Document:

Form of Award Certificate for Performance Stock Units

 EXHIBIT 10.6 

MORGAN STANLEY 

2007 EQUITY INCENTIVE COMPENSATION PLAN 

AWARD CERTIFICATE FOR 

[YEAR] PERFORMANCE STOCK UNITS 

 TABLE OF CONTENTS FOR
AWARD CERTIFICATE 
  

					
	1.	 	 Performance stock units generally.
	  	3
			
	2.	 	 Performance measures.
	  	3
			
	3.	 	 Vesting and conversion.
	  	4
			
	4.	 	 Special provision for certain employees.
	  	6
			
	5.	 	 Dividend equivalent payments.
	  	7
			
	6.	 	 Death, Disability and Full Career Retirement.
	  	8
			
	7.	 	 Involuntary termination by the Firm.
	  	9
			
	8.	 	 Governmental Service.
	  	10
			
	9.	 	 Change in Control.
	  	11
			
	10.	 	 Specified employees.
	  	11
			
	11.	 	 Cancellation of awards under certain circumstances.
	  	12
			
	12.	 	 Tax and other withholding obligations.
	  	14
			
	13.	 	 Obligations you owe to the Firm.
	  	15
			
	14.	 	 Nontransferability.
	  	15
			
	15.	 	 Designation of a beneficiary.
	  	15
			
	16.	 	 Ownership and possession.
	  	16
			
	17.	 	 Securities law compliance matters.
	  	16
			
	18.	 	 Compliance with laws and regulation.
	  	17
			
	19.	 	 No entitlements.
	  	17
			
	20.	 	 Consents under local law.
	  	18
			
	21.	 	 Award modification.
	  	18
			
	22.	 	 Governing law.
	  	18
			
	23.	 	 Defined terms.
	  	18

 MORGAN STANLEY 

[YEAR] 

DISCRETIONARY RETENTION AWARDS 

AWARD CERTIFICATE FOR PERFORMANCE STOCK UNITS

 Morgan Stanley has awarded you performance stock units (PSUs) as part of your discretionary long-term incentive
compensation for services provided during [year] and as an incentive for you to remain in Employment and provide services to the Firm. This Award Certificate sets forth the general terms and conditions of your [year] performance stock unit award.
The number of PSUs in your Target Award has been communicated to you independently. 
 If you are employed outside the United
States, you will also receive an “International Supplement” that contains supplemental terms and conditions for your [year] PSU award. You should read this Award Certificate in conjunction with the International Supplement,
if applicable, in order to understand the terms and conditions of your performance stock unit award. 
 Your PSU award is made
pursuant to the Plan. References to “performance stock units” or “PSUs” (which terms are used interchangeably) in this Award Certificate mean only those performance stock units included in your [year] PSU award, and the terms and
conditions herein apply only to such award. If you receive any other award under the Plan or another equity compensation plan, it will be governed by the terms and conditions of the applicable award documentation, which may be different from those
herein. 
 The purpose of your PSU award is, among other things, to align your interests with the interests of the Firm and
Morgan Stanley’s stockholders, to reward you for your continued Employment and service to the Firm in the future and your compliance with the Firm’s policies (including the Code of Conduct), to protect the Firm’s interests in
non-public, confidential and/or proprietary information, products, trade secrets, customer relationships, and other legitimate business interests, and to ensure an orderly transition of responsibilities. In view of these purposes, the number of PSUs
that you earn will depend on the Company’s performance during the Performance Period. Moreover, you will earn PSUs included in your [year] PSU award only if you (1) remain in continuous Employment through the Scheduled Vesting Date
(subject to limited exceptions set forth below), (2) do not engage in any activity that is a cancellation event set forth in Section 11(c) below and (3) satisfy obligations you owe to the Firm as set forth in
Section 13 below. Even if your PSUs have vested, you will have no right to your award if a cancellation event occurs under the circumstances set forth in Section 11(c) below. As Morgan Stanley deems appropriate, Morgan Stanley will require
you to provide a written certification or other evidence, from time to time in its sole discretion, to confirm that no cancellation event has occurred, including upon a termination of Employment and/or during a

  

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specified period of time prior to each Scheduled Conversion Date. If you fail to timely provide any required certification or other evidence, Morgan Stanley will cancel your award. It is your
responsibility to provide the Executive Compensation Department with your up-to-date contact information. 
 Capitalized terms
used in this Award Certificate that are not defined in the text have the meanings set forth in Section 23 below. Capitalized terms used in this Award Certificate that are not defined in the text or in Section 23 below have the meanings set
forth in the Plan. 
  

	1.	Performance stock units generally. 

Each PSU corresponds to one share of Morgan Stanley common stock. A PSU constitutes a contingent and unsecured promise of Morgan Stanley
to pay you one share of Morgan Stanley common stock on the conversion date for the PSU. As the holder of PSUs, you have only the rights of a general unsecured creditor of Morgan Stanley. You will not be a stockholder with respect to the shares of
Morgan Stanley common stock corresponding to your PSUs unless and until your PSUs convert to shares. 
  

	2.	Performance measures. 

The portion, if any, of your Target Award that you earn will be based on Morgan Stanley performance against the performance measures set
forth in this Section 2 and the other terms and conditions of this Award Certificate, and may vary from zero to two times the number of PSUs included in your Target Award. 

(a) Average Morgan Stanley ROE. One-half of your Target Award will be earned based on MS Average ROE. The number of
PSUs that you earn based on MS Average ROE (subject to vesting and the other terms and conditions of your award) will be determined by multiplying the number of PSUs representing one-half of the Target Award by a multiplier determined as follows:

  

	 	•	 	 If MS Average ROE is less than 7.5%, the multiplier will be zero 

 

	 	•	 	 If MS Average ROE is 7.5%, the multiplier will be .25 

 

	 	•	 	 If MS Average ROE is 12.0%, the multiplier will be 1.00 

 

	 	•	 	 If MS Average ROE is 18.0% or more, the multiplier will be 2.00 

If MS Average ROE is between two thresholds, then the multiplier will be obtained by straight-line interpolation between the two thresholds. For example,
if MS Average ROE is 15%, the multiplier will be 1.50. If MS Average ROE is less than 7.5%, you will not earn any PSUs as a result of the MS Average ROE measure, and one-half of your [year] PSU award will be canceled. 

(b) Relative Total Shareholder Return. One-half of your Target Award will be earned based on Morgan Stanley’s
Total Shareholder Return as compared to the Total Shareholder Return of each member of the Comparison Group. The number of PSUs that you earn based on Morgan Stanley’s TSR as compared to each member the Comparison Group’s

  

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TSR (subject to vesting and the other terms and conditions of your award) will be determined by multiplying the number of PSUs representing one-half of your Target Award by a multiplier
determined in accordance with the following performance grid: 
  

			
	 MS TSR Rank
	  	 Multiplier

	 1
	  	2.00
	 2
	  	1.75
	 3
	  	1.50
	 4
	  	1.25
	 5
	  	1.00
	 6
	  	0.75
	 7
	  	0.50
	 8
	  	0.25
	 9
	  	0.00
	 10
	  	0.00

 In the event that any member of the
Comparison Group is involved in any event that results in such member ceasing to be traded on a national exchange at any time during the Performance Period or in the event that the Committee determines, in its sole discretion, that a change in
circumstances of a member of the Comparison Group during the Performance Period would cause the inclusion of such entity in the Comparison Group to no longer be appropriate, then, in each case, such entity shall be removed as a member of the
Comparison Group and the performance grid described above relating to the relative TSR performance goal will be adjusted based on the number of companies remaining in the Comparison Group, with a rank of “1” resulting in a multiplier of 2
and the “last” rank resulting in a multiplier of 0; provided that, in the event all but one member of the Comparison Group are removed, then the performance grid will be adjusted such that a rank of first results in a multiplier of
1 and a rank of last results in a multiplier of 0; provided, further, in the event all members of the Comparison Group are removed, then the performance grid will be adjusted such that the multiplier will be 1. The multiplier for the
ranks in between first and last will be determined based on straight-line interpolation. 
 (c)
Adjustments. If an event occurs with respect to Morgan Stanley or any member of the Comparison Group that renders, in the sole determination of the Committee, any of the performance measures set forth in Section 2(a) or
Section 2(b) to no longer be appropriate, then the Committee may adjust such measures, as it deems appropriate in its sole discretion, to carry out the intent of the original terms of this award. 

 

	3.	Vesting and conversion. 

(a) Vesting schedule. Except as otherwise provided in this Award Certificate, you will vest in
any PSUs that are earned in accordance with Section 2 on the Scheduled Vesting
Date.1
 Except as otherwise provided in this Award Certificate, PSUs will vest only if you 

 

	1
	 The vesting schedule presented in this form of Award Certificate is indicative. The vesting schedule applicable to awards may vary.

  

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continue to provide future services to the Firm by remaining in continuous Employment through the Scheduled Vesting Date and providing value added services to the Firm during this timeframe. The
special vesting terms set forth in Sections 6, 7 and 8 of this Award Certificate apply (i) if your Employment terminates by reason of your death or Disability, (ii) upon your Full Career Retirement, (iii) if the Firm terminates your
employment in an involuntary termination under the circumstances described in Section 7 or (iv) upon a Governmental Service Termination. Vested PSUs remain subject to the cancellation and withholding provisions set forth in this Award
Certificate. 
 (b) Conversion. Except as otherwise provided in this Award Certificate,
your PSUs, to the extent earned and vested, will convert to shares of Morgan Stanley common stock on the Scheduled Conversion Date, with any fractional shares to be distributed in
cash.2
 The special conversion provisions set forth in Sections 6(a), 6(b) and 8 of this Award Certificate apply (i) if your Employment terminates by reason of your death or you die after
termination of your Employment or (ii) upon your Governmental Service Termination or your employment at a Governmental Employer following your termination of employment with the Firm under circumstances set forth in Section 8(b).

