# EDGAR Filing Document

**Accession Number:** 0001666268
**File Stem:** 0001839882-25-053453
**Filing Date:** 2025-9
**Character Count:** 18599
**Document Hash:** 30d92106a10d63ba01c03b4c4604ab86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-25-053453.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001839882-25-053453

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-275587-01
- **FILM NUMBER:** 251350449

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Finance LLC
- **CENTRAL INDEX KEY:** 0001666268
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 363145972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** (212) 761-4000

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

Free Writing Prospectus to Preliminary Pricing Supplement No. 10,773

Registration Statement Nos. 333-275587; 333-275587-01

Dated September 26, 2025; Filed pursuant to Rule 433

Morgan Stanley

**3** **-Year Worst-of MSFT, META and GOOGL Contingent Income Auto-Callable Securities**

***This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the "Risk Considerations" on the following page, prior to making an investment decision.***

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| | |
|:---|:---|
| &nbsp;&nbsp; **Summary Terms** | &nbsp;&nbsp; **Summary Terms** |
| &nbsp;&nbsp; **Issuer:** | &nbsp;&nbsp;&nbsp; Morgan Stanley Finance LLC |
| &nbsp;&nbsp; **Guarantor:** | &nbsp;&nbsp;&nbsp; Morgan Stanley |
| &nbsp;&nbsp; **Underlying stocks:** | &nbsp;&nbsp;&nbsp; Microsoft Corporation common stock ("MSFT"), Meta Platforms, Inc. class A common stock ("META") and Alphabet Inc. class A common stock ("GOOGL") |
| &nbsp;&nbsp; **Stated principal amount:** | &nbsp;&nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Issue price:** | &nbsp;&nbsp;&nbsp; $1,000 per security |
| &nbsp;&nbsp; **Pricing date:** | &nbsp;&nbsp;&nbsp; October 3, 2025 |
| &nbsp;&nbsp; **Original issue date:** | &nbsp;&nbsp;&nbsp; October 8, 2025 (3 business days after the pricing date) |
| &nbsp;&nbsp; **Maturity date:** | &nbsp;&nbsp;&nbsp; October 6, 2028 |
| &nbsp;&nbsp; **Contingent quarterly coupon:** | &nbsp;&nbsp;&nbsp; A contingent coupon will be paid on the securities on each coupon payment date **but only if** the determination closing price of each underlying stock is at or above its respective **downside threshold level** on the related observation date. If payable, the contingent quarterly coupon will be an amount in cash per stated principal amount corresponding to a return of 11.60% per annum (corresponding to approximately $29.00 per quarter per security) for each interest payment period for each applicable observation date. <br> **If, on any observation date, the determination closing price of any underlying stock is less than its respective downside threshold level, we will pay no coupon for the applicable quarterly period.**  |
| &nbsp;&nbsp; **Payment at maturity**<sup>1</sup>**:** | &nbsp;&nbsp;&nbsp; If the securities have not been automatically redeemed prior to maturity, the payment at maturity will be determined as follows:<br> If the final share price of **each** underlying stock is **greater than or equal to** its respective downside threshold level, investors will receive the stated principal amount *plus* the contingent quarterly coupon with respect to the final observation date and any previously unpaid contingent quarterly coupons from the prior observation dates.<br> If the final share price of **any** underlying stock is **less than** its respective downside threshold level, investors will receive (i) the stated principal amount *multiplied by* (ii) the share performance factor of the worst performing underlying stock. Under these circumstances, the payment at maturity will be less than 60% of the stated principal amount of the securities and could be zero. |
| &nbsp;&nbsp; **Early redemption:** | &nbsp;&nbsp;&nbsp; If, on any redemption determination date, beginning on January 5, 2026, the determination closing price of **each** underlying stock is **greater than or equal to** its respective redemption threshold level, the securities will be automatically redeemed for an early redemption payment on the related early redemption date. No further payments will be made on the securities once they have been redeemed.<br> **The securities will not be redeemed early on any early redemption date if the determination closing price of any underlying stock is below its respective redemption threshold level on the related redemption determination date.** |
| &nbsp;&nbsp; **Early redemption payment:** | &nbsp;&nbsp;&nbsp; The early redemption payment will be an amount equal to the stated principal amount for each security you hold *plus* the contingent quarterly coupon with respect to the related observation date and any previously unpaid contingent quarterly coupons from the prior observation dates. |
| &nbsp;&nbsp; **Initial share price:** | &nbsp;&nbsp;&nbsp; The stock closing price on the pricing date for each underlying |
| &nbsp;&nbsp; **Final share price:** | &nbsp;&nbsp;&nbsp; The stock closing price on the final observation date for each underlying |
| &nbsp;&nbsp; **Worst performing underlying stock:** | &nbsp;&nbsp;&nbsp; The underlying stock with the largest percentage decrease from the respective initial share price to the respective final share price |
| &nbsp;&nbsp; **Share performance factor:** | &nbsp;&nbsp;&nbsp; Final share price divided by the initial share price |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Redemption** **determination dates:** | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below, subject to postponement for non-trading days and certain market disruption events. | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below, subject to postponement for non-trading days and certain market disruption events. |
