Document:

Select Employees' Capital Accumulation Program as amended and restated

 Exhibit 10.1 
 MORGAN STANLEY 
 SELECT EMPLOYEES’ CAPITAL ACCUMULATION PROGRAM 
 PLAN DOCUMENT 
 AMENDED AND RESTATED
AS OF MAY 7, 2008 
 This plan document sets forth the terms and conditions of the Morgan Stanley Select Employees’ Capital
Accumulation Program (“SECAP”). The plan document was amended and restated as of May 7, 2008. Capitalized terms used herein without definition have the meanings set forth in Section 24 or the applicable Term Sheet.
The terms and conditions set forth in this plan document shall govern each Applicable Account Value, unless otherwise determined by the Administrator and set forth in the applicable Term Sheet. 
  

	 	1.	Purposes; SECAP Generally. 

 SECAP provides
Eligible Employees with the opportunity to express a preference to allocate all or a portion of their Eligible Compensation to the program until a later date. Subject to the terms and conditions of SECAP set forth herein, Eligible Employees may
request how their Allocated Amounts shall be deemed allocated among the Notional Investments available to Eligible Employees for purposes of measuring the increase or decrease in the value of their Account. Participation in SECAP is voluntary.

  

	 	2.	Administration. 

 (a) Authority.
SECAP is sponsored by Morgan Stanley. The Chief Administrative Officer is responsible for administering SECAP, including, without limitation, adopting rules and procedures for determining Notional Investments offered, determining the terms and
conditions of SECAP for each Allocation Year and interpreting SECAP provisions and any Descriptive Materials. The Chief Administrative Officer may, in his sole discretion, delegate some or all of his authority and responsibilities pursuant to SECAP
to the Executive Compensation Department, a committee of the Firm and/or one or more officers of the Firm. The Chief Administrative Officer and (to the extent that the Chief Administrative Officer has delegated authority to administer all or any
portion of SECAP to the Executive Compensation Department or any committee or officer), the Executive Compensation Department or such committee or officer, are referred to herein, insofar as they are acting pursuant to authority granted or delegated
pursuant to SECAP, as the “Administrator”. Each interpretation, determination or other action made or taken pursuant to SECAP by the Administrator from time to time shall be made or taken in its sole discretion and shall be
final, binding and conclusive on all persons. 

 (b) No Liability. The Administrator shall not be liable for anything whatsoever in connection with
the administration of SECAP, including, without limitation, any interpretation, determination or other action taken or not taken in administering SECAP, except the Administrator’s own willful misconduct. In the performance of its functions with
respect to SECAP, the Administrator shall be entitled to rely upon information and advice furnished by the Firm’s officers, the Firm’s accountants, the Firm’s counsel and any other party the Administrator deems necessary, and the
Administrator shall not be liable for any interpretation, determination or other action taken or not taken in reliance upon any such advice. 
  

	 	3.	Eligibility. 

 SECAP is maintained by Morgan
Stanley for the purpose of providing long-term compensation for a select group of management or highly compensated employees, and a Participant’s participation in SECAP in respect of any Allocation Year shall depend, among other things, on the
Administrator’s determination, in its sole discretion, that the Participant is a member of such select group. The eligibility to participate in SECAP shall depend upon a Participant’s satisfaction of the specified eligibility criteria for
the applicable Allocation Year to be established by the Administrator in its sole discretion and set forth in the applicable Term Sheet. 
  

	 	4.	Allocation Preference. 

 For each Allocation
Year, Eligible Employees may submit an Allocation Preference with respect to their Eligible Compensation in a manner prescribed by the Administrator. The Administrator may set minimum and maximum Allocated Amounts and the minimum dollar or
percentage increments of Eligible Compensation that may be allocated for each Allocation Year. Allocation Preferences shall be made by a date specified by the Administrator. An Eligible Employee may revoke an Allocation Preference in a manner
prescribed by the Administrator prior to the applicable deadline. Following the expiration of the applicable deadline, a Participant’s Allocation Preference is irrevocable. If a Participant’s actual Eligible Compensation is less than the
amount the Participant requested to allocate to SECAP pursuant to the Participant’s Allocation Preference, then the amount the Participant requested to allocate shall be reduced so that the Participant’s Allocated Amount equals the amount
of the Participant’s Eligible Compensation for that Fiscal Year. 
 The Administrator may revoke a Participant’s Allocation
Preference or reduce a Participant’s Allocated Amount below the amount a Participant requested to allocate in any Allocation Year, provided that any such revocation or reduction shall be made by the Allocation Preference deadline applicable to
the Participant unless making such revocation or reduction at a later time would not result in the imposition of interest or additional tax under Section 409A. 
  

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	 	5.	Accounts. 

 (a) Credits and Charges to a
Participant’s Account. A Participant’s Allocated Amount shall be credited to the Participant’s Account as of a date determined by the Administrator, which crediting date shall occur on, or as soon as administratively practicable
after, the date on which such amount would otherwise have been paid to the Participant. A Participant’s Account shall also be credited (or debited) with returns on the Participant’s Notional Investments following the date on which the
Participant’s Allocated Amounts are credited. A Participant’s Account shall be charged with any amounts distributed to the Participant or any of the Participant’s Beneficiaries. All payments shall be debited from the portion of the
Participant’s Account deemed allocated to Notional Investment(s) designated by the Administrator as set forth in Section 6(f). 
 (b) Allocation of Notional Investments. A Participant’s Account Value shall be deemed allocated in minimum allocations established by the Administrator from time to time among one or more Notional Investments. A Participant may
request (i) how their Allocated Amounts shall be deemed allocated among the Notional Investments and (ii) that the Administrator change the deemed allocation of the Account Value among the Notional Investments, in each case, in accordance
with procedures and at such times as established by the Administrator from time to time; provided, however, that the Administrator has absolute discretion as to whether to accept, either in whole or in part, the request and may
determine, and may change from time to time: (a) the frequency of reallocations; (b) the minimum percentage of the Account Value that is required, and the maximum percentage of the Account Value that is permitted, to be allocated to any
single Notional Investment; (c) the minimum percentage of the Account Value that is required to be allocated to one or more money market fund(s) or other Referenced Funds (defined below) available as Notional Investments; and (d) the
Notional Investments available to Participants in accordance with Section 5(e). No reallocation that a Participant requests shall be honored to the extent that it would conflict with the allocation requirements that the Administrator may
establish from time to time. 
 (c) Allocations Generally. Allocations among Notional Investments will be made exclusively for the
purpose of determining a Participant’s Account Value from time to time in accordance with SECAP. A Participant’s Account Value will not be invested in the fund(s) or other investment vehicle(s) to which that Notional Investment relates
(each, a “Referenced Fund”). Participants will not become direct investors in any of the Referenced Funds by virtue of their participation in SECAP. 
 (d) Determination of Account Value. The Administrator shall from time to time calculate each Participant’s Account Value based on the
Participant’s Allocated Amounts and the deemed allocation of the Participant’s Account among the Notional Investments available to the Participant. Such calculation will be based on the best information available to the Administrator as of
the date of determination, which information may include estimates. Subject to the terms and conditions of SECAP, the rate of return of any Notional Investment over the relevant measurement period will track the performance of the Referenced Funds,
provided that the Firm can adjust the rate of return to reflect costs incurred by the Firm as described in Section 5(g). Following the 

  

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commencement of distribution of a Participant’s Account Value to the Participant, the Administrator shall continue to calculate the Participant’s
Account Value from time to time in the manner described above, taking into account distributions from the Participant’s Account. The Firm’s valuation of a Participant’s Account Value shall be conclusive and binding. 
 (e) Selection of Notional Investments; Conflicts of Interest. 
 (i) The Administrator shall choose the Notional Investments available under SECAP. Notional Investments available from time to time will
be indicated on the Executive Compensation website or through other means that the Administrator shall determine and communicate to Participants from time to time. The Firm may provide a Participant with a description of the Referenced Funds and
their historical returns, but the Firm is not responsible for actions, statements or performance of the Referenced Funds. 
 (ii) The Administrator will choose the Notional Investments available under SECAP based on a variety of factors. Participants should be aware of the existence of actual and potential conflicts of interest with the Firm and are considered to
waive any claim with respect to the existence of any conflict of interest. The Administrator may require each Participant to affirmatively make such acknowledgment and waiver. 
 (iii) The performance of each Notional Investment shall reflect all of the fees and costs of the Referenced Fund, including, without
limitation, brokerage and other fees, which the Referenced Fund may pay to the Firm if the Firm provides such services to the Referenced Fund. The Firm may also act as the investment advisor or provide other services to the Referenced Fund and
receive fees for providing these services. Fees paid by a Referenced Fund will reduce the performance of the Referenced Fund (and accordingly the performance of the Notional Investment) and, therefore, will reduce the Firm’s payout obligations
to Participants. 
 (f) Right to Change Notional Investments and Allocations Thereto. The Administrator may, from time to time in its
sole discretion, change the Notional Investments available to Participants or allocate a Participant’s Account to different Notional Investments than those selected by the Participant. Among other things, this means that the Firm has the
absolute right to replace a Participant’s Notional Investments (including in connection with hedge funds, hedge fund indices and other alternative Referenced Funds offered as Notional Investments under SECAP) with different Notional Investments
and in connection therewith impose additional costs and investment conditions and restrictions on the Notional Investments (including restrictions on a Participant’s ability to allocate into, or reallocate away from, a Notional Investment).
Nothing in the Descriptive Materials shall be construed to confer on a Participant the right to continue to have any particular Notional Investment option available for purposes of measuring the value of the Participant’s Account. 

