[FWP] Morgan Stanley Free Writing Prospectus
Campbell Soup Company (CPB) Form 4 filing – insider activity. On 26 June 2025, Director Sarah Hofstetter acquired 1,348.51 units of phantom stock, an award whose value mirrors one share of common stock. The units were granted at a stated price of $0 under the company’s Supplemental Retirement Plan and are fully vested. After the transaction, Hofstetter’s total phantom-stock holdings rose to 25,710.86 units, which now include 262.25 units accumulated through dividend reinvestment since her last report. Phantom stock will be settled in cash upon the director’s retirement, resignation, or termination. No sales or disposals were reported, and there were no changes in non-derivative common-stock ownership.
Because the award represents routine director compensation and has an estimated market value far below materiality thresholds relative to Campbell’s market capitalisation, the filing is considered informational rather than market-moving. Nevertheless, the absence of sales and the continuing accumulation of stock-equivalent units signal ongoing alignment of director interests with shareholder value.
Segnalazione Form 4 di Campbell Soup Company (CPB) – attività interna. Il 26 giugno 2025, la direttrice Sarah Hofstetter ha acquisito 1.348,51 unità di phantom stock, un premio il cui valore corrisponde a una azione ordinaria. Le unità sono state assegnate a un prezzo nominale di 0$ nell'ambito del Piano Pensionistico Supplementare della società e sono completamente maturate. Dopo la transazione, il totale delle unità di phantom stock detenute da Hofstetter è salito a 25.710,86 unità, incluse 262,25 unità accumulate tramite reinvestimento dei dividendi dalla sua ultima comunicazione. Il phantom stock sarà liquidato in contanti al momento del pensionamento, dimissioni o licenziamento della direttrice. Non sono state segnalate vendite o cessioni, né variazioni nella proprietà diretta di azioni ordinarie non derivate.
Poiché il premio rappresenta una remunerazione ordinaria per i direttori e il suo valore di mercato stimato è ben al di sotto delle soglie di rilevanza rispetto alla capitalizzazione di mercato di Campbell, la segnalazione è considerata informativa e non capace di influenzare il mercato. Tuttavia, l'assenza di vendite e la continua accumulazione di unità equivalenti azionarie indicano un costante allineamento degli interessi del direttore con il valore per gli azionisti.
Presentación del Formulario 4 de Campbell Soup Company (CPB) – actividad interna. El 26 de junio de 2025, la directora Sarah Hofstetter adquirió 1,348.51 unidades de phantom stock, una compensación cuyo valor refleja una acción común. Las unidades se otorgaron a un precio declarado de $0 bajo el Plan de Jubilación Suplementario de la empresa y están totalmente devengadas. Tras la transacción, la tenencia total de phantom stock de Hofstetter aumentó a 25,710.86 unidades, que ahora incluyen 262.25 unidades acumuladas mediante reinversión de dividendos desde su último informe. El phantom stock se liquidará en efectivo al momento de la jubilación, renuncia o despido de la directora. No se reportaron ventas ni disposiciones, y no hubo cambios en la propiedad directa de acciones comunes no derivadas.
Dado que la concesión representa una compensación rutinaria para directores y su valor de mercado estimado está muy por debajo de los umbrales materiales en relación con la capitalización de mercado de Campbell, la presentación se considera informativa y no capaz de mover el mercado. Sin embargo, la ausencia de ventas y la continua acumulación de unidades equivalentes a acciones señalan una alineación constante de los intereses del director con el valor para los accionistas.
캠벨 수프 컴퍼니(CPB) Form 4 신고 – 내부자 활동. 2025년 6월 26일, 이사 사라 호프스테터가 1,348.51 단위의 팬텀 스톡을 취득했습니다. 팬텀 스톡은 보통주 한 주의 가치를 반영하는 보상입니다. 이 단위들은 회사의 보충 퇴직 계획 하에 명시된 가격 $0로 부여되었으며 완전 취득 상태입니다. 거래 후 호프스테터의 팬텀 스톡 총 보유량은 25,710.86 단위로 증가했으며, 이 중 262.25 단위는 지난 보고 이후 배당금 재투자를 통해 누적된 것입니다. 팬텀 스톡은 이사의 퇴직, 사임 또는 해고 시 현금으로 정산됩니다. 매도나 처분은 보고되지 않았으며, 비파생 보통주 소유권에는 변동이 없었습니다.
