Document:

FIXED RATE SENIOR NOTE

REGISTERED                                                  REGISTERED
No. FXR                                                     U.S. $
                                                            CUSIP: 61746S414

     Unless this certificate is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) to the issuer or
its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of The Depository Trust Company and any payment
is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.

                                      A-1
<PAGE>

                                 MORGAN STANLEY
                       GLOBAL MEDIUM-TERM NOTES, SERIES C

                PERFORMANCE LEVERAGED UPSIDE SECURITIES ("PLUS")

                           PLUS DUE SEPTEMBER 30, 2009
                            MANDATORILY EXCHANGEABLE
                      FOR AN AMOUNT PAYABLE IN U.S. DOLLARS
          BASED ON THE VALUE OF THE DOW JONES EURO STOXX 50(SM) INDEX

<TABLE>
<S>                           <C>                          <C>                          <C>
ORIGINAL ISSUE DATE:          INITIAL REDEMPTION           INTEREST RATE: None          MATURITY DATE:
   September     , 2004          DATE: N/A                                                 See "Maturity Date"
                                                                                           below.

INTEREST ACCRUAL              INITIAL REDEMPTION           INTEREST PAYMENT             OPTIONAL
   DATE: N/A                     PERCENTAGE: N/A              DATES: N/A                   REPAYMENT
                                                                                           DATE(S):  N/A

SPECIFIED CURRENCY:           ANNUAL REDEMPTION            INTEREST PAYMENT             APPLICABILITY OF
   U.S. dollars                  PERCENTAGE                   PERIOD: N/A                  MODIFIED
                                 REDUCTION: N/A                                            PAYMENT UPON
                                                                                           ACCELERATION: See
                                                                                           "Alternate Exchange
                                                                                           Calculation in Case of
                                                                                           an Event of Default"
                                                                                           below.

IF SPECIFIED                  REDEMPTION NOTICE            APPLICABILITY OF             IF YES, STATE ISSUE
   CURRENCY OTHER                PERIOD: N/A                  ANNUAL INTEREST              PRICE: N/A
   THAN U.S. DOLLARS,                                         PAYMENTS: N/A
   OPTION TO ELECT
   PAYMENT IN U.S.
   DOLLARS: N/A

EXCHANGE RATE                 TAX REDEMPTION                                            ORIGINAL YIELD TO
   AGENT: N/A                    AND PAYMENT OF                                            MATURITY: N/A
                                 ADDITIONAL
                                 AMOUNTS: N/A

OTHER PROVISIONS:             IF YES, STATE INITIAL
   See below                     OFFERING DATE:
                                 N/A
</TABLE>

For the purposes of this PLUS, the tenth paragraph of Section 2.08 of the
Amended and Restated Indenture, dated as of May 1, 1999, between the Issuer and
JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank) as Trustee,
shall not apply.

Maturity Date.............   September 30, 2009, subject to extension in the
                             event of a Market Disruption Event on the scheduled
                             Index Valuation Date (as defined below).

                                      A-2
<PAGE>

                             If due to a Market Disruption Event or otherwise,
                             the Index Valuation Date is postponed so that it
                             falls less than two scheduled Trading Days prior to
                             the scheduled Maturity Date, the Maturity Date will
                             be the second scheduled Trading Day that is also a
                             New York Trading Day following the Index Valuation
                             Date as postponed. See "Index Valuation Date"
                             below.

                             In the event that the Maturity Date of the PLUS is
                             postponed due to postponement of the Index
                             Valuation Date as described in the immediately
                             preceding paragraph, the Issuer shall give notice
                             of such postponement and, once it has been
                             determined, of the date to which the Maturity Date
                             has been rescheduled (i) to the holder of this PLUS
                             by mailing notice of such postponement by first
                             class mail, postage prepaid, to the holder's last
                             address as it shall appear upon the registry books,
                             (ii) to the Trustee by telephone or facsimile
                             confirmed by mailing such notice to the Trustee by
                             first class mail, postage prepaid, at its New York
                             office and (iii) to The Depository Trust Company
                             (the "Depositary") by telephone or facsimile
                             confirmed by mailing such notice to the Depositary
                             by first class mail, postage prepaid. Any notice
                             that is mailed in the manner herein provided shall
                             be conclusively presumed to have been duly given,
                             whether or not the holder of this PLUS receives the
                             notice. The Issuer shall give such notice as
                             promptly as possible, and in no case later than (i)
                             with respect to notice of postponement of the
                             Maturity Date, the Business Day immediately
                             following September 28, 2009, and (ii) with respect
                             to notice of the date to which the Maturity Date
                             has been rescheduled, the Business Day immediately
                             following the actual Index Valuation Date for
                             determining the Final Index Value (as defined
                             below).

Denominations.............   $10 and integral multiples thereof

Payment at Maturity.......   At maturity, upon delivery of this PLUS to the
                             Trustee, the Issuer shall pay with respect to each
                             $10 principal amount of this PLUS an amount in cash
                             equal to (i) if the Final Index Value is greater
                             than the Initial Index Value (as defined below),
                             the lesser of (a) $10 plus the Leveraged Upside
                             Payment (as defined below) and (b) the Maximum
                             Payment at Maturity (as defined below) or (ii) if
                             the Final Index Value is less than or equal to the
                             Initial

                                      A-3
<PAGE>

                             Index Value, $10 times the Index Performance Factor
                             (as defined below).

                             The Issuer shall, or shall cause the Calculation
                             Agent to, (i) provide written notice to the Trustee
                             and to the Depositary of the amount of cash to be
                             delivered with respect to each $10 principal amount
                             of this PLUS, on or prior to 10:30 a.m. on the New
                             York Trading Day preceding the Maturity Date (but
                             if such New York Trading Day is not a Business Day,
                             prior to the close of business on the Business Day
                             preceding the Maturity Date), and (ii) deliver the
                             aggregate cash amount due with respect to this PLUS
                             to the Trustee for delivery to the holder of this
                             PLUS on the Maturity Date.

Leveraged Upside Payment..   The product of (i) $10 and (ii) 300% and (iii) the
                             Index Percent Increase (as defined below).

Maximum Payment at
Maturity..................

Index Percent Increase....   A fraction, the numerator of which shall be the
                             Final Index Value minus the Initial Index Value and
                             the denominator of which shall be the Initial Index
                             Value.

Index Performance Factor..   A fraction, the numerator of which shall be the
                             Final Index Value and the denominator of which
                             shall be the Initial Index Value.

Final Index Value.........   The Index Closing Value of the Dow Jones EURO STOXX
                             50 Index on the Index Valuation Date.

Index Valuation Date......   The Index Valuation Date shall be the second
                             scheduled Trading Day prior to the Maturity Date,
                             subject to adjustment for Market Disruption Events
                             as described in the following paragraph.

                             If there is a Market Disruption Event on the
                             scheduled Index Valuation Date, the Index Valuation
                             Date shall be the immediately succeeding Trading
                             Day during which no Market Disruption Event shall
                             have occurred.

Initial Index Value.......

Index Closing Value.......   The Index Closing Value on any Trading Day shall
                             equal the closing value of the Dow Jones EURO STOXX
                             50 Index or any Successor Index (as defined under
                             "Discontinuance of the Dow Jones EURO STOXX 50

                                      A-4
<PAGE>

                             Index; Alteration of Method of Calculation" below)
                             published at the regular weekday close of trading
                             on that Trading Day. In certain circumstances, the
                             Index Closing Value shall be based on the alternate
                             calculation of the Dow Jones EURO STOXX 50 Index
                             described under "Discontinuance of the Dow Jones
                             EURO STOXX 50 Index; Alteration of Method of
                             Calculation."

Trading Day...............   A day, as determined by the Calculation Agent, on
                             which trading is generally conducted on the
                             Relevant Exchange for securities underlying the Dow
                             Jones EURO STOXX 50 Index.

New York Trading Day......   A day, as determined by the Calculation Agent, on
                             which trading is generally conducted on the New
                             York Stock Exchange, Inc. ("NYSE"), the American
                             Stock Exchange LLC, the Nasdaq National Market, the
                             Chicago Mercantile Exchange and the Chicago Board
                             of Options Exchange and in the over-the-counter
                             market for equity securities in the United States.

Calculation Agent.........   MS & Co. and its successors.

                             All determinations made by the Calculation Agent
                             shall be at the sole discretion of the Calculation
                             Agent and shall, in the absence of manifest error,
                             be conclusive for all purposes and binding on the
                             holder of this PLUS, the Trustee and the Issuer.

                             All calculations with respect to the Payment at
                             Maturity shall be rounded to the nearest one
                             hundred-thousandth, with five one-millionths
                             rounded upward (e.g., .876545 would be rounded to
                             .87655); all dollar amounts related to
                             determination of the amount of cash payable per
                             PLUS shall be rounded to the nearest
                             ten-thousandth, with five one hundred-thousandths
                             rounded upward (e.g., .76545 would be rounded up to
                             .7655); and all dollar amounts paid on the
                             aggregate number of PLUS shall be rounded to the
                             nearest cent, with one-half cent rounded upward.