 

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 (g) Amounts at Risk. The value of a Participant’s Account is subject to risk at all times
based upon the performance of the Notional Investments to which the Participant’s Account is allocated. If the value of the Referenced Funds offered as Notional Investments decreases in the future, the value of the Participant’s Account
may be lower than the Participant’s original Allocated Amounts. Although a Participant will not be an investor in the Referenced Funds corresponding to the allocated Notional Investments, the value of a Participant’s Account will be
determined by reference to the gains and losses attributable to the performance of the allocated Notional Investments. To the extent that the Firm incurs any costs in connection with such Notional Investments or the administration of SECAP,
including in connection with activities the Firm undertakes in its discretion to target the return and liquidity on such Notional Investments, the Firm has the right to adjust the return on a Participant’s Notional Investments to reflect these
costs. Participants will be subject to the risks of the Referenced Funds corresponding to Notional Investments to the same extent as actual investors in such Referenced Funds. The Firm may provide Participants with a description of the Referenced
Funds corresponding to Notional Investments and those Referenced Funds’ historical returns, but the Firm is not responsible for actions, statements or performance of the Referenced Funds corresponding to Notional Investments. Payment of the
Participant’s Account is also subject to the risks associated with the Participant’s status as an unsecured general creditor of Morgan Stanley as described in Section 9. 
 (h) Administration Fees. Allocated Amounts may be subject to a one-time set-up fee and Account Values may be subject to a quarterly administration
fee (collectively, the “Administration Fees”) as determined by the Administrator from time to time and communicated to Participants. The Administration Fees are separate from any fees applicable to the Notional Investments
and the related Referenced Funds, which are reflected in the net returns credited to a Participant’s Account. Without limiting the generality of the two preceding sentences, in connection with hedge funds, hedge fund indices and other
alternative Notional Investments offered under SECAP, to the extent that offering such Notional Investments through SECAP results in unpredictable expenses or costs to the Firm, the Firm has the absolute right to impose additional fees on a
Participant’s Account Value. 
 (i) Other Allocations. If a Participant becomes eligible to participate in SECAP or a program
similar to SECAP for any subsequent Fiscal Year, or if a Participant has already allocated amounts pursuant to another long-term compensation plan, the Firm may, for administrative convenience, maintain a single Account to record allocations by the
Participant (and amounts credited or debited to such allocations) under SECAP and any similar programs for other Fiscal Years. The portion of a Participant’s Account corresponding to each Fiscal Year’s Allocated Amount shall be governed by
the terms and conditions applicable to each such Fiscal Year’s Allocated Amount. 
  

	 	6.	Manner of Payment. 

 (a) Form of
Payment. Unless the Administrator determines otherwise in its sole discretion, all payments under SECAP to a Participant (or a Participant’s 

  

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Beneficiary) shall be made in the Participant’s (or Beneficiary’s) local currency. Participants shall have no right to any other form of payment.

 (b) Distribution Commencement Date. 
 (i) At the time a Participant submits an Allocation Preference, the Participant must also select a Preferred Distribution Commencement Date. A Participant will be required to select a separate Preferred Distribution
Commencement Date governing the Applicable Account Value for each Fiscal Year in which the Participant participates in SECAP. Except as otherwise provided in this Section 6, distributions in respect of the Applicable Account Value shall
commence on the Distribution Commencement Date. Notwithstanding a Distribution Commencement Date, if, on any date on which the Firm would otherwise make a distribution to the Participant, the Firm considers the Participant to be one of its executive
officers and the Participant’s compensation may not be fully deductible by virtue of Section 162(m) of the Internal Revenue Code, the following shall apply: 
 (1) Distributions in respect of the Participant’s Applicable Account Value corresponding to an Allocation Year prior to 2005 will be
delayed until the Firm no longer considers the Participant to be an executive officer or such earlier date as the Firm may determine, in its sole discretion, an earlier payment is likely to be deductible to the Firm; and 
 (2) Subject to Section 6(h) below, distributions in respect of the Participant’s Applicable Account Value corresponding to the
Allocation Year 2005 and any subsequent Allocation Year shall be delayed until the Participant’s termination of employment with the Firm. 
 (ii) Subject to Section 6(b) and 6(h) and notwithstanding any Distribution Commencement Date, in no event shall distributions in respect of a Participant’s Applicable Account Value commence earlier than the
applicable Vesting Date or later than: 
 (1) For Applicable Account Values corresponding to Allocation Years prior to 2005,
the later of (A) January 2 of the year following the year in which the Participant turns 65 and (B) January 2 of the year following the year in which the Participant’s employment with the Firm terminates; 
 (2) For Applicable Account Values corresponding to Allocation Year 2005 and 2006, January 2 of the year following the year in
which the Participant turns 65; and 
 (3) For Applicable Account Values corresponding to Allocation Year 2007 and later
Allocation Years, the date specified in the applicable Term Sheet as the last date on which distributions of the Participant’s Applicable Account Value may commence. 
  

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 (c) Payment Options. Subject to the other terms and conditions of SECAP, at the time a Participant
submits an Allocation Preference the Participant will also select a Preferred Distribution Method for the Applicable Account Value. Participants may select a Preferred Distribution Method of either one lump sum or two to ten annual installments.

 (d) Payment of Installments. If the Distribution Method for the Applicable Account Value is annual installments, the undistributed
portion of the Applicable Account Value shall remain in the Participant’s Account following payment of each installment and will be credited (or debited) with future returns from the Notional Investments to which the Participant’s
Applicable Account Value is allocated. As a result, the amount of each installment payment may vary, depending on the future rate of return applied to the Participant’s Account. The amount of each annual installment shall equal “(1/A) x
B”, where “A” equals the number of annual installments remaining to be made (including the installment with respect to which the calculation is made) and “B” equals the Applicable Account Value as of the date the amount of
such installment is determined. In all cases, the amount of the annual installment will be reduced by any Administration Fees outstanding and will be reduced to reflect cancellation of any portion of the Participant’s Applicable Account Value
as provided in the applicable Term Sheet. 
 (e) Calculation of Distributions. In calculating the amount of a Participant’s
distributions (whether lump sum or annual installments), the Participant’s Applicable Account Value will be determined based on the valuation of each of the applicable Notional Investments on the most recent valuation date for such Notional
Investment preceding the date of distribution, as determined by the Administrator in its sole discretion. It is generally expected that such valuation date will not be earlier than the first day of the calendar quarter preceding the calendar quarter
in which the distribution is made, although the Firm makes no assurances in this regard. 
 (f) Payment Notice. The Administrator
shall determine the value of each distribution. Prior to any distribution, the Administrator may require a Participant to notionally reallocate during the next notional reallocation period, or the Administrator may notionally reallocate at any time,
all or a portion of the Account Value out of certain of the Participant’s Notional Investment(s) into other designated Notional Investment(s) in order to reflect the liquidity requirements that would apply to an actual investor requesting a
distribution from the relevant Referenced Fund on the relevant distribution date. Due to the redemption periods associated with hedge fund, hedge fund indices and other alternative Referenced Funds available as Notional Investments, a
Participant’s distribution may be delayed if any portion of the distribution amount must be debited from a Participant’s hedge fund Referenced Funds available as Notional Investments. 
 (g) No Withdrawals or Loans. Except for distributions made in accordance with the terms of SECAP, a Participant shall have no rights to make
withdrawals or loans from the Participant’s Account for any reason. 
 (h) Acceleration. Notwithstanding anything to the contrary
set forth in any Descriptive Materials, the Administrator may not accelerate distribution of all or any 

  

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portion of a Participant’s Applicable Account Value, except to the extent that such acceleration is not prohibited by Section 409A and would not
cause the Participant to recognize income for United States federal income tax purposes prior to the date of distribution or payment of any amount hereunder or to incur interest or additional tax under Section 409A. 
  

	 	7.	Vesting; Termination of Employment; Cancellation Events. 

 The application and effect of vesting, termination of employment, Cancellation Events and other restrictions on the Applicable Account Value shall be determined by the Administrator and set forth in the applicable
Term Sheet. To the extent that the Plan or any Term Sheet provides for full or partial payment of a Participant’s Applicable Account Value to be made upon or as a result of the Participant’s termination of employment with the Firm, the
Participant will be considered to have experienced a termination of employment with the Firm if, and only if, the Participant has experienced a Separation from Service. 
  

	 	8.	Termination and Amendment. 

 (a) The
Administrator may, at any time, terminate SECAP in whole or in part as to some or all Participants. The Administrator shall notify Participants of any termination of SECAP. No further allocations shall be permitted by affected Participants after the
effective date of any termination. Following the termination of SECAP, the following shall apply. 
 (i) The Administrator
may permit Applicable Account Values corresponding to an Allocation Year prior to 2005 to remain in SECAP, subject to the terms and conditions applicable to such Applicable Account Values, or make early distributions of portions or all of such
Applicable Account Value as to some or all Participants. Upon such early distribution, payment of a Participant’s Applicable Account Value, determined as of the effective date of the termination of SECAP, shall be made to the Participant (or,
following the Participant’s death, the Participant’s Beneficiaries) as soon as administratively practicable following January 1 of the year following the year in which notice of such termination is sent to all affected Participants.

 (ii) Applicable Account Values corresponding to the 2005 Allocation Year or any subsequent Allocation Year shall remain in
SECAP, subject to their applicable terms and conditions; provided, however, that to the extent that early distributions of portions or all of such Applicable Account Values would not result in the imposition of interest or additional tax
under Section 409A, the Administrator may permit such early distributions to the extent and in the manner permitted under Section 409A. 
 (b) The Administrator may also alter, amend or modify SECAP or any Term Sheet or other Descriptive Material at any time in its sole discretion. These amendments may include (but are not limited to) changes that the Administrator 

  

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considers necessary or advisable as a result of changes in any, or the adoption or interpretation of any new, Legal Requirement. Notwithstanding anything to
the contrary in any Descriptive Materials, the Administrator may not amend or modify SECAP in a manner that would materially impair a Participant’s rights in the Account without the Participant’s consent; provided, however,
that the Administrator may, without a Participant’s consent, amend or modify SECAP in any manner that the Administrator considers necessary or advisable to comply with any Legal Requirement or to ensure that neither the entirety nor any part of
a Participant’s Account Value is subject to US federal, state or local income tax or any equivalent taxes in territories outside the US prior to payment or to any interest or penalty tax. To the extent necessary or advisable to comply with the
Legal Requirements of any non-US jurisdiction in which the Firm implements the Plan, the Firm may supplement the Plan and any Term Sheet with an International Supplement. Any amendment or waiver of a provision of the SECAP plan document or any Term
Sheet (other than any amendment or waiver applicable to all Participants generally), which amendment or waiver operates in a Participant’s favor or confers a benefit on the Participant, must be in writing and signed by the Global Head of Human
Resources or the Chief Administrative Officer (or if such positions no longer exist, by the holder of an equivalent position) to be effective. The Administrator shall notify Participants of any amendment of SECAP that is material, and shall notify
affected Participants of any amendment that affects such Participants’ rights. 
  

