Document:

First Supplemental Senior Indenture dated as of September 4, 2007

 Exhibit 4.5 
 FIRST SUPPLEMENTAL SENIOR INDENTURE 
 BETWEEN 
 MORGAN STANLEY 
 AND 
 THE BANK OF NEW YORK 
 as successor to JPMorgan Chase Bank, N.A. (formerly known as
JPMorgan Chase 
 Bank), Trustee 
 Dated as of September 4, 2007 
 SUPPLEMENTAL TO SENIOR INDENTURE DATED NOVEMBER 1, 2004. 

 THIS FIRST SUPPLEMENTAL SENIOR INDENTURE dated as of September 4, 2007 between MORGAN STANLEY, a Delaware
corporation (the “Issuer”), and THE BANK OF NEW YORK as successor to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as trustee (the “Trustee”), 
 W I T N E S S E T H : 
 WHEREAS, the Issuer and the Trustee are parties to that certain
Senior Indenture dated as of November 1, 2004 (the “Indenture”); 
 WHEREAS, the Issuer established and on January 12,
2005 issued its Medium-Term Notes, Series F, Senior Variable Rate Renewable Notes with an initial maturity date of February 3, 2006 and a final maturity date of February 3, 2011 (the “Original Notes”) and on February 3, 2005
issued additional notes with the same terms (the “Reopening Notes” and together with the Original Notes, the “Notes”); 
 WHEREAS, Section 8.01 of the Indenture provides that, without the consent of the Holders of any Securities, the Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may enter into indentures supplemental
to the Indenture for the purpose of, among other things, making any provisions as the Issuer may deem necessary or desirable, subject to the conditions set forth therein; provided that no such action shall adversely affect the interests of
the Holders of the Securities; 
 WHEREAS, the Issuer desires to modify certain provisions of the Notes to increase the spread that will be
used when calculating the interest payable with respect to the Notes on Interest Reset Dates from and including September 3, 2007; 
 WHEREAS, the entry into this First Supplemental Senior Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture; and 
 WHEREAS, all things necessary to make this First Supplemental Senior Indenture a valid indenture and agreement according to its terms have been done; 
 NOW, THEREFORE: 
 In consideration of the
premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Notes as follows: 
  

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 ARTICLE 1 
 Section 1.01. Amendment of the Notes. (i) The definition of Spread (Plus or Minus) within the Notes is hereby amended by deleting the existing definition in its entirety and inserting in lieu thereof
the following: 
  

			
	SPREAD (PLUS OR MINUS):	  	Minus 0.01% per annum for the Interest Reset Dates occurring from the Original Issue Date to and including February 2, 2006; plus 0.02% per annum for the Interest Reset Dates
occurring from and including February 3, 2006 to and including February 2, 2007; plus 0.04% per annum for the Interest Reset Dates occurring from and including February 3, 2007 to and including September 2, 2007; plus
0.125% per annum for the Interest Reset Dates occurring from and including September 3, 2007 to and including February 2, 2008; plus 0.15% per annum for the Interest Reset Dates occurring from and including February 3, 2008
to and including February 2, 2009; plus 0.18% per annum for the Interest Reset Dates occurring from and including February 3, 2009 to and including February 2, 2010; plus 0.18% per annum for the Interest Reset Dates
occurring from and including February 3, 2010 to but excluding February 3, 2011

  

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 SECTION 1.02. Exchange of the Notes. The Trustee is authorized to exchange the original
certificates dated January 12, 2005 evidencing the Original Notes and the original certificates dated February 3, 2005 evidencing the Reopening Notes for the duly executed and authenticated certificates evidencing the amended terms of the
Notes. Upon such exchange, the Trustee shall promptly cancel and dispose of such original Notes in accordance with Section 2.10 of the Indenture. Failure to exchange such original Notes for such amended Notes in accordance with this Section
will not impair the validity of or otherwise affect the Notes, as amended. 
 ARTICLE 2 
 Miscellaneous Provisions 
 Section 2.01.
Further Assurances. The Issuer will, upon request by the Trustee, execute and deliver such further instruments and do such further acts as may reasonably be necessary or proper to carry out more effectively the purposes of this First
Supplemental Senior Indenture. 
 Section 2.02. Other Terms of Indenture. Except insofar as herein otherwise expressly provided,
all provisions, terms and conditions of the Indenture are in all respects ratified and confirmed and shall remain in full force and effect. 
 Section 2.03. Terms Defined. All terms defined elsewhere in the Indenture shall have the same meanings when used herein. 
 Section 2.04. Governing Law. This First Supplemental Senior Indenture shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State,
except as may otherwise be required by mandatory provisions of law. 
 Section 2.05. Counterparts. This First Supplemental Senior
Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
 Section 2.06. Responsibility of the Trustee. The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Senior Indenture. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Senior Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and attested, all as of September 4, 2007. 
  

