攵勳潣 136%毳� 氚涭姷雼堧嫟.
  • 鞗愱笀 氤挫灔: 霊� 歆�靾� 欷� 頃橂倶臧� 齑堦赴 靾橃 鞚错晿鞚挫毵� 氇憪 齑堦赴 靾橃鞚� 70% 鞚挫儊鞚� 瓴届毎 鞗愱笀毵� 氚橅櫂霅╇媹雼�.
  • 頃橂澖 鞁�: 鞏措姁 頃� 歆�靾橁皜 70% 頃橂澖 鞛勱硠旃�(SPX 4,343.465 / RTY 1,522.525) 鞎勲灅搿� 毵堦皭頃橂┐, 靸來櫂旮堨暋鞚� 鞗愱笀鞐� 斓滌晠鞚� 靾橃澋毳犾潉 瓿表暅 旮堨暋鞙茧, 韴瀽鞛愲姅 1% 頃橂澖 鞁滊雼� 1% 靻愳嫟鞐� 雲胳稖霅╇媹雼�; 歆�旮夑笀鞚� 0旯岇 霒柎歆� 靾� 鞛堨姷雼堧嫟.

欤检殧 臁瓣贝

  • 氚滍枆/頄夓偓臧�/臧�瓴� 瓴办爼鞚�: 2025雲� 6鞗� 30鞚� | 毵岅赴: 2028雲� 7鞗� 6鞚� (3雲� 毵岅赴)
  • 齑堦赴 靾橃: SPX 6,204.95; RTY 2,175.035
  • 臧�瓴� 瓴办爼鞚� 於旍爼 臧�旃�: $972.30 (氚滍枆臧�鞚� 97.23%)搿� 甑“頇� 氚� 項れ 牍勳毄 氚橃榿
  • 靸侅灔 鞐嗢潓; 2彀� 鞙犽彊靹膘潃 MS&Co毳� 韱淀暣靹滊 臧�電ロ晿氅�, 鞁滌灔 臁办劚 鞚橂 鞐嗢潓
  • 霐滊煬 靾橃垬耄� 齑濎暋: 鞏挫潓雼� 斓滊寑 $6.25 (靾橃垬耄� 旮半皹 鞛愲 瓿勳毳� 韱淀暣靹滊 韺愲Г)
  • 斓滌唽 鞎‰┐臧�: $1,000; CUSIP 61778KF44

鞙勴棙 鞖旍暯

  • 鞗愱笀 鞙勴棙; 斓滌唽 靸來櫂 氤挫灔 鞐嗢潓
  • 斓滌晠 靹标臣 歆�靾橃棎 鞐半彊霅橃柎 攵勳偘 韴瀽 須臣 鞐嗢潓
  • Morgan Stanley 鞁犾毄 鞙勴棙鞐� 雲胳稖; MSFL鞚� 霃呺鞝� 鞖挫榿 鞐嗢潓
  • 於旍爼 臧�旃橁皜 氚滍枆臧�氤措嫟 雮潓; 2彀� 鞁滌灔 臧�瓴╈潃 鞎‰┐臧� 鞚错晿 鞓堨儊
  • 2彀� 鞁滌灔 鞝滍暅鞝� 霕愲姅 鞐嗢潓; 韴瀽鞛愲姅 毵岅赴旯岇 氤挫湢頃� 欷�牍� 頃勳殧

Morgan Stanley Finance LLC 茅met 2,508 millions de dollars de Trigger Performance Leveraged Upside Securities (PLUS) arrivant 脿 茅ch茅ance le 6 juillet 2028. Chaque note de 1 000 $ est une obligation non garantie de MSFL, garantie de mani猫re pleine et inconditionnelle par Morgan Stanley, et ne verse pas d鈥檌nt茅r锚ts p茅riodiques.

Structure du remboursement

  • Gain 脿 la hausse : Si le niveau final de chaque indice (S&P 500 et Russell 2000) d茅passe son niveau initial, les investisseurs re莽oivent le capital plus 136 % du gain du moins performant.
  • Capital rembours茅 : Si un indice est 鈮� 脿 son niveau initial mais que les deux restent 鈮� 脿 70 % du niveau initial, seul le capital est rembours茅.
  • Perte 脿 la baisse : Si un indice cl么ture en dessous du seuil de 70 % (SPX 4 343,465 / RTY 1 522,525), le remboursement correspond au capital multipli茅 par la performance du moins performant, exposant les investisseurs 脿 une perte de 1 % pour chaque baisse de 1 % ; le paiement peut tomber 脿 z茅ro.

