Document:

Form of Award Certificate for Discretionary Retention Awards of Stock Units

 EXHIBIT 10.10 
 MORGAN STANLEY 
 [FISCAL YEAR] DISCRETIONARY
RETENTION 
 AWARDS 
 AWARD CERTIFICATE FOR CERTAIN MANAGEMENT 
 COMMITTEE MEMBERS 
  

 TABLE OF CONTENTS FOR AWARD
CERTIFICATE 
  

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

  

 MORGAN STANLEY 
 CERTAIN MANAGEMENT COMMITTEE MEMBERS 
 AWARD CERTIFICATE FOR DISCRETIONARY RETENTION 
 AWARD OF STOCK UNITS 
 FISCAL YEAR [            ] 
 Morgan Stanley has awarded you retention stock units as 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. This Award Certificate sets forth the general terms and conditions of your Fiscal Year
[            ] stock unit award. The number of stock units in your award has been communicated to you independently. 
 If you are employed outside the United States, you will also receive an “International Supplement” that contains supplemental
terms and conditions for your Fiscal Year [            ] stock unit award. You should read this Award Certificate in conjunction with the International Supplement, if applicable, in order
to understand the terms and conditions of your stock unit award. 
 Your stock unit award is made pursuant to the Plan. References to
“stock units” in this Award Certificate mean only those stock units included in your Fiscal Year [            ] stock unit award, and the terms and conditions herein apply only to
such award. If you receive any other award under the Plan or another equity compensation plan, it will be governed by the terms and conditions of the applicable award documentation, which may be different from those herein. 
 The purpose of the stock unit award is, among other things, to align your interests with the interests of the Firm and Morgan Stanley’s
stockholders, to reward you for your continued employment and service to the Firm in the future, 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 Fiscal Year [            ] stock
unit award only if you do not engage in any activity that is a cancellation event set forth in Section 9 below. Therefore, even if your award has vested, you will have no right to your award if a cancellation event occurs under the
circumstances set forth in Section 9 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 award. 
 Section 409A imposes rules relating to the taxation of deferred compensation, including your Fiscal Year [            ] stock unit award. The Firm reserves the right to modify
the 

 
terms of your Fiscal Year [            ] stock unit award, including, without limitation, the
payment provisions applicable to your stock units, 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 22 below. Capitalized terms used in this Award Certificate that are not defined in the text or in Section 22 below have the
meanings set forth in the Plan. 
  

	1.	Stock units generally. 

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

	2.	Vesting schedule and conversion. 

 (a) Vesting schedule. Except as otherwise provided in this Award
Certificate, your stock units will vest according to the following schedule: (i) 50% of your stock units will vest on the First Scheduled Vesting Date, and (ii) the remaining 50% of your stock units will vest on the Second Scheduled
Vesting Date.1 Any fractional stock units resulting from the application of the vesting schedule will be aggregated and will
vest on the Second Scheduled Vesting Date. The special vesting terms set forth in Sections 5, 6 and 7 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 a Governmental Service Termination, or (iv) upon a Qualifying Termination. Vested stock units remain subject to the cancellation and withholding provisions set forth in this Award Certificate. 
 (b) Conversion. Except as otherwise provided in this Award
Certificate, (i) 50% of your stock units will, to the extent vested, convert to shares of Morgan Stanley common stock on the First Scheduled Conversion Date, and (ii) the remaining 50% of your stock units will, to the extent vested,
convert to shares of Morgan Stanley common stock on the Second Scheduled Conversion Date.2 The special conversion provisions
set forth in Sections 5(a), 5(b), 6 and 7 of this Award Certificate apply (i) if your Employment terminates by reason of your death or you die after termination of your Employment, (ii) upon your Governmental Service Termination or your
employment at a Governmental Employer following your termination of employment with the Firm under circumstances set forth in Section 6(b), or (iii) upon a Qualifying Termination. 
  

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

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

  

 3 

 The shares delivered upon conversion of stock units pursuant to this Section 2(b) will not be
subject to any transfer restrictions, other than those that may arise under the securities laws or the Firm’s policies, or to cancellation under the circumstances set forth in Section 9. 
 (c) Accelerated conversion. Morgan Stanley shall have no right to accelerate the conversion of any of your stock units,
except to the extent that such acceleration is not prohibited by Section 409A and would not result in your being required to recognize income for United States federal income tax purposes before your stock units convert to shares of Morgan
Stanley common stock or your incurring additional tax or interest under Section 409A. If any stock units are converted to shares of Morgan Stanley common stock prior to the applicable Scheduled Conversion Date pursuant to this
Section 2(c), these shares may not be transferable and may remain subject to applicable vesting, cancellation and withholding provisions, as determined by Morgan Stanley. 
  

	3.	Special provision for certain employees. 

 Notwithstanding the other provisions of this Award Certificate, the conversion of your vested stock units into Morgan Stanley common stock will be deferred if, at the time scheduled for conversion (whether on the applicable Scheduled
Conversion Date or some other time), Morgan Stanley considers you to be one of its executive officers and your compensation may not be fully deductible by virtue of Section 162(m) of the Internal Revenue Code. This deferral will continue until
your Separation from Service, and, subject to Section 8, your vested stock units will convert to Morgan Stanley common stock upon your Separation from Service. 
  

	4.	Dividend equivalent payments. 

 Until your
stock units convert to shares, if Morgan Stanley pays a regular or ordinary dividend on its common stock, you will be paid a dividend equivalent for your vested and unvested stock units. No dividend equivalents will be paid to you on any canceled
stock units. 
 Morgan Stanley will decide on the form of payment and may pay dividend equivalents in shares of Morgan Stanley common stock,
in cash or in a combination thereof. Morgan Stanley will pay the dividend equivalent when it pays the corresponding dividend on its common stock. 
 Because dividend equivalent payments are considered part of your compensation for income tax purposes, they will be subject to applicable tax and other withholding obligations. 
  

