Document:

Form of Award Certificate under the 2007 Notional Leveraged Co-Investment Plan

 EXHIBIT 10.8 
 MORGAN STANLEY 
 2007 NOTIONAL LEVERAGED
CO-INVESTMENT PLAN 
 [FISCAL YEAR] AWARD CERTIFICATE FOR CERTAIN 
 MANAGEMENT COMMITTEE MEMBERS 
  

 TABLE OF CONTENTS FOR AWARD
CERTIFICATE 
  

					
	 1.
	  	Your award generally	  	2
			
	 2.
	  	Vesting schedule	  	3
			
	 3.
	  	Distributions	  	3
			
	 4.
	  	Death, Disability and Full Career Retirement	  	3
			
	 5.
	  	Governmental Service	  	4
			
	 6.
	  	Qualifying Termination	  	5
			
	 7.
	  	Specified employees	  	5
			
	 8.
	  	Cancellation of Plan Interest under certain circumstances	  	5
			
	 9.
	  	Obligations you owe to the Firm	  	7
			
	 10.
	  	Designation of a beneficiary	  	7
			
	 11.
	  	No entitlements	  	7
			
	 12.
	  	Consents under local law	  	8
			
	 13.
	  	Award modification	  	8
			
	 14.
	  	Incorporation of the Plan document	  	8
			
	 15.
	  	Governing law	  	8
			
	 16.
	  	Defined terms	  	9

  

 MORGAN STANLEY 
 2007 NOTIONAL LEVERAGED CO-INVESTMENT PLAN 
 AWARD CERTIFICATE FOR CERTAIN MANAGEMENT COMMITTEE
MEMBERS 
 FISCAL YEAR [    ] 
 Morgan Stanley has awarded you an interest in the Morgan Stanley 2007 Notional Leveraged Co-Investment Plan (the “Plan”) as part
of your discretionary long-term incentive compensation for services provided during Fiscal Year [    ] and as an incentive for you to remain in Employment and provide services to the Firm through the Scheduled Vesting Dates. This
award certificate (the “Award Certificate”) sets forth the general terms and conditions of your Fiscal Year [    ] award under the Plan. The initial value of your Fiscal Year [    ]
award (your “Allocation”) has been communicated to you independently. 
 If you are employed outside the United
States, you have also received an “International Supplement” that contains supplemental terms and conditions for your Fiscal Year [    ] award. You should read this Award Certificate in conjunction with
the International Supplement, if applicable, and the Plan document in order to understand the terms and conditions of your Fiscal Year [    ] award. 
 Your Fiscal Year [    ] award is made pursuant to the Plan. References to “Allocation” and “Plan Interest” in this Award Certificate mean only your Allocation and Plan Interest
related to your Fiscal Year [    ] award, and the terms and conditions herein apply only to such award. If you receive any other award under the Plan, it will be governed by the terms and conditions of the applicable award
documentation, which may be different from those herein. 
 The purposes of the Fiscal Year [    ] award are, among other
things, to enhance the portion of any discretionary Above Base Compensation that would otherwise be awarded to you in the form of Morgan Stanley equity compensation or other mandatory long-term incentive compensation and to facilitate the allocation
of such compensation to the notional investment opportunities afforded by the Plan, as well as to reward you for your continued employment and service to the Firm in the future, to protect the Firm’s interests in non-public, confidential and/or
proprietary information, products, trade secrets, customer relationships, and other legitimate business interests, and to ensure an orderly transition of responsibilities. In view of these purposes, you will earn each portion of your Plan Interest
only if you do not engage in any activity that is a cancellation event set forth in Section 8 below. Therefore, even if your Plan Interest has vested, you will have no right to your Plan Interest if a cancellation event occurs under the
circumstances set forth in set forth in Section 8 below. You will be required to provide Morgan Stanley with such written certification or other evidence as Morgan Stanley deems appropriate, from time to time in its sole discretion, to confirm
that no cancellation event has occurred. If you fail to provide such certification or evidence, Morgan Stanley will cancel your Plan Interest. 
  

 Section 409A imposes rules relating to the taxation of deferred compensation, including your Fiscal
Year [    ] award. The Firm reserves the right to modify the terms of your Fiscal Year [    ] award, including, without limitation, the distribution and other payment provisions applicable to your Plan
Interest, to the extent necessary or advisable to comply with Section 409A. 
 Capitalized terms used in this Award Certificate that are
not defined in the text have the meanings set forth in Section 16 below. Capitalized terms used in this Award Certificate that are not defined in the text or in Section 16 below have the meanings set forth in the Plan. 
  

	1.	Your award generally. 

 (a)
Allocation and Account. Your Allocation is credited to an Account as of the Date of the Award. Your Allocation (or portion thereof) will accrue notional interest at the Participant Applicable Rate from the Date of the Award:
(i) until the Firm notionally invests your Allocation (or such portion thereof) in one or more Notional Plan Investments, or (ii) if the Firm does not notionally invest your Allocation (or such portion thereof) in one or more Notional Plan
Investments, until the applicable Distribution Date. 
 (b) Notional Advance. At the time that your Allocation (or
portion thereof) is notionally invested in a Notional Plan Investment, a Notional Advance in an amount equal to your Allocation (or such portion thereof) multiplied by two will be added to your Account for purposes of enhancing your notional
investment in such Notional Plan Investment.1 
 Each Notional Advance will accrue notional interest at the Morgan Stanley Applicable Rate during the period that the Notional Advance is deemed to be outstanding (i.e., from the date of the addition of the Notional Advance to your
Allocation (or portion thereof) until and to the extent the Notional Advance is subsequently satisfied in accordance with the Plan). 
 (c) Notional Plan Investments. Your Account will initially be notionally invested approximately [insert names of Notional Plan Investments and approximate percentage allocations relating thereto]. You will have no
discretion to re-index or notionally re-invest your account. The Firm may, in its sole discretion, change your allocation percentages and the Notional Plan Investments at any time. 
  

