Herz Robert H 4

What Happened

• Robert H. Herz, a director of Morgan Stanley (MS), received an award of 1,309.777 restricted stock units (RSUs) on 2026-06-01. The filing lists an acquisition price of $0.00 (award/grant), meaning no cash was paid; the RSUs convert 1-for-1 into common shares when vesting conditions are met.
• This is a compensation award rather than an open-market purchase or sale — not a direct bullish/bearish signal from a trading standpoint, but part of director pay.

Key Details

• Transaction date: 2026-06-01; Filing date: 2026-06-02 (timely filing)
• Transaction type/code: A — Grant/Award (RSUs)
• Shares/units granted: 1,309.777 RSUs; Acquisition price reported: $0.00
• Shares owned after transaction: Not disclosed in the provided filing
• Footnote: F1 — RSUs granted under the Morgan Stanley Directors' Equity Capital Accumulation Plan; convertible into common stock at a 1:1 ratio
• No indication of a 10b5-1 plan, sale, or tax-withholding disposition in this filing

Context

• RSUs are a form of equity compensation that typically vest over time or upon service conditions; they are not the same as an open-market purchase and do not necessarily reflect immediate trading intent.
• Once RSUs vest and convert to shares, the director may hold or sell them; this filing only reports the grant, not any later sale or transfer.