	 	9.	SECAP Unfunded. 

 SECAP is an unfunded
nonqualified long-term compensation plan. A Participant’s Account represents at all times an unfunded and unsecured contractual obligation of Morgan Stanley. Each Participant and Beneficiary is an unsecured general creditor of Morgan Stanley
with respect to all obligations owed under SECAP. Amounts payable under SECAP shall be satisfied solely out of the general assets of Morgan Stanley, subject to the claims of its creditors. A Participant and a Participant’s Beneficiaries will
not have any interest in any fund or in any specific asset of Morgan Stanley of any kind by reason of any amount credited to the Participant under SECAP, nor shall a Participant or any Beneficiary or any other person have any right to receive any
distribution under SECAP except as, and to the extent, expressly provided in this plan document or the Term Sheet. Morgan Stanley will not segregate any funds or assets to provide for the distribution of a Participant’s Account Value or issue
any notes or securities for the payment thereof. 
  

	 	10.	No Investment Obligation. 

 The Firm has no
obligation to invest amounts corresponding to a Participant’s Allocated Amounts or Account Value and/or any appreciation thereon (including, without limitation, in the Referenced Funds tracked by the Notional Investments a Participant selects).
If the Firm invests amounts corresponding to Allocated Amounts in any Referenced Fund, such investment shall not confer on a Participant any right or interest in any such Referenced Fund. The Participant will have no ownership or other interest in
any financial or other instrument or arrangement that Morgan Stanley may acquire or enter into to hedge its obligations under SECAP. 
  

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	 	11.	Compliance with Laws. 

 (a) Offerings under
SECAP are intended to be exempt from registration under the Securities Act. As a condition to participation in SECAP, at the time each Participant submits an Allocation Preference, the Participant will be deemed to acknowledge, represent and warrant
to and agree with Morgan Stanley, and the Administrator may require the Participant to affirmatively acknowledge, represent and warrant to and agree with Morgan Stanley, as follows: 
 (i) The Participant received and carefully reviewed the Descriptive Materials, and the Participant understands the information contained
therein, the risks associated with an investment in SECAP and the conflicts that SECAP may present for the Firm and agrees to be bound by the terms of the Descriptive Materials; 
 (ii) The Participant had a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of
Morgan Stanley concerning SECAP and all such questions were answered to the Participant’s full satisfaction; 
 (iii) No
oral or written representations were made to the Participant concerning SECAP other than as stated in the Descriptive Materials, and no oral or written information furnished to the Participant in connection with SECAP was inconsistent with the
information stated in the Descriptive Materials; 
 (iv) The Participant has adequate means of providing for the
Participant’s current financial needs and contingencies, is able to bear the substantial economic risks of SECAP for an indefinite period of time, has no need for liquidity in the Participant’s assets placed in SECAP and, at the present
time, could afford a complete loss of such assets; 
 (v) The Participant has such knowledge and experience in financial, tax
and business matters so as to enable the Participant to utilize the information made available to the Participant in connection with SECAP to evaluate the merits and risks of SECAP and to make an informed decision with respect thereto; 

(vi) The Participant is not relying on Morgan Stanley with respect to the tax and other economic considerations of SECAP; 

(vii) The Participant meets the eligibility requirements to be a Participant; 
 (viii) The Participant shall provide such information and execute and deliver such documents as may reasonably be requested by the Firm
in connection with SECAP, including, without limitation, such information and documents as may reasonably be necessary to comply with any and all laws to which the Firm is subject, and such additional information as the Firm may deem appropriate
with 

  

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regard to the Participant’s eligibility (including, without limitation, documentation relating to the Participant’s Accredited Investor status);

 (ix) The Participant’s representations, warranties and agreements made at the time the Participant submits an
Allocation Preference, and in any other writing delivered, or electronic request made, in connection with SECAP shall be true and correct in all respects on and as of the date of any allocation under SECAP as if made on and as of such date;

 (x) The Participant’s participation in SECAP is conditioned upon the making of all filings and the receipt of all
consents or authorizations required to comply with, or required to be obtained under, applicable local law; and 
 (xi) The
Participant shall keep confidential all matters relating to SECAP (including, without limitation, the terms of SECAP and the Descriptive Materials), except to the extent such matters are publicly available (through no fault of the Participant) or as
otherwise required by law. The Firm’s Code of Conduct regarding confidential and proprietary information shall cover such matters. 
 (b) The Administrator may from time to time amend or modify the representations that a Participant is required to make pursuant to this Section 11. 
 (c) Participants are required to promptly inform Morgan Stanley if any of the representations included in this Section 11, as may be amended or modified from time to time by the Administrator, becomes false for
any reason. 
  

	 	12.	Taxes and Withholding; Other Obligations. 

 (a) Taxes and Withholding. As a condition to any payment or distribution pursuant to SECAP, the Firm may require a Participant to pay such sum to the Firm as may be necessary to discharge the Firm’s obligations with respect to
any taxes, assessments or other governmental charges, whether of the United States or any other jurisdiction, imposed on such payment or distribution. In the discretion of the Firm, the Firm may deduct or withhold such sum from the payment or
distribution to which such taxes, assessments or other governmental charges relate. The Firm may not deduct or withhold such sum from any other amount payable to the Participant, whether pursuant to SECAP or otherwise, except to the extent such
deduction or withholding is not prohibited by Section 409A and would not cause the Participant to recognize income for United States federal income tax purposes prior to the time of payment of any amount hereunder or to incur interest or
additional tax under Section 409A. 
 (b) Other Obligations. The Firm shall have no authority to withhold any amount from a
payment or distribution pursuant SECAP for the purpose of satisfying all or any part of an obligation that a Participant owes to the Firm, except (i) to the extent authorized under Section 12(a) relating to tax and other withholding
obligations or, otherwise, (ii) to the extent such withholding is not prohibited by Section 409A and would not cause the Participant to recognize income for United States federal income tax purposes prior to the time of payment of any
amount hereunder or to incur interest or additional tax under Section 409A. 
  

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	 	13.	Nontransferability. 

 A Participant may not
assign, sell, garnish, transfer, pledge or encumber the Participant’s interests in SECAP, other than as provided in Section 14 (which allows a Participant to designate a Beneficiary or Beneficiaries in the event of the Participant’s
death) or by will or the laws of descent and distribution. This prohibition includes any assignment or other transfer that purports to occur by operation of law or otherwise. During a Participant’s lifetime, payments shall be made only to the
Participant. The terms and conditions of SECAP are binding on, and shall benefit, Morgan Stanley and its successors and assigns, and the Participants, their Beneficiaries, heirs, legatees and personal representatives. 
  

	 	14.	Designation of a Beneficiary. 

 A
Participant may make a written designation of a Beneficiary or Beneficiaries to receive all or part of the Participant’s SECAP payments to be paid under SECAP in the event of the Participant’s death. To make a Beneficiary designation, a
Participant must complete and submit a designation of beneficiary form with the Executive Compensation Department pursuant to procedures the Administrator may establish from time to time. A Participant may revoke or change the Participant’s
designation at any time. 
 If a Participant does not designate a Beneficiary to which payments are to be made upon the Participant’s
death, or if no Beneficiary survives a Participant, payments subsequent to the Participant’s death shall be made to the Participant’s estate. If a Beneficiary survives a Participant but dies prior to the completion of the payments
contemplated to be made to that Beneficiary, the unpaid portion of such payments at the death of the Beneficiary shall be paid to the Beneficiary’s estate. 
 If there is any question as to the legal right of any designated Beneficiary to receive payment, the Administrator may determine to pay the Participant’s estate or legal representative. The Administrator’s
determination shall be binding and conclusive on all persons, and the Firm shall have no further liability to anyone with respect to such payment. 
  

	 	15.	Claims Procedure. 

 The Administrator may
establish procedures from time to time pursuant to which the Administrator will process claims by Participants with respect to SECAP. 
  

	 	16.	Rule of Construction for Timing of Payments. 

 Whenever the Plan, any Term Sheet or any Descriptive Materials designate a specific date or event for full or partial payment or distribution of a Participant’s Applicable Account Value, such payment or distribution will be considered

  

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to have been timely made, and neither a Participant nor any of a Participant’s Beneficiaries or estate shall have any claim against the Firm for damages
based on a delay in payment or distribution, and the Firm shall have no liability to any Participant (or to any of Participant’s Beneficiaries or estate) in respect of any such delay, as long as payment or distribution is made by
December 31 of the year in which occurs the specified date or event or, if later, by the 15th day of the third calendar month following such specified date or event. 
  

	 	17.	Commodity Exchange Act Compliance. 

 Morgan
Stanley has filed with the National Futures Association a notice claiming an exclusion from the definition of the term “commodity pool operator” (“CPO”) under the Commodity Exchange Act, as amended, and the rules of
the Commodity Futures Trading Commission promulgated thereunder, with respect to its operation of SECAP and, accordingly, is not subject to registration or regulation as a CPO of SECAP. Morgan Stanley reserves the right to modify SECAP to ensure
that it is not subject to registration or regulation as a CPO. 
  

	 	18.	No Right to Continued Employment or Participation. 

 Neither SECAP nor any interpretation, determination or other action taken or omitted to be taken pursuant to SECAP shall be construed as guaranteeing a Participant’s employment with the Firm, a discretionary bonus or any particular
level of bonus, compensation or benefits, as giving a Participant any right to continued employment, during any period, nor shall they be construed as giving a Participant any right to be reemployed by the Firm following any termination of
employment. In addition, neither SECAP nor any interpretation, determination or other action taken or omitted to be taken pursuant to SECAP shall be deemed to create or confer on a Participant any right to participate in SECAP, or in any similar
program that may be established by the Firm, in respect of any Fiscal Year. 
  

	 	19.	Compliance with Local Law. 

 The
Administrator may modify the terms and conditions of SECAP to comply with the applicable requirements of local laws. 
  

	 	20.	Conflicts. 

 In the event of any conflict or
inconsistency between the SECAP plan document and any Term Sheet or any other Descriptive Material, the plan document shall govern and the Term Sheet and other Descriptive Materials shall be interpreted to minimize or eliminate any such conflict or
inconsistency; provided, however, that to the extent the Administrator amends or modifies any term or definition set forth herein, such modified term or definition will be communicated to the Participant in the applicable Term Sheet or
International Supplement and shall govern. 
  

 13 

	 	21.	Governing Law. 

 SECAP and the related legal
relations between a Participant and the Firm shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to any conflicts or choice of law rule or principle that might otherwise refer the interpretation
of the award to the substantive law of another jurisdiction. 
  

	 	22.	Effective Date. 

 The Compensation,
Management Development and Succession Committee of the Board of Directors of Morgan Stanley approved SECAP on June 27, 2003 and the first allocations under SECAP occurred in January, 2004. 
  

	 	23.	Construction. 

 The headings in this plan
document have been inserted for convenience of reference only and are to be ignored in any construction of SECAP. Use of one gender includes the other, and the singular and plural include each other. 
  

