Stipulated Award NASD Dispute Resolution In the Matter of the Arbitration Between: Name of the Claimant Menachem M. Hayes Names of the Respondents Morgan Stanley DW, Inc. and Marc Guttman, individually Case Number: 02-04367 Hearing Site: Boca Raton, Florida Nature of the Dispute: Customer vs. Member and Associated Person. REPRESENTATION OF PARTIES For Menachem M. Hayes, hereinafter referred to as "Claimant": J. B. Grossman, Esq., Breit