Document:

Form of Management Committee Equity Award Certificate

 EXHIBIT 10.30 
 MORGAN STANLEY 
 [FISCAL YEAR] DISCRETIONARY RETENTION

 AWARDS 
 MANAGEMENT COMMITTEE 
 AWARD CERTIFICATE 

 TABLE OF CONTENTS FOR AWARD
CERTIFICATE 
  

					
	 PART I:
	  	TERMS OF STOCK UNITS	  	3
			
	 1.
	  	Stock units generally	  	3
			
	 2.
	  	Vesting schedule and conversion	  	3
			
	 3.
	  	Special provision for certain employees	  	4
			
	 4.
	  	Dividend equivalent payments	  	4
			
	 PART II:
	  	TERMS OF STOCK OPTIONS	  	5
			
	 5.
	  	Stock options generally	  	5
			
	 6.
	  	Vesting schedule	  	5
			
	 7.
	  	Expiration date	  	5
			
	 8.
	  	Exercise	  	5
			
	 9.
	  	Restrictions on transfer of Option Shares	  	6
			
	 PART III:
	  	GENERAL TERMS OF STOCK UNITS AND STOCK OPTIONS	  	6
			
	 10.
	  	Death, Disability and Full Career Retirement	  	6
			
	 11.
	  	Change in Control and Change in Ownership	  	8
			
	 12.
	  	Cancellation of awards under certain circumstances	  	8
			
	 13.
	  	Tax and other withholding obligations	  	10
			
	 14.
	  	Satisfaction of obligations	  	10
			
	 15.
	  	Nontransferability	  	11
			
	 16.
	  	Designation of a beneficiary	  	11
			
	 17.
	  	Ownership and possession	  	12
			
	 18.
	  	Securities law compliance matters	  	12
			
	 19.
	  	Compliance with laws and regulation	  	13
			
	 20.
	  	No entitlements	  	13
			
	 21.
	  	Consents under local law	  	14
			
	 22.
	  	Award modification	  	14
			
	 23.
	  	Severability	  	14
			
	 24.
	  	Governing law	  	15
			
	 25.
	  	Defined terms	  	15

 MORGAN STANLEY 
 MANAGEMENT COMMITTEE 
 AWARD CERTIFICATE FOR DISCRETIONARY RETENTION AWARD 
 OF STOCK UNITS AND STOCK OPTIONS 
 FISCAL YEAR [            ] 
 Morgan Stanley has awarded you retention stock units and stock options as your discretionary long-term incentive
compensation for services provided during Fiscal Year [        ] and as an incentive for you to continue to remain in Employment and provide services to the Firm, as provided in this Award
Certificate.1 This Award Certificate sets forth the general terms and conditions of your Fiscal Year
[        ] award. The number of stock units and stock options 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
[        ] award. This Award Certificate should be read in conjunction with the International Supplement, if applicable, in order for you to understand the terms and conditions of your award. 
 Your award is made pursuant to the Plan. References to “stock units” and “stock options” in this Award Certificate mean only those
stock units and stock options included in your Fiscal Year [        ] award, and the terms and conditions herein apply only to such award. If you receive any other award under the Plan or any other Morgan
Stanley 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 award is, among other things, to align your interests with the interests of the Firm, 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 [        ] award only if you do not engage in any activity that is a cancellation event set forth in Section 12 below. Therefore, even if your award has vested,
you will have no right to your award if a cancellation event occurs. You will be required to provide Morgan Stanley with such written certification or other evidence as Morgan Stanley deems appropriate, from time to 

	 1
	 For certain years or certain participants, awards may consist exclusively of stock units or stock
options. In such cases, only the provisions of this form of Award Certificate that relate to the type of award granted will be included. 

  

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 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, which was adopted pursuant to the American Jobs
Creation Act of 2004, 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 [        ] award, including, without limitation, the payment provisions applicable to stock units and stock options, 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 25 below. Capitalized terms
used in this Award Certificate that are not defined in the text or in Section 25 below have the meanings set forth in the Plan. 
 PART I: TERMS OF
STOCK UNITS 
  

	1.	Stock units generally. 

 Each of your stock
units corresponds to one share of Morgan Stanley common stock. A stock unit constitutes an 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 underlying your stock units unless and until your stock units convert to
shares. 
  

	2.	Vesting schedule and conversion. 

 (a) Vesting schedule. 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.2 Any fractional stock units resulting from
the application of the vesting schedule will be aggregated and will vest on the First Scheduled Vesting Date. The special vesting terms set forth in Sections 10 and 11 of this Award Certificate apply (i) if your Employment terminates by reason
of your death or Disability, (ii) upon your Full Career Retirement, or (iii) upon a Change in Control or a Change in Ownership. Vested stock units are subject to the cancellation and withholding provisions set forth in this Award
Certificate. 

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

  

 3 

 (b) Conversion. Except as otherwise provided in
this Award Certificate, each of your vested stock units will convert to one share of Morgan Stanley common stock on the Scheduled Conversion Date.3 
 The shares delivered upon conversion of stock units 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 12. 
  

	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 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 the termination
of your employment with the Firm, and your vested stock units will convert into Morgan Stanley common stock as soon as administratively practicable thereafter; provided, however, that if Morgan Stanley considers you to be one of its
“specified employees” as defined in Section 409A at the time of the termination of your employment with the Firm, such deferral will continue until the date that is six months after the termination of your employment with the Firm,
and your vested stock units will convert into Morgan Stanley common stock as soon as administratively practicable thereafter; and provided, further, that in the event that your death or a Change in Ownership occurs at any time after the Date
of the Award, payment will be made in accordance with Section 10(a), 10(b) or 11, as applicable. 
  

	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 as soon as administratively practicable after Morgan Stanley 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. 

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

  

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 PART II: TERMS OF STOCK OPTIONS 
  

	5.	Stock options generally. 

 Each of your stock
options gives you the right to purchase one share of Morgan Stanley common stock at an exercise price of $[        ] per share. 
  

	6.	Vesting schedule. 

 Your stock options will vest according to the following schedule: (i) 50% of your stock options will vest on the First Scheduled Vesting Date, and (ii) the remaining 50% of your stock options will vest on
the Second Scheduled Vesting Date.4 Your stock options will become exercisable upon vesting. Any fractional stock
options resulting from the application of the vesting schedule will be aggregated and will vest on the First Scheduled Vesting Date. The special vesting terms set forth in Sections 10 and 11 of this Award Certificate apply (i) if your
Employment terminates by reason of your death or Disability, (ii) upon your Full Career Retirement, or (iii) upon a Change in Control or a Change in Ownership. Vested stock options remain, and any Option Shares will be, subject to the
transfer restrictions and cancellation provisions set forth in this Award Certificate. 
  

	7.	Expiration date. 

 Your stock options will
expire on the Expiration Date. Special expiration and cancellation provisions apply if your Employment terminates under certain circumstances. See Section 10 below for details. 
  

	8.	Exercise. 

 When you exercise your stock
options, you may pay the exercise price in the following ways: in cash; in shares of Morgan Stanley common stock (or presenting to the Corporation proof of beneficial ownership of such shares); or in a combination of cash and shares. Any shares that
you tender to pay the exercise price will be valued at their fair market value on the exercise date, using a valuation methodology established by Morgan Stanley. Morgan Stanley may also allow you to make a “cashless” exercise of stock
options (in which the payment of the exercise price is funded by a sale of shares by a broker) or to exercise your stock options through a net-share settlement. 
 Morgan Stanley may implement policies and procedures regarding the availability of any of the foregoing exercise methods or to facilitate cashless exercises. Your exercise and payment must conform to the policies and
procedures that Morgan Stanley implements from time to time. 

	 4
	 The vesting schedule presented
in this form of Award Certificate is indicative. The vesting schedule applicable to awards may vary. 

  

 5 

 Your stock options are considered to be exercised in the order in which they vested. 
  

	9.	Restrictions on transfer of Option Shares 

 Your Option Shares may not be transferred prior to the Transfer Restriction Date, except as otherwise provided in this Award Certificate. However, you may sell shares to the extent required to cover the exercise price and tax or other
withholding obligations arising upon exercise. 
 If you pay the exercise price of your stock options by tendering shares of Morgan Stanley
common stock that you already own and that are not subject to transfer restrictions, the transfer restrictions set forth in this Section 9 apply only to the Option Shares. 
 After the Transfer Restriction Date, you may transfer any Option Shares (whether the exercise occurs before or after the Transfer Restriction Date), but
your transfers must comply with the securities laws and the Firm’s policies as in effect from time to time. 
 For purposes of this
Award Certificate, a “transfer” of shares includes, without limitation, any sale, assignment, pledge, mortgage, encumbrance or other disposition, direct or indirect, whether or not for value, and whether or not voluntary, but does not
include a transfer after your death by will or the laws of descent and distribution. 
 PART III: GENERAL TERMS OF STOCK UNITS AND STOCK OPTIONS

  

	10.	Death, Disability and Full Career Retirement 

 The following special vesting and payment terms apply to your stock units and stock options: 
 (a) Death during
Employment. If your Employment terminates due to death, all of your unvested stock units and unvested stock options will vest on the date your Employment terminates. Your stock units will convert to shares of Morgan Stanley common stock and
be delivered to the beneficiary you have designated pursuant to Section 16 or the legal representative of your estate, as applicable, as soon as administratively practicable after Morgan Stanley receives appropriate notice of your death. Your
stock options will remain outstanding until the Expiration Date, and your beneficiary or the legal representative of your estate, as applicable, may exercise them until the Expiration Date. 
 After your death, the cancellation provisions set forth in Section 12 will no longer apply, and any Option Shares will no longer be subject to
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, but prior to the Scheduled Conversion Date, your 