Termes cl茅s

  • Date d鈥櫭﹎ission/strike/prix : 30 juin 2025 | 脡ch茅ance : 6 juillet 2028 (dur茅e de 3 ans)
  • Niveaux initiaux : SPX 6 204,95 ; RTY 2 175,035
  • Valeur estim茅e 脿 la date de prix : 972,30 $ (97,23 % du prix d鈥櫭﹎ission) refl茅tant les co没ts de structuration et de couverture
  • Non cot茅 ; liquidit茅 secondaire uniquement via MS&Co, qui n鈥檈st pas oblig茅 de faire le march茅
  • Commissions totales aux distributeurs : jusqu鈥櫭� 6,25 $ par note (vendu uniquement via des comptes de conseil factur茅s)
  • Montant minimum : 1 000 $ ; CUSIP 61778KF44

Points de risque

  • Capital 脿 risque ; aucun remboursement minimum garanti
  • Index茅 sur le moins performant, 茅liminant les b茅n茅fices de diversification
  • Sujet au risque de cr茅dit de Morgan Stanley ; MSFL n鈥檃 pas d鈥檕p茅rations ind茅pendantes
  • Valeur estim茅e inf茅rieure au prix d鈥櫭﹎ission ; prix secondaire attendu inf茅rieur 脿 la valeur nominale
  • March茅 secondaire limit茅 ou inexistant ; les investisseurs doivent 锚tre pr锚ts 脿 conserver jusqu鈥櫭� l鈥櫭ヽh茅ance

Morgan Stanley Finance LLC gibt Trigger Performance Leveraged Upside Securities (PLUS) im Wert von 2,508 Millionen US-Dollar mit F盲lligkeit am 6. Juli 2028 aus. Jede 1.000-Dollar-Anleihe ist eine unbesicherte Verpflichtung von MSFL, die von Morgan Stanley vollst盲ndig und bedingungslos garantiert wird, und zahlt keine periodischen Zinsen.

Auszahlungsstruktur

  • 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: Wenn der Endstand jedes Index (S&P 500 & Russell 2000) 眉ber seinem Anfangswert liegt, erhalten Anleger das Kapital plus 136 % des Gewinns des schlechteren Index.
  • Nominalbetrag: Wenn ein Index 鈮� seinem Anfangswert ist, aber beide 鈮� 70 % des Anfangswerts bleiben, wird nur das Kapital zur眉ckgezahlt.
  • 础产飞盲谤迟蝉谤颈蝉颈办辞: Schlie脽t ein Index unter der 70 %-Schwelle (SPX 4.343,465 / RTY 1.522,525), entspricht die R眉ckzahlung dem Kapital multipliziert mit der Performance des schlechteren Index, wodurch Anleger einem Verlust von 1 % f眉r jeden 1 % R眉ckgang ausgesetzt sind; die Auszahlung kann bis auf 0 fallen.

Wichtige Bedingungen

  • Emissions-/Strike-/Preisfeststellungstag: 30. Juni 2025 | F盲lligkeit: 6. Juli 2028 (3 Jahre Laufzeit)
  • Anfangswerte: SPX 6.204,95; RTY 2.175,035
  • Gesch盲tzter Wert am Preisfeststellungstag: 972,30 $ (97,23 % des Ausgabepreises), was Strukturierungs- und Absicherungskosten widerspiegelt
  • Keine B枚rsennotierung; Sekund盲rliquidit盲t ausschlie脽lich 眉ber MS&Co, die nicht verpflichtet ist, einen Markt zu stellen
  • Gesamtprovisionen an H盲ndler: bis zu 6,25 $ pro Note (nur 眉ber geb眉hrenbasierte Beratungskonten verkauft)
  • Mindestst眉ckelung: 1.000 $; CUSIP 61778KF44

