[FWP] Morgan Stanley Free Writing Prospectus
Form 4 overview 鈥� Enterprise Bancorp Inc. (EBTC)
Executive Vice-President Brian H. Bullock reported a series of transactions dated July 1 2025 that eliminate his beneficial ownership of EBTC securities in connection with the closing of the company鈥檚 previously announced merger with Independent Bank Corp. and Rockland Trust Company.
- Common stock: 1,237 shares were withheld for taxes (Code F) at $39.64 per share; the remaining 66,767 directly held shares and 3,016.8065 indirectly held shares (by spouse) were disposed of (Code D). Post-transaction EBTC common stock ownership is zero.
- Equity awards: Seven outstanding stock-option grants, covering a total of 3,166 shares with exercise prices between $21.86 and $38.58, were cancelled for cash under the terms of the merger agreement.
- Consideration terms: Each share of EBTC common stock converted into (i) $2.00 cash and (ii) 0.60 shares of Independent Bank Corp. common stock. All unvested restricted shares vested immediately and qualified for the same consideration.
These dispositions reflect the final step in the merger, leaving the insider with no remaining EBTC securities. Investors should note that EBTC stock will cease trading and former shareholders, including insiders, are now entitled to Independent Bank Corp. shares plus the cash component.
Panoramica del Modulo 4 鈥� Enterprise Bancorp Inc. (EBTC)
Il Vice Presidente Esecutivo Brian H. Bullock ha comunicato una serie di operazioni datate 1 luglio 2025 che annullano la sua propriet脿 beneficiaria dei titoli EBTC in seguito alla chiusura della fusione precedentemente annunciata della societ脿 con Independent Bank Corp. e Rockland Trust Company.
- Azioni ordinarie: 1.237 azioni sono state trattenute per tasse (Codice F) al prezzo di $39,64 per azione; le restanti 66.767 azioni detenute direttamente e 3.016,8065 azioni detenute indirettamente (dal coniuge) sono state cedute (Codice D). Dopo la transazione, la propriet脿 delle azioni ordinarie EBTC 猫 pari a zero.
- Premi azionari: Setti opzioni su azioni in essere, per un totale di 3.166 azioni con prezzi di esercizio compresi tra $21,86 e $38,58, sono state annullate con pagamento in contanti secondo i termini dell'accordo di fusione.
- Termini della compensazione: Ogni azione ordinaria EBTC 猫 stata convertita in (i) $2,00 in contanti e (ii) 0,60 azioni di azioni ordinarie di Independent Bank Corp. Tutte le azioni vincolate non maturate sono maturate immediatamente e hanno diritto alla stessa compensazione.
Queste operazioni rappresentano l'ultimo passo della fusione, lasciando l'insider senza alcun titolo EBTC residuo. Gli investitori devono notare che le azioni EBTC cesseranno di essere negoziate e gli ex azionisti, inclusi gli insider, hanno ora diritto alle azioni di Independent Bank Corp. pi霉 la componente in contanti.
Resumen del Formulario 4 鈥� Enterprise Bancorp Inc. (EBTC)
El Vicepresidente Ejecutivo Brian H. Bullock inform贸 una serie de transacciones fechadas el 1 de julio de 2025 que eliminan su propiedad beneficiaria de valores EBTC en relaci贸n con el cierre de la fusi贸n previamente anunciada de la compa帽铆a con Independent Bank Corp. y Rockland Trust Company.
- Acciones comunes: Se retuvieron 1,237 acciones para impuestos (C贸digo F) a $39.64 por acci贸n; las 66,767 acciones en propiedad directa y 3,016.8065 acciones en propiedad indirecta (por c贸nyuge) restantes fueron enajenadas (C贸digo D). Despu茅s de la transacci贸n, la propiedad de acciones comunes EBTC es cero.
- Premios en acciones: Siete concesiones de opciones sobre acciones pendientes, que cubren un total de 3,166 acciones con precios de ejercicio entre $21.86 y $38.58, fueron canceladas por efectivo seg煤n los t茅rminos del acuerdo de fusi贸n.
- T茅rminos de la contraprestaci贸n: Cada acci贸n com煤n de EBTC se convirti贸 en (i) $2.00 en efectivo y (ii) 0.60 acciones de acciones comunes de Independent Bank Corp. Todas las acciones restringidas no adquiridas se adquirieron inmediatamente y calificaron para la misma contraprestaci贸n.