| &nbsp;&nbsp; **Early redemption dates:** | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below. If any such day is not a business day, that early redemption payment will be made on the next succeeding business day and no adjustment will be made to any early redemption payment made on that succeeding business day. | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below. If any such day is not a business day, that early redemption payment will be made on the next succeeding business day and no adjustment will be made to any early redemption payment made on that succeeding business day. |
| &nbsp;&nbsp; **Observation dates:** | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below, subject to postponement for non-stock business days and certain market disruption events.  | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below, subject to postponement for non-stock business days and certain market disruption events.  |
| &nbsp;&nbsp; **Coupon payment dates:** | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below; *provided* that if any such day is not a business day, that coupon payment will be made on the next succeeding business day and no adjustment will be made to any coupon payment made on that succeeding business day. The contingent quarterly coupon, if any, with respect to the final observation date will be paid on the maturity date. | &nbsp;&nbsp;&nbsp; Quarterly, as set forth below; *provided* that if any such day is not a business day, that coupon payment will be made on the next succeeding business day and no adjustment will be made to any coupon payment made on that succeeding business day. The contingent quarterly coupon, if any, with respect to the final observation date will be paid on the maturity date. |
| &nbsp;&nbsp; **Downside threshold level:** | &nbsp;&nbsp;&nbsp; 60% of the initial share price for each underlying | &nbsp;&nbsp;&nbsp; 60% of the initial share price for each underlying |
| &nbsp;&nbsp; **CUSIP / ISIN:** | &nbsp;&nbsp;&nbsp; 61779DY30 / US61779DY306 | &nbsp;&nbsp;&nbsp; 61779DY30 / US61779DY306 |
| &nbsp;&nbsp; **Preliminary pricing supplement:** | &nbsp;&nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988225053428/ms10773_424b2-30427.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988225053428/ms10773_424b2-30427.htm) | &nbsp;&nbsp;&nbsp; [https://www.sec.gov/Archives/edgar/data/895421/000183988225053428/ms10773_424b2-30427.htm](https://www.sec.gov/Archives/edgar/data/895421/000183988225053428/ms10773_424b2-30427.htm) |
| &nbsp;&nbsp; **Observation dates /** <br> **Redemption determination dates** | &nbsp;&nbsp; **Observation dates /** <br> **Redemption determination dates** | &nbsp;&nbsp; **Coupon payment dates /** <br> **Early redemption dates** |
| &nbsp;&nbsp;&nbsp; January 5, 2026 | &nbsp;&nbsp;&nbsp; January 5, 2026 | &nbsp;&nbsp;&nbsp; January 8, 2026 |
| &nbsp;&nbsp;&nbsp; April 6, 2026 | &nbsp;&nbsp;&nbsp; April 6, 2026 | &nbsp;&nbsp;&nbsp; April 9, 2026 |
| &nbsp;&nbsp;&nbsp; July 6, 2026 | &nbsp;&nbsp;&nbsp; July 6, 2026 | &nbsp;&nbsp;&nbsp; July 9, 2026 |
| &nbsp;&nbsp;&nbsp; October 5, 2026 | &nbsp;&nbsp;&nbsp; October 5, 2026 | &nbsp;&nbsp;&nbsp; October 8, 2026 |
| &nbsp;&nbsp;&nbsp; January 4, 2027 | &nbsp;&nbsp;&nbsp; January 4, 2027 | &nbsp;&nbsp;&nbsp; January 7, 2027 |
| &nbsp;&nbsp;&nbsp; April 5, 2027 | &nbsp;&nbsp;&nbsp; April 5, 2027 | &nbsp;&nbsp;&nbsp; April 8, 2027 |
| &nbsp;&nbsp;&nbsp; July 6, 2027 | &nbsp;&nbsp;&nbsp; July 6, 2027 | &nbsp;&nbsp;&nbsp; July 9, 2027 |
| &nbsp;&nbsp;&nbsp; October 4, 2027 | &nbsp;&nbsp;&nbsp; October 4, 2027 | &nbsp;&nbsp;&nbsp; October 7, 2027 |
| &nbsp;&nbsp;&nbsp; January 3, 2028 | &nbsp;&nbsp;&nbsp; January 3, 2028 | &nbsp;&nbsp;&nbsp; January 6, 2028 |
| &nbsp;&nbsp;&nbsp; April 3, 2028 | &nbsp;&nbsp;&nbsp; April 3, 2028 | &nbsp;&nbsp;&nbsp; April 6, 2028 |
| &nbsp;&nbsp;&nbsp; July 3, 2028 | &nbsp;&nbsp;&nbsp; July 3, 2028 | &nbsp;&nbsp;&nbsp; July 7, 2028 |
| &nbsp;&nbsp;&nbsp; October 3, 2028 (final observation date) | &nbsp;&nbsp;&nbsp; October 3, 2028 (final observation date) | &nbsp;&nbsp;&nbsp; October 6, 2028 (maturity date) |
| &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup> **(if the securities have not been previously redeemed)** | &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup> **(if the securities have not been previously redeemed)** | &nbsp;&nbsp; **Hypothetical Payout at Maturity**<sup>1</sup> **(if the securities have not been previously redeemed)** |
| &nbsp;&nbsp; **Change in Worst Performing Underlying** | &nbsp;&nbsp; **Change in Worst Performing Underlying** | &nbsp;&nbsp; **Payment at Maturity**<br> **(excluding any coupon payable at maturity)** |
| &nbsp;&nbsp;&nbsp; +40% | &nbsp;&nbsp;&nbsp; +40% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; +30% | &nbsp;&nbsp;&nbsp; +30% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; +20% | &nbsp;&nbsp;&nbsp; +20% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; +10% | &nbsp;&nbsp;&nbsp; +10% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -10% | &nbsp;&nbsp;&nbsp; -10% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -20% | &nbsp;&nbsp;&nbsp; -20% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -30% | &nbsp;&nbsp;&nbsp; -30% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -40% | &nbsp;&nbsp;&nbsp; -40% | &nbsp;&nbsp;&nbsp; $1000.00 |
| &nbsp;&nbsp;&nbsp; -41% | &nbsp;&nbsp;&nbsp; -41% | &nbsp;&nbsp;&nbsp; $590.00 |
| &nbsp;&nbsp;&nbsp; -50% | &nbsp;&nbsp;&nbsp; -50% | &nbsp;&nbsp;&nbsp; $500.00 |
| &nbsp;&nbsp;&nbsp; -60% | &nbsp;&nbsp;&nbsp; -60% | &nbsp;&nbsp;&nbsp; $400.00 |
| &nbsp;&nbsp;&nbsp; -70% | &nbsp;&nbsp;&nbsp; -70% | &nbsp;&nbsp;&nbsp; $300.00 |
| &nbsp;&nbsp;&nbsp; -80% | &nbsp;&nbsp;&nbsp; -80% | &nbsp;&nbsp;&nbsp; $200.00 |
| &nbsp;&nbsp;&nbsp; -90% | &nbsp;&nbsp;&nbsp; -90% | &nbsp;&nbsp;&nbsp; $100.00 |
| &nbsp;&nbsp;&nbsp; -100% | &nbsp;&nbsp;&nbsp; -100% | &nbsp;&nbsp;&nbsp; $0 |
| &nbsp;&nbsp;&nbsp; <sup>1</sup>All payments are subject to our credit risk | &nbsp;&nbsp;&nbsp; <sup>1</sup>All payments are subject to our credit risk | &nbsp;&nbsp;&nbsp; <sup>1</sup>All payments are subject to our credit risk |