 No PSUs will convert to shares of Morgan Stanley common stock until the Committee certifies the extent to which the
performance criteria set forth in Section 2 have been satisfied. 
 The shares delivered upon conversion of PSUs pursuant
to this Section 3(b) will not be subject to any transfer restrictions, other than those that may arise under the securities laws, the Firm’s policies or Section 13 below, or to cancellation under the circumstances set forth in
Section 11(c), but will be subject to clawback as set forth in Section 3(c). 
 (c) Clawback. In
the event and to the extent the Committee reasonably determines that the performance certified by the Committee, and on the basis of which PSUs were converted to shares of Morgan Stanley common stock, was based on materially inaccurate financial
statements or other performance metric criteria, you will be obligated to repay to the Firm: 
 (i) the number of
shares that were delivered upon conversion of your PSUs, less the number of shares that would have been delivered had your PSUs converted to shares based on accurate financial statements or other performance metric criteria (such number of shares
determined in each case by the Committee and before satisfaction of tax or other withholding obligations pursuant to Section 12) (the “Clawback Shares”); provided, however, that to the extent that any of
the Clawback Shares have been transferred, you shall repay to the Firm an amount equal to the number of Clawback Shares so transferred multiplied by the fair market value, determined using a valuation methodology established by Morgan Stanley, of
Morgan Stanley common stock on the date your PSUs converted to shares of Morgan Stanley common stock; plus 
  

	2
	 The conversion schedule presented in this form of Award Certificate is indicative. The conversion schedule applicable to awards may vary.

  

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 (ii) any dividend equivalents that were paid on the Clawback Shares when
your PSUs converted to shares; plus 
 (iii) interest on the amounts described in the preceding clauses
(i) and (ii) at the average rate of interest Morgan Stanley paid to borrow money from financial institutions during the period from the date of such conversion through the date preceding the repayment date. 

(d) Accelerated conversion. Morgan Stanley shall have no right to accelerate the conversion of any of your PSUs or
the payment of any of your dividend equivalents, except to the extent that such acceleration is not prohibited by Section 409A and would not result in your being required to recognize income for United States federal income tax purposes before
your PSUs convert to shares of Morgan Stanley common stock or your dividend equivalents are paid or your incurring additional tax or interest under Section 409A. If any PSUs are converted to shares of Morgan Stanley common stock or any dividend
equivalents are paid prior to the Scheduled Conversion Date pursuant to this Section 2(d), these shares or dividend equivalents may not be transferable and may remain subject to applicable vesting, cancellation and withholding provisions, as
determined by Morgan Stanley. 
 (e) Rule of construction for timing of conversion. Whenever this Award
Certificate provides for your PSUs to convert to shares, or your dividend equivalents to be paid, on the Scheduled Conversion Date or upon a different specified event or date, such conversion or payment will be considered to have been timely made,
and neither you nor any of your beneficiaries or your estate shall have any claim against the Firm for damages based on a delay in conversion of your PSUs (or delivery of Morgan Stanley shares following conversion) or payment of your dividend
equivalents, as applicable, and the Firm shall have no liability to you (or to any of your beneficiaries or your estate) in respect of any such delay, as long as conversion or payment, as applicable, is made by December 31 of the year in which
occurs the Scheduled Conversion Date or such other specified event or date or, if later, by the 15th day of the third calendar month following such specified event or date. Similarly, neither you nor any of your beneficiaries or your estate shall
have any claim against the Firm for damages, and the Firm shall have no liability to you (or to any of your beneficiaries or your estate), based on any acceleration of the conversion of your PSUs or payment of your dividend equivalents pursuant to
Section 3(d), as applicable. 
  

	4.	Special provision for certain employees. 

Notwithstanding the other provisions of this Award Certificate, if Morgan Stanley considers you to be one of its executive officers at the
time provided for the conversion of your vested PSUs and determines that your compensation may not be fully deductible by virtue of Section 162(m) of the Internal Revenue Code, Morgan Stanley shall delay payment of the nondeductible portion of
your compensation, including delaying, to the extent nondeductible, conversion of your vested PSUs and payment of the dividend equivalents, unless the Committee, in its sole discretion, determines not to delay such conversion and payment. This delay
will 
  

 6 

 
continue until your Separation from Service or to the extent permitted under Section 409A, the end of the first earlier taxable year of the Firm as of the last day of which you are no longer
an executive officer (subject to earlier conversion in the event of your death as described below). 
  

	5.	Dividend equivalent payments. 

If Morgan Stanley pays a regular or ordinary dividend on its common stock, you will be credited with cash dividend equivalents with
respect to your PSU award in an amount equal to the amount of the dividend that would have been paid on a number of shares of Morgan Stanley common stock corresponding to your Target Award. Morgan Stanley will credit the dividend equivalents when it
pays the corresponding dividend on its common stock. Your dividend equivalents will vest and be paid at the same time as, and subject to the same vesting and cancellation provisions set forth in this Award Certificate with respect to, your PSUs
(provided that, subject to Section 3(e), the dividend equivalents may be paid following the date on which the PSUs convert to shares of Morgan Stanley common stock on the next administratively practicable payroll date). The amount of dividend
equivalents paid to you will be based on the number of PSUs that actually convert to shares (and will be paid only if your PSUs convert to shares), provided that such dividend equivalents will be reduced to the extent that application of the
performance measures set forth in Section 2 results in your earning less than the Target Award and will be increased to the extent that application of those performance measures results in your earning more than the Target Award. (For example,
if you earn 80% of the Target Award based on the performance measures, 20% of the dividend equivalents credited in respect of regular or ordinary dividends will be canceled.) If your PSU award is subject to a pro rata reduction upon the termination
of your Employment (as described below) and your award is to be paid on a date following such termination, the amount of dividend equivalents credited to you in respect of regular or ordinary dividends paid on Morgan Stanley common stock following
your termination shall continue to be based on the number of shares of Morgan Stanley common stock corresponding to your Target Award, and the amount paid to you (subject to the other terms and conditions of this Award Certificate) shall be the
amount calculated as provided above in this Section 5, in each case multiplied by the Pro Ration Fraction. If your PSU award is subject to a pro rata reduction upon the termination of your Employment and is paid out on such termination (as
described below), the amount of dividend equivalents paid to you shall be calculated based on the number of shares of Morgan Stanley common stock corresponding to your Target Award (adjusted, if applicable, as provided in this Section 5)
multiplied by the Pro Ration Fraction. In the event of a Change in Control, the Committee in its discretion may provide that any dividend equivalents credited in respect of your [year] PSU award following the Change in Control will be based on the
number of shares of Morgan Stanley common stock earned as provided in Section 9 (rather than on the number of shares corresponding to your Target Award), it being understood that the amount of dividend equivalents actually paid to you on the
Scheduled Conversion Date (or earlier as provided in this Award Certificate in the event of certain terminations of employment) will be calculated as provided in this Section 5. 

Notwithstanding the foregoing, in the event your PSU award is canceled in full on or before the Scheduled Conversion Date, all dividend
equivalents credited to you in respect of regular or ordinary dividends will be canceled. 
  

 7 

 The decision to pay a dividend and, if so, the amount of any such dividend, is determined by
Morgan Stanley in its sole discretion. No dividend equivalents will be paid to you on any canceled PSUs. 
  

	6.	Death, Disability and Full Career Retirement. 

The following special earning, vesting and payment terms apply to your PSUs: 

(a) Death during Employment. If you die while Employed, then the number of PSUs that will vest, and the number of
shares of Morgan Stanley common stock the beneficiary you have designated pursuant to Section 15 or the legal representative of your estate, as applicable, will receive as of the date of your death, will be determined by multiplying
(i) the number of shares earned based on the performance measures set forth in Section 2 but applied as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before the date of your death,
for which earnings information for Morgan Stanley has been released as of the date of your death, by (ii) the Pro Ration Fraction, provided that your beneficiary or estate notifies the Firm of your death within 60 days following your death;
provided that if your death occurs following the end of the Performance Period, then your beneficiary or estate, as applicable, will receive shares (if any) in an amount and at such time that you would have received such shares had your death
not occurred. For example, if your death occurs following the end of Morgan Stanley’s third quarter (but prior to the end of the fourth quarter) and earnings information has not been released by Morgan Stanley for such quarter, the performance
measures will be applied as though the Performance Period ended with Morgan Stanley’s second quarter (provided Morgan Stanley has released earning information for such quarter). 

After your death, the cancellation provisions set forth in Section 11(c) will no longer apply. The shares delivered upon conversion
of PSUs pursuant to this Section 6(a) will not be subject to any transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies) but will be subject to clawback as set forth in Section 3(c).

 (b) Death after termination of Employment. If you die following your termination of Employment as a
result of your Disability, Full Career Retirement or an involuntary termination not involving any cancellation event and your [year] PSU award was not canceled in connection with your termination or thereafter, then the number of PSUs that will
vest, and the number of shares of Morgan Stanley common stock the beneficiary you have designated pursuant to Section 15 or the legal representative of your estate, as applicable, will receive as of the date of your death, will be determined by
multiplying (i) the number of shares that would have been delivered to you based on applying the performance measures set forth in Section 2 as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously
with or before the date of your death for which earnings information for Morgan Stanley has been released as of the date of your death, by (ii) the Pro Ration Fraction determined upon your termination of Employment, provided that your
beneficiary or estate notifies the Firm of your death within 60 days following your death; provided that if your death occurs following the end of the Performance Period, then your beneficiary or estate, as applicable, will receive shares (if
any) in an amount and at such time that you would have received such shares had your death not occurred. 
  

 8 

 After your death, the cancellation provisions set forth in Section 11(c) will no longer
apply. The shares delivered upon conversion of PSUs pursuant to this Section 6(b) will not be subject to any transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies) but will be subject to
clawback as set forth in Section 3(c). 
 (c) Disability. If your Employment terminates due to
Disability, then, subject to any transfer restrictions and the cancellation provisions described herein, you will vest in a number of PSUs, and receive a number of shares of Morgan Stanley common stock on the Scheduled Conversion Date, determined by
multiplying (i) the number of shares that would have been delivered to you, based on the performance measures described in Section 2, had you remained in Employment through the Scheduled Conversion Date, by (ii) the Pro Ration
Fraction. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the Scheduled Conversion Date. 

