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Genesis Energy, L.P. (GEL) â€� Form 4 insider activity

Director Sharilyn S. Gasaway reported the cash-settled vesting of 2,800 phantom units on 07/01/2025. The vesting triggered an “Mâ€� code acquisition of 2,800 Class A common units and an immediate “Dâ€� code disposition of the same amount to the issuer at $16.54 per unit, leaving her direct holdings at 288,364 common units.

The filing also shows a new award of 2,500 phantom units that will vest on 07/01/2026. These units, which carry tandem distribution-equivalent rights, will be paid in cash based on the 20-day average closing price at vesting. Following the transactions, Gasaway’s derivative position stands at 11,851 phantom units.

The transactions are routine incentive-plan mechanics, involve no open-market buying or selling, and have no material impact on Genesis Energy’s share count or insider ownership profile.

Morgan Stanley Finance LLC is offering $895,000 aggregate principal amount of Lookback Entry Buffered PLUS due July 5, 2030, unsecured notes fully guaranteed by Morgan Stanley and linked to the S&P 500 Futures Excess Return Index (Bloomberg: SPXFP). The securities pay no coupons; investor return is determined only at maturity.

• Upside: If the final index level exceeds the initial level, holders receive the $1,000 principal plus 149 % of any positive index return.
• Look-back entry: The initial level is the lowest closing level recorded from June 30 through August 29, 2025, giving investors a potentially favorable starting point.
• Downside protection: A 20 % buffer applies; losses begin only if the index falls below 80 % of the initial level. Maximum loss is capped by a $200 minimum repayment (20 % of principal).
• Credit & liquidity considerations: Notes are senior unsecured obligations of MSFL/Morgan Stanley, are not exchange-listed, and may trade at prices well below face value. Estimated value on the pricing date is $977, implying roughly 2.3 % in issuance costs borne by investors.
• Key dates: Pricing â€� June 30 2025; Issue â€� July 3 2025; Final Observation â€� July 1 2030; Maturity â€� July 5 2030.

The product suits investors with a moderately bullish five-year outlook on U.S. equities who can tolerate credit risk and potential loss of up to 80 % of principal, and who are comfortable with limited secondary-market liquidity and no interim income.

On 2 July 2025, First Community Corp (FCCO) filed a Form 4 showing that director Thomas Carlton Brown was credited with 164 deferred stock units on 30 June 2025 under the company’s Amended and Restated Non-Employee Director Deferred Compensation Plan. The units were valued at a reference price of $24.32, reflecting the amount of director fees Brown elected to defer for the second quarter of 2025.

Following this routine, non-cash transaction, Brown’s total beneficial ownership stands at 40,270 FCCO common shares, of which 8,326 are deferred stock units. The filing reports the holdings as direct and notes that deferred stock units accrue dividend equivalents in additional units. Because the action merely converts earned fees into equity units and involves a small number of shares, it is considered administratively routine with negligible impact on the company’s share structure or valuation.

Morgan Stanley Finance LLC (MSFL) is offering $1.064 million of three-year Contingent Income Securities due July 6, 2028 that are fully and unconditionally guaranteed by Morgan Stanley (NYSE: MS). The notes are unsecured and principal is at risk. Performance is linked to the worst performing of three major U.S. equity benchmarks—the S&P 500, Nasdaq-100 and Russell 2000.

Key economic terms

• Issue price: $1,000 per note; estimated value: $976.60 (97.66% of par).
• Contingent coupon: 8.00% per annum, paid quarterly only if the closing level of all indices is â‰� 70% of the initial level on the relevant observation date.
• Coupon & downside thresholds: 70% of initial level for each index (SPX 4,343.465; NDX 15,875.307; RTY 1,522.525).
• Payment at maturity (7/06/28): â€� 100% of principal if all final index levels are â‰� their downside thresholds; â€� otherwise, principal is reduced 1-for-1 with the percentage decline of the worst performing index, potentially to $0.
• No participation in index upside; investors receive coupons plus return of principal only under benign market scenarios.
• No listing; secondary liquidity depends solely on MS&Co. making a market, likely at a discount to par.
• Sold exclusively through fee-based advisory accounts; agent’s fee $7.50 per note plus up to $6.25 structuring fee for selected dealers.

Risk highlights

• Principal loss if any index falls more than 30% from its initial level at maturity.
• Coupons are not cumulative; missing one observation eliminates that period’s interest.
• “Worst-ofâ€� structure materially increases probability of missed coupons and principal loss versus single-index structures.
• Credit exposure to Morgan Stanley; notes are senior unsecured obligations of MSFL, guaranteed by Morgan Stanley.
• Estimated value below issue price reflects structuring/hedging costs and issuer’s internal funding rate.

The product targets investors seeking enhanced income relative to traditional fixed-income in exchange for equity-market risk, contingent income uncertainty, limited liquidity and lack of upside participation.

LSI Industries Inc. (LYTS) filed a Form 4 disclosing that director Chantel E. Lenard acquired 1,305 common shares of the company on 01 July 2025 at a reported price of $17.24 per share. The transaction—coded “Aâ€� for acquisition—increased her direct ownership to 35,825 shares. No derivative securities were involved, and the filing does not reference a Rule 10b5-1 trading plan. Although the dollar value of the purchase is modest (≈â€�$23 k), insider buying generally aligns management interests with those of shareholders and can be interpreted as a signal of confidence. The filing is routine and does not alter the company’s fundamentals.

