SAPERSTEIN ANDREW M 4

What Happened
Andrew M. Saperstein, Co‑President of Morgan Stanley (MS), reported open‑market sales of 30,330 shares on January 20, 2026, totaling approximately $5,569,085. The sales were reported in six lots:

• 11,430 shares at a weighted avg $181.85 (range $181.34–$182.33) — $2,078,566
• 1,900 shares at a weighted avg $182.63 (range $182.35–$183.25) — $347,004
• 5,990 shares at a weighted avg $184.13 (range $183.54–$184.53) — $1,102,918
• 6,810 shares at a weighted avg $184.94 (range $184.54–$185.53) — $1,259,428
• 3,700 shares at a weighted avg $185.91 (range $185.54–$186.44) — $687,871
• 500 shares at a weighted avg $186.60 (range $186.55–$186.65) — $93,298
  These were sales (transaction code S), which are typically routine dispositions rather than bullish purchases.

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 22, 2026 (filed within the typical 2‑business‑day window).
• Total shares sold: 30,330; total proceeds ≈ $5,569,085.
• Prices reported as weighted averages; footnotes F1–F6 list the per‑lot price ranges and state that the reporting person will provide breakdowns on request.
• Shares owned after the transactions: not specified in the information provided in this filing.
• No 10b5‑1 plan, tax withholding, option exercise, or gift was disclosed in this filing — the form shows open‑market sales only.

Context
Sales by executives can reflect many reasons (diversification, tax planning, liquidity) and do not necessarily indicate a change in outlook for the company. For retail investors, purchases by insiders are often viewed as a stronger signal than sales. This filing is informational — consult company disclosures or subsequent filings for holdings or plan details.