Document:

Seventh Supplemental Senior Indenture, dated as of November 21, 2011

 EXHIBIT 4.4 

 
  
 SEVENTH SUPPLEMENTAL SENIOR INDENTURE 
 BETWEEN 

MORGAN STANLEY 

AND 
 THE BANK OF
NEW YORK MELLON 
 as successor to JPMorgan Chase Bank, N.A. (formerly known as 

JPMorgan Chase Bank), Trustee 
  

 
 Dated as of
November 21, 2011 
  
  

SUPPLEMENTAL TO SENIOR INDENTURE 
 DATED AS OF NOVEMBER 1, 2004 
  

 

 SEVENTH SUPPLEMENTAL SENIOR INDENTURE, dated as of November 21, 2011 (the “Seventh
Supplemental Senior Indenture”), between Morgan Stanley, a Delaware corporation (the “Issuer”), and The Bank of New York Mellon as successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as trustee (the
“Trustee”) and, for purposes of Article Two hereof, as Paying Agent (as defined below). Terms not defined herein shall have the meanings given to them pursuant to the Indenture, as defined below. 

W I T N E S S E T H: 
 WHEREAS, the Issuer and the Trustee are parties to that certain Senior Indenture dated as of November 1, 2004 (as supplemented by the First Supplemental Senior Indenture, dated as of
September 4, 2007, between the Issuer and the Trustee, the Second Supplemental Senior Indenture, dated as of January 4, 2008, between the Issuer and the Trustee, the Third Supplemental Senior Indenture, dated as of September 10, 2008,
between the Issuer and the Trustee, the Fourth Supplemental Senior Indenture, dated as of December 1, 2008, between the Issuer and the Trustee, the Fifth Supplemental Senior Indenture, dated as of April 1, 2009, between the Issuer and the
Trustee and the Sixth Supplemental Senior Indenture, dated as of September 16, 2011, between the Issuer and the Trustee, the “Indenture”); 
 WHEREAS, Section 8.01 of the Indenture provides that, without the consent of Holders of any Securities or Coupons, the Issuer, when authorized by a resolution of its Board of Directors, and the
Trustee may enter into indentures supplemental to the Indenture for the purpose of, among other things, making any provisions as the Issuer may deem necessary or desirable, subject to the conditions set forth therein and provided that no such
action shall adversely affect the interests of the Holders of the Securities or Coupons; 
 WHEREAS, the Issuer desires
(i) to add to and modify certain provisions of the Indenture to allow for the issuance of Registered Global Securities under the structure prescribed by the European Central Bank for securities to be potentially eligible to be pledged as
collateral in European central banking and monetary operations and (ii) to modify the conditions to the effectuation of Unregistered Securities in NGN form; 
 WHEREAS, the Issuer, pursuant to an agreement between the Issuer and Euroclear Bank S.A./N.V. and Clearstream Banking S.A. (the “ICSDs”) dated November 21, 2011, wishes to establish
procedures whereby the Trustee, acting through its corporate trust office in London, England, in its capacity as principal paying agent (the “Paying Agent”) for Securities issued under the Indenture outside the United States, will comply
with the requirements for paying agents established by the ICSDs with respect to global registered notes issued under the New Safekeeping Structure (the “NSS Notes”); 

  
 2 

 WHEREAS, the entry into this Seventh Supplemental Senior Indenture by the parties hereto is
in all respects authorized by the provisions of the Indenture; and 
 WHEREAS, all things necessary to make this Seventh
Supplemental Senior Indenture a valid indenture and agreement in accordance with its terms have been done. 
 NOW, THEREFORE,
for and in consideration of the premises, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Securities and of the Coupons, if any, appertaining thereto
as follows: 
 ARTICLE ONE 
 1.1. Application of Article One. The provisions of this Article One shall apply to (a) Holders of all Securities issued under the Indenture and Outstanding at the date hereof and (b) Holders of
any Securities that may be issued under the Indenture subsequent to the date hereof. 
 1.2. Amendment of Section 1.01.
Section 1.01 of the Indenture is hereby amended by: 
 (a) amending and restating the definition of “CSK” to read
in its entirety as follows: 
 ‘“CSK” means, with respect to Unregistered Securities issued in NGN form or
Registered Global Securities issued under the NSS, the entity appointed as common safe-keeper by Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme.’; 

(b) adding after the definition of “NGN form” a new defined term as follows: ‘“NSS” or “New
Safekeeping Structure” means the structure under which Registered Global Securities intended to be recognized as eligible collateral for Eurosystem monetary policy and intraday credit operations need be issued. Registered Global Securities
issued under the NSS shall be registered in the name of a nominee of the CSK and safekept by the CSK.’; 
 (c) amending and
restating the introductory clause of the definition of “Outstanding” to read as follows: 

‘“Outstanding” when used with reference to Securities, shall, subject to the provisions of Section 7.04, mean,
as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture (and, in the case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK), except’ 

  
 3 

 (d) amending and restating subsection (c) of the definition of “Outstanding”
to read in its entirety as follows: 
 ‘(c) Securities which shall have been paid or in substitution for which other
Securities shall have been authenticated and delivered (and, in the case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK) pursuant to the terms of Section 2.09 (except with respect to any such Security as to
which proof satisfactory to the Trustee is presented that such Security is held by a person in whose hands such Security is a legal, valid and binding obligation of the Issuer).’; and 

(e) amending and restating the definition of “Security” or “Securities” to read in its entirety as follows:

 ‘“Security” or “Securities” has the meaning stated in the first recital of this
Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Indenture (and, in the case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK).’ 

1.3. Amendment of Section 2.03. Section 2.03(o) is hereby amended and restated to read in its entirety as follows: 

“(o) whether the Securities of the series will be issuable as Registered Securities (and if so, whether such Securities will be
issuable as Registered Global Securities and under the NSS or not) or Unregistered Securities (with or without Coupons and in NGN form or not), or any combination of the foregoing, any restrictions applicable to the offer, sale, transfer, exchange
or delivery of Unregistered Securities or Registered Securities or the payment of interest thereon and, if other than as provided in Section 2.08, the terms upon which Unregistered Securities of any series may be exchanged for Registered
Securities of such series and vice versa;” 
 1.4. Amendment of Section 2.04. 

(i) Section 2.04(a) is hereby amended by deleting the first sentence thereof, and replacing it in its entirety with the following:
“The Issuer may deliver Securities of any series having attached thereto appropriate Coupons, if any, executed by the Issuer to the Trustee for authentication together with the applicable documents referred to below in this Section, and the
Trustee shall thereupon authenticate and deliver such Securities to or upon the order of the Issuer (contained in the Issuer Order referred to below in this Section) or pursuant to such procedures acceptable to the Trustee and to such recipients as
may be specified from time to time by an Issuer Order, and, if such Securities are issued in NGN form or issued under the NSS and such Issuer Order so specifies, shall instruct, or shall cause a paying agent therefor to instruct, the CSK to
effectuate such Securities.”; and 

  
 4 

 (ii) Section 2.04(a)(iv)(C) of the Indenture is hereby amended and restated to read in
its entirety as follows: 
 “(C) when the Securities and Coupons, if any, have been executed by the Issuer and
authenticated by the Trustee in accordance with the provisions of this Indenture, and, in the case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK, and delivered to and duly paid for by the purchasers thereof, they
will have been duly issued under this Indenture and will be valid and binding obligations of the Issuer, enforceable in accordance with their respective terms, and will be entitled to the benefits of this Indenture; and”. 