	 	24.	Defined Terms. 

 Unless determined otherwise
by the Administrator and set forth in the applicable Term Sheet the following terms shall have the indicated meanings: 
 (a)
“Account” means the bookkeeping account maintained on the books and records of Morgan Stanley in a Participant’s name to record Allocated Amounts and credits or debits thereto in accordance with SECAP. An Account is
established only for purposes of tracking Notional Investments and not to segregate assets or to identify assets that may be used to make payments under SECAP. 
 (b) “Account Value” means the amount reflected on the books and records of Morgan Stanley as the value of a Participant’s Account at any date of determination, as determined in accordance
with SECAP. 
 (c) An “Accredited Investor” is an individual who is able to represent at the time of allocation that
he or she meets the conditions for being an “accredited investor” set forth in Rule 501 promulgated under the Securities Act (or any successor provision). For purposes of any income test including such conditions, income does not include
the value of any mandatory allocations, such as annual equity-based or other incentive compensation awards. 
 (d) “Allocated
Amount” means the amount of Eligible Compensation allocated by a Participant to SECAP, as accepted or modified by the Administrator pursuant to SECAP. The amount a Participant allocates will be taken from the Participant’s Eligible
Compensation, after the following allocations (as applicable): 
 (i) any non-elective equity-based awards or other incentive
compensation; and 
  

 14 

 (ii) bonus waivers; 
 but before the following deductions (as applicable): 
 (i) elective equity-based awards
(e.g., Voluntary Equity Incentive Compensation Program or Voluntary Equity Participation Plan); 
 (ii) Morgan Stanley
401(k) Plan; and 
 (iii) income taxes and US Social Security and Medicare tax. 
 (e) “Allocation Preference” means, for each Fiscal Year’s participation, a request made by a Participant to allocate payment
of an amount of the Participant’s Eligible Compensation subject to the terms and conditions of SECAP. An Allocation Preference cannot be revoked by the Participant or the Firm after the applicable deadline. 
 (f) “Allocation Year” means the Fiscal Year with respect to which the Participant’s Allocated Amount under SECAP relates.
For instance, (i) with respect to year-end discretionary bonuses, the Allocation Year is the year in which the bonuses are earned even if the bonuses are paid in a subsequent Fiscal Year and (ii) with respect to commission payouts or
notional revenue credit advances, the Allocation Year is the year in which the commission payouts or notional revenue credit advances are earned. 
 (g) “Applicable Account Value” means the portion of the Participant’s Account Value that corresponds to the applicable Fiscal Year’s Allocated Amount. 
 (h) “Beneficiary” means the person designated by a Participant pursuant to Section 14 to receive any payments under SECAP in
the event of the Participant’s death. 
 (i) A “Cancellation Event” shall have the meaning set forth in the
applicable Term Sheet. 
 (j) “Chief Administrative Officer” means the officer of Morgan Stanley to whom the
Compensation, Management Development and Succession Committee of Morgan Stanley’s Board of Directors has delegated authority to administer SECAP. 
 (k) “Descriptive Materials” means the applicable Term Sheet, International Supplement, if any, the SECAP plan document and all other brochures, letters, memoranda or other documents from Morgan
Stanley to the Participant regarding SECAP, including all electronic-based materials. 
  

 15 

 (l) “Disability” means any condition that would qualify for a benefit under any
group long-term disability plan maintained by the Firm and applicable to the Participant. 
 (m) “Distribution Commencement
Date” means, with respect to each Allocation Year, the date specified in a Participant’s Allocation Preference for commencement of the distributions in respect of the Applicable Account Value, as accepted or modified by the
Administrator pursuant to SECAP. 
 (n) “Distribution Method” means, with respect to each Allocation Year, the form
of payment method (lump sum or two to ten annual installments) specified in a Participant’s Allocation Preference in respect of the Applicable Account Value, as accepted or modified by the Administrator pursuant to SECAP. 
 (o) “Eligible Compensation” means the cash compensation a Participant may allocate pursuant to SECAP, as determined by the
Administrator from time to time and set forth in the applicable Term Sheet. 
 (p) “Eligible Employees” shall have
the meaning set forth in the applicable Term Sheet. 
 (q) “Executive Compensation Department” means Morgan
Stanley’s Executive Compensation Department or any other department of Morgan Stanley that succeeds to the functions of the Executive Compensation Department. 
 (r) The “Firm” means Morgan Stanley (including any successor thereto) together with its subsidiaries and other affiliates. 
 (s) “Fiscal Year” means a fiscal year of Morgan Stanley. 
 (t) “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance
thereunder. 
 (u) “Legal Requirement” means any law, regulation, ruling, judicial decision, accounting standard,
regulatory guidance or other legal requirement. 
 (v) “Notional Investments” means the Referenced Funds or other
investment vehicles used to measure the return (positive or negative) to be attributed to Allocated Amounts. 
 (w)
“Participant” means an Eligible Employee who participates in SECAP. 
 (x) “Preferred Distribution
Commencement Date” means, with respect to each Allocation Year, the date specified in a Participant’s Allocation Preference for commencement of the distributions in respect of the Applicable Account Value. A Participant shall
select a separate Preferred Distribution Date for each Applicable Account Value. 
  

 16 

 (y) “Preferred Distribution Method” means, with respect to each Allocation Year,
the form of payment method (lump sum or two to ten annual installments) specified in a Participant’s Allocation Preference in respect of the Applicable Account Value. 
 (z) “SECAP” means the Select Employees’ Capital Accumulation Program. 
 (aa) “Section 409A” means Section 409A of the Internal Revenue Code. 
 (bb) “Securities Act” means the Securities Act of 1933, as amended. 
 (cc) “Separation from Service” means a separation from service with the Firm for purposes of Section 409A determined using
the default provisions set forth in Treasury Regulation §1.409A-1(h) or any successor regulation thereto. For purposes of this definition, Morgan Stanley’s subsidiaries and affiliates include (and are limited to) any corporation that is in
the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as Morgan Stanley and any trade or business that is under common control with Morgan Stanley (within the meaning of
Section 414(c) of the Internal Revenue Code), determined in each case in accordance with the default provisions set forth in Treasury Regulation §1.409A-1(h)(3). 
 (dd) “Term Sheet” means a written or electronic document which, for each specified Fiscal Year’s allocation, sets
forth those terms and conditions of SECAP that, pursuant to the terms of this plan document, are to be communicated in a Term Sheet, including terms and definitions that are not otherwise set forth herein or that the Administrator has determined to
modify from those set forth herein. 
 (ee) “Vesting Date” shall have the meaning set forth in the applicable Term
Sheet with respect to the specified Fiscal Year’s allocation. 
  

 17Morgan Stanley 2007 Notional Leveraged Co-Investment Plan

 Exhibit 10.2 
 MORGAN STANLEY 
 2007 NOTIONAL LEVERAGED CO-INVESTMENT PLAN 
 Amended as of June 17, 2008 
 SECTION 1. Purpose. The Morgan Stanley 2007 Notional Leveraged Co-Investment Plan (as may be amended from time to time, the “Plan”) has the purposes of: (i) providing the opportunity to a select group of
management and highly compensated employees to enhance (A) the portion of any discretionary above base compensation that would otherwise be awarded to them in the form of Morgan Stanley equity compensation or other mandatory long-term incentive
compensation or (B) any retention, new hire or similar awards that would be granted to such management and employees and (ii) facilitating the allocation of such compensation to the notional investment opportunities afforded by the Plan.

 SECTION 2. Definitions. As used in the Plan, unless determined otherwise by the Firm and set forth in the applicable Award
Certificate, the following terms shall have the indicated meanings: 
 “Above Base Compensation” means any compensation other
than base salary that the Firm awards to an Eligible Person for a Fiscal Year, before reduction for any applicable taxes. Nothing in the Plan shall obligate the Firm to award or pay any Above Base Compensation to any person. 
 “Account” means the bookkeeping account that the Firm establishes and maintains for a Participant pursuant to Section 6. An Account
is established only for purposes of tracking a Notional Plan Investment and not to segregate or identify assets that may be used to make distributions or other payments under the Plan. 
 “Administration Fee” shall have the meaning set forth in Section 8(a). 
 “Administrator” means one or more officers of the Firm to whom the Committee, in its sole discretion, delegates all or some of its
authority and responsibilities to administer the Plan. Such officers are authorized to sub-delegate some or all of such authority and responsibilities to the Executive Compensation Department, another committee of the Firm and/or one or more
officers of the Firm, and any person or persons to whom are sub-delegated all or some of such authority and responsibilities is also, to the extent of such sub-delegation, the “Administrator”. Only the Committee is authorized to make
any decision or amendment regarding the participation in the Plan or any interest in the Plan held by any member of the Operating Committee of Morgan Stanley or any employee who is an “executive officer” of Morgan Stanley under United
States federal securities laws. 
  

 - 1 - 

 “Allocation” shall have the meaning set forth in Section 4(a). 
 “Allocation Form” shall have the meaning set forth in Section 4(a). 
 “Allocation Preference” shall have the meaning set forth in Section 4(a). 
 “Applicable Reduction Amount” shall have the meaning set forth in Section 10(a)(i). 
 “Associated Employee Fund” means, with respect to any reference investment underlying a Notional Plan Investment, a co-investment or
feeder fund that is available primarily to employees of the Firm and is associated with such reference investment. 
 “Award
Certificate”, with respect to any Participant, means a written document (including in electronic form) for each Total Notional Investment that sets forth the terms and conditions of such Participant’s participation in the Plan. A
Participant’s participation in the Plan shall be governed by the Plan, such Participant’s Award Certificate or Certificates, as applicable, and, if and to the extent applicable pursuant to Section 16(e), the International Supplement.

 “Board” means the Board of Directors of Morgan Stanley. 
 “Cancellation Event”, with respect to any Plan Interest of any Participant, shall have the meaning set forth in the applicable Award
Certificate. Cancellation Events in respect of any Plan Interest related to a Fiscal Year Award shall be substantially similar to such events as set forth in the annual year-end equity compensation awards granted to such Participant. 
 “Closed-End Distribution Date” means, with respect to any Plan Interest of any Participant, any date, specified in the applicable Award
Certificate, as a Distribution Date for Proceeds with respect to Closed-End Investments. 
 “Closed-End Investment” means a
Notional Plan Investment in a reference investment that generally does not permit redemptions by investors but makes distributions to investors from time to time following the sale, transfer or other disposition of its investments. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 
 “Committee” means the Compensation, Management Development and Succession Committee of the Board, any successor committee thereto or any
other committee of the Board appointed by the Board with the powers of the Committee under the Plan, or any subcommittee appointed by such Committee. 
 “Descriptive Materials” means all brochures, letters, memoranda or other documents from the Firm to a Participant regarding the Plan, including all electronic-based materials. 
  

