[FWP] Morgan Stanley Free Writing Prospectus
Worthington Steel, Inc. (WS) has filed a Form 4 indicating that Executive Chairman and Director John B. Blystone received 17,065 restricted common shares on 06/27/2025 pursuant to the company’s 2023 Long-Term Incentive Plan. The transaction is coded “A,” signifying an equity award granted at $0 rather than an open-market purchase. After the grant, Blystone’s direct beneficial ownership rises to 236,314 shares. The award will vest on 06/27/2026, strengthening the executive’s equity stake and aligning leadership incentives with shareholders. No sales, option exercises, or derivative transactions were reported in this filing.
Worthington Steel, Inc. (WS) ha presentato un Modulo 4 che indica che il Presidente Esecutivo e Direttore John B. Blystone ha ricevuto 17.065 azioni comuni vincolate il 27/06/2025 in base al Piano di Incentivi a Lungo Termine 2023 della società. La transazione è codificata come “A,” il che significa che si tratta di un assegnazione di azioni a $0 e non di un acquisto sul mercato aperto. Dopo l’assegnazione, la proprietà diretta effettiva di Blystone aumenta a 236.314 azioni. L’assegnazione maturerà il 27/06/2026, rafforzando la partecipazione azionaria del dirigente e allineando gli incentivi della leadership con quelli degli azionisti. In questa comunicazione non sono state riportate vendite, esercizi di opzioni o transazioni derivati.
Worthington Steel, Inc. (WS) ha presentado un Formulario 4 indicando que el Presidente Ejecutivo y Director John B. Blystone recibió 17,065 acciones comunes restringidas el 27/06/2025 conforme al Plan de Incentivos a Largo Plazo 2023 de la empresa. La transacción está codificada como “A,” lo que significa que es una adjudicación de acciones a $0 y no una compra en el mercado abierto. Tras la concesión, la propiedad directa beneficiaria de Blystone aumenta a 236,314 acciones. El premio consolidará el 27/06/2026, fortaleciendo la participación accionaria del ejecutivo y alineando los incentivos de la dirección con los de los accionistas. No se reportaron ventas, ejercicios de opciones ni transacciones con derivados en esta presentación.
Worthington Steel, Inc. (WS)는 임원 회장 겸 이사인 John B. Blystone가 2025년 6월 27일 회사의 2023년 장기 인센티브 계획에 따라 17,065개의 제한된 보통주를 수령했음을 나타내는 Form 4를 제출했습니다. 거래 코드는 “A”로, 이는 공개 시장에서의 구매가 아닌 $0에 부여된 주식 보상임을 의미합니다. 부여 후 Blystone의 직접 실질 소유주식은 236,314주로 증가합니다. 이 보상은 2026년 6월 27일에 베스팅되어 임원의 지분을 강화하고 경영진의 인센티브를 주주와 일치시킵니다. 이번 신고에서는 매도, 옵션 행사, 파생상품 거래가 보고되지 않았습니다.
Worthington Steel, Inc. (WS) a déposé un formulaire 4 indiquant que le Président exécutif et administrateur John B. Blystone a reçu 17 065 actions ordinaires restreintes le 27/06/2025 conformément au Plan d’incitation à long terme 2023 de la société. La transaction est codée « A », ce qui signifie qu’il s’agit d’une attribution d’actions à 0 $ et non d’un achat sur le marché libre. Après l’attribution, la détention directe effective de Blystone passe à 236 314 actions. Cette attribution sera acquise le 27/06/2026, renforçant la participation du dirigeant et alignant les incitations de la direction avec celles des actionnaires. Aucun vente, exercice d’option ou transaction sur dérivés n’a été signalé dans ce dépôt.
Worthington Steel, Inc. (WS) hat ein Formular 4 eingereicht, das angibt, dass der Executive Chairman und Direktor John B. Blystone am 27.06.2025 17.065 eingeschränkte Stammaktien gemäß dem langfristigen Anreizplan 2023 des Unternehmens erhalten hat. Die Transaktion ist mit „A“ codiert, was bedeutet, dass es sich um eine Aktienzuteilung zu $0 handelt und nicht um einen Kauf am offenen Markt. Nach der Zuteilung steigt Blystones direktes wirtschaftliches Eigentum auf 236.314 Aktien. Die Zuteilung wird am 27.06.2026 fällig und stärkt die Beteiligung des Geschäftsführers am Unternehmen sowie die Ausrichtung der Anreize der Führungsebene auf die der Aktionäre. In dieser Meldung wurden keine Verkäufe, Optionsausübungen oder Derivatgeschäfte angegeben.
- Executive Chairman increased direct holdings by 17,065 shares, bringing his stake to 236,314 shares, enhancing insider alignment.
- Restricted stock vests in one year, providing a retention and performance incentive without immediate shareholder dilution.
- None.
Insights
TL;DR – 17,065-share restricted stock award adds to insider stake; neutral short-term impact.
The award increases the Executive Chairman’s direct ownership to 236,314 shares, but because it is a zero-cost grant rather than an open-market buy, near-term valuation impact is limited. Still, a larger equity position marginally improves alignment incentives, which can be viewed as a modest positive governance signal. No cash outflow or earnings effect is involved, so the market reaction is likely muted.
TL;DR – Standard annual equity grant; aligns pay with performance, limited strategic signal.
The use of restricted stock that vests after one year reflects common best practice for executive compensation, encouraging retention and long-term focus. The single-year cliff vest is shorter than multi-year tranches seen at larger peers, indicating a relatively near-term alignment horizon. Because the award is routine and represents a small percentage of outstanding shares, I classify the disclosure as not materially impactful for governance risk assessments.