  

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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 16 or the legal representative of your estate, as applicable, as soon as administratively practicable after Morgan Stanley receives appropriate notice of your death. 
 After your death, your beneficiary or the legal representative of your estate, as applicable, may exercise any vested stock options that you hold at the
time of your death to the extent and for the period of time that you would have been permitted to exercise your stock options at the time of your death. 
 After your death, the cancellation provisions set forth in Section 12 will no longer apply and any Option Shares will no longer be subject to transfer restrictions (other than those that may arise under the
securities laws or the Firm’s policies). 
 (c) Disability. If your Employment terminates due to Disability, all of
your unvested stock units and unvested stock options will vest on the date your Employment terminates. 
 All of your stock units will
convert to shares of Morgan Stanley common stock on the Scheduled Conversion Date. The cancellation and withholding provisions set forth in this Award Certificate will continue to apply until your stock units convert to shares of Morgan Stanley
common stock. 
 You may exercise your stock options until the Expiration Date. The cancellation provisions set forth in Section 12 will
continue to apply to your stock options until the Transfer Restriction Date. Your Option Shares will no longer be subject to transfer restrictions (other than those that may arise under the securities laws or the Firm’s policies) or the
cancellation provisions set forth in Section 12. 
 (d) Full Career Retirement. 
 If your Employment terminates in a Full Career Retirement: 
 (1) All of your unvested stock units and unvested stock options will vest on the date your Employment terminates; 
 (2) All of your stock units will convert to shares of Morgan Stanley common stock on the Scheduled Conversion Date. The cancellation and withholding provisions set forth in this Award Certificate will continue
to apply until your stock units convert to Morgan Stanley common stock; and 
 (3) You may exercise your stock options
until the Expiration Date. The transfer restrictions that apply to your Option Shares and the cancellation provisions set forth in Section 12 that apply to your stock options and Option Shares will continue to apply until the Transfer
Restriction Date. 
  

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	11.	Change in Control and Change in Ownership 

 If there is a Change in Control or a Change in Ownership, all of your stock units and stock options will immediately vest. 
 If the
Change in Control is not also a Change in Ownership, your stock units will convert to shares of Morgan Stanley common stock on the Scheduled Conversion Date, and the transfer restrictions that apply to your Option Shares will continue to apply until
the Transfer Restriction Date. The cancellation provisions set forth in Section 12 will continue to apply to your stock units until they convert to Morgan Stanley common stock and will continue to apply to your stock options and Option Shares
until the Transfer Restriction Date. 
 Your stock units will convert to shares of Morgan Stanley common stock as soon as administratively
practicable after a Change in Ownership. The cancellation provisions set forth in Section 12 will no longer apply after a Change in Ownership, and the transfer restrictions applicable to your Option Shares (other than those that may arise under
the securities laws or the Firm’s policies) will no longer apply. 
  

	12.	Cancellation of awards under certain circumstances 

 The cancellation events set forth in this Section 12 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 12 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 12 no longer apply). 
 Your stock units and stock options,
even if vested, and Option Shares are not earned until the Scheduled Conversion Date (in the case of stock units) or the Transfer Restriction Date (in the case of stock options and Option Shares), and will be canceled prior to these respective dates
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, stock options and Option Shares 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: 
 (i) 50%
of your stock units and stock options (including Option Shares acquired upon exercise of such stock options) will be canceled immediately; and 
  

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 (ii) (a) the remaining 50% of your stock units will remain outstanding and will continue to be
subject to all the other terms and conditions set forth in this Award Certificate and will convert to Morgan Stanley common stock on the Scheduled Conversion Date; (b) the remaining 50% of your stock options will expire on the earlier to occur
of (x) the Expiration Date, and (y) the date that is 90 days after your Employment termination date, and any Option Shares that you acquired upon an exercise occurring after such 90-day period will be canceled; and (c) the
cancellation provisions of Section 12(b) will continue to apply to the remaining 50% of your stock units and stock options (including Option Shares acquired upon exercise of such stock options) until the Scheduled Conversion Date or the
Transfer Restriction Date, respectively. 
 (3) If your Competitive Activity occurs on or after the Second Scheduled Vesting Date, then
all of your stock units and stock options will remain outstanding and will continue to be subject to all the other terms and conditions set forth in this Award Certificate. 
 (4) Your stock options are considered to be exercised in the order in which they vested. 
 (b) Other Events. All of your stock units and stock options, even if vested, and any Option Shares, will be canceled immediately if
any of the following events occur at any time before the Scheduled Conversion Date (in the case of stock units) or the Transfer Restriction Date (in the case of stock options and Option Shares): 
 (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 12(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 12(b)(6) apply to you at the time of notice of your resignation. 
  

	13.	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 or exercise of your stock options 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 or your stock options are exercised 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. 
  

	14.	Satisfaction of obligations 

 Notwithstanding
any other provision of this Award Certificate, Morgan Stanley may, in its sole discretion, take various actions affecting your stock units or stock options in order to collect amounts sufficient to satisfy any obligation that you owe to the Firm and
any tax or other withholding obligations. These actions include the following: 
 (a) Upon conversion of stock units, including any
accelerated conversion pursuant to Sections 10 or 11 above, or exercise of stock options, Morgan Stanley may withhold a number of shares sufficient to satisfy any obligation that you owe to the Firm and any tax or other withholding obligations. The
Firm shall determine the number of shares to be withheld by dividing the dollar value of your obligation to the Firm and any tax or other withholding obligations by the fair market value of Morgan Stanley common stock on the date of conversion or
exercise. 
 (b) Morgan Stanley may, at any time, cancel any of your unexercised stock options or any Option Shares that remain
subject to transfer restrictions in a quantity sufficient to satisfy any obligation that you owe to the Firm and any tax or other withholding obligations. Any canceled stock options will be considered to have a value equal to the difference between
the fair market value of the underlying shares of Morgan 

  

 10 

 
Stanley common stock, determined on the date of cancellation, and the exercise price. Any canceled Option Shares will be considered to have a value equal to
the fair market value of Morgan Stanley common stock determined on the date of cancellation. Such amount, less any applicable withholding taxes, will be credited against your obligation. 
 (c) Morgan Stanley may withhold the payment of dividend equivalents on your stock units to ensure satisfaction of any obligation that you owe the
Firm or any tax or other withholding obligations. 
 Morgan Stanley’s determination of the 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. 
  

	15.	Nontransferability. 

 You may not sell,
pledge, hypothecate, assign or otherwise transfer your stock units or stock options, other than as provided in Section 16 (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, and stock options may
be exercised only by 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. 
  

	16.	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 or, following your death, to exercise any stock options that have become exercisable and
have not expired or been canceled. To make a beneficiary designation, you must complete and file the form attached hereto as Appendix A with the Executive Compensation Department. 
 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. Any
stock options that remain exercisable following your death, and as to which a designation of beneficiary is not in effect, will be exercisable by the legal representative of your estate. 
 If you previously filed a designation of beneficiary form for any Morgan Stanley equity compensation plan awards with the Executive Compensation
Department, such form will also apply to the stock units and stock options granted pursuant to this award. You may replace or revoke your beneficiary designation at any time. If there is any question as to the legal right of any beneficiary to
receive shares or exercise stock options under this award, Morgan Stanley may determine in its sole discretion to deliver 

  

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the shares in question to your estate or to allow the representative of your estate to exercise the stock options in question. 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 or stock options. 
  

	17.	Ownership and possession. 

 (a)
Stock units. 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 any such voting rights may be amended by Morgan Stanley, 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. 
 With respect to any provision of this Award Certificate that provides for
vested stock units to convert to shares of Morgan Stanley common stock on or as soon as administratively practicable after a specified event or date, such conversion will be made by the later of the end of the calendar year in which the specified
event or date occurs or the 15th day of the third calendar month following the specified event or date to the extent
necessary or advisable to comply with Section 409A. 
 (b) Stock options. You will not have any rights as a
stockholder in the shares of Morgan Stanley common stock subject to your stock options until you are issued shares following the exercise of your stock options. 
 (c) Following conversion or exercise. Subject to Sections 9 and 12 with respect to Option Shares, following conversion of your stock units or exercise of your stock options you will be the
beneficial owner of the Option Shares 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. 
 (d) 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. 
  

	18.	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 or 

  

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exercise of your stock options (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 STOCK OPTIONS 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 STOCK OPTIONS 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. 
  

	19.	Compliance with laws and regulation. 

 Any
sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of shares issued upon conversion of your stock units or exercise of your stock options (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. 
  

	20.	No entitlements. 

 (a) No right
to continued Employment. This award is not an employment agreement, and nothing in this Award Certificate, the International Supplement, if applicable, or the Plan shall alter your status as an “at-will” employee of the Firm or
your employment status at a Related Employer. None of this Award Certificate, the International Supplement, if applicable, or the Plan shall be construed as guaranteeing your employment by the Firm or a Related Employer, or as giving you any right
to continue in the employ of the Firm or a Related Employer, during any period (including without limitation the period between the Date of the Award and any of the First Scheduled Vesting Date, the Second Scheduled Vesting Date, the Scheduled
Conversion Date, the Transfer Restriction Date, the Expiration 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. 
  