 - 2 - 

 “Distribution Date” means, (i) with respect to a Closed-End Investment, (A) the
Earliest Distribution Date, if applicable, (B) any Subsequent Closed-End Distribution Dates (including the Final Distribution Date), if applicable, and (C) any other date specified as a Closed-End Distribution Date in the
Participant’s applicable Award Certificate; and (ii) with respect to an Open-End Investment, the Earliest Distribution Date and any Subsequent Open-End Distribution Dates. 
 “Earliest Distribution Date” means, with respect to any Plan Interest, the date, specified in the applicable Award Certificate, on which
Proceeds in respect of Notional Plan Investments shall commence being distributed to the applicable Participant. 
 “Eligible
Person” means a professional employee of the Firm who is determined by the Committee to be eligible to participate in the Plan. 
 “Executive Compensation Department” means Morgan Stanley’s Executive Compensation Department or any other department of Morgan Stanley that succeeds to the functions of the Executive Compensation Department.

 “Final Distribution Date” means, with respect to any Plan Interest of any Participant, the date, specified in the
applicable Award Certificate, on which the Firm shall make its final distribution with respect to such Plan Interest to such Participant in accordance with Section 10(a)(iii). 
 “Firm” means Morgan Stanley together with its subsidiaries and other affiliates. 
 “Fiscal Year” and “Fiscal Quarter” mean Morgan Stanley’s Fiscal Year and Morgan Stanley’s Fiscal Quarter,
respectively. 
 “Fiscal Year Award” means an allocation to the Plan of a Participant’s compensation that would
otherwise be mandatorily granted in the form of Morgan Stanley equity compensation or other mandatory long-term incentive compensation in respect of a Fiscal Year. 
 “International Supplement” shall have the meaning set forth in Section 16(e). 
 “Investment Committee” means a committee of two or more officers of the Firm to whom the Administrator delegates the authority and responsibilities to select Notional Plan Investments. 
 “Legal Requirement” means any law, regulation, ruling, judicial decision, accounting standard, regulatory guidance or other legal
requirement. 
  

 - 3 - 

 “Morgan Stanley” means Morgan Stanley, a Delaware corporation, or any successor thereto.

 “Morgan Stanley Applicable Rate” means, for any period, the rate at which notional interest with respect to any Notional
Advance (or any portion thereof) shall accrue from the date that the Notional Advance (or portion thereof) is deemed to be notionally invested until and to the extent such Notional Advance (or portion thereof) is reduced by any Proceeds. Pursuant
and subject to Section 3(a)(v), the Firm reserves the right to revise the Morgan Stanley Applicable Rate at any time and from time to time. 
 “Notional Advance” means, with respect to any Participant Allocation, the notional amount, if any, that Morgan Stanley adds or will add to the Participant Allocation for notional investment in Notional Plan Investments in
accordance with Section 5. 
 “Notional Plan Investment” means an investment designated by the Firm as a reference
investment for the benefit of the Plan. Reference investments underlying Notional Plan Investments may include proprietary investment funds of the Firm or “funds of funds” of the Firm that include investment funds sponsored or offered by
third parties. For the avoidance of doubt, a Participant’s interest in any Notional Plan Investment shall be notional. 
 “Open-End Investment” means a Notional Plan Investment in a reference investment that generally does not make distributions to its investors but permits investors to redeem their interest in the fund from time to time.

 “Participant” means an Eligible Person who participates in the Plan. 
 A “Participant Allocation” means, with respect to any Participant, (i) a Fiscal Year Award, or (ii) a Special Award.

 “Participant Applicable Rate” means, for any period, the rate at which notional interest may accrue with respect to:

 (i) Each Participant Allocation (or portion thereof), from, (A) in the case of a Fiscal Year Award, the date on which
the annual equity award for such Fiscal Year is granted (or such other date specified in the applicable Award Certificate) or (B) in the case of a Special Award, the grant date of such Special Award, in each case until the Firm notionally
allocates such Participant Allocation (or portion thereof) to one or more Notional Plan Investments; 
 (ii) Each Participant
Allocation, if the Firm determines that a Participant Allocation shall not be notionally invested in Notional Plan Investments, from the date on which the annual equity award for such Fiscal Year is granted (or, in the case of a Special Award, the
grant date of such Special Award) until the applicable Earliest Distribution Date; 
  

 - 4 - 

 (iii) The Proceeds relating to a Realization (or partial Realization) with respect to a
Closed-End Investment, from the date of such Realization until the applicable Distribution Date, as further set forth in Section 10(a) and (b), as applicable; 
 (iv) The Proceeds relating to a Realization (or partial Realization) with respect to an Open-End Investment, from the date of such
Realization until the applicable Distribution Date, as further set forth in Section 10(c); 
 (v) The Proceeds relating
to a Realization (or partial Realization) with respect to a Notional Plan Investment, from the date of the applicable Distribution Date to the actual date of distribution permitted by Section 11(a); and 
 (vi) Each Plan Termination Value, from the date of any termination of the Plan until the distribution of such Plan Termination Value on
the applicable Distribution Date. 
 Pursuant and subject to Section 3(a)(v), the Firm reserves the right to revise the Participant Applicable Rate at
any time and from time to time. 
 “Plan” shall have the meaning set forth in Section 1. 
 “Plan Interest” means, with respect to any Participant Allocation, a Participant’s Total Notional Investment (including any
notional interest accrued at the Participant Applicable Rate) minus the sum of such Participant’s previously unreduced Notional Advances reflected in the Participant’s Account with respect to such Participant Allocation (plus
accrued and previously unreduced notional interest thereon) and such Participant’s previously unreduced Administration Fee. 
 “Plan Termination Value” means, with respect to any Plan Interest in connection with the termination of this Plan, a Final Distribution Date, or a single Closed-End Distribution Date, the fair value (as determined by the
Firm) of such vested Plan Interest (or portion thereof), if any (together with any notional interest accrued thereon), on the effective date of such termination, or as of such Final Distribution Date or single Closed-End Distribution Date, as
applicable. 
 “Proceeds” means, with respect to any Notional Plan Investment, (i) notional gross cash proceeds, if
any, that are Realized in respect of such Notional Plan Investment at any time, plus (ii) if there is an Associated Employee Fund, an additional amount equal to the difference between (A) the “carried interest” that would
be paid by third-party investors with respect to the reference investment underlying such Notional Plan Investment, and (B) the “carried interest” that would be paid by employee investors in an Associated Employee Fund. For the
avoidance of doubt, Proceeds shall be net of any fees or expenses charged to Morgan Stanley by any reference investment that relates to a Notional Investment. 
 “Realization” or “Realize” means (i) with respect to a Closed-End Investment, the receipt of a distribution by an investor, had such investor received 

  

 - 5 - 

 
such a distribution from such Closed-End Investment; and (ii) with respect to an Open-End Investment, the receipt of a distribution or redemption
proceeds by an investor, had such investor received such a distribution or effected such a redemption from such Open-End Investment as of such Open-End Investment’s most recent valuation date. For the avoidance of doubt, the re-investment of
proceeds by a Notional Plan Investment does not, itself, give rise to a Realization. 
 “Section 409A” means
Section 409A of the Code, and the rules, regulations and guidance thereunder (or any successor provisions thereto). 
 “Securities Act” means the United States Securities Act of 1933, as amended. 
 “Special Award”
means a retention, new hire or similar award that is granted in the form of a participation in the Plan. 
 “Subsequent Closed-End
Distribution Date”, with respect to any Plan Interest, means each date after the Earliest Distribution Date selected as a Distribution Date for Proceeds relating to Closed-End Investments. Any such selection may be made from a menu of
possible dates specified by the Firm, in accordance with any rules and procedures that the Firm establishes. 
 “Subsequent Open-End
Distribution Date”, with respect to any Plan Interest, means each date after the Earliest Distribution Date selected as a Distribution Date for Proceeds relating to Open-End Investments. Any such selection may be made from a menu of
possible dates specified by the Firm, in accordance with any rules and procedures that the Firm establishes. 
 “Total
Compensation” means (i) base salary, commissions and annual bonus, inclusive of the value of long-term incentive compensation, or what the Firm designates as “total reward”; and (ii) for employees who are Investment
Representatives or Financial Advisors of the Global Wealth Management Group, gross compensation, pre-deductions, inclusive of the value of long-term incentive compensation, or what the Firm designates as “total reward”. 
 “Total Notional Investment” means, with respect to any Participant Allocation at any time, the interest in the Plan that is attributable
to such Participant Allocation at such time and any related Notional Advance. 
 SECTION 3. Administration. 
 (a) The Committee shall administer the Plan. In addition to other express powers and authorizations that the Plan confers on the Committee, the Committee
shall have full power and authority, subject to the express provisions of the Plan, Legal Requirements and contractual provisions binding upon the Firm and any internal policies and procedures of the Firm: 
 (i) to determine the terms and conditions of each Award Certificate; 
  

 - 6 - 

 (ii) to determine the pool of Eligible Persons; 
 (iii) to construe and interpret the Plan, any Award Certificate, the International Supplement or any summary of the foregoing (including
any Descriptive Materials); 
 (iv) to prescribe, amend, rescind or waive rules and procedures relating to the Plan with
respect to any and all Participants; 
 (v) to revise the Morgan Stanley Applicable Rate and the Participant Applicable Rate;

 (vi) to waive any provision of the Plan or one or more Award Certificates with respect to any and all Participants;

 (vii) to vary the terms and conditions of participation in the Plan to take account of tax laws, securities laws and other
regulatory requirements of foreign jurisdictions; and 
 (viii) to make all other determinations necessary or advisable for
the administration of the Plan. 
 Except as expressly provided for in the Plan, the Committee’s determinations under the Plan need not be uniform and
may be made selectively among Eligible Persons and Participants, whether or not such persons are similarly situated. All determinations by the Committee or the Administrator pursuant to Section 3(b), in administering, construing or interpreting
the Plan shall be final, binding and conclusive for all purposes and upon all persons. 
 (b) The Committee may, but need not, from time to
time delegate such of its responsibilities under the Plan as it deems appropriate to the Administrator; provided, however, that the Administrator is not authorized to designate Notional Plan Investments without the concurrence and
authorization of the Investment Committee. In connection with the performance of their responsibilities under the Plan, the Committee, the Administrator and the Investment Committee may consult with any third party they deem necessary or advisable,
including any outside consultant or advisor. 
 (c) Neither the Firm nor any member of the Board, the Committee, the Investment Committee,
the Administrator and their respective affiliates and employees shall be liable in any manner whatsoever in connection with the administration, construction or interpretation of the Plan, any Award Certificate or the Descriptive Materials, except
for any liability arising out of such person’s willful misconduct. Under no circumstances shall any such person be liable for any act or omission of any other person. In the performance of its, his or her 

  

 - 7 - 

 
functions with respect to the Plan, each such person shall be entitled to rely upon information and advice furnished by the Firm’s officers, the
Firm’s accountants, the Firm’s counsel, the Firm’s tax advisors and any other person the Committee deems necessary or advisable, and no such person shall be liable for any action taken or not taken in reliance upon any such advice.

