Exhibit 10

 

(Certain confidential portions of this Exhibit have been omitted, as indicated
by a { * } in the text, and filed with the Commission.)

 

Amendment #10 to Services

Agreement

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Morgan Stanley (f/k/a Morgan Stanley Dean Witter & Co.), a corporation having a
place of business at 2500 Lake Cook Road, Riverwoods, Illinois (“MS”), and
International Business Machines Corporation (“IBM”), through its IBM Global
Services division, having its headquarters at Route 100, Somers, New York 10589,
agree that the following terms and conditions, effective January 1, 2003 (the
“Amendment’), amend and/or supplement the Services Agreement, dated July 1,
1999, between MSDW and IBM as previously amended (the “Agreement”). This
Amendment amends and/or supplements only the provision(s) of the Agreement
expressly identified below. Unless expressly amended and/or supplemented herein,
all terms defined in the Agreement shall have the same meaning in this
Amendment. All terms and conditions of the Agreement not otherwise expressly
amended and/or supplemented herein remain unchanged and in full force and
effect.

 

1.0 Amendment to Schedule C, Section 4.2 (Annual Service Charge and Monthly
Service Charge)

 

Table C-2 is hereby modified such that the Annual Services Charge for calendar
year 2003 is replaced with { * }. Additionally, Section 4.2(a)(ii) is replaced
for the calendar year 2003 with the following 2003 Monthly Service Charge table:

 

2003 Monthly Service Charge Table

 

Month

    

Monthly Service Charge

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

{ * }

    

{ * }

Total:

    

{ * }

 

2.0 Special Services Credits

 

IBM shall provide Morgan Stanley with the ability to earn service credits up to
a maximum amount in the aggregate of { * } (the “Special Credits”) to be
allocated for new IGS services

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Amendment #10 to Services

Agreement

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provided during { * }, provided such new IGS services are agreed upon by the
Parties as described herein (the “Eligible New Services”). { * }, shall not be
eligible for the Special Credits, but may be eligible { * }. All Eligible New
Services shall be agreed upon by the Parties via a directional committee that
will be established following the execution of this Amendment. Each party shall
have equal representation on this directional committee. { * }.

 

Special Credits must be earned and based upon directional committee approval
shall be provided for Eligible New Services provided by IBM during { * } as
follows:

 

{ * }

 

Maximum Special Credits

{ * }

 

{ * }

{ * }

 

{ * }

{ * }

 

{ * }

{ * }

 

{ * }

 

{ * }. The Special Credits shall be reflected as an offset to charges in any New
Services Amendment for Eligible New Services. Once agreed to, the Special
Credits shall be provided on the next monthly invoice for the Agreement and will
correspond with invoicing of charges for the Eligible New Services. Nothing in
this Section shall limit the directional committee’s ability to reallocate the
credits during { * }.

 

3.0 Amendment to Section 12.7 { * }

 

4.0 General

 

THE PARTIES ACKNOWLEDGE THAT THEY HAVE READ THIS AMENDMENT, UNDERSTAND IT, AND
AGREE TO BE BOUND BY ITS TERMS AND CONDITIONS.

 

Accepted by:

     

Accepted by:

         

International Business Machines Corporation

     

Morgan Stanley

         

By:

 

/S/    M.R. STEINHARTER

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By:

 

/S/    DANIEL P. PETROZZO

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Authorized Signature

         

Authorized Signature

M. R. Steinharter                                              2-24-03

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Daniel P. Petrozzo                                           2-21-03

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                        Date

     

Name (Type or Print)                                         
                        Date