 13 

 (b) No right to future awards. This award, and all other awards of stock
units, stock options 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, stock options 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. In addition, 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.

  

	21.	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. 
  

	22.	Award modification. 

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

	23.	Severability. 

 In the event Morgan Stanley
determines that any provision of this Award Certificate would cause you to be in constructive receipt for United States federal or state income tax purposes of any portion of your award, then such provision will be considered 

  

 14 

 
null and void and this Award Certificate will be construed and enforced as if the provision had not been included in this Award Certificate as of the date
such provision was determined to cause you to be in constructive receipt of any portion of your award. 
  

	24.	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. 
  

	25.	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 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 person (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), as such term is modified in Sections 13(d) and 14(d) of the Exchange Act), other than (i) any employee plan established by Morgan Stanley or any of its Subsidiaries, (ii) any group of employees
holding shares subject to agreements relating to the voting of such shares, (iii) Morgan Stanley or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (iv) an underwriter temporarily holding 

  

 15 

 
securities pursuant to an offering of such securities, or (v) 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 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 25% or more of either the total fair market value or total voting power of the
stock of Morgan Stanley; 
 (2) a change in the composition of the Board such that individuals who, as of the Date of
the Award, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a member of the Board subsequent to
the Date of the Award whose election, or nomination for election by Morgan Stanley’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the 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, other than (A) a merger or consolidation which results in the voting securities of Morgan Stanley outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of Morgan
Stanley or any of its Subsidiaries, at least 66-2/3% of the combined voting power of the voting securities of Morgan Stanley or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a
merger or consolidation effected to implement a recapitalization of Morgan Stanley (or similar transaction) in which no person (determined pursuant to clause (1) above) 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 25% 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; or 
 (4) the stockholders of Morgan Stanley approve a plan of complete liquidation of Morgan Stanley or an agreement for the sale or
disposition by Morgan Stanley of all or substantially all of Morgan Stanley’s 

  

 16 

 
assets, other than a sale or disposition by Morgan Stanley of all or substantially all of Morgan Stanley’s assets to an entity, at least 66-2/3% of the
combined voting power of the voting securities of which are owned by persons in substantially the same proportions as their ownership of Morgan Stanley immediately prior to such sale. 
 Notwithstanding the foregoing, 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. 
 (d) A
“Change in Ownership” 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 (i) any employee plan established by Morgan Stanley or any of its Subsidiaries,
(ii) any group of employees holding shares subject to agreements relating to the voting of such shares, (iii) Morgan Stanley or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (iv) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (v) 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 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 more than 50% of either the total fair market value or total voting power of the stock of Morgan Stanley; 
 (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 

  

 17 

 
exchange requirements, provided that immediately following such merger or consolidation the stockholders of the other corporation or other entity own
securities representing more than 50% of the total voting power of Morgan Stanley stock (or if Morgan Stanley is not the surviving entity of such merger or consolidation, securities representing more than 50% of the total voting power of the stock
of such surviving entity), but not counting for purposes thereof any shares of Morgan Stanley stock that such stockholders owned immediately prior to such merger or consolidation (or if Morgan Stanley is not the surviving entity of such merger or
consolidation, not counting any securities of the surviving entity into which any shares of Morgan Stanley stock that such stockholders owned immediately prior to such merger or consolidation are converted); 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 more than 50% 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 Ownership; or 
 (4) the complete liquidation of Morgan Stanley or the sale or disposition by Morgan Stanley of all or substantially all of Morgan
Stanley’s assets in which any one person or more than one person acting as a group (as determined under Section 409A) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or
persons) assets from Morgan Stanley that have a total gross fair market value equal to more than 40% 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, (i) no Change in Ownership 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 (ii) no event or circumstances described in any of clauses (1) through (4) above shall constitute a Change in
Ownership 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 Ownership 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. 
  

 18 

 For purposes of the provisions of this Award Certificate, terms used in the definition of a Change in
Ownership shall be as defined or interpreted pursuant to Section 409A. 
 (e) “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. 
 (f) “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 calls 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. 
 (g) “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. 
 (h) “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]. 
 (i)
“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. 
 (j) “Employed” and “Employment” refer to employment with the Firm and/or Related Employment.

 (k) “Expiration Date” means [tenth anniversary of the Date of the Award]. 
 (l) 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

  

 19 

 
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. 
 (m) “First Scheduled Vesting Date” means [second anniversary of January 2 following the Date of the Award].

 (n) “Fiscal Year [            ]”
means the fiscal year beginning on December 1, [    ] and ending on November 30, [    ]. 
 (o) “Full Career Retirement” means the termination of your Employment by you or by the
Firm for any reason other than for Cause (or under circumstances involving any other cancellation event described in Section 12) and other than due to your death or Disability.5 
 (p) “Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended, and the rules, regulations
and guidance thereunder. 
 (q) “Legal Requirement” means any law, regulation, ruling, judicial decision,
accounting standard, regulatory guidance or other legal requirement. 
 (r) “Management Committee” means the
Morgan Stanley Management Committee and any successor or equivalent committee. 
 (s) “Option Shares” means
the number of shares of Morgan Stanley common stock acquired upon exercise of all or a portion of your stock options less the aggregate number of shares of common stock, if any, tendered, withheld or disposed of (including any share disposed of in a
cashless or net share settlement exercise) to pay the exercise price and tax or other withholding obligation arising upon such exercise; provided, however, that solely for purposes of Section 12, “Option Shares” means,
in the case of a stock option for which you pay the exercise price and/or tax or other withholding obligation in cash, the number of shares of Morgan Stanley common stock acquired upon exercise of all or a portion of your stock option less the
number of shares calculated by dividing (i) the aggregate amount of exercise price and tax or other withholding obligation paid in connection with such exercise by (ii) the closing price of Morgan Stanley common stock as reported on the
Consolidated Transaction Reporting System on the date of exercise, and rounding such result down to the nearest whole share. 
 (t)
“Plan” means the Morgan Stanley equity compensation plan pursuant to which your award is made and which has been communicated to you independently. 

	 5
	 Some awards may include age
and/or service conditions in order for a termination of Employment to qualify as Full Career Retirement. 

  

 20 

 (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 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 disks, videotapes, audiotapes, and oral communications. 
 (v) “Related Employment” means your employment with an employer other than the Firm (such employer, herein referred to as a “Related Employer”), provided:
(i) you undertake such employment at the written request or with the written consent of Morgan Stanley’s Global Head of Human Resources; (ii) immediately prior to undertaking such employment you were an employee of the Firm or were
engaged in Related Employment (as defined herein); and (iii) such employment is recognized by the Committee in its discretion as Related Employment; and, provided further that the Firm may (1) determine at any time in its 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.

 (w) “Scheduled Conversion Date” means [third anniversary of January 2 following the Date of the Award]
or as soon thereafter as administratively practicable. 
 (x) “Scheduled Vesting Date” means the First
Scheduled Vesting Date and/or the Second Scheduled Vesting Date, as the context requires. 
 (y) “Second Scheduled Vesting
Date” means [third anniversary of January 2 following the Date of the Award]. 
 (z) “Section
409A” means Section 409A of the Internal Revenue Code. 
 (aa) “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 

  

 21 

 
an equity or similar interest and which the Committee designates as a Subsidiary for purposes of the Plan. 
 (bb) “Transfer Restriction Date” means [third anniversary of January 2 following the Date of the Award]. 

(cc) You will be deemed to have made “Unauthorized Comments” about the Firm if, while Employed or following the
termination of your Employment, you make, directly or indirectly, any negative, derogatory, or disparaging comment, whether written, oral or in electronic format, to any reporter, author, producer or similar person or entity or to any general public
media in any form (including, without limitation, books, articles or writings of any other kind, as well as film, videotape, 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. 
 (dd) A
“Wrongful Solicitation” occurs upon either of the following events: 
 (1) while Employed,
including during any notice period applicable to you in connection with the termination of your Employment, or within 180 days after the termination of your Employment, directly or indirectly in any capacity (including through any person,
corporation, partnership or other business entity of any kind), you hire or solicit, recruit, induce, entice, influence or encourage any Firm employee to leave the Firm or become hired or engaged by another firm; provided, however,
that this clause shall apply only to employees with whom you worked or had professional or business contact, or who worked in or with your business unit, during any notice period applicable to you in connection with the termination of your
Employment or during the 180 days preceding notice of the termination of your Employment; or 
 (2) while Employed,
including during any notice period applicable to you in connection with the termination of your Employment, or within 90 days (180 days if you are a member of the Management Committee at the time of notice of termination) after the termination of
your Employment, directly or indirectly in any capacity (including through any person, corporation, partnership or other business entity of any kind), you solicit or entice away or in any manner attempt to persuade any client or customer, or
prospective client or customer, of the Firm (i) to discontinue or diminish his, her or its relationship or prospective relationship with the Firm or (ii) to otherwise provide his, her or its business to any person, corporation, partnership
or other business entity which engages in any line of business in which the Firm is engaged (other than the Firm); provided, however, that this clause shall apply only to clients or customers, or prospective clients or customers, that
you worked for on an actual or prospective project or assignment during any notice period applicable to you in connection with the termination of your Employment or during the 180 days preceding notice of the termination of your Employment.

  

 22 

 IN WITNESS WHEREOF, Morgan Stanley has duly executed and delivered this Award Certificate as of
the [    ] day of [month] [year]. 
  