Estas disposiciones reflejan el paso final en la fusi贸n, dejando al insider sin ning煤n valor EBTC restante. Los inversores deben tener en cuenta que las acciones EBTC dejar谩n de cotizar y los antiguos accionistas, incluidos los insiders, ahora tienen derecho a acciones de Independent Bank Corp. m谩s el componente en efectivo.
鞏戩嫕 4 臧滌殧 鈥� Enterprise Bancorp Inc. (EBTC)
攵�靷灔 Brian H. Bullock電� 2025雲� 7鞗� 1鞚�鞛愲 鞚茧牗鞚� 瓯半灅毳� 氤搓碃頄堨溂氅�, 鞚措姅 須岇偓臧� 鞚挫爠鞐� 氚滍憸頃� Independent Bank Corp. 氚� Rockland Trust Company鞕赌鞚� 頃╇硲 膦呺鞕赌 甏�霠晿鞐� EBTC 歃濌秾鞐� 雽�頃� 攴胳潣 鞁れ 靻岇湢甓岇潉 鞝滉卑頃橂姅 雮挫毄鞛呺媹雼�.
- 氤错喌欤�: 1,237欤缄皜 靹戈笀(旖旊摐 F)鞙茧 鞗愳矞歆曥垬霅橃棃鞙茧┌ 欤茧嫻 $39.64鞓�鞀惦媹雼�; 雮橂ǜ歆� 歆侅爲 氤挫湢 欤检嫕 66,767欤�鞕赌 臧勳爲 氤挫湢 欤检嫕 3,016.8065欤�(氚办毎鞛� 氤挫湢)電� 觳橂秳霅橃棃鞀惦媹雼�(旖旊摐 D). 瓯半灅 頉� EBTC 氤错喌欤� 靻岇湢甓岇潃 鞝滊鞛呺媹雼�.
- 欤检嫕 氤挫儊: 頄夓偓臧赌瓴╈澊 $21.86鞐愳劀 $38.58 靷澊鞚� 齑� 3,166欤�鞐� 頃措嫻頃橂姅 7瓯挫潣 氙胳旮� 欤检嫕鞓奠厴 攵�鞐皜 頃╇硲 瓿勳暯 臁瓣贝鞐� 霐半澕 順勱笀鞙茧 旆唽霅橃棃鞀惦媹雼�.
- 氤挫儊 臁瓣贝: EBTC 氤错喌欤� 1欤茧姅 (i) $2.00 順勱笀瓿� (ii) Independent Bank Corp. 氤错喌欤� 0.60欤�搿� 鞝勴櫂霅橃棃鞀惦媹雼�. 氇摖 氙疙檿鞝� 鞝滍暅 欤检嫕鞚� 歃夓嫓 頇曥爼霅橃柎 霃欖澕頃� 氤挫儊鞚� 氚涭晿鞀惦媹雼�.
鞚措煬頃� 觳橂秳鞚� 頃╇硲鞚� 斓滌 雼硠搿�, 雮措秬鞛愲姅 EBTC 歃濌秾鞚� 鞝勴榾 氤挫湢頃橃 鞎婈矊 霅橃棃鞀惦媹雼�. 韴瀽鞛愲摛鞚� EBTC 欤检嫕鞚� 瓯半灅毳� 欷戨嫧頃橁碃 鞚挫爠 欤检＜, 雮措秬鞛愲ゼ 韽暔頃橃棳 鞚挫牅 Independent Bank Corp. 欤检嫕瓿� 順勱笀 甑劚 鞖旍唽毳� 氚涭潉 甓岆Μ臧� 鞛堨潓鞚� 鞙犾潣頃挫暭 頃╇媹雼�.
Pr茅sentation du Formulaire 4 鈥� Enterprise Bancorp Inc. (EBTC)
Le Vice-Pr茅sident Ex茅cutif Brian H. Bullock a d茅clar茅 une s茅rie de transactions dat茅es du 1er juillet 2025 qui 茅liminent sa propri茅t茅 b茅n茅ficiaire des titres EBTC dans le cadre de la cl么ture de la fusion pr茅c茅demment annonc茅e de la soci茅t茅 avec Independent Bank Corp. et Rockland Trust Company.
