How can global enterprises transform complex compliance and equity education into high-impact employee engagement?

Discover the innovative playbook Rachel Ulep uses to reach 12,000 eBay employees.

In this episode of Invested at Work, host Rodney Bolden sits down with Rachel Ulep, Director of Global Stock and Equity Programs at eBay, live at Morgan Stanley’s annual Thrive conference. Rachel discusses her team’s recent injection of creativity and whimsy into employee education—from compliance training to equity compensation sessions. Leaning into eBay’s love of collectibles, they designed trading cards as an employee education tool; they also developed employee-facing AI agents and gamified elements of live stock information sessions for the company’s 12,000 global employees. All to make education more effective and accessible and reach a 70% ESPP enrollment rate. 

Listen for Rachel’s employee-centered approach, and the difference equity compensation education can make in employees’ lives.

Rachel Ulep has led eBay’s global stock and equity programs since 2018. Before joining eBay, Rachel administered stock plans at TIBCO and multinationals including Accenture and AOL Time Warner. She’s dedicated her entire career to effective stock plan administration and is passionate about employee-centric approaches.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

Disclosures:

This material has been prepared for educational purposes only. The guest speakers are neither employees of nor affiliated with Morgan Stanley Smith Barney LLC, otherwise known as Morgan

Stanley. The opinions expressed by our external guests are solely their own and do not

represent the views of Morgan Stanley. Please see our show notes for a full disclaimer on the

information provided.

© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 5758345 07/2026

Is it harder to manage an employee who has no equity or someone who's a millionaire on paper?

Atish Davda, Head of Private Markets and EquityZen, reveals his takes on tough leadership questions—including navigating equity compensation, his most difficult people decisions and the most memorable thing someone has done with their liquidity from selling their private stock shares on EquityZen.

This is Invested at Work: Off the Cuff, rapid-fire questions and candid answers to meet the leader behind the title.

To hear the full story of how Atish is enabling private companies and employees to sell stocks pre-IPO, and the impacts on risk and retention, check out his full interview with host Rodney Bolden, available right now in your feed.

For more conversations on the future of workplace financial benefits, make sure to follow or subscribe to Invested at Work. Share this episode with a colleague, and visit us at morganstanley.com/atwork to unlock the power of your organization's benefits.

Visit EquityZen for curated private market investment opportunities, data, and expert insights.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

#investedatworkpodcast #employeebenefits #workplacebenefits #sharemorganstanley

Disclosures:

This material is for educational and informational purposes only and is not an offer, solicitation or recommendation to buy or sell any security, financial instrument, product or service.

Podcast participants’ views are their own and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, Morgan Stanley at Work or their affiliates. Morgan Stanley employees participating are not acting as financial, tax, legal or fiduciary advisors to any listener or other person.

References to EquityZen, private company secondary markets, approved liquidity pathways, private company stock transactions and related parties are illustrative only, not an endorsement, recommendation, solicitation or validation by Morgan Stanley of any company, platform, transaction structure, investment strategy or service provider. Morgan Stanley does not guarantee any third-party obligations, services, products, platforms, processes or performance. Trademarks and brand references belong to their owners.

Morgan Stanley Smith Barney LLC is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the web site. Morgan Stanley is not responsible for the information contained on the third party web site or the use of or inability to use such site. Nor do we guarantee their accuracy and completeness. 

Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Consult appropriate tax, legal, accounting, benefits, securities and compliance advisors.

Holders of private company stock should review applicable plan documents, agreements, company policies, transfer restrictions and governing documents before any sale, pledge, transfer or other transaction. Related discussion is general and does not replace controlling official documents.

Discussion of equity compensation, private company shares, liquidity events, vesting, taxation, withholding, transferability, employee benefits, HR practices or company stock is not tax, legal, accounting, investment or financial planning advice. Companies should evaluate objectives, plan design, budget and legal, fiduciary and compliance obligations before changing related programs.

Investing involves risk, including possible loss of principal. Company stock and equity compensation values can fluctuate. Private company securities involve additional risks, including limited liquidity and information, valuation uncertainty, transfer restrictions, lack of a public market and concentration risk, and may not be suitable for all investors.