	
	MORGAN STANLEY
	
	/s/
	[Name]
	[Title]

  

 23 

 APPENDIX A 
 Designation of Beneficiary(ies) Under 
 Morgan Stanley Equity Compensation Plans 
 This Designation of Beneficiary shall remain in effect with respect to all awards issued to me under any Morgan Stanley equity compensation plan, including any awards
that may be issued to me after the date hereof, unless and until I modify or revoke it by submitting a later dated beneficiary designation. This Designation of Beneficiary supersedes all my prior beneficiary designations with respect to all my
equity awards. 
 I hereby designate the following beneficiary(ies) to receive any survivor benefits with respect to all my equity awards: 
  

					
	 Beneficiary(ies) Name
	  	 Relationship
	  	 Percentage

	 (1)_____________________________
	  	____________________________	  	____________________________
	 (2)_____________________________
	  	____________________________	  	____________________________
	 (3)_____________________________
	  	____________________________	  	____________________________
	 (4)_____________________________
	  	____________________________	  	____________________________

 Address(es) of Beneficiary(ies): 

	(1)	

	(2)	

	(3)	

	(4)	

  

					
	  	  	  	 	
	Name: (please print)	  	Date	 	
			
	  	  		 	
	Signature	  		 	

 Please sign and return this form to the Executive Compensation Department, [insert address]. 
  

 24Morgan Stanley Branch Manager Compensation Plan

 EXHIBIT 10.35 
 MORGAN STANLEY 
 BRANCH MANAGER COMPENSATION PLAN 
 (Amended and Restated as of November 27, 2006) 
 SECTION I 
 INTRODUCTION 
 The name of this plan is the Morgan Stanley Branch Manager Compensation Plan (the “Plan”). The Plan was initially adopted for Fiscal Years beginning with 1984; was amended and restated on December 23, 1985
retroactive to 1984; was amended as of December 8, 1986, January 1, 1988, December 23, 1990, and July 15, 1991; was amended and restated January 1, 1992; was amended and restated as of April 21, 1992,
retroactive to January 1, 1992; was amended and restated effective October 1, 1993; was amended effective January 1, 1994; was amended and restated effective January 1, 1994; was amended and restated effective October 21,
1994; was amended effective June 18, 1997; was amended effective September 25, 1998; was amended effective September 21, 1999; was amended effective December 9, 1999; was amended effective March 26, 2001; was amended
effective December 11, 2001; was amended in October 2005; and was amended and restated effective November 27, 2006 (the “Effective Date”). 
 SECTION II 
 PURPOSE OF PLAN 
 The purpose of the Plan is to retain and recruit key Branch Managers for MSDW. 
 SECTION III 
 DEFINITIONS 
 Unless determined otherwise by the Committee and set forth in the applicable Award Certificate, capitalized terms used herein without definition have the
meanings set forth below. 
  

	(a)	“Account” means a bookkeeping account maintained in a confidential ledger by MSDW pursuant to Section VI of the Plan for each Participant granted a cash
Award under the Plan. 

  

	(b)	“Administrator” has the meaning set forth in Section IX(b). 

  

	(c)	“Agreement” has the meaning set forth in Section VIII(a). 

  

	(d)	“Award” means any award of deferred cash, Stock or Stock Units granted pursuant to Section V(c)(3) or V(d) of the Plan. 

	(e)	“Award Certificate” means a written document (including in electronic form) that sets forth the terms and conditions of an Award. Award Certificates shall be
authorized by the Committee and signed by an officer on behalf of Morgan Stanley (which signature may be in facsimile). 

  

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

  

	(g)	“Branch Manager” means an Employee performing the functions of that position for MSDW. For purposes of the Plan, “Branch Manager” shall also mean a
Satellite Manager, unless otherwise specified in the Plan. 

  

	(h)	“Branch Office” means any branch office of MSDW. 

  

	(i)	“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. 

  

	(j)	“Company” means Morgan Stanley and its subsidiaries. 

  

	(k)	“Custodian” has the meaning set forth in Section VI(c). 

  

	(l)	“Deferred Bonus” has the meaning set forth in Section V(c)(3). 

  

	(m)	In respect of each Award granted prior to the Effective Date, “Disability” means termination of employment from MSDW due to a medically determinable physical
or mental incapacity which is reasonably expected to be of long-term duration or result in death. In respect of each Award granted on or after the Effective Date, “Disability” shall have the meaning determined by the
Committee and set forth in the applicable Award Certificate. The determination of MSDW shall be conclusive on all parties as to whether a participant is Disabled. 

  

	(n)	“Employee” means an employee of MSDW. 

  

	(o)	In respect of each Award granted prior to the Effective Date, “Fair Market Value” means: 

 (1) for purposes of determining the number of shares of Stock to be allocated pursuant to Section VII(b)(1) to an Award granted pursuant
to Section V, the fair market value thereof as of the relevant date of determination, as determined in accordance with a valuation methodology approved by the Board or the Committee; and 
 (2) for purposes of crediting a Participant pursuant to Section VII(b)(3) with shares of Stock based upon cash dividends paid or deemed to
be paid on shares of Stock credited to the Participant as of the record date for such dividends, the average of the high and low sales prices, regular way, of a share of Stock as reported on the New York Stock Exchange Composite Tape (the
“High/Low Price”) on the relevant dividend payment date, or, if Stock is not traded on public markets on the relevant dividend payment date, the first preceding date on which Stock is traded on public markets;
provided, however, that in the event 
  

 2 

 a “Fair Market Value” cannot be determined pursuant to the foregoing, the fair market value
thereof as of the relevant date of determination, as determined in accordance with a valuation methodology approved by the Committee; and 
 (3) for purposes of distributing cash in lieu of a fractional share pursuant to Section VII(b)(1), the High/Low Price on the date of the distribution, or, if Stock is not traded on public markets on the date of the
distribution, the first preceding date on which Stock is traded on public markets; provided, however, that in the event a “Fair Market Value” cannot be determined pursuant to the foregoing, the fair market value thereof as of the relevant
date of determination, as determined in accordance with a valuation methodology approved by the Committee; and 
 (4) for such
other purposes as may arise in connection with the Plan, the fair market value of a share of Stock as of the relevant date of determination, as determined in accordance with a valuation methodology approved by the Committee. 
 In respect of each Award granted on or after the Effective Date, “Fair Market Value” means, with respect to a share of Stock, the
fair market value thereof as of the relevant date of determination, as determined in accordance with a valuation methodology approved by the Committee. 
  

	(p)	“Fiscal Year” means the fiscal year of Morgan Stanley. 

  

	(q)	“MIC” means the Branch Manager Management Incentive Compensation Plan. 

  

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

  

	(r)	“MSDW” means Morgan Stanley DW Inc., a Delaware corporation, or any successor thereto (including, without limitation, any successor by merger).

  

	(s)	“Net Income After Allocated Expense” means the Branch Office monthly gross revenue less all expenses charged to such Branch Office, both direct and
allocated, before accrual of income taxes and the Branch Manager’s MIC credit as reflected in the statements of revenue and expense prepared by MSDW in accordance with its standard accounting practices. 

  

	(t)	“Non-Producing Branch Manager” means a Branch Manager who does not personally produce gross revenues for MSDW through the sale of securities and other
investments to clients of MSDW. 

  

	(u)	“Office Gross Revenue” means the gross revenue generated in a Fiscal Year by a Branch Office as reflected in the statements of revenue and expense prepared
by MSDW in accordance with its standard accounting practices. 

  

	(v)	“Participant” means an Employee to whom an Award has been granted pursuant to Section V(c)(3) or Section V(d) of the Plan. 

  

	(w)	“Payment Obligation” has the meaning set forth in Section VIII(a). 

  

 3 

	(x)	“Producing Branch Manager” means a Branch Manager who personally produces gross revenues for MSDW through the sale of securities and other investments to
clients of MSDW. 

  

	(y)	“Profit Margin” means the Branch Office Net Income After Allocated Expense divided by the Branch Office Total Gross Income. 

  

	(z)	“Regional Director” means an Employee performing the functions of that position for MSDW. 

  

	(aa)	In respect of each Award granted prior to the Effective Date, “Related Employment” means the employment of a Participant by an employer other than MSDW,
provided that: (1) such employment is undertaken by the individual at the request or with the consent of MSDW; (2) immediately prior to undertaking such employment, the individual was an Employee or was engaged in Related Employment
as defined herein; and (3) such employment is recognized by MSDW, in its discretion, as Related Employment. In respect of each Award granted on or after the Effective Date, “Related Employment” shall have the meaning
determined by the Committee and set forth in the applicable Award Certificate. 

  

	(bb)	In respect of each Award granted prior to the Effective Date, “Retirement” means termination of employment from MSDW (i) after attaining age 65,
(ii) as defined in the Morgan Stanley DW Inc. Pension Plan whether or not the individual is a participant therein, or (iii) as otherwise specified by written agreement between MSDW and a Branch Manager. In respect of each Award granted on
or after the Effective Date, “Retirement” shall have the meaning determined by the Committee and set forth in the applicable Award Certificate. 

  

	(cc)	“Satellite Manager” means the manager of a satellite sales office of MSDW. 

  

	(dd)	“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance thereunder (or any successor
provisions thereto). 

  

	(ee)	“Stock” means the common stock of Morgan Stanley, par value $.01 per share. 

  

	(ff)	“Stock Unit” means a general, unsecured obligation of Morgan Stanley to deliver one share of Stock (or the value thereof) to a Participant pursuant to an
Award recorded by the Company as a bookkeeping entry, subject to conditions determined by the Committee pursuant to Section V. 