Market Disruption Event...   "Market Disruption Event" means, with respect to
                             the Dow Jones EURO STOXX 50 Index:

                                 (i) a suspension, absence or material
                                 limitation of trading of stocks then
                                 constituting 20 percent or more of the level of
                                 the Dow Jones EURO

                                      A-5
<PAGE>

                                 STOXX 50 Index (or the Successor Index) on the
                                 Relevant Exchanges for such securities for more
                                 than two hours of trading or during the
                                 one-half hour period preceding the close of the
                                 principal trading session on such Relevant
                                 Exchange; or a breakdown or failure in the
                                 price and trade reporting systems of any
                                 Relevant Exchange as a result of which the
                                 reported trading prices for stocks then
                                 constituting 20 percent or more of the level of
                                 the Dow Jones EURO STOXX 50 Index (or the
                                 Successor Index) during the last one-half hour
                                 preceding the close of the principal trading
                                 session on such Relevant Exchange are
                                 materially inaccurate; or the suspension,
                                 material limitation or absence of trading on
                                 any major U.S. securities market for trading in
                                 futures or options contracts or exchange traded
                                 funds related to the Dow Jones EURO STOXX 50
                                 Index (or the Successor Index) for more than
                                 two hours of trading or during the one-half
                                 hour period preceding the close of the
                                 principal trading session on such market, in
                                 each case as determined by the Calculation
                                 Agent in its sole discretion; and

                                 (ii) a determination by the Calculation Agent
                                 in its sole discretion that any event described
                                 in clause (i) above materially interfered with
                                 the ability of Morgan Stanley or any of its
                                 affiliates to unwind or adjust all or a
                                 material portion of the hedge position with
                                 respect to the PLUS.

                             For the purpose of determining whether a Market
                             Disruption Event exists at any time, if trading in
                             a security included in the Dow Jones EURO STOXX 50
                             Index is materially suspended or materially limited
                             at that time, then the relevant percentage
                             contribution of that security to the level of the
                             Dow Jones EURO STOXX 50 Index shall be based on a
                             comparison of (x) the portion of the value of the
                             Dow Jones EURO STOXX 50 Index attributable to that
                             security relative to (y) the overall value of the
                             Dow Jones EURO STOXX 50 Index, in each case
                             immediately before that suspension or limitation.

                             For the purpose of determining whether a Market
                             Disruption Event has occurred: (1) a limitation on
                             the

                                      A-6
<PAGE>

                             hours or number of days of trading shall not
                             constitute a Market Disruption Event if it results
                             from an announced change in the regular business
                             hours of the relevant exchange or market, (2) a
                             decision to permanently discontinue trading in the
                             relevant futures or options contract or exchange
                             traded fund shall not constitute a Market
                             Disruption Event, (3) limitations pursuant to the
                             rules of any Relevant Exchange similar to NYSE Rule
                             80A (or any applicable rule or regulation enacted
                             or promulgated by any other self-regulatory
                             organization or any government agency of scope
                             similar to NYSE Rule 80A as determined by the
                             Calculation Agent) on trading during significant
                             market fluctuations shall constitute a suspension,
                             absence or material limitation of trading, (4) a
                             suspension of trading in futures or options
                             contracts on the Dow Jones EURO STOXX 50 Index by
                             the primary securities market trading in such
                             contracts by reason of (a) a price change exceeding
                             limits set by such securities exchange or market,
                             (b) an imbalance of orders relating to such
                             contracts or (c) a disparity in bid and ask quotes
                             relating to such contracts shall constitute a
                             suspension, absence or material limitation of
                             trading in futures or options contracts related to
                             the Dow Jones EURO STOXX 50 Index and (5) a
                             "suspension, absence or material limitation of
                             trading" on any Relevant Exchange or on the primary
                             market on which futures or options contracts
                             related to the Dow Jones EURO STOXX 50 Index are
                             traded shall not include any time when such
                             securities market is itself closed for trading
                             under ordinary circumstances.

Relevant Exchange.........   "Relevant Exchange" means the primary exchange or
                             market of trading for any security (or any
                             combination thereof) then included in the Dow Jones
                             EURO STOXX 50 Index or any Successor Index.

Alternate Exchange
Calculation in Case
of an Event of Default....   In case an event of default with respect to the
                             PLUS shall have occurred and be continuing, the
                             amount declared due and payable for each $10
                             principal amount of this PLUS upon any acceleration
                             of this PLUS shall be determined by the Calculation
                             Agent and shall be an amount in cash equal to the
                             Payment at Maturity calculated using the Index
                             Closing Value

                                      A-7
<PAGE>

                             as of the date of such acceleration as the Final
                             Index Value.

                             If the maturity of the PLUS is accelerated because
                             of an event of default as described above, the
                             Issuer shall, or shall cause the Calculation Agent
                             to, provide written notice to the Trustee at its
                             New York office, on which notice the Trustee may
                             conclusively rely, and to the Depositary of the
                             aggregate cash amount due with respect to each $10
                             principal amount of this PLUS as promptly as
                             possible and in no event later than two Business
                             Days after the date of acceleration.

Discontinuance of the
Dow Jones EURO STOXX
50 Index; Alteration
of Method of Calculation..   If STOXX Limited discontinues publication of the
                             Dow Jones EURO STOXX 50 Index and STOXX Limited or
                             another entity publishes a successor or substitute
                             index that the Calculation Agent, determines, in
                             its sole discretion, to be comparable to the
                             discontinued Dow Jones EURO STOXX 50 Index (such
                             index being referred to herein as a "Successor
                             Index"), then any subsequent Index Closing Value
                             shall be determined by reference to the value of
                             such Successor Index at the regular official
                             weekday close of the principal trading for the
                             Successor Index on the date that any Index Closing
                             Value is to be determined.

                             Upon any selection by the Calculation Agent of a
                             Successor Index, the Calculation Agent shall cause
                             written notice thereof to be furnished to the
                             Trustee, to the Issuer and to the Depositary, as
                             holder of the PLUS, within three Trading Days of
                             such selection.

                             If STOXX Limited discontinues publication of the
                             Dow Jones EURO STOXX 50 Index prior to, and such
                             discontinuance is continuing on, the Index
                             Valuation Date or the date of acceleration and the
                             Calculation Agent, determines, in its sole
                             discretion, that no Successor Index is available at
                             such time, then the Calculation Agent shall
                             determine the Index Closing Value for such date.
                             The Index Closing Value shall be computed by the
                             Calculation Agent in accordance with the formula
                             for calculating the Dow Jones EURO STOXX 50 Index
                             last in effect prior to such discontinuance, using
                             the closing price (or, if

                                      A-8
<PAGE>

                             trading in the relevant securities has been
                             materially suspended or materially limited, its
                             good faith estimate of the closing price that would
                             have prevailed but for such suspension or
                             limitation) at the close of the principal trading
                             session of the Relevant Exchange on such date of
                             each security most recently comprising the Dow
                             Jones EURO STOXX 50 Index without any rebalancing
                             or substitution of such securities following such
                             discontinuance.

                             If at any time the method of calculating the Dow
                             Jones EURO STOXX 50 Index or a Successor Index, or
                             the value thereof, is changed in a material
                             respect, or if the Dow Jones EURO STOXX 50 Index or
                             a Successor Index is in any other way modified so
                             that such index does not, in the opinion of the
                             Calculation Agent, fairly represent the value of
                             the Dow Jones EURO STOXX 50 Index or such Successor
                             Index had such changes or modifications not been
                             made, then, from and after such time, the
                             Calculation Agent shall, at the close of business
                             in New York City on the date on which the Index
                             Closing Value is to be determined, make such
                             calculations and adjustments as, in the good faith
                             judgment of the Calculation Agent, may be necessary
                             in order to arrive at a value of a stock index
                             comparable to the Dow Jones EURO STOXX 50 Index or
                             such Successor Index, as the case may be, as if
                             such changes or modifications had not been made,
                             and the Calculation Agent shall calculate the Final
                             Index Value and the Index Closing Value with
                             reference to the Dow Jones EURO STOXX 50 Index or
                             such Successor Index, as adjusted. Accordingly, if
                             the method of calculating the Dow Jones EURO STOXX
                             50 Index or a Successor Index is modified so that
                             the value of such index is a fraction of what it
                             would have been if it had not been modified (e.g.,
                             due to a split in the index), then the Calculation
                             Agent shall adjust such index in order to arrive at
                             a value of the Dow Jones EURO STOXX 50 Index or
                             such Successor Index as if it had not been modified
                             (e.g., as if such split had not occurred).