이 보상은 이사의 일상적인 보상에 해당하며, 캠벨의 시가총액 대비 중요성 기준 이하의 추정 시장 가치를 가지므로 이번 신고는 정보 제공 목적이며 시장에 큰 영향을 미치지 않는 것으로 간주됩니다. 그럼에도 매도 부재와 계속된 주식 등가 단위의 누적은 이사의 이익이 주주 가치와 지속적으로 일치하고 있음을 나타냅니다.
Dépôt du formulaire 4 de Campbell Soup Company (CPB) – activité d’initié. Le 26 juin 2025, la directrice Sarah Hofstetter a acquis 1 348,51 unités de phantom stock, une attribution dont la valeur reflète une action ordinaire. Les unités ont été attribuées à un prix déclaré de 0 $ dans le cadre du Plan de retraite supplémentaire de la société et sont entièrement acquises. Après la transaction, la détention totale de phantom stock de Hofstetter est passée à 25 710,86 unités, incluant désormais 262,25 unités accumulées via le réinvestissement des dividendes depuis son dernier rapport. Le phantom stock sera réglé en espèces lors de la retraite, de la démission ou du licenciement de la directrice. Aucune vente ou cession n’a été signalée, et aucun changement dans la détention directe d’actions ordinaires non dérivées n’a eu lieu.
Étant donné que cette attribution représente une rémunération habituelle des administrateurs et que sa valeur marchande estimée est bien inférieure aux seuils de matérialité par rapport à la capitalisation boursière de Campbell, le dépôt est considéré comme informatif plutôt que susceptible d’influencer le marché. Néanmoins, l’absence de ventes et l’accumulation continue d’unités équivalentes en actions témoignent d’un alignement constant des intérêts de la directrice avec la valeur pour les actionnaires.
Campbell Soup Company (CPB) Form 4 Einreichung – Insider-Aktivität. Am 26. Juni 2025 erwarb Direktorin Sarah Hofstetter 1.348,51 Einheiten von Phantomaktien, einer Auszeichnung, deren Wert einer Stammaktie entspricht. Die Einheiten wurden zu einem angegebenen Preis von 0 $ im Rahmen des ergänzenden Rentenplans des Unternehmens gewährt und sind vollständig unverfallbar. Nach der Transaktion stieg Hofstetters Gesamtbestand an Phantomaktien auf 25.710,86 Einheiten, darunter 262,25 Einheiten, die seit ihrem letzten Bericht durch Dividendenreinvestition angesammelt wurden. Phantomaktien werden bei Ruhestand, Rücktritt oder Kündigung der Direktorin in bar abgewickelt. Es wurden keine Verkäufe oder Veräußerungen gemeldet, und es gab keine Änderungen im direkten Besitz von nicht-derivaten Stammaktien.
Da die Auszeichnung eine routinemäßige Vergütung für Direktoren darstellt und der geschätzte Marktwert weit unter den Wesentlichkeitsschwellen im Verhältnis zur Marktkapitalisierung von Campbell liegt, wird die Einreichung als informativ und nicht als marktbewegend eingestuft. Dennoch signalisiert das Fehlen von Verkäufen und die fortlaufende Ansammlung von aktienäquivalenten Einheiten eine fortgesetzte Übereinstimmung der Interessen der Direktorin mit dem Aktionärswert.
- Director acquired additional phantom shares rather than selling, indicating continued alignment with shareholder interests.
- No dilution risk as phantom stock settles in cash under the Supplemental Retirement Plan.
- None.
Insights
TL;DR: Routine phantom-stock grant; mildly shareholder-friendly, financially immaterial.
The Form 4 shows Hofstetter receiving 1,348 phantom shares, lifting her stake to 25,711 units. With CPB trading near the mid-$40s, the grant is worth roughly $60k—immaterial versus Campbell’s $14 bn market cap. No shares were sold, so signal remains neutral-to-slightly positive on governance grounds. Importantly, phantom stock settles in cash, so dilution is not a concern. Overall, I see no immediate valuation impact.
TL;DR: Standard director compensation, reflects alignment, not impactful.
Phantom-stock accruals are common for outside directors and foster long-term alignment without issuing new shares. The grant is fully vested, reinforcing retention but posing no dilution risk. Because settlement occurs in cash at separation, shareholders face neither overhang nor voting dilution. From a governance lens, the absence of sales and the modest uptick in accumulated value are benign. Impact on investor sentiment should be minimal.