Risikohinweise

  • Kapital ist riskant; keine Mindestr眉ckzahlung garantiert
  • Verkn眉pft mit dem schlechtesten Index, wodurch Diversifikationseffekte entfallen
  • Unterliegt dem Kreditrisiko von Morgan Stanley; MSFL hat keine eigenst盲ndigen Gesch盲ftst盲tigkeiten
  • Gesch盲tzter Wert unter Ausgabepreis; erwarteter Sekund盲rmarktpreis unter Nominalwert
  • Begrenzter oder kein Sekund盲rmarkt; Anleger sollten bereit sein, bis zur F盲lligkeit zu halten
Positive
  • 136 % upside participation if both indices finish above their initial levels, enhancing equity gains.
  • 30 % downside buffer (threshold at 70 % of initial) before capital is at risk of loss.
  • Full guarantee by Morgan Stanley adds investment-grade credit backing compared with non-guaranteed issuers.
Negative
  • No principal protection: a fall below the 70 % threshold in either index results in proportional losses up to 100 %.
  • Worst-performer feature removes diversification benefit and raises loss probability versus single-index notes.
  • Estimated value is only 97.23 % of issue price, indicating an initial 2.77 % cost to investors.
  • No exchange listing; liquidity depends solely on MS&Co and may be limited or unavailable.
  • Product pays zero interest, so negative carry if held in margin or versus inflation.

Insights

TL;DR 鈥� 3-year note offers 136 % upside leverage but full downside after 30 % buffer.

The offering is a conventional dual-index Trigger PLUS with modest size ($2.5 m). Investors gain above-par exposure if both SPX and RTY finish positive, yet face uncapped losses if either breaches its 70 % barrier. The 136 % leverage is in line with similar maturities, while the estimated value of 97.23 % shows typical 2.8 % structuring drag. Absence of exchange listing and reliance on MS&Co for liquidity raise exit-cost concerns. Credit exposure to Morgan Stanley remains IG, but widening spreads could hit secondary pricing. Overall, product suits tactical bullish investors who can stomach equity drawdowns and illiquidity; impact on Morgan Stanley鈥檚 balance sheet is immaterial.

TL;DR 鈥� Downside buffer only to 鈥�30 %; worst-of design magnifies loss probability.

The worst-performer mechanic means the probability of triggering principal loss exceeds that of a single-index note, particularly given RTY鈥檚 higher volatility. Historical swings show RTY has dropped >30 % several times since 2020, underscoring tail-risk. Investors also accept issuer credit risk and a secondary market likely discounted by bid-offer and spread adjustments. With no interim coupons, total return is path-dependent and back-ended. Tax treatment as a prepaid forward contract is untested and could change. These factors make the security appropriate only for sophisticated clients with clear risk appetite.

Morgan Stanley Finance LLC emette titoli per un valore di 2,508 milioni di dollari denominati Trigger Performance Leveraged Upside Securities (PLUS) con scadenza il 6 luglio 2028. Ogni nota da 1.000 dollari rappresenta un'obbligazione non garantita di MSFL, garantita in modo pieno e incondizionato da Morgan Stanley, e non paga interessi periodici.

Struttura del rimborso

  • Rendimento positivo: Se il livello finale di ciascun indice (S&P 500 e Russell 2000) supera il livello iniziale, gli investitori ricevono il capitale pi霉 il 136% del guadagno del peggior indice.
  • Pari capitale: Se uno degli indici 猫 鈮� al livello iniziale ma entrambi rimangono 鈮� al 70% del livello iniziale, viene restituito solo il capitale.
  • Perdita: Se uno degli indici chiude sotto la soglia del 70% (SPX 4.343,465 / RTY 1.522,525), il rimborso corrisponde al capitale moltiplicato per la performance del peggior indice, esponendo gli investitori a una perdita dell'1% per ogni 1% di calo; il pagamento pu貌 arrivare a zero.

Termini chiave

  • Data di emissione/strike/prezzo: 30 giugno 2025 | Scadenza: 6 luglio 2028 (durata 3 anni)
  • Livelli iniziali: SPX 6.204,95; RTY 2.175,035
  • Valore stimato alla data di prezzo: 972,30 $ (97,23% del prezzo di emissione) che riflette costi di strutturazione e copertura
  • Non quotato; liquidit脿 secondaria solo tramite MS&Co, che non 猫 obbligata a fare mercato
  • Commissioni aggregate ai dealer: fino a 6,25 $ per nota (venduto solo tramite conti di consulenza a tariffa)
  • Taglio minimo: 1.000 $; CUSIP 61778KF44