Survey findings are informational and subject to limitations. Past performance is not a guarantee of future results. Statements about market trends, private market activity, IPOs, M&A, liquidity events, growth or employee financial outcomes are general observations only and not predictions, guarantees or investment recommendations. Anecdotal examples are illustrative only, not representative of all outcomes and not a recommendation to sell, hold, exercise or transfer equity awards or company stock. Individual experiences will vary.

Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, or its affiliates.

©2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 5796651 08/2026

What happens to employees at private companies when years, or even decades, pass before a liquidity event? Atish Davda, Head of Private Markets and EquityZen, has created a pathway for private market sales to help employers lower risk, boost employee retention and ultimately get the most out of pre-IPO life.

In this episode of Invested at Work, Atish and host Rodney Bolden delve into the tension employees face when waiting for a liquidity event while their own financial needs can’t wait—whether that’s purchasing a home, sending kids to college or, in Atish’s case, buying an engagement ring. They discuss employer-backed solutions, plus the mistakes Atish made while scaling EquityZen, including the rollout of critical employer-sponsored savings programs.

Atish Davda co-founded EquityZen in 2013 and was also the company’s first engineer. As CEO, Atish has since grown the marketplace for pre-IPO stocks to nearly one million subscribers, making private stocks available to the public.

Visit EquityZen for curated private market investment opportunities, data, and expert insights.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

#investedatworkpodcast #employeebenefits #workplacebenefits #sharemorganstanley 

This material is for educational and informational purposes only and is not an offer, solicitation or recommendation to buy or sell any security, financial instrument, product or service.

Podcast participants’ views are their own and do not necessarily reflect those of Morgan Stanley Smith Barney LLC, Morgan Stanley at Work or their affiliates. Morgan Stanley employees participating are not acting as financial, tax, legal or fiduciary advisors to any listener or other person.

References to EquityZen, private company secondary markets, approved liquidity pathways, private company stock transactions and related parties are illustrative only, not an endorsement, recommendation, solicitation or validation by Morgan Stanley of any company, platform, transaction structure, investment strategy or service provider. Morgan Stanley does not guarantee any third-party obligations, services, products, platforms, processes or performance. Trademarks and brand references belong to their owners.

Morgan Stanley Smith Barney LLC is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the web site. Morgan Stanley is not responsible for the information contained on the third party web site or the use of or inability to use such site. Nor do we guarantee their accuracy and completeness. 

Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Consult appropriate tax, legal, accounting, benefits, securities and compliance advisors.

Holders of private company stock should review applicable plan documents, agreements, company policies, transfer restrictions and governing documents before any sale, pledge, transfer or other transaction. Related discussion is general and does not replace controlling official documents.

Discussion of equity compensation, private company shares, liquidity events, vesting, taxation, withholding, transferability, employee benefits, HR practices or company stock is not tax, legal, accounting, investment or financial planning advice. Companies should evaluate objectives, plan design, budget and legal, fiduciary and compliance obligations before changing related programs.

Investing involves risk, including possible loss of principal. Company stock and equity compensation values can fluctuate. Private company securities involve additional risks, including limited liquidity and information, valuation uncertainty, transfer restrictions, lack of a public market and concentration risk, and may not be suitable for all investors.

Survey findings are informational and subject to limitations. Past performance is not a guarantee of future results. Statements about market trends, private market activity, IPOs, M&A, liquidity events, growth or employee financial outcomes are general observations only and not predictions, guarantees or investment recommendations. Anecdotal examples are illustrative only, not representative of all outcomes and not a recommendation to sell, hold, exercise or transfer equity awards or company stock. Individual experiences will vary.

Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, or its affiliates.

©2026 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 5796651 08/2026

What is the one critical thing your employees care about deeply that you might be completely overlooking?

This is Invested at Work: Off the Cuff. Unscripted and top-of-mind, where industry leaders share candid perspectives on the realities of scaling businesses, managing total compensation strategies and navigating the complexities of leadership.

This week: Aaron Schumm, founder, CEO and chairman of Vestwell.