- Actions ordinaires : 1 237 actions ont 茅t茅 retenues pour imp么ts (Code F) 脿 39,64 $ par action ; les 66 767 actions d茅tenues directement et 3 016,8065 actions d茅tenues indirectement (par le conjoint) restantes ont 茅t茅 c茅d茅es (Code D). Apr猫s la transaction, la d茅tention d鈥檃ctions ordinaires EBTC est de 锄茅谤辞.
- Attributions d鈥檃ctions : Sept attributions d鈥檕ptions d鈥檃chat d鈥檃ctions en cours, couvrant un total de 3 166 actions avec des prix d鈥檈xercice entre 21,86 $ et 38,58 $, ont 茅t茅 annul茅es contre paiement en esp猫ces selon les termes de l鈥檃ccord de fusion.
- Modalit茅s de la contrepartie : Chaque action ordinaire EBTC a 茅t茅 convertie en (i) 2,00 $ en esp猫ces et (ii) 0,60 action d鈥檃ctions ordinaires d鈥橧ndependent Bank Corp. Toutes les actions restreintes non acquises ont imm茅diatement acquis leur droit et ont b茅n茅fici茅 de la m锚me contrepartie.
Ces op茅rations repr茅sentent la derni猫re 茅tape de la fusion, laissant l鈥檌niti茅 sans aucun titre EBTC restant. Les investisseurs doivent noter que les actions EBTC cesseront d鈥櫭猼re n茅goci茅es et que les anciens actionnaires, y compris les initi茅s, ont d茅sormais droit aux actions d鈥橧ndependent Bank Corp. ainsi qu鈥櫭� la composante en esp猫ces.
脺berblick Formular 4 鈥� Enterprise Bancorp Inc. (EBTC)
Der Executive Vice President Brian H. Bullock meldete eine Reihe von Transaktionen mit Datum 1. Juli 2025, die seinen wirtschaftlichen Eigentum an EBTC-Wertpapieren im Zusammenhang mit dem Abschluss der zuvor angek眉ndigten Fusion des Unternehmens mit Independent Bank Corp. und Rockland Trust Company aufheben.
- Stammaktien: 1.237 Aktien wurden zur Steuerzahlung einbehalten (Code F) zu je $39,64; die verbleibenden 66.767 direkt gehaltenen Aktien und 3.016,8065 indirekt gehaltenen Aktien (durch Ehepartner) wurden ver盲u脽ert (Code D). Nach der Transaktion betr盲gt der EBTC-Stammaktienbesitz Null.
- Aktienoptionen: Sieben ausstehende Aktienoptionszuteilungen, insgesamt 3.166 Aktien mit Aus眉bungspreisen zwischen $21,86 und $38,58, wurden gem盲脽 den Bedingungen des Fusionsvertrags bar abgel枚st.
- 痴别谤驳眉迟耻苍驳蝉产别诲颈苍驳耻苍驳别苍: Jede EBTC-Stammaktie wurde umgewandelt in (i) $2,00 in bar und (ii) 0,60 Aktien von Independent Bank Corp. Alle nicht unverfallbaren Restricted Shares wurden sofort unverfallbar und erhielten dieselbe Verg眉tung.
Diese Ver盲u脽erungen stellen den letzten Schritt der Fusion dar und hinterlassen den Insider ohne restliche EBTC-Wertpapiere. Anleger sollten beachten, dass EBTC-Aktien nicht mehr gehandelt werden und ehemalige Aktion盲re, einschlie脽lich Insider, nun Anspruch auf Aktien von Independent Bank Corp. sowie die Barzahlung haben.
- None.
- None.
Insights
TL;DR: Insider disposes of all EBTC holdings; confirms merger closing and share-for-cash conversion.
The filing is principally administrative: it documents the automatic vesting of restricted stock, tax-withholding share sales, and cash-out of all outstanding stock options as required by the December 8 2024 merger agreement. Importantly, it confirms that the merger consideration of $2.00 cash + 0.60 INDB shares per EBTC share has been effected as of July 1 2025. From a valuation standpoint, there are no new metrics or revised terms; investors had already priced in the deal. However, the completion removes transaction uncertainty and signals that EBTC will be fully consolidated into Independent Bank Corp. The impact on INDB鈥檚 share count and capital ratios will become clear in subsequent filings.
