[FWP] Royal Bank of Canada Free Writing Prospectus
BXP, Inc. (BXP) – Form 4 filing dated 07/01/2025 details a routine equity-based compensation transaction for non-employee director Mary E. Kipp. On 06/30/2025 she acquired 398.57 Phantom Stock Units (Transaction Code “A”) at a reference price of $67.47 under the company’s 2021 Stock Incentive Plan. Phantom units convert to BXP common shares on a one-for-one basis upon the director’s retirement, with flexible lump-sum or 10-year installment settlement options. The filing also notes that 90.91 of the reported units reflect dividend-equivalent credits received on 04/30/2025. Following the award, Kipp’s total derivative holdings under the plan rise to 6,401.14 phantom units, all held directly. No open-market cash purchase or sale of BXP common stock occurred, and there were no changes reported in non-derivative share ownership.
The disclosure represents standard board compensation and modestly strengthens director-shareholder alignment but carries limited market impact because it does not involve cash outlay or immediate share issuance.
BXP, Inc. (BXP) – Comunicazione Form 4 del 01/07/2025 descrive una normale transazione di compenso azionario per la consigliera non dipendente Mary E. Kipp. Il 30/06/2025 ha acquisito 398,57 Phantom Stock Units (Codice Transazione “A”) a un prezzo di riferimento di 67,47$ nell’ambito del Piano di Incentivi Azionari 2021 dell’azienda. Le phantom units si convertono in azioni ordinarie BXP in rapporto uno a uno al momento del pensionamento della consigliera, con opzioni flessibili di liquidazione in un’unica soluzione o in 10 rate annuali. La comunicazione segnala inoltre che 90,91 unità riportate rappresentano crediti equivalenti a dividendi ricevuti il 30/04/2025. Dopo l’assegnazione, il totale delle partecipazioni derivate di Kipp nel piano sale a 6.401,14 phantom units, tutte detenute direttamente. Non si sono verificate compravendite in contanti sul mercato aperto di azioni ordinarie BXP, né variazioni nella proprietà di azioni non derivate.
La comunicazione rappresenta una normale remunerazione del consiglio e rafforza moderatamente l’allineamento tra consiglieri e azionisti, ma ha un impatto limitato sul mercato poiché non comporta esborso di denaro né emissione immediata di azioni.
BXP, Inc. (BXP) – Presentación Formulario 4 con fecha 01/07/2025 detalla una transacción rutinaria de compensación basada en acciones para la directora externa Mary E. Kipp. El 30/06/2025 adquirió 398,57 Unidades de Acciones Fantasma (Código de Transacción “A”) a un precio de referencia de $67,47 bajo el Plan de Incentivos de Acciones 2021 de la compañía. Las unidades fantasma se convierten en acciones ordinarias de BXP a razón de una por una al momento de la jubilación de la directora, con opciones flexibles de liquidación en suma global o en 10 cuotas anuales. La presentación también indica que 90,91 de las unidades reportadas corresponden a créditos equivalentes a dividendos recibidos el 30/04/2025. Tras la asignación, la tenencia total de derivados de Kipp bajo el plan asciende a 6.401,14 unidades fantasma, todas en propiedad directa. No hubo compras ni ventas en efectivo en el mercado abierto de acciones ordinarias BXP, ni cambios en la propiedad de acciones no derivadas.
La divulgación representa una compensación estándar del consejo y fortalece modestamente la alineación entre directoras y accionistas, pero tiene un impacto limitado en el mercado porque no implica desembolso en efectivo ni emisión inmediata de acciones.
BXP, Inc. (BXP) – 2025년 7월 1일자 Form 4 제출은 비임원 이사 Mary E. Kipp에 대한 일상적인 주식 기반 보상 거래를 상세히 설명합니다. 2025년 6월 30일 그녀는 회사의 2021년 주식 인센티브 플랜에 따라 기준 가격 $67.47에 398.57 팬텀 스톡 유닛(거래 코드 “A”)을 취득했습니다. 팬텀 유닛은 이사의 퇴직 시 1:1 비율로 BXP 보통주로 전환되며, 일시불 또는 10년 분할 지급 옵션이 있습니다. 제출서에는 2025년 4월 30일에 받은 배당금 상당 크레딧 90.91 유닛도 포함되어 있습니다. 수여 후 Kipp의 플랜 내 파생 보유량은 6,401.14 팬텀 유닛으로 모두 직접 보유 중입니다. BXP 보통주의 공개 시장 현금 매매는 없었으며, 비파생 주식 보유에도 변동이 없었습니다.
