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Form 4 filing 鈥� MSC Industrial Direct Co., Inc. (MSM)

• Chief Executive Officer and Director Erik Gershwind reported two bona-fide gift transactions (transaction code 鈥淕鈥�) dated 07/11/2025, each involving 22,273 shares of Class A Common Stock at a price of $0.
• The first line records a disposition (D) of 22,273 shares to Grantor Retained Annuity Trusts noted in footnotes (2) (3). After this transfer those trusts hold 44,513 shares.
• The second line shows an acquisition (A) of 22,273 shares by other trusts over which the filer can exercise remove/replace powers (footnotes (2) (4)), bringing those trusts to 354,963 shares.
• Post-transaction ownership: 1,559,286 shares held directly and 562,938 shares held indirectly across various trusts (footnotes 1鈥�6). No derivative securities were reported.
• No open-market purchases or sales occurred; the filing records internal trust transfers only, leaving the executive鈥檚 overall economic exposure largely unchanged.

MSC Industrial Direct (MSM) filed a Form 4 reporting that SVP, Sales & Customer Success Kimberly Shacklett exercised 2,130 stock options at an exercise price of $83.21 and immediately sold the same 2,130 shares on 07 Jul 2025 at $92.00 per share under a pre-arranged Rule 10b5-1 plan. Her direct ownership fell from 16,787 to 14,657 shares, while all options from the October 2018 grant are now fully exercised, leaving her with no remaining derivative securities.

The transaction generated roughly $196 K gross proceeds and a pre-tax spread of about $18.7 K. Because the sale represents only about 12.7% of her prior holdings and was executed through an automatic trading plan, the informational signal is considered largely neutral; however, any insider sale can create modest negative sentiment.

MSC Industrial Direct Co., Inc. (NYSE: MSM) 鈥� Form 144 filing discloses that insider Kimberly A. Shacklett intends to sell 2,130 common shares through Morgan Stanley Smith Barney on or about 07-10-2025. The shares were acquired the same day via stock-option exercise and have an aggregate market value of $193,191. A separate 10b5-1 sale of 2,129 shares on 07-09-2025 generated $192,887 of gross proceeds.

• Total shares outstanding: 55,675,778 鈥� the proposed sale equals roughly 0.004% of float.
• Broker: Morgan Stanley Smith Barney LLC, New York.
• Rule 144 / 10b5-1: Filing certifies no undisclosed adverse information and that trades follow a written trading plan.

The filing signals routine liquidity management by an insider rather than a strategic corporate action. Given the very small percentage of shares involved and lack of operational disclosures, market impact should be minimal, though some investors view any insider selling as a modestly negative sentiment indicator.

UBS AG is offering $500,000 of Trigger Autocallable Contingent Yield Notes maturing 12 January 2028. The unsecured notes are linked to the least-performing of three major U.S. equity indices鈥攖he Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX)鈥攁nd expose investors to both UBS credit risk and index performance risk.

Key commercial terms

• Principal: $1,000 per Note (CUSIP 90309KBD5; ISIN US90309KBD54); total size $500k.
• Strike date 7 Jul 2025; trade date 9 Jul 2025; maturity 12 Jan 2028 (鈮�2.5 years).
• Contingent coupon: 8.90% p.a. (monthly accrual of $7.4167) paid only when the closing level of each index 鈮� 70% of its initial level (coupon barrier) on the relevant observation date.
• Automatic call: from July 2026 onward, if on any monthly observation date each index 鈮� 100% of its initial level, investors receive principal + current coupon and the note terminates early.
• Downside protection: At maturity, full principal is repaid only if each index 鈮� 70% of its initial level. If any index closes below its 70% downside threshold, repayment equals principal 脳 (1 + lowest index return), exposing investors to losses parallel to the worst-performing index, up to 100% of capital.
• Estimated initial value: $968.30 per $1,000, reflecting dealer spread (0.5%), hedging and funding adjustments.