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

  

 2 

	2.	Vesting schedule. 

 Except as otherwise
provided in this Award Certificate, your Plan Interest will vest according to the following schedule: (i) 50% of your Plan Interest will vest on the First Scheduled Vesting Date, and (ii) the remaining portion of your Plan Interest will
vest on the Second Scheduled Vesting Date.2 The special vesting terms set forth in Sections 4, 5 and 6 of this Award Certificate apply (i) if
your Employment terminates by reason of your death or Disability, (ii) upon your Full Career Retirement, (iii) upon Governmental Service Termination, or (iv) upon a Qualifying Termination. Your vested Plan Interest remains subject to
the cancellation provisions set forth in this Award Certificate and the withholding provisions set forth in the Plan and Section 9 below. 
  

	3.	Distributions. 

 Except as otherwise provided
in this Award Certificate, distributions of your share of any Proceeds with respect to your vested Plan Interest will commence on the Earliest Distribution Date and subsequent distributions will be made on the applicable Distribution Date(s)
thereafter in accordance with Section 10 of the Plan and subject to Section 11 of the Plan. With respect to any Closed-End Investment, Section 10(b) of the Plan shall apply to your applicable Total Notional Investment.3 
  

	4.	Death, Disability and Full Career Retirement. 

 The following special vesting, distribution and other payment terms apply to your Plan Interest: 
 (a) Death during
Employment. If your Employment terminates due to death, the unvested portion of your Plan Interest will vest in full on the date of your death. The fair value (determined by reference to the value that the Firm’s books and records show
as of the most recently concluded Fiscal Quarter end preceding the date of death) of your vested Plan Interest will be distributed to the beneficiary you have designated pursuant to Section 10 or the legal representative of your estate, as
applicable, upon your death, provided that your estate or beneficiary notifies the Firm of your death within 60 days following your death. 
 (b) Death after termination of Employment. If you die after the termination of your Employment, the fair value (determined by reference to the value that the Firm’s books and records show as of the most recently
concluded Fiscal Quarter end preceding the date of your death) of the vested portion of your Plan Interest that you held at the time of your death will be distributed to the beneficiary you have designated pursuant to Section 10 or the legal
representative of your estate, as applicable, upon your death, provided that your estate or beneficiary notifies the Firm of your death within 60 days following your death. 
  

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

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

  

 3 

 (c) Disability or Full Career Retirement. If your Employment terminates due to
Disability or in a Full Career Retirement, the unvested portion of your Plan Interest will vest in full on the date your Employment terminates. Distributions in respect of your share of any Proceeds will be made to you on each applicable
Distribution Date in accordance with Section 10 of the Plan and subject to Section 11 of the Plan. The cancellation provisions set forth in Section 8 below will continue to apply until the Earliest Distribution Date. 
  

	5.	Governmental Service. 

 (a)
General treatment of Plan Interest upon Governmental Service Termination. If your Employment terminates in a Governmental Service Termination and not involving a cancellation event set forth in Section 8 below, then, provided that
you sign an agreement satisfactory to the Firm relating to your obligations pursuant to Section 5(c), the unvested portion of your Plan Interest will vest on the date of your Governmental Service Termination. The fair value (determined by
reference to the value that the Firm’s books and records show as of the last day of the calendar quarter in which your Governmental Service Termination occurred) of your Plan Interest that you held at the time of your Governmental Service
Termination will be distributed to you on the date of your Governmental Service Termination. 
 (b) General treatment of vested
Plan Interest upon commencement of employment with a Governmental Employer following termination of Employment. If your Employment terminates other than in a Governmental Service Termination and not involving a cancellation event and,
following your termination of Employment, you accept employment with a Governmental Employer, then, provided that you sign an agreement satisfactory to the Firm relating to your obligations pursuant to Section 5(c), then, the fair value
(determined by reference to the value that the Firm’s books and records show as of the last day of the calendar quarter preceding the date on which you commence such employment) of your Plan Interest that you held at the time of your
commencement of employment with such Governmental Employer will be distributed to you upon your commencement of such employment, provided that you present the Firm with satisfactory evidence demonstrating that as a result of such employment the
divestiture of your Plan Interest is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflict of interests law applicable to you at such Governmental Employer. 
 (c) Repayment obligation. If you engage in any activity constituting a cancellation event set forth in Section 8 within the
applicable period of time that would have resulted in cancellation of all or a portion of your Plan Interest (had it not become vested and distributed pursuant to Section 5(a) or 5(b) above), you will be required to pay to Morgan Stanley
(i) an amount equal to the amount distributed to you pursuant to Section 5(a) or 5(b) above) plus, (ii) interest on such amount at the average rate of interest the Firm paid to borrow money from financial institutions during the
period from the date of distribution to you pursuant to Section 5(a) or 5(b) above through the date preceding the date of repayment by you pursuant to this Section 5(c). 
  

 4 

	6.	Qualifying Termination. 

 If your Employment
terminates in a Qualifying Termination, the unvested portion of your Plan Interest will vest in full, cancellation provisions will lapse, and the fair value (determined by reference to the value that the Firm’s books and records show as of the
most recently concluded fiscal quarter end preceding the date of your Qualifying Termination) of your Plan Interest at such time will be paid on the date of your Qualifying Termination. 
  