(d) Full Career Retirement. If your employment terminates in a termination that satisfies the definition of Full
Career Retirement, then, subject to any transfer restrictions and the cancellation provisions described herein, you will vest in a number of PSUs, and receive a number of shares of Morgan Stanley common stock on the Scheduled Conversion Date, equal
to (A) if your Full Career Retirement termination occurs on or before [first anniversary of June 30 following the Date of the Award], the amount determined by multiplying (i) the number of shares that would have been delivered to you,
based on the performance measures set forth in Section 2, had you remained in Employment through the Scheduled Conversion Date, by (ii) the Pro Ration Fraction and (B) if your Full Career Retirement termination occurs following [first
anniversary of June 30 following the Date of the Award], the number of shares that would have been delivered to you, based on the performance measures set forth in Section 2, had you remained in Employment through the Scheduled Conversion
Date. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the Scheduled Conversion Date. 
  

	7.	Involuntary termination by the Firm. 

If the Firm terminates your employment under circumstances not involving any cancellation event set forth in Section 

11(c) and you sign an agreement and release satisfactory to the Firm, then, subject to any transfer restrictions and the cancellation provisions described
herein, you will vest in a number of PSUs, and receive a number of shares of Morgan Stanley common stock on the Scheduled Conversion Date, determined by multiplying (i) the number of shares that would have been delivered to you, based on the
performance measures set forth in Section 2, had you remained in Employment through the Scheduled Conversion Date, by (ii) the Pro Ration Fraction. If you do not sign such an agreement and release satisfactory to the Firm within the
timeframe set by the Firm in connection with your involuntary termination as described in this Section 7, any PSUs that were unvested immediately prior to your termination shall be canceled. The cancellation and withholding provisions set forth
in this Award Certificate will continue to apply until the Scheduled Conversion Date. 
  

 9 

	8.	Governmental Service. 

(a) General treatment of awards upon Governmental Service Termination. If your Employment terminates in a
Governmental Service Termination and not involving a cancellation event set forth in Section 11(c), then, provided that you sign an agreement satisfactory to the Firm relating to your obligations pursuant to Section 8(c), you will
vest in a number of PSUs, and receive as of the date of your Governmental Service Termination a number of shares of Morgan Stanley common stock, determined by multiplying (i) the number of shares earned based on the performance measures set
forth in Section 2 but applied as though the Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before the effective date of your Governmental Service Termination, for which earnings information for
Morgan Stanley has been released as of the date of your Governmental Service Termination, by (ii) the Pro Ration Fraction. 

(b) General treatment of vested awards upon acceptance of employment at a Governmental Employer following termination of
Employment. If (i) your Employment terminates other than in a Governmental Service Termination and not involving a cancellation event set forth in Section 11(c), (ii) your [year] PSU award was not canceled in connection with
your termination or thereafter, (iii) following your termination of Employment, you accept employment with a Governmental Employer, and (iv) you present the Firm with satisfactory evidence demonstrating that as a result of such employment
the divestiture of your continued interest in Morgan Stanley equity awards or continued ownership of Morgan Stanley common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of
interest law applicable to you at such Governmental Employer, then, provided that you sign an agreement satisfactory to the Firm relating to your obligations pursuant to Section 8(c), you will receive, upon your commencement of
employment with such Governmental Employer, the number of shares determined by multiplying (x) the number of shares of Morgan Stanley common stock earned based on the performance measures set forth in Section 2 but applied as though the
Performance Period ended with the last Morgan Stanley quarter ending simultaneously with or before your acceptance of employment at a Governmental Employer, for which earnings information for Morgan Stanley has been released as of such date, by
(y) the Pro Ration Fraction. 
 (c) Repayment obligation. Shares delivered upon conversion of PSUs
pursuant to Section 8(a) or 8(b) will not be subject to any transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies) but will be subject to clawback as set forth in Section 3(c).
Moreover, if you engage in any activity constituting a cancellation event set forth in Section 
 11(c) within the applicable period of time that
would have resulted in cancellation of all or a portion of your PSUs had they not converted to shares pursuant to Section 8(a) or 8(b), you will be required to pay to Morgan Stanley an amount equal to: 

(i) the number of PSUs that would have been canceled upon the occurrence of such cancellation event multiplied by the fair
market value, determined using a valuation methodology established by Morgan Stanley, of Morgan Stanley common stock on the date your PSUs converted to shares of Morgan Stanley common stock; plus 

 

 10 

 (ii) any dividend equivalents that were paid to you on the number of PSUs
described in the foregoing clause (i) when your PSUs converted to shares pursuant to Section 8(a) or 8(b); plus 

(iii) interest on the amounts described in the preceding clauses (i) and (ii) at the average rate of interest
Morgan Stanley paid to borrow money from financial institutions during the period from the date of such conversion through the date preceding the payment date. 
  

	9.	Change in Control. 

In the event of a Change in Control, you will receive on the Scheduled Conversion Date (subject to earlier payment as described in
Section 6 upon death and in Section 8 in connection with “Governmental Service” and subject to any transfer restrictions and the cancellation provisions set forth herein) the number of shares earned based on the performance
measures in Section 2 but applied as though the Performance Period ended with the last quarter of Morgan Stanley ending simultaneously with or before the effective date of the Change in Control; provided, however, that no such
payment shall be made if your Employment terminates following the Change in Control, but prior to the Scheduled Vesting Date, for any reason other than for death, Disability, Full Career Retirement, Governmental Service Termination or an involuntary
termination not involving any cancellation event. For the avoidance of doubt, following a Change in Control, the provisions of this Award Certificate setting forth the consequences of a termination of employment shall continue to apply (including
all provisions governing the timing of payment), except that whenever this Award Certificate provides for you to receive upon or following a termination of employment a number of shares determined by applying the Pro Ration Fraction, the Pro Ration
Fraction shall be applied to the number of shares calculated pursuant to the immediately preceding sentence (e.g., applying the performance measures described herein as though the Performance Period ended with the last quarter of Morgan Stanley
ending simultaneously with or before the effective date of the Change in Control). 
  

	10.	Specified employees. 

Notwithstanding any other terms of this Award Certificate, if Morgan Stanley considers you to be one of its “specified
employees” as defined in Section 409A at the time of your Separation from Service, any conversion of your PSUs and payment of your accrued dividend equivalents that otherwise would occur upon your Separation from Service (including,
without limitation, PSUs whose conversion was delayed due to Section 162(m) of the Internal Revenue Code, as provided in Section 4) will be delayed until the first business day following the date that is six months after your Separation
from Service; provided, however, that in the event that your death, your Governmental Service Termination or your employment at a Governmental Employer following your termination of employment with the Firm under circumstances set forth in
Section 8(b) occurs at any time after the Date of the Award, conversion and payment will be made in accordance with Section 6 or 8, as applicable. 
  

 11 

	11.	Cancellation of awards under certain circumstances. 

(a) Cancellation of unvested awards. Your unvested PSUs, including any dividend equivalents credited on your PSUs,
will be canceled if your Employment terminates for any reason other than death, Disability, a Full Career Retirement, an involuntary termination by the Firm described in Section 7 or a Governmental Service Termination. 

(b) General treatment of vested awards. Except as otherwise provided in this Award Certificate, your PSUs, to the
extent earned and vested, including any dividend equivalents credited on your PSUs, will convert to shares of Morgan Stanley common stock or be paid, as applicable, on the Scheduled Conversion Date. The cancellation and withholding provisions set
forth in this Award Certificate will continue to apply until the Scheduled Conversion Date. 
 (c) Cancellation of
awards under certain circumstances. The cancellation events set forth in this Section 11(c) are designed, among other things, to incentivize compliance with the Firm’s policies (including the Code of Conduct), to protect the
Firm’s interests in non-public, confidential and/or proprietary information, products, trade secrets, customer relationships, and other legitimate business interests, and to ensure an orderly transition of responsibilities. This
Section 11(c) shall apply notwithstanding any other terms of this Award Certificate (except where sections in this Award Certificate specifically provide that the cancellation events set forth in this Section 11(c) no longer apply).

 Notwithstanding Morgan Stanley’s performance based on the measures set forth in Section 2 or your satisfaction of
the vesting conditions of this Award Certificate, PSUs (and any dividend equivalents credited thereon) are not earned until the Scheduled Conversion Date (and until you satisfy all obligations you owe to the Firm as set forth in Section 13
below) and, unless prohibited by applicable law, will be canceled prior to the Scheduled Conversion Date in any of the circumstances set forth below in Section 

11(c)(1) or (2). Although you will become the beneficial owner of shares of Morgan Stanley common stock following conversion of your PSUs, the Firm may
retain custody of your shares following conversion of your PSUs (and any dividend equivalents credited thereon) pending any investigation or other review that impacts the determination as to whether the PSUs (and any dividend equivalents credited
thereon) are cancellable under the circumstances set forth below and, in such an instance, the shares underlying such PSUs (and any dividend equivalents credited thereon) shall be forfeited in the event the Firm determines that the PSUs were
cancellable under the circumstances set forth below. 
 (1) Competitive Activity. If you
resign Employment and engage in Competitive Activity prior to the Scheduled Conversion Date, your [year] PSU award, whether or not vested and irrespective of Morgan Stanley’s performance based on the measures set forth in Section 2,
including any dividend equivalents credited on your PSUs, will be canceled immediately, subject to applicable law.3
 
  

 

	3	 Provided
that, for the Chief Executive Officer only, this provision only applies if such termination is not a termination for Good Reason. For these purposes, Good Reason is defined as a resignation following: (i) his removal from the position of Chief
Executive Officer of Morgan Stanley; (ii) his failure to be elected or reelected to the Board of Directors of Morgan Stanley; (iii) a change in his reporting relationship such that he is no longer reporting directly and solely to the Board
of Directors of Morgan Stanley; (iv) a material diminution of his duties and responsibilities as the Chief Executive Officer of Morgan Stanley that is not agreed by the parties or the assignment to him of duties materially inconsistent with his
position, duties or responsibilities, or any other material action by Morgan Stanley which is materially inconsistent or materially reduces his position, duties or responsibilities; (v) any material breach by Morgan Stanley of its material
obligations to provide payments or benefits as required in his offer letter; or (vi) Morgan Stanley’s requiring his principal office to be based at any office or location other than the office or location designated as Morgan
Stanley’s principal executive offices. 