(iii) The penultimate paragraph of Section 2.04 of the Indenture is hereby amended and restated to read in its entirety as follows:

 “If the Issuer shall establish pursuant to Section 2.03 that the Securities of a series are to be issued in the
form of one or more Registered Global Securities, then the Issuer shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with respect to such series, authenticate and deliver, and, if such Securities are issued
under the NSS, shall instruct, or shall cause a paying agent therefor to instruct, the CSK to effectuate, one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal
amount of all of the Securities of such series issued and not yet cancelled, (ii) shall be registered in the name of the Depositary for such Registered Global Security or Securities or the nominee of such Depositary, (iii) shall be
delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in
definitive registered form, this Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or
any such nominee to a successor Depositary or a nominee of such successor Depositary.”” 
 1.5. Amendment of
Section 2.05. Section 2.05 of the Indenture is hereby amended by deleting the “.” after the last sentence of the first paragraph and adding thereafter the following: “and, in the case of any Security issued in NGN form or
issued under the NSS, effectuated by the CSK.” 
 1.6. Amendment of Section 2.06. Section 2.06 of the Indenture
is hereby amended and restated to read in its entirety as follows: 
 “Section 2.06. Certificate of Authentication;
Effectuation Instruction. Only such Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the 

  
 5 

 
manual signature of one of its authorized signatories, and shall be, in the case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK by the manual or facsimile
signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. No Coupon shall be entitled to the benefits of this Indenture or shall be valid and obligatory for any
purpose until the certificate of authentication on the Security to which such Coupon appertains shall have been duly executed by the Trustee, and, in the case of Securities issued in NGN form or issued under the NSS, such Security shall have been
effectuated by the CSK as aforesaid. The execution of the certificate of authentication by the Trustee upon any Security executed by the Issuer, and, in the case of Securities issued in NGN form or issued under the NSS, evidence via facsimile
transmission, electronic means or such other evidence in writing as may be acceptable to the Trustee of the execution by the CSK of the certificate of effectuation on such Security, shall be conclusive evidence that the Security so authenticated,
and effectuated if applicable, has been duly authenticated, and effectuated if applicable, and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.” 

1.7. Amendment of Section 2.08. Section 2.08 of the Indenture is hereby amended by: 

(a) deleting the “.”at the end of the second paragraph and adding thereafter the following: “; provided that, with respect
to any Registered Security or Registered Securities of any series to be issued under the NSS, the Trustee shall instruct, or shall cause a paying agent therefor to instruct, the CSK to effectuate such Registered Security or Registered Securities and
such Registered Securities shall have been effectuated by the CSK.” 
 (b) amending and restating the penultimate sentence
of the fourth paragraph to read in its entirety as follows: 
 “Whenever any Securities are so surrendered for exchange,
the Issuer shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive; provided, that with respect to any such Securities to be issued in NGN form or issued under the NSS,
the Trustee shall instruct or shall cause a paying agent therefor to instruct the CSK to effectuate such Securities and such Securities shall have been effectuated by the CSK.” 

1.8. Amendment of Section 2.09. Section 2.09 of the Indenture is hereby amended by: 

(a) amending and restating the first sentence of the first paragraph to read in its entirety as follows: 

“In case any temporary or definitive Security or any Coupon appertaining to any Security shall become mutilated, defaced or be
destroyed, lost or stolen, the 

  
 6 

 
Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series, maturity date,
interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of and in substitution for the Security so
destroyed, lost or stolen with Coupons corresponding to the Coupons appertaining to the Securities so mutilated, defaced, destroyed, lost or stolen, or in exchange or substitution for the Security to which such mutilated, defaced, destroyed, lost or
stolen Coupon appertained, with Coupons appertaining thereto corresponding to the Coupons so mutilated, defaced, destroyed, lost or stolen; provided, that with respect to any such Security to be issued in NGN form or issued under the NSS, the
Trustee shall instruct, or shall cause a paying agent to instruct, the CSK to effectuate such Security and such Security shall have been effectuated by the CSK.”; and 
 (b) in the first sentence of the third paragraph thereof after the phrase “of such series duly authenticated and delivered” and before the word “hereunder” inserting “(and, in the
case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK)”. 
 1.9. Amendment of
Section 2.11. Section 2.11 is hereby amended and restated in its entirety to read as follows: 
 “Section 2.11.
Temporary Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise
reproduced, in each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as Registered Securities without coupons, or as Unregistered Securities with or without coupons attached thereto, of any authorized
denomination, and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer with the concurrence of
the Trustee as evidenced by the execution and authentication, and, in the case of Temporary Securities issued in NGN form or issued under the NSS, effectuation thereof. Temporary Securities may contain such references to any provisions of this
Indenture as may be appropriate. Every Temporary Security shall be executed by the Issuer, be authenticated by the Trustee and, in the case of Temporary Securities issued in NGN form or issued under the NSS, the Trustee shall instruct, or shall
cause a paying agent to instruct, the CSK to effectuate such Temporary Security, upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute
and shall furnish definitive Securities of such series and thereupon temporary Registered Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose
pursuant to Section 3.02 and, in the case of Unregistered Securities, at any agency maintained by the Issuer for such purpose as specified pursuant to 

  
 7 

 
Section 2.03, and the Trustee shall authenticate and deliver, and, in the case of Temporary Securities issued in NGN form or issued under the NSS, instruct or cause a paying agent to
instruct the CSK to effectuate, in exchange for such temporary Securities of such series an equal aggregate principal amount of definitive Securities of the same series having authorized denominations and, in the case of Unregistered Securities,
having attached thereto any appropriate Coupons. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series, unless otherwise established pursuant to
Section 2.03. The provisions of this Section are subject to any restrictions or limitations on the issue and delivery of temporary Unregistered Securities of any series that may be established pursuant to Section 2.03 (including any
provision that Unregistered Securities of such series initially be issued in the form of a single global Unregistered Security to be delivered to a depositary or agency located outside the United States and the procedures pursuant to which
definitive or global Unregistered Securities of such series would be issued in exchange for such temporary global Unregistered Security).” 
 1.10. Amendment of Section 6.02. Section 6.02 is hereby amended by removing “and” at the end of Section 6.02(f) and adding “and” at the end of Section 6.02(g), and
Section 6.02(h) is hereby amended and restated to read in its entirety as follows: 
 “(h) neither the Trustee nor any
paying agent shall be liable for any failure on the part of the CSK to effectuate any Security issued in NGN form or under the NSS or for any failure on the part of the CSK to do so in a timely manner, unless it shall be proved that the Trustee or
the paying agent was negligent in instructing the CSK to effectuate any such Security in accordance with the applicable provision hereof; provided, that the Trustee or paying agent shall not be deemed to have acted with negligence if it shall
have given such instructions in the manner and by the time prescribed by the CSK, provided further that in the absence of any such prescribed manner or timing, the Trustee or paying agent shall be entitled to give, and shall incur no liability
hereunder if it shall give, such instructions by facsimile transmission (without any requirement for telephonic confirmation) to a telephone number provided by the CSK for such purpose or by email to an email address provided by the CSK for such
purpose and shall be protected in giving and shall incur no liability hereunder in giving such instructions no later than one Business Day after the applicable Security shall have been delivered to the Trustee for authentication.” 