	7.	Specified employees. 

 Notwithstanding any
other terms of this Award Certificate, if Morgan Stanley considers you to be one of its “specified employees” as defined in Section 409A at the time of your Separation from Service, any distribution under the Plan that otherwise would
occur upon your Separation from Service (including, without limitation, any distributions deferred due to Section 162(m) of the Internal Revenue Code, as provided in Section 11(d) of the Plan, and distributions that otherwise would occur
upon your Qualifying Termination, as provided in Section 6) will be delayed for six months after your Separation from Service, and such distribution will commence on the first business day following the date that is six months after your
Separation from Service; provided, however, that in the event that your death, your Governmental Service Termination or your employment with a Governmental Employer following your termination of Employment under circumstances set forth
in Section 5(b) occurs at any time after the Date of the Award, payment will be made in accordance with Section 4(a), 4(b), 5(a) or 5(b), as applicable. 
  

	8.	Cancellation of Plan Interest under certain circumstances. 

 The cancellation events set forth in this Section 8 are designed, among other things, to protect the Firm’s interests in non-public, confidential and/or proprietary information, products, trade secrets,
customer relationships, and other legitimate business interests, and to ensure an orderly transition of responsibilities. This Section 8 shall apply notwithstanding any other terms of this Award Certificate (except where sections in this Award
Certificate specifically provide that the cancellation events set forth in this Section 8 no longer apply). 
 Your Plan Interest, even
if vested, is not earned until the Earliest Distribution Date and will be canceled prior to such Distribution Date in any of the following circumstances: 
 (a) Competitive Activity. If you engage in Competitive Activity following the voluntary termination of your Employment, and before the Earliest Distribution Date, the following shall apply:

 (1) If your Competitive Activity occurs before the First Scheduled Vesting Date, then your entire Plan Interest will
be canceled immediately; and 
 (2) If your Competitive Activity occurs on or after the First Scheduled Vesting Date,
then: 
 (i) 50% of your Plan Interest will be canceled immediately; and 
  

 5 

 (ii) Distributions in respect of your share of any Proceeds related to the remaining
portion of your Plan Interest will be made to you on each applicable Distribution Date in accordance with Section 10 of the Plan, subject to all other terms and conditions set forth in this Award Certificate and the Plan (including, without
limitation, the cancellation provisions of Section 8(b) below, Section 11 of the Plan and the withholding provisions of the Plan and Section 9 below). 
 (b) Other Events. If any of the following events occur at any time prior to the Earliest Distribution Date, your entire Plan Interest (whether or not vested) will be canceled immediately:

 (1) Your Employment is terminated for Cause; 
 (2) Following the termination of your Employment, the Firm determines that your Employment could have been terminated for Cause
(for these purposes, “Cause” will be determined without giving consideration to any “cure” period included in the definition of “Cause”); 
 (3) You disclose Proprietary Information to any unauthorized person outside the Firm, or use or attempt to use Proprietary
Information other than in connection with the business of the Firm, where such disclosure, use or attempt to use may be adverse to the interests of the Firm; or you fail to comply with your obligations (either during or after your Employment) under
the Firm’s Code of Conduct (and any applicable supplements) or otherwise existing between you and the Firm, relating to an assignment, procurement or enforcement of rights in Proprietary Information; 
 (4) You engage in a Wrongful Solicitation; 
 (5) You make any Unauthorized Comments; or 
 (6) You resign from your employment with the Firm without having provided the Firm prior written notice of your resignation at
least: 
 (i) 180 days before the date on which your employment with the Firm terminates if you are a member of the Management
Committee at the time of notice of your resignation; 
 (ii) 90 days before the date on which your employment with the Firm
terminates if clause (i) of this Section 8(b)(6) does not apply to you and you are a Managing Director (or equivalent title) at the time of notice of your resignation; 
 (iii) 60 days before the date on which your employment with the Firm terminates if you are an Executive Director (or equivalent title) at
the time of notice of your resignation; and 
 (iv) 30 days before the date on which your employment with the Firm terminates
if none of clauses (i) through (iii) of this Section 8(b)(6) apply to you at the time of notice of your resignation. 
  

 6 

	9.	Obligations you owe to the Firm. 

 Morgan
Stanley may not withhold from any distribution under the Plan to satisfy obligations that you owe to the Firm except (i) to the extent such withholding is authorized under the withholding provisions of the Plan and (ii) to the extent such
withholding is not prohibited by Section 409A and would not cause you to recognize income for United States federal income tax purposes prior to the time of distribution of your Plan Interest or to incur interest or additional tax under
Section 409A. 
  

	10.	Designation of a beneficiary. 

 You may make
a written designation of beneficiary or beneficiaries to receive all or part of the amounts to be distributed or paid in respect of your Plan Interest in the event of your death. To make a beneficiary designation, you must complete and submit the
Beneficiary Designation form on the Executive Compensation Department website at [insert website address]. Your share of any Proceeds that become payable upon your death, and as to which a designation of beneficiary is not in effect, will be
distributed to your estate. 
 You may replace or revoke your beneficiary designation at any time. If there is any question as to the legal
right of any beneficiary to receive amounts to be distributed or paid in respect of your Plan Interest in the event of your death, Morgan Stanley may determine in its sole discretion to distribute the amounts in question to your estate. Morgan
Stanley’s determination shall be binding and conclusive on all persons and it will have no further liability to anyone with respect to such amounts. 
  

	11.	No entitlements. 

 (a) No right
to continued Employment. This Fiscal Year [    ] award is not an employment agreement, and nothing in this Award Certificate, the International Supplement, if applicable, or the Plan shall alter your status as an
“at-will” employee of the Firm or your employment status at a Related Employer. None of this Award Certificate, the International Supplement, if applicable, or the Plan shall be construed as guaranteeing your employment by the Firm or a
Related Employer, or as giving you any right to continue in the employ of the Firm or a Related Employer, during any period (including without limitation the period between the Date of the Award and any of the First Scheduled Vesting Date, the
Second Scheduled Vesting Date or any Distribution Date, or any portion of any of these periods), nor shall they be construed as giving you any right to be reemployed by the Firm or a Related Employer following any termination of Employment.

