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[Form 4] Nerdy Inc. Insider Trading Activity

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4
Rhea-AI Filing Summary

Deutsche Bank AG is issuing $2.308 million of Senior Debt Funding Market Linked Notes tied to the S&P 500 Index. The seven-year notes (Trade Date 26-Jun-2025; Maturity 1-Jul-2032) offer 100% participation in any positive index return, capped at a 72.25% Maximum Gain (maximum payment $1,722.50 per $1,000 face). If the index return is flat or negative, investors receive only the principal at maturity.

The product is unsecured, unsubordinated and subject to Deutsche Bank credit and bail-in risk. Any resolution measure could write down or convert the notes, potentially causing a total loss. The notes will not be listed on any exchange.

Key economics: Issue price $1,000; issuer’s estimated value $944 (reflecting funding spread, hedging costs and agent commissions). Placement is through Deutsche Bank Securities and UBS; selling concession $35 per note. Minimum investment is $1,000.

Because the face amount is small relative to Deutsche Bank’s balance sheet, the issuance is not material to DB shareholders, but prospective noteholders should weigh market, credit and liquidity risks against the capped upside.

Deutsche Bank AG emette 2,308 milioni di dollari di Market Linked Notes di Debito Senior legati all'indice S&P 500. Le obbligazioni a sette anni (Data di negoziazione 26-giu-2025; Scadenza 1-lug-2032) offrono una partecipazione del 100% in qualsiasi rendimento positivo dell'indice, con un guadagno massimo limitato al 72,25% (pagamento massimo di 1.722,50 dollari per ogni 1.000 dollari nominali). Se il rendimento dell'indice è nullo o negativo, gli investitori riceveranno solo il capitale a scadenza.

Il prodotto è non garantito, non subordinato e soggetto al rischio di credito e bail-in di Deutsche Bank. Qualsiasi misura di risoluzione potrebbe ridurre o convertire le obbligazioni, causando potenzialmente una perdita totale. Le obbligazioni non saranno quotate in alcun mercato regolamentato.

Principali caratteristiche economiche: Prezzo di emissione 1.000 dollari; valore stimato dall’emittente 944 dollari (considerando lo spread di finanziamento, i costi di copertura e le commissioni degli agenti). Il collocamento avviene tramite Deutsche Bank Securities e UBS; commissione di vendita 35 dollari per obbligazione. Investimento minimo 1.000 dollari.

Poiché l'importo nominale è piccolo rispetto al bilancio di Deutsche Bank, l'emissione non è rilevante per gli azionisti di DB, ma i potenziali sottoscrittori devono valutare i rischi di mercato, credito e liquidità rispetto al potenziale guadagno limitato.

Deutsche Bank AG está emitiendo 2,308 millones de dólares en Notas de Deuda Senior Market Linked vinculadas al índice S&P 500. Las notas a siete años (Fecha de negociación 26-jun-2025; Vencimiento 1-jul-2032) ofrecen una participación del 100% en cualquier rendimiento positivo del índice, con una ganancia máxima limitada al 72,25% (pago máximo de 1,722.50 dólares por cada 1,000 dólares nominales). Si el rendimiento del índice es plano o negativo, los inversionistas solo recibirán el principal al vencimiento.

El producto es no garantizado, no subordinado y sujeto al riesgo de crédito y bail-in de Deutsche Bank. Cualquier medida de resolución podría reducir o convertir las notas, lo que podría causar una pérdida total. Las notas no estarán listadas en ninguna bolsa.

Aspectos económicos clave: Precio de emisión 1,000 dólares; valor estimado por el emisor 944 dólares (reflejando el diferencial de financiación, costos de cobertura y comisiones de agentes). La colocación se realiza a través de Deutsche Bank Securities y UBS; comisión de venta 35 dólares por nota. La inversión mínima es de 1,000 dólares.