To hear the full story of how Aaron is rebuilding workplace savings from the ground up, check out his full interview with host Rodney Bolden, available right now in your feed.

For more conversations on the future of workplace financial benefits, make sure to follow or subscribe to Invested at Work. Share this episode with a colleague, and visit us at morganstanley.com/atwork to unlock the power of your organization's benefits.

Visit Vestwell.com to learn more about workplace savings vehicles.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

#investedatworkpodcast #employeebenefits #workplacebenefits #sharemorganstanley

This podcast episode is for informational/educational purposes only and is not investment, legal, or tax advice. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. 

The guest speaker (Aaron Schumm/Vestwell) is an external guest; the views expressed are solely his own and do not represent Morgan Stanley’s views.

Nothing in the episode should be construed as a recommendation or solicitation to buy/sell any security, adopt any investment strategy, or implement any particular plan design; listeners should consider their own circumstances and consult appropriate professionals.

The discussion is general in nature and not intended to address any particular individual/entity’s circumstances.

Morgan Stanley Smith Barney LLC and its affiliates and Financial Advisors/Private Wealth Advisors do not provide tax or legal advice; tax laws are complex and subject to change; consult a tax advisor/attorney.

Information contained herein is based on data from multiple sources considered to be reliable and Morgan Stanley Smith Barney LLC (“Morgan Stanley”) makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley.

When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.

This episode discusses legislation and regulatory initiatives—such as the “savers match,” child savings accounts/“Trump accounts,” “Trump IRA,” ERISA-related provisions, and the “in-plan vs. out-of-plan” emergency savings framework—those references are provided for general informational purposes only and are not intended as legal, tax, or compliance advice.

Any discussion of laws, regulations, proposed rules, or government programs reflects general commentary and may not reflect the most current legal or regulatory developments.

Laws and regulations are complex, may be amended, and may be subject to different interpretations by regulators, courts, plan fiduciaries, and other parties; guidance and enforcement priorities may also change over time.

Accordingly, listeners should not rely on the episode as a substitute for professional advice, and should consult their own qualified legal counsel, tax advisor, ERISA counsel, or other appropriate professional regarding their specific circumstances and any plan design, eligibility, or implementation questions (including questions related to ERISA provisions, leave/eligibility rules, and emergency savings design considerations).

Any examples or observations about how a law or rule operates in practice (including commentary that certain approaches may be “unworkable” or difficult to implement) are general perspectives and may not apply to all employers, plans, providers, or jurisdictions.

©2026 Morgan Stanley Smith Barney LLC. Member SIPC. 

CRC#5528084  07/2026

“You're taking a 50-plus-year-old industry and flipping it on its head and saying, ‘We're going to redo this from the ground up.’”

Aaron Schumm, founder, CEO and chairman of Vestwell, is shaking things up when it comes to modernizing workplace savings solutions.

As inflation concerns rise and workforce demands shift, traditional benefits packages are no longer enough. In this episode, Aaron joins host Rodney Bolden to share how fintech innovation is allowing companies to build flexible, automated benefits frameworks that can help relieve employee financial stress, improve retention and scale seamlessly with organizational growth.

At Vestwell, Aaron leads a fintech unicorn currently anchoring customizable benefits for over half a million businesses and two million individual savers. Having previously scaled the wealth management technology platform FolioDynamix, Aaron transitioned to the workplace benefits sector after recognizing systemic inefficiencies in how employee savings plans were administered.

Visit Vestwell.com to learn more about workplace savings vehicles.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce, and our associate producer is Ive Jones. Our production partner is Sequel Media Inc.

This podcast episode is for informational/educational purposes only and is not investment, legal, or tax advice. Participants in this podcast are not compensated and are not affiliated with Morgan Stanley. 

The guest speaker (Aaron Schumm/Vestwell) is an external guest; the views expressed are solely his own and do not represent Morgan Stanley’s views.

Nothing in the episode should be construed as a recommendation or solicitation to buy/sell any security, adopt any investment strategy, or implement any particular plan design; listeners should consider their own circumstances and consult appropriate professionals.