	5.	Death, Disability and Full Career Retirement. 

 The following special vesting and payment terms apply to your stock units: 
 (a) Death during
Employment. If your Employment terminates due to death, all of your unvested stock units will vest on the date of your death. Your stock units will 
  

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convert to shares of Morgan Stanley common stock and be delivered to the beneficiary you have designated pursuant to Section 13 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. 
 After your death, the cancellation provisions set forth in Section 9 will no longer apply, and the shares delivered upon conversion of stock units
pursuant to this Section 5(a) will not be subject to any transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies). 
 (b) Death after termination of Employment. If you die after the termination of your Employment any vested stock
units that you held at the time of your death will convert to shares of Morgan Stanley common stock and be delivered to the beneficiary you have designated pursuant to Section 13 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. 
 After your
death, the cancellation provisions set forth in Section 9 will no longer apply, and the shares delivered upon conversion of stock units pursuant to this Section 5(b) will not be subject to any transfer restrictions (other than those that
may arise under the securities laws or the Firm’s policies). 
 (c) Disability or Full Career
Retirement. If your Employment terminates due to Disability or in a Full Career Retirement, all of your unvested stock units will vest on the date your Employment terminates. Your stock units will convert to shares of Morgan Stanley common
stock on the applicable Scheduled Conversion Date. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until the applicable Scheduled Conversion Date. 
  

	6.	Governmental Service. 

 (a)
General treatment of awards upon Governmental Service Termination. If your Employment terminates in a Governmental Service Termination and not involving a cancellation event set forth in Section 9 then, provided that you sign an
agreement satisfactory to the Firm relating to your obligations pursuant to Section 6(c), all of your unvested stock units will vest on the date of your Governmental Service Termination. Your vested stock units will convert to shares of Morgan
Stanley common stock on the date of your Governmental Service Termination. 
  

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 (b) General treatment of vested awards upon acceptance of employment at 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 6(c), all of your outstanding vested stock units will convert to shares of Morgan Stanley common stock
upon your commencement of such employment, provided you present the Firm with satisfactory evidence demonstrating that as a result of such employment the divestiture of your continued interest in Morgan Stanley equity awards or continued ownership
of Morgan Stanley common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or 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 9 within the
applicable period of time that would have resulted in cancellation of all or a portion of your stock units (had they not converted to shares pursuant to Sections 6(a) or 6(b) above), you will be required to pay to Morgan Stanley an amount equal to
the number of stock units that would have been canceled upon the occurrence of such cancellation event, multiplied by the fair market value, determined using a valuation methodology established by Morgan Stanley, of Morgan Stanley common stock on
the date your stock units converted to shares of Morgan Stanley common stock plus interest on such amount at the average rate of interest Morgan Stanley paid to borrow money from financial institutions during the period from the date of such
conversion through the date preceding the payment date. 
  

	7.	Qualifying Termination. 

 If your employment
terminates in a Qualifying Termination, all of your unvested stock units will vest, cancellation provisions will lapse, and, subject to Section 8, your stock units will be paid upon your Qualifying Termination. 
  

	8.	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, the conversion of any of your stock units that
otherwise would convert upon your Separation from Service (including, without limitation, stock units whose conversion was deferred due to Section 162(m) of the Internal Revenue Code, as provided in Section 3, and stock units payable upon
your Qualifying Termination, as provided in Section 7) will be delayed for six months after your Separation from Service, and such stock units will convert to Morgan Stanley common stock 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 at a Governmental Employer following your termination of employment with the Firm under
circumstances set forth in Section 6(b) occurs at any time after the Date of the Award, payment will be made in accordance with Section 5(a), 5(b), or 6, as applicable. 
  

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	9.	Cancellation of awards under certain circumstances. 

 The cancellation events set forth in this Section 9 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 9 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 9 no longer apply). 
 Your stock units, even if vested, are not earned
until the applicable Scheduled Conversion Date, and will be canceled prior to the applicable Scheduled Conversion Date in any of the following circumstances: 
 (a) Competitive Activity. If you engage in Competitive Activity following the voluntary termination of your Employment, the following shall apply: 
 (1) If your Competitive Activity occurs before the First Scheduled Vesting Date, then all of your stock units will be canceled immediately.

 (2) If your Competitive Activity occurs on or after the First Scheduled Vesting Date, but before the Second Scheduled Vesting
Date, then the 50% of your stock units that are scheduled to convert on the Second Scheduled Conversion Date will be canceled immediately. 
 (b) Other Events. If any of the following events occur at any time before the applicable Scheduled Conversion Date, all of your stock units (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; 
  

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 (ii) 90 days before the date on which your employment with the Firm terminates if
clause (i) of this Section 9(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 9(b)(6) apply to you at the time of notice of your resignation. 
  

	10.	Tax and other withholding obligations. 

 Pursuant to rules and procedures that Morgan Stanley establishes, you may elect to satisfy the tax or other withholding obligations arising upon conversion of your stock units by having Morgan Stanley withhold shares of Morgan Stanley
common stock or by tendering shares of Morgan Stanley common stock, in each case in an amount sufficient to satisfy the tax or other withholding obligations. Shares withheld or tendered will be valued using the fair market value of Morgan Stanley
common stock on the date your stock units convert, using a valuation methodology established by Morgan Stanley. 
 In order to comply with
applicable accounting standards or the Firm’s policies in effect from time to time, Morgan Stanley may limit the amount of shares that you may have withheld or that you may tender. 
  