Rischi principali

  • Capitale a rischio; nessun rimborso minimo garantito
  • Collegato all鈥檌ndice peggior performante, eliminando i benefici della diversificazione
  • Soggetto al rischio di credito di Morgan Stanley; MSFL non ha operazioni indipendenti
  • Valore stimato inferiore al prezzo di emissione; prezzo secondario atteso inferiore al valore nominale
  • Mercato secondario limitato o assente; gli investitori devono essere pronti a mantenere fino alla scadenza

Morgan Stanley Finance LLC est谩 emitiendo 2,508 millones de d贸lares en Trigger Performance Leveraged Upside Securities (PLUS) con vencimiento el 6 de julio de 2028. Cada nota de 1.000 d贸lares es una obligaci贸n no garantizada de MSFL, garantizada total e incondicionalmente por Morgan Stanley, y no pagar谩 intereses peri贸dicos.

Estructura de pago

  • Ganancia: Si el nivel final de cada 铆苍诲颈肠别 (S&P 500 y Russell 2000) supera su nivel inicial, los inversionistas reciben el capital m谩s el 136% de la ganancia del peor 铆苍诲颈肠别.
  • Par: Si cualquiera de los 铆苍诲颈肠别s est谩 鈮� a su nivel inicial pero ambos permanecen 鈮� al 70% del nivel inicial, solo se devuelve el capital.
  • Perdida: Si cualquiera de los 铆苍诲颈肠别s cierra por debajo del umbral del 70% (SPX 4,343.465 / RTY 1,522.525), el reembolso ser谩 el capital multiplicado por el rendimiento del peor 铆苍诲颈肠别, exponiendo a los inversionistas a una p茅rdida del 1% por cada 1% de ca铆da; el pago puede llegar a cero.

T茅rminos clave

  • Fecha de emisi贸n/strike/precio: 30 de junio de 2025 | Vencimiento: 6 de julio de 2028 (plazo de 3 a帽os)
  • Niveles iniciales: SPX 6,204.95; RTY 2,175.035
  • Valor estimado en la fecha de precio: $972.30 (97.23% del precio de emisi贸n) reflejando costos de estructuraci贸n y cobertura
  • No listado; liquidez secundaria solo a trav茅s de MS&Co, que no est谩 obligado a hacer mercado
  • Comisiones agregadas a distribuidores: hasta $6.25 por nota (vendido solo a trav茅s de cuentas de asesor铆a con tarifa)
  • Denominaci贸n m铆nima: $1,000; CUSIP 61778KF44

Aspectos de riesgo

  • Capital en riesgo; sin reembolso m铆nimo
  • Vinculado al 铆苍诲颈肠别 peor rendimiento, eliminando beneficios de diversificaci贸n
  • Sujeto al riesgo crediticio de Morgan Stanley; MSFL no tiene operaciones independientes
  • Valor estimado < al precio de emisi贸n; precio secundario esperado menor al par
  • Mercado secundario limitado o inexistente; los inversionistas deben estar preparados para mantener hasta el vencimiento

Morgan Stanley Finance LLC電� 2028雲� 7鞗� 6鞚� 毵岅赴霅橂姅 Trigger Performance Leveraged Upside Securities (PLUS)毳� 2,508毵� 雼煬 攴滊搿� 氚滍枆頃╇媹雼�. 臧� 1,000雼煬 鞏挫潓鞚� MSFL鞚� 氍措嫶氤� 毂勲鞚措┌, Morgan Stanley臧� 鞝勲┐鞝侅澊瓿� 氍挫“瓯挫爜鞙茧 氤挫頃橂┌, 鞝曣赴 鞚挫瀽毳� 歆�旮夗晿歆� 鞎婌姷雼堧嫟.