1.11. Amendment of Section 6.14. The second sentence of the first paragraph of Section 6.14 is hereby amended and restated to
read in its entirety as follows: 
 “Securities of each such series authenticated by such Authenticating Agent, and, if
such Securities are issued in NGN form or issued under the NSS, effectuated by the CSK, shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee.” 

  
 8 

 1.12. Amendment of Section 8.05. The second sentence of Section 8.05 is hereby
amended and restated to read in its entirety as follows: 
 “If the Issuer or the Trustee shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the
Trustee, and, in the case of Securities issued in NGN form or issued under the NSS, effectuated by the CSK, and delivered in exchange for the Securities of such series then Outstanding.” 

1.13. Amendment of Section 12.03. The fourth paragraph of Section 12.03 is hereby amended and restated to read in its entirety
as follows: 
 “Upon presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall
authenticate and deliver to or on the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so
presented; provided, that with respect to any such new Security or Securities to be issued in NGN form or issued under the NSS, the Trustee shall instruct, or shall cause a paying agent to instruct, the CSK to effectuate such Security or Securities
and such Security or Securities shall have been effectuated by the CSK.” 
 ARTICLE TWO 

2.01. Additional Responsibilities of the Paying Agent regarding the NSS Notes 

(a) The Paying Agent will inform the ICSDs (through the common service provider (the “CSP”) appointed by the ICSDs to service
the NSS Notes) of the initial issue outstanding amount (“IOA”) for such NSS Notes on or prior to the applicable closing date; 
 (b) If any event occurs that requires a mark-up or mark-down of the records that an ICSD holds for its customers to reflect such customers’ interest in any NSS Note, the Paying Agent will promptly
provide details of the amount of such mark-up or mark-down, together with a description of the event that requires it, to the ICSDs (through the CSP); 
 (c) The Paying Agent will, prior to each payment on any NSS Note, compare its records of the IOA of any NSS Note with information received from the ICSDs (through the CSP) with respect to the records
reflecting the IOA maintained by the ICSDs for such NSS Note and will promptly inform the ICSDs (through the CSP) of any discrepancies; 

  
 9 

 (d) The Paying Agent will promptly assist the ICSDs (through the CSP) in resolving any
discrepancy identified in the records reflecting the IOA of any NSS Note; 
 (e) The Paying Agent will promptly provide to the
ICSDs (through the CSP) details of all amounts paid under any NSS Note (or, where such NSS Note provides for delivery of assets other than cash, of the assets so delivered); 
 (f) The Paying Agent will promptly provide to the ICSDs (through the CSP) notice of any changes to any NSS Note known to the Paying Agent that will affect the amount of, or date for, any payment due under
such NSS Note; 
 (g) The Paying Agent will promptly provide to the ICSDs (through the CSP) copies of all notices in its
possession that are given by or on behalf of the Issuer to the holders of any NSS Note; 
 (h) The Paying Agent will promptly
pass on to the Issuer all communications it receives from the ICSDs directly or through the CSP relating to any NSS Note. Any such notice shall be deemed to have been conclusively given by being sent by facsimile to the Issuer, Attention:
Treasurer’s Office, (212) 762-0337, and by being deposited postage prepaid, first class mail addressed (until another address of the Issuer is filed by the Issuer with the Paying Agent) to Morgan Stanley, 1585 Broadway, New York, New York
10036, Attention: Secretary; and 
 (i) The Paying Agent will promptly notify the ICSDs (through the CSP) of any failure by the
Issuer to make any payment or delivery due under any issuance of NSS Notes when due. 
 2.02. Certain Rights of the Paying
Agent. For avoidance of doubt, the rights, protections and exculpations available to the Trustee under the Indenture shall also be available to the Trustee in each of its capacities thereunder, including as Paying Agent. 

ARTICLE THREE 

3.01. Further Assurances. The Issuer will, upon request by the Trustee, execute and deliver such further instruments and do such further
acts as may reasonably be necessary or proper to carry out more effectively the purposes of this Seventh Supplemental Senior Indenture. 
 3.02. Other Terms of Indenture. Except insofar as herein otherwise expressly provided, all provisions, terms and conditions of the Indenture are in all respects ratified and confirmed and shall remain in
full force and effect. 
 3.03. Terms Defined. All terms defined elsewhere in the Indenture shall have the same meanings when
used herein. 

  
 10 

 3.04. Governing Law. This Seventh Supplemental Senior Indenture shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 

3.05. Counterparts. This Seventh Supplemental Senior Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument. 
 3.06. Responsibility of the
Trustee. The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Seventh
Supplemental Senior Indenture. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Senior
Indenture to be duly executed by the Issuer and the Trustee under their respective corporate seals as of the day and year first written above. 
  

					
	MORGAN STANLEY
		
	By:	 	/s/ John M. Ryan        
		 	Name:	 	John M. Ryan
		 	Title:	 	Assistant Treasurer

  

					
	Attest:
		
	By:	 	/s/ W. Gary Beeson        
		 	Name:	 	W. Gary Beeson
		 	Title:	 	Assistant Secretary and Counsel

  

					
	 THE BANK OF NEW YORK MELLON,
       as Trustee and, for purposes of Article

      Two hereof, as Paying Agent

		
	By:	 	/s/ Francine J. Kincaid        
		 	Name:	 	Francine J. Kincaid
		 	Title:	 	Vice President

  

					
	Attest:
		
	By:	 	/s/ Timothy W. Casey        
		 	Name:	 	Timothy W. Casey
		 	Title:	 	Vice President

  
 12 

  

			
	STATE OF NEW YORK	 	    )
		 	    ) ss.:
	COUNTY OF NEW YORK	 	    )

 On the 21st day of November, 2011, before me personally came John M. Ryan, to me known, who, being by me
duly sworn, did depose and say that he is an Assistant Treasurer of Morgan Stanley, one of the corporations described in and which executed the foregoing instrument; that he knows the corporate seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation, and that he signed his name thereto by like authority. 

 

	
	/s/ Cindy S. Buckholz        
	Notary Public

  
 13 

  

			
	STATE OF NEW YORK	 	    )
		 	    ) ss.:
	COUNTY OF NEW YORK	 	    )

 On the 21st day of November, 2011, before me personally came Francine J. Kincaid, to me known, who, being
by me duly sworn, did depose and say that she is a Vice President of The Bank of New York Mellon, one of the corporations described in and which executed the foregoing instrument; that she knows the corporate seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by authority of the Board of Directors of said corporation, and that she signed her name thereto by like authority. 

