SIMKOWITZ DANIEL A 4

What Happened Daniel A. Simkowitz, Co‑President of Morgan Stanley (MS), received 32,865 shares on March 12, 2026 as the payout of a performance stock unit (PSU) award (code A). To satisfy tax withholding obligations, 18,175 of those shares were withheld/treated as disposed (code F) at $160.89/share for a tax liability of $2,924,176. The award shares have an acquisition price of $0.00 on the Form 4 (typical for converted PSU awards).

Key Details

• Transaction dates: March 12, 2026 (reported on Form 4 filed March 13, 2026 — filed the next day).
• Award: 32,865 shares acquired via PSU conversion (code A) at $0.00 reported price.
• Tax withholding: 18,175 shares withheld (code F) at $160.89/share, total value $2,924,176.
• Footnotes: F1 — shares earned based on relative return on tangible common equity for half of a PSU grant from Jan 18, 2023; F2 — shares withheld to satisfy taxes on conversion.
• Shares owned after the transaction: not specified in the supplied filing excerpt.

Context This was a PSU payout and a routine tax-withholding disposition, not a voluntary open‑market sale. Award receipts are common executive compensation events and do not necessarily signal a change in insider sentiment. The filing appears timely (submitted the business day after the transaction).