CRAWLEY MANDELL 4

What Happened

• Crawley Mandell, Chief Client Officer at Morgan Stanley (MS), had 9,666 shares issued on 2026-03-12 following the vesting/conversion of part of a prior performance stock unit (PSU) award. The shares were reported at $0.00 acquisition price (code A).
• Simultaneously, 4,935 shares were withheld (disposed) to satisfy tax withholding obligations at an effective price of $160.89 per share, totaling about $793,992 (code F). This withholding is a tax payment, not an open-market sale for investment purposes.

Key Details

• Transaction date: 2026-03-12; Form 4 filed 2026-03-13 (timely).
• Award: 9,666 shares issued (conversion of one-half of the PSU granted Jan 18, 2023) — footnote: earned based on relative return on tangible common equity performance criteria.
• Withholding: 4,935 shares withheld to satisfy taxes upon conversion (cashless withholding) — approximately $793,992 value at $160.89/share.
• Shares owned after transaction: Not specified in this Form 4.
• Transaction codes: A = Award/Grant; F = Tax withholding.

Context

• This was the conversion/settlement of performance-based restricted stock units (PSUs), not an outright purchase or a discretionary open-market sale. Withheld shares were used solely to cover tax obligations on the vested award.
• Such filings typically reflect routine compensation settlements for executives when performance targets are met and do not by themselves indicate a buy or sell signal for the executive’s broader sentiment.