[Form 4] Barrett Business Services Insider Trading Activity

Q: What fixed return do RY's Dual Directional Buffer Digital Notes offer?

If the S&P 500 closes at or above 93 % of its initial level on 24 Aug 2026, holders receive a 7 % Digital Return ($1,070 per $1,000 Note).

Q: How does the 14 % buffer protect my principal?

Losses on the Note do not begin until the index falls below 86 % of its initial value ; beyond that, each additional 1 % drop reduces principal by 1 %.

Q: What happens if the S&P 500 drops more than 14 %?

You will receive $1,000 × (Index return + 14 %). For example, a 30 % decline results in a 16 % principal loss , paying $840.

Q: Do the Notes pay periodic interest or coupons?

No. All economic value is delivered at maturity; there are no interim interest payments.

Q: When do the Notes trade and mature?

Trade Date: 22 Jul 2025; Issue Date: 25 Jul 2025; Valuation Date: 24 Aug 2026; Maturity Date: 27 Aug 2026 .

Q: Why is the initial estimated value ($939–$989) below the $1,000 offer price?

The gap reflects dealer discount, hedging costs, referral fees and RBC’s lower internal funding rate , which together reduce the Note’s fair value to investors.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Royal Bank of Canada ("RBC") is marketing a new structured note offering — Dual Directional Buffer Digital Notes linked to the S&P 500 Index. The securities are senior unsecured debt of the Bank, issued under its Series J GMTN program.

Key economics: Investors pay $1,000 per Note on the 25 Jul 2025 Issue Date and receive the redemption amount on 27 Aug 2026 (≈ 13-month tenor). The payoff is determined as follows:

Digital component: If the Final Index level is ≥ 93 % of the initial level, the Note pays $1,070 (fixed 7 % Digital Return), regardless of how high the S&P 500 rises.
Dual-direction buffer: If the Final Index level is < 93 % but ≥ 86 %, the Note pays $1,000 plus the absolute value of the index decline (1 % per 1 % drop) up to a maximum of 14 %. Thus a 10 % index loss yields $1,100.
Principal at risk: Below the 86 % Buffer Value, investors lose principal at a rate of 1 % for each 1 % index loss beyond the 14 % buffer (e.g., a 50 % decline produces $640, a 36 % loss).

The Notes do not pay periodic interest, are not listed on any exchange, and all payments depend on RBC’s creditworthiness.

Pricing & fees: Public offer price is 100 % of face; RBC Capital Markets receives a 1 % underwriting discount and may pay up to $10 per $1,000 in concessions and $4.30 in referral fees. The initial estimated value is expected between $939–$989, reflecting dealer margin, hedging costs and RBC’s lower internal funding rate.

Material risks highlighted: limited upside (7 % cap), credit risk of the issuer, potential loss of principal below the buffer, illiquid secondary market, uncertain U.S. tax treatment, and conflicts of interest because RBC (through RBCCM) acts as both counterparty and calculation agent.

Overall, the product is designed for yield-seeking investors with a short-term horizon who are moderately bullish-to-range-bound on the S&P 500 yet willing to accept issuer credit exposure and capped upside in exchange for a 14 % downside cushion.

Royal Bank of Canada ("RBC") sta promuovendo una nuova offerta di note strutturate — Dual Directional Buffer Digital Notes collegate all'indice S&P 500. I titoli sono debito senior non garantito della Banca, emessi nell'ambito del programma GMTN Serie J.

Principali caratteristiche economiche: Gli investitori pagano 1.000 $ per ogni Nota alla Data di Emissione del 25 luglio 2025 e ricevono l'importo di rimborso il 27 agosto 2026 (circa 13 mesi). Il rendimento è calcolato come segue:

Componente digitale: Se il livello finale dell'indice è ≥ 93 % di quello iniziale, la Nota paga 1.070 $ (rendimento digitale fisso del 7 %), indipendentemente da quanto l'S&P 500 salga.
Buffer bidirezionale: Se il livello finale è < 93 % ma ≥ 86 %, la Nota paga 1.000 $ più il valore assoluto del calo dell'indice (1 % per ogni 1 % di discesa) fino a un massimo del 14 %. Per esempio, una perdita del 10 % dell'indice genera 1.100 $.
Capitale a rischio: Sotto il valore buffer dell'86 %, gli investitori perdono capitale al ritmo dell'1 % per ogni 1 % di perdita dell'indice oltre il buffer del 14 % (ad esempio, un calo del 50 % produce 640 $, una perdita del 36 %).