 (b) No right to future awards. This award and all other awards made pursuant to the Plan are discretionary. This
award does not confer on you any right or entitlement to receive another award under the Plan or any other award at any time in the future or in respect of any future period. 
 (c) No effect on future employment compensation. Morgan Stanley has made this award to you in its sole discretion. This award does
not confer on you any right or entitlement to receive compensation in any specific amount for any future Fiscal Year, nor does it diminish in any way the Firm’s discretion to determine the amount, if any, of your 

  

 7 

 
compensation. This award is not part of your base salary or wages and will not be taken into account in determining any other employment-related rights you
may have, such as rights to pension or severance pay. 
  

	12.	Consents under local law. 

 Your award is
conditioned upon the making of all filings and the receipt of all consents or authorizations required to comply with, or required to be obtained under, applicable local law. 
  

	13.	Award modification. 

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

	14.	Incorporation of the Plan document. 

 The
Plan document (including, without limitation, Sections 4(d) and 7 of the Plan) is incorporated in this Award Certificate by reference. In the event of any conflict or inconsistency between the Plan document and this Award Certificate, the Plan
document will govern and the Award Certificate will be interpreted to minimize or eliminate any such conflict or inconsistency; provided, however, that to the extent this Award Certificate expressly provides that a definition set forth
in Section 2 of the Plan is modified by a definition set forth in this Award Certificate, such modified definition, as set forth in this Award Certificate, will govern. 
  

	15.	Governing law. 

 This Award Certificate and
the related legal relations between you and Morgan Stanley will be governed by and construed in accordance with the laws of the State of New York, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the
interpretation of the award to the substantive law of another jurisdiction. 
  

 8 

	16.	Defined terms. 

 For purposes of this Award
Certificate, the following terms shall have the meanings set forth below: 
 (a) A “Cancellation Event” means
any cancellation event set forth in Section 8 above. 
 (b) “Cause” means: 
 (1) any act or omission which constitutes a breach of your obligations to the Firm (including, without limitation, your failure to
comply with any notice or non-solicitation restrictions that may be applicable to you) or your failure or refusal to perform satisfactorily any duties reasonably required of you, which breach, failure or refusal (if susceptible to cure) is not
corrected (other than failure to correct by reason of your incapacity due to physical or mental illness) within ten (10) business days after written notification thereof to you by the Firm; 
 (2) your commission of any dishonest or fraudulent act, or any other act or omission, which has caused or may reasonably be
expected to cause injury to the interest or business reputation of the Firm; or 
 (3) your violation of any
securities, commodities or banking laws, any rules or regulations issued pursuant to such laws, or rules or regulations of any securities or commodities exchange or association of which the Firm is a member or of any policy of the Firm relating to
compliance with any of the foregoing. 
 (c) A “Change in Control” shall be deemed to have occurred if any of
the following conditions shall have been satisfied: 
 (1) any one person or more than one person acting as a group (as
determined under Section 409A), other than (A) any employee plan established by Morgan Stanley or any of its Subsidiaries, (B) Morgan Stanley or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act),
(C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by stockholders of Morgan Stanley in substantially the same proportions as their ownership of
Morgan Stanley, is or becomes, during any twelve-month period, the beneficial owner, directly or indirectly, of securities of Morgan Stanley (not including in the securities beneficially owned by such person(s) any securities acquired directly from
Morgan Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing 50% or more of the total voting power of the stock of Morgan Stanley; provided, however,
that the provisions of this subsection (1) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (3) below; 
 (2) a change in the composition of the Board such that, during any twelve-month period, the individuals who, as of the beginning of
such period, constitute 

  

 9 

 
the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that
any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by Morgan Stanley’s stockholders, was approved by a vote of at least a majority of the directors immediately
prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; 
 (3) the consummation of a merger or consolidation of Morgan Stanley with any other corporation or other entity, or the issuance of voting securities in connection with a merger or consolidation of Morgan Stanley (or any direct or
indirect subsidiary of Morgan Stanley) pursuant to applicable stock exchange requirements; provided that immediately following such merger or consolidation the voting securities of Morgan Stanley outstanding immediately prior thereto do not
continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the total voting power of Morgan Stanley stock (or
if Morgan Stanley is not the surviving entity of such merger or consolidation, 50% or more of the total voting power of the stock of such surviving entity or parent entity thereof); and, provided, further, that a merger or
consolidation effected to implement a recapitalization of Morgan Stanley (or similar transaction) in which no person (as determined under Section 409A) is or becomes the beneficial owner, directly or indirectly, of securities of Morgan Stanley
(not including in the securities beneficially owned by such person any securities acquired directly from Morgan Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing
50% or more of either the then outstanding shares of Morgan Stanley common stock or the combined voting power of Morgan Stanley’s then outstanding voting securities shall not be considered a Change in Control; or 
 (4) the complete liquidation of Morgan Stanley or the sale or disposition by Morgan Stanley of all or substantially all of Morgan
Stanley’s assets in which any one person or more than one person acting as a group (as determined under Section 409A) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition by such person
or persons) assets from Morgan Stanley that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of Morgan Stanley immediately prior to such acquisition or acquisitions. 
 Notwithstanding the foregoing, (1) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of
integrated transactions immediately following which the record holders of Morgan Stanley common stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which
owns substantially all of the assets of Morgan Stanley immediately prior to such transaction or series of transactions and (2) no event or circumstances described in any of clauses (1) through (4) above shall constitute a Change in
Control unless such event or circumstances also constitute a change in the ownership or effective control of Morgan Stanley, or in the ownership of a substantial portion of Morgan Stanley’s assets, as defined in Section 409A and the
regulations and guidance thereunder. In addition, no Change in Control shall be 

  