 (d) Any discretionary authority or obligation pursuant to the Plan shall not be applicable to the extent such discretionary authority or
obligation is prohibited by Section 409A, or would result in a Participant being required to recognize income for United States federal income tax purposes prior to the relevant Distribution Date or would result in a Participant incurring
interest or additional tax under Section 409A. 
 SECTION 4. Participant Allocation. 
 (a) In accordance with any rules and procedures that the Firm establishes, an Eligible Person may be permitted to express a preference to allocate a
portion of the compensation other than base salary that would otherwise be granted in the form of Morgan Stanley equity compensation or other mandatory long-term incentive compensation in respect of such Fiscal Year to the Plan (an
“Allocation Preference”). Such Allocation Preference, which such Eligible Person shall make by submitting a form, including in electronic form (an “Allocation Form”), on or prior to a date specified on such
Allocation Form, shall be irrevocable by the Eligible Person on or after such date. The Firm, in its sole and absolute discretion, reserves the right not to give effect to all or any portion of such Allocation Preference during the one complete day
after such Allocation Preference is irrevocable to the Eligible Person. The Firm shall give effect to such Eligible Person’s Allocation Preference in its entirety, subject to (i) the eligibility criteria as determined by the Committee and
(ii) any adjustment thereto effected by the Firm in accordance with the immediately preceding sentence, except to the extent not giving such effect is not prohibited by Section 409A and would not result in such Eligible Person being
required to recognize income for United States federal income tax purposes prior to the relevant Distribution Date or in an Eligible Person incurring interest or additional tax under Section 409A. The Firm’s final allocation
(“Allocation”) of the non-cash component of such Eligible Person’s Above Base Compensation shall not constitute a guarantee of Plan participation. 
 (b) The Firm shall issue to each Participant an Award Certificate setting forth the terms and conditions of such Participant’s participation in the Plan. 
 (c) Each Participant Allocation shall accrue notional interest, (A) in the case of a Fiscal Year Award, at the Participant Applicable Rate from the
date that the annual equity award for such Fiscal Year is granted (or such other date specified in the applicable Award Certificate), in each case, unless the Firm determines otherwise in accordance with any rules and procedures that the Firm
establishes or (B) in the case of a Special Award, the grant date of such Special Award, in each case: (i) until the Firm notionally allocates such Participant 

  

 - 8 - 

 
Allocation (or a portion thereof) to one or more Notional Plan Investments pursuant to Section 7, or (ii) if the Firm does not notionally invest
such Participant Allocation (or a portion thereof) in one or more Notional Plan Investments, until the Earliest Distribution Date, on which date the Firm shall pay such Participant Allocation (or portion thereof) to such Participant. 
 (d) Participant Allocations are intended to be exempt from registration under the Securities Act. By participating in the Plan, each Participant shall be
deemed to acknowledge, represent and warrant to and agree with Morgan Stanley, and the Firm may require the Participant to affirmatively acknowledge, represent and warrant to and agree with Morgan Stanley, as follows: 
 (i) The Participant received and carefully reviewed the Descriptive Materials, and the Participant understands the information contained
therein, the risks associated with a Notional Plan Investment under the Plan and the conflicts that the Plan may present for the Firm and agrees to be bound by the terms of the Descriptive Materials; 
 (ii) The Participant had a reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of
Morgan Stanley concerning the Plan and all such questions were answered to the Participant’s full satisfaction; 
 (iii)
No oral or written representations were made to the Participant concerning the Plan other than as stated in any Award Certificate and/or the Descriptive Materials, and no oral or written information furnished to the Participant in connection with
the Plan was inconsistent with the information stated in the Descriptive Materials; 
 (iv) The Participant has adequate means
of providing for the Participant’s current financial needs and contingencies, is able to bear the substantial economic risks of the Plan for an indefinite period of time, has no need for liquidity regarding the Participant’s assets placed
in the Plan and, at the present time, could afford a complete loss of such assets; 
 (v) The Participant has such knowledge
and experience in financial, tax and business matters so as to enable the Participant to utilize the information made available to the Participant in connection with the Plan to evaluate the merits and risks of the Plan and to make an informed
decision with respect thereto; 
 (vi) The Participant is not relying on Morgan Stanley or any person or persons acting on
behalf of Morgan Stanley with respect to the tax and other economic considerations of the Plan; 
 (vii) The Participant
satisfies the eligibility requirements as determined by the Committee; 
  

 - 9 - 

 (viii) The Participant shall provide such information and execute and deliver such
documents as may reasonably be requested by the Firm in connection with the Plan, including such information and documents as may reasonably be necessary to comply with any and all laws to which the Firm is subject, and such additional information
as the Firm may deem appropriate with regard to the Participant’s eligibility (including documentation relating to the Participant’s qualification as an Accredited Investor); and 
 (ix) The Participant shall keep confidential all matters relating to the Plan (including the terms of the Plan and any Award Certificate
and the Descriptive Materials), except to the extent such matters are publicly available (through no fault of the Participant) or as otherwise required by Legal Requirements. The Firm’s Code of Conduct regarding confidential and proprietary
information shall cover such matters. 
 SECTION 5. Notional Advance. 
 (a) In connection with the notional investment of any Participant Allocation (or portion thereof) in a Notional Plan Investment, an amount equal to a
multiple (which may include zero) of such Participant Allocation (or portion thereof), as determined in the discretion of the Firm, may be added to the Participant’s Account for purposes of enhancing the leverage of the applicable Participant
Allocation in its notional investment in Notional Plan Investments. In accordance with any rules and procedures that the Firm establishes, an Eligible Person may be permitted to express a preference to receive a Notional Advance of a specified
amount with respect to any Participant Allocation. 
 (b) Each Notional Advance shall accrue notional interest at the Morgan Stanley
Applicable Rate (unless the Firm determines otherwise in accordance with any rules and procedures that the Firm establishes) during the period that such Notional Advance (or portion thereof) is deemed to be outstanding (i.e., from the date
that the Notional Advance (or portion thereof) is deemed to be notionally invested until and to the extent such Notional Advance (or portion thereof) is reduced by any Proceeds). 
 (c) Any Notional Advance shall be satisfied only through reductions to: (i) any notional interest previously accrued at the Participant Applicable
Rate, or (ii) Proceeds in accordance with Section 10. No Participant shall be required to make any direct or out-of-pocket payment to the Firm in connection with any Notional Advance. 
 SECTION 6. Establishment of Accounts. The Firm shall establish an Account for each Participant, to which it shall credit such
Participant’s Participant Allocations, any related Notional Advances, any notional interest accrued at the Participant Applicable Rate and any notional interest accrued at the Morgan Stanley Applicable Rate. Each Participant’s Account
shall reflect such Participant’s notional share of each Notional Plan Investment. 
  

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 SECTION 7. Notional Plan Investments. 
 (a) The Firm shall designate Notional Plan Investments for the benefit of the Plan, and shall establish a purchase price, for purposes of the Plan, equal
to the fair value (as the Firm shall determine) of such Notional Plan Investments at the time of their designation. These Notional Plan Investments may differ for Participant Allocations granted in different Fiscal Years and for Special Awards.
Participants shall participate in each Notional Plan Investment pro rata based on their respective Total Notional Investments (unless the Firm determines otherwise, in accordance with any rules and procedures that the Firm establishes). Each
Participant’s notional share of any Notional Plan Investment shall be deemed to have been notionally funded, first, by such Participant’s applicable Participant Allocation and, to the extent such Participant Allocation has been fully
notionally invested, the remaining Notional Plan Investment amount shall be deemed to have been notionally funded by any Notional Advance amount reflected in the Participant’s Account with respect to such Participant Allocation (therefore, no
notional interest shall begin to accrue until such time as a Notional Plan Investment is deemed to be funded by such Notional Advance (or portion thereof)). 
 (b) Notional Plan Investments in respect of any given Fiscal Year or any Special Awards shall be indicated on the Executive Compensation Department website or through other means that the Firm shall determine and
communicate to Participants from time to time. The Firm may provide a Participant with a description of the related reference investments and their historical returns; however, the Firm is not responsible for actions, statements or
performance of the Notional Plan Investments. 
 (c) The Firm may choose Notional Plan Investments based on a variety of factors, which may
include the Firm’s own business interests and its relations with such reference investments or parties affiliated with such referenced funds. By participating in the Plan, each Participant shall be deemed to acknowledge the existence of actual
and potential conflicts of interest with the Firm and waive any claim with respect to the existence of any conflict of interest and the Firm may require each Participant to affirmatively make such acknowledgment and waiver. 
 (d) The performance of each Notional Plan Investment shall reflect all of the fees and costs of the related reference investment, including placement
agent and brokerage fees, which such reference investment may pay to the Firm if the Firm provides such services to it. The Firm may also act as the investment advisor or provide other services to such reference investment and receive fees for
providing these services. Fees paid by any reference investment will reduce the performance of such reference investment (and, accordingly, the performance of the Notional Plan Investment) and, therefore, will reduce the amount of the Firm’s
distribution obligations to Participants under the Plan. 
 (e) Nothing in the Descriptive Materials shall be construed to confer on a
Participant the right to continue to have any particular Notional Plan Investment available for purposes of measuring the value of the Participant’s Total Notional Investment. 
  