 

	
	/s/ Joel V. Beaver        
	Notary Public

  
 14Amended and Restated Trust Agreement dated as of October 18, 2011

 EXHIBIT 10.1 
 AMENDED AND RESTATED TRUST AGREEMENT 
 by and between 

MORGAN STANLEY 
 and 
 STATE STREET BANK AND TRUST COMPANY 

As of October 18, 2011 

 AMENDED AND RESTATED TRUST AGREEMENT 

Table of Contents 
  

							
	 Section
	  	Page	 
		
	 RECITALS
	  	 	1	  
	 1.
	  	Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . .	  	 	2	  
	 2.
	  	Payments to Trust Beneficiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	6	  
	 3.
	  	Trustee Responsibility Regarding Payments to a Trust Beneficiary When the Company or any Subsidiary is Insolvent . . 	  	 	8	  
	 4.
	  	Term of the Trust and Payments to Company in Connection with Termination of the Trust . . . . . . . . . . . . . . . . . . . . . . .	  	 	10	  
	 5.
	  	Investment of Trust Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	  	 	11	  
	 6.
	  	Accounting by Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	12	  
	 7.
	  	Responsibilities and Powers of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	13	  
	 8.
	  	Compensation and Expenses of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	  	 	16	  
	 9.
	  	Replacement of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	17	  
	 10.
	  	Amendment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. .	  	 	18	  
	 11.
	  	Severability and Alienation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	18	  
	 12.
	  	Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	19	  
	 13.
	  	Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. . . . .	  	 	19	  
	 14.
	  	Signature in Counterparts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
..	  	 	20	  
	  

Exhibits:
	  			
			
		  	A.    1995 Equity Incentive Compensation Plan	  			
			
		  	B.    Employees’ Equity Accumulation Plan	  			
			
		  	C.    Directors’ Equity Capital Accumulation Plan	  			
			
		  	D.    2007 Equity Incentive Compensation Plan	  			
			
		  	E.    2009 Replacement Equity Incentive Compensation Plan for MSSB Employees	  			

  
 ii 

 AMENDED AND RESTATED 
 TRUST AGREEMENT 
 This AMENDED AND RESTATED TRUST AGREEMENT
(this “Agreement”), made as of the 18th day of
October, 2011, by and between MORGAN STANLEY, a Delaware corporation (the “Company”), and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (in its individual capacity, “State Street” and, as trustee under this
Agreement, the “Trustee”), hereby amends and restates the Amended and Restated Trust Agreement dated as of April 20, 2010 between the Company and State Street. 
 RECITALS: 
 WHEREAS, certain Managing Directors, Executive Directors, officers,
other key employees and consultants of the Company or certain subsidiaries thereof (“Participants”) are eligible to receive shares (the “Benefits”) of the Company’s common stock, par value $0.01 per share (the
“Stock”), pursuant to awards of stock units under any of the following plans of the Company: 
  

	 	•	 	 the 1995 Equity Incentive Compensation Plan; 

  

	 	•	 	 the Employees’ Equity Accumulation Plan; 

  

	 	•	 	 the Directors’ Equity Capital Accumulation Plan (“DECAP”); 

 

	 	•	 	 the 2007 Equity Incentive Compensation Plan; 

  

	 	•	 	 the 2009 Replacement Equity Incentive Compensation Plan for Morgan Stanley Smith Barney Employees; and 

 

	 	•	 	 each other plan which the Company identifies to the Trustee in accordance with Section 11 of this Agreement, 

 as each may be amended, supplemented, replaced or extended, or any successor plan providing for similar
benefits or awards, being hereinafter referred to collectively as the “Plans”. Copies of the first five of the Plans cited above are attached hereto as Exhibits A, B, C, D and E, respectively, and made a part hereof; and 

WHEREAS, the Company wishes to establish a trust (a “Trust”), for the purpose of holding all of the shares of Stock underlying
or associated with stock unit awards under the Plans, and to transfer to the Trust shares of Stock to be held therein, subject to the Company’s power to revoke the Trust in accordance with the terms thereof, in whole or in part, at any time or
from time to time, until distributed to the Participants and their beneficiaries (“Trust Beneficiaries”) as Benefits in such manner and at such time as specified in the Plans; 

NOW, THEREFORE, for good and valuable consideration, the parties do hereby agree to amend and restate this Agreement and agree that the
Trust shall be composed, held and disposed of as follows: 
 Section 1. Trust Fund. 

(a) The Company has deposited with the Trustee in trust one share of Stock and cash in the amount of one thousand dollars ($1,000.00)
which shall become the initial principal of the Trust to be held, administered and disposed of by the Trustee as provided in this Agreement together with additional deposits by the Company of cash or Stock from time to time. Subject to the terms of
this Agreement, the initial deposit, any additional deposits, and any other assets held in the Trust shall be subject to the claims of the creditors of the Company and of any Company subsidiary that employs a Participant who is a Trust Beneficiary
under this Agreement (each a “Subsidiary”) but, in the case of creditors of any Subsidiary, only to the extent of the assets held by the Trust in respect of employees (including former employees) of such Subsidiary and such additional
assets, if any, as may be required to qualify the Trust as a grantor trust, within the meaning of Sections 671-677 of the Internal Revenue Code of 1986, as amended (the “Code”) (with respect to each Subsidiary, the “Allocable
Assets”). 

  
 2 

 The Trust shall be funded only with shares of Stock, cash to purchase such shares, and, as
applicable in accordance with Section 1(f) hereof, cash with respect to dividends paid on such shares of Stock. In addition, the Trustee may retain cash or short term instruments for payment of expenses and liabilities of the Trust. Shares of
Stock contributed to the Trust or purchased with cash so contributed shall either be allocated to stock units (including dividend equivalents with respect to such stock units to be paid in Shares) awarded under the Plans (“Allocated
Shares”) or be held in the Trust pending allocation to such stock units or other equity-based awards (“Unallocated Shares”). For purposes hereof, Unallocated Shares include shares of Stock held in the Trust that were considered
Allocated Shares when contributed to, or purchased with cash held by, the Trust, but for which the corresponding stock units awarded under the Plans have been forfeited. The Company shall from time to time identify to the Trustee (i) all
Allocated Shares that correspond to stock units awarded under DECAP, with such shares referred to herein as the “DECAP Portfolio” and (ii) all Allocated Shares that correspond to stock unit awards that provide for dividend equivalents
on such stock units to be reinvested in shares of Stock (other than Allocated Shares attributed to the DECAP Portfolio), with such shares (together with shares purchased pursuant to such dividend reinvestment) referred to herein as the
“Dividend Reinvestment Shares.” Further, the Company shall from time to time identify to the Trustee Allocated Shares that correspond to stock units awarded under the Plans and which shall be deemed to constitute, and shall be referred to,
as the “Non - - - Passthrough Portfolio.” The Company shall also from time to time identify to the Trustee those Trust Beneficiaries who have been awarded stock units for which corresponding shares of Stock are held in the Non-Passthrough
Portfolio. Such Trust Beneficiaries are referred to as “Non-Passthrough Participants.” 