Worthington Steel, Inc. (WS) ha presentato un Modulo 4 che indica che il Presidente Esecutivo e Direttore John B. Blystone ha ricevuto 17.065 azioni comuni vincolate il 27/06/2025 in base al Piano di Incentivi a Lungo Termine 2023 della società. La transazione è codificata come “A,” il che significa che si tratta di un assegnazione di azioni a $0 e non di un acquisto sul mercato aperto. Dopo l’assegnazione, la proprietà diretta effettiva di Blystone aumenta a 236.314 azioni. L’assegnazione maturerà il 27/06/2026, rafforzando la partecipazione azionaria del dirigente e allineando gli incentivi della leadership con quelli degli azionisti. In questa comunicazione non sono state riportate vendite, esercizi di opzioni o transazioni derivati.
Worthington Steel, Inc. (WS) ha presentado un Formulario 4 indicando que el Presidente Ejecutivo y Director John B. Blystone recibió 17,065 acciones comunes restringidas el 27/06/2025 conforme al Plan de Incentivos a Largo Plazo 2023 de la empresa. La transacción está codificada como “A,” lo que significa que es una adjudicación de acciones a $0 y no una compra en el mercado abierto. Tras la concesión, la propiedad directa beneficiaria de Blystone aumenta a 236,314 acciones. El premio consolidará el 27/06/2026, fortaleciendo la participación accionaria del ejecutivo y alineando los incentivos de la dirección con los de los accionistas. No se reportaron ventas, ejercicios de opciones ni transacciones con derivados en esta presentación.
Worthington Steel, Inc. (WS)는 임원 회장 겸 이사인 John B. Blystone가 2025년 6월 27일 회사의 2023년 장기 인센티브 계획에 따라 17,065개의 제한된 보통주를 수령했음을 나타내는 Form 4를 제출했습니다. 거래 코드는 “A”로, 이는 공개 시장에서의 구매가 아닌 $0에 부여된 주식 보상임을 의미합니다. 부여 후 Blystone의 직접 실질 소유주식은 236,314주로 증가합니다. 이 보상은 2026년 6월 27일에 베스팅되어 임원의 지분을 강화하고 경영진의 인센티브를 주주와 일치시킵니다. 이번 신고에서는 매도, 옵션 행사, 파생상품 거래가 보고되지 않았습니다.
Worthington Steel, Inc. (WS) a déposé un formulaire 4 indiquant que le Président exécutif et administrateur John B. Blystone a reçu 17 065 actions ordinaires restreintes le 27/06/2025 conformément au Plan d’incitation à long terme 2023 de la société. La transaction est codée « A », ce qui signifie qu’il s’agit d’une attribution d’actions à 0 $ et non d’un achat sur le marché libre. Après l’attribution, la détention directe effective de Blystone passe à 236 314 actions. Cette attribution sera acquise le 27/06/2026, renforçant la participation du dirigeant et alignant les incitations de la direction avec celles des actionnaires. Aucun vente, exercice d’option ou transaction sur dérivés n’a été signalé dans ce dépôt.
Worthington Steel, Inc. (WS) hat ein Formular 4 eingereicht, das angibt, dass der Executive Chairman und Direktor John B. Blystone am 27.06.2025 17.065 eingeschränkte Stammaktien gemäß dem langfristigen Anreizplan 2023 des Unternehmens erhalten hat. Die Transaktion ist mit „A“ codiert, was bedeutet, dass es sich um eine Aktienzuteilung zu $0 handelt und nicht um einen Kauf am offenen Markt. Nach der Zuteilung steigt Blystones direktes wirtschaftliches Eigentum auf 236.314 Aktien. Die Zuteilung wird am 27.06.2026 fällig und stärkt die Beteiligung des Geschäftsführers am Unternehmen sowie die Ausrichtung der Anreize der Führungsebene auf die der Aktionäre. In dieser Meldung wurden keine Verkäufe, Optionsausübungen oder Derivatgeschäfte angegeben.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,031
Registration Statement Nos. 333-275587; 333-275587-01
Dated July 1, 2025; Filed pursuant to Rule 433
Morgan Stanley
Worst-of INDU, NDX and RTY Dual Directional Trigger PLUS due August 3, 2028
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: |
Dow Jones Industrial AverageSM (INDU), Nasdaq-100 Index® (NDX) and Russell 2000® Index (RTY) |
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Maximum upside payment at maturity: |
$1,500 to $1,520 per security (150% to 152% of the stated principal amount) |
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Leverage factor: |
200% |
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Absolute return participation rate: |
100% |
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Downside threshold level: |
70% of the initial level for each underlier |
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Pricing date: |
July 31, 2025 |
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Observation date: |
July 31, 2028 |
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Maturity date: |
August 3, 2028 |
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CUSIP: |
61778NAA9 |
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Estimated value: |
$961.60 per security, or within $45.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035565/ms9031_424b2-19345.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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+80.00% |
$1,500.00* |
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+60.00% |
$1,500.00* |
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+40.00% |
$1,500.00* |
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+25.00% |
$1,500.00 |
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+20.00% |
$1,400.00 |
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+10.00% |
$1,200.00 |
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0.00% |
$1,000.00 |
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-20.00% |
$1,200.00 |
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-30.00% |
$1,300.00 |
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-31.00% |
$690.00 |
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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 maximum upside payment at maturity of $1,500 per security
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 appreciation potential of the securities is limited by the maximum upside payment at maturity.
●Any positive return on the securities that is based on the depreciation of the worst performing underlier is effectively capped.
●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.
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 Worthington Steel (WS) shares did Executive Chairman John B. Blystone acquire?
What is John B. Blystone’s total direct beneficial ownership after the transaction?
What transaction code appears in the Form 4 for this grant?
When will the restricted shares granted to Blystone vest?
Was any cash paid for the newly acquired shares?