	11.	Obligations you owe to the Firm. 

 Morgan
Stanley may not withhold shares upon conversion of stock units, and may not withhold the payment of dividend equivalents on your stock units or subject dividend equivalents to deferral, to satisfy obligations that you owe to the Firm except
(i) to the extent authorized under Sections 4 or 10, relating to tax and other withholding obligations or, otherwise, (ii) to the extent such withholding is not prohibited by Section 409A and would not cause you to recognize income
for United States federal income tax purposes prior to the time of conversion of your stock units or to incur interest or additional tax under Section 409A. 
 Morgan Stanley’s determination of any amount that you owe the Firm shall be conclusive. The fair market value of Morgan Stanley common stock for purposes of the foregoing provisions shall be determined using a
valuation methodology established by Morgan Stanley. 
  

 8 

	12.	Nontransferability. 

 You may not sell,
pledge, hypothecate, assign or otherwise transfer your stock units, other than as provided in Section 13 (which allows you to designate a beneficiary or beneficiaries in the event of your death) or by will or the laws of descent and
distribution. This prohibition includes any assignment or other transfer that purports to occur by operation of law or otherwise. During your lifetime, payments relating to the stock units will be made only to you. 
 Your personal representatives, heirs, legatees, beneficiaries, successors and assigns, and those of Morgan Stanley, shall all be bound by, and shall
benefit from, the terms and conditions of your award. 
  

	13.	Designation of a beneficiary. 

 You may make
a written designation of beneficiary or beneficiaries to receive all or part of the shares to be paid under this Award Certificate in the event of your death. To make a beneficiary designation, you must complete and submit the Beneficiary
Designation form on the Executive Compensation website at [insert website address]. 
 Any shares that become payable upon your death, and as
to which a designation of beneficiary is not in effect, will be distributed to your estate. 
 If you previously filed a designation of
beneficiary form for your equity awards with the Executive Compensation Department, such form will also apply to the stock units included in this award. You may replace or revoke your beneficiary designation at any time. If there is any question as
to the legal right of any beneficiary to receive shares under this award, Morgan Stanley may determine in its sole discretion to deliver the shares 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 shares. 
  

	14.	Ownership and possession. 

 (a) Generally. Generally, you will not have any rights as a stockholder in the shares of Morgan Stanley common stock corresponding to your stock units prior to conversion of your stock
units.  
 Prior to conversion of your stock units, however, you will receive dividend equivalent payments, as set forth in
Section 4 of this Award Certificate. In addition, if Morgan Stanley contributes shares of Morgan Stanley common stock corresponding to your stock units to a grantor trust it has established, you may be permitted to direct the trustee how to
vote the shares in the trust corresponding to your stock units. Voting rights, if any, are governed by the terms of the grantor trust, and Morgan Stanley may amend any such voting rights, in its sole discretion, at any time. Morgan Stanley is under
no obligation to contribute shares corresponding to stock units to a trust. If Morgan Stanley elects not to contribute shares corresponding to your stock units to a trust, you will not have voting rights with respect to shares corresponding to your
stock units until they convert to shares. 
 (b) Following conversion. Following conversion
of your stock units you will be the beneficial owner of the shares of Morgan Stanley common stock issued to you, and you will be entitled to all rights of ownership, including voting rights and the right to receive cash or stock dividends or other
distributions paid on the shares. 
  

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 (c) Custody of shares. Morgan Stanley may maintain possession of the
shares subject to your award until such time as your shares are no longer subject to restrictions on transfer. 
  

	15.	Securities law compliance matters. 

 Morgan
Stanley may affix a legend to the stock certificates representing shares of Morgan Stanley common stock issued upon conversion of your stock units (and any stock certificates that may subsequently be issued in substitution for the original
certificates). The legend will read substantially as follows: 
 THE SHARES REPRESENTED BY THIS STOCK CERTIFICATE WERE ISSUED PURSUANT TO
A MORGAN STANLEY EQUITY INCENTIVE COMPENSATION PLAN AND ARE SUBJECT TO THE TERMS AND CONDITIONS THEREOF AND OF AN AWARD CERTIFICATE FOR STOCK UNITS AND ANY SUPPLEMENT THERETO. 
 THE SECURITIES REPRESENTED BY THIS STOCK CERTIFICATE MAY BE SUBJECT TO RESTRICTIONS ON TRANSFER BY VIRTUE OF THE SECURITIES ACT OF 1933.

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

	16.	Compliance with laws and regulation. 

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

	17.	No entitlements. 

 (a) No right to continued Employment. This stock unit 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

  

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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, the First Scheduled Conversion Date, the Second Scheduled Conversion Date or any portion of any of these periods),
nor shall they be construed as giving you any right to be reemployed by the Firm or a Related Employer following any termination of Employment. 
 (b) No right to future awards. This award, and all other awards of stock units and other equity-based awards, are discretionary. This award does not confer on you any right or entitlement to receive
another award of stock units or any other equity-based award at any time in the future or in respect of any future period. 
 (c) No effect on future employment compensation. Morgan Stanley has made this award to you in its sole discretion. This award does not confer on you any right or entitlement to receive compensation in any
specific amount for any future fiscal year and does not diminish in any way the Firm’s discretion to determine the amount, if any, of your compensation. This award is not part of your base salary or wages and will not be taken into account in
determining any other employment-related rights you may have, such as rights to pension or severance pay. 
  

	18.	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. 
  

	19.	Award modification. 

 Morgan Stanley reserves
the right to modify or amend unilaterally the terms and conditions of your stock units, 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 stock units in a manner that would materially impair your
rights in your stock units without your consent; provided, however, that Morgan Stanley may, without your consent, amend or modify your stock units in any manner that Morgan Stanley considers necessary or advisable to comply with any
Legal Requirement or to ensure that your stock units are not subject to United States federal, state or local income tax or any equivalent taxes in territories outside the United States prior to conversion. Morgan Stanley will notify you of any
amendment of your stock units 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. 
  

 11 

	20.	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. 
  