													
		 		 		 		 	MORGAN STANLEY
						
		 		 		 		 	By: 	 	/s/ Jai Sooklal
		 		 		 		 		 	Name:	 	Jai Sooklal
		 		 		 		 		 	Title:	 	Assistant Treasurer
					
	Attest:	 		 		 		 	
						
	By: 	 	/s/ Gary Beeson	 		 		 		 	
		 	Name:	 	Gary Beeson	 		 		 		 	
		 	Title:	 	Assistant Secretary	 		 		 		 	
					
		 		 		 		 	THE BANK OF NEW YORK TRUSTEE,
						
		 		 		 		 	By: 	 	/s/ Geovanni Barris
		 		 		 		 		 	Name:	 	Geovanni Barris
		 		 		 		 		 	Title:	 	Vice President
					
	Attest:	 		 		 		 	
						
	By: 	 	/s/ Jeremy Finkelstein	 		 		 		 	
		 	Name:	 	Jeremy Finkelstein	 		 		 		 	
		 	Title:	 	Vice President	 		 		 		 	

  

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	STATE OF NEW YORK	  	)	  	
		  	)	  	ss.:
	COUNTY OF NEW YORK	  	)	  	

 On this 4th day of September
2007 before me personally came Jai Sooklal to me personally known, who, being by me duly sworn, did depose and say that he resides at Chatham, N.J.; that he is the Assistant Treasurer of Morgan Stanley, one of the corporations described in and which
executed the above instrument; and that signed his name thereto by authority of the Board of Directors of said corporation. 
 [NOTARIAL
SEAL] 
  

	
	/s/ Michael M. O’Brien
	Notary Public

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss.:
	COUNTY OF NEW YORK	  	)	  	

 On this 4th day of September
2007 before me personally came Geovanni Barris to me personally known, who, being by me duly sworn, did depose and say that he resides at New York, N.Y.; that he is a Vice President of The Bank of New York, one of the corporations described in and
which executed the above instrument; and that signed his name thereto by authority of the Board of Directors of said corporation. 
 [NOTARIAL SEAL] 
  

	
	/s/    Carlos R. Luciano
	Notary Public

  

 2Amendment to Morgan Stanley 401(k) Plan, dated as of November 20, 2007

 Exhibit 10.6 
 AMENDMENT TO 
 401(k) PLAN 
 Morgan Stanley & Co. Incorporated (the “Corporation”) hereby amends the Morgan Stanley 401(k) Plan (the “401(k) Plan”) as
follows: 
 1. Effective April 1, 2007, Section 2, Definitions, is amended by adding a new definition as follows: 
 ““Broker-Dealer Merger” means the merger of Morgan Stanley DW Inc. with and into Morgan Stanley & Co. Incorporated as of
April 1, 2007.” 
 2. Effective November 13, 2007, the definition of “Elective Deferrals” in Section 2 of the
401(k) Plan shall be amended by adding the following sentence at the end thereof: 
 “Elective Deferrals shall also include any Roth
Elective Deferrals made pursuant to Section 5(l).” 
 3. Effective April 1, 2007, Section 2, Definitions is amended by
adding the following to the end of the definition of “Eligible IIG Employee”: 
 “Notwithstanding anything herein to the
contrary, to the extent an Eligible Employee is an Eligible IIG Employee due to employment by Morgan Stanley DW Inc. or a subsidiary thereof prior to the Broker-Dealer Merger, such Eligible Employee shall not cease to be treated as an Eligible IIG
Employee, nor become treated as an Eligible MS Employee, after the effective date of the Broker-Dealer Merger solely as a result of such merger.” 
 4. Effective November 13, 2007, the first sentence of the definition of “Matched Contributions” in Section 2 of the 401(k) Plan shall be amended to read as follows: 
 ““Matched Contributions” means Pre-Tax Contributions, Roth Elective Deferrals and After-Tax Adjustment Contributions.”

 5. Effective April 1, 2007, Section 2, Definitions, is amended by adding the following to the end of paragraph (a) of
“Securities Employee”: 
 “or who is treated under this Section 2 as an Eligible IIG Employee after the effective date of
the Broker-Dealer Merger.” 
  