 10 

 
deemed to have occurred upon the acquisition of additional control of Morgan Stanley by any one person or more than one person acting as a group that is
considered to effectively control Morgan Stanley. 
 For purposes of the provisions of this Award Certificate, terms used in the definition
of a Change in Control shall be as defined or interpreted pursuant to Section 409A. 
 (e) “Competitive
Activity” means: 
 (1) becoming, or entering into any arrangement as, an employee, officer, partner,
member, proprietor, director, independent contractor, consultant, advisor, representative or agent of, or serving in any similar position or capacity with, a Competitor, where you will be responsible for providing, or managing or supervising others
who are providing, services (x) that are similar or substantially related to the services that you provided to the Firm, or (y) that you had direct or indirect managerial or supervisory responsibility for at the Firm, or (z) that call
for the application of the same or similar specialized knowledge or skills as those utilized by you in your services for the Firm, in each such case, at any time during the year preceding the termination of your employment with the Firm; or

 (2) either alone or in concert with others, forming, or acquiring a 5% or greater equity ownership, voting interest
or profit participation in, a Competitor. 
 (f) “Competitor” means any corporation, partnership or other
entity that is engaged in any activity, or that owns a significant interest in any corporation, partnership or other entity, that competes with any business activity the Firm engages in, or that you reasonably knew or should have known that the Firm
was planning to engage in, at the time of the termination of your Employment. 
 (g) “Date of the Award” means
[insert grant date, which typically will coincide approximately with the end of the fiscal year in respect of which the award is made]. 
 (h) “Disability” means any condition that would qualify for a benefit under any group long-term disability plan maintained by the Firm and applicable to you. 
 (i) “Distribution Date” means, (i) with respect to a Closed-End Investment, the Single Closed-End Distribution Date,
or in the event such distributions are governed by Section 10(a) of the Plan, the Earliest Distribution Date and all Subsequent Closed-End Distribution Dates (including the Final Distribution Date) and (ii) with respect to an Open-End
Investment, the Earliest Distribution Date and any Subsequent Open-End Distribution Date(s). 
 (j) “Earliest Distribution
Date” means the first date on which your share of Proceeds, if any, from Notional Plan Investments will be distributed. With respect to your vested Plan Interest, the Earliest Distribution Date is [third anniversary of January 2
following the Date of the Award].4 
  

	4	The earliest distribution date presented in this form of Award Certificate is indicative. The earliest distribution date applicable to awards may vary. 

  

 11 

 (k) “Employed” and “Employment” refer to
employment with the Firm and/or Related Employment. 
 (l) “Final Distribution Date” means the date on which
the Firm shall make its final distribution to you in accordance with Section 10(a)(iii) of the Plan. The Final Distribution Date is [twelfth anniversary of January 15 following the Date of the Award].5 
 (m) The “Firm” means Morgan Stanley
(including any successor thereto) together with its subsidiaries and affiliates. For purposes of the definitions of “Cause,” “Proprietary Information,” “Unauthorized Comments” and “Wrongful Solicitation” set
forth in this Award Certificate, references to the “Firm” shall refer severally to the Firm as defined in the preceding sentence and your Related Employer, if any. For purposes of the cancellation provisions set forth in this Award
Certificate relating to disclosure or use of Proprietary Information, references to the “Firm” shall refer to the Firm as defined in the second preceding sentence or your Related Employer, as applicable. 
 (n) “First Scheduled Vesting Date” means [second anniversary of January 2 following the Date of the
Award].6 
 (o)
“Fiscal Year” and “Fiscal Quarter” mean Morgan Stanley’s Fiscal Year and Morgan Stanley’s Fiscal Quarter, respectively. Morgan Stanley’s Fiscal Year [    ] begins on
December 1, [    ] and ends on November 30, [    ]. 
 (p) “Full Career
Retirement” means the termination of your Employment by you or by the Firm for any reason other than under circumstances involving any cancellation event described in Section 8 and other than due to your death, Disability, a
Governmental Service Termination or pursuant to a Qualifying Termination.7 
  

	5	The final distribution date presented in this form of Award Certificate is indicative. The final distribution date applicable to awards may vary. 

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

	7	Some awards may include age and/or service conditions in order for a termination of Employment to qualify as Full Career Retirement. 

  

 12 

 (q) “Governmental Employer” means a governmental department or agency,
self-regulatory agency or other public service employer. 
 (r) “Governmental Service Termination” means the
termination of your Employment and your commencement of employment with a Governmental Employer; provided that you have presented the Firm with satisfactory evidence demonstrating that as a result of such new employment, the divestiture of
your continued interest in Morgan Stanley equity awards or continued ownership of Morgan Stanley common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law
applicable to you at such Governmental Employer. 
 (s) “Management Committee” means the Morgan Stanley
Management Committee and any successor or equivalent committee. 
 (t) “Proprietary Information” means any
information that may have intrinsic value to the Firm, the Firm’s clients or other parties with which the Firm has a relationship, or that may provide the Firm with a competitive advantage, including, without limitation, any trade secrets;
inventions (whether or not patentable); formulas; flow charts; computer programs; access codes or other systems of information; algorithms; technology and business processes; business, product or marketing plans; sales and other forecasts; financial
information; client lists or other intellectual property; information relating to compensation and benefits; and public information that becomes proprietary as a result of the Firm’s compilation of that information for use in its business,
provided that such Proprietary Information does not include any information which is available for use by the general public or is generally available for use within the relevant business or industry other than as a result of your action.
Proprietary Information may be in any medium or form, including, without limitation, physical documents, computer files or discs, videotapes, audiotapes, and oral communications. 
 (u) “Qualifying Termination” means your Separation from Service within eighteen (18) months following a Change in
Control, under either of the following circumstances: (a) the Firm terminates your employment under circumstances not involving any cancellation event; or (b) you resign from the Firm due to (i) a materially adverse alteration in your
position or in the nature or status of your responsibilities from those in effect immediately prior to the Change in Control, as determined by the Committee or its delegees, or (ii) the Firm requiring your principal place of employment to be
located more than 75 miles from the location where you were principally employed at the time of the Change in Control (except for required travel on the Firm’s business to an extent substantially consistent with your business travel obligations
in the ordinary course of business prior to the Change in Control). 
 (v) “Related Employment” means your
employment with an employer other than the Firm (such employer, herein referred to as a “Related Employer”), provided: (i) you undertake such employment at the written request or with the written consent of Morgan
Stanley’s Global Head of Human Resources; (ii) immediately prior to undertaking such employment you were an employee of the Firm or were engaged in Related Employment (as defined herein); and (iii) such employment is recognized by the
Committee in its discretion as Related Employment; and, provided further that the Firm may (A) determine at any time in its sole discretion that employment that was recognized by the Committee as Related Employment 