                                      A-9
<PAGE>

Treatment of PLUS for
United States Federal
Income Tax Purposes.......   The Issuer, by its sale of this PLUS, and the
                             holder of this PLUS (and any successor holder of,
                             or holder of a beneficial interest in, this PLUS),
                             by its respective purchase hereof, agree (in the
                             absence of an administrative determination or
                             judicial ruling to the contrary) to characterize
                             each $10 principal amount of this PLUS for all tax
                             purposes as a single financial contract with
                             respect to the Dow Jones EURO STOXX 50 Index that
                             (i) requires the holder of this PLUS to pay to the
                             Issuer at inception an amount equal to $10 and (ii)
                             entitles the holder to receive at maturity an
                             amount in cash based upon the performance of the
                             EURO STOXX 50 Index.

                                     A-10
<PAGE>

     Morgan Stanley, a Delaware corporation (together with its successors and
assigns, the "Issuer"), for value received, hereby promises to pay to CEDE &
CO., or registered assignees, the principal sum of U.S.$
(UNITED STATES DOLLARS                             ), on the Maturity Date
specified above (except to the extent redeemed or repaid prior to maturity) and
to pay interest thereon at the Interest Rate per annum specified above, from and
including the Interest Accrual Date specified above until the principal hereof
is paid or duly made available for payment weekly, monthly, quarterly,
semiannually or annually in arrears as specified above as the Interest Payment
Period on each Interest Payment Date (as specified above), commencing on the
Interest Payment Date next succeeding the Interest Accrual Date specified above,
and at maturity (or on any redemption or repayment date); provided, however,
that if the Interest Accrual Date occurs between a Record Date, as defined
below, and the next succeeding Interest Payment Date, interest payments will
commence on the second Interest Payment Date succeeding the Interest Accrual
Date to the registered holder of this Note on the Record Date with respect to
such second Interest Payment Date; and provided, further, that if this Note is
subject to "Annual Interest Payments," interest payments shall be made annually
in arrears and the term "Interest Payment Date" shall be deemed to mean the
first day of March in each year.

     Interest on this Note will accrue from and including the most recent date
to which interest has been paid or duly provided for, or, if no interest has
been paid or duly provided for, from and including the Interest Accrual Date,
until but excluding the date the principal hereof has been paid or duly made
available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, subject to certain exceptions
described herein, be paid to the person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the date 15
calendar days prior to such Interest Payment Date (whether or not a Business Day
(as defined below)) (each such date, a "Record Date"); provided, however, that
interest payable at maturity (or any redemption or repayment date) will be
payable to the person to whom the principal hereof shall be payable. As used
herein, "Business Day" means any day, other than a Saturday or Sunday, (a) that
is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulation to close (x) in The City of New York
or (y) if this Note is denominated in a Specified Currency other than U.S.
dollars, euro or Australian dollars, in the principal financial center of the
country of the Specified Currency, or (z) if this Note is denominated in
Australian dollars, in Sydney and (b) if this Note is denominated in euro, that
is also a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer System ("TARGET") is operating (a "TARGET Settlement Day").

     Payment of the principal of this Note, any premium and the interest due at
maturity (or any redemption or repayment date), unless this Note is denominated
in a Specified Currency other than U.S. dollars and is to be paid in whole or in
part in such Specified Currency, will be made in immediately available funds
upon surrender of this Note at the office or agency of the Paying Agent, as
defined on the reverse hereof, maintained for that purpose in the Borough of
Manhattan, The City of New York, or at such other paying agency as the Issuer
may determine, in U.S. dollars. U.S. dollar payments of interest, other than
interest due at maturity or on any date of redemption or repayment, will be made
by U.S. dollar check mailed to the address of the person entitled thereto as
such address shall appear in the Note register. A holder of U.S. $10,000,000 (or
the equivalent in a Specified Currency) or more in aggregate principal amount of
Notes having the same Interest Payment Date, the interest on which is payable in
U.S. dollars, shall be entitled to receive payments

                                     A-11
<PAGE>

of interest, other than interest due at maturity or on any date of redemption or
repayment, by wire transfer of immediately available funds if appropriate wire
transfer instructions have been received by the Paying Agent in writing not less
than 15 calendar days prior to the applicable Interest Payment Date.

     If this Note is denominated in a Specified Currency other than U.S.
dollars, and the holder does not elect (in whole or in part) to receive payment
in U.S. dollars pursuant to the next succeeding paragraph, payments of interest,
principal or any premium with regard to this Note will be made by wire transfer
of immediately available funds to an account maintained by the holder hereof
with a bank located outside the United States if appropriate wire transfer
instructions have been received by the Paying Agent in writing, with respect to
payments of interest, on or prior to the fifth Business Day after the applicable
Record Date and, with respect to payments of principal or any premium, at least
ten Business Days prior to the Maturity Date or any redemption or repayment
date, as the case may be; provided that, if payment of interest, principal or
any premium with regard to this Note is payable in euro, the account must be a
euro account in a country for which the euro is the lawful currency, provided,
further, that if such wire transfer instructions are not received, such payments
will be made by check payable in such Specified Currency mailed to the address
of the person entitled thereto as such address shall appear in the Note
register; and provided, further, that payment of the principal of this Note, any
premium and the interest due at maturity (or on any redemption or repayment
date) will be made upon surrender of this Note at the office or agency referred
to in the preceding paragraph.

     If so indicated on the face hereof, the holder of this Note, if denominated
in a Specified Currency other than U.S. dollars, may elect to receive all or a
portion of payments on this Note in U.S. dollars by transmitting a written
request to the Paying Agent, on or prior to the fifth Business Day after such
Record Date or at least ten Business Days prior to the Maturity Date or any
redemption or repayment date, as the case may be. Such election shall remain in
effect unless such request is revoked by written notice to the Paying Agent as
to all or a portion of payments on this Note at least five Business Days prior
to such Record Date, for payments of interest, or at least ten calendar days
prior to the Maturity Date or any redemption or repayment date, for payments of
principal, as the case may be.

     If the holder elects to receive all or a portion of payments of principal
of, premium, if any, and interest on this Note, if denominated in a Specified
Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as
defined on the reverse hereof) will convert such payments into U.S. dollars. In
the event of such an election, payment in respect of this Note will be based
upon the exchange rate as determined by the Exchange Rate Agent based on the
highest bid quotation in The City of New York received by such Exchange Rate
Agent at approximately 11:00 a.m., New York City time, on the second Business
Day preceding the applicable payment date from three recognized foreign exchange
dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate
Agent is an affiliate of the Issuer) for the purchase by the quoting dealer of
the Specified Currency for U.S. dollars for settlement on such payment date in
the amount of the Specified Currency payable in the absence of such an election
to such holder and at which the applicable dealer commits to execute a contract.
If such bid quotations are not available, such payment will be made in the
Specified Currency. All currency exchange costs will be borne by the holder of
this Note by deductions from such payments.

                                     A-12
<PAGE>

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Senior Indenture, as defined on the
reverse hereof, or be valid or obligatory for any purpose.

                                     A-13
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

DATED: September    , 2004               MORGAN STANLEY

                                         By:
                                             -----------------------------------
                                             Name:
                                             Title:

TRUSTEE'S CERTIFICATE
      OF AUTHENTICATION

This is one of the Notes referred
      to in the within-mentioned
      Senior Indenture.

JPMORGAN CHASE BANK,
      as Trustee

By:
    ------------------------------------------------
    Authorized Officer

                                     A-14
<PAGE>

                               REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Senior Global Medium-Term
Notes, Series C, having maturities more than nine months from the date of issue
(the "Notes") of the Issuer. The Notes are issuable under an Amended and
Restated Senior Indenture, dated as of May 1, 1999, between the Issuer and
JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee
(the "Trustee," which term includes any successor trustee under the Senior
Indenture) (as may be amended or supplemented from time to time, the "Senior
Indenture"), to which Senior Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities of the Issuer, the Trustee and holders of the
Notes and the terms upon which the Notes are, and are to be, authenticated and
delivered. The Issuer has appointed JPMorgan Chase Bank at its corporate trust
office in The City of New York as the paying agent (the "Paying Agent," which
term includes any additional or successor Paying Agent appointed by the Issuer)
with respect to the Notes. The terms of individual Notes may vary with respect
to interest rates, interest rate formulas, issue dates, maturity dates, or
otherwise, all as provided in the Senior Indenture. To the extent not
inconsistent herewith, the terms of the Senior Indenture are hereby incorporated
by reference herein.

     Unless otherwise indicated on the face hereof, this Note will not be
subject to any sinking fund and, unless otherwise provided on the face hereof in
accordance with the provisions of the following two paragraphs, will not be
redeemable or subject to repayment at the option of the holder prior to
maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or
in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof, together
with interest accrued and unpaid hereon to the date of redemption. If this Note
is subject to "Annual Redemption Percentage Reduction," the Initial Redemption
Percentage indicated on the face hereof will be reduced on each anniversary of
the Initial Redemption Date by the Annual Redemption Percentage Reduction
specified on the face hereof until the redemption price of this Note is 100% of
the principal amount hereof, together with interest accrued and unpaid hereon to
the date of redemption. Notice of redemption shall be mailed to the registered
holders of the Notes designated for redemption at their addresses as the same
shall appear on the Note register not less than 30 nor more than 60 calendar
days prior to the date fixed for redemption or within the Redemption Notice
Period specified on the face hereof, subject to all the conditions and
provisions of the Senior Indenture. In the event of redemption of this Note in
part only, a new Note or Notes for the amount of the unredeemed portion hereof
shall be issued in the name of the holder hereof upon the cancellation hereof.

