SIMKOWITZ DANIEL A 4

What Happened

• Daniel A. Simkowitz, Co‑President of Morgan Stanley, received 32,865 shares on 2026-02-19 as the conversion of performance stock units (PSUs). The award shows an acquisition price of $0.00 (award grant/vesting).
• Simkowitz had 18,175 shares withheld and disposed to satisfy tax withholding at a per‑share value of $176.59, resulting in proceeds of $3,209,523. This withholding is a routine tax payment (not an open‑market sale).

Key Details

• Transaction date: 2026-02-19. Filing date: 2026-02-20 (appears timely).
• Codes: A = Award/Grant (32,865 shares acquired); F = Shares withheld for tax liability (18,175 shares disposed).
• Price for withheld shares: $176.59 per share; total value withheld ≈ $3,209,523.
• Shares owned after transaction: not specified in the provided filing summary.
• Footnotes:
  • F1: Shares earned based on achievement of pre‑established Company average return on tangible common equity for one‑half of the PSU award granted Jan 18, 2023.
  • F2: Shares were withheld to satisfy taxes upon conversion of the PSU award.

Context

• This was a performance‑based equity vesting and routine tax withholding, not an opportunistic open‑market sale or a purchase. Withholdings to cover taxes are common and do not necessarily indicate a change in insider sentiment.