  

 13 

 
no longer qualifies as Related Employment, and (B) condition the designation and benefits of Related Employment on such terms and conditions as the Firm
may determine in its sole discretion. The designation of employment as Related Employment does not give rise to an employment relationship between you and the Firm, or otherwise modify your and the Firm’s respective rights and obligations.

 (w) “Scheduled Vesting Date” means the First Scheduled Vesting Date and/or the Second Scheduled Vesting
Date, as the context requires. 
 (x) “Second Scheduled Vesting Date” means [third anniversary of
January 2 following the Date of the Award].8 
 (i) “Separation from Service” means a separation from service with the Firm for purposes of Section 409A determined using the default provisions set forth in Treasury Regulation
§1.409A-1(h) or any successor regulation thereto. For purposes of this definition, Morgan Stanley’s subsidiaries and affiliates include (and are limited to) any corporation that is in the same controlled group of corporations (within the
meaning of Section 414(b) of the Internal Revenue Code) as Morgan Stanley and any trade or business that is under common control with Morgan Stanley (within the meaning of Section 414(c) of the Internal Revenue Code), determined in each
case in accordance with the default provisions set forth in Treasury Regulation §1.409A-1(h)(3). 
 (y) “Single
Closed-End Distribution Date” means [tenth anniversary of January 15 following the Date of the Award].9 
 (z) “Subsequent Closed-End Distribution Date” means, with respect to any Plan Interest, each [one year] anniversary from
the Earliest Distribution Date until the earlier of (i) the realization of all Notional Plan Investments (in which case, the last Subsequent Closed-End Distribution Date will be the next such anniversary) or (ii) the Final Distribution
Date.10 
 (aa)
“Subsequent Open-End Distribution Date” means, with respect to any Plan Interest, each date after the Earliest Distribution Date selected by you in accordance with rules and procedures established by the Firm as a
Distribution Date for Proceeds relating to Open-End Investments. 
 (bb) “Subsidiary” means (i) a
corporation or other entity with respect to which Morgan Stanley, directly or indirectly, has the power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such 
  

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

	9	The single closed-end distribution date presented in this form of Award Certificate is indicative. The single closed-end distribution date applicable to awards may vary.

	10	The subsequent closed-end distribution date presented in this form of Award Certificate is indicative. The subsequent closed-end distribution date applicable to awards may vary.

  

 14 

 
corporation’s board of directors or analogous governing body, or (ii) any other corporation or other entity in which Morgan Stanley, directly or
indirectly, has an equity or similar interest and which the Committee designates as a Subsidiary for purposes of the Plan. 
 (cc) You
will be deemed to have made “Unauthorized Comments” about the Firm if, while Employed or following the termination of your Employment, you make, directly or indirectly, any negative, derogatory or disparaging comment, whether
written, oral or in electronic format, to any reporter, author, producer or similar person or entity or to any general public media in any form (including, without limitation, books, articles or writings of any other kind, as well as film,
videotape, audiotape, computer/Internet format or any other medium) that concerns, directly or indirectly, the Firm, its business or operations, or any of its current or former agents, employees, officers, directors, customers or clients.

 (dd) A “Wrongful Solicitation” occurs upon either of the following events: 
 (1) while Employed, including during any notice period applicable to you in connection with the termination of your Employment, or
within 180 days after the termination of your Employment, directly or indirectly, in any capacity (including through any person, corporation, partnership or other business entity of any kind), you hire or solicit, recruit, induce, entice, influence
or encourage any Firm employee to leave the Firm or become hired or engaged by another firm; provided, however, that this clause shall apply only to employees with whom you worked or had professional or business contact, or who worked
in or with your business unit, during any notice period applicable to you in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment; or 
 (2) while Employed, including during any notice period applicable to you in connection with the termination of your Employment, or
within 90 days (180 days if you are a member of the Management Committee at the time of notice of termination) after the termination of your Employment, directly or indirectly in any capacity (including through any person, corporation, partnership
or other business entity of any kind), you solicit or entice away or in any manner attempt to persuade any client or customer, or prospective client or customer, of the Firm (i) to discontinue or diminish his, her or its relationship or
prospective relationship with the Firm or (ii) to otherwise provide his, her or its business to any person, corporation, partnership or other business entity which engages in any line of business in which the Firm is engaged (other than the
Firm); provided, however, that this clause shall apply only to clients or customers, or prospective clients or customers, that you worked for on an actual or prospective project or assignment during any notice period applicable to you
in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment. 
  

