[Form 4] Mission Produce, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Royal Bank of Canada (RY) is offering US$48.99 million of Accelerated Return Notes (ARNs) linked to the EURO STOXX 50 Index. The issuance comprises 4,898,973 units with a $10 face value each, priced on June 26 2025, settling July 3 2025 and maturing August 28 2026 (≈14 months).

Pay-off profile:

• 300% participation in any positive index performance, subject to a maximum redemption of $11.942 per unit (19.42% cap).
• 1-for-1 downside exposure: investors lose principal in proportion to any decline in the EURO STOXX 50; total loss possible.
• No interim coupons or dividends; payment occurs only at maturity.

The notes are senior unsecured obligations of RBC. All amounts are subject to RBC’s credit risk and are not covered by FDIC, CDIC or other insurance schemes.

Pricing economics: Public offering price is $10.00, but the initial estimated value is $9.72, reflecting (i) RBC’s lower internal funding rate, (ii) a $0.175 underwriting discount and (iii) a $0.05 hedging-related charge. Net proceeds to RBC, before expenses, are $9.825 per unit ($48.13 million total).

Key terms:

• Starting Value: 5,244.03 (EURO STOXX 50 closing on pricing date).
• Maturity Valuation Period: Aug 19–25 2026 (5 observation days).
• Calculation Agent: BofA Securities.
• Limited or no secondary market; notes will not be listed on any exchange.

Principal risks highlighted: full downside risk, capped upside, illiquidity, valuation below offer price, conflicts of interest in hedging/calculation, uncertain U.S. tax treatment, exposure to Eurozone market and currency factors, and complete reliance on RBC creditworthiness.

Positive

• 300% participation on index gains up to a 19.42% cap allows enhanced upside versus direct index exposure.
• Short 14-month tenor reduces exposure duration compared with longer structured notes.

Negative

• Full downside exposure with no principal protection can lead to 100% loss of invested capital.
• Capped return at $11.942 limits upside to 19.42%, creating unfavorable asymmetry relative to risk.
• Initial estimated value ($9.72) below offer price embeds immediate ~2.8% value erosion for investors.
• No secondary market listing and issuer not obligated to provide liquidity, raising exit-risk.
• Payments depend on RBC credit; any deterioration in creditworthiness could impair note value.

Insights

Structured Products Analyst

TL;DR Routine structured-note deal: 3x leverage with 19.4% cap, full downside, modest size, neutral credit impact for RBC.

The ARNs follow common market-linked note design: leveraged upside to a major equity index with a hard cap and no principal protection. The $48.1 million net proceeds are immaterial to RBC’s balance sheet, so the transaction is credit-neutral. For investors, economics are typical: a 28 bp fee load (underwriting + hedge cost) pushes the initial value to 97.2% of par. Limited liquidity and sub-par theoretical value mean secondary prices are likely to trade at a discount. Risk disclosure comprehensively warns of full principal loss potential and valuation uncertainties. Overall, the filing signals no strategic shift—simply ongoing structured-product funding activity.

Portfolio Manager

TL;DR Product offers capped 19.4% upside vs unlimited downside—risk/reward skew favors issuer, not buy-and-hold investors.

From an allocation standpoint these ARNs are a tactical play on a mild Eurozone equity rally by August 2026. Investors sacrifice dividends and face 100% downside for at most ~19% upside—an unattractive asymmetric profile unless one forecasts a modest, low-volatility rise. The lack of secondary liquidity limits active management. Given the uncertain macro backdrop in Europe and RBC’s strong investment-grade status, the dominant risk is market, not credit. I view the product as non-impactful for diversified portfolios and would classify it as an alternative trade rather than a core holding.

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^*

Flanagan Laura Jean

(Last) (First) (Middle)

2710 CAMINO DEL SOL

(Street)

OXNARD CA 93030

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Mission Produce, Inc. [ AVO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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	06/30/2025		A		7,247(1)	A	$0	7,247	D

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. Represents restricted stock units (RSUs) granted pursuant to the Non-Employee Director Compensation Program. Each RSU represents a contingent right to receive one share of Common Stock. The RSUs vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting following the grant date, subject to the Reporting Person's continued service through the vesting date.

Remarks:

	Joanne C. Wu as attorney in fact for Laura Flanagan	06/30/2025
	** 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.

FAQ

What is the CUSIP and size of RBC’s new Accelerated Return Notes (RY)?

The notes carry CUSIP 78017M256 and total 4,898,973 units, equivalent to $48.99 million at the $10 face value.

How much upside do investors receive on the EURO STOXX 50 with these notes?

Investors get 300% participation in positive index moves, but returns are capped at $11.942 per unit (19.42%).

What happens if the EURO STOXX 50 declines during the term?

The redemption amount falls point-for-point with the index; a 10% drop yields $9.00, and a 50% drop yields $5.00—principal is at risk.

Why is the initial estimated value ($9.72) lower than the $10 offer price?

The difference reflects RBC’s lower internal funding rate, a $0.175 underwriting discount and a $0.05 hedging charge embedded in pricing.

Are the notes insured or principal-protected by RBC or regulators?

No. They are senior unsecured obligations of RBC and are not insured by FDIC, CDIC or any government agency.

When do the notes mature and how is the Ending Value calculated?

Maturity is August 28 2026. The Ending Value equals the average closing level of the index over five calculation days between Aug 19-25 2026.