	21.	Rule of construction for timing of conversion. 

 Whenever this Award Certificate provides for your stock units to convert to shares on the First Scheduled Conversion Date or the Second Scheduled Conversion Date or upon a different specified event or date, such conversion will be
considered to have been timely made, and neither you nor any of your beneficiaries or your estate shall have any claim against the Firm for damages based on a delay in payment, and the Firm shall have no liability to you (or to any of your
beneficiaries or your estate) in respect of any such delay, as long as payment is made by December 31 of the year in which occurs the applicable Scheduled Conversion Date or such other specified event or date or, if later, by the 15th day of
the third calendar month following such specified event or date. 
  

	22.	Defined terms. 

 For purposes of this Award
Certificate, the following terms shall have the meanings set forth below: 
 (a) “Board” means the Board of
Directors of Morgan Stanley. 
 (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 

  

 12 

 
Morgan Stanley or any of its Subsidiaries, (B) Morgan Stanley or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act),
(C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by stockholders of Morgan Stanley in substantially the same proportions as their ownership of
Morgan Stanley, is or becomes, during any 12-month period, the beneficial owner, directly or indirectly, of securities of Morgan Stanley (not including in the securities beneficially owned by such person(s) any securities acquired directly from
Morgan Stanley or its affiliates other than in connection with the acquisition by Morgan Stanley or its affiliates of a business) representing 50% or more of the total voting power of the stock of Morgan Stanley; provided, however, that the
provisions of this subsection (1) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (3) below; 
 (2) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of
such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such
period whose election, or nomination for election by Morgan Stanley’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election shall be considered as though such
individual were a member of the Existing Board; 
 (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 

  

 13 

 
Section 409A) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets
from Morgan Stanley that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of Morgan Stanley immediately prior to such acquisition or acquisitions. 
 Notwithstanding the foregoing, (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 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. 
 (d) “Committee” means the
Compensation, Management Development and Succession Committee of the Board, any successor committee thereto or any other committee of the Board appointed by the Board with the powers of the Committee under the Plan, or any subcommittee appointed by
such Committee. 
 (e) “Competitive Activity” means: 
 (1) becoming, or entering into any arrangement as, an employee, officer, partner, member, proprietor, director, independent
contractor, consultant, advisor, representative or agent of, or serving in any similar position or capacity with, a Competitor, where you will be responsible for providing, or managing or supervising others who are providing, services (x) that
are similar or substantially related to the services that you provided to the Firm, or (y) that you had direct or indirect managerial or supervisory responsibility for at the Firm, or (z) that call for the application of the same or
similar specialized knowledge or skills as those utilized by you in your services for the Firm, in each such case, at any time during the year preceding the termination of your employment with the Firm; or 
 (2) either alone or in concert with others, forming, or acquiring a 5% or greater equity ownership, voting interest or profit
participation in, a Competitor. 
 (f) “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. 
  

 14 

 (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) “Employed” and “Employment” refer to employment with the Firm and/or Related Employment.

 (j) 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. 
 (k) “First Scheduled Conversion Date” means [second anniversary of January 2 following the Date of the Award]. 
 (l) “First Scheduled Vesting Date” means [second anniversary of January 2 following the Date of the Award]. 
 (m) “Fiscal Year [            ]” means Morgan
Stanley’s fiscal year beginning on December 1, [    ] and ending on November 30, [    ]. 
 (n) “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 9, and other than due to your death, Disability, a Governmental Service Termination or pursuant to a
Qualifying Termination.3 
 (o) “Governmental Employer” means a governmental department or agency, self-regulatory agency or other public service employer. 
 (p) “Governmental Service Termination” means the termination of your Employment 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 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. 
  

	 3
	 Some awards may include age and/or service conditions in order for a termination of Employment to qualify as Full Career
Retirement. 

  

 15 

 (q) “Internal Revenue Code” means the United States Internal Revenue Code
of 1986, as amended, and the rules, regulations and guidance thereunder. 
 (r) “Legal Requirement” means any
law, regulation, ruling, judicial decision, accounting standard, regulatory guidance or other legal requirement. 
 (s)
“Management Committee” means the Morgan Stanley Management Committee and any successor or equivalent committee. 
 (t) “Plan” means the Morgan Stanley equity compensation plan pursuant to which your award is made and which has been communicated to you independently. 
 (u) “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. 
 (v) “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). 
 (w) “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 (1) determine at any time in its 
  

 16 

 
sole discretion that employment that was recognized by the Committee as Related Employment no longer qualifies as Related Employment, and (2) condition
the designation and benefits of Related Employment on such terms and conditions as the Firm may determine in its sole discretion. The designation of employment as Related Employment does not give rise to an employment relationship between you and
the Firm, or otherwise modify your and the Firm’s respective rights and obligations. 
 (x) “Scheduled Conversion
Date” means the First Scheduled Conversion Date and/or the Second Scheduled Conversion Date, as the context requires. 
 (y) “Scheduled Vesting Date” means the First Scheduled Vesting Date and/or the Second Scheduled Vesting Date, as the context requires. 
 (z) “Second Scheduled Conversion Date” means [third anniversary of January 2 following the Date of the Award].

