Exhibit 10.2

Morgan Stanley
1585 Broadway
New York, New York 10036

Invesco Ltd.

1555 Peachtree Street NE

Atlanta, Georgia 30309

 

May 28, 2010

 

Re:      Transaction Agreement/Consideration Mix

 

            In connection with the Transaction Agreement (as amended from time
to time, the “Agreement”) dated as of October 19, 2009, between Invesco Ltd., a
Bermuda company (“Buyer”), and Morgan Stanley, a Delaware corporation
(“Seller”), each of Buyer and Seller hereby agrees as follows:

1.      The definition of “Aggregate Cash Consideration” in Section 1.01(a) of
the Agreement is amended and restated in its entirety to read as follows:

 

            ““Aggregate Cash Consideration” means $800,000,000.”

 

2.      The definition of “Aggregate Equity Consideration” in Section 1.01(a) of
the Agreement is amended to replace each reference to “44,130,627 shares” in
such definition with “30,891,439 shares”.

 

3.      The references to “one-third” in Sections 2.05(a)(i) and 2.05(b)(i)
shall each be deemed replaced with “eight-fifteenths”.

 

4.      Unless otherwise noted, any capitalized term that is used, but not
defined, in this letter agreement shall have the meaning set forth in the
Agreement.  Sections 13.01 through 13.10 and Section 13.12 are hereby
incorporated by reference into this letter agreement, mutatis mutandis.  This
letter agreement shall be deemed to be an amendment of the Agreement in
compliance with Section 13.02 thereof.

 

[Signature page follows]

 

--------------------------------------------------------------------------------

 

            IN WITNESS WHEREOF, the parties hereto have caused this letter
agreement to be signed by their respective authorized representatives.

 

INVESCO LTD.

By:

/s/ Loren M. Starr

Name:  Loren M. Starr

Title:    Chief Financial Officer and Senior Managing Director

 

MORGAN STANLEY

By:

/s/ Stuart Bohart

Name:  Stuart Bohart

Title:    Authorized Person

 

 

 

 

 

                                                                                                                                                                                                                                                                       

 

--------------------------------------------------------------------------------