  

	(gg)	“Total Gross Income” means the monthly gross income generated by a Branch Office as reflected in the statements of revenue and expense prepared by MSDW in
accordance with its standard accounting practices. 

 SECTION IV 
 ELIGIBILITY 
 All Branch Managers shall be eligible to participate in the Plan.
The Committee shall determine the eligibility criteria applicable for each Award granted under the Plan. 
  

 4 

 SECTION V 
 COMPENSATION 
  

	(a)	Salaries. Salary levels for Branch Managers shall be established each year by MSDW in its sole discretion taking into account such factors as Office Gross Revenue for
each Branch Manager’s respective Branch Office and/or such other factors as MSDW may determine. The criteria for determining Branch Manager salaries on an annual basis may be the same or different for Non-Producing Branch Managers, Producing
Branch Managers and/or Satellite Managers. Salaries shall be paid in cash on a periodic basis throughout each Fiscal Year. Salary payments will cease immediately upon termination of employment. 

  

	(b)	MIC Award. Branch Managers may be eligible for an MIC award to be based on a formula which shall be determined by MSDW from time to time. A Branch Manager’s MIC
award shall be based on the monthly Profit Margin of his or her respective Branch Office. However, in the event of a Branch Office loss, such loss shall be carried forward to succeeding months and shall be used to reduce the monthly Profit Margin in
such succeeding months in calculating MIC awards until such losses shall have been offset in whole by the Branch Office’s Profit Margins in successive months of the same Fiscal Year. The amount of any Branch Manager’s MIC award may be
increased at any time by MSDW in its sole discretion. MIC awards shall be paid in cash. 

  

	(c)	Challenge Bonuses Awarded Under the Plan. 

 (1) Branch Managers may, in the discretion of MSDW, also be eligible for a Challenge Bonus under the Plan for a Fiscal Year. The Challenge Bonus will be based on the achievement of challenge goals agreed to between
each Branch Manager and his or her Regional Director at the beginning of the Fiscal Year for which such Challenge Bonus is being awarded. The Regional Director shall establish a target Challenge Bonus for a Branch Manager at such time as challenge
goals are agreed to with each Branch Manager. 
 (2) MSDW, in its sole discretion, shall determine whether a Branch Manager
has achieved and/or exceeded the challenge goals agreed to between the Branch Manager and Regional Director. If MSDW determines that a Branch Manager has exceeded the challenge goals agreed to between the Branch Manager and the Regional Director, it
may award a Challenge Bonus up to two times the target Challenge Bonus. If a Branch Manager has not achieved the challenge goals for a Fiscal Year agreed to between the Branch Manager and the Regional Director, the Branch Manager may receive a
Challenge Bonus that is less than the target Challenge Bonus, in an amount determined solely by MSDW. 
 (3) With respect to
any Challenge Bonus awarded under the Plan prior to the Effective Date, MSDW shall pay 80% of the Challenge Bonus in cash as soon as practicable following the end of the Fiscal Year in which the Challenge Bonus is earned. The remaining 20% (the
“Deferred Bonus”), will be granted in the form of an Award of Stock in accordance with Section VII and subject to Appendix A. Challenge Bonuses awarded under the Plan on or after the Effective Date may be paid in the
form of cash or granted in the form of cash Awards, Awards of Stock or Stock Units or any combination thereof. The Committee shall determine, in its discretion, the portion, if any, of any Challenge Bonus awarded under the Plan on or after the
Effective Date that will be granted in the form of Awards of Stock or Stock Units. 
  

 5 

	(d)	Other Awards. 

 (1) The
Committee may establish the criteria which will entitle a Branch Manager to receive an Award under the Plan for a given Fiscal Year. A Branch Manager who achieves such criteria in a Fiscal Year shall receive an Award for that Fiscal Year. Any Awards
granted pursuant to this Section V(d)(1) prior to the Effective Date shall be made subject to the same terms and conditions as Deferred Bonuses granted under Section V(c)(3) prior to the Effective Date and shall be Payment Obligations for purposes
of Section VIII. 
 (2) The Committee, may, in its discretion from time to time, make to an individual, in consideration of
such individual becoming a Branch Manager, remaining a Branch Manager or such other consideration as the Committee may determine, an Award on such terms and conditions as the Committee may determine, which terms and conditions need not be uniform
with the terms and conditions of Section VI, VII or VIII hereof. 
  

	(e)	Awards Generally. Awards granted under this Section V on or after the Effective Date shall be subject to such terms and conditions, including, without limitation,
vesting requirements, cancellation provisions and transfer restrictions, established by the Committee, in its sole discretion, in connection with the Award. The Committee shall also have full authority to determine and specify in the applicable
Award Certificate the effect, if any, that a Participant’s termination of employment for any reason will have on the vesting, payment or lapse of restrictions applicable to an Award granted on or after the Effective Date. The terms and
conditions of each Award granted on or after the Effective Date shall be set forth in an Award Certificate delivered or made available by Morgan Stanley to the Participant following the date of grant of the Award. 

  

	 (f)
	 Plan Limit. The total number of shares of Stock that may be issued pursuant to Awards granted under the
Plan is 500,0001. Shares delivered under the Plan may be authorized but unissued shares or treasury shares that
Morgan Stanley acquires in the open market, in private transactions or otherwise. The Committee shall equitably adjust the number and kind of shares authorized for delivery under the Plan in the event of a stock split, stock dividend, extraordinary
cash dividend, merger, acquisition, reorganization, spinoff or similar equity restructuring transaction. In connection with any of the foregoing events, the Committee shall equitably adjust outstanding Awards, including, if necessary, by adjusting
the number and kind of shares subject to any outstanding Award. 

  

	 1
	 Such number represents the maximum number of shares of Stock available for Awards under the Plan that
was initially approved by the Board of Directors of Dean Witter, Discover & Co. (the predecessor of Morgan Stanley) and does not reflect adjustments to such maximum number that were made in accordance with Section V(f) after the date of
such approval. 

  

 6 

 SECTION VI 
 ACCOUNTS - ESCROW AGENT 
  

	(a)	A separate Account shall be maintained by MSDW in a confidential ledger for each Participant granted a cash Award by the Company for each Fiscal Year. Each such Account shall be
credited with the amount of cash Awards granted to the Participant pursuant to Section V of the Plan. Each such Account shall be decreased by any (i) payments of such Awards, or (ii) forfeitures of such Awards pursuant to Section VII.

  

	(b)	Within a reasonable time after the end of each Fiscal Year, the Controller of Morgan Stanley shall give each Participant a written report of the status of such Participant’s
Account under the Plan, including the value thereof. For each Fiscal Year, Accounts shall be valued as of the last day of the Fiscal Year. 

  

	(c)	As a condition to participation in the Plan, each eligible Employee shall be required to hold Stock corresponding to Awards of Stock granted under the Plan in an escrow account and
such Employee’s participation in the Plan shall constitute the appointment of such custodian as the Company shall designate (the “Custodian”) as the custodial agent for the purpose of holding such Stock. Such escrow
account will be governed by and subject to the terms and conditions of a written agreement with the Custodian. 

 SECTION VII

 AWARD PAYMENTS 
  

	(a)	In order to be entitled to any payment of an MIC award or cash Challenge Bonus granted under the Plan, an Employee must be employed by MSDW on the date such MIC award or cash
Challenge Bonus is paid. If any Employee terminates employment after any such MIC award or cash Challenge Bonus is or becomes determinable but before such MIC award or cash Challenge Bonus granted under the Plan is actually paid by MSDW in the
normal course of business, the Employee shall not be entitled to receive any such payment. 

  

	(b)	The following provisions shall apply to Awards granted under the Plan prior to the Effective Date: 

 (1) Deferred Bonuses will be granted in the form of Awards of Stock, payable as soon as practicable following the close of the Fiscal Year
for which the Award is granted. For purposes of determining the number of shares of Stock that constitutes a Deferred Bonus, the Stock may be valued at a discount, determined by the Committee, from Fair Market Value. Awards under Section V(d) may be
paid in cash or granted in the form of Awards of Stock as determined by the Committee. The number of shares of Stock payable with respect to a Deferred Bonus shall be calculated by reference to the amount of the Deferred Bonus determined under
Section V. Deferred Bonuses granted in the form of Awards of Stock shall be paid in the form of whole shares and cash in lieu of any fractional share. A Participant on a leave of absence approved by MSDW or who is absent due to Disability on the
date payment is made shall not be entitled to payment of such Deferred Bonus until the Participant returns to MSDW following completion of such leave of absence or Disability. 
  

 7 

 (2) Stock awarded with respect to a Fiscal Year shall vest four years and three months
following the close of that Fiscal Year, provided that the Participant’s status as an Employee has not been terminated prior to such date. Upon the Participant’s termination of employment with MSDW, all unvested Stock shall be forfeited.
Notwithstanding anything in this Plan to the contrary, if a Participant terminates employment with MSDW due to Disability or Retirement, or upon a Participant’s death, all of the Participant’s Awards shall vest immediately and be paid as
promptly as practicable. 
 (3) A Participant may vote and receive dividends on any Award of Stock awarded to such Participant
under Section VII(b)(1) or credited under this Section VII(b)(3); provided that all dividends on such Stock (other than dividends payable in Stock) shall be reinvested in shares of Stock at 100% of the Fair Market Value of Stock which shares
shall be credited to the Participant and held by the Custodian. All shares of Stock received as a distribution with respect to an Award of Stock or acquired with reinvested dividends under this Section VII(b)(3) shall be subject to the same
restrictions as the Award of Stock on which such distribution or dividend is awarded. 
 (4) Except as provided in this
Section VII(b), payments made hereunder shall be made in cash and shall not be eligible for rollover or transfer into other retirement or deferred compensation plans sponsored by MSDW, Morgan Stanley or any of their affiliates. 
 (5) A Participant shall be entitled to payment of his or her Account pursuant to this Section VII(b) provided the Participant is employed
by MSDW at the time such payment is due, regardless of the position in which the Participant is employed at such time. 
  