 (aa) “Second Scheduled Vesting Date” means [third anniversary of January 2 following the Date of the
Award]. 
 (bb) “Section 409A” means Section 409A of the Internal Revenue Code. 
 (cc) “Separation from Service” means a separation from service with the Firm for purposes of Section 409A determined
using the default provisions set forth in Treasury Regulation §1.409A-1(h) or any successor regulation thereto. For purposes of this definition, Morgan Stanley’s subsidiaries and affiliates include (and are limited to) any corporation that
is in the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as Morgan Stanley and any trade or business that is under common control with Morgan Stanley (within the meaning of
Section 414(c) of the Internal Revenue Code), determined in each case in accordance with the default provisions set forth in Treasury Regulation §1.409A-1(h)(3). 
 (dd) “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 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. 
 (ee) 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, audio tape, computer/Internet format or any other medium) that concerns directly or indirectly the Firm, its business or
operations, or any of its current or former agents, employees, officers, directors, customers or clients. 
 (ff) 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 
  

 17 

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

	
	MORGAN STANLEY
	
	/s/
	  

	[Name]
	[Title]

  

 18Registration Rights Agreement

 Exhibit 4.01 
 Registration Rights Agreement 
 This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of April 9, 2008 by and among Natus Medical Incorporated, a Delaware corporation (the “Company”), and the
parties listed on the signature page to this Agreement (each hereinafter individually referred to as an “Investor” and collectively referred to as the “Investors”). 
 WHEREAS, certain of the Investors have agreed to purchase shares of the Company’s common stock, par value $0.001 per share (the
“Common Stock”), pursuant to a registration statement on Form S-3 (File No. 333-133480), as amended (the “Shelf Registration Statement”), in connection with a public
offering of Common Stock underwritten by Roth Capital Partners, LLC (the “Offering”); and 
 WHEREAS, the Company has agreed to grant certain registration rights to the Investors in connection with the purchase by certain of the Investors of Common Stock in the Offering, as more fully set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements set forth in this Agreement, the parties
agree as follows: 
  

	 	1.	REGISTRATION RIGHTS. 

 1.1 Definitions. For purposes of this Section 1: 
 (a) Commission. The term
“Commission” means the U.S. Securities and Exchange Commission 
 (b) Exchange Act. The term
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (c) Holder. The term
“Holders” shall mean holders of Registrable Securities that have registration rights pursuant to this Agreement. 
 (d) Registration. The terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a
registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement. 
 (e) Registrable Securities. The term “Registrable Securities” means: (1) all of the shares of the Company’s Common Stock owned by the Investors as of the date hereof, including
the shares of Common Stock purchased by the Investors in the Offering (the “Investor Shares”) and (2) any shares of Common Stock issued as a dividend or other distribution with respect to, or in exchange for or in
replacement of, any of the Investor Shares; provided, however, that the term “Registrable Securities” shall exclude in all events (and such securities shall not constitute “Registrable Securities”) (i) any Registrable
Securities sold or transferred in violation of state or federal securities laws, or (ii) as to any Holder, the Registrable Securities held by such Holder if all of such Registrable Securities can be publicly sold without volume restriction
within a three-month period pursuant to Rule 144 under the Securities Act. 
 (f) Prospectus. The term
“Prospectus” shall mean the prospectus included in any registration statement filed pursuant to Section 1.2 of this Agreement (including, without limitation, a prospectus that discloses information previously omitted
from a prospectus filed as part of an 

 
effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement
(including, without limitation, any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such registration statement), and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus 
 (g) Securities Act. The term “Securities Act” means the Securities Act of 1933, as amended. 
 1.2 Demand Registration. 
 (a) Request by Holders. If the Company
shall receive at any time a written request from the Holders that, on or after October 9, 2008, the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this
Section 1.2 (a “Request”), then the Company shall effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities which Holders request to be registered and included in such
registration; provided, however, that the Registrable Securities requested by the Holders to be registered pursuant to such request must not be an amount greater than two million (2,000,000) shares of Common Stock nor in an amount
less than five hundred thousand (500,000) shares. Without limiting the generality of the foregoing, to the extent that the Company has shares available under an effective shelf registration statement on Form S-3 (the
“Shelf Registration Statement”), to the extent permitted by the rules and regulations of the Commission, the Company shall first file a prospectus supplement under such Shelf Registration Statement
with respect to the lesser of (1) the number of shares requested to be registered by the Holders pursuant to the Request or (2) the number of shares remaining available under such Shelf Registration Statement. Any shares which cannot be
included under the Shelf Registration Statement, whether due to lack of availability under the Shelf Registration Statement or due to the rules and regulations of the Commission, shall be subject to a separate registration statement filed by the
Company, which separate registration statement shall be filed as soon as practicable, but in no event later than 30 days after the receipt by the Company of a Request. 
 (b) Underwriting. If the Holders that provide the Company with a Request intend to distribute the Registrable Securities covered by
their Request by means of an underwriting, then they shall so advise the Company as a part of their Request. The Holders shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such
underwriting by the Company and approved by a majority in interest of the Holders. Notwithstanding any other provision of this Section 1.2, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of
the number of securities to be underwritten, then the Company shall so advise all Holders of Registrable Securities that would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in
the underwriting shall be reduced as required by the underwriter(s) and allocated among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding held by each Holder requesting
registration; provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from
the underwriting and registration. Any Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration. For any Holder that is a partnership or corporation, the partners, retired partners and
shareholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “Holder,” and any pro rata reduction
with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 
  

