Snap Inc SEC Filings

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is marketing three-year principal-protected market-linked notes tied to the S&P 500 Index (SPX) and the Dow Jones Industrial Average (INDU). The investor’s return is based solely on the worst performing index at the single observation date of July 28 2028.

Key Terms

• Stated principal: $1,000 per note
• Participation rate: 100 % of any index gain
• Maximum payment: 119 %–124 % of principal ($1,190–$1,240)
• Downside protection: payment will not be less than principal, regardless of index loss
• No periodic coupons or interim payments
• Pricing date: July 28 2025; Maturity: August 2 2028
• Estimated value: $951.90 (4.8 % below issue price) reflecting dealer costs and hedging

Risk Highlights

• Limited upside: gains are capped at 19 %–24 %; any index rise above this level is forgone.
• No interest: investors receive no income before maturity.
• Credit exposure: repayment depends on Morgan Stanley’s ability to pay.
• Worst-of structure: a decline in either index nullifies upside from the other.
• Liquidity: the notes are unlisted; secondary trading, if any, could be at a discount.
• Estimated value below par signals embedded fees; price transparency may be limited.

These notes may appeal to investors seeking full principal protection with modest equity upside over a three-year horizon, but they sacrifice dividend income, broader upside participation, and carry issuer credit and liquidity risk.

Snap Inc Chief Accounting Officer Rebecca Morrow reported a transaction dated June 16, 2025, involving the sale of 2,578 shares of Class A Common Stock at a weighted average price of $8.0375 per share.

The transaction was specifically executed to cover tax withholding obligations related to the settlement of restricted stock units (RSUs). The shares were sold in multiple transactions at prices ranging from $7.93 to $8.185 per share. Following the reported transaction, Morrow continues to hold 446,303 shares directly.

This Form 4 filing indicates a routine insider transaction for tax purposes rather than a discretionary sale, suggesting no significant change in the executive's overall position in the company. The transaction was executed under standard procedures for RSU settlements and tax obligations.

Snap Inc. (SNAP) – Form 4 insider transaction

Chief Financial Officer Derek Andersen reported the sale of 33,886 Class A shares on 16-Jun-2025 at a weighted-average price of $8.0403. The filing states the sale was executed solely to satisfy tax-withholding obligations arising from the vesting of restricted stock units (RSUs); it is therefore classified under Transaction Code “S” (open-market sale).

Following the transaction, Andersen continues to beneficially own 3,204,418 Class A shares, indicating he still retains a substantial economic stake in Snap. The price range for the multiple trades that produced the weighted average was $7.915 – $8.18; full breakdowns are available upon request, per standard SEC footnote language.

No derivative securities were reported in this filing, and there is no indication of a 10b5-1 trading plan check-box being marked. The Form 4 covers only one reporting person and one non-derivative transaction and does not include option exercises or new grants.

For investors, the key takeaway is that the disposal was administrative in nature (tax cover) rather than a discretionary reduction, limiting negative signalling. Nonetheless, any insider sale can attract attention, especially given SNAP’s share price levels in the mid-single digits.

Form 4 insider filing – Fiserv, Inc. (FI)

On 30 June 2025, director Charlotte Yarkoni elected to defer US$32,500 of board fees under Fiserv’s Non-Employee Director Deferred Compensation Plan. In exchange, she received 189 deferred-compensation notional units, calculated at the same-day closing share price of $172.41. Each unit represents the right to receive one share of Fiserv common stock after her board tenure ends.

• Transaction code: A (acquisition, non-open-market)
• Units acquired: 189
• Implied value: $32,500
• Post-transaction holdings: 1,100 notional units (direct ownership)
• Settlement: 1-for-1 share conversion upon separation

The filing reports no sales, option exercises, or other derivative activity. Because the transaction stems from fee deferral rather than discretionary share purchases, it does not signal a valuation call, yet it marginally increases equity alignment between the director and shareholders. Given Fiserv’s multibillion-dollar market capitalisation, the dollar value is immaterial to earnings or valuation models and is unlikely to affect trading sentiment. Investors may view the steady use of the deferred-fee program as normal governance practice rather than a catalyst.

Snap Inc's General Counsel Michael J. O'Sullivan reported multiple transactions on June 16, 2025:

• Sold 14,297 shares of Class A Common Stock at an average price of $8.0402 to cover tax withholding obligations related to RSU settlement
• Transferred 13,194 shares to a trust structure where he maintains investment power
• Following these transactions, O'Sullivan directly owns 2,084,329 shares and indirectly owns 534,984 shares through trust arrangements

The share sale prices ranged from $7.90 to $8.18 per share. The indirect holdings include 160 shares held by immediate family members, for which O'Sullivan disclaims beneficial ownership except for his indirect pecuniary interest. The transactions were reported through an attorney-in-fact on June 18, 2025.