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Royal Bank of Canada (RY) â€� $6.489 million Market-Linked, Auto-Callable Fixed-Percentage Buffered Downside Securities tied to the S&P 500® Index

The 424(b)(2) pricing supplement details a three-year structured note (Series J Senior Global Medium-Term Notes) issued by Royal Bank of Canada (the “Bank�). Each $1,000 note, priced on 27 June 2025 and issued 2 July 2025, matures 30 June 2028 unless automatically called earlier. The notes:

• Underlying: S&P 500® Index (starting value = 6,173.07).
• Auto-call: Triggered if the Index closing value on any call date is â‰� the starting value. Call dates & premiums: 2 Jul 2026 (7.5% = $1,075), 2 Jul 2027 (15% = $1,150), and final calculation day 27 Jun 2028 (22.5% = $1,225).
• Downside profile at maturity (if not called): 10% buffer. Investors receive full principal if the Index decline â‰�10%. Beyond that, losses are 1-for-1 down to a maximum 90% loss.
• Coupon/interest: None. Return is limited to call premiums; no participation in upside past 22.5%.
• Credit & liquidity: Senior unsecured obligations of RBC; not CDIC/FDIC-insured; not exchange-listed. Initial estimated value: $975.44 (â‰�97.5% of issue price) reflecting agent discounts ($25.45 per note) and hedging costs.
• Issue economics: Gross proceeds $6.489 million; agent (Wells Fargo Securities) discount $165,145; net proceeds to RBC $6.324 million. Additional selling concession up to $2 per note via RBC Capital Markets.
• Risk highlights: Potential 90% capital loss, reinvestment risk from early call, secondary-market illiquidity, valuation transparency issues, and tax uncertainty (treated as prepaid derivative contracts; Section 871(m) exempt through 2026).

Overall, the supplement is chiefly relevant for prospective purchasers of this specific structured product; at only $6.5 million in face amount, it is immaterial to Royal Bank of Canada’s broader financial position.

Form 4 snapshot � Gibraltar Industries, Inc. (ROCK)

On 06/30/2025, insider Katherine E. Bolanowski � the company’s General Counsel, Vice President and Secretary � reported an acquisition (Code A) of 171.79 matching Restricted Stock Units (RSUs) under the 2018 Management Stock Purchase Plan (MSPP). The units were granted at $0 cost and are contingent on continued service for five years. Following the grant, Bolanowski’s holdings stand at 16,205 directly-owned common shares and 5,987.98 RSUs (derivative securities).

The RSUs are forfeitable if the officer leaves before the fifth anniversary of the vesting-start date. If employment extends beyond that period, the units convert to a cash payment—either lump-sum or in 5- or 10-year installments—based on the fair-market value of ROCK shares at service termination.

No shares were sold, no options exercised, and the transaction represents routine compensation alignment rather than a market purchase. Given the small size relative to ROCK’s outstanding share count, the filing is informational with limited market impact, but it does reinforce management’s equity-linked incentives.

Gibraltar Industries (ROCK) has submitted a Form 4 detailing an insider equity award to Vice President & Chief Financial Officer Joseph A. Lovechio. On 30 June 2025, Lovechio received 200.22 restricted stock units (RSUs) under the company’s 2018 Management Stock Purchase Plan, designated with transaction code “A.â€� The award was made at no cost to the executive and represents a matching grant tied to his deferred base-salary election. After the transaction, Lovechio directly holds 598.97 RSUs and 8,566 shares of Gibraltar common stock; no shares were sold or disposed of.

The RSUs are forfeitable if the executive departs within five years of his vesting commencement date. Should service continue beyond that period, the units convert to cash—paid either in a lump sum or in five or ten annual installments—six months after separation, based on then-current fair market value. The filing appears to be a routine, compensation-related grant and is unlikely to have a material impact on Gibraltar’s share count or valuation.

Gaia, Inc. (Nasdaq: GAIA) filed a Form 8-K to disclose a leadership change effective June 27, 2025. The Board of Directors appointed Kiersten Medvedich, 52, as Chief Executive Officer. Medvedich, who has risen through multiple senior content roles since joining Gaia in 2016—most recently serving as President since June 2023—will report directly to Executive Chairman Jirka Rysavy. Her compensation package remains the same as disclosed in the company’s April 8, 2025 proxy statement, indicating no incremental cost from the promotion.

Outgoing CEO James Colquhoun transitioned to the newly defined position of Chief Business Development Officer on June 26, 2025, maintaining an executive presence but relinquishing day-to-day operational control. The filing contains no revisions to previously issued financial guidance, no new compensation arrangements, and no changes to the company’s strategic outlook. A press release dated June 30, 2025 (Exhibit 99.1) provides public confirmation of the move. Aside from customary Item 9.01 exhibit listings, the report includes no financial statements, M&A activity, or earnings data. Accordingly, the Form 8-K is limited in scope to governance matters under Item 5.02 and should be viewed primarily as a succession-planning disclosure rather than a signal of immediate operational or financial impact.