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 (f) The value of a Participant’s Total Notional Investment is subject to risk at all times based
upon the performance of the Notional Plan Investments. If the value of the Notional Plan Investments decreases in the future, then the value of a Participant’s Total Notional Investment may be lower than a Participant’s applicable
Participant Allocation. Additionally, if the value of the Notional Plan Investments decreases in the future and proves to be less than the sum of the unreduced invested Notional Advance, accrued and unreduced notional interest, accrued and unreduced
Administration Fee and any Notional Advance committed but not yet notionally invested, a Participant will not be entitled to receive any of his or her applicable Participant Allocation with respect to such Total Notional Investment. Although a
Participant will not be an investor in any reference investments underlying the Notional Plan Investments, a Participant’s Total Notional Investment will be determined by referencing the gains and losses attributable to the performance of such
Notional Plan Investments. In effect, the Firm is merely targeting the return and liquidity on such Notional Plan Investments and to the extent that the Firm incurs any costs in connection therewith or in connection with the administration of the
Plan, it has the right to adjust the return on a Participant’s Notional Plan Investments to reflect these costs. Any distribution or other payment under the Plan is also subject to the risks associated with the Participant’s status as an
unsecured general creditor of Morgan Stanley as described in Section 16(c). 
 SECTION 8. Fees. 
 (a) Unless otherwise determined by the Administrator the Firm shall reduce each Participant’s Account by a notional administration fee (the
“Administration Fee”) in an amount that it determines is fair and appropriate. Any Administration Fee shall apply to all Participants in the same manner and shall be communicated to Participants in advance of any decision by
Eligible Persons to allocate their long-term incentive mix. 
 (b) The Administration Fee, which shall be applied against each
Participant’s Account balance, shall accrue periodically in arrears (but shall not accrue any notional interest) and shall reduce the Participant’s share of Proceeds as described in the distribution formula set forth below in
Section 10. 
 (c) The Administration Fee shall be satisfied only through reductions to: (i) a Participant’s notional interest
previously accrued at the Participant Applicable Rate, or (ii) a Participant’s share of any Proceeds in accordance with Section 10. No Participant shall be required to make any direct or out-of-pocket payment to the Firm in connection
with a Total Notional Investment. 
 (d) The Administration Fees are separate from any fees applicable to the Notional Plan Investments and
the related reference investments which, without limiting the generality of Section 7(d), are reflected in the net returns credited to a Participant’s Account. 
  

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 SECTION 9. Vesting. 
 (a) Terms and conditions relating to the vesting of a Participant’s Plan Interest (including any consequences of a termination of such
Participant’s employment) shall be set forth in such Participant’s Award Certificate. Such terms and conditions with respect to any Participant in respect of any Fiscal Year Award shall be substantially similar to analogous terms and
conditions set forth in the annual year-end equity compensation awards granted to such Participant in respect of such Fiscal Year. 
 (b) The
Firm may accelerate the vesting of a Participant’s Plan Interest and may, in its sole discretion, determine other circumstances under which a Participant’s Plan Interest shall vest. Nothing in the Plan or in any Award Certificate shall
entitle a Participant to request or receive any distribution or other payment upon the vesting of all or any portion of such Participant’s Plan Interest. 
 (c) Even if a Participant holds a Plan Interest, whether or not fully vested, it may be canceled without any consideration upon the occurrence of a Cancellation Event prior to the Earliest Distribution Date. Upon such
occurrence, the Participant shall have no further interest in or entitlement under the Plan, including no right or entitlement to any Participant Allocation. 
 SECTION 10. Distributions. 
 (a) Closed-End Investments – Multiple Distribution
Dates. If a Participant’s Award Certificate specifies multiple Closed-End Distribution Dates, this Section 10(a) shall apply to such Participant’s applicable Total Notional Investment: 
 (i) With respect to any Proceeds in respect of a Closed-End Investment on or prior to the Earliest Distribution Date of a vested Plan
Interest, the share of such Proceeds attributable to the Total Notional Investment with respect to such Plan Interest shall immediately be reduced by the sum of (A) the applicable, previously unreduced invested Notional Advance (plus accrued
and previously unreduced notional interest thereon), (B) any applicable, accrued and previously unreduced Administration Fee and (C) any committed but not yet notionally invested Notional Advance (such sum, the “Applicable
Reduction Amount”). Any committed but not yet notionally invested Notional Advance will reduce the applicable Proceeds as determined in the discretion of the Firm prior to the date on which the Allocation Preferences become irrevocable and
such Proceeds may be withheld in escrow, accruing notional interest at the Participant Applicable Rate. Any remaining Proceeds shall accrue notional interest at the Participant Applicable Rate from the date of the Realization of such Proceeds until
such Earliest Distribution Date (unless 

  

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the Firm determines otherwise in accordance with any rules and procedures that the Firm establishes). The Applicable Reduction Amount shall reduce the
portion of subsequent Proceeds attributable to such remaining Total Notional Investment (including, if applicable, Proceeds in respect of a Closed-End Investment Realized after such Earliest Distribution Date and/or Proceeds in respect of an
Open-End Investment). Such remaining Proceeds shall be aggregated and distributed to such Participant on the applicable Earliest Distribution Date. 
 (ii) With respect to any Proceeds in respect of a Closed-End Investment Realized after the Earliest Distribution Date of a vested Plan Interest, but on or prior to the Subsequent Closed-End Distribution Date of such
Plan Interest, the share of such Proceeds attributable to the remaining Total Notional Investment with respect to such Plan Interest, to the extent of such Realizations, shall be reduced and aggregated and distributed on such Subsequent Closed-End
Distribution Date in accordance with the method described in Section 10(a)(i). The share of Proceeds attributable to the remaining Total Notional Investment with respect to such Plan Interest in respect of a Closed-End Investment Realized after
such Subsequent Closed-End Distribution Date and on or prior to the next Subsequent Closed-End Distribution Date shall be reduced and aggregated and distributed on such next Subsequent Closed-End Distribution Date. 
 (iii) If the last Subsequent Closed-End Distribution Date of a vested Plan Interest is such Plan Interest’s Final Distribution Date,
then the Firm shall distribute to each Participant an amount equal to the sum of (i) the share of any undistributed Proceeds attributable to any remaining Total Notional Investment with respect to such Plan Interest, subject to any reductions,
and (ii) such Plan Termination Value with respect to such Plan Interest that relates to any then un-Realized Notional Plan Investments in accordance with the method described in Section 10(a)(i) on such Final Distribution Date. 

(b) Closed-End Investments – Single Distribution Date. If a Participant’s Award Certificate specifies a single Closed-End
Distribution Date, this Section 10(b) shall apply to such Participant’s applicable Total Notional Investment: 
 (i)
Proceeds in respect of any Closed-End Investment, if any, will be distributed on or as soon as administratively practicable after the single Closed-End Distribution Date (reduced by the Applicable Reduction Amount in accordance with the
method described in Section 10(a)(i)). In addition, Morgan Stanley will distribute on such Closed-End Distribution Date any remaining Plan Termination Value with respect to any then un-Realized Closed-End Investments (these amounts shall be
reduced by the Applicable Reduction Amount in accordance with the method described in Section 10(a)(i)). 
  

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 (ii) With respect to Realizations which occur prior to the single Closed-End Distribution
Date, the Proceeds, if any, from such Realizations may be allocated to a set of alternative notional investments within a Participant’s Account until the Closed-End Distribution Date. Such an alternative notional investment menu will be
provided by the Firm and communicated to the Participant prior to the Earliest Distribution Date. 
 (c) Open-End Investments.

 (i) With respect to any Proceeds in respect of an Open-End Investment, a Plan Interest’s previously designated
percentage share thereof shall accrue notional interest at the Participant Applicable Rate from the date of the Realization of such Proceeds until the Earliest Distribution Date relating to such Plan Interest. On such Earliest Distribution Date,
(A) the previously designated percentage share of such Proceeds relating to such Plan Interest (and any accrued notional interest thereon) shall be reduced by the Applicable Reduction Amount in accordance with the method described in
Section 10(a)(i), and (B) after such reduction, the previously designated percentage share of such Proceeds relating to such Plan Interest, if any, shall be distributed to the applicable Participant. 
 (ii) With respect to any Proceeds in respect of an Open-End Investment Realized after the Earliest Distribution Date relating to a Plan
Interest, but on or prior to the next Subsequent Open-End Distribution Date relating to such Plan Interest, the previously designated percentage share thereof with respect to such Plan Interest shall accrue notional interest at the Participant
Applicable Rate from the date of the Realization relating to such Proceeds until such next Subsequent Open-End Distribution Date. On such Subsequent Open-End Distribution Date, (A) the previously designated percentage share of such Proceeds
(and any accrued notional interest thereon) relating to such Plan Interest will be reduced by the Applicable Reduction Amount, in accordance with the method described in Section 10(a)(i), and (B) after such reduction, such previously
designated percentage share of such Proceeds relating to such Plan Interest, if any, will be distributed to the applicable Participant. 
 (iii) Until there are no more Subsequent Open-End Distribution Dates, with respect to any Proceeds in respect of an Open-End Investment Realized after the most recent Subsequent Open-End Distribution Date relating to
a Plan Interest, but on or prior to the next Subsequent Open-End Distribution Date relating to such Plan Interest, the previously designated percentage share thereof relating to such Plan Interest will accrue notional interest at the Participant
Applicable Rate from the date of the Realization relating to such Proceeds until such next Subsequent Open-End Distribution Date. On such Subsequent Open-End Distribution Date, (A) the previously designated percentage share of such Proceeds

  

 - 15 - 

 
(and any accrued notional interest thereon) relating to such Plan Interest will be reduced by the Applicable Reduction Amount, in accordance with the method
described in Section 10(a)(i), and (B) after such reduction, the previously designated percentage share of such Proceeds relating to such Plan Interest, if any, will be distributed to the applicable Participant. 
 (d) Distributions in Connection with a Termination of Employment. Terms and conditions relating to any distribution of a Participant’s vested
Plan Interest in connection with a termination of such Participant’s employment shall be set forth in such Participant’s applicable Award Certificate. Such terms and conditions with respect to any Fiscal Year Award shall be consistent with
analogous terms and conditions set forth in the annual year-end equity compensation awards granted to such Participant in respect of such Fiscal Year. 
 (e) Distributions in Connection with a Plan Termination. Upon a termination of the Plan, subject to any Cancellation Event, the Firm shall distribute to each Participant on the applicable Distribution Date an
amount equal to the sum of such Participant’s Plan Termination Values (with notional interest accruing thereon at the Participant Applicable Rate from the date of such termination until the date of distribution) in accordance with the method
described in Section 10(a)(i). The Firm may not accelerate any such distribution except to the extent that such acceleration is not prohibited by Section 409A and would not cause the Participant to recognize income for United States
federal income tax purposes prior to the time of distribution or to incur interest or additional tax under Section 409A. 
 SECTION 11. Distributions and Other Payments Generally. 
 (a) Whenever the Plan or a Participant’s Award
Certificate designates a specific date or event for payment or distribution of amounts under the Plan, such payment or distribution will be considered to have been timely made, and neither a Participant nor any of a Participant’s beneficiaries
or estate shall have any claim against the Firm for damages based on a delay in payment or distribution, and the Firm shall have no liability to any Participant (or to any of a Participant’s beneficiaries or estate) in respect of any such
delay, as long as payment or distribution is made by December 31 of the year in which occurs the specified date or event or, if later, by the 15th day of the third calendar month following such specified date or event. The Proceeds relating to
a Realization (or partial Realization) with respect to a Notional Plan Investment (after the reduction of such Proceeds pursuant to Section 10) shall accrue interest at the Participant Applicable Rate from the date of the applicable
Distribution Date to the actual date of distribution. 
 (b) The Firm shall not accelerate distributions or other payments under the Plan,
except to the extent accelerating distributions or other payments under the Plan is not prohibited by Section 409A and would not cause an Eligible Person to recognize income for United States federal income tax purposes prior to the relevant
Distribution Date or to incur interest or additional tax under Section 409A. 
  