Le Note non pagano interessi periodici, non sono quotate su alcuna borsa e tutti i pagamenti dipendono dalla solidità creditizia di RBC.

Prezzi e commissioni: Il prezzo di offerta pubblica è il 100 % del valore nominale; RBC Capital Markets riceve uno sconto di sottoscrizione dell'1 % e può pagare fino a 10 $ per ogni 1.000 $ in concessioni e 4,30 $ in commissioni di segnalazione. Il valore stimato iniziale è previsto tra 939 $ e 989 $, riflettendo il margine del dealer, i costi di copertura e il tasso di finanziamento interno più basso di RBC.

Rischi principali evidenziati: rendimento limitato (massimo 7 %), rischio di credito dell'emittente, possibile perdita di capitale sotto il buffer, mercato secondario illiquido, trattamento fiscale USA incerto e conflitti di interesse poiché RBC (tramite RBCCM) agisce sia come controparte che come agente di calcolo.

In sintesi, il prodotto è pensato per investitori alla ricerca di rendimento con un orizzonte a breve termine, moderatamente rialzisti o neutrali sull'S&P 500, disposti ad accettare l'esposizione creditizia dell'emittente e un potenziale rendimento limitato in cambio di una protezione al ribasso del 14 %.

Royal Bank of Canada ("RBC") está comercializando una nueva oferta de notas estructuradas — Dual Directional Buffer Digital Notes vinculadas al índice S&P 500. Los valores son deuda senior no garantizada del Banco, emitidos bajo su programa GMTN Serie J.

Aspectos clave: Los inversores pagan 1.000 $ por nota en la Fecha de Emisión del 25 julio 2025 y reciben el importe de reembolso el 27 agosto 2026 (≈ plazo de 13 meses). El pago se determina de la siguiente manera:

Componente digital: Si el nivel final del índice es ≥ 93 % del nivel inicial, la nota paga 1.070 $ (rendimiento digital fijo del 7 %), sin importar cuánto suba el S&P 500.
Buffer bidireccional: Si el nivel final es < 93 % pero ≥ 86 %, la nota paga 1.000 $ más el valor absoluto de la caída del índice (1 % por cada 1 % de descenso) hasta un máximo del 14 %. Por ejemplo, una pérdida del 10 % del índice produce 1.100 $.
Principal en riesgo: Por debajo del valor buffer del 86 %, los inversores pierden principal a razón de 1 % por cada 1 % de pérdida del índice más allá del buffer del 14 % (por ejemplo, una caída del 50 % produce 640 $, una pérdida del 36 %).

Las notas no pagan intereses periódicos, no cotizan en ninguna bolsa y todos los pagos dependen de la solvencia crediticia de RBC.

Precio y comisiones: El precio de oferta pública es el 100 % del valor nominal; RBC Capital Markets recibe un descuento de suscripción del 1 % y puede pagar hasta 10 $ por cada 1.000 $ en concesiones y 4,30 $ en comisiones de referencia. El valor estimado inicial se espera entre 939 $ y 989 $, reflejando margen del distribuidor, costos de cobertura y la tasa interna de financiación más baja de RBC.

Riesgos destacados: rendimiento limitado (tope del 7 %), riesgo crediticio del emisor, posible pérdida de principal por debajo del buffer, mercado secundario ilíquido, tratamiento fiscal estadounidense incierto y conflictos de interés porque RBC (a través de RBCCM) actúa como contraparte y agente de cálculo.

En conjunto, el producto está diseñado para inversores que buscan rendimiento con un horizonte a corto plazo, moderadamente alcistas o neutrales respecto al S&P 500, dispuestos a aceptar la exposición crediticia del emisor y un rendimiento limitado a cambio de un colchón a la baja del 14 %.

로열 뱅크 오브 캐나다("RBC")는 새로운 구조화 상품인 S&P 500 지수에 연동된 Dual Directional Buffer Digital Notes를 마케팅하고 있습니다. 이 증권은 은행의 시니어 무담보 채무로, 시리즈 J GMTN 프로그램 하에 발행됩니다.