     If so indicated on the face of this Note, this Note will be subject to
repayment at the option of the holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments of
$1,000 or, if this Note is denominated in a Specified Currency other than U.S.
dollars, in increments of 1,000 units of such Specified Currency (provided that
any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of the holder hereof at a price
equal to 100% of the principal amount to be repaid, together with interest
accrued and unpaid hereon to the date of repayment, provided that if this Note
is issued with original

                                     A-15
<PAGE>

issue discount, this Note will be repayable on the applicable Optional Repayment
Date or Dates at the price(s) specified on the face hereof. For this Note to be
repaid at the option of the holder hereof, the Paying Agent must receive at its
corporate trust office in the Borough of Manhattan, The City of New York, at
least 15 but not more than 30 calendar days prior to the date of repayment, (i)
this Note with the form entitled "Option to Elect Repayment" below duly
completed or (ii) a telegram, telex, facsimile transmission or a letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or a trust company in the United
States setting forth the name of the holder of this Note, the principal amount
hereof, the certificate number of this Note or a description of this Note's
tenor and terms, the principal amount hereof to be repaid, a statement that the
option to elect repayment is being exercised thereby and a guarantee that this
Note, together with the form entitled "Option to Elect Repayment" duly
completed, will be received by the Paying Agent not later than the fifth
Business Day after the date of such telegram, telex, facsimile transmission or
letter; provided, that such telegram, telex, facsimile transmission or letter
shall only be effective if this Note and form duly completed are received by the
Paying Agent by such fifth Business Day. Exercise of such repayment option by
the holder hereof shall be irrevocable. In the event of repayment of this Note
in part only, a new Note or Notes for the amount of the unpaid portion hereof
shall be issued in the name of the holder hereof upon the cancellation hereof.

     Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be. Unless otherwise provided on
the face hereof, interest payments for this Note will be computed and paid on
the basis of a 360-day year of twelve 30-day months.

     In the case where the Interest Payment Date or the Maturity Date (or any
redemption or repayment date) does not fall on a Business Day, payment of
interest, premium, if any, or principal otherwise payable on such date need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or on the
Maturity Date (or any redemption or repayment date), and no interest on such
payment shall accrue for the period from and after the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) to such next succeeding
Business Day.

     This Note and all the obligations of the Issuer hereunder are direct,
unsecured obligations of the Issuer and rank without preference or priority
among themselves and pari passu with all other existing and future unsecured and
unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency.

     This Note, and any Note or Notes issued upon transfer or exchange hereof,
is issuable only in fully registered form, without coupons, and, if denominated
in U.S. dollars, unless otherwise stated above, is issuable only in
denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess
thereof. If this Note is denominated in a Specified Currency other than U.S.
dollars, then, unless a higher minimum denomination is required by applicable
law, it is issuable only in denominations of the equivalent of U.S. $1,000
(rounded to an integral multiple of 1,000 units of such Specified Currency), or
any amount in excess thereof which is an integral multiple of 1,000 units of
such Specified Currency, as determined by reference to the noon dollar buying
rate in The City of New York for cable transfers of such Specified Currency
published by the Federal

                                     A-16
<PAGE>

Reserve Bank of New York (the "Market Exchange Rate") on the Business Day
immediately preceding the date of issuance.

     The Trustee has been appointed registrar for the Notes, and the Trustee
will maintain at its office in The City of New York a register for the
registration and transfer of Notes. This Note may be transferred at the
aforesaid office of the Trustee by surrendering this Note for cancellation,
accompanied by a written instrument of transfer in form satisfactory to the
Issuer and the Trustee and duly executed by the registered holder hereof in
person or by the holder's attorney duly authorized in writing, and thereupon the
Trustee shall issue in the name of the transferee or transferees, in exchange
herefor, a new Note or Notes having identical terms and provisions and having a
like aggregate principal amount in authorized denominations, subject to the
terms and conditions set forth herein; provided, however, that the Trustee will
not be required (i) to register the transfer of or exchange any Note that has
been called for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part, (ii) to register the transfer of or exchange any
Note if the holder thereof has exercised his right, if any, to require the
Issuer to repurchase such Note in whole or in part, except the portion of such
Note not required to be repurchased, or (iii) to register the transfer of or
exchange Notes to the extent and during the period so provided in the Senior
Indenture with respect to the redemption of Notes. Notes are exchangeable at
said office for other Notes of other authorized denominations of equal aggregate
principal amount having identical terms and provisions. All such exchanges and
transfers of Notes shall be free of charge, but the Issuer may require payment
of a sum sufficient to cover any tax or other governmental charge in connection
therewith. All Notes surrendered for exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Trustee and
executed by the registered holder in person or by the holder's attorney duly
authorized in writing. The date of registration of any Note delivered upon any
exchange or transfer of Notes shall be such that no gain or loss of interest
results from such exchange or transfer.

     In case this Note shall at any time become mutilated, defaced or be
destroyed, lost or stolen and this Note or evidence of the loss, theft or
destruction thereof (together with the indemnity hereinafter referred to and
such other documents or proof as may be required in the premises) shall be
delivered to the Trustee, the Issuer in its discretion may execute a new Note of
like tenor in exchange for this Note, but, if this Note is destroyed, lost or
stolen, only upon receipt of evidence satisfactory to the Trustee and the Issuer
that this Note was destroyed or lost or stolen and, if required, upon receipt
also of indemnity satisfactory to each of them. All expenses and reasonable
charges associated with procuring such indemnity and with the preparation,
authentication and delivery of a new Note shall be borne by the owner of the
Note mutilated, defaced, destroyed, lost or stolen.

     The Senior Indenture provides that (a) if an Event of Default (as defined
in the Senior Indenture) due to the default in payment of principal of, premium,
if any, or interest on, any series of debt securities issued under the Senior
Indenture, including the series of Senior Medium-Term Notes of which this Note
forms a part, or due to the default in the performance or breach of any other
covenant or warranty of the Issuer applicable to the debt securities of such
series but not applicable to all outstanding debt securities issued under the
Senior Indenture shall have occurred and be continuing, either the Trustee or
the holders of not less than 25% in aggregate principal amount of the
outstanding debt securities of each affected series, voting as one class, by
notice in writing to the Issuer and to the Trustee, if given by the
securityholders, may then declare the

                                     A-17
<PAGE>

principal of all debt securities of all such series and interest accrued thereon
to be due and payable immediately and (b) if an Event of Default due to a
default in the performance of any other of the covenants or agreements in the
Senior Indenture applicable to all outstanding debt securities issued
thereunder, including this Note, or due to certain events of bankruptcy,
insolvency or reorganization of the Issuer, shall have occurred and be
continuing, either the Trustee or the holders of not less than 25% in aggregate
principal amount of all outstanding debt securities issued under the Senior
Indenture, voting as one class, by notice in writing to the Issuer and to the
Trustee, if given by the securityholders, may declare the principal of all such
debt securities and interest accrued thereon to be due and payable immediately,
but upon certain conditions such declarations may be annulled and past defaults
may be waived (except a continuing default in payment of principal or premium,
if any, or interest on such debt securities) by the holders of a majority in
aggregate principal amount of the debt securities of all affected series then
outstanding.

     If the face hereof indicates that this Note is subject to "Modified Payment
upon Acceleration or Redemption," then (i) if the principal hereof is declared
to be due and payable as described in the preceding paragraph, the amount of
principal due and payable with respect to this Note shall be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of declaration, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of declaration), (ii) for the
purpose of any vote of securityholders taken pursuant to the Senior Indenture
prior to the acceleration of payment of this Note, the principal amount hereof
shall equal the amount that would be due and payable hereon, calculated as set
forth in clause (i) above, if this Note were declared to be due and payable on
the date of any such vote and (iii) for the purpose of any vote of
securityholders taken pursuant to the Senior Indenture following the
acceleration of payment of this Note, the principal amount hereof shall equal
the amount of principal due and payable with respect to this Note, calculated as
set forth in clause (i) above.