	(c)	The following provisions shall apply to Awards granted under the Plan on or after the Effective Date: 

 (1) Awards may be made in cash, Stock, Stock Units or any combination thereof, as determined by the Committee. The number of shares of
Stock payable with respect to an Award granted on or after the Effective Date shall be determined in accordance with a valuation methodology approved by the Committee and such Awards shall be subject to the conditions to payment determined by the
Committee and set forth in the applicable Award Certificate. 
 (2) If Morgan Stanley pays any ordinary or regular dividend or
makes any ordinary or regular distribution to holders of Stock, the Committee may in its discretion authorize payments (which may be in cash, Stock (including restricted Stock) or Stock Units or any combination thereof) with respect to the shares
corresponding to an Award, or may authorize appropriate adjustments to outstanding Awards, to reflect such dividend or distribution. The Committee may make any such payments subject to vesting, deferral or restrictions on transfer. 
  

	(d)	 In accordance with the provisions of Appendix A to the Plan, if MSDW must recover a Payment Obligation that was made subject to Appendix A and was
previously paid to a Participant pursuant to this Section VII, the Participant shall be required to repay such amount. With respect to Awards of Stock or Stock Units, the Participant shall be required to repay the number 

  

 8 

	 	 
of shares of Stock received (or an amount in cash equal to the fair market value of such Stock as of the date of such repayment, as determined by MSDW). If
any such amount is not repaid, MSDW reserves the right to withhold from the Participant’s compensation an amount equal to the value of the Award subject to the Payment Obligation which a Participant fails to repay as required herein.

  

	(e)	The Committee reserves the right to accelerate the vesting of any cash, Stock or Stock Unit Award awarded pursuant to Section V of the Plan, provided that, if the Award was
made subject to Appendix A hereof, then vesting of such Award shall be subject to Appendix A hereof. Notwithstanding the preceding sentence, the Company and the Committee shall not have any right to accelerate the vesting or payment of
any cash, Stock or Stock Unit Award awarded pursuant to the Plan to the extent such right is prohibited by Section 409A, or the existence of such right would result in a Participant being required to recognize income for United States federal
income tax purposes prior to the time of payment or settlement of an Award or would result in a Participant incurring interest or additional tax under Section 409A. 

  

	(f)	As a condition to the vesting or payment of any Award or the lapse of any restrictions pertaining thereto, the Company may require a Participant to pay such sum as may be necessary
to discharge the Company’s obligations with respect to any taxes, assessments or other governmental charges (including FICA tax) imposed on property or income received by a Participant pursuant to the Plan or to satisfy any obligation that the
Participant owes to the Company. In accordance with rules and procedures authorized by the Company and, in the discretion of the Company, such payment may be in the form of cash or other property or the Company may, in its discretion, make available
for delivery a lesser amount of cash or number of shares of Stock in payment or settlement of any Award. 

 SECTION VIII

 SUBORDINATION OF DEFERRED BONUSES 
  

	(a)	MSDW may require, as a condition of participation in the Plan, that a Branch Manager execute and deliver a written agreement (the “Agreement”) within
forty-five (45) days after notice of eligibility to participate that such Branch Manager’s right to any payment hereunder (the “Payment Obligation”) is subordinate to the prior payment or provision for payment in
full of all claims of all present and future creditors of MSDW arising out of any matter occurring prior to the date on which the related Payment Obligation matures consistent with all applicable statutes, regulations and rules, except for claims
which are the subject of subordination agreements which ran on the same priority (which claims shall be paid pari passu) or are junior to the Payment Obligation under the Agreement. The Agreement shall also provide that the Participant’s right
to payment hereunder shall be subordinate to claims which are now or hereafter expressly stated in the instruments creating such claims to be senior in right of payment to the claims of the class of claims created hereunder which arise out of any
matter occurring prior to the maturity date of any payment under the Payment Obligation. 

  

	(b)	 The form of the Agreement shall be determined by MSDW. In the event MSDW elects to treat Payment Obligations as subordinated liabilities for purposes of determining
net capital under Rule 15c3-1 promulgated by the Securities and Exchange 

  

 9 

	 	 
Commission under the Securities Exchange Act of 1934 and similar regulations promulgated under the Commodities Exchange Act, the form of the Agreement shall
be subject to approval of the Examining Authority as defined by the Agreement. A copy of the Agreement is annexed hereto as Appendix A, and incorporated by reference as fully as if set forth herein at length. 

  

	(c)	Any amount credited to a Participant’s Account shall not be segregated but shall remain a part of the general corporate funds of MSDW subject to the claims of general,
unsecured creditors of MSDW to which claims the rights of the Participant to receive payment of the amount credited to the Participant’s Account shall be subordinated pursuant to the terms of an Agreement. 

  

	(d)	If a Participant is required by MSDW to execute and deliver an Agreement within the forty-five (45) day period described in (a) above and does not do so, such Participant
shall cease to have any rights whatsoever hereunder with respect to Awards granted under Section V(c)(3) or Section V(d). 

 SECTION IX 
 ADMINISTRATION 
  

	(a)	The Committee shall have full power and authority to exercise all powers granted to it under the Plan and to construe, interpret and administer the Plan. Its decisions shall be
final, conclusive and binding upon all persons interested herein, including Participants and their beneficiaries and personal representatives. 

  

	(b)	The members of the Committee shall be appointed by, and serve at the pleasure of, the Board. Notwithstanding anything to the contrary contained herein, the Board may, in its sole
discretion, at any time and from time to time, resolve to administer the Plan, in which case, the term Committee as used herein shall be deemed to refer to the Board. To the extent not prohibited by applicable laws or rules of the New York Stock
Exchange, the Committee or the Board may from time to time delegate some or all of the Committee’s authority under the Plan to an administrator consisting of one or more members of the Committee as a subcommittee or subcommittees thereof or of
one or more members of the Board who are not members of the Committee or one or more officers of the Company (or of any combination of such persons) (the “Administrator”). Any such delegation shall be subject to the
restrictions and limits specified at the time of such delegation or thereafter. The Committee or the Board may at any time rescind all or part of the authority delegated to an Administrator or appoint a new Administrator. At all times, the
Administrator shall serve in such capacity at the pleasure of the Board. Any action undertaken by the Administrator in accordance with the delegation of the Committee’s authority shall have the same force and effect as if undertaken directly by
the Committee, and any reference in the Plan to the Committee shall, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference to the Administrator. 

  

	(c)	The expenses of administering the Plan shall be borne by the Company. 

  

 10 

	(c)	The interest and property rights of any person in the Plan or in any distribution to be made under the Plan shall not be subject to option nor be assignable either by voluntary or
involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process and any act in violation hereof shall be void. 

  

	(d)	Nothing herein shall be construed to require Morgan Stanley or any affiliate to segregate or set aside any funds or any property for the purpose of making payments hereunder.

  

	(e)	The Company’s and the Committee’s determinations under the Plan need not be uniform and may be made selectively among persons who receive or are eligible to receive Awards
under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Company and the Committee shall be entitled, among other things, to make non-uniform and selective determinations and to enter
into non-uniform and selective Award Certificates as to (1) the persons to receive Awards under the Plan; (2) the terms and provisions of Awards under the Plan; (3) the exercise by the Company or the Committee of its discretion in
respect of the terms of the Plan; and (4) any adjustments made pursuant to Section V(f) of the Plan. 

 SECTION X

 MISCELLANEOUS 
  

	(a)	The establishment of the Plan, the granting of benefits or any action by the Company, the Committee or any other person shall not be held or construed to confer upon any person any
right to employment by the Company nor, upon termination of employment, to confer any right or interest other than as provided herein. No provision of the Plan shall restrict the right of the Company to terminate any Employee’s employment for
any reason, with or without cause. 

  

	(b)	If, in the opinion of the Company, any person becomes unable to handle properly any amount payable to such person under the Plan, the Company may make any reasonable arrangement for
payment on such person’s behalf as it deems appropriate. 

  

	(c)	Where appropriate, the use of masculine terms within the Plan shall mean the feminine, the use of singular terms shall mean the plural, and vice versa. 

  

	(d)	Except as otherwise provided in Section VII(b)(3) or in the applicable Award Certificate, no Participant shall have any of the rights of a stockholder of Morgan Stanley with respect
to shares of Stock corresponding to an Award until the issuance of such Stock to the Participant. 

 SECTION XI

 EFFECTIVE DATE, AMENDMENT, SUSPENSION AND DISCONTINUANCE 
  

	(a)	The Committee shall have the authority to amend the Plan, in whole or in part, or to suspend or discontinue the Plan, in whole or in part, at any time. MSDW shall have the authority
to change the criteria for awarding MIC awards or cash Challenge Bonuses. 

