Morgan Stanley 8-K 2016
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
At the 2016 Annual Meeting of Shareholders (“Annual Meeting”) of Morgan Stanley (the “Company”) held on Tuesday, May 17, 2016, shareholders approved an amendment of the Company’s 2007 Equity Incentive Compensation Plan (the “EICP”) to authorize an additional 20 million shares to be available for issuance as awards under the EICP and to add regulatory factors, risk management, expense management and contributions to community development and sustainability projects or initiatives as performance criteria that could be elements of performance-vested awards over time.
For a description of the terms and conditions of the EICP, as amended and restated as of March 24, 2016, see “Summary of the EICP as Proposed to be Amended” under “Item 4. Company Proposal to Amend the 2007 Equity Incentive Compensation Plan” in the proxy statement filed with the Securities and Exchange Commission on April 1, 2016 for the Company’s Annual Meeting (the “2016 Proxy”), which description is incorporated herein by reference. The description of the EICP contained in the 2016 Proxy is qualified in its entirety by reference to the full text of the EICP, a copy of which is filed hereto as Exhibit 10.1.
Item 5.07. Submission of Matters to a Vote of Security Holders.
At the Annual Meeting, shareholders voted on proposals to: (i) elect directors to the Company’s Board of Directors (the “Board”), (ii) ratify the appointment of Deloitte & Touche LLP as independent auditor, (iii) approve the compensation of executives as disclosed in the 2016 Proxy (a non-binding advisory resolution) and (iv) approve the amendment of the EICP. Shareholders also voted on shareholder proposals regarding: (i) a change in the treatment of abstentions for purposes of vote counting and (ii) a policy to prohibit vesting of deferred equity awards for senior executives who resign to enter government service.
All nominees for election to the Board were elected for a term that will continue until the next annual meeting of shareholders or until the director’s successor has been duly elected and qualified or the director’s earlier resignation, death or removal. The shareholders’ vote ratified the appointment of the independent auditor. The proposal to approve the compensation of executives as disclosed in the 2016 Proxy, through an advisory resolution, was approved. The shareholders’ vote approved the amendment of the EICP. The shareholder proposals regarding a change in the treatment of abstentions for purposes of vote counting and a policy to prohibit vesting of deferred equity awards for senior executives who resign to enter government service were not approved.
The number of votes cast for or against and the number of abstentions and broker non-votes with respect to each proposal, as applicable, is set forth below. The Company’s independent inspector of election reported the final vote of the shareholders as follows:
* Not applicable.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.