     If the face hereof indicates that this Note is subject to "Tax Redemption
and Payment of Additional Amounts," this Note may be redeemed, as a whole, at
the option of the Issuer at any time prior to maturity, upon the giving of a
notice of redemption as described below, at a redemption price equal to 100% of
the principal amount hereof, together with accrued interest to the date fixed
for redemption (except that if this Note is subject to "Modified Payment upon
Acceleration or Redemption," such redemption price would be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of redemption, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of redemption) (the "Amortized
Amount")), if the Issuer determines that, as a result of any change in or
amendment to the laws, or any regulations or rulings promulgated thereunder, of
the United States or of any political subdivision or taxing authority thereof or
therein affecting taxation, or any change in official position regarding the
application or interpretation of such laws, regulations or rulings, which change
or amendment becomes effective on or after the Initial Offering Date hereof, the
Issuer has or will become obligated to pay Additional Amounts, as defined below,
with respect to this Note as described below. Prior to the giving of any notice
of redemption pursuant to this paragraph, the Issuer shall deliver to the
Trustee (i) a certificate stating that the Issuer is entitled to effect such

                                     A-18
<PAGE>

redemption and setting forth a statement of facts showing that the conditions
precedent to the right of the Issuer to so redeem have occurred, and (ii) an
opinion of independent legal counsel satisfactory to the Trustee to such effect
based on such statement of facts; provided that no such notice of redemption
shall be given earlier than 60 calendar days prior to the earliest date on which
the Issuer would be obligated to pay such Additional Amounts if a payment in
respect of this Note were then due.

     Notice of redemption will be given not less than 30 nor more than 60
calendar days prior to the date fixed for redemption or within the Redemption
Notice Period specified on the face hereof, which date and the applicable
redemption price will be specified in the notice.

     If the face hereof indicates that this Note is subject to "Tax Redemption
and Payment of Additional Amounts," the Issuer will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the
"Additional Amounts") to the holder of this Note who is a United States Alien as
may be necessary in order that every net payment of the principal of and
interest on this Note and any other amounts payable on this Note, after
withholding or deduction for or on account of any present or future tax,
assessment or governmental charge imposed upon or as a result of such payment by
the United States, or any political subdivision or taxing authority thereof or
therein, will not be less than the amount provided for in this Note to be then
due and payable. The Issuer will not, however, make any payment of Additional
Amounts to any such holder who is a United States Alien for or on account of:

          (a) any present or future tax, assessment or other governmental charge
     that would not have been so imposed but for (i) the existence of any
     present or former connection between such holder, or between a fiduciary,
     settlor, beneficiary, member or shareholder of such holder, if such holder
     is an estate, a trust, a partnership or a corporation for United States
     federal income tax purposes, and the United States, including, without
     limitation, such holder, or such fiduciary, settlor, beneficiary, member or
     shareholder, being or having been a citizen or resident thereof or being or
     having been engaged in a trade or business or present therein or having, or
     having had, a permanent establishment therein or (ii) the presentation by
     or on behalf the holder of this Note for payment on a date more than 15
     calendar days after the date on which such payment became due and payable
     or the date on which payment thereof is duly provided for, whichever occurs
     later;

          (b) any estate, inheritance, gift, sales, transfer, excise or personal
     property tax or any similar tax, assessment or governmental charge;

          (c) any tax, assessment or other governmental charge imposed by reason
     of such holder's past or present status as a personal holding company or
     foreign personal holding company or controlled foreign corporation or
     passive foreign investment company with respect to the United States or as
     a corporation which accumulates earnings to avoid United States federal
     income tax or as a private foundation or other tax-exempt organization or a
     bank receiving interest under Section 881(c)(3)(A) of the Internal Revenue
     Code of 1986, as amended;

          (d) any tax, assessment or other governmental charge that is payable
     otherwise than by withholding or deduction from payments on or in respect
     of this Note;

                                     A-19
<PAGE>

          (e) any tax, assessment or other governmental charge required to be
     withheld by any Paying Agent from any payment of principal of, or interest
     on, this Note, if such payment can be made without such withholding by any
     other Paying Agent in a city in Western Europe;

          (f) any tax, assessment or other governmental charge that would not
     have been imposed but for the failure to comply with certification,
     information or other reporting requirements concerning the nationality,
     residence or identity of the holder or beneficial owner of this Note, if
     such compliance is required by statute or by regulation of the United
     States or of any political subdivision or taxing authority thereof or
     therein as a precondition to relief or exemption from such tax, assessment
     or other governmental charge;

          (g) any tax, assessment or other governmental charge imposed by reason
     of such holder's past or present status as the actual or constructive owner
     of 10% or more of the total combined voting power of all classes of stock
     entitled to vote of the Issuer or as a direct or indirect subsidiary of the
     Issuer; or

          (h) any combination of items (a), (b), (c), (d), (e), (f) or (g).

In addition, the Issuer shall not be required to make any payment of Additional
Amounts (i) to any such holder where such withholding or deduction is imposed on
a payment to an individual and is required to be made pursuant to any law
implementing or complying with, or introduced in order to conform to, any
European Union Directive on the taxation of savings; or (ii) by or on behalf of
a holder who would have been able to avoid such withholding or deduction by
presenting this Note or the relevant coupon to another Paying Agent in a member
state of the European Union. Nor shall the Issuer pay Additional Amounts with
respect to any payment on this Note to a United States Alien who is a fiduciary
or partnership or other than the sole beneficial owner of such payment to the
extent such payment would be required by the laws of the United States (or any
political subdivision thereof) to be included in the income, for tax purposes,
of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner who would not have been entitled to the
Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the holder of this Note.

     The Senior Indenture permits the Issuer and the Trustee, with the consent
of the holders of not less than a majority in aggregate principal amount of the
debt securities of all series issued under the Senior Indenture then outstanding
and affected (voting as one class), to execute supplemental indentures adding
any provisions to or changing in any manner the rights of the holders of each
series so affected; provided that the Issuer and the Trustee may not, without
the consent of the holder of each outstanding debt security affected thereby,
(a) extend the final maturity of any such debt security, or reduce the principal
amount thereof, or reduce the rate or extend the time of payment of interest
thereon, or reduce any amount payable on redemption thereof, or change the
currency of payment thereof, or modify or amend the provisions for conversion of
any currency into any other currency, or modify or amend the provisions for
conversion or exchange of the debt security for securities of the Issuer or
other entities or for other property or the cash value of the property (other
than as provided in the antidilution provisions or other similar adjustment
provisions of the debt securities or otherwise in accordance with the terms
thereof), or impair or affect the rights of any holder to institute suit for the
payment thereof or (b) reduce the aforesaid percentage in principal

                                     A-20
<PAGE>

amount of debt securities the consent of the holders of which is required for
any such supplemental indenture.

     Except as set forth below, if the principal of, premium, if any, or
interest on this Note is payable in a Specified Currency other than U.S. dollars
and such Specified Currency is not available to the Issuer for making payments
hereon due to the imposition of exchange controls or other circumstances beyond
the control of the Issuer or is no longer used by the government of the country
issuing such currency or for the settlement of transactions by public
institutions within the international banking community, then the Issuer will be
entitled to satisfy its obligations to the holder of this Note by making such
payments in U.S. dollars on the basis of the Market Exchange Rate on the date of
such payment or, if the Market Exchange Rate is not available on such date, as
of the most recent practicable date; provided, however, that if the euro has
been substituted for such Specified Currency, the Issuer may at its option (or
shall, if so required by applicable law) without the consent of the holder of
this Note effect the payment of principal of, premium, if any, or interest on,
any Note denominated in such Specified Currency in euro in lieu of such
Specified Currency in conformity with legally applicable measures taken pursuant
to, or by virtue of, the Treaty establishing the European Community, as amended.
Any payment made under such circumstances in U.S. dollars or euro where the
required payment is in an unavailable Specified Currency will not constitute an
Event of Default. If such Market Exchange Rate is not then available to the
Issuer or is not published for a particular Specified Currency, the Market
Exchange Rate will be based on the highest bid quotation in The City of New York
received by the Exchange Rate Agent at approximately 11:00 a.m., New York City
time, on the second Business Day preceding the date of such payment from three
recognized foreign exchange dealers (the "Exchange Dealers") for the purchase by
the quoting Exchange Dealer of the Specified Currency for U.S. dollars for
settlement on the payment date, in the aggregate amount of the Specified
Currency payable to those holders or beneficial owners of Notes and at which the
applicable Exchange Dealer commits to execute a contract. One of the Exchange
Dealers providing quotations may be the Exchange Rate Agent unless the Exchange
Rate Agent is an affiliate of the Issuer. If those bid quotations are not
available, the Exchange Rate Agent shall determine the market exchange rate at
its sole discretion.

     The "Exchange Rate Agent" shall be Morgan Stanley & Co. Incorporated,
unless otherwise indicated on the face hereof.

     All determinations referred to above made by, or on behalf of, the Issuer
or by, or on behalf of, the Exchange Rate Agent shall be at such entity's sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and binding on holders of Notes and coupons.

     So long as this Note shall be outstanding, the Issuer will cause to be
maintained an office or agency for the payment of the principal of and premium,
if any, and interest on this Note as herein provided in the Borough of
Manhattan, The City of New York, and an office or agency in said Borough of
Manhattan for the registration, transfer and exchange as aforesaid of the Notes.
The Issuer may designate other agencies for the payment of said principal,
premium and interest at such place or places (subject to applicable laws and
regulations) as the Issuer may decide. So long as there shall be such an agency,
the Issuer shall keep the Trustee advised of the names and locations of such
agencies, if any are so designated. If any European Union Directive on the
taxation of savings comes into force, the Issuer will, to the extent possible as
a matter of law, maintain a Paying Agent in a member state of the European Union
that will not be obligated to withhold or deduct tax

                                     A-21
<PAGE>

pursuant to any such Directive or any law implementing or complying with, or
introduced in order to conform to, such Directive.