 15 

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

	
	MORGAN STANLEY
	
	 /s/

	[Name]
	[Title]

  

 16Form of Term Sheet under the Select Employees' Capital Accumulation Plan

 EXHIBIT 10.9 
 MORGAN STANLEY 
 SELECT EMPLOYEES’ CAPITAL ACCUMULATION PROGRAM

 FISCAL YEAR [            ] TERM SHEET 
 This Term Sheet sets forth the general terms and conditions of your irrevocable request to allocate all or a portion of your Eligible Compensation
pursuant to the Morgan Stanley Select Employees’ Capital Accumulation Program (“SECAP”). This Term Sheet applies to the allocation from your Fiscal Year
[            ] year-end discretionary bonus paid in January [            ], if any, as well as to allocations from your monthly
commission payouts generated and paid in calendar year [            ], if any. All references in this Term Sheet to Allocated Amount, Allocation Preference, Allocation Year, Applicable
Account Value and Distribution Commencement Date are in respect of the amount allocated from your Fiscal Year [            ] year-end discretionary bonus and calendar year
[            ] monthly commission payouts, as applicable. Capitalized terms used in this Term Sheet that are not defined in the text have the meanings set forth in Section 10 below or
in the SECAP plan document. 
  

	 	1.	Eligibility. 

 You are an
“Eligible Employee” if you are an employee of the Firm and: 
 (a) You are employed as a [            ]1; 

(b) You had earned annualized Total Compensation of at least
$[            ]2, or local currency equivalent, for each of Fiscal Year
[            ] and [            ]; and 
 (c) You qualify as an Accredited Investor; and 
 (d) For eligible Australian local employees, you qualify as a “Wholesale
Client” under Section 761G of the Australian Corporation Act 20013. 
  

	 	2.	Vesting. 

 Your Allocated Amount and 100% of
the appreciation, if any, on your Allocated Amount, if any, is fully vested at all times. 
  

	 1
	 Eligibility criteria may include specified officer titles and/or employment in specified business units.

	 2
	 Minimum annualized Total Compensation required as a condition to participation may vary from one Fiscal Year to another.

	 3
	 Employees in certain jurisdictions may not be eligible to participate and/or additional eligibility conditions may apply
to them. 

  

	 	3.	Separation from Service. 

 (a) Separation from Service due to Full Career Retirement or Retirement. Upon your
Separation from Service due to Full Career Retirement or Retirement, as applicable, you will either remain in the Plan or terminate your participation in the Plan, as specified in your Allocation Preference. If you will remain in the Plan upon your
Separation from Service due to your Full Career Retirement or Retirement, as applicable, distributions will commence on your Distribution Commencement Date notwithstanding your Separation from Service under these circumstances. If you will terminate
your participation in the Plan upon your Separation from Service with the Firm upon your Full Career Retirement or Retirement, then, subject to Section 6, distributions will commence on the earlier of your Distribution Commencement Date and
January 2nd of the year following the year in which your Separation from Service occurs. Distributions will be paid using the Distribution
Method. The amount of your distributions will be reduced by any Administration Fee outstanding. 
 If you will receive installments, your
undistributed Applicable Account Value will remain in your Account following payment of each installment and thus will be credited (or debited) with future returns based on the performance of your selected Notional Investments. The amount of each
annual installment will be calculated in accordance with the SECAP plan document. 
 (b) Separation from Service other than due to Full Career Retirement, Retirement or Death. Upon your Separation from Service other than due to Full Career Retirement, Retirement or your death, subject to Section 6, you will
receive a lump sum distribution on the earlier of your Distribution Commencement Date and January 2nd of the year following the year in which
your Separation from Service occurs. The amount of your distribution will be reduced by any Administration Fee outstanding. 
 (c)
Death. In the event of your death, the unpaid portion of your Applicable Account Value shall be paid in a lump sum to your Beneficiaries or estate upon your death, provided that your Beneficiaries or estate notify the Firm of your death
within 60 days following the date of death. The amount of the distribution will be reduced by any Administration Fee outstanding. 
 (d)
General treatment of award upon Governmental Service Termination. If your employment with the Firm terminates in a Governmental Service Termination, your undistributed Applicable Account Value will be paid to you on the date of your
Governmental Service Termination. 
 (e) General treatment of award upon employment at a Government Employer following termination of
employment. If your employment with the Firm terminates other than in a Governmental Service Termination and following your termination of employment, you accept employment with a Governmental Employer, your Applicable Account Value will be paid
to you upon your commencement of such employment, provided you present the Firm with satisfactory evidence demonstrating that as a result of your acceptance of such employment the divestiture of your continued 

  

 2 

 
interest in your Applicable Account Value is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics laws or conflicts
of interest law applicable to you at such Governmental Employer. 
  

	 	4.	Administration Fee. 

 Your Allocated Amount
is subject to and your Account Value is subject to a quarterly administration fee of 20 basis points (the “Administration Fee”). The Administration Fee is separate from any fees applicable to the Notional Investments and the
related Referenced Funds, which are reflected in the net returns credited to your Account. The Administrator reserves the right to change the Administration Fee at any time in its sole discretion. 
  

	 	5.	Severability. 

 In the event the
Administrator determines that any provision of the Descriptive Materials would cause you to be in constructive receipt for federal or state income tax purposes of any portion of your Applicable Account Value, then such provision will be considered
null and void and the Descriptive Materials will be construed and enforced as if the provision had not been included in the Descriptive Materials as of the date such provision was determined to have the potential to cause you to be in constructive
receipt of any portion of your Applicable Account Value. 
  

	 	6.	Specified Employees. 

 Notwithstanding
anything contrary set forth in this Term Sheet or any Descriptive Material, if the Firm considers you to be one of its Specified Employees at the time of your Separation from Service, any distribution or other payment of your Applicable Account
Value that is due upon or as a result of your Separation from Service will be delayed, to the extent it otherwise would be payable within the six months after your Separation from Service, and shall instead be made on the first business day
following the date that is six months after the date of your Separation from Service; provided, however, that in the event that your death, your Governmental Service Termination or your employment at a Governmental Employer following
your termination of employment with the Firm under circumstances set forth in Section 3(e) occurs at any time after the Date of the Award, payment will be made in accordance with Section 3(c), 3(d), or 3(e), as applicable. 
  

