PICK EDWARD 4

What Happened
Edward Pick, Chairman and CEO of Morgan Stanley (MS), received 60,897 shares on March 12, 2026 from the conversion of a performance stock unit (PSU) award (acquired at $0). To satisfy tax withholding on that conversion, 33,677 shares were withheld/disposed at $160.89 per share, representing approximately $5,418,293 in value. This was not an open‑market sale but a routine withholding to cover tax liabilities.

Key Details

• Transaction dates: March 12, 2026 (reported March 13, 2026).
• Award: 60,897 shares acquired (code A) at $0.00.
• Tax withholding: 33,677 shares disposed (code F) at $160.89 — $5,418,293 total.
• Footnotes: (F1) Shares earned based on achievement of relative return on tangible common equity for half of a PSU granted Jan 18, 2023. (F2) Shares were withheld to satisfy taxes upon conversion.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: filed the day after the transaction; no late filing flag indicated.

Context: This was a conversion of performance-based restricted equity (PSUs) with a portion withheld to cover tax withholding — a routine administrative transaction common when equity awards vest or convert. It differs from an open-market sale and does not by itself signal a change in the insider’s broader trading stance.