 Notwithstanding the foregoing, he will not be deemed to have
resigned for Good Reason unless (i) he has given the Chairman of the Board written notification of his intention to do so, describing the factual basis for “Good Reason” and (ii) the event giving rise to “Good Reason” is not
cured by Morgan Stanley within 30 business days after the Chairman of the Board’s receipt of the notice. 
  

 12 

 (2) Other Events. If any of the following events occur at any time before the
Scheduled Conversion Date, your [year] PSU award, whether or not vested and irrespective of Morgan Stanley’s performance based on the measures set forth in Section 2, including any dividend equivalents credited on your PSUs, will be
canceled immediately, subject to applicable law: 
 (i) Your Employment is terminated for Cause or you engage in
conduct constituting Cause (either during or following Employment and whether or not your Employment has been terminated as of the Scheduled Conversion Date); 

(ii) Following the termination of your Employment, the Firm determines that your Employment could have been terminated for
Cause (for these purposes, “Cause” will be determined without giving consideration to any “cure” period included in the definition of “Cause”); 

(iii) You disclose Confidential and Proprietary Information to any unauthorized person outside the Firm, or use or attempt
to use Confidential and Proprietary Information other than in connection with the business of the Firm; or you fail to comply with your obligations (either during or after your Employment) under the Firm’s Code of Conduct (and any applicable
supplements) or otherwise existing between you and the Firm, relating to Confidential and Proprietary Information or an assignment, procurement or enforcement of rights in Confidential and Proprietary Information; 

 

 13 

 (iv) You engage in a Wrongful Solicitation; 

(v) You make any Unauthorized Comments; 

(vi) You fail or refuse, following your termination of Employment, to cooperate with or assist the Firm in a timely manner
in connection with any investigation, regulatory matter, lawsuit or arbitration in which the Firm is a subject, target or party and as to which you may have pertinent information; or 

(vii) You resign from your employment with the Firm without having provided the Firm prior written notice of your
resignation at least: 
 (A) 180 days before the date on which your employment with the Firm terminates if you
are a member of the Management Committee at the time of notice of your resignation; and 
 (B) 90 days before
the date on which your employment with the Firm terminates if clause (A) of this Section 11(c)(2)(vii) does not apply to you at the time of notice of your resignation. 

 

	12.	Tax and other withholding obligations. 

Any vesting, whether on a Scheduled Vesting Date or some other date, of your PSU award (including dividend equivalents that have been
credited in respect of your PSUs), and any conversion of PSUs or crediting or payment of dividend equivalents, shall be subject to the Firm’s withholding of all required United States federal, state, local and foreign income and
employment/payroll taxes (including Federal Insurance Contributions Act taxes). You authorize the Firm to withhold such taxes from any payroll or other payment or compensation to you, including by canceling or accelerating payment of a portion of
this award (including any dividend equivalents that have been credited on your PSUs) in an amount not to exceed such taxes imposed upon such vesting, conversion, crediting or payment and any additional taxes imposed as a result of such cancellation
or acceleration, and to take such other action as the Firm may deem advisable to enable it and you to satisfy obligations for the payment of withholding taxes and other tax obligations, assessments, or other governmental charges, whether of the
United States or any other jurisdiction, relating to the vesting or conversion of your PSUs or the crediting or payment of dividend equivalents. However, the Firm may not deduct or withhold such sum from any payroll or any other payment or
compensation (including from your PSU award), except to the extent it is not prohibited by Section 409A and would not cause you to recognize income for United States federal income tax purposes before your PSUs convert to shares of Morgan
Stanley common stock or to incur interest or additional tax under Section 409A. 
 Pursuant to rules and procedures that
Morgan Stanley establishes, you may elect to satisfy the tax or other withholding obligations arising upon conversion of your PSUs by having Morgan Stanley withhold shares of Morgan Stanley common stock in an amount

  

 14 

 
sufficient to satisfy the tax or other withholding obligations. Shares withheld will be valued using the fair market value of Morgan Stanley common stock on the date your PSUs
convert (or such other appropriate date determined by Morgan Stanley based on local legal, tax or accounting rules and practices) using a valuation methodology established by Morgan Stanley. In order to comply with
applicable accounting standards or the Firm’s policies in effect from time to time, Morgan Stanley may limit the amount of shares that you may have withheld. 
  

	13.	Obligations you owe to the Firm. 

As a condition to the earning, payment, conversion or distribution of your award, the Firm may require you to pay such sum to the Firm as
may be necessary to satisfy any obligation that you owe to the Firm. Notwithstanding any other provision of this Award Certificate, your award, even if vested or converted, is not earned until after such obligations and any tax withholdings or other
deductions required by law are satisfied. Notwithstanding the foregoing, Morgan Stanley may not reduce the number of shares to be delivered upon conversion of your PSUs or the amount of dividend equivalents to be paid in respect of
your award or delay the payment of your award to satisfy obligations that you owe to the Firm except (i) to the extent authorized under Section 11, relating to tax and other withholding obligations or (ii) to the extent such
reduction or delay is not prohibited by Section 409A and would not cause you to recognize income for United States federal income tax purposes before your PSUs convert to shares of Morgan Stanley common stock or to incur additional tax or
interest under Section 409A. 
 Morgan Stanley’s determination of any amount that you owe the Firm shall be
conclusive. The fair market value of Morgan Stanley common stock for purposes of the foregoing provisions shall be determined using a valuation methodology established by Morgan Stanley. 

 

	14.	Nontransferability. 

You may not sell, pledge, hypothecate, assign or otherwise transfer your award, other than as provided in Section 15 (which allows
you to designate a beneficiary or beneficiaries in the event of your 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 your lifetime, payments relating to your award will be made only to you. 
 Your personal representatives, heirs,
legatees, beneficiaries, successors and assigns, and those of Morgan Stanley, shall all be bound by, and shall benefit from, the terms and conditions of your award. 
  

	15.	Designation of a beneficiary. 

You may make a written designation of beneficiary or beneficiaries to receive all or part of your award to be delivered or paid under this
Award Certificate in the event of your death. To make a beneficiary designation, you must complete and submit the Beneficiary Designation form on the Executive Compensation website at [website redacted]. 

 

 15 

 Any shares or dividend equivalents that become deliverable upon your death, and as to which
a designation of beneficiary is not in effect, will be distributed to your estate. 
 If you previously filed a designation of
beneficiary form for your equity awards with the Executive Compensation Department, such form will also apply to all of your equity awards, including this award. You may replace or revoke your beneficiary designation at any time. If there is any
question as to the legal right of any beneficiary to receive shares or payments under this award, Morgan Stanley may determine in its sole discretion to deliver the shares or make the payments in question to your estate. Morgan Stanley’s
determination shall be binding and conclusive on all persons and it will have no further liability to anyone with respect to this award. 
  

	16.	Ownership and possession. 

(a) Before conversion. Generally, you will not have any rights as a stockholder in the shares of Morgan
Stanley common stock corresponding to your [year] PSU award unless and until your PSUs convert to shares. Without limiting the generality of the preceding sentence, you will not have any voting rights with respect to shares corresponding to your PSU
award until PSUs convert to shares. 
 (b) Following conversion. Subject to Section 11(c), following
conversion of your PSUs you will be the beneficial owner of the shares of Morgan Stanley common stock issued to you, and you will be entitled to all rights of ownership, including voting rights and the right to receive cash or stock dividends or
other distributions paid on the shares. 
 (c) Custody of shares. Morgan Stanley may maintain possession of
the shares subject to your award until such time as your shares are no longer subject to restrictions on transfer. 
  

	17.	Securities law compliance matters. 

Morgan Stanley may affix a legend to any stock certificates representing shares of Morgan Stanley common stock issued upon conversion of
your PSUs (and any stock certificates that may subsequently be issued in substitution for the original certificates). The legend will read substantially as follows: 

THE SHARES REPRESENTED BY THIS STOCK CERTIFICATE WERE ISSUED PURSUANT TO THE MORGAN STANLEY 2007 EQUITY INCENTIVE COMPENSATION PLAN AND
ARE SUBJECT TO THE TERMS AND CONDITIONS THEREOF AND OF AN AWARD CERTIFICATE FOR PERFORMANCE STOCK UNITS AND ANY SUPPLEMENT THERETO. 

THE SECURITIES REPRESENTED BY THIS STOCK CERTIFICATE MAY BE SUBJECT TO RESTRICTIONS ON TRANSFER BY VIRTUE OF THE SECURITIES ACT OF
1933. 
  

 16 

 COPIES OF THE PLAN, THE AWARD CERTIFICATE FOR PERFORMANCE STOCK UNITS AND ANY SUPPLEMENT
THERETO ARE AVAILABLE THROUGH THE EXECUTIVE COMPENSATION DEPARTMENT. 
 Morgan Stanley may advise the transfer agent to
place a stop order against such shares if it determines that such an order is necessary or advisable. 
  

	18.	Compliance with laws and regulation. 

Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of shares issued upon conversion of your PSUs (whether
directly or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation or policy of any of the exchanges or associations or other institutions with which the Firm
or a Related Employer has membership or other privileges, and any applicable law or applicable rule or regulation of any governmental agency, self-regulatory organization or state or federal regulatory body. 

 

	19.	No entitlements. 

(a) No right to continued Employment. This award is not an employment agreement, and nothing in this Award
Certificate, the International Supplement, if applicable, or the Plan shall alter your status as an “at-will” employee of the Firm or your employment status at a Related Employer. None of this Award Certificate, the International
Supplement, if applicable, or the Plan shall be construed as guaranteeing your employment by the Firm or a Related Employer, or as giving you any right to continue in the employ of the Firm or a Related Employer, during any period (including without
limitation the period between the Date of the Award and any of the Scheduled Vesting Date, the Scheduled Conversion Date, or any portion of any of these periods), nor shall they be construed as giving you any right to be reemployed by the Firm or a
Related Employer following any termination of Employment. 
 (b) No right to future awards. This award, and
all other awards of PSUs and other equity-based awards, are discretionary. This award does not confer on you any right or entitlement to receive another award of PSUs or any other equity-based award at any time in the future or in respect of any
future period. 
 (c) No effect on future employment compensation. Morgan Stanley has made this award to
you in its sole discretion. This award does not confer on you any right or entitlement to receive compensation in any specific amount for any future fiscal year, and does not diminish in any way the Firm’s discretion to determine the amount, if
any, of your compensation. This award is not part of your base salary or wages and will not be taken into account in determining any other employment-related rights you may have, such as rights to pension or severance pay. 