Segnalazione Form 4 di Campbell Soup Company (CPB) – attività interna. Il 26 giugno 2025, la direttrice Sarah Hofstetter ha acquisito 1.348,51 unità di phantom stock, un premio il cui valore corrisponde a una azione ordinaria. Le unità sono state assegnate a un prezzo nominale di 0$ nell'ambito del Piano Pensionistico Supplementare della società e sono completamente maturate. Dopo la transazione, il totale delle unità di phantom stock detenute da Hofstetter è salito a 25.710,86 unità, incluse 262,25 unità accumulate tramite reinvestimento dei dividendi dalla sua ultima comunicazione. Il phantom stock sarà liquidato in contanti al momento del pensionamento, dimissioni o licenziamento della direttrice. Non sono state segnalate vendite o cessioni, né variazioni nella proprietà diretta di azioni ordinarie non derivate.
Poiché il premio rappresenta una remunerazione ordinaria per i direttori e il suo valore di mercato stimato è ben al di sotto delle soglie di rilevanza rispetto alla capitalizzazione di mercato di Campbell, la segnalazione è considerata informativa e non capace di influenzare il mercato. Tuttavia, l'assenza di vendite e la continua accumulazione di unità equivalenti azionarie indicano un costante allineamento degli interessi del direttore con il valore per gli azionisti.
Presentación del Formulario 4 de Campbell Soup Company (CPB) – actividad interna. El 26 de junio de 2025, la directora Sarah Hofstetter adquirió 1,348.51 unidades de phantom stock, una compensación cuyo valor refleja una acción común. Las unidades se otorgaron a un precio declarado de $0 bajo el Plan de Jubilación Suplementario de la empresa y están totalmente devengadas. Tras la transacción, la tenencia total de phantom stock de Hofstetter aumentó a 25,710.86 unidades, que ahora incluyen 262.25 unidades acumuladas mediante reinversión de dividendos desde su último informe. El phantom stock se liquidará en efectivo al momento de la jubilación, renuncia o despido de la directora. No se reportaron ventas ni disposiciones, y no hubo cambios en la propiedad directa de acciones comunes no derivadas.
Dado que la concesión representa una compensación rutinaria para directores y su valor de mercado estimado está muy por debajo de los umbrales materiales en relación con la capitalización de mercado de Campbell, la presentación se considera informativa y no capaz de mover el mercado. Sin embargo, la ausencia de ventas y la continua acumulación de unidades equivalentes a acciones señalan una alineación constante de los intereses del director con el valor para los accionistas.
캠벨 수프 컴퍼니(CPB) Form 4 신고 – 내부자 활동. 2025년 6월 26일, 이사 사라 호프스테터가 1,348.51 단위의 팬텀 스톡을 취득했습니다. 팬텀 스톡은 보통주 한 주의 가치를 반영하는 보상입니다. 이 단위들은 회사의 보충 퇴직 계획 하에 명시된 가격 $0로 부여되었으며 완전 취득 상태입니다. 거래 후 호프스테터의 팬텀 스톡 총 보유량은 25,710.86 단위로 증가했으며, 이 중 262.25 단위는 지난 보고 이후 배당금 재투자를 통해 누적된 것입니다. 팬텀 스톡은 이사의 퇴직, 사임 또는 해고 시 현금으로 정산됩니다. 매도나 처분은 보고되지 않았으며, 비파생 보통주 소유권에는 변동이 없었습니다.
이 보상은 이사의 일상적인 보상에 해당하며, 캠벨의 시가총액 대비 중요성 기준 이하의 추정 시장 가치를 가지므로 이번 신고는 정보 제공 목적이며 시장에 큰 영향을 미치지 않는 것으로 간주됩니다. 그럼에도 매도 부재와 계속된 주식 등가 단위의 누적은 이사의 이익이 주주 가치와 지속적으로 일치하고 있음을 나타냅니다.
Dépôt du formulaire 4 de Campbell Soup Company (CPB) – activité d’initié. Le 26 juin 2025, la directrice Sarah Hofstetter a acquis 1 348,51 unités de phantom stock, une attribution dont la valeur reflète une action ordinaire. Les unités ont été attribuées à un prix déclaré de 0 $ dans le cadre du Plan de retraite supplémentaire de la société et sont entièrement acquises. Après la transaction, la détention totale de phantom stock de Hofstetter est passée à 25 710,86 unités, incluant désormais 262,25 unités accumulées via le réinvestissement des dividendes depuis son dernier rapport. Le phantom stock sera réglé en espèces lors de la retraite, de la démission ou du licenciement de la directrice. Aucune vente ou cession n’a été signalée, et aucun changement dans la détention directe d’actions ordinaires non dérivées n’a eu lieu.