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 6. Effective November 13, 2007, Section 5(a)(i) is amended by deleting the reference to
“20%” in the first sentence thereof and inserting “30%” therefor. 
 7. Effective November 13, 2007,
Section 5(a)(ii) is amended by deleting the reference to “10%” in the first sentence thereof and inserting “30%” therefor. 
 8. Effective November 13, 2007, the following new Section 5(l) shall be added to the 401(k) Plan: 
 “(l) Roth Elective Deferrals. 
 (i) General Application. 
 (1) This Section 5(l) will apply to contributions beginning November 13, 2007. 
 (2) As of the date specified in subparagraph (1), the Plan will accept Roth Elective Deferrals (as defined herein) made on behalf of
Participants. A Participant’s Roth Elective Deferrals will be allocated to a separate Account maintained for such deferrals as described in Section 5(l)(ii). 
 (3) Unless specifically stated otherwise, Roth Elective Deferrals will be treated as elective deferrals for all purposes under the Plan.

 (ii) Separate Accounting. 
 (1) Contributions and withdrawals of Roth Elective Deferrals will be credited and debited to the Roth Elective Deferral Account maintained for each Participant. 
 (2) The Plan will maintain a record of the amount of Roth Elective Deferrals in each Participant’s Account. 
 (3) Gains, losses and other credits or charges will be separately allocated on a reasonable and consistent basis to each
Participant’s Roth Elective Deferral Account and the Participant’s other Accounts under the Plan. 
 (4) No
contributions or other amounts other than Roth Elective Deferrals and properly attributable earnings will be credited to each Participant’s Roth Elective Deferral Account. 
 (iii) Direct Rollovers. 
 (1) Notwithstanding Section 11(g), a direct rollover of a distribution from a Roth Elective Deferral Account under the Plan will only be 

  

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made to another Roth Elective Deferral account under an applicable retirement plan described in Code section 402A(e)(1) or to a Roth IRA described in Code
section 408A, and only to the extent the rollover is permitted under the rules of Code section 402(c). 
 (2) Notwithstanding
Section 7(a), the Plan will not accept a rollover contribution to a Participant’s Roth Elective Deferral Account. 
 (3) A Participant’s Roth Elective Deferral Account and the Participant’s other Accounts shall be aggregated for purposes of determining whether the total amount of the Participant’s Account balances under the Plan exceeds
$1,000 for purposes of Section 11(c). 
 (4) The provisions of Section 11(g) of the Plan that allow a Participant
to elect a direct rollover of only a portion of an eligible rollover distribution but only if the amount rolled over is at least $500 are applied by aggregating any amount distributed from the Participant’s Roth Elective Deferral Account with
any amount distributed from the Participant’s other Accounts in the Plan. 
 (iv) Distribution of Excess Elective
Deferrals. 
 (1) In the case of a distribution of Excess Elective Deferrals, Roth Elective Deferrals made by the Participant
shall be distributed first, to the extent of such Roth Elective Deferrals for the year. To the extent necessary, Pre-Tax Contributions for the year will be distributed after Roth Elective Deferrals. 
 (2) Any distribution of Excess Elective Deferrals shall be made in accordance with Section 5(e), but also taking into account the
Participant’s Roth Elective Deferrals and the provisions of this Section 5(l)(iv) and the applicable Treasury regulations. 
 (v) Correction of Excess Contributions. 
 (1) In the case of a distribution of Excess Contributions, Roth Elective
Deferrals made by a Highly Compensated Employee shall be distributed first, to the extent of such Roth Elective Deferrals for the year. To the extent necessary, Pre-Tax Contributions for the year will be distributed after Roth Elective Deferrals.

 (2) Any distribution of Excess Contributions shall be made in accordance with Section 5(g), but also taking into
account the Participant’s Roth Elective Deferrals and the provisions of this Section 5(l)(v) and the applicable Treasury regulations. 
  

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 (vi) Definition of Roth Elective Deferrals. A Roth Elective Deferral is an Elective
Deferral that is: 
 (1) Designated irrevocably by the Participant at the time of the cash or deferred election as a Roth
Elective Deferral that is being made in lieu of all or a portion of the Pre-Tax Contributions the Participant is otherwise eligible to make under the Plan; and 
 (2) Treated by the Participating Company as includible in the Participant’s income at the time the Participant would have received
the amount in cash if the Participant had not made a cash or deferred election. 
 If a Participant does not designate an Elective Deferral as
a Roth Elective Deferral at the time of the cash or deferred election, then the Elective Deferral will be treated as a Pre-Tax Contribution.” 
 9. Effective January 1, 2007, Section 11(g) of the 401(k) Plan is amended by adding the following to the end thereof: 
 “Effective January 1, 2007, the non-spouse Beneficiary of a Participant following the death of the Participant may direct the Plan Administrator to directly roll over all or any portion of a distribution or withdrawal made to such
non-spouse Beneficiary to an individual retirement plan described in Code sections 408(a) or 408(b). Any such rollover shall be made in accordance with the requirements of Code section 402(c)(11) and any guidance promulgated thereunder.”