(d) Award Terms Control. In the event of any conflict between any terms applicable to equity awards in any
employment agreement, offer letter or other arrangement that you have entered into with the Firm and the terms set forth in this Award Certificate, the latter shall control. 

 

 17 

	20.	Consents under local law. 

Your award 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. 
  

	21.	Award modification. 

Morgan Stanley reserves the right to modify or amend unilaterally the terms and conditions of your award, without first asking your
consent, or to waive any terms and conditions that operate in favor of Morgan Stanley. These amendments may include (but are not limited to) changes that Morgan Stanley considers necessary or advisable as a result of changes in any, or the adoption
of any new, Legal Requirement. Morgan Stanley may not modify your award in a manner that would materially impair your rights in your award without your consent; provided, however, that Morgan Stanley may, but is not required to,
without your consent, amend or modify your award in any manner that Morgan Stanley considers necessary or advisable to (i) comply with any Legal Requirement, (ii) ensure that your award does not result in an excise or other supplemental
tax on the Firm under any Legal Requirement, or (iii) ensure that your award is not subject to United States federal, state or local income tax or any equivalent taxes in territories outside the United States prior to conversion of your PSUs to
shares or delivery of such shares following conversion or the crediting or payment of dividends. Morgan Stanley will notify you of any amendment of your award that affects your rights. Any amendment or waiver of a provision of this Award Certificate
(other than any amendment or waiver applicable to all recipients generally), which amendment or waiver operates in your favor or confers a benefit on you, must be in writing and signed by the Global Co-Head of Human Resources or the Chief Operating
Officer (or if such positions no longer exist, by the holder of an equivalent position) to be effective. 
  

	22.	Governing law. 

This Award Certificate and the related legal relations between you and Morgan Stanley will 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. 

 

	23.	Defined terms. 

For purposes of this Award Certificate, the following terms shall have the meanings set forth below: 

(a) “Board” means the Board of Directors of Morgan Stanley. 

 

 18 

 (b) “Cause” means: 

(1) any act or omission which constitutes a breach of your obligations to the Firm, including, without limitation,
(A) your failure to comply with any notice or non-solicitation restrictions that may be applicable to you or (B) your failure to comply with the Firm’s compliance, ethics or risk management standards, or your failure or refusal to
perform satisfactorily any duties reasonably required of you, which breach, failure or refusal (if susceptible to cure) is not corrected (other than failure to correct by reason of your incapacity due to physical or mental illness) within ten
(10) business days after written notification thereof to you by the Firm; 
 (2) your commission of
any dishonest or fraudulent act, or any other act or omission, which has caused or may reasonably be expected to cause injury to the interest or business reputation of the Firm; or 

(3) your violation of any securities, commodities or banking laws, any rules or regulations issued pursuant to such
laws, or rules or regulations of any securities or commodities exchange or association of which the Firm is a member or of any policy of the Firm relating to compliance with any of the foregoing. 

(c) A “Change in Control” shall be deemed to have occurred if any of the following conditions shall have
been satisfied: 
 (1) any one person or more than one person acting as a group (as determined under
Section 409A), other than (A) any employee plan established by Morgan Stanley or any of its Subsidiaries, (B) Morgan Stanley or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (C) an
underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by stockholders of Morgan Stanley in substantially the same proportions as their ownership of Morgan
Stanley, is or becomes, during any 12-month period, the beneficial owner, directly or indirectly, of securities of Morgan Stanley (not including in the securities beneficially owned by such person(s) any securities acquired directly from Morgan
Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing 50% or more of the total voting power of the stock of Morgan Stanley; provided, however, that the
provisions of this subsection (1) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (3) below; 

(2) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the
beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board
subsequent to the beginning of such period whose election, or nomination for election by Morgan Stanley’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election
shall be considered as though such individual were a member of the Existing Board; 
  

 19 

 (3) the consummation of a merger or consolidation of Morgan Stanley
with any other corporation or other entity, or the issuance of voting securities in connection with a merger or consolidation of Morgan Stanley (or any direct or indirect subsidiary of Morgan Stanley) pursuant to applicable stock exchange
requirements; provided that immediately following such merger or consolidation the voting securities of Morgan Stanley outstanding immediately prior thereto do not continue to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the total voting power of Morgan Stanley stock (or if Morgan Stanley is not the surviving entity of such merger or consolidation,
50% or more of the total voting power of the stock of such surviving entity or parent entity thereof); and provided further that a merger or consolidation effected to implement a recapitalization of Morgan Stanley (or similar transaction) in
which no person (as determined under Section 409A) is or becomes the beneficial owner, directly or indirectly, of securities of Morgan Stanley (not including in the securities beneficially owned by such person any securities acquired directly
from Morgan Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing 50% or more of either the then outstanding shares of Morgan Stanley common stock or the combined
voting power of Morgan Stanley’s then outstanding voting securities shall not be considered a Change in Control; or 

(4) the complete liquidation of Morgan Stanley or the sale or disposition by Morgan Stanley of all or substantially
all of Morgan Stanley’s assets in which any one person or more than one person acting as a group (as determined under Section 409A) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by
such person or persons) assets from Morgan Stanley that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of Morgan Stanley immediately prior to such acquisition or acquisitions.

 Notwithstanding the foregoing, (x) no Change in Control shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record holders of Morgan Stanley common stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
ownership in an entity which owns substantially all of the assets of Morgan Stanley immediately prior to such transaction or series of transactions and (y) no event or circumstances described in any of clauses (1) through (4) above
shall constitute a Change in Control unless such event or circumstances also constitute a change in the ownership or effective control of Morgan Stanley, or in the ownership of a substantial portion of Morgan Stanley’s assets, as defined in
Section 409A. In addition, no Change in Control shall be deemed to have occurred upon the acquisition of additional control of Morgan Stanley by any one person or more than one person acting as a group that is considered to effectively control
Morgan Stanley. 
 For purposes of the provisions of this Award Certificate, terms used in the definition of a Change in Control
shall be as defined or interpreted pursuant to Section 409A. 
  

 20 

 (d) “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.

 (e) “Competitive Activity” means: 

(1) becoming, or entering into any arrangement as, an employee, officer, partner, member, proprietor, director,
independent contractor, consultant, advisor, representative or agent of, or serving in any similar position or capacity with, a Competitor, where you will be responsible for providing, or managing or supervising others who are providing, services
(x) that are similar or substantially related to the services that you provided to the Firm, or (y) that you had direct or indirect managerial or supervisory responsibility for at the Firm, or (z) that call for the application of the
same or similar specialized knowledge or skills as those utilized by you in your services for the Firm, in each such case, at any time during the year preceding the termination of your employment with the Firm; or 

(2) either alone or in concert with others, forming, or acquiring a 5% or greater equity ownership, voting interest
or profit participation in, a Competitor. 
 (f) “Comparison Group” means Bank of America,
Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, UBS and Wells Fargo. 
 (g)
“Competitor” means any corporation, partnership or other entity that competes, or that owns a significant interest in any corporation, partnership or other entity that competes, with any business activity the Firm engages in,
or that you reasonably knew or should have known that the Firm was planning to engage in, at the time of the termination of your Employment. 

(h) “Confidential and Proprietary Information” means any information that is classified as confidential in
the Firm’s Global Policy on Confidential Information or that may have intrinsic value to the Firm, the Firm’s clients or other parties with which the Firm has a relationship, or that may provide the Firm with a competitive advantage,
including, without limitation, any trade secrets; inventions (whether or not patentable); formulas; flow charts; computer programs; access codes or other systems information; algorithms; technology and business processes; business, product or
marketing plans; sales and other forecasts; financial information; client lists or other intellectual property; information relating to compensation and benefits; and public information that becomes proprietary as a result of the Firm’s
compilation of that information for use in its business, provided that such Confidential and Proprietary Information does not include any information which is available for use by the general public or is generally available for use within
the relevant business or industry other than as a result of your action. Confidential and Proprietary Information may be in any medium or form, including, without limitation, physical documents, computer files or discs, electronic communications,
videotapes, audiotapes, and oral communications. 
  

 21 

 (i) “Date of the Award” means [insert grant date, which
typically will coincide approximately with the end of the fiscal year in respect of which the award is made]. 
 (j)
“Disability” means any condition that would qualify for a benefit under any group long-term disability plan maintained by the Firm and applicable to you. 