 2 

 (c) Maximum Number of Demand Registrations; Time Period Between Demand
Registrations. The Company is obligated to effect only two (2) registrations pursuant to this Section 1.2. The Holders may not provide the Company with an additional Request pursuant to Section 1.2(a) until at least six months
have elapsed from the date the Holders delivered to the Company their previous Request. 
 (d) Deferral.
Notwithstanding the foregoing, if the Company shall furnish to Holders requesting the filing of a registration statement pursuant to this Section 1.2 a certificate signed by the President or Chief Executive Officer of the Company stating that
in the good faith judgment of the Board of Directors of the Company it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed and it is therefore essential to defer the filing of such
registration statement, then the Company shall have the right to defer such filing for a period of not more than sixty (60) days after receipt of the Request; provided, however, that the Company may not utilize this right more
than once in any twelve (12) month period. 
 (e) Blackout Notice. “Blackout Period”
means, with respect to a registration effected pursuant to this Section 1.2, a period in each case commencing on the day immediately after the Company notifies the Holders that they are required, pursuant to Section 1.3(f), to suspend
offers and sales of Registrable Securities during which the Company, in the good faith judgment of its Board of Directors, determines (because of the existence of, or in anticipation of, any acquisition, financing activity, or other transaction
involving the Company, or the unavailability of any required financial statements, disclosure of information which is in its best interest not to publicly disclose, or any other event or condition of similar significance to the Company) that the
registration and distribution of the Registrable Securities to be covered by such registration statement, if any, would be seriously detrimental to the Company and its stockholders and ending on the earlier of (1) the date upon which the
material non-public information commencing the Blackout Period is disclosed to the public or ceases to be material and (2) such time as the Company notifies the selling Holders that the Company will no longer delay such filing of the
registration statement, will recommence taking steps to make such registration statement effective, or will allow sales pursuant to such registration statement to resume; provided, however, that (a) the Company shall limit its use of
Blackout Periods, in the aggregate, to 60 trading days in any 12-month period and (b) no Blackout Period may commence sooner than 60 days after the end of a prior Blackout Period. Each Holder of Registrable Securities agrees that, upon receipt
of any notice of a Blackout Period, such Holder shall discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 1.3(c) hereof or notice of the end of the Blackout Period, and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies (including, without
limitation, any and all drafts), other than permanent file copies, then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 (f) Expenses. The registration fees and expenses incurred by the Company in connection with any registration pursuant to this
Section 1.2 (other than as set forth in the second sentence of this paragraph), including, without limitation, all registration, qualification and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company,
blue sky fees and expenses, and the expense of any special audits incident to or required by any such registration, but excluding underwriters’ discounts and commissions, and the reasonable fees and disbursements of one counsel for the selling
Holders (such fees and disbursements not to exceed $10,000), shall be borne by the Company; provided, however, that such one counsel for the selling Holders shall submit reasonably detailed invoices for review by the Company prior to payment.
Notwithstanding the foregoing, however, if Registrable Securities are to be distributed by means of an underwriting as contemplated by Section 1.2(b) of this Agreement, then the registration fees and expenses incurred by the Company and the
selling Holders in connection with such a registration, including without limitation all registration, qualification and filing fees, printing expenses, escrow fees, underwriters’ discounts and commissions, fees and 

  

 3 

 
disbursements of counsel for the selling Holders, blue sky fees and expenses, and the expense of any special audits incident to or required by any such
registration, but excluding the fees and disbursements of counsel for the Company, shall be borne by the selling Holders. Except as set forth in this Section, Holder shall be responsible for any fees and expenses of its counsel or other advisers.
Each Holder participating in a registration pursuant to this Section 1.2 shall bear such Holder’s proportionate share (based on the number of shares sold by such Holder over the total number of shares included in such registration at the
time it goes effective) of all expenses payable by the selling Holders in connection with such offering. 
 1.3
Obligations of the Company. The Company shall furnish to each Holder such number of copies of a Prospectus, including a preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents
(including supplements or prospectus amendments) as the Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by it that are included in such registration. In addition, whenever
required to effect the registration of any Registrable Securities under this Agreement, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the Commission such amendments and supplements to any registration statement filed pursuant to Section 1.2 of this Agreement and the Prospectus used in connection with such registration
statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 
 (b) Use its best efforts to (i) register and qualify the securities covered by any registration statement filed pursuant to
Section 1.2 of this Agreement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holder, provided that the Company shall not be required in connection therewith or as a condition thereto
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, (ii) keep such registration or qualification in effect for so long as the related registration statement remains in effect and
(iii) take any other action which may be reasonably necessary or advisable to enable the Holders to consummate the disposition in such jurisdictions of the securities to be sold by the Holders, consistent with the plan of distribution described
in the Prospectus included in the related registration statement, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where it is not so qualified, or to
subject itself to taxation in any such jurisdiction, or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except
as may be required by the Securities Act or applicable rules or regulations thereunder. 
 (c) Notify the Holder promptly
(i) of any request by the Commission or any other federal or state governmental authority during the period of effectiveness of any registration statement filed pursuant to Section 1.2 of this Agreement for amendments or supplements to
such registration statement or related Prospectus or for additional information, (ii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of any registration
statement filed pursuant to Section 1.2 of this Agreement or the initiation of any proceedings for that purpose and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
 (d) Make all commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any registration statement filed pursuant to Section 1.2 of this Agreement at the earliest
possible time. 
 (e) Cause all Registrable Securities to be listed on each securities exchange or market, if any, on which
equity securities issued by the company are then listed. 
  

 4 

 (f) As promptly as practicable after becoming aware of such event, notify each Holder of
Registrable Securities at any time when a Prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event which comes to the Company’s attention if as a result of such event the prospectus included
in any registration statement filed pursuant to Section 1.2 of this Agreement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and the Company shall promptly prepare and furnish to such Holder a supplement or amendment to such Prospectus (or prepare and file appropriate reports under the Exchange Act) so that, as thereafter delivered to the purchasers of such
Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, unless suspension of the
use of such Prospectus otherwise is authorized herein or in the event of a Blackout Period, in which case no supplement or amendment need be furnished (or Exchange Act filing made) until the termination of such suspension or Blackout Period.