이 공시는 표준 이사회 보상이며 이사와 주주 간의 정렬을 다소 강화하지만 시장에 미치는 영향은 제한적입니다. 현금 지출이나 즉각적인 주식 발행이 없기 때문입니다.
BXP, Inc. (BXP) – Dépôt du formulaire 4 daté du 01/07/2025 détaille une opération courante de rémunération en actions pour la directrice externe Mary E. Kipp. Le 30/06/2025, elle a acquis 398,57 unités d’actions fantômes (code transaction « A ») à un prix de référence de 67,47 $ dans le cadre du Plan d’incitation en actions 2021 de la société. Les unités fantômes se convertissent en actions ordinaires BXP à raison d’une pour une lors du départ à la retraite de la directrice, avec des options de règlement flexibles en versement unique ou en 10 annuités. Le dépôt précise également que 90,91 des unités déclarées correspondent à des crédits équivalents aux dividendes reçus le 30/04/2025. Après cette attribution, la détention totale de dérivés de Kipp dans le plan s’élève à 6 401,14 unités fantômes, toutes détenues directement. Aucune transaction en espèces sur le marché libre d’actions ordinaires BXP n’a eu lieu, et aucun changement dans la détention d’actions non dérivées n’a été signalé.
Cette divulgation représente une rémunération standard du conseil d’administration et renforce modestement l’alignement entre les directeurs et les actionnaires, mais elle a un impact limité sur le marché car elle n’implique ni sortie de trésorerie ni émission immédiate d’actions.
BXP, Inc. (BXP) – Form 4 Einreichung vom 01.07.2025 beschreibt eine routinemäßige aktienbasierte Vergütungstransaktion für die nicht geschäftsführende Direktorin Mary E. Kipp. Am 30.06.2025 erwarb sie 398,57 Phantom Stock Units (Transaktionscode „A“) zu einem Referenzpreis von 67,47 $ im Rahmen des Aktienanreizplans 2021 des Unternehmens. Phantom Units werden bei Ausscheiden der Direktorin eins zu eins in BXP-Stammaktien umgewandelt, mit flexiblen Optionen zur Einmalzahlung oder 10-jährigen Ratenzahlungen. Die Einreichung weist zudem darauf hin, dass 90,91 der gemeldeten Einheiten Dividendenäquivalente sind, die am 30.04.2025 gutgeschrieben wurden. Nach der Zuteilung erhöht sich Kipps Gesamtbestand an derivativen Einheiten im Plan auf 6.401,14 Phantom Units, alle direkt gehalten. Es gab keine Käufe oder Verkäufe von BXP-Stammaktien auf dem freien Markt und keine Änderungen im Besitz nicht-derivativer Aktien.
Die Offenlegung stellt eine standardmäßige Vorstandsvergütung dar und stärkt die Ausrichtung zwischen Direktorin und Aktionären leicht, hat jedoch eine begrenzte Auswirkung auf den Markt, da keine Barausgaben oder sofortige Aktienausgabe erfolgen.
- Director increased notional equity stake by 398.57 phantom units, reinforcing long-term alignment with shareholders.
- None.
Insights
TL;DR — Routine phantom-unit grant; aligns director incentives, negligible market impact.
The Form 4 confirms Mary E. Kipp’s election to take board fees in equity form, adding 398.57 phantom units and lifting her notional stake to 6,401.14 units. Because phantom stock vests only at retirement and involves no current cash purchase, the transaction is non-dilutive and signals neither bullish nor bearish sentiment. It nonetheless modestly increases long-term alignment between the director and shareholders. No red flags emerge regarding insider dispositions, option exercises, or accelerated awards. From an investor’s perspective, the filing is informational rather than catalytic and should not materially influence valuation or liquidity.