Dado que el monto nominal es pequeño en relación con el balance de Deutsche Bank, la emisión no es material para los accionistas de DB, pero los posibles tenedores de notas deben evaluar los riesgos de mercado, crédito y liquidez frente al potencial limitado de ganancia.

Deutsche Bank AG는 S&P 500 지수에 연동된 2,308만 달러 규모의 선순위 채무 시장 연계 노트를 발행합니다. 7년 만기 노트(거래일 2025년 6월 26일; 만기 2032년 7월 1일)는 지수의 긍정적 수익에 대해 100% 참여를 제공하며, 최대 수익률은 72.25%로 제한됩니다(액면 1,000달러당 최대 지급액 1,722.50달러). 지수 수익률이 변동 없거나 부정적일 경우, 투자자는 만기 시 원금만 받게 됩니다.

본 상품은 무담보, 비후순위이며 Deutsche Bank의 신용 및 베일인 위험에 노출되어 있습니다. 어떠한 구조조정 조치도 노트를 감액하거나 전환할 수 있어 전액 손실이 발생할 수 있습니다. 노트는 어떤 거래소에도 상장되지 않습니다.

주요 경제 조건: 발행가 1,000달러; 발행사 추정 가치 944달러(자금 조달 스프레드, 헤지 비용 및 대리인 수수료 반영). 배치는 Deutsche Bank Securities와 UBS를 통해 이루어지며, 판매 수수료는 노트당 35달러입니다. 최소 투자 금액은 1,000달러입니다.

액면 금액이 Deutsche Bank의 재무 상태에 비해 작기 때문에 이번 발행은 DB 주주에게는 중요하지 않으나, 잠재 투자자는 제한된 상승 가능성 대비 시장, 신용 및 유동성 위험을 신중히 고려해야 합니다.

Deutsche Bank AG émet pour 2,308 millions de dollars des Market Linked Notes de dette senior liées à l'indice S&P 500. Les notes à sept ans (date de transaction 26 juin 2025 ; échéance 1er juillet 2032) offrent une participation de 100 % à tout rendement positif de l'indice, plafonnée à un gain maximal de 72,25 % (paiement maximal de 1 722,50 dollars par tranche de 1 000 dollars de nominal). Si le rendement de l'indice est nul ou négatif, les investisseurs ne reçoivent que le principal à l'échéance.

Le produit est non garanti, non subordonné et sujet au risque de crédit et de bail-in de Deutsche Bank. Toute mesure de résolution pourrait réduire ou convertir les notes, entraînant potentiellement une perte totale. Les notes ne seront pas cotées en bourse.

Principaux éléments économiques : prix d'émission 1 000 dollars ; valeur estimée par l'émetteur 944 dollars (tenant compte de l'écart de financement, des coûts de couverture et des commissions des agents). Le placement est effectué par Deutsche Bank Securities et UBS ; commission de vente de 35 dollars par note. Investissement minimum de 1 000 dollars.

Étant donné que le montant nominal est faible par rapport au bilan de Deutsche Bank, l'émission n'est pas significative pour les actionnaires de DB, mais les investisseurs potentiels doivent peser les risques de marché, de crédit et de liquidité face au potentiel de gain plafonné.

Deutsche Bank AG gibt Senior Debt Funding Market Linked Notes im Wert von 2,308 Millionen US-Dollar aus, die an den S&P 500 Index gekoppelt sind. Die siebenjährigen Notes (Handelsdatum 26. Juni 2025; Fälligkeit 1. Juli 2032) bieten eine 100%ige Beteiligung an positiven Indexrenditen, begrenzt auf einen maximalen Gewinn von 72,25% (maximale Auszahlung 1.722,50 USD pro 1.000 USD Nennwert). Bei einem negativen oder stagnierenden Indexertrag erhalten Anleger nur das Kapital bei Fälligkeit zurück.