  
 3 

 (b) Except as otherwise provided herein, the Trust hereby established shall be revocable by
the Company, in whole or in part, at any time or from time to time, without the consent of any other person or entity. Subject to the provisions of Section 3 and notwithstanding any other provision in this agreement to the contrary,
(i) the Company may not revoke the Trust to the extent of any shares corresponding to a stock unit award of a Trust Beneficiary which award at the time of such revocation is unsettled but currently payable, all in accordance with the terms of
the Plans and the award granted thereunder and (ii) the Company may not revoke the Trust to the extent of any dividend payable to the Trustee as record owner on the record date which dividend at the time of such revocation is unsettled but
currently distributable by the Trustee as a dividend equivalent to any Trust Beneficiary, in accordance with paragraph (f) of this Section 1 and the terms of the Plan and the award granted thereunder. It is specifically noted that the
Company may terminate the Trust to the extent of any Unallocated Shares at any time. 
 (c) The Trust is intended to be a
grantor trust, within the meaning of Sections 671-677 of the Code, and shall be construed accordingly. 
 (d) The assets of the
Trust shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes herein set forth. Notwithstanding any other provision of this Agreement to the contrary and subject to the provisions of
Section 3, no Trust Beneficiary shall have any claim on, or any beneficial ownership interest in, any assets of the Trust other than assets to which the Trust Beneficiary is entitled to a distribution as provided in Section 2 and paragraph
(f) of this Section 1. No rights to a distribution of a Benefit or dividends declared thereon shall be created under this Agreement 

  
 4 

 
independently of any Trust Beneficiary’s right to a distribution or payment under the Plans and the awards granted thereunder. Neither the Company nor the Trustee shall have any power to
create a security interest in the assets of the Trust in favor of any Trust Beneficiary, any person entitled to Benefits by reason of the death of any Trust Beneficiary or any creditor of either the Company or any Subsidiary. Nothing contained
herein or in any provision of the Plans shall operate to create a security interest in any part of the assets of the Trust on behalf of any Trust Beneficiary or any person entitled to Benefits upon the death of any Trust Beneficiary. 

(e) The Company may at any time or from time to time make additional deposits of cash or shares of Stock to the Trust to augment the
assets to be held, administered and disposed of by the Trustee as provided in this Agreement. The Trustee shall have no duty or obligation to require the Company to make any contribution to the Trust. 

(f) Any cash dividend paid in respect of Allocated Shares held in the Trust shall be distributed by or on behalf of the Trustee as a
dividend equivalent to Trust Beneficiaries as and when directed by the Company. Any cash dividend paid in respect of Dividend Reinvestment Shares shall, as promptly as possible after receipt thereof by the Trustee, be paid by the Trustee to the
Company in consideration for the purchase of a number of additional shares of Stock determined by dividing (1) the aggregate amount of the cash dividend paid on all shares of Stock that are Dividend Reinvesment Shares on the dividend record
date by (ii) the fair market value (as determined by the Company in its sole discretion) of one share of Stock on the dividend payment date. The Company shall be responsible for calculating the number of shares to be purchased by the Trustee.
All shares of Stock purchased by the Trustee pursuant to the second sentence of this paragraph (f) will be treated as Dividend Reinvesment Shares and will be treated as dividend equivalents allocated to Participants in accordance with the
applicable Plan. 

  
 5 

 
Any cash dividend paid in respect of Unallocated Shares held in the Trust shall be delivered by the Trustee to the Company. The Company shall act as agent for the Trustee in making distributions
of dividend equivalents to Trust Beneficiaries unless the Trustee gives the Company 90 days notice, in writing, that the Trustee does not want the Company to act as its agent. The Trustee may require the Company to provide certification of its
distributions of dividend equivalents to Trust Beneficiaries. Any other dividend or distribution made with respect to the shares of Stock held in the Trust shall be distributed to the Trustee and delivered by the Trustee to the Company for
disposition by the Company (i) in the case of Allocated Shares, in accordance with the Plan and awards granted thereunder, and (ii) in the case of Unallocated Shares, as determined by the Company in its discretion. 

(g) Any cash dividend paid in respect of shares of Stock included in the DECAP Portfolio shall, as promptly as possible after receipt
thereof by the Trustee, be paid by the Trustee to the Company in consideration for the purchase of a number of additional shares of Stock determined by dividing (i) the aggregate amount of the cash dividend paid on all shares of Stock included
in the DECAP Portfolio on the dividend record date by (ii) the Fair Market Value, as defined in DECAP, of one share of Stock on the dividend payment date. The Company shall be responsible for calculating Fair Market Value in accordance with the
preceding sentence and the number of shares to be purchased by the Trustee. All shares of Stock purchased by the Trustee pursuant to this paragraph (g) will be included in the DECAP Portfolio and will be treated as dividend equivalents
allocated to participants in DECAP in accordance with the Plan. 
 Section 2. Payments to Trust
Beneficiary. 
 (a) The Trustee shall distribute the Benefits and, if provided for in the terms of the Plans and awards
granted thereunder, any dividend equivalents accumulated thereon, in 

  
 6 

 
accordance with the Plans as and when directed by the Compensation, Management Development and Succession Committee (the “Committee”) of the Board of Directors of the Company or by an
officer of the Company, as hereinafter set forth, if and to the extent that neither the Company nor any of its Subsidiaries is insolvent at the time of such distribution and shares of Stock are available for such distribution. Subject to the
provisions of Section 3, a Trust Beneficiary shall be entitled to a distribution of Benefits from the Trust at the time the stock unit award becomes currently payable and is no longer subject to forfeiture, all in accordance with the terms of
the Plans and the award granted thereunder, provided that the Trust has not been revoked prior to such time and that the Company’s obligation under the stock unit award has not been satisfied otherwise. The Committee or an officer of the
Company will instruct the Trustee as to the eligibility of any Trust Beneficiary for such distribution, the correct amount of each distribution and when to make the distribution. The Committee or its designee shall keep accurate records with respect
to the Benefits and, if provided for in the terms of the Plans and awards granted thereunder, any dividend equivalents accumulated thereon, payable from the Trust and the Trustee may rely upon such records without a duty of further inquiry in
performing its duties under this Agreement. To the extent Benefits and, if provided for in the terms of the Plans and awards granted thereunder, any dividend equivalents accumulated thereon, have been paid from the Trust hereunder, the Company shall
be relieved of its obligation to pay such Benefits. 
 (b) If at any time the number of shares held in the Trust is not
sufficient to make any directed distribution of Benefits, in accordance with the Plans, to any Trust Beneficiary then entitled to a distribution, the Trustee shall distribute the balance of the shares held in the Trust to or on behalf of all the
Trust Beneficiaries then entitled to distributions in the following manner: 

  
 7 

 
the Benefits distributed to any Trust Beneficiary shall be equal to the balance of shares held in the Trust multiplied by a fraction the numerator of which is the amount of Benefits such Trust
Beneficiary is entitled to distribution of at that time and the denominator of which is the amount of Benefits all Trust Beneficiaries are entitled to distribution of at that time. No provision of this Trust Agreement shall relieve the Company of
its liabilities to pay Benefits except to the extent that the same have been paid from the Trust hereunder. 
 (c) The Trustee
shall make provision for withholding of any federal, state or local taxes that may be required to be withheld in respect of any distribution from the Trust as directed by the Committee or by an officer of the Company and the Trustee shall remit any
shares or other amounts so withheld as instructed by the Committee or by an officer of the Company, including to the Company if so instructed by the Committee or by such officer. 