Étant donné que cette attribution représente une rémunération habituelle des administrateurs et que sa valeur marchande estimée est bien inférieure aux seuils de matérialité par rapport à la capitalisation boursière de Campbell, le dépôt est considéré comme informatif plutôt que susceptible d’influencer le marché. Néanmoins, l’absence de ventes et l’accumulation continue d’unités équivalentes en actions témoignent d’un alignement constant des intérêts de la directrice avec la valeur pour les actionnaires.
Campbell Soup Company (CPB) Form 4 Einreichung – Insider-Aktivität. Am 26. Juni 2025 erwarb Direktorin Sarah Hofstetter 1.348,51 Einheiten von Phantomaktien, einer Auszeichnung, deren Wert einer Stammaktie entspricht. Die Einheiten wurden zu einem angegebenen Preis von 0 $ im Rahmen des ergänzenden Rentenplans des Unternehmens gewährt und sind vollständig unverfallbar. Nach der Transaktion stieg Hofstetters Gesamtbestand an Phantomaktien auf 25.710,86 Einheiten, darunter 262,25 Einheiten, die seit ihrem letzten Bericht durch Dividendenreinvestition angesammelt wurden. Phantomaktien werden bei Ruhestand, Rücktritt oder Kündigung der Direktorin in bar abgewickelt. Es wurden keine Verkäufe oder Veräußerungen gemeldet, und es gab keine Änderungen im direkten Besitz von nicht-derivaten Stammaktien.
Da die Auszeichnung eine routinemäßige Vergütung für Direktoren darstellt und der geschätzte Marktwert weit unter den Wesentlichkeitsschwellen im Verhältnis zur Marktkapitalisierung von Campbell liegt, wird die Einreichung als informativ und nicht als marktbewegend eingestuft. Dennoch signalisiert das Fehlen von Verkäufen und die fortlaufende Ansammlung von aktienäquivalenten Einheiten eine fortgesetzte Übereinstimmung der Interessen der Direktorin mit dem Aktionärswert.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,057
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of SX5E, NDX and RTY Trigger PLUS due August 5, 2030
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement, index supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underliers: |
EURO STOXX 50® Index (SX5E), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
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Leverage factor: |
275% to 290% |
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Downside threshold level: |
65% of the initial level for each underlier |
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Pricing date: |
July 31, 2025 |
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Observation date: |
July 31, 2030 |
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Maturity date: |
August 5, 2030 |
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CUSIP: |
61778NBB6 |
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Estimated value: |
$945.30 per security, or within $55.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035567/ms9057_424b2-19349.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payment at maturity will be based solely on the performance of the worst performing underlier, which could be any underlier. The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the worst performing underlier over the term of the securities.
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% Change in Closing Level of the Worst Performing Underlier |
Payment at Maturity per Security |
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+60.00% |
$2,650.00* |
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+40.00% |
$2,100.00* |
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+20.00% |
$1,550.00* |
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0.00% |
$1,000.00 |
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-20.00% |
$1,000.00 |
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-35.00% |
$1,000.00 |
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-36.00% |
$640.00 |
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-40.00% |
$600.00 |
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-60.00% |
$400.00 |
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-80.00% |
$200.00 |
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-100.00% |
$0.00 |
* Assumes a leverage factor of 275%
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●The amount payable on the securities is not linked to the values of the underliers at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oYou are exposed to the price risk of each underlier.
oBecause the securities are linked to the performance of the worst performing underlier, you are exposed to a greater risk of not receiving a positive return on the securities and/or sustaining a significant loss on your investment than if the securities were linked to just one underlier.
oThere are risks associated with investments in securities linked to the value of foreign equity securities.
oAdjustments to an underlying index could adversely affect the value of the securities.
●The securities are subject to risks associated with small-capitalization companies.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities– United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
FAQ
How many Campbell Soup (CPB) phantom shares did Director Sarah Hofstetter acquire?
What type of security was involved in the CPB Form 4 filed on 30 June 2025?
Was the transaction a purchase or a sale by the insider?
What is Sarah Hofstetter’s total phantom-stock holding after the transaction?
When is the phantom stock payable to the director?