Das Produkt ist unbesichert, nicht nachrangig und dem Kredit- und Bail-in-Risiko der Deutschen Bank unterworfen. Jede Abwicklungsmaßnahme könnte die Notes abschreiben oder umwandeln, was zu einem Totalverlust führen kann. Die Notes werden nicht an einer Börse notiert sein.

Wesentliche wirtschaftliche Eckdaten: Ausgabepreis 1.000 USD; geschätzter Wert des Emittenten 944 USD (unter Berücksichtigung von Finanzierungsspanne, Absicherungskosten und Vermittlerprovisionen). Die Platzierung erfolgt über Deutsche Bank Securities und UBS; Verkaufsprovision 35 USD pro Note. Mindestanlage 1.000 USD.

Da der Nennbetrag im Verhältnis zur Bilanz der Deutschen Bank gering ist, ist die Emission für DB-Aktionäre nicht wesentlich, aber potenzielle Anleger sollten Markt-, Kredit- und Liquiditätsrisiken gegen die begrenzte Aufwärtschance abwägen.

Positive
  • None.
Negative
  • None.

Insights

TL;DR

Principal-protected note with 72.25% upside cap; issuer credit and bail-in risk dominate; estimated value 5.6% below issue price.

The note delivers equity-linked exposure with limited complexity: 100% participation, no downside below par, and a seven-year tenor. Investors effectively exchange uncapped equity returns for principal protection plus a sizeable upside cap. The 72.25% cap translates to a 7.8% simple annualised return if realised, but equity markets historically compound at lower rates net of volatility, so payoff symmetry is acceptable for conservative profiles.

Issuer creditworthiness is the primary risk. Deutsche Bank remains investment-grade, yet its bail-in framework means holders rank behind senior depositors if resolution tools are triggered. Secondary market liquidity will likely be thin, and the $56 discount between issue price and estimated value embeds a significant fee load and funding spread.

TL;DR

$2.3 million issuance is immaterial to DB; structure underscores ongoing shift to loss-absorbing funding.

The tiny size relative to Deutsche Bank’s €1.3 trillion balance sheet means no meaningful impact on leverage or liquidity metrics. However, the note helps the bank meet MREL/TLAC requirements by issuing senior non-preferred debt explicitly subject to resolution measures. Such instruments incrementally strengthen regulatory capital buffers but do not move the needle on overall funding costs. For equity investors, the transaction is neutral; for note investors, credit and regulatory write-down risk remain salient.

Deutsche Bank AG emette 2,308 milioni di dollari di Market Linked Notes di Debito Senior legati all'indice S&P 500. Le obbligazioni a sette anni (Data di negoziazione 26-giu-2025; Scadenza 1-lug-2032) offrono una partecipazione del 100% in qualsiasi rendimento positivo dell'indice, con un guadagno massimo limitato al 72,25% (pagamento massimo di 1.722,50 dollari per ogni 1.000 dollari nominali). Se il rendimento dell'indice è nullo o negativo, gli investitori riceveranno solo il capitale a scadenza.

Il prodotto è non garantito, non subordinato e soggetto al rischio di credito e bail-in di Deutsche Bank. Qualsiasi misura di risoluzione potrebbe ridurre o convertire le obbligazioni, causando potenzialmente una perdita totale. Le obbligazioni non saranno quotate in alcun mercato regolamentato.

Principali caratteristiche economiche: Prezzo di emissione 1.000 dollari; valore stimato dall’emittente 944 dollari (considerando lo spread di finanziamento, i costi di copertura e le commissioni degli agenti). Il collocamento avviene tramite Deutsche Bank Securities e UBS; commissione di vendita 35 dollari per obbligazione. Investimento minimo 1.000 dollari.

Poiché l'importo nominale è piccolo rispetto al bilancio di Deutsche Bank, l'emissione non è rilevante per gli azionisti di DB, ma i potenziali sottoscrittori devono valutare i rischi di mercato, credito e liquidità rispetto al potenziale guadagno limitato.