靸來櫂 甑“

  • 靸侅姽 鞁�: 臧� 歆�靾橃潣 斓滌 靾橃 (S&P 500 氚� Russell 2000)鞚� 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 韴瀽鞛愲姅 鞗愱笀瓿� 斓滌晠鞚� 靾橃澋毳犾潉 旮半頃� 歆�靾橃潣 靸侅姽攵勳潣 136%毳� 氚涭姷雼堧嫟.
  • 鞗愱笀 氤挫灔: 霊� 歆�靾� 欷� 頃橂倶臧� 齑堦赴 靾橃 鞚错晿鞚挫毵� 氇憪 齑堦赴 靾橃鞚� 70% 鞚挫儊鞚� 瓴届毎 鞗愱笀毵� 氚橅櫂霅╇媹雼�.
  • 頃橂澖 鞁�: 鞏措姁 頃� 歆�靾橁皜 70% 頃橂澖 鞛勱硠旃�(SPX 4,343.465 / RTY 1,522.525) 鞎勲灅搿� 毵堦皭頃橂┐, 靸來櫂旮堨暋鞚� 鞗愱笀鞐� 斓滌晠鞚� 靾橃澋毳犾潉 瓿表暅 旮堨暋鞙茧, 韴瀽鞛愲姅 1% 頃橂澖 鞁滊雼� 1% 靻愳嫟鞐� 雲胳稖霅╇媹雼�; 歆�旮夑笀鞚� 0旯岇 霒柎歆� 靾� 鞛堨姷雼堧嫟.

欤检殧 臁瓣贝

  • 氚滍枆/頄夓偓臧�/臧�瓴� 瓴办爼鞚�: 2025雲� 6鞗� 30鞚� | 毵岅赴: 2028雲� 7鞗� 6鞚� (3雲� 毵岅赴)
  • 齑堦赴 靾橃: SPX 6,204.95; RTY 2,175.035
  • 臧�瓴� 瓴办爼鞚� 於旍爼 臧�旃�: $972.30 (氚滍枆臧�鞚� 97.23%)搿� 甑“頇� 氚� 項れ 牍勳毄 氚橃榿
  • 靸侅灔 鞐嗢潓; 2彀� 鞙犽彊靹膘潃 MS&Co毳� 韱淀暣靹滊 臧�電ロ晿氅�, 鞁滌灔 臁办劚 鞚橂 鞐嗢潓
  • 霐滊煬 靾橃垬耄� 齑濎暋: 鞏挫潓雼� 斓滊寑 $6.25 (靾橃垬耄� 旮半皹 鞛愲 瓿勳毳� 韱淀暣靹滊 韺愲Г)
  • 斓滌唽 鞎‰┐臧�: $1,000; CUSIP 61778KF44

鞙勴棙 鞖旍暯

  • 鞗愱笀 鞙勴棙; 斓滌唽 靸來櫂 氤挫灔 鞐嗢潓
  • 斓滌晠 靹标臣 歆�靾橃棎 鞐半彊霅橃柎 攵勳偘 韴瀽 須臣 鞐嗢潓
  • Morgan Stanley 鞁犾毄 鞙勴棙鞐� 雲胳稖; MSFL鞚� 霃呺鞝� 鞖挫榿 鞐嗢潓
  • 於旍爼 臧�旃橁皜 氚滍枆臧�氤措嫟 雮潓; 2彀� 鞁滌灔 臧�瓴╈潃 鞎‰┐臧� 鞚错晿 鞓堨儊
  • 2彀� 鞁滌灔 鞝滍暅鞝� 霕愲姅 鞐嗢潓; 韴瀽鞛愲姅 毵岅赴旯岇 氤挫湢頃� 欷�牍� 頃勳殧

Morgan Stanley Finance LLC 茅met 2,508 millions de dollars de Trigger Performance Leveraged Upside Securities (PLUS) arrivant 脿 茅ch茅ance le 6 juillet 2028. Chaque note de 1 000 $ est une obligation non garantie de MSFL, garantie de mani猫re pleine et inconditionnelle par Morgan Stanley, et ne verse pas d鈥檌nt茅r锚ts p茅riodiques.

Structure du remboursement

  • Gain 脿 la hausse : Si le niveau final de chaque indice (S&P 500 et Russell 2000) d茅passe son niveau initial, les investisseurs re莽oivent le capital plus 136 % du gain du moins performant.
  • Capital rembours茅 : Si un indice est 鈮� 脿 son niveau initial mais que les deux restent 鈮� 脿 70 % du niveau initial, seul le capital est rembours茅.
  • Perte 脿 la baisse : Si un indice cl么ture en dessous du seuil de 70 % (SPX 4 343,465 / RTY 1 522,525), le remboursement correspond au capital multipli茅 par la performance du moins performant, exposant les investisseurs 脿 une perte de 1 % pour chaque baisse de 1 % ; le paiement peut tomber 脿 z茅ro.