     With respect to moneys paid by the Issuer and held by the Trustee or any
Paying Agent for payment of the principal of or interest or premium, if any, on
any Notes that remain unclaimed at the end of two years after such principal,
interest or premium shall have become due and payable (whether at maturity or
upon call for redemption or otherwise), (i) the Trustee or such Paying Agent
shall notify the holders of such Notes that such moneys shall be repaid to the
Issuer and any person claiming such moneys shall thereafter look only to the
Issuer for payment thereof and (ii) such moneys shall be so repaid to the
Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting in
any way any obligation that the Issuer may have to pay the principal of or
interest or premium, if any, on this Note as the same shall become due.

     No provision of this Note or of the Senior Indenture shall alter or impair
the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this Note at the time, place, and
rate, and in the coin or currency, herein prescribed unless otherwise agreed
between the Issuer and the registered holder of this Note.

     Prior to due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
holder in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and none of the Issuer, the
Trustee or any such agent shall be affected by notice to the contrary.

     No recourse shall be had for the payment of the principal of, premium, if
any, or the interest on this Note, for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Senior Indenture or any
indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Issuer or of any successor
corporation, either directly or through the Issuer or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

     This Note shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

     As used herein, the term "United States Alien" means any person who is, for
United States federal income tax purposes, (i) a nonresident alien individual,
(ii) a foreign corporation, (iii) a nonresident alien fiduciary of a foreign
estate or trust or (iv) a foreign partnership one or more of the members of
which is, for United States federal income tax purposes, a nonresident alien
individual, a foreign corporation or a nonresident alien fiduciary of a foreign
estate or trust.

     All terms used in this Note which are defined in the Senior Indenture and
not otherwise defined herein shall have the meanings assigned to them in the
Senior Indenture.

                                     A-22
<PAGE>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM   -   as tenants in common
     TEN ENT   -   as tenants by the entireties
     JT TEN    -   as joint tenants with right of survivorship and not as
                   tenants in common

     UNIF GIFT MIN ACT -                          Custodian
                         ------------------------           --------------------
                                 (Minor)                           (Cust)

     Under Uniform Gifts to Minors Act
                                       ----------------------
                                              (State)

     Additional abbreviations may also be used though not in the above list.

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

                                     A-23
<PAGE>

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

-----------------------------------------
[PLEASE INSERT SOCIAL SECURITY OR OTHER
     IDENTIFYING NUMBER OF ASSIGNEE]

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

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

--------------------------------------------------------------------------------
    [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing such person attorney to transfer such note on the books of the
Issuer, with full power of substitution in the premises.

Dated:
       -----------------------

NOTICE:    The signature to this assignment must correspond with the name as
           written upon the face of the within Note in every particular without
           alteration or enlargement or any change whatsoever.

                                     A-24
<PAGE>

                            OPTION TO ELECT REPAYMENT

         The undersigned hereby irrevocably requests and instructs the Issuer to
repay the within Note (or portion thereof specified below) pursuant to its terms
at a price equal to the principal amount thereof, together with interest to the
Optional Repayment Date, to the undersigned at

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

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

--------------------------------------------------------------------------------
         (Please print or typewrite name and address of the undersigned)

     If less than the entire principal amount of the within Note is to be
repaid, specify the portion thereof which the holder elects to have repaid: ;
and specify the denomination or denominations (which shall not be less than the
minimum authorized denomination) of the Notes to be issued to the holder for the
portion of the within Note not being repaid (in the absence of any such
specification, one such Note shall be issued for the portion not being repaid):
..

Dated:
       --------------------------------    -------------------------------------
                                           NOTICE: The signature on this Option
                                           to Elect Repayment must correspond
                                           with the name as written upon the
                                           face of the within instrument in
                                           every particular without alteration
                                           or enlargement.

                                     A-25
<PAGE>EX-10.1

 

Exhibit 10.1

MMA FINANCIAL, LLC

EMPLOYMENT AGREEMENT

(Frank G. Creamer, Jr.)

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 1st day of
August, 2004 by and between MMA Financial, LLC, a Maryland limited liability
company (“Employer”) and Frank G. Creamer, Jr. (“Employee”).

     WHEREAS, Employer is engaged in the business of acquiring and providing
asset management services for real estate and debt and equity investments
therein, with a particular emphasis on investments generating tax-exempt income
and investments in, or secured by, multi-family properties, congregate care and
assisted living facilities and similar properties;

     WHEREAS, Employee has particular skill, experience and background in the
investment by mutual fund, pension fund and other asset aggregation funds in
various asset classes, including real estate; and

     WHEREAS, Employer and Employee desire to enter into an employment
relationship, the terms of which are to be set forth in this Agreement.

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Employer and Employee
hereby agree as follows:

     1.      Employment and Duties.

                (a)      Employer agrees to hire Employee, and Employee agrees to be employed
by Employer, as Executive Vice President and Executive Director of Employer on
the terms and conditions provided in this Agreement. Employee shall perform
the duties and responsibilities reasonably determined from time to time by the
CEO or COO of the Employer consistent with the types of duties and
responsibilities typically performed by a person serving as Executive Vice
President and Executive Director of businesses similar to that of Employer.
Employee agrees to devote his best efforts and full time, attention and skill
in performing the duties of Executive Vice President and Executive Director in
charge of developing and leading Employer’s Fund Management and Advisory
business. Employee will also serve on Employer’s Senior Management Committee.
Provided that such activity shall not violate any provision of this Agreement
(including the noncompetition provisions of Section 8 below) or materially
interfere with his performance of his duties hereunder, nothing herein shall
prohibit Employee (i) from participating in any other business activities
approved in advance by the CEO or COO in accordance with any terms and
conditions of such approval, such approval not to be unreasonably withheld or
delayed, (ii) from engaging in charitable, civic, fraternal or trade group
activities, or (iii) from investing in other entities or business ventures.
For purposes of clause (i) of the preceding sentence, Employee is expressly
authorized to continue to develop the investment presently under development by
Employee for the purpose of investing in the purchase of multi-family
properties (including garden
apartments, urban high rise

 

 

units and interests in multi-family operating
companies). Employee shall give Employer the opportunity to invest or
participate in such fund and Employer shall give due consideration to doing so.

               (b)      Employer shall establish an office in New York City for Employee.
Employer shall have the right to re-assess the cost and benefit of such office
after twelve (12) months and to continue or close the office accordingly. In
the event of closure of the New York office for any reason during the Term,
Employer shall offer to Employee a position in the Employer’s Baltimore office
and all of the terms and conditions of this Agreement shall remain in effect.

     2.      Compensation. As compensation for performing the services required
by this Agreement, and during the term of this Agreement, Employee shall be
compensated as follows:

               (a)      Base Compensation. Employer shall pay to Employee a salary
(“Base Compensation”) at the annual rate of Two Hundred Fifty Thousand Dollars
($250,000), through June 30, 2005, payable in accordance with the general
policies and procedures of the Employer for payment of salaries to executive
personnel, but in any event no less frequently than every two weeks, in
substantially equal installments, subject to withholding for applicable
federal, state and local taxes. Employee’s Base Compensation shall increase by
Twenty-Five Thousand Dollars ($25,000) on each July 1 during the Initial Term
of this Agreement (i.e., on July 1 of 2005 and 2006). Additional
increases in Base Compensation, if any, shall be determined by the Compensation
Committee of the Board of Directors (the “Board”) based on the recommendation
of the CEO or COO and on periodic reviews of Employee’s performance conducted
on at least an annual basis. During the term of this Agreement, Employee’s
annual Base Compensation, as the same may be increased from time to time, shall
not thereafter be reduced.

               (b)      Incentive Compensation.

                          (i)      In addition to Base Compensation, Employee shall be eligible to
receive additional compensation (“Incentive Compensation”), pursuant to such
Incentive Compensation Plan as may from time to time be adopted by the
Employer. The Incentive Compensation Plan will have two components. First,
the Plan will provide that Employee is eligible to receive an annual bonus of
up to $350,000. This component of the Incentive Compensation Plan will provide
that the amount of the bonus will be based on a formula tied to the Employee’s
performance, the performance of Employer’s Fund Management and Advisory
business and Employer’s company-wide performance. The formula will be
initially determined (and may be modified from time to time) by the
Compensation Committee on the recommendation of the CEO or COO; provided,
however, that the formula will have criteria and metrics that are substantially
similar to that used to calculate incentive compensation for the Employer’s
other senior executives and that the formula will be weighted at least 30%
toward the performance of Employer’s Fund Management and Advisory business.
Second, the Plan will provide that Employee may earn additional Incentive
Compensation of up to One Hundred Fifty Thousand Dollars ($150,000) per year
for superior performance by Employer’s Fund Management and Advisory business.
This component of the Incentive Compensation Plan will provide that the amount
of the bonus will be based on achievement by the Fund Management and Advisory
business of specified targets of cash

2

 

available for distribution, as determined by the Compensation Committee on the
recommendation of the CEO or COO.