Panoramica del Modulo 4 鈥� Enterprise Bancorp Inc. (EBTC)
Il Vice Presidente Esecutivo Brian H. Bullock ha comunicato una serie di operazioni datate 1 luglio 2025 che annullano la sua propriet脿 beneficiaria dei titoli EBTC in seguito alla chiusura della fusione precedentemente annunciata della societ脿 con Independent Bank Corp. e Rockland Trust Company.
- Azioni ordinarie: 1.237 azioni sono state trattenute per tasse (Codice F) al prezzo di $39,64 per azione; le restanti 66.767 azioni detenute direttamente e 3.016,8065 azioni detenute indirettamente (dal coniuge) sono state cedute (Codice D). Dopo la transazione, la propriet脿 delle azioni ordinarie EBTC 猫 pari a zero.
- Premi azionari: Setti opzioni su azioni in essere, per un totale di 3.166 azioni con prezzi di esercizio compresi tra $21,86 e $38,58, sono state annullate con pagamento in contanti secondo i termini dell'accordo di fusione.
- Termini della compensazione: Ogni azione ordinaria EBTC 猫 stata convertita in (i) $2,00 in contanti e (ii) 0,60 azioni di azioni ordinarie di Independent Bank Corp. Tutte le azioni vincolate non maturate sono maturate immediatamente e hanno diritto alla stessa compensazione.
Queste operazioni rappresentano l'ultimo passo della fusione, lasciando l'insider senza alcun titolo EBTC residuo. Gli investitori devono notare che le azioni EBTC cesseranno di essere negoziate e gli ex azionisti, inclusi gli insider, hanno ora diritto alle azioni di Independent Bank Corp. pi霉 la componente in contanti.
Resumen del Formulario 4 鈥� Enterprise Bancorp Inc. (EBTC)
El Vicepresidente Ejecutivo Brian H. Bullock inform贸 una serie de transacciones fechadas el 1 de julio de 2025 que eliminan su propiedad beneficiaria de valores EBTC en relaci贸n con el cierre de la fusi贸n previamente anunciada de la compa帽铆a con Independent Bank Corp. y Rockland Trust Company.
- Acciones comunes: Se retuvieron 1,237 acciones para impuestos (C贸digo F) a $39.64 por acci贸n; las 66,767 acciones en propiedad directa y 3,016.8065 acciones en propiedad indirecta (por c贸nyuge) restantes fueron enajenadas (C贸digo D). Despu茅s de la transacci贸n, la propiedad de acciones comunes EBTC es cero.
- Premios en acciones: Siete concesiones de opciones sobre acciones pendientes, que cubren un total de 3,166 acciones con precios de ejercicio entre $21.86 y $38.58, fueron canceladas por efectivo seg煤n los t茅rminos del acuerdo de fusi贸n.
- T茅rminos de la contraprestaci贸n: Cada acci贸n com煤n de EBTC se convirti贸 en (i) $2.00 en efectivo y (ii) 0.60 acciones de acciones comunes de Independent Bank Corp. Todas las acciones restringidas no adquiridas se adquirieron inmediatamente y calificaron para la misma contraprestaci贸n.
Estas disposiciones reflejan el paso final en la fusi贸n, dejando al insider sin ning煤n valor EBTC restante. Los inversores deben tener en cuenta que las acciones EBTC dejar谩n de cotizar y los antiguos accionistas, incluidos los insiders, ahora tienen derecho a acciones de Independent Bank Corp. m谩s el componente en efectivo.
鞏戩嫕 4 臧滌殧 鈥� Enterprise Bancorp Inc. (EBTC)
攵�靷灔 Brian H. Bullock電� 2025雲� 7鞗� 1鞚�鞛愲 鞚茧牗鞚� 瓯半灅毳� 氤搓碃頄堨溂氅�, 鞚措姅 須岇偓臧� 鞚挫爠鞐� 氚滍憸頃� Independent Bank Corp. 氚� Rockland Trust Company鞕赌鞚� 頃╇硲 膦呺鞕赌 甏�霠晿鞐� EBTC 歃濌秾鞐� 雽�頃� 攴胳潣 鞁れ 靻岇湢甓岇潉 鞝滉卑頃橂姅 雮挫毄鞛呺媹雼�.