BXP, Inc. (BXP) – Comunicazione Form 4 del 01/07/2025 descrive una normale transazione di compenso azionario per la consigliera non dipendente Mary E. Kipp. Il 30/06/2025 ha acquisito 398,57 Phantom Stock Units (Codice Transazione “A”) a un prezzo di riferimento di 67,47$ nell’ambito del Piano di Incentivi Azionari 2021 dell’azienda. Le phantom units si convertono in azioni ordinarie BXP in rapporto uno a uno al momento del pensionamento della consigliera, con opzioni flessibili di liquidazione in un’unica soluzione o in 10 rate annuali. La comunicazione segnala inoltre che 90,91 unità riportate rappresentano crediti equivalenti a dividendi ricevuti il 30/04/2025. Dopo l’assegnazione, il totale delle partecipazioni derivate di Kipp nel piano sale a 6.401,14 phantom units, tutte detenute direttamente. Non si sono verificate compravendite in contanti sul mercato aperto di azioni ordinarie BXP, né variazioni nella proprietà di azioni non derivate.
La comunicazione rappresenta una normale remunerazione del consiglio e rafforza moderatamente l’allineamento tra consiglieri e azionisti, ma ha un impatto limitato sul mercato poiché non comporta esborso di denaro né emissione immediata di azioni.
BXP, Inc. (BXP) – Presentación Formulario 4 con fecha 01/07/2025 detalla una transacción rutinaria de compensación basada en acciones para la directora externa Mary E. Kipp. El 30/06/2025 adquirió 398,57 Unidades de Acciones Fantasma (Código de Transacción “A”) a un precio de referencia de $67,47 bajo el Plan de Incentivos de Acciones 2021 de la compañía. Las unidades fantasma se convierten en acciones ordinarias de BXP a razón de una por una al momento de la jubilación de la directora, con opciones flexibles de liquidación en suma global o en 10 cuotas anuales. La presentación también indica que 90,91 de las unidades reportadas corresponden a créditos equivalentes a dividendos recibidos el 30/04/2025. Tras la asignación, la tenencia total de derivados de Kipp bajo el plan asciende a 6.401,14 unidades fantasma, todas en propiedad directa. No hubo compras ni ventas en efectivo en el mercado abierto de acciones ordinarias BXP, ni cambios en la propiedad de acciones no derivadas.
La divulgación representa una compensación estándar del consejo y fortalece modestamente la alineación entre directoras y accionistas, pero tiene un impacto limitado en el mercado porque no implica desembolso en efectivo ni emisión inmediata de acciones.
BXP, Inc. (BXP) – 2025년 7월 1일자 Form 4 제출은 비임원 이사 Mary E. Kipp에 대한 일상적인 주식 기반 보상 거래를 상세히 설명합니다. 2025년 6월 30일 그녀는 회사의 2021년 주식 인센티브 플랜에 따라 기준 가격 $67.47에 398.57 팬텀 스톡 유닛(거래 코드 “A”)을 취득했습니다. 팬텀 유닛은 이사의 퇴직 시 1:1 비율로 BXP 보통주로 전환되며, 일시불 또는 10년 분할 지급 옵션이 있습니다. 제출서에는 2025년 4월 30일에 받은 배당금 상당 크레딧 90.91 유닛도 포함되어 있습니다. 수여 후 Kipp의 플랜 내 파생 보유량은 6,401.14 팬텀 유닛으로 모두 직접 보유 중입니다. BXP 보통주의 공개 시장 현금 매매는 없었으며, 비파생 주식 보유에도 변동이 없었습니다.
이 공시는 표준 이사회 보상이며 이사와 주주 간의 정렬을 다소 강화하지만 시장에 미치는 영향은 제한적입니다. 현금 지출이나 즉각적인 주식 발행이 없기 때문입니다.