Section 3. Trustee Responsibility Regarding Payments to a Trust Beneficiary When the Company or any Subsidiary
Is Insolvent. 
 (a) The Company or a Subsidiary of the Company shall be considered “Insolvent” for
purposes of this Trust Agreement if (i) the Company or the Subsidiary, whichever is applicable, is unable or otherwise fails to pay its debts, other than debts owed to the Company or to entities 50% or more owned or controlled, directly or
indirectly, by the Company, as they mature in accordance with the terms of the relevant debt instruments or (ii) the Company or the Subsidiary is subject to a pending proceeding as a debtor under Title 11 of the United States Code (11 U.S.C.
§ 101 et seq.), as amended from time to time, or any successor statute or under Title 15 of the United States Code (15 U.S.C. § 78aaa et seq.), as amended from time to time, or any successor statute. If the Company is
Insolvent, the Trustee promptly shall discontinue distributing Benefits under Section 2 and dividends, dividend equivalents or other income earned on the shares of Stock or other assets held in Trust, and if a Subsidiary is Insolvent, the
Trustee 

  
 8 

 
promptly shall discontinue distributing Benefits under Section 2 and dividends, dividend equivalents or other income earned on the shares of Stock or other assets held in the Trust that
constitute such Subsidiary’s Allocable Assets to any Trust Beneficiaries who are employees (including former employees) of such Subsidiary. Thereafter, subject to paragraph (b) below, the Trustee shall hold all of the assets and income of
this Trust (or, in the case of a Subsidiary that is Insolvent, shall hold all of such Subsidiary’s Allocable Assets and any dividends or other income earned thereon) for the benefit of the general creditors of the Company or such Subsidiary, as
the case may be, or both, and shall make such assets and income available to such general creditors at such times and in such amounts as directed by a court of competent jurisdiction. The Company shall not replace any shares of Stock paid to such
general creditors. Notwithstanding the foregoing, if new awards of stock units are made, shares of Stock corresponding to such stock units may be contributed to the Trust. 
 (b) The Board of Directors or the Chairman or President of the Company shall have the duty to inform the Trustee promptly if the Company or any of its Subsidiaries becomes Insolvent. If a person claiming
to be a creditor of the Company or any of its Subsidiaries alleges in writing to the Trustee that the Company or a Subsidiary has become Insolvent, the Trustee, to the extent set forth in Section 3(a), promptly shall suspend the distribution of
Benefits under Section 2 and of dividend equivalents or other income earned on the shares of Stock or other assets held in Trust and shall contact the Company’s Chairman or President and the Board of Directors. If the Company’s
Chairman or President or the Board of Directors fails to confirm or deny such claim, the Trustee shall continue the suspension of Benefit distributions to Trust Beneficiaries and of income on the assets held in Trust until or unless a court of
competent jurisdiction shall have determined that neither the Company nor any of its Subsidiaries is 

  
 9 

 
Insolvent. The Trustee shall also have the right at any time to apply to a court of competent jurisdiction for instructions on how to proceed if the Trustee determines that such action is
necessary or appropriate in light of any uncertainty that may reasonably exist regarding whether or not the Company or a Subsidiary is Insolvent. Unless the Trustee has actual knowledge that the Company or a Subsidiary is Insolvent, the Trustee
shall have no duty to inquire whether the Company or any of its Subsidiaries is Insolvent. In the absence of actual knowledge to the contrary, if the Trustee is notified pursuant to the foregoing provisions by a court of competent jurisdiction, by
the Company’s Chairman or President or by the Board of Directors that the Company or, in the case of a Subsidiary, such Subsidiary is not or is no longer Insolvent, the Trustee shall resume the distribution of Benefits under Section 2 and
of dividend equivalents or other income earned on the shares of Stock or other assets held in the Trust. Upon resumption of the distribution of Benefits by the Trustee, the first distribution to each Trust Beneficiary to whom distributions were so
suspended shall include (to the extent that shares are available therefor) the amount by which the aggregate of all distributions which would have been made to such Trust Beneficiary in accordance with instructions given by the Committee or by
officers of the Company, but for the discontinuance of distributions pursuant to paragraph (a) above, exceeds the aggregate distributions on account of Benefits actually made to such Trust Beneficiary by the Company (as certified to the Trustee
by the Company in writing) during such period of discontinuance. 
  

	 	Section 4.  Term of the	Trust and Payments to Company in Connection with Termination of the Trust. 

Unless sooner terminated, this Trust shall terminate upon the earlier of (a) the satisfaction of all the Company’s obligations
under the Plans to the Trust Beneficiaries, (b) the receipt of an offer (including but not limited to a tender offer or exchange offer within the 

  
 10 

 
meaning of the Securities Exchange Act of 1934 as from time to time amended and in effect) to acquire any shares of Stock held by the Trustee in the Trust, other than an offer by the Company or
any affiliate 50% or more of which was owned or controlled directly or indirectly by the Company prior to the transaction (a “Self-Tender”), or (c) the twenty-first anniversary of the death of the last to survive of the employees of
the Company or its subsidiaries who are Trust Beneficiaries as of the date of execution of this Agreement. Upon any termination of the Trust, all shares of Stock and other assets, if any, held in the Trust shall be delivered to the Company or as
otherwise directed by the Company. The Company shall direct the Trustee as to the distribution of such shares and other assets no later than the final payment date for any stock units to which there correspond Allocated Shares held in the Trust.

 Section 5. Investment of Trust Assets. 

Unless otherwise directed by the Committee or by an officer of the Company and subject to the Trustee’s discretion to retain cash or
short term instruments for the payment of expenses and liabilities of the Trust, other than with respect to cash dividends paid in respect of Allocated Shares held in the Trust and interest earned thereon (as described below), cash contributed by
the Company shall be invested in shares of Stock. Except as otherwise provided herein, assets of the Trust shall be invested in shares of Stock at all times. 
 Notwithstanding anything in this Agreement to the contrary, any cash dividends paid in respect of Allocated Shares that, pursuant to the Plans and any applicable award, are not either (i) used to
purchase shares of Stock in connection with stock unit awards that provide for dividend equivalents on such stock units to be reinvested in shares of Stock or (ii) immediately distributable as dividend equivalents, but are to be credited with
respect to a Participant’s vested and unvested stock units and distributed as dividend equivalents at a future time when the stock unit award(s) corresponding to such Allocated Shares become currently payable, shall be

  
 11 

 
invested in short-term investments, as directed by the Committee or by an officer of the Company, until the Trustee is otherwise directed by the Committee or by an officer of the Company or until
the Trust Beneficiaries, who are entitled to the cash dividend equivalents pursuant to the terms of the Plans and awards granted thereunder, shall be entitled to receive distributions from the Trust (or the Company, as agent for the Trustee, as
described in Section 1(f)) in accordance with the Plans and awards granted thereunder. 
 Section 6.
Accounting by Trustee. 
 The Trustee shall keep accurate and detailed records of all investments, receipts,
disbursements, and all other transactions, including such specific records as shall be agreed upon in writing between the Company or the Committee and the Trustee. All such accounts, books and records shall be open to inspection and audit at all
reasonable times by the Company, its officers and the Committee. Within sixty (60) days following the close of each calendar year, the removal or resignation of the Trustee or the termination of this Trust, the Trustee shall deliver to the
Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal, resignation or termination, setting forth all investments, receipts,
disbursements and other transactions effected by it, and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal, resignation or termination, as the case may be. Upon written
request a Trust Beneficiary may examine the Trustee’s records and accounts regarding the number of shares of Stock held in the Trust and the dividends paid on such shares during the current year; provided that no Trust Beneficiary shall have
any right to see such records or accounts as they relate to individual interests in the Trust other than his own. 