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 (c) Notwithstanding any provision of the Plan or any Award Certificate to the contrary, if the Firm
considers a Participant to be one of its “specified employees” under Section 409A at the time of termination of such Participant’s employment, any distribution or other payment of any deferred amounts that would otherwise be due
upon or as a result of such Participant’s termination of employment, including, without limitation, pursuant to Section 11(d), will be delayed for six months after the Participant’s termination of employment and shall be made on the
first business day following the date that is six months after such termination of employment, except to the extent that earlier distribution or payment is not prohibited by Section 409A and would not cause the Participant to recognize income
for United States federal income tax purposes prior to the date of distribution or payment or to incur interest or additional tax under Section 409A. 
 (d) Notwithstanding any provision of the Plan or any Award Certificate to the contrary, distributions or other payments under the Plan shall be deferred with respect to a Participant if, at the time scheduled for such
distribution or payment (whether on a Distribution Date or at some other time), Morgan Stanley considers the Participant to be one of its executive officers and the Participant’s compensation may not be fully deductible by virtue of
Section 162(m) of the Code. This deferral shall continue until the termination of the Participant’s employment and, subject to Section 11(c), the Firm shall make any distribution or other payment in respect of the Participant’s
vested Plan Interest on the date of the Participant’s termination of employment. 
 (e) Unless otherwise set forth in the International
Supplement, all distributions or other payments under the Plan shall be made in United States dollars or the Participant’s local currency. 
 (f) The Firm may, in its sole discretion and to the maximum extent permissible under applicable Legal Requirements, withhold from or offset against any distribution or other payment to which a Participant may be entitled under the Plan an
amount sufficient to satisfy (i) any taxes, assessments or other governmental charges imposed on the property or income received by the Participant pursuant to such distribution or payment and, (ii) exclusively in the case of a
distribution or payment that does not constitute a deferral of compensation subject to Section 409A, any other obligation that the Participant owes to the Firm. To the extent a Participant’s Plan Interest constitutes a deferral of
compensation subject to Section 409A, the Firm may not offset from any distribution or payment in respect thereof any amounts that the Participant owes to the Firm with respect to any such other obligation except to the extent such offset is
not prohibited by Section 409A and would not cause the Participant to recognize income for United States federal income tax purposes prior to the time of payment of the Award or to incur interest or additional tax under Section 409A.

  

 - 17 - 

 (g) To the extent that the Plan or any Award Certificate provides for full or partial distribution or
other payment of a Participant’s Plan Interest to be made upon or as a result of the Participant’s termination of employment, the Participant will be considered to have experienced a termination of employment if, and only if, the
Participant has experienced a separation of service with the Participant’s employer for purposes of Section 409A. 
 SECTION 12. Transferability. 
 (a) No Participant may transfer (other than by will or by the laws of descent and
distribution), pledge, hypothecate or otherwise dispose of or encumber such Participant’s Total Notional Investment. 
 (b) During a
Participant’s lifetime, the Firm shall make any distribution or other payment in respect of such Participant’s Plan Interest only to such Participant. A Participant may designate in writing on a beneficiary designation form, in accordance
with procedures established by the Executive Compensation Department, a beneficiary or beneficiaries (including the Participant’s estate) to receive all or part of the amounts that the Firm may be obligated to pay or distribute in respect of
such Participant’s Plan Interest in the event of such Participant’s death. A Participant may replace or revoke a designation of a beneficiary at any time by filing a new beneficiary designation form. 
 SECTION 13. Withholding or Other Deductions. The Firm may withhold or otherwise deduct from any amounts distributable or otherwise payable
under the Plan any such taxes or other amounts as may be required to be withheld or otherwise deducted pursuant to applicable Legal Requirements. 
 SECTION 14. Special Awards. In the sole discretion of the Firm, an Eligible Employee may be eligible to receive a Special Award. Upon the grant of such Special Award, such Eligible Employee shall be treated as a Participant for
all purposes of the Plan. Notwithstanding anything to the contrary in the Plan, terms and conditions relating to such Participant’s participation in the Plan may differ from the analogous terms and conditions set forth in the Plan, in which
case such terms and conditions shall be set forth in such Participant’s Award Certificate. 
 SECTION 15. Termination and
Amendment. 
 (a) The Firm may terminate the Plan at any time in its sole discretion, subject to Section 10(e). 
 (b) The Firm may also alter, amend or modify the Plan, any Award Certificate or the International Supplement at any time in its sole discretion. These
amendments may include changes that the Firm considers necessary or advisable as a result of changes in any, or the adoption or interpretation of any new, Legal Requirement. The Firm may not amend or modify the Plan, any Award Certificate or the
International Supplement in a manner that would 

  

 - 18 - 

 
materially impair a Participant’s participation in the Plan without the Participant’s consent; provided, however, that the Firm may,
without a Participant’s consent alter, amend or modify the Plan, any Award Certificate or the International Supplement in any manner that the Firm considers necessary or advisable to comply with any Legal Requirement (including
Section 409A) and to ensure that no Participant would be required to recognize income for United States federal income tax purposes prior to the relevant Distribution Date or would result in a Participant incurring interest or additional tax
under Section 409A. No such action shall give rise to a claim of constructive termination on the part of such Participant. Any amendment or waiver of a provision of the Plan, any Award Certificate or the International Supplement (other than any
amendment or waiver applicable to all Participants, or similarly situated Participants, generally), which amendment or waiver operates in a Participant’s favor or confers a benefit on the Participant, must be in writing and signed by the Global
Director of Human Resources or the Chief Administrative Officer (or if such positions no longer exist, by the holder of an equivalent position) to be effective. The Firm shall notify Participants of any amendment to the Plan, any Award Certificate
or the International Supplement that is material, and shall notify affected Participants of any amendment that affects such Participants’ rights. 
 SECTION 16. Miscellaneous. 
 (a) The headings of sections herein are included solely for the
convenience of reference and shall not affect the meaning of any of the provisions of the Plan. 
 (b) THE PLAN AND ALL RIGHTS UNDER THE PLAN
(INCLUDING UNDER ANY AWARD CERTIFICATE OR THE INTERNATIONAL SUPPLEMENT) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS IN CHOICE OF LAW, RULE OR PRINCIPLE THAT MIGHT OTHERWISE
REFER THE INTERPRETATION OF THE PLAN OR ANY SUCH RIGHT TO THE SUBSTANTIVE LAW OF ANOTHER JURISDICTION. THE COURTS OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION OVER THE PLAN AND ANY DISPUTE ARISING IN CONNECTION WITH THE PLAN, A PARTICIPANT’S
PARTICIPATION IN THE PLAN OR RIGHTS UNDER THE PLAN. 
 (c) Except as set forth in the International Supplement, neither the Plan, any Award
Certificate, the International Supplement nor the Descriptive Materials shall create or be construed to create a trust with respect to the Plan nor create or be construed to create a separate fund of any kind or a fiduciary relationship between the
Firm, a Participant or any other person nor create or be construed to create a segregation by the Firm of assets to fund the Plan. To the extent any Participant has a right to receive distributions or other payments from the Firm pursuant to the
Plan, such right shall be no greater than the right of any unsecured general creditor of the Firm. 
  

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 (d) The Firm has no obligation to invest amounts corresponding to a Participant’s Participant
Allocation or Notional Advance and/or any Proceeds with respect to Notional Plan Investments. If the Firm invests amounts corresponding to a Participant’s Participant Allocation or Notional Advance in any Notional Plan Investment, such
investment shall not confer on such Participant any right or interest in any such Notional Plan Investment. The Participant shall have no ownership or other interest in any financial or other instrument or arrangement that the Firm may acquire or
enter into to hedge its obligations under the Plan. 
 (e) A Participant’s participation in the Plan shall be conditioned on the Firm
making any filings and the Firm’s receipt of any consents or authorizations required to comply with, or required to be obtained under, applicable Legal Requirements. To the extent necessary to comply with the local Legal Requirements of any
jurisdiction in which the Firm implements the Plan, the Firm may supplement the Plan and/or the Award Certificate with a supplement (the “International Supplement”), which shall set forth certain terms and conditions applicable to
such implementation in such jurisdiction. If there is a conflict between the provisions of the Plan and the provisions contained in the International Supplement on an issue pertinent to such jurisdiction, then the provisions of such International
Supplement shall govern. 
 (f) Neither the Plan, any Award Certificate, the International Supplement, the Descriptive Materials nor any
interpretation, determination or other action taken or omitted to be taken pursuant to the Plan shall be construed as guaranteeing a Participant’s employment, a discretionary bonus or any particular level of bonus, compensation or benefits, as
giving a Participant any right to continued employment, during any period, nor shall they be construed as giving a Participant any right to be reemployed by the Firm following any termination of employment. The Firm reserves the right not to make
available any plan similar to the Plan (in whole or in part), nor to permit any future participation after Allocations are made with respect to Above Base Compensation in respect of any given Fiscal Year or after a Special Award is granted.

 (g) If any provision of the Plan or any Award Certificate is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any Participant, or would disqualify the Plan or such Award Certificate under any Legal Requirement, such provision shall be construed or deemed amended to conform to any such Legal Requirement, or if it cannot be construed or
deemed amended without materially altering the intent of the Plan or such Award Certificate, then such provision shall be stricken as to such jurisdiction or as to such Participant, and the remainder of the Plan or such Award Certificate shall
remain in full force and effect. 
 [END OF THE PLAN] 
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