주요 경제 조건: 투자자는 2025년 7월 25일 발행일에 노트당 1,000달러를 지불하며, 2026년 8월 27일(약 13개월 만기)에 상환 금액을 받습니다. 수익 구조는 다음과 같습니다:

디지털 구성 요소: 최종 지수 수준이 초기 수준의 93% 이상일 경우, S&P 500 지수가 얼마나 상승하든 상관없이 노트는 1,070달러(고정 7% 디지털 수익)를 지급합니다.
양방향 버퍼: 최종 지수 수준이 93% 미만이지만 86% 이상인 경우, 노트는 1,000달러에 지수 하락폭의 절대값(1% 하락 시 1% 지급)을 최대 14%까지 더해 지급합니다. 예를 들어, 지수가 10% 하락하면 1,100달러를 지급합니다.
원금 위험: 86% 버퍼 값 아래에서는, 14% 버퍼를 초과하는 지수 하락분에 대해 1% 손실당 1%씩 원금이 감소합니다(예: 50% 하락 시 640달러 지급, 36% 손실).

이 노트는 정기 이자를 지급하지 않으며, 어떤 거래소에도 상장되어 있지 않고 모든 지급은 RBC의 신용도에 달려 있습니다.

가격 및 수수료: 공개 판매 가격은 액면가의 100%이며, RBC 캐피털 마켓은 1% 인수 할인과 1,000달러당 최대 10달러의 양보금, 4.30달러의 추천 수수료를 받을 수 있습니다. 초기 추정 가치는 딜러 마진, 헤지 비용 및 RBC의 낮은 내부 자금 조달 금리를 반영하여 939달러에서 989달러 사이로 예상됩니다.

주요 위험 요인: 제한된 상승 잠재력(7% 상한), 발행자의 신용 위험, 버퍼 이하 원금 손실 가능성, 비유동적 2차 시장, 불확실한 미국 세금 처리, 그리고 RBC가 RBCCM을 통해 거래 상대방 및 계산 대리인 역할을 동시에 수행함에 따른 이해 상충.

전반적으로 이 상품은 단기 투자 기간을 가진 수익 추구 투자자 중 S&P 500 지수에 대해 다소 강세 또는 횡보를 예상하며, 발행자 신용 위험과 상한 수익을 감수하고 14% 하락 보호를 원하는 투자자에게 적합합니다.

La Royal Bank of Canada ("RBC") commercialise une nouvelle émission de notes structurées — Dual Directional Buffer Digital Notes liées à l'indice S&P 500. Ces titres sont des dettes senior non garanties de la Banque, émises dans le cadre de son programme GMTN Série J.

Éléments clés : Les investisseurs paient 1 000 $ par note à la date d'émission du 25 juillet 2025 et reçoivent le montant de remboursement le 27 août 2026 (durée d'environ 13 mois). Le paiement est déterminé comme suit :

Composante digitale : Si le niveau final de l'indice est ≥ 93 % du niveau initial, la note verse 1 070 $ (rendement digital fixe de 7 %), peu importe la hausse du S&P 500.
Buffer bidirectionnel : Si le niveau final est < 93 % mais ≥ 86 %, la note verse 1 000 $ plus la valeur absolue de la baisse de l'indice (1 % par 1 % de baisse) jusqu'à un maximum de 14 %. Par exemple, une perte de 10 % de l'indice donne 1 100 $.
Capital à risque : En dessous de la valeur tampon de 86 %, les investisseurs perdent le capital à raison de 1 % pour chaque 1 % de perte d'indice au-delà du tampon de 14 % (par exemple, une baisse de 50 % produit 640 $, une perte de 36 %).

Les notes ne versent pas d'intérêts périodiques, ne sont cotées sur aucune bourse et tous les paiements dépendent de la solvabilité de RBC.

Tarification et frais : Le prix public est de 100 % de la valeur nominale ; RBC Capital Markets reçoit une décote de souscription de 1 % et peut verser jusqu'à 10 $ par 1 000 $ en concessions et 4,30 $ en frais de recommandation. La valeur estimée initiale est attendue entre 939 $ et 989 $, reflétant la marge du distributeur, les coûts de couverture et le taux de financement interne plus bas de RBC.

Risques majeurs soulignés : potentiel de gain limité (plafond à 7 %), risque de crédit de l'émetteur, perte possible de capital en dessous du buffer, marché secondaire peu liquide, traitement fiscal américain incertain, et conflits d'intérêts car RBC (via RBCCM) agit à la fois comme contrepartie et agent de calcul.

Globalement, ce produit s'adresse aux investisseurs recherchant un rendement sur un horizon court terme, modérément haussiers ou neutres sur le S&P 500, prêts à accepter l'exposition au risque de crédit de l'émetteur et un gain plafonné en échange d'une protection à la baisse de 14 %.