- 氤错喌欤�: 1,237欤缄皜 靹戈笀(旖旊摐 F)鞙茧 鞗愳矞歆曥垬霅橃棃鞙茧┌ 欤茧嫻 $39.64鞓�鞀惦媹雼�; 雮橂ǜ歆� 歆侅爲 氤挫湢 欤检嫕 66,767欤�鞕赌 臧勳爲 氤挫湢 欤检嫕 3,016.8065欤�(氚办毎鞛� 氤挫湢)電� 觳橂秳霅橃棃鞀惦媹雼�(旖旊摐 D). 瓯半灅 頉� EBTC 氤错喌欤� 靻岇湢甓岇潃 鞝滊鞛呺媹雼�.
- 欤检嫕 氤挫儊: 頄夓偓臧赌瓴╈澊 $21.86鞐愳劀 $38.58 靷澊鞚� 齑� 3,166欤�鞐� 頃措嫻頃橂姅 7瓯挫潣 氙胳旮� 欤检嫕鞓奠厴 攵�鞐皜 頃╇硲 瓿勳暯 臁瓣贝鞐� 霐半澕 順勱笀鞙茧 旆唽霅橃棃鞀惦媹雼�.
- 氤挫儊 臁瓣贝: EBTC 氤错喌欤� 1欤茧姅 (i) $2.00 順勱笀瓿� (ii) Independent Bank Corp. 氤错喌欤� 0.60欤�搿� 鞝勴櫂霅橃棃鞀惦媹雼�. 氇摖 氙疙檿鞝� 鞝滍暅 欤检嫕鞚� 歃夓嫓 頇曥爼霅橃柎 霃欖澕頃� 氤挫儊鞚� 氚涭晿鞀惦媹雼�.
鞚措煬頃� 觳橂秳鞚� 頃╇硲鞚� 斓滌 雼硠搿�, 雮措秬鞛愲姅 EBTC 歃濌秾鞚� 鞝勴榾 氤挫湢頃橃 鞎婈矊 霅橃棃鞀惦媹雼�. 韴瀽鞛愲摛鞚� EBTC 欤检嫕鞚� 瓯半灅毳� 欷戨嫧頃橁碃 鞚挫爠 欤检＜, 雮措秬鞛愲ゼ 韽暔頃橃棳 鞚挫牅 Independent Bank Corp. 欤检嫕瓿� 順勱笀 甑劚 鞖旍唽毳� 氚涭潉 甓岆Μ臧� 鞛堨潓鞚� 鞙犾潣頃挫暭 頃╇媹雼�.
Pr茅sentation du Formulaire 4 鈥� Enterprise Bancorp Inc. (EBTC)
Le Vice-Pr茅sident Ex茅cutif Brian H. Bullock a d茅clar茅 une s茅rie de transactions dat茅es du 1er juillet 2025 qui 茅liminent sa propri茅t茅 b茅n茅ficiaire des titres EBTC dans le cadre de la cl么ture de la fusion pr茅c茅demment annonc茅e de la soci茅t茅 avec Independent Bank Corp. et Rockland Trust Company.
- Actions ordinaires : 1 237 actions ont 茅t茅 retenues pour imp么ts (Code F) 脿 39,64 $ par action ; les 66 767 actions d茅tenues directement et 3 016,8065 actions d茅tenues indirectement (par le conjoint) restantes ont 茅t茅 c茅d茅es (Code D). Apr猫s la transaction, la d茅tention d鈥檃ctions ordinaires EBTC est de 锄茅谤辞.
- Attributions d鈥檃ctions : Sept attributions d鈥檕ptions d鈥檃chat d鈥檃ctions en cours, couvrant un total de 3 166 actions avec des prix d鈥檈xercice entre 21,86 $ et 38,58 $, ont 茅t茅 annul茅es contre paiement en esp猫ces selon les termes de l鈥檃ccord de fusion.
- Modalit茅s de la contrepartie : Chaque action ordinaire EBTC a 茅t茅 convertie en (i) 2,00 $ en esp猫ces et (ii) 0,60 action d鈥檃ctions ordinaires d鈥橧ndependent Bank Corp. Toutes les actions restreintes non acquises ont imm茅diatement acquis leur droit et ont b茅n茅fici茅 de la m锚me contrepartie.