The discussion is general in nature and not intended to address any particular individual/entity’s circumstances.

Morgan Stanley Smith Barney LLC and its affiliates and Financial Advisors/Private Wealth Advisors do not provide tax or legal advice; tax laws are complex and subject to change; consult a tax advisor/attorney.

Information contained herein is based on data from multiple sources considered to be reliable and Morgan Stanley Smith Barney LLC (“Morgan Stanley”) makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley.

When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fiduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.

This episode discusses legislation and regulatory initiatives—such as the “savers match,” child savings accounts/“Trump accounts,” “Trump IRA,” ERISA-related provisions, and the “in-plan vs. out-of-plan” emergency savings framework—those references are provided for general informational purposes only and are not intended as legal, tax, or compliance advice.

Any discussion of laws, regulations, proposed rules, or government programs reflects general commentary and may not reflect the most current legal or regulatory developments.

Laws and regulations are complex, may be amended, and may be subject to different interpretations by regulators, courts, plan fiduciaries, and other parties; guidance and enforcement priorities may also change over time.

Accordingly, listeners should not rely on the episode as a substitute for professional advice, and should consult their own qualified legal counsel, tax advisor, ERISA counsel, or other appropriate professional regarding their specific circumstances and any plan design, eligibility, or implementation questions (including questions related to ERISA provisions, leave/eligibility rules, and emergency savings design considerations).

Any examples or observations about how a law or rule operates in practice (including commentary that certain approaches may be “unworkable” or difficult to implement) are general perspectives and may not apply to all employers, plans, providers, or jurisdictions.

©2026 Morgan Stanley Smith Barney LLC. Member SIPC. 

CRC#5528084  07/2026

As companies scale, how can they keep employees engaged and rewarded? In this season of Invested at Work, we explore how total compensation strategies make all the difference—at any stage of growth.

Host Rodney Bolden sits down with founders and benefits leaders to discuss equity compensation and total rewards strategies, and share stories about how those strategies can powerfully impact the lives of employees and their families. 

Follow Invested at Work on your favorite podcasting app. New episodes coming this summer.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits. 

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce. Our production partner is Sequel Media Inc.

This material has been prepared for educational purposes only. The guest speakers are neither employees of nor affiliated with Morgan Stanley Smith Barney LLC, otherwise known as Morgan Stanley. The opinions expressed by our external guests are solely their own and do not represent the views of Morgan Stanley. Please see our show notes for a full disclaimer on the information provided.

The information contained in this podcast is of a general nature for informational purposes only and is not intended to address the circumstances of any particular individual or entity nor is the information intended as, nor does it constitute advice.

Tax laws are complex and subject to change. This information is based on current federal tax laws in effect at the time this was written. Morgan Stanley Smith Barney LLC, its affiliates, Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

CRC# 5489990 (05/26)

AI is changing the way we work—and fast. But beyond the headlines, how are people really using it in the workplace? And how do they feel about it?

In this special bonus episode of Invested at Work, host Rodney Bolden checks in with guests from across the season to explore how AI is being adopted on the ground—from equity administration to customer service—and the emotions it’s stirring up along the way.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce. Our production partner is Sequel Media Inc.

This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy.

Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an AI-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output.

The views and opinions expressed herein are those of the speaker and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results. 

Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.

Morgan Stanley at Work services are provided by wholly owned subsidiaries of Morgan Stanley.

Information contained herein is based on data from multiple sources considered to be reliable and Morgan Stanley Smith Barney LLC (“Morgan Stanley”) makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley.

This material may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the material refers to website material of Morgan Stanley Wealth Management, the firm has not reviewed the linked site. Equally, except to the extent to which the material refers to website material of Morgan Stanley Wealth Management, the firm takes no responsibility for, and makes no representations or warranties whatsoever as to, the data and information contained therein. Such address or hyperlink (including addresses or hyperlinks to website material of Morgan Stanley Wealth Management) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through the material or the website of the firm shall be at your own risk and we shall have no liability arising out of, or in connection with, any such referenced website. 

© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC# 4675136 07/2025

Source: Pew Research Center, U.S. Workers Are More Worried Than Hopeful About Future AI Use in the Workplace. 2025.

Equity compensation can be a powerful tool to engage and motivate employees, but only when they understand its value. With over 25 years of experience in stock plan administration, Christine Zwerling, Head of Stock Administration at Asana, shares insights for HR leaders looking to make equity work harder for their teams.

In this episode of Invested at Work, host Rodney Bolden speaks with Christine about how equity compensation can be a key lever for culture and connection. Christine shares how Asana’s approach ties equity compensation to corporate goals, how employee understanding of equity evolves over time and why clear communication is key to maximizing its value.

They also discuss common misconceptions about equity, the disconnect between how HR and employees perceive its value, and how strong equity plans can support both business performance and employee well-being.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Visit Asana.com to learn more about the workplace management tool that is Asana.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce. Our production partner is Sequel Media Inc.

The guest speaker is neither an employee nor affiliated with Morgan Stanley Smith Barney LLC. Opinions expressed by the guest speaker are solely his or her own and do not necessarily reflect those of Morgan Stanley Smith Barney LLC.

This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Past performance is no guarantee of future results.

This material has been prepared for educational purposes only. The views, opinions or advice contained within this presentation are solely those of the presenter, who is not affiliated with Morgan Stanley, and do not necessarily reflect those of Morgan Stanley or its affiliates. Morgan Stanley makes no representation regarding the accuracy of any statements made by the presenter. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.

This material may provide the addresses of, or contain hyperlinks to, websites. Morgan Stanley is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Morgan Stanley of any information contained within the websites. Except to the extent to which the material refers to website material of Morgan Stanley Wealth Management, the firm has not reviewed the linked site. Equally, except to the extent to which the material refers to website material of Morgan Stanley Wealth Management, the firm takes no responsibility for, and makes no representations or warranties whatsoever as to, the data and information contained therein. Such address or hyperlink (including addresses or hyperlinks to website material of Morgan Stanley Wealth Management) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through the material or the website of the firm shall be at your own risk and we shall have no liability arising out of, or in connection with, any such referenced website. Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC.

Diversification does not guarantee a profit or protect against loss in a declining financial market.

Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an AI-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output.

Information contained herein is based on data from multiple sources considered to be reliable and Morgan Stanley Smith Barney LLC (“Morgan Stanley”) makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley.

NOT ALL PRODUCTS AND SERVICES ARE AVAILABLE IN ALL JURISDICTIONS OR COUNTRIES. Content and services available to non-US participants may be different than those available to US participants.

Employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., Solium Capital LLC, Solium Plan Managers LLC and Morgan Stanley Smith Barney LLC (“MSSB”), which are part of Morgan Stanley at Work.

Morgan Stanley at Work services and stock plan accounts are provided by wholly owned subsidiaries of Morgan Stanley.

Morgan Stanley at Work stock plan accounts were previously referred to as Shareworks,

StockPlan Connect or E*TRADE stock plan accounts, as applicable.

In connection with stock plan solutions offered by Morgan Stanley at Work, securities products and services are offered by MSSB, Member SIPC.

E*TRADE from Morgan Stanley is a registered trademark of MSSB.

All entities are separate but affiliated subsidiaries of Morgan Stanley. 

CRC# 4618423 07/2025

Executive titles don’t guarantee financial clarity. That’s what Liz Dennis, Managing Director and Head of Global Client Coverage at Morgan Stanley, finds in her work with company leaders.

In this episode of Invested at Work, host Rodney Bolden speaks with Liz about the unique financial challenges facing today’s executives. They discuss some of the blind spots executives might have when it comes to their finances, and how equity compensation, strategic planning and proactive HR support can make a real difference in driving engagement, retention and well-being for this group.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce. Our production partner is Sequel Media Inc.