Termes cl茅s

  • Date d鈥櫭﹎ission/strike/prix : 30 juin 2025 | 脡ch茅ance : 6 juillet 2028 (dur茅e de 3 ans)
  • Niveaux initiaux : SPX 6 204,95 ; RTY 2 175,035
  • Valeur estim茅e 脿 la date de prix : 972,30 $ (97,23 % du prix d鈥櫭﹎ission) refl茅tant les co没ts de structuration et de couverture
  • Non cot茅 ; liquidit茅 secondaire uniquement via MS&Co, qui n鈥檈st pas oblig茅 de faire le march茅
  • Commissions totales aux distributeurs : jusqu鈥櫭� 6,25 $ par note (vendu uniquement via des comptes de conseil factur茅s)
  • Montant minimum : 1 000 $ ; CUSIP 61778KF44

Points de risque

  • Capital 脿 risque ; aucun remboursement minimum garanti
  • Index茅 sur le moins performant, 茅liminant les b茅n茅fices de diversification
  • Sujet au risque de cr茅dit de Morgan Stanley ; MSFL n鈥檃 pas d鈥檕p茅rations ind茅pendantes
  • Valeur estim茅e inf茅rieure au prix d鈥櫭﹎ission ; prix secondaire attendu inf茅rieur 脿 la valeur nominale
  • March茅 secondaire limit茅 ou inexistant ; les investisseurs doivent 锚tre pr锚ts 脿 conserver jusqu鈥櫭� l鈥櫭ヽh茅ance

Morgan Stanley Finance LLC gibt Trigger Performance Leveraged Upside Securities (PLUS) im Wert von 2,508 Millionen US-Dollar mit F盲lligkeit am 6. Juli 2028 aus. Jede 1.000-Dollar-Anleihe ist eine unbesicherte Verpflichtung von MSFL, die von Morgan Stanley vollst盲ndig und bedingungslos garantiert wird, und zahlt keine periodischen Zinsen.

Auszahlungsstruktur

  • 础耻蹿飞盲谤迟蝉辫辞迟别苍锄颈补濒: Wenn der Endstand jedes Index (S&P 500 & Russell 2000) 眉ber seinem Anfangswert liegt, erhalten Anleger das Kapital plus 136 % des Gewinns des schlechteren Index.
  • Nominalbetrag: Wenn ein Index 鈮� seinem Anfangswert ist, aber beide 鈮� 70 % des Anfangswerts bleiben, wird nur das Kapital zur眉ckgezahlt.
  • 础产飞盲谤迟蝉谤颈蝉颈办辞: Schlie脽t ein Index unter der 70 %-Schwelle (SPX 4.343,465 / RTY 1.522,525), entspricht die R眉ckzahlung dem Kapital multipliziert mit der Performance des schlechteren Index, wodurch Anleger einem Verlust von 1 % f眉r jeden 1 % R眉ckgang ausgesetzt sind; die Auszahlung kann bis auf 0 fallen.

Wichtige Bedingungen

  • Emissions-/Strike-/Preisfeststellungstag: 30. Juni 2025 | F盲lligkeit: 6. Juli 2028 (3 Jahre Laufzeit)
  • Anfangswerte: SPX 6.204,95; RTY 2.175,035
  • Gesch盲tzter Wert am Preisfeststellungstag: 972,30 $ (97,23 % des Ausgabepreises), was Strukturierungs- und Absicherungskosten widerspiegelt
  • Keine B枚rsennotierung; Sekund盲rliquidit盲t ausschlie脽lich 眉ber MS&Co, die nicht verpflichtet ist, einen Markt zu stellen
  • Gesamtprovisionen an H盲ndler: bis zu 6,25 $ pro Note (nur 眉ber geb眉hrenbasierte Beratungskonten verkauft)
  • Mindestst眉ckelung: 1.000 $; CUSIP 61778KF44