Ces op茅rations repr茅sentent la derni猫re 茅tape de la fusion, laissant l鈥檌niti茅 sans aucun titre EBTC restant. Les investisseurs doivent noter que les actions EBTC cesseront d鈥櫭猼re n茅goci茅es et que les anciens actionnaires, y compris les initi茅s, ont d茅sormais droit aux actions d鈥橧ndependent Bank Corp. ainsi qu鈥櫭� la composante en esp猫ces.
脺berblick Formular 4 鈥� Enterprise Bancorp Inc. (EBTC)
Der Executive Vice President Brian H. Bullock meldete eine Reihe von Transaktionen mit Datum 1. Juli 2025, die seinen wirtschaftlichen Eigentum an EBTC-Wertpapieren im Zusammenhang mit dem Abschluss der zuvor angek眉ndigten Fusion des Unternehmens mit Independent Bank Corp. und Rockland Trust Company aufheben.
- Stammaktien: 1.237 Aktien wurden zur Steuerzahlung einbehalten (Code F) zu je $39,64; die verbleibenden 66.767 direkt gehaltenen Aktien und 3.016,8065 indirekt gehaltenen Aktien (durch Ehepartner) wurden ver盲u脽ert (Code D). Nach der Transaktion betr盲gt der EBTC-Stammaktienbesitz Null.
- Aktienoptionen: Sieben ausstehende Aktienoptionszuteilungen, insgesamt 3.166 Aktien mit Aus眉bungspreisen zwischen $21,86 und $38,58, wurden gem盲脽 den Bedingungen des Fusionsvertrags bar abgel枚st.
- 痴别谤驳眉迟耻苍驳蝉产别诲颈苍驳耻苍驳别苍: Jede EBTC-Stammaktie wurde umgewandelt in (i) $2,00 in bar und (ii) 0,60 Aktien von Independent Bank Corp. Alle nicht unverfallbaren Restricted Shares wurden sofort unverfallbar und erhielten dieselbe Verg眉tung.
Diese Ver盲u脽erungen stellen den letzten Schritt der Fusion dar und hinterlassen den Insider ohne restliche EBTC-Wertpapiere. Anleger sollten beachten, dass EBTC-Aktien nicht mehr gehandelt werden und ehemalige Aktion盲re, einschlie脽lich Insider, nun Anspruch auf Aktien von Independent Bank Corp. sowie die Barzahlung haben.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,123
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of SPX, NDX and RTY Trigger Jump Securities due August 1, 2030
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underliers: |
S&P 500® Index (SPX), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
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Upside payment: |
$540 to $590 per security (54% to 59% of the stated principal amount) |
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Downside threshold level: |
75% of the initial level for each underlier |
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Pricing date: |
July 28, 2025 |
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Observation date: |
July 29, 2030 |
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Maturity date: |
August 1, 2030 |
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CUSIP: |
61778NDN8 |
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Estimated value: |
$918.30 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035961/ms9123_424b2-19593.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payment at maturity will be based solely on the performance of the worst performing underlier, which could be any underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
|
% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
|
+100.00% |
$2,000.00 |
|
+80.00% |
$1,800.00 |
|
+60.00% |
$1,600.00 |
|
+54.00% |
$1,540.00 |
|
+40.00% |
$1,540.00* |
|
+20.00% |
$1,540.00* |
|
0.00% |
$1,540.00* |
|
-20.00% |
$1,000.00 |
|
-25.00% |
$1,000.00 |
|
-26.00% |
$740.00 |
|
-40.00% |
$600.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
|
-100.00% |
$0.00 |
|
*Assumes an upside payment of $540 per security |
|
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.
oAdjustments to an underlying index could adversely affect the value of the securities.
●The securities are subject to risks associated with small-capitalization companies.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities– United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
Source:
FAQ
What did EBTC shareholders receive when the merger closed?
How many EBTC shares did EVP Brian H. Bullock dispose of?
Were any stock options or restricted shares retained after the merger?
What was the tax-withholding transaction reported?
Does the filing affect Independent Bank Corp. (INDB) shareholders?