(k) “Employed” and “Employment” refer to employment with the Firm and/or Related
Employment. 
 (l) The “Firm” means Morgan Stanley (including any successor thereto) together
with its subsidiaries and affiliates. For purposes of the definitions of “Cause,” “Confidential and Proprietary Information,” “Unauthorized Comments” and “Wrongful Solicitation” set forth in this Award
Certificate and Section 11(c)(2)(vi) of this Award Certificate, references to the “Firm” shall refer severally to the Firm as defined in the preceding sentence and your Related Employer, if any. For purposes of the cancellation
provisions set forth in this Award Certificate relating to disclosure or use of Confidential and Proprietary Information, references to the “Firm” shall refer to the Firm as defined in the second preceding sentence or your Related
Employer, as applicable. 
 (m) “Full Career Retirement” has the meaning attributed to such term
in your employment agreement or offer letter with the Firm or, if you are not party to an employment agreement or offer letter with the Firm (or if such agreement or letter does not include a definition of “Full Career Retirement”), means
the termination of your Employment by you or by the Firm for any reason other than under circumstances involving any cancellation event described in Section 11(c), and other than due to your death or Disability, a Governmental Service
Termination or pursuant to a Qualifying Termination, on or after the date on which: 
 (1) you have
attained age 50 and completed at least 12 years of service as a
[    ]4 of the Firm or equivalent
officer title; or 
 (2) you have attained age 50 and completed at least 15 years of service as an officer
of the Firm at the level of [    ]5 or
above; or 
 (3) you have completed at least 20 years of service with the Firm; or 

(4) you have attained age 55 and have completed at least 5 years of service with the Firm and the sum of your age
and years of service equals or exceeds 65.6 

For the purposes of the foregoing definition, service with the Firm will include any period of service with the following entities and
any of their predecessors: 
 (i) AB Asesores (“ABS”) prior to its acquisition by
the Firm (provided that only years of service as a partner of ABS shall count towards years of service as an officer); 

 

	4
	Specified officer title(s) in one or more specified business units. 

	5
	Specified officer title(s) in one or more specified business units. 

	6
	Age and service conditions specified in clauses (1) through (4) may vary from year to year. 

 

 22 

 (ii) Morgan Stanley Group Inc. and its subsidiaries (“MS
Group”) prior to the merger with and into Dean Witter, Discover & Co.; 
 (iii)
Miller Anderson & Sherrerd, L.L.P. prior to its acquisition by MS Group; 
 (iv) Van Kampen
Investments Inc. and its subsidiaries prior to its acquisition by MS Group; 
 (v) FrontPoint Partners LLC
and its subsidiaries prior to its acquisition by the Firm; and 
 (vi) Dean Witter, Discover &
Co. and its subsidiaries (“DWD”) prior to the merger of Morgan Stanley Group Inc. with and into Dean Witter, Discover & Co.; 

provided that, in the case of an employee who has transferred employment from DWD to MS Group or vice versa, a former employee of DWD will receive
credit for employment with DWD only if he or she transferred directly from DWD to Morgan Stanley & Co. Incorporated or its affiliates subsequent to February 5, 1997, and a former employee of MS Group will receive credit for employment
with MS Group only if he or she transferred directly from MS Group to Morgan Stanley DW Inc. or its affiliates subsequent to February 5, 1997. 

(n) “Governmental Employer” means a governmental department or agency, self-regulatory agency or other
public service employer. 
 (o) “Governmental Service Termination” means the termination of your
Employment due to your commencement of employment at a Governmental Employer; provided that you have presented the Firm with satisfactory evidence demonstrating that as a result of such new employment, the divestiture of your continued
interest in Morgan Stanley equity awards or continued ownership of Morgan Stanley common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at
such Governmental Employer. 
 (p) “Internal Revenue Code” means the United States Internal
Revenue Code of 1986, as amended, and the rules, regulations and guidance thereunder. 
 (q) “Legal
Requirement” means any law, regulation, ruling, judicial decision, accounting standard, regulatory guidance or other legal requirement. 

(r) “Management Committee” means the Morgan Stanley Management Committee and any successor or equivalent
committee. 
  

 23 

 (s) “MS Average ROE” means Morgan Stanley’s return on
average common shareholders’ equity excluding the impact of debt valuation adjustments during the years included in the Performance Period. 

(t) “Performance Period” means three-year period consisting of the reporting years of Morgan Stanley of
[year of the Date of the Award, first year following the Date of the Award and second year following the Date of the Award]. 

(u) “Plan” means the 2007 Equity Incentive Compensation Plan, as amended. 

(v) “Pro Ration Fraction” means a fraction, the numerator of which is the number of days starting with and
inclusive of [January 1 immediately preceding the Date of the Award] and ending on the effective date of your termination of Employment and the denominator of which is the number of days in the period beginning on [January 1 immediately preceding
the Date of the Award] and ending on the Scheduled Vesting Date. 
 (w) “Related Employment”
means your employment with an employer other than the Firm (such employer, herein referred to as a “Related Employer”), provided that: (i) you undertake such employment at the written request or with the written consent
of Morgan Stanley’s Global Co-Head of Human Resources (or if such position no longer exists, the holder of an equivalent position); (ii) immediately prior to undertaking such employment you were an employee of the Firm or were engaged in
Related Employment (as defined herein); and (iii) such employment is recognized by the Firm in its discretion as Related Employment; and, provided further that the Firm may (1) determine at any time in its sole discretion that employment
that was recognized by the Firm as Related Employment no longer qualifies as Related Employment, and (2) condition the designation and benefits of Related Employment on such terms and conditions as the Firm may determine in its sole discretion.
The designation of employment as Related Employment does not give rise to an employment relationship between you and the Firm, or otherwise modify your and the Firm’s respective rights and obligations. 

(x) “Scheduled Conversion Date” means a date during [third year following the Date of the Award]
determined by the Committee. 
 (y) “Scheduled Vesting Date” means [January 1 of the third year
following the Date of the Award]. 
 (z) “Section 409A” means Section 409A of the Internal
Revenue Code and any regulations thereunder. 
 (aa) “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).

  

 24 

 (bb) “Target Award” means the number of PSUs that has been
communicated to you separately and that will be earned, subject to the other terms and conditions of this Award Certificate, if each of the multipliers set forth in Section 2(a) and 2(b) equals 1. 

(cc) “Total Shareholder Return” or “TSR”, as it applies to Morgan Stanley’s
common stock and each member of the Comparison Group’s common stock or American depository receipts (“ADRs”), as applicable, means the percentage change in value (positive or negative) over the Performance Period as
measured by dividing (i) the sum of (A) the cumulative value of dividends and other distributions in respect of the common stock or ADR for the Performance Period, assuming dividend reinvestment, and (B) the difference (positive or
negative) between the common stock or ADR price on the first and last days of the Performance Period (calculated on the basis of the average of the adjusted closing prices over the 30-day trading period immediately prior to the first day of the
Performance Period and the average of the adjusted closing prices over the 30-day trading period ending on the last day of the Performance Period), by (ii) the common stock or ADR price on the first day of the Performance Period, calculated on
the basis of the average of the adjusted closing prices over the 30-day trading period immediately prior to the first day of the Performance Period. For members of the Comparison Group, Total Shareholder Return will be measured over the period of
three consecutive calendar years starting with [January 1 immediately preceding the Date of the Award]. 
 (dd) You will
be deemed to have made “Unauthorized Comments” about the Firm if, while Employed or following the termination of your Employment, you make, directly or indirectly, any negative, derogatory, disparaging or defamatory comment,
whether written, oral or in electronic format, to any reporter, author, producer or similar person or entity or to any general public media in any form (including, without limitation, books, articles or writings of any other kind, as well as film,
videotape, audio tape, computer/Internet format or any other medium) that concerns directly or indirectly the Firm, its business or operations, or any of its current or former agents, employees, officers, directors, customers or clients. 

(ee) A “Wrongful Solicitation” occurs upon either of the following events: 

(1) while Employed, including during any notice period applicable to you in connection with the termination of your
Employment, or within 180 days after the termination of your Employment, directly or indirectly in any capacity (including through any person, corporation, partnership or other business entity of any kind), you hire or solicit, recruit, induce,
entice, influence or encourage any Firm employee to leave the Firm or become hired or engaged by another firm; provided, however, that this clause shall apply only to employees with whom you worked or had professional or business
contact, or who worked in or with your business unit, during any notice period applicable to you in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment; or 

 

 25 

 (2) while Employed, including during any notice period applicable to
you in connection with the termination of your Employment, or within 90 days (180 days if you are a member of the Management Committee at the time of notice of termination) after the termination of your Employment, directly or indirectly in any
capacity (including through any person, corporation, partnership or other business entity of any kind), you solicit or entice away or in any manner attempt to persuade any client or customer, or prospective client or customer, of the Firm
(i) to discontinue or diminish his, her or its relationship or prospective relationship with the Firm or (ii) to otherwise provide his, her or its business to any person, corporation, partnership or other business entity which engages in
any line of business in which the Firm is engaged (other than the Firm); provided, however, that this clause shall apply only to clients or customers, or prospective clients or customers, that you worked for on an actual or prospective
project or assignment during any notice period applicable to you in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment. 

IN WITNESS WHEREOF, Morgan Stanley has duly executed and delivered this Award Certificate as of the Date of the Award. 

 

	
	MORGAN STANLEY
	
	 /s/
  

	[Name]
	[Title]

  

 26Sixth Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 

SIXTH AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

This SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the “Sixth Amendment”) dated May 4, 2010, is by and
among StoneMor GP LLC, a Delaware limited liability company (the “General Partner”), StoneMor Partners L.P., a Delaware limited partnership (the “Partnership”), StoneMor Operating LLC, a Delaware limited liability
company (the “Operating Company”), the Subsidiaries of the Operating Company set forth on the signature pages hereto (together with the Operating Company, each individually a “Borrower” and collectively, the
“Borrowers” and together with the General Partner and the Partnership, each individually a “Credit Party” and collectively, the “Credit Parties”), the Lenders, and Bank of America, N.A., a national banking
association, as Administrative Agent for the benefit of the Lenders (in such capacity, the “Administrative Agent”), and as Swing Line Lender and L/C Issuer. 

BACKGROUND 

A. Pursuant to that certain Amended and Restated Credit Agreement, dated August 15, 2007, by and among the parties hereto, as
amended by: (a) that certain First Amendment to Amended and Restated Credit Agreement, dated November 2, 2007; (b) that certain Second Amendment to Amended and Restated Credit Agreement, dated April 30, 2009; (c) that
certain Third Amendment to Amended and Restated Credit Agreement, dated July 6, 2009; (d) that certain Fourth Amendment to Amended and Restated Credit Agreement, dated November 24, 2009; and (e) that certain Fifth Amendment to
Amended and Restated Credit Agreement, dated January 15, 2010 (as amended, modified or otherwise supplemented from time to time, the “Credit Agreement”), the existing Lenders agreed, inter alia, to extend to the
Borrowers (i) a revolving credit facility in the maximum aggregate principal amount of Thirty-Five Million Dollars ($35,000,000), and (ii) an acquisition facility in the maximum aggregate principal amount of Forty-Five Million Dollars
($45,000,000). 
 B. The Borrowers have requested (a) an adjustment to the definition of Consolidated EBITDA to exclude
realized losses from the sale of investments in the Highland Floating Rate Advantage Fund and (b) an increase in the maximum permitted Consolidated Leverage Ratio for certain fiscal periods. 

NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1.
Definitions. 
 (a) General Rule. Except as expressly set forth herein, all capitalized terms used and not
defined herein shall have the respective meanings ascribed thereto in the Credit Agreement. 
 (b) Additional
Definitions. The following additional definitions are hereby added to Section 1.01 (Defined Terms) of the Credit Agreement to read in their entirety as follows: 

“Highland Capital Sale” means the sale by the Credit Parties of all of their investments held, as of the date of the
Sixth Amendment, in one or more Merchandise Trusts in the Highland Floating Rate Advantage Fund. 
  

 1 

 “Sixth Amendment” means the Sixth Amendment to this Agreement dated
May 4, 2010. 
 (c) Amendment to Definition of “Applicable Rate”. The last sentence within the definition
of “Applicable Rate” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety, as follows: 

Notwithstanding anything to the contrary contained in this definition (i) the determination of the Applicable Rate for any period
shall be subject to the provisions of Section 2.10(b) and (c), and (ii) commencing on the effective date of the Sixth Amendment until such time as the Agent shall have received a Compliance Certificate (evidencing compliance with all
financial covenants set forth in Section 7.11) for a Measurement Period ending on or after December 31, 2010, Pricing Level 3 of the Applicable Rate for (A) Eurodollar Rate Loans and Letter of Credit Fees, shall be 4.50%, and
(B) Base Rate Loans, shall be 3.50%. 
 (d) Amendment to Definition of “Consolidated EBITDA”. The
definition of “Consolidated EBITDA” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the parenthetical phrase “(other than any changes arising as a result of the Highland Capital Sale)” after the
phrase “for any changes” in the second sentence of such definition. 
 2. Amendment to Subsection (c) of
Section 7.11 (Financial Covenants). Section 7.11(c) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(c) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio to be greater than: (i) 4.15 to 1.0, for any
Measurement Period ending prior to July 1, 2010; (ii) 4.00 to 1.0, for any Measurement Period ending between July 1, 2010 and September 30, 2010; (iii) 3.75 to 1.0, for any Measurement Period ending between October 1,
2010 and December 31, 2010 or (iv) 3.65 to 1.0, for any Measurement Period ending after December 31, 2010. 
 3.
Amendment and Restatement of Exhibit D. Except with respect to Exhibit D (Compliance Certificate), which is hereby amended, restated and replaced by Exhibit D attached to this Sixth Amendment, each of the Schedules and Exhibits to the Credit
Agreement are true and correct in all material respects and are not amended, restated or replaced by this Sixth Amendment. 
 4.
Representations and Warranties. Each Credit Party hereby represents and warrants to the Administrative Agent and the Lenders that, as to such Credit Party: 

(a) Representations. Each of the representations and warranties of or as to such Credit Party contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on and as of the date hereof as if made on and as of the date hereof, except to the extent such representation or warranty was made as of a specific date; 

 

 2 

 (b) Power and Authority. (i) Such Credit Party has the power and authority
under the laws of its jurisdiction of organization and under its organizational documents to enter into and perform this Sixth Amendment and any other documents which the Administrative Agent requires such Credit Party to deliver hereunder (this
Sixth Amendment and any such additional documents delivered in connection with the Sixth Amendment are herein referred to as the “Sixth Amendment Documents”); and (ii) all actions, corporate or otherwise, necessary or
appropriate for the due execution and full performance by such Credit Party of the Sixth Amendment Documents have been adopted and taken and, upon their execution, the Credit Agreement, as amended by this Sixth Amendment and the other Sixth
Amendment Documents will constitute the valid and binding obligations of such Credit Party enforceable in accordance with their respective terms, except as such enforcement may be limited by any Debtor Relief Law from time to time in effect which
affect the enforcement of creditors rights in general and the availability of equitable remedies; 
 (c) No Violation.
The making and performance of the Sixth Amendment Documents will not (i) contravene, conflict with or result in a breach or default under any applicable law, statute, rule or regulation, or any order, writ, injunction, judgment, ruling or
decree of any court, arbitrator or governmental instrumentality, (ii) contravene, constitute a default under, conflict or be inconsistent with or result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a
default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, credit
agreement or any other agreement or instrument to which any Credit Party is a party or by which it or any of its property or assets are bound or to which it may be subject or (iii) contravene or violate any provision of the certificate of
incorporation, by-laws, certificate of partnership, partnership agreement, certificate of limited liability company, limited liability company agreement or equivalent organizational document, as the case may be, any Credit Party; 

(d) No Default. Immediately prior to and after giving effect to this Sixth Amendment, no Default or Event of Default has occurred
and is continuing; and 
 (e) No Material Adverse Effect. No Material Adverse Effect has occurred since
December 31, 2009. 
 (f) Organizational Documents. There have been no changes in the organizational documents of
the Credit Parties since August 15, 2007 (or such later date as any such organizational documents were initial adopted), except as described on Annex 1 hereto or as previously disclosed to the Administrative Agent in writing, certified copies
of which have been previously provided to the Lenders; 
 5. Conditions to Effectiveness of Amendment. This Sixth
Amendment shall be effective upon the Administrative Agent’s receipt of the following, each in form and substance reasonably satisfactory to the Administrative Agent: 

(a) Sixth Amendment. This Sixth Amendment, duly executed by the Credit Parties and the Required Lenders; 

 

 3 

 (b) Amendment to Note Purchase Agreement. A duly executed copy of the Sixth
Amendment to Amended and Restated Note Purchase Agreement, dated as of the date hereof, by and among the Credit Parties and the Purchasers, amending the Note Purchase Agreement in a similar manner to this Sixth Amendment; 

(c) Other Fees and Expenses. Payment to the Administrative Agent, in immediately available funds, of all amounts necessary to
reimburse the Administrative Agent for the reasonable fees and costs incurred by the Administrative Agent in connection with the preparation and execution of this Sixth Amendment and any other Credit Document, including, without limitation, all fees
and costs incurred by the Administrative Agent’s attorneys; 
 (d) Consent and Waivers. Copies of any consents or
waivers necessary in order for the Credit Parties to comply with or perform any of its covenants, agreements or obligations contained in any agreement which are required as a result of any Credit Party’s execution of this Sixth Amendment, if
any; and 
 (e) Other Documents and Actions. Such additional agreements, instruments, documents, writings and actions as
the Administrative Agent may reasonably request. 
 6. No Waiver; Ratification. The execution, delivery and performance
of this Sixth Amendment shall not (a) operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement or any other Credit Document and the agreements and documents executed in connection therewith or
(b) constitute a waiver of any provision thereof. Except as expressly modified hereby, all terms, conditions and provisions of the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and
confirmed by each of the Credit Parties. Nothing contained herein constitutes an agreement or obligation by the Administrative Agent or the Lenders to grant any further amendments to the Credit Agreement or any of the other Credit Documents.

 7. Acknowledgments. To induce the Administrative Agent and the Amendment Lenders to enter into this Sixth Amendment,
the Credit Parties acknowledge, agree, warrant, and represent that: 
 (a) Acknowledgment of Obligations; Collateral; Waiver
of Claims. (i) the Credit Documents are valid and enforceable against, and all of the terms and conditions of the Credit Documents are binding on, the Credit Parties; (ii) the liens and security interests granted to the Collateral
Agent, on behalf of the Secured Parties, by the Credit Parties pursuant to the Credit Documents are valid, legal and binding, properly recorded or filed and first priority perfected liens and security interests (subject to Permitted Liens); and
(iii) the Credit Parties hereby waive any and all defenses, set offs and counterclaims which they, whether jointly or severally, may have or claim to have against each of the Secured Parties as of the date hereof. 

(b) No Waiver of Existing Defaults. No Default or Event of Default exists immediately before or immediately after giving effect
to this Sixth Amendment. Nothing in this Sixth Amendment nor any communication between any Secured Party, any Credit Party or any of their respective officers, agents, employees or representatives shall be deemed to constitute a waiver of
(i) any Default or Event of Default arising as a result of the foregoing representation proving to be false or incorrect in any material respect, or (ii) any rights or remedies which any Secured Party has against any Credit Party under the
Credit Agreement or any other Credit Document and/or applicable law, with respect to any such Default or Event of Default arising as a result of the foregoing representation proving to be false or incorrect in any material respect. 

 

 4 

 8. Binding Effect. This Sixth Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 
 9. Governing Law. This Sixth Amendment
shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to the choice of law doctrine of the Commonwealth of Pennsylvania. 

10. Headings. The headings of the sections of this Sixth Amendment are inserted for convenience only and shall not be deemed to
constitute a part of this Sixth Amendment. 
 11. Counterparts. This Sixth Amendment may be executed in any number of
counterparts with the same affect as if all of the signatures on such counterparts appeared on one document and each counterpart shall be deemed an original. Delivery of an executed counterpart of a signature page of this Sixth Amendment by telecopy
or by electronic means shall be effective as delivery of a manually executed counterpart of this Sixth Amendment. 
 12.
Consent. To the extent that consent of the Lenders is required, the Lenders hereby consent to the Sixth Amendment to Amended and Restated Note Purchase Agreement dated as of the date hereof among the Credit Parties and the Purchasers.

  

 5 

 IN WITNESS WHEREOF, the parties hereto, by their respective duly authorized officers, have
executed this Sixth Amendment to Amended and Restated Credit Agreement as of the date first above written. 
  

			
	General Partner:
	
	STONEMOR GP LLC
		
	By:	 	 /s/ Paul Waimberg

	Name:	 	 Paul Waimberg

	Title:	 	 Vice President

	
	Partnership:
	
	STONEMOR PARTNERS L.P.
	By:	 	STONEMOR GP LLC
		 	     its General Partner

		
	By:	 	 /s/ Paul Waimberg

	Name:	 	 Paul Waimberg

	Title:	 	 Vice President

	
	Operating Company:
	
	STONEMOR OPERATING LLC
		
	By:	 	 /s/ Paul Waimberg

	Name:	 	 Paul Waimberg

	Title:	 	 Vice President

Borrowers’ Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

 Additional Credit Parties 

Alleghany Memorial Park Subsidiary, Inc. 