Risikohinweise

  • Kapital ist riskant; keine Mindestr眉ckzahlung garantiert
  • Verkn眉pft mit dem schlechtesten Index, wodurch Diversifikationseffekte entfallen
  • Unterliegt dem Kreditrisiko von Morgan Stanley; MSFL hat keine eigenst盲ndigen Gesch盲ftst盲tigkeiten
  • Gesch盲tzter Wert unter Ausgabepreis; erwarteter Sekund盲rmarktpreis unter Nominalwert
  • Begrenzter oder kein Sekund盲rmarkt; Anleger sollten bereit sein, bis zur F盲lligkeit zu halten
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Brbovic Brett
(Last) (First) (Middle)
60 STATE STREET
(Street)
BOSTON MA 01209
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BERKSHIRE HILLS BANCORP INC [ BHLB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
EVP and CFO
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/01/2025 F 430 D $26.05 10,796(5) D
Common Stock 2,926(5) I By Stock Award V(4)
Common Stock 2,435 I By Stock Award IV(3)
Common Stock 1,632 I By Stock Award III(2)
Common Stock 1,099 I By Stock Award II(1)
Common Stock 586(6) I By 401(k)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Stock Awards granted pursuant to the Berkshire Hills Bancorp, Inc. 2022 Equity Compensation Plan Stock Awards vest 50% in three equal annual installments commencing on January 30, 2024 with the remaining 50% vesting on January 30, 2026.
2. Stock Awards granted pursuant to the Berkshire Hills Bancorp, Inc. 2022 Equity Compensation Plan vest 50% in three equal annual installments commencing on April 1, 2024 with the remaining 50% vesting on April 1, 2026.
3. Stock Awards granted pursuant to the Berkshire Hills Bancorp, Inc. 2022 Equity Compensation Plan vest 50% in three equal annual installments commencing on April 1, 2025 with the remaining 50% vesting on April 1, 2027.
4. Stock Awards granted pursuant to the Berkshire Hills Bancorp, Inc. 2022 Equity Compensation Plan vest in three equal annual installments commencing on July 1, 2025.
5. Since the reporting person's last report, 1,462 shares previously held through Stock Award V have vested and are now owned directly.
6. Reflects transactions not required to be reported pursuant to Section 16 of the Securities Exchange Act of 1934, as amended.
/s/ Marc Levy, pursuant to power of attorney 07/02/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

FAQ

What are the key terms of Morgan Stanley's Trigger PLUS due July 6 2028 (MS)?

Each $1,000 note offers 136 % upside on the worst performer of the S&P 500 and Russell 2000, a 70 % downside threshold, no coupons, and matures on July 6 2028.

How is the maturity payment calculated for the MS Trigger PLUS?

If both indices end above their initial levels, you receive principal plus 136 % of the worst performer鈥檚 gain; if either is 鈮� initial but 鈮� 70 %, you get principal only; below 70 %, losses match the worst performer鈥檚 decline.

What is the initial and downside threshold level for each index?

SPX: Initial 6,204.95; Threshold 4,343.465. RTY: Initial 2,175.035; Threshold 1,522.525.

What is the estimated value versus issue price of the securities?

Morgan Stanley estimates the value at $972.30 per $1,000 note on the pricing date, below the issue price due to structuring and hedging costs.

Are the Trigger PLUS securities principal-protected?

No. Principal is at risk; investors can lose the entire investment if either index falls more than 30 %.

Will the securities be listed or have active secondary trading?

The notes will not be listed on any exchange; MS&Co may provide limited, discretionary secondary market liquidity.

What are the U.S. federal tax considerations for this note?

Counsel believes the notes are prepaid financial contracts treated as open transactions, but the IRS could challenge this; investors should consult a tax adviser.
Stock BHLB logo
Berkshire Hills Bancorp Inc

NYSE:BHLB

BHLB Rankings

#3311 Ranked by Market Cap
#1170 Ranked by Dividends

BHLB Latest News

Jul 7, 2025
Berkshire Hills Announces Second Quarter 2025 Earnings Release and Conference Call Schedule
May 2, 2025
Berkshire Hills Announces Quarterly Shareholder Dividend
Apr 24, 2025
Berkshire Hills Reports Strong First Quarter 2025 Results
Apr 4, 2025
Berkshire Hills Announces First Quarter 2025 Earnings Release and Conference Call Schedule
Feb 7, 2025
Berkshire Hills Announces Quarterly Shareholder Dividend

BHLB Stock Data

1.16B
45.85M
0.97%
88.47%
4.26%
Banks - Regional
Savings Institutions, Not Federally Chartered
United States
BOSTON