  
 12 

 Section 7. Responsibilities and Powers of Trustee. 

(a) The Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting
in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that the Trustee shall incur no liability to anyone for (i) any action taken pursuant to a
direction, request, or approval given by the Company, by the Committee or by an officer of the Company contemplated by and complying with the terms of this Trust Agreement or (ii) any inaction taken because of the failure of the Company, the
Committee or an officer of the Company to give such a direction, request or approval, except in the case of the gross negligence or willful misconduct or from the Trustee’s breach of this Agreement. To the extent that the Trustee is acting
pursuant to such direction, request or approval or is not acting because of the absence thereof and has not acted with gross negligence or willful misconduct, the Trustee shall be relieved of the “prudent man rule” for investments.

 (b) Subject to the provisions of Section 3(b), the Trustee shall have no duty to make an independent investigation as to
the occurrence of any event giving rise to a distribution hereunder or under the Plans, and shall be entitled to rely conclusively on the determinations of the Company, the Board of Directors, the Company’s Chairman or President, the Committee
or an officer of the Company, as the case may be, as to the occurrence of any such event, which determinations shall be binding upon the Trustee, the Company and the Trust Beneficiaries. The Company shall indemnify the Trustee against losses,
liabilities, claims, costs and expenses in connection with the administration of the Trust (including in connection with litigation undertaken or defended by the Trustee and in connection with action taken or omitted in accordance with this
Agreement, unless resulting from the gross negligence or willful misconduct of the Trustee). This indemnification shall also extend to the officers, employees 

  
 13 

 
and agents of the Trustee. To the extent, but only to such extent, that the Company fails to make any payment on account of an indemnity provided in this Section 7, such payment shall be
made from the Trust assets; provided, however, that the amount of any such payment from the Trust shall thereafter constitute a claim of the Trustee on behalf of the Trust against the Company and may be offset by the Trustee against any amount
payable to the Company pursuant to Section 2(c). 
 (c) The Trustee may hire agents, accountants and attorneys (including
the Company’s attorneys) to assist with its responsibilities under this Agreement subject to the consent of the Company. 

(d) The Trustee shall have, without exclusion, all powers conferred on trustees by applicable law unless expressly provided otherwise
herein. 
 (e) The Committee and the officers of the Company shall direct the Trustee in administering the Trust, as provided in
this Agreement. 
 (f) Any corporation into which the Trustee (or any other corporation acting as Trustee) shall be merged or
with which it shall be consolidated, or any corporation resulting from any merger, reorganization or consolidation to which it shall be a party, or any corporation to which all or substantially all of its trust business shall be transferred, shall
be the successor of the Trustee (or of any other corporation acting as Trustee) as Trustee under this Agreement, without the execution or filing of any instrument or the performance of any further act or the order or judgment of any court and with
the same powers, authorities and discretions. 
 (g) Until such time as the Company amends the Trust to provide otherwise, the
Trustee shall have no discretion or authority to vote Stock held in the Trust by the Trustee on any matter presented for a vote of the stockholders of the Company except in accordance with the

  
 14 

 
provisions of this paragraph (g). The Trustee shall solicit instructions from each Trust Beneficiary (x) who is an active employee (an “Active Employee”) of the Company or any of
its subsidiaries or affiliates or (y) who has been awarded stock units for which corresponding shares of Stock are held in the DECAP Portfolio (a “DECAP Participant”), as indicated by the Company, as to the manner in which the shares
of Stock held in the Trust corresponding to stock units awarded to such Trust Beneficiary under the Plans (including any shares of Stock comprising dividend equivalents corresponding to such stock units) shall be voted, provided, however, that the
Trustee shall not solicit such instructions from Non-Passthrough Participants. The Trustee shall follow all proper instructions that are timely received with respect to such shares of Stock. Without limiting the generality of the preceding sentence,
unless instructions provide to the contrary they shall be deemed to include authorization for the Trustee to vote, after due consideration, in its discretion (which discretion includes the discretion to grant a proxy to Company management to vote)
any shares of Stock held in the Trust on such matters, other than matters identified in the relevant notice of meeting of the Company’s stockholders and for which the Trust Beneficiary has specified voting instructions, as may properly come
before the meeting (“Other Matters”). The Trustee shall vote all Stock held in the Trust as to which no proper instructions are received (including Stock as to which instructions are not solicited and Stock as to which instructions are
solicited but not received) (“Uninstructed Shares”) in proportion to Stock for which proper instructions have been received from Active Employees; provided, however, that the Trustee may vote, after due consideration, in its discretion,
which discretion includes the discretion to grant a proxy to Company management to vote, any Uninstructed Shares on any Other Matter; and provided, further, that the Trustee shall not vote or grant a proxy to vote any Uninstructed Shares held in the
DECAP Portfolio. 

  
 15 

 The Trustee shall communicate or cause to be communicated to each Trust Beneficiary the
provisions of this Agreement relating to the right of such Trust Beneficiary, while an Active Employee (other than a Non-Passthrough Participant) or a DECAP Participant, to direct the Trustee with respect to the voting of shares of Stock
corresponding to such Trust Beneficiary’s stock units (including any shares of Stock comprising dividend equivalents corresponding to such stock units). Such communication shall also discuss the consequences of an instruction to abstain or
withhold authority to vote and any failure to timely instruct the Trustee. 
 (h) The Company shall promptly notify each Trust
Beneficiary of the existence of the Trust and such Beneficiary may examine a copy of this Agreement upon request. The Trustee shall distribute or cause to be distributed any and all communications required by paragraph (g) of this
Section 7. The Company shall provide the Trustee with such information and assistance as the Trustee may reasonably request in connection with any communications or distributions to Trust Beneficiaries. 

(i) Notwithstanding anything in this Agreement to the contrary, any cash, or income on other proceeds, received as a result of a
transaction presented to a vote of Stockholders or as a result of a Self-Tender shall be invested in short-term instruments as directed by the Committee or by an officer of the Company, until the Trustee is otherwise directed by the Committee or by
an officer of the Company or until the Trust Beneficiaries, to whose stock unit awards the shares subject to such transaction corresponded, shall be entitled to receive distributions from the Trust in accordance with the Plans. 

Section 8. Compensation and Expenses of Trustee. 