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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.

**Underlying Stocks**

For more information about the underlying stocks, including historical performance information, see the accompanying preliminary pricing supplement.

**Risk Considerations**

The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

<u>Risks Relating to an Investment in</u> <u>the Securities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The securities do not guarantee the return of any principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The securities do not provide for the regular payment of interest and may pay no interest over the entire term of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The contingent coupon, if any, is based only on the determination closing prices of the underlying stocks on the related quarterly observation date at the end of the related interest period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Investors will not participate in any appreciation in the price of any underlying stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The market price will be influenced by many unpredictable factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Reinvestment risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The securities will not be listed on any securities exchange and secondary trading may be limited, and accordingly, you should be willing to hold your securities for the entire 3-year term of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The estimated value of the securities is approximately $958.00 per security, or within $25.00 of that estimate, and is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Hedging and trading activity by our affiliates could potentially affect the value of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The U.S. federal income tax consequences of an investment in the securities are uncertain.

<u>Risks Relating to the Underlying</u> <u>Stocks</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●You are exposed to the price risk of all of the underlying stocks, with respect to both the contingent quarterly coupons, if any, and the payment at maturity, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Investing in the securities is not equivalent to investing in the common stock of Microsoft Corporation, the class A common stock of Meta Platforms, Inc. or the class A common stock of Alphabet Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●No affiliation with, Microsoft Corporation, Meta Platforms, Inc. or Alphabet Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●We may engage in business with or involving Microsoft Corporation, Meta Platforms, Inc. or Alphabet Inc. without regard to your interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The antidilution adjustments the calculation agent is required to make do not cover every corporate event that could affect the underlying stocks.

**Tax Considerations**

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Additional Information About the Securities—Tax considerations" concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.