 (g) From the date of this Agreement until the termination of the Company’s obligations with regards to the
registration rights of Registrable Securities pursuant to Section 1.6, if the Company grants registration rights to holders of any security of the Company which are more favorable to such holders than the registration rights granted hereunder
without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, then such more favorable registration rights shall also be deemed to be granted to the Holders of Registrable Securities hereunder, and the
Company covenants and agrees to take any and all steps necessary to modify the terms of this Agreement to so provide. 
 1.4 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 1.2 that the Holders shall furnish to the Company such information regarding it
and the Registrable Securities held by it as shall be required to timely effect the registration of its Registrable Securities. 
 1.5 Indemnification. For the purposes of this Section 1.5, the term “registration statement” shall include any final Prospectus, exhibit, supplement, amendment or other document included in, filed as part
of, deemed to be a part of, or otherwise relating to any registration statement filed pursuant to Section 1.2 of this Agreement. In the event any Registrable Securities are included in a registration statement under this Agreement: 

(a) By the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, its officers and
directors, trustees, and each person, if any, who controls the Holder and any underwriter for each (as defined in the Securities Act) (such persons and entities referred to as “Holder Indemnified Parties”), against any
losses, claims, expenses (including reasonable attorneys’ fees), damages or liabilities (including in settlement of any claim) to which they may become subject under the Securities Act, the Exchange Act, or other federal or state law
(a “Loss”), insofar as such Losses (or actions in respect thereof) arise out of any claim, action or proceeding brought by a third party arising out of or based upon any of the following statements, omissions or
violations (collectively a “Violation”): 
 (1) any untrue statement or alleged untrue statement of a
material fact contained in a registration statement; 
 (2) the omission or alleged omission to state in a registration
statement a material fact required to be stated therein, or necessary to make the statements therein not misleading; 
 (3)
any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law,
in each case in connection with the offering covered by such registration statement; 
  

 5 

 (4) any failure by the Company to fulfill any undertaking included in a registration
statement; or 
 (5) any material breach of any representation, warranty or covenant made by the Company in this Agreement;

 and the Company will pay to each Holder Indemnified Party for any legal or other expenses, as incurred, reasonably incurred by them, as incurred, in
connection with investigating or defending or settling, compromising or paying an award granted in any proceeding relating to any such Violation; provided, however, that the indemnity agreement contained in this subsection shall not apply to
amounts paid in settlement of any such Loss, if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable in any such case for any such Loss to the
extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration statement by the Holder Indemnified Party; and
provided further, that the Company will not be liable for the reasonable legal fees and expenses of more than one counsel to the Holder Indemnified Parties. 
 (b) By Holders. To the extent permitted by law, each Holder (severally and not jointly with any other Holder) will indemnify and
hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, and each person, if any, who controls the Company within the meaning of the Securities Act (such persons and entities referred to as
“Company Indemnified Parties”) against any Losses to which such Company Indemnified Parties may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such Losses (or actions in
respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by the Holder expressly for use in
connection with such registration statement; and the Holder will pay, as incurred, any legal or other expenses reasonably incurred by such Company Indemnified Parties in connection with investigating or defending any such Violation; provided,
however, that the indemnity agreement contained in this subsection shall not apply to amounts paid in settlement of any such Loss if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld
or delayed); provided further, that the Holder shall not be liable for the reasonable legal fees and expenses of more than one counsel to the Company Indemnified Parties; and provided further, that the total amounts payable in
indemnity by the Holder under this subsection in respect of any Violation shall not exceed the net proceeds received by each Holder in the registered offering out of which such Violation arises. 
 (c) Notice. Promptly after receipt by an indemnified party under this Section 1.5(c) of notice of the commencement of any
action (including any governmental action), such indemnified party will, if a claim for indemnification in respect thereof is to be made against any indemnifying party under this Section 1.5(c), deliver to the indemnifying party a written
notice of the commencement of such an action and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense
thereof with counsel selected by the indemnifying party and reasonably acceptable to a majority in interest of the indemnified parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the
reasonable fees and expenses to be paid by the indemnifying party, if the indemnified party has been advised in writing by counsel that representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate
due to actual conflict of interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of
any such action shall relieve such indemnifying party of 

  

 6 

 
liability to the indemnified party under this Section 1.5(c) to the extent such delay caused material prejudice to the indemnified party, but the
omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.5(c). 
 (d) Contribution. If the indemnification provided for in this Section 1.5 is held by a court of competent jurisdiction to be
unavailable to or insufficient to hold harmless an indemnified party in respect of Losses, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Company on the one hand and the Holder on the other in connection with the statements or omissions or other matters which resulted in such losses, claims, damages, liabilities or expenses (or actions
in respect thereof), as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, in the case of an untrue statement, whether the untrue statement relates to information supplied
by the Company on the one hand or a Holder on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement. The Company and the Investors agree that it would not be
just and equitable if contribution pursuant to this Section 1.5(d) were determined by pro rata allocation (even if all Holders were treated as one entity for such purpose) or by any other method of allocation which does not take into account
the equitable considerations referred to above in this Section 1.5(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this
Section 1.5(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding any provision of this Agreement apparently to the contrary, any
contribution (together with any indemnification or other obligations under this Agreement) by any Holder (including any indemnified person associated with such Holder) shall in no event exceed the net amount of proceeds received by such Holder from
the sale of the Registrable Securities. 
 (e) Survival. The obligations of the Company and the Holder under this
Section shall survive the completion of any offering of Registrable Securities in a registration statement, and otherwise. 
 1.6 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission, which may at any time permit the sale of the Registrable Securities to the public without
registration, for a period of one year following the date of this Agreement, the Company agrees to: 
 (a) Make and keep
adequate, current public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times 
 (b) File with the Commission in a timely manner all reports and other documents required of the Company under the Exchange Act; and 
 (c) So long as the Holder owns any Registrable Securities, to furnish to the Holder forthwith upon request a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 and the Exchange Act, or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company, and such other reports and documents of the Company as the Holder may reasonably request in availing itself of any rule or regulation of the
Commission allowing a Holder to sell any such securities without registration. 
  