  

 11 

	(b)	In the event of the discontinuance or termination of the Plan, the Company reserves the right to accelerate payment of a Participant’s Award to any date prior to the vesting
periods applicable to such Award, subject to provisions of Appendix A to the Plan, provided that the Company shall not have any such right to accelerate payment of a Participant’s Award to the extent such right is prohibited by
Section 409A, or the existence of such right would result in a Participant being required to recognize income for United States federal income tax purposes prior to the time of payment or settlement of an Award or would result in a Participant
incurring interest or additional tax under Section 409A. 

  

	(c)	If any part of this Plan, including Appendix A hereto, fails to receive any required approval of a regulatory or governing body or is otherwise declared void and of no
effect, the rest of the Plan shall continue in full force. 

  

	(d)	This Plan shall govern Payment Obligations of deferred Challenge Bonuses accrued for the Fiscal Year beginning in 1984 and thereafter. 

  

	(e)	The Plan shall continue in effect as amended from time to time, until suspended or discontinued by the Committee. 

  

	(f)	Any discretionary authority or obligation that the Committee or the Company may have pursuant to the Plan (including Appendix A hereto) shall not be applicable to an Award
that is subject to Section 409A to the extent such discretionary authority or obligation is prohibited by Section 409A, or would result in a Participant being required to recognize income for United States federal income tax purposes prior
to the time of payment, settlement or exercise of an Award or would result in a Participant incurring interest or additional tax under Section 409A. 

  

 12 

 APPENDIX A 
 TO THE 
 MORGAN STANLEY 
 BRANCH MANAGER COMPENSATION PLAN 
 For purposes of this Appendix A, a Branch
Manager who is designated in writing by Morgan Stanley DW Inc. as a participant under the Plan, shall be known as a “Participant”, Morgan Stanley DW Inc. shall be known as “MSDW,” and MSDW’s
“Payment Obligation” shall be as defined below. 
 1. Payment Obligation 
 (a) Payment Obligations shall consist of any deferred payments of Challenge Bonuses owed from time to time to a Participant by MSDW pursuant to the Plan.

 (b) Payment Obligations including the dates payments are due, shall be determined in accordance with the provisions of the Plan as in
effect on the date hereof, or as hereafter amended. As provided in Sections 4 and 5 of this Appendix A, no payment of any amount of a Payment Obligation may be made sooner than five years following the year for which such Payment Obligation is
accrued by MSDW. If any provision of the Plan as now in effect or as hereafter amended shall be inconsistent with this Appendix A, this Appendix A shall govern. 
 2. Subordination of Right of Payment 
 (a) Payment Obligations are and shall be subordinated in right of payment and subject
to prior payment or provision for payment in full of all claims of other present and future creditors of MSDW whose claims are not similarly subordinated (claims hereunder shall rank pari passu with claims similarly subordinated) and to claims which
are now or hereafter expressly stated in the instruments creating such claims to be senior in right of payment to the claims or the class of claims hereunder which arise out of any matter occurring prior to the maturity date of any payment under the
Payment Obligation. 
 (b) In the event of the appointment of a receiver or trustee for MSDW or in the event of its insolvency, liquidation
pursuant to the Securities Investor Protection Act of 1970 (“SIPA”) or otherwise, its bankruptcy, assignment for the benefit of creditors, reorganization whether or not pursuant to bankruptcy laws or any other marshaling of
the assets and liabilities of MSDW, Participants shall not be entitled to participate or share, ratably or otherwise, in the distribution of the assets of MSDW until all claims of all other present and future creditors of MSDW whose claims are
senior to claims hereunder have been fully satisfied or provision has been made therefor. 
 (c) Notwithstanding the maturing of the Payment
Obligation under any provision of the Plan or this Appendix A, the right of a Participant to receive payment of any Payment Obligation is and shall remain subordinate as provided in this Section 2. 
  

 A-1 

 3. Suspension of Maturity During Net Capital Stringency 
 (a) MSDW’s Payment Obligations shall be suspended and not mature for any period of time during which, after giving effect to such Payment Obligations
(together with the payment of any other subordinated obligation of MSDW payable at or prior to such payment of the Payment Obligations), 
 (i) if MSDW is not operating pursuant to the alternative net capital requirements provided for in paragraph (f) of Rule 15c3-1 (the “Rule”) under the Securities Exchange Act of 1934 (the
“Act”), the aggregate indebtedness of MSDW would exceed 1,200 percentum of its net capital, as those terms are defined in the Rule, as in effect at the time such payment is to be made, or such percentum as may be made
applicable to MSDW from time to time by the Examining Authority (as defined in paragraph 7(f) hereof) plus an amount equal to the guaranty deposits with clearing organizations, other than the Chicago Board of Trade (“CBOT”),
which were included in current assets under Section 211 of the CBOT “Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (ii) if MSDW is operating pursuant to the alternative net capital requirements provided for in paragraph (f) of the Rule, its net
capital would be less than five (5) percentum of aggregate debit items (or such other percentum as may be made applicable to MSDW by the Examining Authority) computed in accordance with Exhibit A to Rule 15c3-3 under the Act or any successor
rule as in effect at the time such payment is to be made, plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets under Section 211 of the CBOT “Capital
Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (iii) if MSDW
is registered as a futures commission merchant under the Commodity Exchange Act (the “CEA”), the net capital of MSDW would be less than the greatest of (A) six (6) percentum of the funds required to be segregated
pursuant to the CEA and Commodities Futures Trading Commission (“CFTC”) Regulations and the foreign futures or foreign options secured amount exclusive of the market value of commodity options purchased by option customers of
MSDW on or subject to the rules of a contract market or a foreign board of trade, provided the deduction for each option customer shall be limited to the amount of customer funds in each option customer’s account(s), and foreign futures and
foreign options secured amounts plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets under Section 211 of the CBOT “Capital Requirements for Member
FCM’s”, to the extent such deposits cannot be used for margin purposes, (B) such amount as may be made applicable to MSDW at the time of such payment by the Examining Authority under Rule 15c3-1(b)(7), or (C) $2,000,000 (or such
other amount as required by the CEA and CFTC Regulations), or 
  

 A-2 

 (iv) if MSDW’s net capital, as defined in the Rule or any successor rule as in
effect at the time such payment is to be made, would be less than 120 percentum (or such other percentum as may be made applicable to MSDW at the time of such payment by the Examining Authority) of the minimum dollar amount required by the Rule as
in effect at such time, or such dollar amount as may be made applicable to MSDW by the Examining Authority, plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets under
Section 211 of the CBOT “Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (v) if MSDW is registered as a futures commission merchant under the CEA and if its net capital, as defined in the CEA or CFTC Regulations thereunder as in effect at the time of such payment, would be less than 120
percentum (or such other percentum as may be made applicable to MSDW by the Examining Authority) of the minimum dollar amount required by the CEA or the regulations thereunder as in effect at such time (or such other dollar amount as may be made
applicable to MSDW by the Examining Authority at the time of such payment), plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets under Section 211 of the CBOT
“Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (vi) if MSDW is subject to the provisions of paragraph (a)(6)(v) or (a)(7)(iv) or (c)(2)(x)(B)(1) of the Rule, its net capital would be less than the amount required to satisfy the 1,000 percentum test (or such other percentum test as may
be made applicable to MSDW by the Examining Authority at the time of such payment) stated in such applicable paragraph, plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current
assets under Section 211 of the CBOT “Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes. 
 The net capital required by (i)-(vi) above, is hereinafter referred to as the “Applicable Minimum Capital”. During any such suspension MSDW shall, as promptly as consistent with the protection of its
customers, reduce its business to a condition whereby payment due under Payment Obligations could be made (together with the payment of any other subordinated obligation of MSDW payable at or prior to such payment) without MSDW’s net capital
being below the Applicable Minimum Capital, at which time MSDW shall make payment due under Payment Obligations on not less than five days prior written notice to the Examining Authority. 
 (b) If immediately after any payment of a Payment Obligation MSDW’s net capital is less than the Applicable Minimum Capital, whether or not the
Participant had any knowledge or notice of such fact at the time of any such payment, a Participant must repay to MSDW, its successors or assigns, any sum so paid, to be held by MSDW pursuant to the provisions of the Plan as if such payment had
never been made; provided, however, that any suit for the recovery of any such payment must be commenced within two years of the date of such payment. MSDW reserves the right to withhold from the Participant’s compensation the amount of any
Payment Obligation which a Participant fails to repay as required herein. 
  