Die Royal Bank of Canada ("RBC") bietet ein neues strukturiertes Wertpapier an — Dual Directional Buffer Digital Notes, die an den S&P 500 Index gekoppelt sind. Die Wertpapiere sind unbesicherte Senior-Schuldtitel der Bank, ausgegeben im Rahmen ihres Series J GMTN-Programms.

Wichtige Eckdaten: Investoren zahlen am 25. Juli 2025 einen Betrag von 1.000 $ pro Note und erhalten den Rückzahlungsbetrag am 27. August 2026 (≈ 13 Monate Laufzeit). Die Auszahlung erfolgt wie folgt:

Digitaler Anteil: Liegt der Schlussstand des Index bei ≥ 93 % des Anfangswerts, zahlt die Note 1.070 $ (fester digitaler Ertrag von 7 %), unabhängig davon, wie stark der S&P 500 steigt.
Bidirektionaler Puffer: Liegt der Schlussstand unter 93 %, aber ≥ 86 %, zahlt die Note 1.000 $ plus den absoluten Wert des Indexrückgangs (1 % Auszahlung pro 1 % Rückgang) bis maximal 14 %. Ein Indexverlust von 10 % führt somit zu 1.100 $.
Kapitalrisiko: Unterhalb des 86 % Puffers verlieren Investoren Kapital in Höhe von 1 % für jeden 1 % Indexverlust über den 14 % Puffer hinaus (z.B. führt ein Rückgang um 50 % zu 640 $, ein Verlust von 36 %).

Die Notes zahlen keine laufenden Zinsen, sind nicht an einer Börse notiert und alle Zahlungen hängen von der Kreditwürdigkeit von RBC ab.

Preisgestaltung & Gebühren: Der öffentliche Angebotspreis beträgt 100 % des Nennwerts; RBC Capital Markets erhält einen Underwriting-Abschlag von 1 % und kann bis zu 10 $ pro 1.000 $ an Konzessionen sowie 4,30 $ an Vermittlungsgebühren zahlen. Der geschätzte Anfangswert wird zwischen 939 $ und 989 $ erwartet, was die Händler-Marge, Absicherungskosten und die niedrigeren internen Finanzierungskosten von RBC widerspiegelt.

Hervorgehobene Risiken: begrenztes Aufwärtspotenzial (7 % Cap), Kreditrisiko des Emittenten, potenzieller Kapitalverlust unterhalb des Puffers, illiquider Zweitmarkt, unsichere US-Steuerbehandlung und Interessenkonflikte, da RBC (über RBCCM) sowohl Gegenpartei als auch Berechnungsagent fungiert.

Insgesamt ist das Produkt für renditeorientierte Anleger mit kurzfristigem Anlagehorizont konzipiert, die moderat bullisch bis seitwärts auf den S&P 500 setzen und bereit sind, das Emittenten-Kreditrisiko und begrenztes Aufwärtspotenzial im Austausch für einen 14 % Abwärtspuffer zu akzeptieren.

Positive

14 % downside buffer protects principal against moderate market declines.
Dual-direction feature converts small negative index moves into positive returns, enhancing risk/return symmetry.
Fixed 7 % payoff is known in advance if S&P 500 stays above 93 % of the initial level, aiding portfolio planning.
Short 13-month tenor minimises duration and rate-risk versus longer notes.

Negative

Upside is capped at 7 %, causing underperformance in strong equity rallies.
Principal loss below 86 % can be steep; a 30 % index drop costs investors 16 % of capital.
No secondary-market listing; liquidity depends solely on RBCCM and may be at a significant discount.
Initial estimated value (as low as $939) reveals 1-6 % embedded costs to investors at issuance.
No coupon payments; total return is realised only at maturity, creating reinvestment and opportunity cost.
Full credit risk to RBC; a deterioration in the Bank’s credit spreads would lower market value before maturity.

Insights

TL;DR – Note offers 7 % capped upside, 14 % buffer, principal risk below buffer; neutral for RBC, complex for retail buyers.

Impact on investors: The trade structure converts most market scenarios into a binary 7 % payoff unless the S&P 500 drops between 7 %-14 %, where the dual-direction feature delivers up to 14 %. Below that, losses accelerate. Investors sacrifice equity-like upside for a modest coupon substitute and limited protection.