Altavista Memorial Park Subsidiary, Inc. 

Arlington Development Company 
 Augusta Memorial
Park Perpetual Care Company 
 Bethel Cemetery Association 

Beth Israel Cemetery Association of Woodbridge, New Jersey 

Birchlawn Burial Park Subsidiary, Inc. 
 Cedar
Hill Funeral Home, Inc. 
 Cemetery Investments Subsidiary, Inc. 

Clover Leaf Park Cemetery Association 
 Columbia
Memorial Park Subsidiary, Inc. 
 Cornerstone Family Insurance Services, Inc. 

Cornerstone Family Services of New Jersey, Inc. 

Cornerstone Family Services of West Virginia Subsidiary, Inc. 

Covenant Acquisition Subsidiary, Inc. 
 Crown
Hill Cemetery Association 
 Eloise B. Kyper Funeral Home, Inc. 

Glen Haven Memorial Park Subsidiary, Inc. 
 Henry
Memorial Park Subsidiary, Inc. 
 Highland Memorial Park, Inc. 

Hillside Memorial Park Association, Inc. 
 KIRIS
Subsidiary, Inc. 
 Lakewood/Hamilton Cemetery Subsidiary, Inc. 

Lakewood Memory Gardens South Subsidiary, Inc. 

Laurel Hill Memorial Park Subsidiary, Inc. 

Laurelwood Holding Company 
 Legacy Estates, Inc.

 Locustwood Cemetery Association 

Loewen [Virginia] Subsidiary, Inc. 
 Lorraine
Park Cemetery Subsidiary, Inc. 
 Modern Park Development Subsidiary, Inc. 

Northlawn Memorial Gardens 
 Oak Hill Cemetery
Subsidiary, Inc. 
 Ohio Cemetery Holdings, Inc. 

Osiris Holding Finance Company 
 Osiris Holding
of Maryland Subsidiary, Inc. 
 Osiris Holding of Rhode Island Subsidiary, Inc. 

Osiris Management, Inc. 
 Osiris Telemarketing
Corp. 
  

			
	By:	 	 /s/ Paul Waimberg

Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties 

Borrowers’ Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

 Perpetual Gardens.Com, Inc. 

PVD Acquisitions Subsidiary, Inc. 
 Rockbridge
Memorial Gardens Subsidiary Company 
 Rose Lawn Cemeteries Subsidiary, Incorporated 

Roselawn Development Subsidiary Corporation 

Russell Memorial Cemetery Subsidiary, Inc. 

Shenandoah Memorial Park Subsidiary, Inc. 

Sierra View Memorial Park 
 Southern Memorial
Sales Subsidiary, Inc. 
 Springhill Memory Gardens Subsidiary, Inc. 

Star City Memorial Sales Subsidiary, Inc. 

Stephen R. Haky Funeral Home, Inc. 
 Stitham
Subsidiary, Incorporated 
 StoneMor Alabama Subsidiary, Inc. 

StoneMor California, Inc. 
 StoneMor California
Subsidiary, Inc. 
 StoneMor Georgia Subsidiary, Inc. 

StoneMor Hawaii Subsidiary, Inc. 
 StoneMor North
Carolina Funeral Services, Inc. 
 StoneMor Ohio Subsidiary, Inc. 

StoneMor Tennessee Subsidiary, Inc. 
 StoneMor
Washington, Inc. 
 Sunset Memorial Gardens Subsidiary, Inc. 

Sunset Memorial Park Subsidiary, Inc. 
 Temple
Hill Subsidiary Corporation 
 The Valhalla Cemetery Subsidiary Corporation 

Virginia Memorial Service Subsidiary Corporation 

W N C Subsidiary, Inc. 
 Wicomico Memorial Parks
Subsidiary, Inc. 
 Willowbrook Management Corp. 
  

			
	By:	 	 /s/ Paul Waimberg

Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties 

Borrowers’ Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

 Alleghany Memorial Park LLC 

Altavista Memorial Park LLC 
 Birchlawn Burial
Park LLC 
 Cemetery Investments LLC 

Cemetery Management Services, L.L.C. 
 Cemetery
Management Services of Mid-Atlantic States, L.L.C. 
 Cemetery Management Services of Ohio, L.L.C. 

CMS West LLC 
 CMS West Subsidiary LLC

 Columbia Memorial Park LLC 

Cornerstone Family Services of West Virginia LLC 

Cornerstone Funeral and Cremation Services LLC 

Covenant Acquisition LLC 
 Glen Haven Memorial
Park LLC 
 Henlopen Memorial Park LLC 

Henlopen Memorial Park Subsidiary LLC 
 Henry
Memorial Park LLC 
 Juniata Memorial Park LLC 

KIRIS LLC 
 Lakewood/Hamilton Cemetery LLC

 Lakewood Memory Gardens South LLC 

Laurel Hill Memorial Park LLC 
 Loewen [Virginia]
LLC 
 Lorraine Park Cemetery LLC 

Modern Park Development LLC 
 Oak Hill Cemetery
LLC 
 Osiris Holding of Maryland LLC 

Osiris Holding of Pennsylvania LLC 
 Osiris
Holding of Rhode Island LLC 
 Plymouth Warehouse Facilities LLC 

PVD Acquisitions LLC 
 Rockbridge Memorial
Gardens LLC 
 Rolling Green Memorial Park LLC 

Rose Lawn Cemeteries LLC 
 Roselawn Development
LLC 
 Russell Memorial Cemetery LLC 

Shenandoah Memorial Park LLC 
 Southern Memorial
Sales LLC 
 Springhill Memory Gardens LLC 

Star City Memorial Sales LLC 
 Stitham LLC

  

			
	By:	 	 /s/ Paul Waimberg

Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties 

Borrowers’ Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

 StoneMor Alabama LLC 

StoneMor Arkansas Subsidiary LLC 
 StoneMor
Cemetery Products LLC 
 StoneMor Colorado LLC 

StoneMor Colorado Subsidiary LLC 
 StoneMor
Florida Subsidiary LLC 
 StoneMor Georgia LLC 

StoneMor Hawaii LLC 
 StoneMor Hawaiian Joint
Venture Group LLC 
 StoneMor Holding of Pennsylvania LLC 

StoneMor Illinois LLC 
 StoneMor Illinois
Subsidiary LLC 
 StoneMor Indiana LLC 

StoneMor Indiana Subsidiary LLC 
 StoneMor Iowa
LLC 
 StoneMor Iowa Subsidiary LLC 

StoneMor Kansas LLC 
 StoneMor Kansas Subsidiary
LLC 
 StoneMor Kentucky LLC 
 StoneMor
Kentucky Subsidiary LLC 
 StoneMor Michigan LLC 

StoneMor Michigan Subsidiary LLC 
 StoneMor
Missouri LLC 
 StoneMor Missouri Subsidiary LLC 

StoneMor North Carolina LLC 
 StoneMor North
Carolina Subsidiary LLC 
 StoneMor Ohio LLC 

StoneMor Oregon LLC 
 StoneMor Oregon Subsidiary
LLC 
 StoneMor Pennsylvania LLC 

StoneMor Pennsylvania Subsidiary LLC 
 StoneMor
Puerto Rico LLC 
 StoneMor Puerto Rico Subsidiary LLC 

StoneMor South Carolina LLC 
 StoneMor South
Carolina Subsidiary LLC 
 StoneMor Washington Subsidiary LLC 
  

			
	By:	 	 /s/ Paul Waimberg

Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties 

Borrowers’ Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

 Sunset Memorial Gardens LLC 

Sunset Memorial Park LLC 
 Temple Hill LLC

 The Valhalla Cemetery Company LLC 

Tioga County Memorial Gardens LLC 
 Virginia
Memorial Service LLC 
 WNCI LLC 

Wicomico Memorial Parks LLC 
 Woodlawn Memorial
Park Subsidiary LLC 
  

			
	By:	 	 /s/ Paul Waimberg

Paul Waimberg, as Vice President of Finance for each of the above-named Credit Parties 

Borrowers’ Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	BANK OF AMERICA, N.A., as
	Administrative Agent
		
	By:	 	 /s/ Kathleen Carry

	Name:	 	 Kathleen Carry

	Title:	 	 Vice President

Administrative Agent’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	BANK OF AMERICA, N.A., as a Lender,
	L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Kenneth G. Wood

	Name:	 	Kenneth G. Wood
	Title:	 	Senior Vice President

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	SOVEREIGN BANK
		
	By:	 	  

	Name:	 	  

	Title:	 	  

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	TD BANK, N.A.
		
	By:	 	 /s/ Peter L. Davis

	Name:	 	 Peter L. Davis

	Title:	 	 SVP

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	CAPITAL ONE, N.A.
		
	By:	 	 /s/ Allison Sardo

	Name:	 	Allison Sardo
	Title:	 	Senior Vice President

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	FIRST NIAGARA BANK, N.A., successor by merger to Harleysville National Bank and Trust Company
		
	By:	 	 /s/ Henry G. Kush, Jr.

	Name:	 	 Henry G. Kush, Jr.

	Title:	 	 V.P.

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	SUN NATIONAL BANK
		
	By:	 	 /s/ Christopher P. Kleczkowski

	Name:	 	 Christopher P. Kleczkowski

	Title:	 	 SVP

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	TRISTATE CAPITAL BANK
		
	By:	 	 /s/ Kent Nelson

	Name:	 	 Kent Nelson

	Title:	 	 SVP

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	BENEFICIAL MUTUAL SAVINGS BANK
		
	By:	 	 /s/ Andrew J. Niesen

	Name:	 	 Andrew J. Niesen

	Title:	 	 Vice President

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	FOX CHASE BANK
		
	By:	 	 /s/ Paul A. Pyfer

	Name:	 	 Paul A. Pyfer

	Title:	 	 Sr. Relationship Mgr.

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

			
	RAYMOND JAMES BANK, FSB
		
	By:	 	 /s/ Garrett McKinnon

	Name:	 	Garrett McKinnon
	Title:	 	Senior Vice President

Lender’s Signature Page to Sixth Amendment to Amended and Restated Credit Agreement 

 Annex 1 

None.

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