(a) The Trustee shall be entitled to receive such reasonable compensation for its services and reimbursement for reasonable expenses
incurred with respect to the administration 

  
 16 

 
of the Trust, including fees incurred by the Trustee pursuant to Section 7(c) of this Agreement, in either case as shall be agreed upon between the Trustee and the Company. Such compensation
and expenses shall be paid (1) first, from the amount of interest earned by the Trust with respect cash dividends paid in respect of shares of Stock held by the Trust for the payment of corresponding dividend equivalents to the Trust
Beneficiaries in accordance with the terms of the Plans and awards granted thereunder, and (2) to the extent such interest is insufficient or otherwise unavailable to pay in full such compensation and expenses, by the Company; provided,
however, that if such compensation and expenses are not paid by the Company after demand from the Trustee, then such compensation and expenses otherwise payable by the Company pursuant to clause (2) above may be paid from the assets of the
Trust and the amount of any such payment from the Trust shall thereafter constitute a claim of the Trustee on behalf of the Trust against the Company and may be offset by the Trustee against any amount payable to the Company pursuant to
Section 2(c). 
 Section 9. Replacement of Trustee. 

(a) The Trustee may resign at any time, subject to the appointment and qualification of a successor trustee, by giving 60 days prior
notice of such resignation in writing to the Company. The Trustee may be removed by the Company at any time without prior notice. In the event of the resignation or removal of the Trustee, a successor corporate trustee shall be appointed by the
Company. 
 (b) In the event of the appointment of a successor trustee, such successor trustee will succeed to all the right,
title and estate of, and will be, the Trustee; and the retiring trustee will after the settlement of its final account and the receipt of any compensation or expenses due it, deliver the Trust to the successor trustee together with all such
instruments of transfer, conveyance, assignment and further assurance as the successor trustee may reasonably require. 

  
 17 

 Section 10. Amendment. 

(a) This Agreement may be amended by a written instrument executed by the Company at any time and to any extent except that, subject to
the limitation below, in no event shall the rights of the creditors of the Company or any Subsidiary be diminished and no amendment may be made which would permit the Company to revoke the Trust to the extent of (i) any shares corresponding to
a stock unit award of a Trust Beneficiary which award is unsettled but currently payable or (ii) any dividend payable to the Trustee as record owner on the record date which dividend is distributable by the Trustee as a dividend equivalent to
any Trust Beneficiary in accordance with Section 1(f) hereof. In addition, no amendment may be made without the Trustee’s consent which would change the Trustee’s duties or responsibilities under this Agreement. 

(b) The Plans may be amended from time to time by the Company in accordance with their terms without the consent or concurrence of the
Trustee and the Company will provide the Trustee with such amendments in a timely manner. The Company shall provide the Trustee with a copy of any amendment, certified by the Company’s Secretary, Assistant Secretary or such person’s
designee, within 90 days after its adoption. In the event of any conflict between the Plans and this Agreement concerning the Trustee’s responsibilities, this Agreement shall govern. 

Section 11. Severability and Alienation. 

(a) Any provision of this Agreement prohibited by law shall be ineffective to the extent of any such prohibition without invalidating the
remaining provisions hereof and this Agreement shall be reconstituted and enforceable as if such illegal provision were never included. 

  
 18 

 (b) Subject to the provisions of Section 3, Benefits under this Agreement may not be
anticipated, assigned (either at law or in equity), alienated or subject to attachment, garnishment, levy, execution or other legal or equitable process. 
 In addition to the foregoing, the Company from time to time may unilaterally amend the definition of “Plans” set forth in the first Whereas clause of this Agreement to include additional plans
of the Company or one of its subsidiaries which provide for awards of stock units. The Company shall effect any such amendment by providing the Trustee with written notice identifying the plan or plans to be added to the definition of
“Plans” and shall furnish the Trustee with a copy of the relevant plan or plans. Following such actions by the Company, the plan or plans so identified shall be included among the plans which collectively constitute the “Plans”
for purposes of this Agreement, and such plan or plans shall be considered a part hereof. 
 Section 12.
Governing Law. 
 This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts. 
 Section 13. Notices. 

(a) Communications to the Company or Committee shall be addressed to the Company or Committee, as applicable, at 1585 Broadway, New York,
New York 10036, Attn: Chief Legal Officer and Secretary, provided, however, that upon the Company’s or Committee’s written request, such communications shall be sent to such other address as the Company or Committee may specify.

 (b) Communications to the Trustee shall be addressed to CitiStreet at Company Stock Management, 200 Newport Avenue, JQ3N,
North Quincy, Massachusetts 02171, Attn: Anne Muir; provided, however, that upon the Trustee’s written request, such communications shall be sent to such other address as the Trustee may specify. 

  
 19 

 (c) No communication shall be binding on the addressee thereof prior to receipt thereof.

 Section 14. Signature in Counterparts. 

This Agreement may be signed in counterparts, each of which shall be an original but all of which together will constitute one and the
same instrument. 

  
 20 

 IN WITNESS WHEREOF, the Company and State Street have executed this Agreement as of the date
first above written. 
  

			
	MORGAN STANLEY
		
	By:	 	/s/ Martin M. Cohen
		 	Name: Martin M. Cohen
		 	Title: Secretary
	
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	/s/ Monet Ewing
		 	Name: Monet Ewing
		 	Title: Vice President

 The following exhibits are already filed as exhibits to registration statements filed by Morgan Stanley or
its predecessor companies under the Securities Act or to reports or registration statements filed by Morgan Stanley or its predecessor companies under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), respectively, and
are hereby incorporated by reference to such statements or reports. Morgan Stanley’s Exchange Act file number is 1-11758. The Exchange Act file number of Morgan Stanley Group Inc., a predecessor company (“MSG”), was 1-9085.

 Exhibit A: 1995 Equity Incentive Compensation Plan, as amended 
 (Annex A to MSG’s Proxy Statement for its 1996 Annual Meeting of Stockholders) as amended by Amendment (Exhibit 10.39 to Morgan Stanley’s Annual Report on Form 10-K for the fiscal year ended
November 30, 2000), Amendment (Exhibit 10.5 to Morgan Stanley’s Quarterly Report on Form 10-Q for the quarter ended August 31, 2005), Amendment (Exhibit 10.3 to Morgan Stanley’s Quarterly Report on Form 10-Q for the quarter ended
February 28, 2006), Amendment (Exhibit 10.24 to Morgan Stanley’s Annual Report on Form 10-K for the fiscal year ended November 30, 2006) and Amendment (Exhibit 10.22 to Morgan Stanley’s Annual Report on Form 10-K for the fiscal
year ended November 30, 2007) 
 Exhibit B: Employees’ Equity Accumulation Plan, amended and restated as of
November 26, 2007 
 (Exhibit 10.12 to Morgan Stanley’s Annual Report on Form 10-K for the fiscal year ended November 30, 2007)

 Exhibit C: Directors’ Equity Capital Accumulation Plan, amended as of November 16, 2009 

(Exhibit 10.14 to Morgan Stanley’s Annual Report on Form 10-K for the year ended December 31, 2009) 

Exhibit D: 2007 Equity Incentive Plan, as amended and restated as of July 20, 2011 

(Exhibit 10.1 to Morgan Stanley’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011) 

Exhibit E: 2009 Replacement Equity Incentive Compensation Plan for Morgan Stanley Smith Barney Employees 

(Exhibit 4.2 to Morgan Stanley’s Registration Statement on Form S-8 (No. 333-159504)).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00200-of-00352.parquet"}]]