 A-3 

 (c) If pursuant to the terms hereof payment of MSDW’s Payment Obligations are suspended, MSDW may be
summarily suspended by the Examining Authority. 
 4. Permissive Prepayment 
 With the prior written permission of the Examining Authority, MSDW may, at its option and to the extent permitted by the Plan, pay all or any portion of
the Payment Obligation to the Participant (such payment hereinafter referred to as a “Prepayment”) at any time subsequent to one year from the date subordinated funds became subject to this Appendix A. No Prepayment shall be
made, however, if after giving effect thereto (and to all other payments of any other subordinated obligation of MSDW payable within six months of such Prepayment) without reference to any projected profit or loss of MSDW, 
 (i) in the event that MSDW is not operating pursuant to the alternative net capital requirement provided for in paragraph (f) of the
Rule, the aggregate indebtedness of MSDW would exceed 1,000 percentum of its net capital as those terms are defined in the Rule or any successor rule as in effect at the time such Prepayment is to be made (or such other percentum as may be made
applicable at such time to MSDW by the Examining Authority), plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets under Section 211 of the CBOT “Capital
Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (ii) in the
event that MSDW is operating pursuant to such alternative net capital requirement, the net capital of MSDW would be less than 5 percentum (or such other percentum as may be made applicable to MSDW at the time of such Prepayment by the Examining
Authority) of aggregate debit items computed in accordance with Exhibit A to Rule 15c3-3 under the Act or any successor rule as in effect at such time, plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT,
which were included in current assets under Section 211 of the CBOT “Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (iii) in the event that MSDW is registered as a futures commission merchant under the CEA, the net capital of MSDW (as defined in the CEA
or CFTC Regulations as in effect at the time of such Prepayment) would be less than the greatest of (A) 7 percentum (or such other percentum as may be made applicable to MSDW at the time of such Prepayment by the Examining Authority) of the
funds required to be segregated pursuant to the CEA and CFTC Regulations and the foreign futures or foreign options secured amount, exclusive of the market value of commodity options purchased by option customers on or subject to the rules of a
contract market or a foreign board of trade (provided the deduction for each option customer shall be limited to the 
  

 A-4 

 amount of customer funds in each option customer’s account(s) and foreign futures and foreign
options secured amounts), plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets under Section 211 of the CBOT “Capital Requirements for Member FCM’s”,
to the extent such deposits cannot be used for margin purposes, (B) such amount as may be made applicable to MSDW by an Examining Authority under Rule 15c3-1(b)(7) or (C) $2,000,000 (or such other amount as required by the CEA or CFTC
Regulations), or 
 (iv) MSDW’s net capital as defined in the Rule or any successor rule as in effect at the time of such
Prepayment, would be less than 120 percentum (or such other percentum as may be made applicable to MSDW at the time of such Prepayment by the Examining Authority) of the minimum dollar amount required by the rule as in effect at such time (or such
other dollar amount as may be made applicable to MSDW at the time of such Prepayment by the Examining Authority), plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT, which were included in current assets
under Section 211 of the CBOT “Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or 
 (v) in the event that MSDW is registered as a futures commission merchant under the CEA, its net capital, as defined in the CEA or the
regulations thereunder, as in effect at the time of such Prepayment would be less than 120 percentum (or such other percentum as may be made applicable to MSDW at the time of such Prepayment by the Examining Authority) of the minimum dollar amount
required by the CEA or the regulations thereunder as in effect at such time or such other dollar amount as may be made applicable to MSDW at the time of such Prepayment by the Examining Authority, plus an amount equal to the guaranty deposits with
clearing organizations other than the CBOT, which were included in current assets under Section 211 of the CBOT “Capital Requirements for Member FCM’s”, to the extent such deposits cannot be used for margin purposes, or

 (vi) in the event that MSDW is subject to the provision of paragraph (a)(6)(v) or (a)(7)(iv) or (c)(2)(x)(B)(1) of the
Rule, the net capital of MSDW would be less than the amount required to satisfy the 1,000 percentum test (or such other percentum test as may be made applicable to MSDW at the time of such Prepayment by the Examining Authority) stated in such
applicable paragraph, plus an amount equal to the guaranty deposits with clearing organizations other than the CBOT which were included in current assets under Section 211 of the CBOT “Capital Requirements for Member FCM’s,” to
the extent such deposits cannot be used for margin purposes. 
 If Prepayment is made of all or any part of the Payment Obligation before the
date payment is due and if MSDW’s net capital is less than the amount required to permit such Prepayment pursuant to the foregoing provisions of this paragraph, the Participant agrees irrevocably (whether or not such Participant had any
knowledge or notice of such fact at the time of such Prepayment) to 

  

 A-5 

 
repay MSDW, its successors or assigns, the sum so paid to be held by MSDW pursuant to the provisions hereof as if such Prepayment had never been made;
provided, however, that any suit for the recovery of any such Prepayment must be commenced within two years of the date of such Prepayment. MSDW reserves the right to withhold from the Participant’s compensation the amount of any Payment
Obligation which a Participant fails to repay as required herein. 
 5. Special Prepayment 
 MSDW, at its option and as permitted by the Plan, but not at the option of the Participant, may make a payment of all or any portion of the Payment
Obligation hereunder sooner than one year from the date on which such amount became subject to this agreement (a “Special Prepayment”), if the written consent of the appropriate regulatory authority is first obtained. If MSDW
shall be a futures commission merchant, as that term is defined in the CEA and CFTC Regulations, no such prepayment shall be made if: 
 (i) after giving effect thereto (and to all payments of payment obligations under any other Subordination Agreements then outstanding, the maturities or accelerated maturities of which are scheduled to fall due within
six months after the date such Special Prepayment is to occur pursuant to this provision or on or prior to the date on which the Payment Obligation with respect to such Special Prepayment is scheduled to mature disregarding this provision whichever
date is earlier) without reference to any projected profit or loss of MSDW the net capital of MSDW is less than the greatest of (A) 10 percentum of the funds required to be segregated pursuant to the CEA and CFTC Regulations and the foreign
futures or foreign options secured amount, exclusive of the market value of commodity options purchased by option customers of MSDW on or subject to the rules of a contract market or a foreign board of trade (provided the deduction for each option
customer shall be limited to the amount of customer funds in such option customer’s account(s) and foreign futures and foreign options secured amount), plus an amount equal to the guaranty deposits with clearing organizations, other than the
CBOT, which were included in current assets under Section 211, (B) if MSDW is a securities broker or dealer, the amount of net capital specified in Rule 15c3-1d(c)(5)(ii) of the regulations of the Securities and Exchange Commission (17
C.F.R. 240.15c3-1d(c)5(ii), or (C) $2,000,000 (or such other amount as required by the CEA or CFTC Regulations), or 
 (ii) Pretax losses during the latest three month period were greater than 15% of current excess adjusted net capital. 
 6. Maturity Upon Certain
Events 
 Notwithstanding the provisions of Section 3 hereof, the Payment Obligation shall (to the extent not already matured)
forthwith mature, together with all other Subordination Agreements then outstanding, in the event of any receivership, insolvency, liquidation pursuant to SIPA or otherwise, bankruptcy, assignment for the benefit of creditors, reorganization whether
or not pursuant to bankruptcy laws, or any other marshaling of the assets and liabilities of MSDW. 
  

 A-6 

 7. Miscellaneous Provisions 
 (a) Participants may not rely upon any commodity exchange or securities exchange to provide any information concerning or relating to
MSDW. Such exchanges have no responsibility to disclose to the Participant any information concerning or relating to MSDW which they may have now or at any future time. The Participant agrees that the New York Stock Exchange (the
“NYSE”), its Special Trust Fund or any director, officer, trustee or employee of the NYSE or said Trust Fund or any other exchange or director, officer, trustee or employee thereof shall not be liable to the Participant with
respect to the Plan or any distribution pursuant thereto. 
 (b) The funds represented by the Payment Obligations shall be
dealt with in all respects as capital of MSDW, shall be subject to the risks of the business and may be deposited in an account or accounts in MSDW’s name in any bank or trust company. 
 (c) Payment Obligations under the Plan may not be transferred, sold, assigned, pledged or otherwise encumbered or disposed of and no lien,
charge or other encumbrance may be created or permitted to be created hereon, without the prior written consent of the Examining Authority. 
 (d) If MSDW is a futures commission merchant as that term is defined in the CEA, MSDW agrees, consistent with the requirements of Section 1.17(h) of the CFTC Regulations that whenever prior written notice by MSDW
to the Examining Authority is required pursuant to the provisions of this agreement, the same prior written notice shall be given by MSDW to (1) the CFTC at its principal office in Washington, D.C., Attention Chief Accountant of Division of
Trading and Markets, and/or (2) the commodity exchanges of which Morgan Stanley is a member and which are then designated by the CFTC as MSDW’s designated self-regulatory organizations as defined in Section 1.3(ff) of the CFTC
Regulations (the “DSROs”). 
 (e) “Subordination Agreement” as used herein
shall include any subordinated loan agreement and any secured demand note agreement constituting a satisfactory subordination agreement under the Rule under which MSDW is the borrower or the pledgee of collateral, and reference herein to the payment
of a subordinated obligation of MSDW shall be deemed to include the return to the maker-pledgor of any secured demand note and the collateral therefor held by MSDW. 
 (f) The term “Examining Authority” shall refer to the regulatory body, specified in paragraph (c)(12) of the Rule,
responsible for inspecting or examining MSDW for compliance with financial responsibility requirements. If MSDW is and continues to be a member of the NYSE, the references herein to the Examining Authority shall be deemed to refer to the NYSE. If
MSDW is and continues to be a futures commission merchant as that term is defined in the CEA and regulations thereunder, references to the Examining Authority shall also be deemed to refer to the CFTC and MSDW’s DSROs. 
  

 A-7 

 (g) The provisions of this Appendix A shall be binding upon and inure to the benefit of
MSDW, its successors and assigns and the Participant and the Participant’s heirs, executors and administrators. 
 (h)
Any controversy arising out of or relating to this Plan shall be submitted to and settled by arbitration pursuant to the Constitution and Rules of the NYSE, MSDW and Participant shall be conclusively bound by such arbitration. 
 (i) MSDW shall not modify, amend or cancel this Appendix or any provision of the Plan governing the Payment Obligations that are the
subject of the Appendix without the prior approval of the Examining Authority. 
 (j) This agreement shall be deemed to have
been made under and shall be governed by the laws of the State of New York. 
  

 A-8

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