This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using a Financial Planning tool. When your Financial Advisor prepares a Financial Plan, they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. To understand the differences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our Understanding Your Brokerage and Investment Advisory Relationships brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf

Clients have sole responsibility for making all investment decisions with respect to the implementation of a Financial Plan. You may implement the Financial Plan at Morgan Stanley Smith Barney LLC or at another firm. If you engage or have engaged Morgan Stanley, it will act as your broker, unless you ask it, in writing, to act as your investment adviser on any particular account.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

Asset allocation and diversification do not assure a profit or protect against loss.

Individuals executing a 10b5-1 trading plan should keep the following important considerations in mind:

(1) 10b5-1 trading plans should be reviewed and approved by the legal and compliance department of the individual’s company.

(2) Most companies will permit 10b5-1 trading plans to be entered into only during open window periods.

(3) Recent rule changes will require a mandatory cooling-off period between the execution of a 10b5-1 trading plan (or a modification) and the first sale pursuant to the plan (or the first sale following such modification).

(4) 10b5-1 trading plans do not alter the nature of restricted and/or control stock or regulatory requirements that may otherwise be applicable (e.g., Section 16, Section 13).

(5) 10b5-1 trading plans that are terminated early may weaken or cause the individual to lose the benefit of the affirmative defense.

(6) 10b5-1 trading plans may require a cessation of trading activities at times when lockups may be required at the company (e.g., secondary offerings).

(7) Recent rule changes will require companies to publicly disclose material terms of Section 16 director and officer 10b5-1 trading plans, and the early termination of such plans.

Artificial intelligence (AI) is subject to limitations, and you should be aware that any output from an AI-supported tool or service made available by the Firm for your use is subject to such limitations, including but not limited to inaccuracy, incompleteness, or embedded bias. You should always verify the results of any AI-generated output.

The term “Family Office Resources” is being used as a term of art and not to imply that Morgan Stanley and/or its employees are acting as a family office pursuant to Investment Advisers Act of 1940.

Employee stock plan solutions are offered by E*TRADE Financial Corporate Services, Inc., Solium Capital LLC, Solium Plan Managers LLC and Morgan Stanley Smith Barney LLC (“MSSB”), which are part of Morgan Stanley at Work.

Morgan Stanley at Work services and stock plan accounts are provided by wholly owned subsidiaries of Morgan Stanley.

Morgan Stanley at Work stock plan accounts were previously referred to as Shareworks, StockPlan Connect or E*TRADE stock plan accounts, as applicable. 

© 2025 Morgan Stanley. All rights reserved.

CRC# 4607214 06/25

The best CEOs know how to hold the long-term vision—while building the structure and discipline needed to scale sustainably. That’s according to Henry Ward, Founder and CEO of Carta, a networked enterprise resource planning (ERP) platform for private capital markets.

In this episode, Henry joins host Rodney Bolden to reflect on his founder journey and the leadership lessons he’s learned along the way. They discuss “founder mode,” how the founder mindset evolves as a company grows, and how to manage the tension between innovation and operational rigor within a company. They also cover why more companies are staying private longer and how private companies are offering meaningful equity and liquidity to retain top talent, from early-stage startup to late-stage growth.

Follow Invested at Work wherever you listen to or watch podcasts.

Visit MorganStanley.com/atwork for more insights on workplace financial benefits.

Visit Carta.com to learn more about Henry’s work with Carta.

Invested at Work is brought to you by Morgan Stanley at Work, hosted by Rodney Bolden. Our executive producers are Fiona Kelsey and Lisa Boyce. Our production partner is Sequel Media Inc.

This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. 

Guest speakers from outside Morgan Stanley Wealth Management are neither employees of or affiliated with Morgan Stanley Wealth Management. Opinions expressed by such guest speakers are solely their own and do not necessarily reflect those of Morgan Stanley Wealth Management or its affiliates.

Morgan Stanley and Carta are not affiliated and this presentation should not be treated as an endorsement of Carta or its products and services.

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Private equity funds typically invest in securities, instruments, and assets that are not, and are not expected to become, publicly traded and therefore may require a substantial length of time to realize a return or fully liquidate. They typically have high management, performance and placement fees which can lower the returns achieved by investors. They are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid with significant lock-up periods and no secondary market, can engage in leverage and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums.

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CRC# 4501001 06/2025