CRAWLEY MANDELL 4

What Happened

• Crawley Mandell, Chief Client Officer at Morgan Stanley (MS), received 9,666 shares on Feb 19, 2026 as the conversion/settlement of performance stock units (PSUs). Simultaneously, 4,935 shares were withheld/disposed to satisfy tax withholding obligations at a reported value of $176.59 per share (approximately $871,472). This was an award/settlement transaction, not an open-market purchase or voluntary sale.

Key Details

• Transaction date: 2026-02-19; Filing date: 2026-02-20 (timely).
• Awarded: 9,666 shares (transaction code A) acquired at $0.00 (PSU conversion/settlement).
• Shares withheld/disposed: 4,935 shares (transaction code F) at $176.59 each = ~$871,472 to satisfy taxes.
• Footnotes: (F1) Shares earned based on achievement of company average return on tangible common equity for half of a PSU award granted Jan 18, 2023. (F2) Shares were withheld to satisfy taxes upon conversion of the PSU award.
• Shares owned after the transaction: not specified in the provided excerpt.

Context

• This is a routine compensation-related transaction: PSUs vested/converted based on performance metrics and taxes were satisfied by withholding shares (a cashless tax withholding), not a market sale indicating a change in sentiment. For derivative or award conversions like this, withheld shares to cover taxes are common and do not necessarily signal insider buying or selling intent.