Deutsche Bank AG está emitiendo 2,308 millones de dólares en Notas de Deuda Senior Market Linked vinculadas al índice S&P 500. Las notas a siete años (Fecha de negociación 26-jun-2025; Vencimiento 1-jul-2032) ofrecen una participación del 100% en cualquier rendimiento positivo del índice, con una ganancia máxima limitada al 72,25% (pago máximo de 1,722.50 dólares por cada 1,000 dólares nominales). Si el rendimiento del índice es plano o negativo, los inversionistas solo recibirán el principal al vencimiento.

El producto es no garantizado, no subordinado y sujeto al riesgo de crédito y bail-in de Deutsche Bank. Cualquier medida de resolución podría reducir o convertir las notas, lo que podría causar una pérdida total. Las notas no estarán listadas en ninguna bolsa.

Aspectos económicos clave: Precio de emisión 1,000 dólares; valor estimado por el emisor 944 dólares (reflejando el diferencial de financiación, costos de cobertura y comisiones de agentes). La colocación se realiza a través de Deutsche Bank Securities y UBS; comisión de venta 35 dólares por nota. La inversión mínima es de 1,000 dólares.

Dado que el monto nominal es pequeño en relación con el balance de Deutsche Bank, la emisión no es material para los accionistas de DB, pero los posibles tenedores de notas deben evaluar los riesgos de mercado, crédito y liquidez frente al potencial limitado de ganancia.

Deutsche Bank AG는 S&P 500 지수에 연동된 2,308만 달러 규모의 선순위 채무 시장 연계 노트를 발행합니다. 7년 만기 노트(거래일 2025년 6월 26일; 만기 2032년 7월 1일)는 지수의 긍정적 수익에 대해 100% 참여를 제공하며, 최대 수익률은 72.25%로 제한됩니다(액면 1,000달러당 최대 지급액 1,722.50달러). 지수 수익률이 변동 없거나 부정적일 경우, 투자자는 만기 시 원금만 받게 됩니다.

본 상품은 무담보, 비후순위이며 Deutsche Bank의 신용 및 베일인 위험에 노출되어 있습니다. 어떠한 구조조정 조치도 노트를 감액하거나 전환할 수 있어 전액 손실이 발생할 수 있습니다. 노트는 어떤 거래소에도 상장되지 않습니다.

주요 경제 조건: 발행가 1,000달러; 발행사 추정 가치 944달러(자금 조달 스프레드, 헤지 비용 및 대리인 수수료 반영). 배치는 Deutsche Bank Securities와 UBS를 통해 이루어지며, 판매 수수료는 노트당 35달러입니다. 최소 투자 금액은 1,000달러입니다.

액면 금액이 Deutsche Bank의 재무 상태에 비해 작기 때문에 이번 발행은 DB 주주에게는 중요하지 않으나, 잠재 투자자는 제한된 상승 가능성 대비 시장, 신용 및 유동성 위험을 신중히 고려해야 합니다.

Deutsche Bank AG émet pour 2,308 millions de dollars des Market Linked Notes de dette senior liées à l'indice S&P 500. Les notes à sept ans (date de transaction 26 juin 2025 ; échéance 1er juillet 2032) offrent une participation de 100 % à tout rendement positif de l'indice, plafonnée à un gain maximal de 72,25 % (paiement maximal de 1 722,50 dollars par tranche de 1 000 dollars de nominal). Si le rendement de l'indice est nul ou négatif, les investisseurs ne reçoivent que le principal à l'échéance.

Le produit est non garanti, non subordonné et sujet au risque de crédit et de bail-in de Deutsche Bank. Toute mesure de résolution pourrait réduire ou convertir les notes, entraînant potentiellement une perte totale. Les notes ne seront pas cotées en bourse.

Principaux éléments économiques : prix d'émission 1 000 dollars ; valeur estimée par l'émetteur 944 dollars (tenant compte de l'écart de financement, des coûts de couverture et des commissions des agents). Le placement est effectué par Deutsche Bank Securities et UBS ; commission de vente de 35 dollars par note. Investissement minimum de 1 000 dollars.

