Morgan Stanley 2009 Annual Report Download - page 35

The table below sets forth the information with respect to purchases made by or on behalf of Morgan Stanley of
its common stock during the fourth quarter of the year ended December 31, 2009.
Issuer Purchases of Equity Securities
(dollars in millions, except per share amounts)
Period
Total
Number
of
Shares
Purchased
Average
Price
Paid Per
Share
Total Number of
Shares Purchased
As Part of Publicly
Announced Plans
or Programs (C)
Approximate Dollar
Value of Shares
that May Yet Be
Purchased Under
the Plans or
Programs
Month #1 (October 1, 2009—October 31, 2009)
Share Repurchase Program (A) ................ — — — $1,560
Employee Transactions (B) ................... 99,543 $31.98 — —
Month #2 (November 1, 2009—November 30, 2009)
Share Repurchase Program (A) ................ — — — $1,560
Employee Transactions (B) ................... 103,633 $31.14 — —
Month #3 (December 1, 2009—December 31, 2009)
Share Repurchase Program (A) ................ — — — $1,560
Employee Transactions (B) ................... 198,857 $30.05 — —
Total
Share Repurchase Program (A) ................ — — — $1,560
Employee Transactions (B) ................... 402,033 $30.81 — —
(A) On December 19, 2006, the Company announced that its Board of Directors authorized the repurchase of up to $6 billion of the
Company’s outstanding stock under a share repurchase program (the “Share Repurchase Program”). The Share Repurchase Program is a
program for capital management purposes that considers, among other things, business segment capital needs as well as equity-based
compensation and benefit plan requirements. The Share Repurchase Program has no set expiration or termination date. Share repurchases
by the Company are subject to regulatory approval.
(B) Includes: (1) shares delivered or attested in satisfaction of the exercise price and/or tax withholding obligations by holders of employee
and director stock options (granted under employee and director stock compensation plans) who exercised options; (2) shares withheld,
delivered or attested (under the terms of grants under employee and director stock compensation plans) to offset tax withholding
obligations that occur upon vesting and release of restricted shares; and (3) shares withheld, delivered and attested (under the terms of
grants under employee and director stock compensation plans) to offset tax withholding obligations that occur upon the delivery of
outstanding shares underlying restricted stock units. The Company’s employee and director stock compensation plans provide that the
value of the shares withheld, delivered or attested, shall be valued using the fair market value of the Company’s common stock on the
date the relevant transaction occurs, using a valuation methodology established by Morgan Stanley.
(C) Share purchases under publicly announced programs are made pursuant to open-market purchases, Rule 10b5-1 plans or privately
negotiated transactions (including with employee benefit plans) as market conditions warrant and at prices the Company deems
appropriate.
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