Issuer economics: With an initial estimated value up to $61 below par and a 1 % fee stack, RBC captures funding at ~50-100 bp inside vanilla debt while transferring market risk via hedges. Given RBC’s >C$1 tn balance sheet, the issue is not material to shareholders; proceeds are routine term funding.

Market view: For portfolios seeking defined-outcome notes, the 93 % digital barrier is relatively permissive, yet the 7 % fixed return is modest versus historical 1-year S&P returns. Rising volatility can erode secondary prices well below the already discounted initial value.

TL;DR – Attractive only if you expect flat-to-slightly negative index moves; illiquidity and credit risk temper appeal.

The 14 % downside cushion is helpful, but a plain 1-year SPX put spread could cost less and allow unlimited upside. The Note becomes compelling only if you believe the S&P 500 will finish roughly -10 % one year out. Otherwise, either equity or bonds dominate on risk-adjusted return. Operational constraints—no listing, wide bid-ask, tax ambiguity—make exit difficult. I see limited role outside tactical allocations in structured-product sleeves.

Componente digitale: Se il livello finale dell'indice è ≥ 93 % di quello iniziale, la Nota paga 1.070 $ (rendimento digitale fisso del 7 %), indipendentemente da quanto l'S&P 500 salga.
Buffer bidirezionale: Se il livello finale è < 93 % ma ≥ 86 %, la Nota paga 1.000 $ più il valore assoluto del calo dell'indice (1 % per ogni 1 % di discesa) fino a un massimo del 14 %. Per esempio, una perdita del 10 % dell'indice genera 1.100 $.
Capitale a rischio: Sotto il valore buffer dell'86 %, gli investitori perdono capitale al ritmo dell'1 % per ogni 1 % di perdita dell'indice oltre il buffer del 14 % (ad esempio, un calo del 50 % produce 640 $, una perdita del 36 %).

Le Note non pagano interessi periodici, non sono quotate su alcuna borsa e tutti i pagamenti dipendono dalla solidità creditizia di RBC.

Componente digital: Si el nivel final del índice es ≥ 93 % del nivel inicial, la nota paga 1.070 $ (rendimiento digital fijo del 7 %), sin importar cuánto suba el S&P 500.
Buffer bidireccional: Si el nivel final es < 93 % pero ≥ 86 %, la nota paga 1.000 $ más el valor absoluto de la caída del índice (1 % por cada 1 % de descenso) hasta un máximo del 14 %. Por ejemplo, una pérdida del 10 % del índice produce 1.100 $.
Principal en riesgo: Por debajo del valor buffer del 86 %, los inversores pierden principal a razón de 1 % por cada 1 % de pérdida del índice más allá del buffer del 14 % (por ejemplo, una caída del 50 % produce 640 $, una pérdida del 36 %).

Las notas no pagan intereses periódicos, no cotizan en ninguna bolsa y todos los pagos dependen de la solvencia crediticia de RBC.

디지털 구성 요소: 최종 지수 수준이 초기 수준의 93% 이상일 경우, S&P 500 지수가 얼마나 상승하든 상관없이 노트는 1,070달러(고정 7% 디지털 수익)를 지급합니다.
양방향 버퍼: 최종 지수 수준이 93% 미만이지만 86% 이상인 경우, 노트는 1,000달러에 지수 하락폭의 절대값(1% 하락 시 1% 지급)을 최대 14%까지 더해 지급합니다. 예를 들어, 지수가 10% 하락하면 1,100달러를 지급합니다.
원금 위험: 86% 버퍼 값 아래에서는, 14% 버퍼를 초과하는 지수 하락분에 대해 1% 손실당 1%씩 원금이 감소합니다(예: 50% 하락 시 640달러 지급, 36% 손실).

이 노트는 정기 이자를 지급하지 않으며, 어떤 거래소에도 상장되어 있지 않고 모든 지급은 RBC의 신용도에 달려 있습니다.

Composante digitale : Si le niveau final de l'indice est ≥ 93 % du niveau initial, la note verse 1 070 $ (rendement digital fixe de 7 %), peu importe la hausse du S&P 500.
Buffer bidirectionnel : Si le niveau final est < 93 % mais ≥ 86 %, la note verse 1 000 $ plus la valeur absolue de la baisse de l'indice (1 % par 1 % de baisse) jusqu'à un maximum de 14 %. Par exemple, une perte de 10 % de l'indice donne 1 100 $.
Capital à risque : En dessous de la valeur tampon de 86 %, les investisseurs perdent le capital à raison de 1 % pour chaque 1 % de perte d'indice au-delà du tampon de 14 % (par exemple, une baisse de 50 % produit 640 $, une perte de 36 %).