Étant donné que le montant nominal est faible par rapport au bilan de Deutsche Bank, l'émission n'est pas significative pour les actionnaires de DB, mais les investisseurs potentiels doivent peser les risques de marché, de crédit et de liquidité face au potentiel de gain plafonné.

Deutsche Bank AG gibt Senior Debt Funding Market Linked Notes im Wert von 2,308 Millionen US-Dollar aus, die an den S&P 500 Index gekoppelt sind. Die siebenjährigen Notes (Handelsdatum 26. Juni 2025; Fälligkeit 1. Juli 2032) bieten eine 100%ige Beteiligung an positiven Indexrenditen, begrenzt auf einen maximalen Gewinn von 72,25% (maximale Auszahlung 1.722,50 USD pro 1.000 USD Nennwert). Bei einem negativen oder stagnierenden Indexertrag erhalten Anleger nur das Kapital bei Fälligkeit zurück.

Das Produkt ist unbesichert, nicht nachrangig und dem Kredit- und Bail-in-Risiko der Deutschen Bank unterworfen. Jede Abwicklungsmaßnahme könnte die Notes abschreiben oder umwandeln, was zu einem Totalverlust führen kann. Die Notes werden nicht an einer Börse notiert sein.

Wesentliche wirtschaftliche Eckdaten: Ausgabepreis 1.000 USD; geschätzter Wert des Emittenten 944 USD (unter Berücksichtigung von Finanzierungsspanne, Absicherungskosten und Vermittlerprovisionen). Die Platzierung erfolgt über Deutsche Bank Securities und UBS; Verkaufsprovision 35 USD pro Note. Mindestanlage 1.000 USD.

Da der Nennbetrag im Verhältnis zur Bilanz der Deutschen Bank gering ist, ist die Emission für DB-Aktionäre nicht wesentlich, aber potenzielle Anleger sollten Markt-, Kredit- und Liquiditätsrisiken gegen die begrenzte Aufwärtschance abwägen.

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*
Swenson Christopher C.

(Last) (First) (Middle)
8001 FORSYTH BLVD., SUITE 1050

(Street)
ST. LOUIS MO 63105

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Nerdy Inc. [ NRDY ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Legal Officer
3. Date of Earliest Transaction (Month/Day/Year)
06/16/2025
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)
Code V Amount (A) or (D) Price
Class A Common Stock 06/16/2025 S 17,718(1) D $1.61 1,594,670(2) 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. Open market sale of shares to cover taxes due as a result of the vesting of 40,585 restricted stock units. All of the shares reported as disposed of in this Form 4 were automatically sold pursuant to the Issuer's sell-to-cover program to satisfy federal and state tax withholding obligations of the Reporting Person resulting from the vesting and settlement of RSUs.
2. Represents 971,648 shares of Class A Common Stock and 623,022 restricted stock units.
Remarks:
/s/ Thomas Lynn, Attorney-in-Fact 06/18/2025
** 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.

FAQ

What is the maximum potential return on Deutsche Bank's Market Linked Notes (DB)?

The notes cap upside at 72.25%, equating to a maximum payment of $1,722.50 per $1,000 face value at maturity.

Do the notes offer principal protection?

Yes. If the S&P 500 return is zero or negative, investors receive the full $1,000 face amount at maturity.

What credit risks apply to these Deutsche Bank notes?

The notes are unsecured senior obligations and subject to bail-in resolution measures; a write-down or conversion could cause partial or total loss.

Why is the issuer’s estimated value ($944) below the issue price ($1,000)?

The difference reflects agent commissions, funding spread and hedging costs embedded in the pricing.

Will the notes be listed on an exchange?

No. The notes will not be exchange-listed, and secondary market liquidity is expected to be limited.
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ST. LOUIS