	 	7.	Amendment. 

 Notwithstanding any provision
set forth in any Descriptive Materials, the Administrator may, without your consent, modify the terms and conditions of your Allocated Amount or the Descriptive Materials to the extent it deems necessary or advisable, in its sole discretion, in
order to comply with Section 409A and to ensure that you are not required to recognize income for United States federal income tax purposes prior to the date of distribution or payment provided for herein or to incur interest or additional tax
under Section 409A. 
  

 3 

	 	8.	Incorporation of the SECAP Plan Document. 

 The SECAP plan document is incorporated in this Term Sheet by reference. In the event of any conflict or inconsistency between the SECAP plan document and this Term Sheet, the SECAP plan document will govern and the Term Sheet will be
interpreted to minimize or eliminate any such conflict or inconsistency; provided, however, that any definition set forth in this Term Sheet will govern. 
  

	 	9.	Provisions for Australian Participants and Participants located in Australia. 

 Morgan Stanley Dean Witter Australia Limited acts as agent for Morgan Stanley in relation to the offer of SECAP to participants located in Australia and
the grant of SECAP awards to Australian participants. However, Morgan Stanley Dean Witter Australia Limited will not have any obligations or liability under SECAP or in respect of SECAP awards, any such obligations or liabilities will be the
responsibility of Morgan Stanley. 
 As a condition of participation in SECAP, you acknowledge and agree that nothing in any of the
Descriptive Materials, the SECAP plan document or this Term Sheet constitutes financial product advice under the Australian Corporations Act 2001. You should consider obtaining your own financial product advice from an independent person who is
licensed by the Australian Securities and Investments Commission to give such advice in relation to your participation in SECAP or making any decisions regarding that participation (including your initial allocation preference or a reallocation
preference among Notional Investments). 
  

	 	10.	Defined Terms. 

 The following terms have the
indicated meanings: 
 (a) “Eligible Compensation” means the cash portion of the compensation you may allocate
pursuant to SECAP and consists of (i) your Fiscal Year [            ] year-end discretionary bonus paid in January
[            ], if any, and (ii) your monthly commission payouts generated and paid in calendar year [            ], if any.

 (b) The “Firm” means Morgan Stanley (including any successor thereto) together with its subsidiaries and other
affiliates. 
 (c) For
[            ]4, “Full Career Retirement” means your Separation
from Service for any reason other than your death on or after the date on which: 
 (i) You have attained age [    ] and completed at least [    ] years of service as a [            ]5; 
  

	 4
	 Definition applies to employees holding specified officer titles and/or working in specified business units.

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

  

 4 

 (ii) You have attained age
[    ] and completed at least [    ] years of service as an officer of the Firm at the level of [            ]5 or above; 
 (iii) You have completed at least
[    ] years of service with the Firm; or 
 (iv)
You have attained age [    ] and have completed at least [    ] years of service with the Firm and the sum of your age and years of service equals or exceeds [    ].6 
 For purposes of the foregoing definition and the
definition of “Retirement” set forth below, service with the Firm will include any period of service with the following entities and any of their predecessors: 
 (1) AB Asesores (“ABS”) prior to its acquisition by the Firm (provided, that only years of service as a
partner of ABS will count towards years of service as an officer); 
 (2) Morgan Stanley Group Inc. and its subsidiaries
(“MS Group”) prior to the merger with and into Dean Witter, Discover & Co.; 
 (3) Miller
Anderson & Sherrerd, L.L.P. prior to its acquisition by MS Group; 
 (4) Van Kampen Investments Inc. and its
subsidiaries prior to its acquisition by MS Group; 
 (5) FrontPoint Partners LLC and its subsidiaries prior to its
acquisition by the Firm; and 
 (6) Dean Witter, Discover & Co. and its subsidiaries (“DWD”)
prior to the merger of Morgan Stanley Group Inc. with and into Dean Witter, Discover & Co.; 
 provided that, in the case of an employee who
has transferred employment from DWD to MS Group or vice versa, a former employee of DWD will receive credit for employment with DWD only if the employee transferred directly from DWD to Morgan Stanley & Co. Incorporated or its affiliates
subsequent to February 5, 1997, and a former employee of MS Group will receive credit for employment with MS Group only if the former employee transferred directly from MS Group to Morgan Stanley DW Inc. or its affiliates subsequent to
February 5, 1997. 
 (d) “Governmental Employer” means a governmental department or agency, self-regulatory
agency or other public service employer. 
  

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

  

 5 

 (e) “Governmental Service Termination” means the termination of your employment
with the Firm and your commencement of employment at a Governmental Employer; provided that you have presented the Firm with satisfactory evidence demonstrating that as a result of such new employment, the divestiture of your continued interest in
your Applicable Account Value is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer. 
 (f) “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance
thereunder. 
 (g) For
[            ]7, “Retirement” means your Separation from Service
on or after the date on which: 
 (i) You have attained age 65; or 
 (ii) You have attained age 55 and completed at least 10 years of service with the
Firm.8 
 (h) “Section
409A” means Section 409A of the Internal Revenue Code. 
 (i) “Specified Employee” means a
“specified employee” as defined in Section 409A. 
 (j) “Total Compensation” means (i) base
salary, commissions and annual bonus, inclusive of the value of long-term incentive compensation, or what the Firm designates as “total reward”; and (ii) for employees who are Investment Representatives or Financial Advisors of the
Global Wealth Management Group, gross compensation, pre-deductions, inclusive of the value of long-term incentive compensation, or what the Firm designates as “total reward.” 
  

	 7
	 Definition applies to employees holding specified officer titles and/or working in specified business units.

	 8
	 Age and service conditions specified in clauses (i) and (ii) may vary from year to year.

  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]