SAPERSTEIN ANDREW M 4

What Happened
Andrew M. Saperstein, Co‑President of Morgan Stanley (MS), sold a total of 51,668 Morgan Stanley shares in open‑market transactions on April 16, 2026. The sales were executed in six tranches with the reported weighted‑average prices and proceeds per tranche as follows:

• 6,584 shares @ $187.20 = $1,232,539 (F1: prices ranged $186.77–$187.76)
• 33,541 shares @ $188.37 = $6,317,991 (F2: $187.77–$188.76)
• 6,353 shares @ $189.15 = $1,201,664 (F3: $188.77–$189.63)
• 1,400 shares @ $190.44 = $266,621 (F4: $189.77–$190.76)
• 3,190 shares @ $191.30 = $610,238 (F5: $190.77–$191.76)
• 600 shares @ $192.12 = $115,269 (F6: $191.80–$192.34)
  Aggregate proceeds ≈ $9.74 million. This is a sale (liquidation), which is a routine insider transaction type and not, by itself, a bullish signal.

Key Details

• Transaction date: April 16, 2026; Form 4 filed April 17, 2026 (timely filing).
• Transaction type: Open‑market sales (Code S).
• Total shares sold: 51,668; total proceeds ≈ $9,744,322.
• Shares owned after transaction: Not specified in the provided filing.
• Notable footnotes: F1–F6 indicate the reported prices are weighted averages and provide the ranges of execution prices for each tranche; the reporting person can provide exact per‑price quantities on request.
• No 10b5‑1 plan, tax‑withholding, or late‑filing indication is included in the provided information.

Context
Insider sales can reflect many reasons (diversification, tax planning, liquidity) and do not automatically imply negative views on the company; purchases typically carry more weight for signaling confidence. For more detail, investors can view the full Form 4 (accession 0001628280-26-025791) or request the exact per‑price breakdown referenced in the footnotes.