Les notes ne versent pas d'intérêts périodiques, ne sont cotées sur aucune bourse et tous les paiements dépendent de la solvabilité de RBC.

Digitaler Anteil: Liegt der Schlussstand des Index bei ≥ 93 % des Anfangswerts, zahlt die Note 1.070 $ (fester digitaler Ertrag von 7 %), unabhängig davon, wie stark der S&P 500 steigt.
Bidirektionaler Puffer: Liegt der Schlussstand unter 93 %, aber ≥ 86 %, zahlt die Note 1.000 $ plus den absoluten Wert des Indexrückgangs (1 % Auszahlung pro 1 % Rückgang) bis maximal 14 %. Ein Indexverlust von 10 % führt somit zu 1.100 $.
Kapitalrisiko: Unterhalb des 86 % Puffers verlieren Investoren Kapital in Höhe von 1 % für jeden 1 % Indexverlust über den 14 % Puffer hinaus (z.B. führt ein Rückgang um 50 % zu 640 $, ein Verlust von 36 %).

Die Notes zahlen keine laufenden Zinsen, sind nicht an einer Börse notiert und alle Zahlungen hängen von der Kreditwürdigkeit von RBC ab.

07/03/2025 - 01:18 PM

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^*

Moradi Carla A

(Last)

(First)

(Middle)

8100 N.E. PARKWAY DRIVE, SUITE 200

(Street)

VANCOUVER

98662

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BARRETT BUSINESS SERVICES INC [ BBSI ]

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)
07/01/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/01/2025		M		3,064	A	$0.00	18,832	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	07/01/2025		M			3,064	⁽²⁾	⁽²⁾	Common Stock	3,064	$0.00	0.00	D
Restricted Stock Units	⁽¹⁾	07/01/2025		A		2,344		⁽³⁾	⁽³⁾	Common Stock	2,344	$0.00	2,344	D

Explanation of Responses:

1. Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock.

2. The Restricted Stock Units vest in one installment on July 1, 2025, and will be settled by delivery of unrestricted shares of common stock on the vesting date.

3. The Restricted Stock Units vest in one installment on July 1, 2026, and will be settled by delivery of unrestricted shares of common stock on the vesting date.

Remarks:

	/s/ Anthony Harris, as attorney-in-fact	07/03/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What fixed return do RY's Dual Directional Buffer Digital Notes offer?

If the S&P 500 closes at or above 93 % of its initial level on 24 Aug 2026, holders receive a 7 % Digital Return ($1,070 per $1,000 Note).

How does the 14 % buffer protect my principal?

Losses on the Note do not begin until the index falls below 86 % of its initial value; beyond that, each additional 1 % drop reduces principal by 1 %.

What happens if the S&P 500 drops more than 14 %?

You will receive $1,000 × (Index return + 14 %). For example, a 30 % decline results in a 16 % principal loss, paying $840.

Do the Notes pay periodic interest or coupons?

No. All economic value is delivered at maturity; there are no interim interest payments.

When do the Notes trade and mature?

Trade Date: 22 Jul 2025; Issue Date: 25 Jul 2025; Valuation Date: 24 Aug 2026; Maturity Date: 27 Aug 2026.

Why is the initial estimated value ($939–$989) below the $1,000 offer price?

The gap reflects dealer discount, hedging costs, referral fees and RBC’s lower internal funding rate, which together reduce the Note’s fair value to investors.

[Form 4] Barrett Business Services Insider Trading Activity

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FAQ

What fixed return do RY's Dual Directional Buffer Digital Notes offer?

How does the 14 % buffer protect my principal?

What happens if the S&P 500 drops more than 14 %?

Do the Notes pay periodic interest or coupons?

When do the Notes trade and mature?

Why is the initial estimated value ($939–$989) below the $1,000 offer price?

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[Form 4] Barrett Business Services Insider Trading Activity

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FAQ

What fixed return do RY's Dual Directional Buffer Digital Notes offer?

How does the 14 % buffer protect my principal?

What happens if the S&P 500 drops more than 14 %?

Do the Notes pay periodic interest or coupons?

When do the Notes trade and mature?

Why is the initial estimated value ($939–$989) below the $1,000 offer price?

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BBSI Latest News

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