                          (ii)      Incentive Compensation may at the election of the Compensation
Committee take the form of cash or the stock of Municipal Mortgage & Equity,
LLC (the “Company”) and, to the extent it consists of stock, may be awarded
under the Employer’s Share Incentive Plan as in effect from time to time.
Stock awarded under the Employer’s Share Incentive Plan typically vests over
three years (one-third at the time of the award and one-third on each of the
next succeeding anniversary dates). Employer shall offer Employee similar
incentive opportunities (including future share awards) to those afforded other
senior management personnel; provided, however, that Employee acknowledges that
the formula set forth in the Incentive Compensation Plan may vary for each
employee who participates therein. Incentive Compensation for any given fiscal
year (including the partial year 2005) shall be determined no later than 60
days after the end of Employer’s fiscal year and paid no later than March 15
after the close of the fiscal year. Except as otherwise specifically provided
herein, if Employee shall be employed for only a portion of a fiscal year for
which Employee is eligible for Incentive Compensation, Incentive Compensation
shall be prorated.

                (c)      Signing Incentive. In addition to the foregoing, Employee
shall receive, as a signing incentive, cash and common shares of the Company
having a total value of $500,000 based on the closing price of the Company’s
shares valued as of June 15, 2004. The signing incentive shall be distributed
in three installments, as follows. Cash of $100,000 and shares having a value
of $100,000 shall be distributed within five business days of the execution of
this Agreement; cash of $67,000 and shares having a value of $133,000 shall be
distributed on the first anniversary of the Effective Date of this Agreement;
and cash of $33,000 and shares having a value of $67,000 shall be distributed
on the second anniversary of the Effective Date of this Agreement; provided,
however, that no undisbursed installment shall be issued if Employer has
terminated the Employee with cause on or before the scheduled issuance date of
such installment.

     3.      Employee Benefits. During the term of this Agreement, Employee and
his eligible dependents shall have the right to participate in any retirement,
pension, insurance, health or other benefit plan or program adopted by Employer
(or in which Employer participates) to the same extent as any other officer of
the Employer, subject, in the case of a plan or program, to all of the terms
and conditions thereof, and to any limitations imposed by law. To the extent
that Employee has similar benefits under a plan or program established by any
other entity, Employee shall nonetheless have the right to the benefits
provided by Employer’s plan or program; provided, however, that where by the
terms of any plan or program, or under applicable law, Employee may only
participate in one such plan or program, Employee shall have the option to
limit his participation to the plan or program sponsored by Employer, or to
such other plan or program. Employee shall have the right, to the extent
permitted under any applicable law, to participate concurrently in plans or
programs sponsored by others (including self-employment plans or programs) and
in plans or programs sponsored by Employer. Employer shall provide Employee
with parking, at the Employer’s expense.

3

 

     4.      Vacation, Sickness and Leaves of Absence. Employee shall be entitled
to the normal and customary amount of paid vacation provided to officers of
Employer, but in no event less than five (5) weeks during each fiscal year.
Employee shall provide Employer with reasonable notice of anticipated vacation
dates. Any vacation days that are not taken in a given fiscal year shall
accrue and carryover from year to year, and, upon any termination of this
Agreement for any reason whatsoever, all accrued and unused vacation time will
be paid to Employee within 10 days of such termination based on his annual rate
of Base Compensation in effect on the date of such termination; provided,
however, that no more than ten (10) days of accrued vacation may be carried
over at any time. In addition, Employee shall be entitled to such sick leave
and holidays, with pay, as Employer provides to other officers. Up to ten (10)
days of unused sick leave shall be carried forward or compensated upon
termination of employment. Employee may also be granted leaves of absence with
or without pay for such valid and legitimate reasons as the Board on
recommendation from the CEO or COO, in its sole and absolute discretion, may
determine.

     5.      Entertainment and Expenses. Employee shall be entitled to receive,
within a reasonable period of time after he has delivered to the Employer an
itemized statement thereof, and after presentation of such invoices or similar
records as the Employer may reasonably require, reimbursement for all necessary
and reasonable expenses incurred by him in connection with the performance of
his duties. Employee shall be provided with an entertainment budget to be
determined by the CEO or the COO in consultation with Employee. Employer shall
also pay for Employee’s membership in such professional organizations as the
CEO or the COO may approve in consultation with Employee.

     6.      Term. The initial term of this Agreement shall be for three (3)
years (the “Initial Term”), commencing on July 1, 2004 (the “Effective Date”)
and ending on June 30, 2007. This Agreement shall automatically renew for
successive one-year periods after the end of the Initial Term, unless at least
sixty days prior to the commencement of any such extension period either party
shall give the other party written notice of its intention to terminate this
Agreement. This Agreement may also be terminated at the times and under the
circumstances set forth in section 7 below. The term of this Agreement in
effect at any given time is herein referred to as the “Term”. Any termination
of this Agreement shall be subject to Section 8 below.

     7.      Termination and Termination Benefits.

                (a)      Termination by Employer.

                          (i)      Without Cause. Employer may terminate this Agreement and
Employee’s employment at any time upon ninety (90) days prior written notice to
Employee, during which period Employer shall have the option to require
Employee to continue to perform his duties under this Agreement. Employee
shall be paid his Base Compensation as and when ordinarily payable, and shall
receive all other benefits to which he is entitled under this Agreement, up
through the effective date of termination, plus a proportionate share of
Incentive Compensation for the year in which the termination occurs, determined
in accordance with Section 2(b), and based on the ratio which the number of
calendar months (including any partial months) worked bears to twelve (12) (the
“Proportionate Share”). In addition, Employee shall become fully vested in any
and all

4

 

outstanding deferred share awards, share options and any other type of
award made to Employee but not yet vested at the time of such termination under
the Employer’s Incentive Share Plans.

                          (ii)      With Cause. Employer may terminate this Agreement with cause
upon ten (10) days prior written notice to Employee. In such event, Employee
shall be paid his Base Compensation and all other benefits to which he is
entitled under this Agreement up through the effective date of termination.
For purposes of this Section, termination for cause shall mean (A) acts or
omissions by the Employee with respect to the Employer which constitute
intentional misconduct or a knowing violation of law; (B) receipt by the
Employee of money, property or services from the Employer or from another
person dealing with Employer in violation of law or this Agreement, (C) breach
by Employee of the noncompetition provisions of this Agreement, (D) breach by
the Employee of his duty of loyalty to the Employer, (E) gross negligence by
the Employee in the performance of his duties, (F) repeated failure by the
Employee to perform services that have been reasonably requested of him by the
CEO, COO or Board, following thirty (30) days notice and opportunity to cure
and if such requests are consistent with this Agreement, (G) violation of
Employer’s policies with respect to alcohol or drug use or abuse which could
under those policies result in an employee’s termination, or (H) conviction of
a felony.

                          (iii)      Disability. If due to illness, physical or mental
disability, or other incapacity, Employee shall fail to perform the duties
required by this Agreement, Employer may terminate this Agreement upon 30 days
written notice to Employee. In such event, Employee shall be paid his Base
Compensation and receive all benefits owing to him under this Agreement through
the effective date of termination and shall receive his Proportionate Share of
Incentive Compensation for the year in which the termination occurs. In
addition, Employee shall become fully vested in any and all outstanding
deferred share awards, share options and any other type of award made to
Employee but not yet vested at the time of such termination under the
Employer’s Incentive Share Plans. Employee shall be considered disabled under
this paragraph if he is unable to work due to disability for a total of 120 or
more business days during any 12-month period. Nothing in this paragraph shall
be construed to limit Employee’s rights to the benefits of any disability
insurance policy provided by Employer and this Section shall not be construed
as varying the terms of any such policy in any manner adverse to Employee.

                (b)      Termination by Employee. Employee may terminate this Agreement
for good reason upon 30 days prior written notice to Employer. In such event,
Employee shall be paid his Base Compensation and shall receive all benefits
through the date of termination. In addition, Employee shall become fully
vested in any and all outstanding deferred share awards, share options and any
other type of award made to Employee but not yet vested at the time of such
termination under the Employer’s Incentive Share Plans. Employee shall have
“good reason” to terminate his employment if (i) his Base Compensation, as in
effect at any given time, shall be reduced without his consent, (ii) Employer
shall fail to provide any of the material payments or benefits provided for
under this Agreement, (iii) Employer shall, without Employee’s consent,
materially reduce or alter Employee’s duties as Executive Vice President and
Executive Director having the general responsibility of overseeing Employer’s
Fund Management and Advisory business, (iv) Employer shall require Employee to
take any act which would be a violation of federal, state or local criminal
law, or (v) Employer fails to obtain the express written
assumption of this Agreement by any successor to the Company. With respect to
clause (iii), Employee shall be deemed to have

5

 

consented if such consent is
either expressly given or if no objection to any change in duties is given in
writing within sixty (60) days of such change being implemented.