BXP, Inc. (BXP) – Dépôt du formulaire 4 daté du 01/07/2025 détaille une opération courante de rémunération en actions pour la directrice externe Mary E. Kipp. Le 30/06/2025, elle a acquis 398,57 unités d’actions fantômes (code transaction « A ») à un prix de référence de 67,47 $ dans le cadre du Plan d’incitation en actions 2021 de la société. Les unités fantômes se convertissent en actions ordinaires BXP à raison d’une pour une lors du départ à la retraite de la directrice, avec des options de règlement flexibles en versement unique ou en 10 annuités. Le dépôt précise également que 90,91 des unités déclarées correspondent à des crédits équivalents aux dividendes reçus le 30/04/2025. Après cette attribution, la détention totale de dérivés de Kipp dans le plan s’élève à 6 401,14 unités fantômes, toutes détenues directement. Aucune transaction en espèces sur le marché libre d’actions ordinaires BXP n’a eu lieu, et aucun changement dans la détention d’actions non dérivées n’a été signalé.
Cette divulgation représente une rémunération standard du conseil d’administration et renforce modestement l’alignement entre les directeurs et les actionnaires, mais elle a un impact limité sur le marché car elle n’implique ni sortie de trésorerie ni émission immédiate d’actions.
BXP, Inc. (BXP) – Form 4 Einreichung vom 01.07.2025 beschreibt eine routinemäßige aktienbasierte Vergütungstransaktion für die nicht geschäftsführende Direktorin Mary E. Kipp. Am 30.06.2025 erwarb sie 398,57 Phantom Stock Units (Transaktionscode „A“) zu einem Referenzpreis von 67,47 $ im Rahmen des Aktienanreizplans 2021 des Unternehmens. Phantom Units werden bei Ausscheiden der Direktorin eins zu eins in BXP-Stammaktien umgewandelt, mit flexiblen Optionen zur Einmalzahlung oder 10-jährigen Ratenzahlungen. Die Einreichung weist zudem darauf hin, dass 90,91 der gemeldeten Einheiten Dividendenäquivalente sind, die am 30.04.2025 gutgeschrieben wurden. Nach der Zuteilung erhöht sich Kipps Gesamtbestand an derivativen Einheiten im Plan auf 6.401,14 Phantom Units, alle direkt gehalten. Es gab keine Käufe oder Verkäufe von BXP-Stammaktien auf dem freien Markt und keine Änderungen im Besitz nicht-derivativer Aktien.
Die Offenlegung stellt eine standardmäßige Vorstandsvergütung dar und stärkt die Ausrichtung zwischen Direktorin und Aktionären leicht, hat jedoch eine begrenzte Auswirkung auf den Markt, da keine Barausgaben oder sofortige Aktienausgabe erfolgen.
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Auto-Callable Fixed Coupon Buffer Notes Due August 1, 2030 | |
| PRODUCT CHARACTERISTICS |
| · | Fixed Coupons — If the Notes have not been automatically called, investors will receive a Fixed Coupon on each monthly Coupon Payment Date. |
| · | Call Feature — If, on any quarterly Call Observation Date beginning approximately one year following the Trade Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be automatically called for 100% of their principal amount plus the Fixed Coupon otherwise due. No further payments will be made on the Notes. |
| · | Contingent Return of Principal at Maturity — If the Notes are not automatically called and the Final Underlier Value is greater than or equal to the Buffer Value, at maturity, investors will receive the principal amount of their Notes plus the Fixed Coupon otherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the Buffer Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value in excess of the Buffer Percentage and will receive the Fixed Coupon otherwise due. |
| KEY TERMS | |
| Issuer: | Royal Bank of Canada (“RBC”) |
| CUSIP: | 78017PDD0 |
| Underlier: | The Bloomberg US Large Cap VolMax Index (Bloomberg symbol “BMAXUS”) |
| Trade Date: | July 28, 2025 |
| Issue Date: | July 31, 2025 |
| Valuation Date: | July 29, 2030 |
| Maturity Date: | August 1, 2030 |
| Payment of Fixed Coupons: | If the Notes have not been automatically called, investors will receive a Fixed Coupon on each Coupon Payment Date. |
| Fixed Coupon: | $6.25 per $1,000 principal amount of Notes (corresponding to a rate of 0.625% per month or 7.50% per annum) |
| Coupon Payment Dates: | Monthly |
| Call Feature: | If, on any Call Observation Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 plus the Fixed Coupon otherwise due. No further payments will be made on the Notes. |
| Call Observation Dates: | Quarterly, beginning approximately one year following the Trade Date |