Risk highlights

• Credit risk of UBS AG (senior unsecured).
• Potential loss of all principal if the least-performing index falls >30% and no automatic call occurs.
• No guarantee of any coupon; payments depend on the worst index on each monthly date.
• No listing; secondary market liquidity depends on UBS Securities LLC鈥檚 discretionary market-making.
• Investment exposes holders to small-cap volatility (RTY), tech concentration (NDX) and overall U.S. market risk (SPX).

Investor profile: suitable only for investors who (1) understand structured equity-linked debt, (2) can tolerate equity-like downside, (3) are comfortable with UBS credit exposure, and (4) seek enhanced income with the possibility of early redemption but limited upside.

On 07/07/2025, Viasat Inc. (VSAT) President, Commercial Services, James Michael Dodd filed a Form 4 reporting routine equity activity. He converted 8,334 restricted stock units (RSUs) into common shares at a $0 exercise price (Code M). To satisfy statutory tax withholding, 3,280 shares were automatically withheld by the company at $15.93 per share (Code F). Net of the withholding, Dodd鈥檚 direct ownership increased by 5,054 shares, bringing his direct stake to 45,963 common shares; he also retains 3,865 shares held indirectly via his 401(k).

Dodd still holds 16,666 unvested RSUs from an original 25,000-unit grant dated 06/07/2024, scheduled to vest in two equal tranches over the next two years, contingent upon continued employment. No open-market transactions or discretionary sales occurred鈥攐nly automatic tax-related share withholding鈥攕o the filing reflects a scheduled vesting event rather than a strategic insider trade. The disclosure does not signal any shift in corporate outlook or governance and is unlikely to materially affect the investment thesis for VSAT.

Resources Connection, Inc. (Nasdaq: RGP) entered into a new secured revolving Credit Facility with Bank of America on 2 July 2025. The agreement replaces the 2021 facility and offers:

• Commitment: up to the lesser of $50 million and a receivables-based borrowing base, plus an $15 million accordion option.
• Maturity: 30 November 2029 鈥� extending the company鈥檚 debt horizon by nearly four years versus the prior line.
• Pricing: borrower election of Term SOFR + 1.25%鈥�2.50% or Base Rate + 0.25%鈥�1.50%, scaled to consolidated EBITDA; includes customary commitment and letter-of-credit fees (LC sub-limit: $10 million).
• Collateral: substantially all assets of the parent, Resources Connection LLC and domestic subs under a new Security and Pledge Agreement.
• Use of proceeds: working capital, general corporate purposes, acquisitions, and full repayment/termination of the 2021 Credit Agreement.
• Covenants & defaults: limits on liens, additional debt, restricted payments, M&A, and asset sales; maintenance tests for net leverage and fixed-charge coverage. Standard acceleration and cross-default provisions apply.

The facility increases liquidity headroom, lengthens tenor and aligns borrowing costs with market rates, but introduces asset security and tighter covenant discipline.

Form 4 filing 鈥� Old Second Bancorp Inc. (OSBC)

Executive Vice President Donald Pilmer reported routine, plan-related share allocations dated 30 June 2025. The transactions were coded 鈥淛,鈥� indicating transfers pursuant to employee benefit plans rather than open-market activity.

• Profit Sharing Plan: 1 OSBC common share allocated at $0; post-transaction balance 181 shares held indirectly.
• 401-K Plan: 15 OSBC common shares allocated at $0; post-transaction balance 3,981 shares held indirectly.
• Other indirect holdings: 1,450 shares in spouse鈥檚 IRA.
• Direct holdings: 63,135 common shares.
• Restricted Stock Units: 38,718 RSUs reported as directly held.

Total beneficial ownership following the allocations is approximately 107,465 share equivalents (common + RSUs). No derivative securities were acquired or disposed of in this filing.

The filing reflects minimal incremental ownership change (16 shares) with no cash consideration, suggesting purely administrative updates under company retirement programs. There is no indication of market sentiment shift or strategic insider buying/selling. Impact on OSBC鈥檚 investment thesis is therefore expected to be neutral.