                (c)      Termination Compensation.

                          (i)      Termination Without Cause or for Good Reason. In the event of
a termination of this Agreement prior to the end of the Term, pursuant to
Section 7(a)(i), 7(a)(iii) or 7(b), Employer, in addition to the Base
Compensation, benefits and Incentive Compensation (if any) payable as provided
in such sections, shall pay to Employee additional compensation (“Termination
Compensation”) as follows. If the termination does not follow a Change in
Control (as defined in subparagraph (ii) below), Termination Compensation shall
be equal to the greater of (a) twelve (12) months Base Compensation or (b) the
Base Compensation that Employee would have received during the remaining Term
of this Agreement. Termination Compensation shall be paid in four equal
quarterly payments beginning on the first day of the first calendar month
following the termination date, unless Employer elects to make such payments
sooner. Such Termination Compensation shall be in addition to all other
compensation and benefits to which Employee is entitled for termination
relating to a Change of Control under Section 7(c)(ii) below.

                          (ii)      Change in Control. The acquisition of voting control of the
Employer by any one or more persons or entities who are directly, or indirectly
through one or more intermediaries, under common control, or who are related to
each other within the meaning of Sections 267 and 707(b) of the Internal
Revenue Code, shall be deemed a “Change in Control.” In the event Employee is
terminated within eighteen months of a Change in Control, Termination
Compensation shall be equal to two (2) years Base Compensation, payable in a
lump sum on the effective date of Employee’s termination. In addition, Employee
shall become fully vested in any and all outstanding deferred share awards,
share options and any other type of award made to Employee but not yet vested
at the time of such termination under the Employer’s Incentive Share Plans.
Such Termination Compensation shall be in addition to all other compensation
and benefits to which Employee is entitled for a termination without cause
under Section 7(a)(i) above, and shall be payable even in the event of a
termination effective as of the end of the Term.

                (d)      Death Benefit. Notwithstanding any other provision of this
Agreement, this Agreement shall terminate on the date of Employee’s death. In
such event, Employee’s estate shall be paid two (2) years’ Base Compensation as
follows: to the extent of any insurance carried by Employer on Employee’s
life, the death benefit shall be payable in a lump sum within five (5) business
days’ of Employer’s receipt of the insurance proceeds; any portion of the death
benefit not covered by insurance shall be paid in eight equal installments
payable on the first day of each calendar quarter following Employee’s death.
Employer shall carry as much life insurance on Employee’s life as the Board on
recommendation of the CEO or COO may from time to time determine. In addition,
upon Employee’s death, all outstanding deferred share awards, share options or
other type of award made to Employee but not yet vested at the time of death
under the Employer’s Incentive Share Plans shall be considered vested and paid
out to Employee’s estate.

6

 

     8.      Covenant Not to Compete.

                (a)      Noncompetition. From and after the Effective Date and
continuing for the longer of (i) 12 months following the expiration or
termination of this Agreement or (ii) the remainder of the Term of this
Agreement, Employee shall not without the prior written consent of the Board
(w) from an office within a seventy-five mile radius of any office maintained
by Employer at the time of such expiration of termination, engage in or carry
on, directly or indirectly, whether as an advisor, principal, agent, partner,
officer, director, employee, shareholder, associate or consultant of or to any
person, partnership, corporation or any other business entity, the business of
offering, promoting or providing to mutual funds, pension funds and similar
asset aggregation pools the opportunity to invest in multifamily real
properties, whether by way of debt, equity or any other means, (x) solicit any
employee of Employer to change employment, (y) solicit for the purpose of
offering or providing multifamily debt and equity investment opportunities, any
client, customer or investor of Employer or any of its subsidiaries which
closed (in any capacity) a multifamily debt or equity transaction with Employer
or any of its subsidiaries during the thirty-six (36) months preceding
Employee’s termination, or (z) disclose proprietary or confidential information
of the Employer or its subsidiaries, including without limitation, tax, deal
structuring, pricing, customer, client, revenue, expense, or other similar
information; provided, however, if Employer terminates Employee without cause
under Section 7(a)(i) of this Agreement, or the Employee resigns for good
reason under Section 7(b), clause (w) of this paragraph (a) shall not apply.

                (b)      Reasonable Restrictions. Employee acknowledges that the
restrictions of subparagraph (a) above are reasonable, fair and equitable in
scope, term and duration, are necessary to protect the legitimate business
interests of the Employer, and are a material inducement to the Employer to
enter into this Agreement. Employer and Employee both agree that in the event
a court shall determine any portion of the restrictions in subparagraph (a) are
not reasonable, the court may change such restrictions, including without
limitation the geographical restrictions and the duration restrictions, to
reflect a restriction which the court will enforce as reasonable.

                (c)      Specific Performance. Employee acknowledges that the
obligations undertaken by him pursuant to this Agreement are unique and that if
Employee shall fail to abide by any of the restrictions set forth in
subparagraph (a), Employer will suffer harm for which there is no adequate
remedy at law. Employee therefore confirms that Employer shall have the right,
in the event of a violation of subparagraph (a), to injunctive relief to
enforce the terms of this Section 8 in addition to any other remedies available
at law or in equity.

     9.      Indemnification and Liability Insurance. Employer hereby agrees to
defend, indemnify and hold Employee harmless, to the maximum extent allowed by
law, from any and all liability for acts or omissions of Employee performed in
the course of Employee’s employment (or reasonably believed by Employee to be
within the scope of his employment) provided that such acts or omissions do not
constitute (a) criminal conduct, (b) willful misconduct, or (c) a fraud upon,
or breach of Employee’s duty of loyalty to, the Employer. Employer shall at
all times carry Directors’ and Officers’ liability insurance in commercially
reasonable amounts, but in any event not less than Five Million Dollars
($5,000,000). Without limiting the generality of the
foregoing, Employer agrees to provide such protections to a degree and in a
manner consistent with the protections provided to Employer’s other senior
management personnel. Employee shall be reimbursed for all

7

 

legal fees and
expenses reasonably incurred in enforcing his rights under this Agreement if
Employee is the prevailing party.

     10.      Miscellaneous.

                (a)      Complete Agreement. This Agreement constitutes the entire
agreement among the parties with respect to the matters set forth herein and
supersedes all prior understandings and agreements between the parties as to
such matters. No amendments or modifications shall be binding unless set forth
in writing and signed by both parties.

                (b)      Successors and Assigns. Neither party may assign its rights or
interest under this Agreement without the prior written consent of the other
party, except that Employer’s interest in this Agreement may be assigned to a
successor by operation of law or to a purchaser purchasing substantially all of
Employer’s business, and Employee’s benefits under this Agreement may be
assigned by operation of law to Employee’s heirs, devisees and personal
representatives. This Agreement shall be binding upon and shall inure to the
benefit of each of the parties and their respective permitted successors and
assigns.

                (c)      Severability. Each provision of this Agreement is severable,
such that if any part of this Agreement shall be deemed invalid or
unenforceable, the balance of this Agreement shall be enforced so as to give
effect as to the intent of the parties.

                (d)      Representations of Employer. Employer represents and warrants
to Employee that it has the requisite limited liability company power to enter
into this Agreement and perform the terms hereof and that the execution,
delivery and performance of this Agreement have been duly authorized by all
appropriate company action.

                (e)      Construction. This Agreement shall be governed in all respects
by the internal laws of the State of Maryland (excluding reference to
principles of conflicts of law). As used herein, the singular shall include
the plural, the plural shall include the singular, and the use of any pronoun
shall be construed to refer to the masculine, feminine or neuter, all as the
context may require.

                (f)      Notices. All notices required or permitted under this
Agreement shall be in writing and shall be deemed given on the date sent if
delivered by hand or by facsimile, and on the next business day if sent by
overnight courier or by United States mail, postage prepaid, to each party at
the following address (or at such other address as a party may specify by
notice under this section):

8

 

                If to Employer:

MMA Financial, LLC

218 North Charles Street

Suite 500

Baltimore, Maryland 21201

Attention: Chief Operating Officer

                If to Employee:

Frank G. Creamer, Jr.

27 Fern Street

Floral Park, New York 11001

                (g)      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one instrument.

[Signature Page Follows]

9

 

     IN WITNESS WHEREOF, and intending to be legally bound, the parties have
executed this Agreement as of the date and year first above written.

    	 	 	 	 	 
	WITNESS:	 	 	 	EMPLOYER:
	 	 	 	 	MMA FINANCIAL, LLC
	/s/ Janet E. McHugh	 	 By: 	 	/s/ Michael L. Falcone

          Name:  Michael L. Falcone

          Title: President and Chief Operating Officer

    	 	 	 	 
		 	EMPLOYEE:
	 
	  	 	
	 
	/s/ Janet E. McHugh 	 	/s/ Frank G. Creamer,
            Jr.

            Frank G. Creamer, Jr.
	 

10

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