| Call Settlement Date: | If the Notes are automatically called on any Call Observation Date, the Coupon Payment Date immediately following that Call Observation Date |
| KEY TERMS (continued) | |
| Payment at Maturity: |
If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to the Fixed Coupon otherwise due: · If the Final Underlier Value is greater than or equal to the Buffer Value: $1,000 · If the Final Underlier Value is less than the Buffer Value, an amount equal to: $1,000 + [$1,000 × (Underlier Return + Buffer Percentage)] If the Notes are not automatically called and the Final Underlier Value is less than the Buffer Value, you will lose some or a substantial portion of your principal amount at maturity. |
| Buffer Value: | 85% of the Initial Underlier Value |
| Buffer Percentage: | 15% |
| Underlier Return: | Final Underlier Value – Initial Underlier Value Initial Underlier Value |
| Initial Underlier Value: | The closing value of the Underlier on the Trade Date |
| Final Underlier Value: | The closing value of the Underlier on the Valuation Date |
This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes:
https://www.sec.gov/Archives/edgar/data/1000275/000095010325008225/dp230982_424b2-us2742bmax.htm
The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $875.00 and $925.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.
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Selected Risk Considerations
An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Selected Risk Considerations” section of the accompanying preliminary pricing supplement and the “Risk Factors” sections of the accompanying prospectus, prospectus supplement, underlying supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.
| · | You May Lose a Substantial Portion of the Principal Amount at Maturity. |
| · | You Will Not Participate in Any Appreciation of the Underlier, and Any Potential Return on the Notes Is Limited. |
| · | Your Return on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity. |
| · | The Notes Are Subject to an Automatic Call. |
| · | Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes. |
| · | The Final Payment on the Notes Will Be Determined Based on the Closing Values of the Underlier on the Dates Specified. |
| · | The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain. |
| · | There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses. |
| · | The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price. |
| · | The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date. |
| · | Our and Our Affiliates’ Business and Trading Activities May Create Conflicts of Interest. |
| · | RBCCM’s Role as Calculation Agent May Create Conflicts of Interest. |
| · | RBCCM Coordinated with the Index Sponsor in the Development of the Underlier. |
| · | You Will Not Have Any Rights to the Securities Included in the Underlying Index. |
| · | The Value of the Underlier Will Reflect a Notional Financing Cost, a 6% per Annum Deduction Factor and a Transaction Cost, in Each Case, Deducted Daily. |
| · | The Underlier May Not Be Successful or Outperform Any Alternative Strategy That Might Be Employed in Respect of the Underlying Index. |
| · | The Underlier May Not Approximate Its Target Volatility. |
| · | The Underlier Is Subject to Risks Associated with the Use of Significant Leverage. |
| · | The Underlier May Be Adversely Affected by a “Volatility Drag” Effect. |
| · | The Underlier Has a Limited Operating History and May Perform in Unanticipated Ways. |
| · | Hypothetical Back-Tested Data Relating to the Underlier Do Not Represent Actual Historical Data and Are Subject to Inherent Limitations. |
| · | The Notes Are Subject to Risks Relating to Non-U.S. Securities. |
| · | We May Accelerate the Notes If a Change-in-Law Event Occurs. |
| · | Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event. |
| · | Adjustments to the Underlier or the Underlying Index Could Adversely Affect Any Payments on the Notes. |
Royal Bank of Canada has filed a registration statement (including a product supplement, underlying supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.
As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.
Registration Statement No. 333-275898; filed pursuant to Rule 433
FAQ
What insider transaction did BXP director Mary E. Kipp report?
How many phantom units does Mary E. Kipp now hold in total?
Did the filing involve an open-market purchase of BXP common stock?
When will the phantom units convert to BXP shares?
What was the reference price assigned to the phantom units?