 7 

 1.7 Termination of the Company’s Obligations. The Company shall
have no obligation to maintain a registration statement governing Registrable Securities after the earliest to occur of the following: (i) the date on which all Registrable Securities held by such Holder may be sold without any volume
restrictions within a three-month period under Rule 144, as it may be amended from time to time, including but not limited to amendments that reduce that period of time that securities must be held before such securities may be sold pursuant to such
rule, or (ii) if all Registrable Securities have been registered and sold (A) pursuant to registrations effected pursuant to this Agreement, (B) to or through a broker or dealer or underwriter in a public distribution or a public
securities transaction, and/or (C) in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof which results in the removal of all transfer restrictions and
restrictive legends with respect thereto. 
  

	 	2.	GENERAL PROVISIONS. 

 2.1 Survival of Warranties. The representations, warranties and covenants of the Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and
shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of any of the Investors, their counsel or the Company, as the case may be. 
 2.2 Assignment. No party may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written consent of the other party; provided that an Investor, without the prior written consent of the Company, may transfer all rights herein to another Investor, to any affiliate of such Investor without such consent, or to any
other person to whom an Investor transfers Registrable Shares in compliance with applicable federal and state securities laws so long as such other person agrees to be bound by all the terms and conditions of this Agreement. Subject to the preceding
sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Any purported assignment in violation of this Section 2.2 shall be void 
 2.3 Governing Law. This Agreement shall be governed by and construed under the internal laws of the State of
California as applied to agreements among California residents entered into and to be performed entirely within California, without reference to principles of conflict of laws or choice of laws. 
 2.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same agreement. 
 2.5 Interpretation; Certain
Defined Terms. 
 (a) When a reference is made in this Agreement to Sections, such reference shall be to a Section of
this Agreement unless otherwise indicated. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words
“without limitation.” The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (b) For purposes of this Agreement, the term “person” shall mean any individual, corporation (including any
non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any limited liability company or joint stock company), firm or other enterprise, association,
organization, entity or governmental entity. 
  

 8 

 2.6 Notices. Any and all notices required or permitted to be given
to a party pursuant to the provisions of this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if
delivery is in person; (ii) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by
both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (iii) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after
such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (iv) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United
States deliveries. 
 All notices for delivery outside the United States will be sent by facsimile or by express courier.
Notices by facsimile shall be machine verified as received. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address or facsimile
number as follows, or at such other address or facsimile number as such other party may designate by one of the indicated means of notice herein to the other parties hereto as follows: 
 (a) if to an Investor, to the name of such Investor at the following address: 
 c/o Nierenberg Investment Management Company 
 19605 NE Eighth Street 
 Camas, WA 98607 
 Attn: Henry Hooper 
 With a copy to: 
 DLA Piper US LLP 
 2000 University Avenue

 East Palo Alto, CA 94303 
 Fax Number: 650.833.2001 
 Attn: Peter M. Astiz 
 (b) if to the Company, 
 Natus Medical Incorporated 
 1501 Industrial Road 
 San Carlos, CA 94070 
 Facsimile: (650) 802-6630 
 Attn: President 
 With a copy to:

 Fenwick & West LLP 
 801 California Street 
 Mountain View, California 94041 
 Facsimile: 650-938-5200 
 Attn: Daniel J.
Winnike 
 2.7 Expenses; Finder’s Fees. All fees and expenses incurred in connection with this
Agreement and the transactions contemplated hereby shall be paid by the party incurring such expenses. 
 2.8
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such
provision(s) were so excluded and shall be enforceable in accordance with its terms. 
  

 9 

 2.9 Entire Agreement. This Agreement constitutes the entire
agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings duties or obligations between the parties with respect to the subject
matter hereof. 
 2.10 Further Assurances. From and after the date of this Agreement, upon the
request of an Investor or the Company, the Company and the Investors shall execute and deliver such instruments, documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and
purposes of this Agreement. 
 2.11 Amendment; Extension; Waiver. Subject to applicable law, this
Agreement may be amended by the parties hereto at any time by execution of an instrument in writing signed on behalf of the Company and Investors holding a majority of the then-outstanding Registrable Securities. Any party hereto may, to the extent
legally allowed, (i) extend the time for the performance of any of the obligations or other acts of the other party hereto or (ii) waive compliance with any of the agreements or conditions for the benefit of such party contained herein.
Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. Delay in exercising any right under this Agreement shall not constitute a waiver
of such right. 
 2.12 Other Remedies; Specific Performance. Except as otherwise provided herein, any and
all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the
exercise of any other remedy. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having
jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. 
 2.13
Rules of Construction. The parties hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of
construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 
 2.14 Waiver Of Jury Trial. EACH OF THE COMPANY AND THE INVESTORS HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS THE COMPANY OR THE INVESTORS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. 
 2.15 Outstanding Shares. The Company represents and warrants that following the completion of the Offering, based on the
number of shares of Common Stock outstanding as of March 31, 2008, the Company will have outstanding 22,776,054 shares of its Common Stock. 
 * * * * * 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized respective officers as of the date first written above. 
  

			
	NATUS MEDICAL INCORPORATED
		
	By:	 	/s/ James B. Hawkins
		 	James B. Hawkins
		 	President and Chief Executive Officer

  

									
	D3 FAMILY FUND, L.P.	 		 	D3 FAMILY BULLDOG FUND,
L.P.
	By Nierenberg Investment Management Company, Its General Partner	 		 	By Nierenberg Investment Management Company, Its General Partner
					
	By:	 	/s/ David Nierenberg	 		 	By:	 	/s/ David Nierenberg
	David Nierenberg, President	 		 	David Nierenberg, President

  

									
	D3 FAMILY CANADIAN FUND,
L.P.	 		 	DIII OFFSHORE FUND, L.P.
	By Nierenberg Investment Management Company, Its General Partner	 		 	By Nierenberg Investment Management Offshore, Inc., Its General Partner
					
	By:	 	/s/ David Nierenberg	 		 	By:	 	/s/ David Nierenberg
	David Nierenberg, President	 		 	David Nierenberg, President

 [Signature Page to Registration Rights Agreement] 
  

 11

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