JPMorgan Chase & Co. is offering $6.3 million of unsecured, unsubordinated Callable Fixed-Rate Notes due 22 June 2035. The notes pay a fixed 5.60% annual coupon, calculated on a 30/360 basis and paid in arrears every 23 June from 2026 through 2034 and at maturity, subject to earlier redemption.

Issuer call option: Beginning 23 June 2027 and every 23 June/23 December thereafter until 23 December 2034, the issuer may redeem the notes in whole at par plus accrued interest, with at least five business daysâ€� notice to DTC. If called, investors face reinvestment risk and lose future coupons.

Structure & settlement: Minimum denomination is $1,000. Issue price is 100% of par; investors pay $1,000 and receive net proceeds of $997 after a $3.00 selling concession. Original Issue Date is 23 June 2025; Business Day Convention is Following; Interest Accrual Convention is Unadjusted; CUSIP 48130CU37.

Risk highlights:

• Credit risk â€� payments depend on JPMorgan’s ability to meet obligations; the notes constitute TLAC-eligible debt and may absorb losses in a resolution.
• Call risk â€� early redemption reduces total yield if rates decline or do not rise materially.
• Duration risk â€� 10-year tenor makes market value sensitive to rate changes.
• Liquidity risk â€� no exchange listing; secondary market, if any, is expected to be limited and dealer-driven.

Proceeds will be used for general corporate purposes. The SEC has neither approved nor disapproved the offering.

Lipocine Inc. (NASDAQ: LPCN) filed a Form 8-K dated July 2, 2025. Under Item 8.01 â€� Other Events, the company states that it has updated its corporate presentation, which it uses for discussions with investors and analysts. The revised deck is furnished as Exhibit 99.1 and is now publicly available.

No financial results, transactions, guidance changes or operational updates are included in this report. The filing is strictly informational, providing investors with access to the latest strategic and scientific materials that management will reference in upcoming meetings.

Morgan Stanley Finance LLC is offering Market Linked Securities that are auto-callable, unsecured and principal-at-risk, linked to the iShares MSCI EAFE ETF (EFA). Key economic terms are as follows:

• Face amount: $1,000 per security; minimum investment one security.
• Tenor: Up to 3 years, maturing 6 Jul 2028, but may be automatically called after approximately one year (6 Jul 2026).
• Automatic call: Triggered if EFA’s closing price on the call date â‰� the $89.39 starting price; investors then receive a call payment of $1,096 (9.60% return) and no further upside.
• Maturity payment (if not called):
  � Upside: 125% participation in any positive fund return.
  � Protection: full principal repayment if the ending price is � 75% of the starting price (threshold $67.0425).
  � Downside: 1-for-1 loss below the threshold; investors can lose >25% and up to 100% of principal.
• Estimated value: $947.70 (4.8% below face) reflecting issuance costs and internal funding rate; secondary market bids likely lower.
• Fees: Price to public $1,000; selling commission up to $25.75 (2.575%); net proceeds $974.25.
• Credit risk: Unsecured obligations of MSFL, fully guaranteed by Morgan Stanley; subject to issuer and guarantor credit.
• Liquidity: Not exchange-listed; MS & Co. and WFS may make a market but are not obliged to do so.

The note targets investors who expect moderate appreciation or stability in developed-market equities, are willing to forgo dividends and interest, and can tolerate full downside exposure in exchange for leveraged upside and a one-time 9.6% call premium.

Morgan Stanley Finance LLC is offering $1.02 million aggregate principal amount of Contingent Income Memory Auto-Callable Securities due July 6, 2027, fully and unconditionally guaranteed by Morgan Stanley. The $1,000-denominated notes are linked to the worst performer among three sector-focused ETFs—the VanEck Gold Miners ETF (GDX), SPDR S&P Homebuilders ETF (XHB) and Global X Uranium ETF (URA)—and combine a high conditional coupon with substantial downside risk.

Key economic terms

• Contingent coupon: 10.44% p.a., paid quarterly only if each ETF’s closing level is â‰� 50% of its initial level (coupon barrier) on the relevant observation date. Missed coupons “memoryâ€� and are payable once barriers are met.
• Auto-call feature: Beginning Dec 30 2025, the notes are automatically redeemed at par plus any due coupons if all ETFs close â‰� 100% of their initial levels on any of six quarterly determination dates.
• Principal repayment: At maturity, investors receive par only if every ETF is â‰� 50% of its initial level (downside threshold). Otherwise, redemption equals par Ã— performance of the worst ETF, exposing holders to a full 1-for-1 downside, potentially to zero.
• Initial/threshold levels (June 30 2025 strike): GDX $52.06, XHB $98.57, URA $38.81; barriers at 50% of these levels.
• Estimated value: $965.40 per note, reflecting issuer discount, hedging and structuring costs; investor fees total $18.50 (1.85%) per note.
• Secondary market: Not exchange-listed; MS&Co. may provide limited liquidity but is not obligated to do so.
• Credit: Unsecured senior obligations of MSFL, guaranteed by Morgan Stanley; investors bear Morgan Stanley credit risk.

Strategic considerations for investors

The product targets yield-seeking investors comfortable with equity-linked downside risk and the possibility of earning no income for the entire 2-year term. The 10.44% headline rate is attractive relative to traditional fixed-income, but payment contingency on three uncorrelated, volatile sector ETFs (gold miners, homebuilders, uranium) materially lowers expected coupon frequency. Worst-of design and 50% protection limit principal safety; even moderate sector weakness in one ETF can eliminate both income and principal.

Issuer implications

For Morgan Stanley, the $1.02 million size is immaterial to capital or earnings. The structure monetises investor demand for yield while transferring market risk to noteholders and providing low-cost wholesale funding (internal funding rate below market spreads).