BUTLER MEGAN 4

What Happened

• Megan Butler, a Morgan Stanley director, was granted 1,309.777 restricted stock units (RSUs) on 2026-06-01 (recorded as an acquisition at $0.00). As part of the conversion/settlement, 190 shares were withheld/disposed to satisfy tax liabilities at $209.96 per share, generating proceeds of $39,892.
• The RSUs are granted under the Morgan Stanley Directors' Equity Capital Accumulation Plan and convert into common stock on a 1-for-1 basis. This is an award and a routine tax-withholding disposition, not an open-market purchase or sale for investment purposes.

Key Details

• Transaction date: 2026-06-01; Form 4 filed 2026-06-02 (timely filing).
• Grant: 1,309.777 RSUs recorded at $0.00 (award).
• Tax withholding: 190 shares disposed at $209.96 per share, proceeds $39,892.
• Shares owned after the transaction: not specified in the filing provided.
• Footnotes: F1 — RSUs convertible 1:1 into common stock under the Directors' plan. F2 — 190 shares withheld to satisfy taxes upon conversion.
• Transaction codes: A = Award/Grant; F = Tax withholding (share disposition).

Context

• RSU grants are compensation awards that convert to stock over time or upon vesting; withholding shares to cover taxes is a common administrative step and does not necessarily reflect a decision to reduce holdings for investment reasons.
• This filing documents compensation and tax withholding by a director, not an open-market purchase or a voluntary sale.