 10. Effective November 13, 2007, Section 12(b)(iii) of the 401(k) Plan shall be amended by adding the phrase “Roth Elective
Deferrals,” after the phrase “Pre-Tax Contributions. 
 11. Effective November 13, 2007, Section 12(f)(i) of the 401(k)
Plan shall be amended by adding the following to the end thereof: 
 “Notwithstanding anything herein to the contrary, amounts credited
to the Participant’s Accounts as Retirement Contributions or Roth Elective Deferrals (and the earnings thereon) shall not be available for a hardship withdrawal.” 
 12. Effective November 13, 2007, Section 12(g)(ii) of the 401(k) Plan shall be amended by adding the following to the end thereof: 

“Notwithstanding anything herein to the contrary, amounts credited to the Participant’s Accounts as Retirement Contributions shall not be
available for a loan nor be included in determining the maximum loan amount available to a Participant under the Plan. Amounts attributable to Roth Elective Deferrals (or the earnings thereon) shall be available for a loan and included in
determining the maximum loan amount available to a Participant under the Plan.” 
  

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 13. Effective November 13, 2007, Section 13(b)(ii)(1) of the 401(k) Plan shall be amended to
read as follows: 
 “(1) If the annual additions otherwise made to the Accounts of a Participant would cause the limitations of Code
section 415 that are applicable to that Participant to be exceeded for the limitation year, the amount by which such limitations are exceeded will be eliminated (A) by returning to the Participant the Participant’s Pre-Tax Contributions,
Roth Elective Deferrals and/or After-Tax Contributions for such limitation year, in whole or in part as necessary, and then (B) to the extent necessary, by reducing any Company Contributions allocated to the Participant in accordance with
Section 6. Such excess amounts of Company Contributions shall be applied to reduce such contributions for such Participant for the next limitation year (and succeeding limitation years, if necessary).” 
 14. Effective April 1, 2007, Appendix A, IIG Participating Companies, is amended by adding the following to the end thereof: 
 “Morgan Stanley DW Inc. Notwithstanding anything in the Plan to the contrary, to the extent an Eligible IIG Employee is or becomes employed by
Morgan Stanley & Co. Incorporated as a result of the Broker-Dealer Merger, such Participant’s future service with Morgan Stanley & Co. Incorporated shall be treated as if it were service with an IIG Participating Company in
this Appendix A of the Plan.” 
 15. Effective April 1, 2007, Appendix B, Morgan Stanley, is amended by adding the following to the
end thereof: 
 “Morgan Stanley & Co. Incorporated. Notwithstanding anything in the Plan to the contrary, to the extent
an Eligible IIG Employee is or becomes employed by Morgan Stanley & Co. Incorporated as a result of the Broker-Dealer Merger, such Participant’s future service with Morgan Stanley & Co. Incorporated shall be treated as if it
were service with an IIG Participating Company in this Appendix A of the Plan.” 
 16. Effective November 13, 2007, the introductory
paragraph of Section 5 of Supplement B to the 401(k) Plan shall be amended to read as follows: 
 “5. Revised Section 5
Employee Contributions. For the purpose of this Supplement only, Sections 5(a), (b), (c), (d), (e), (f), (g), (j) and (k) of the Plan document will read as follows and Sections 5(h), (i) and (l) will not be applicable (for
purposes of compliance with the PR Code).” 
  

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 17. Effective April 1, 2007, Supplement B, Participants Residing in Puerto Rico, is amended by
adding the following to the end of Section 1 thereof: 
 “Effective as of the date of the Broker-Dealer Merger, all references to
Morgan Stanley DW Inc. or Dean Witter Puerto Rico, Inc. shall be read as references to Morgan Stanley & Co. Incorporated.” 
 *
* * * * * * * * 
 IN WITNESS WHEREOF, the Corporation has caused this Amendment to be executed on its behalf as of this 20th day of
November, 2007. 
  

			
	MORGAN STANLEY & CO. INCORPORATED
		
	By:	 	/s/ KAREN JAMESLEY
	Title:	 	Global Head of Human Resources

  

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