Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 79

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 79
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 class B common stock is exchanged, in connection with a transaction akin to a class A common stock change event but with respect to our class B common stock (excluding,
for the avoidance of doubt, the conversion of any of our class B common stock into our class A common stock in accordance with the terms of our class B common stock).

“Close of business” means 5:00 p.m., New York City time.

“Compounded dividends” has the meaning set forth above under the caption “—Regular Dividends—Generally.”

“Conversion date” means, with respect to any share of STRK Stock, the first business day on which the requirements described above under the
caption “—Conversion Rights—Conversion Procedures” to convert such share are satisfied.

“Conversion price” means, as
of any time, an amount equal to (i) the liquidation preference (or, upon ratification of the STRK Amendment, the stated amount) per share of STRK Stock, divided by (ii) the conversion rate in effect at such time.

“Conversion rate” initially means 0.1000 shares of our class A common stock per share of STRK Stock, which amount is subject to adjustment as
described above under the caption “—Conversion Rights—Conversion Rate Adjustments.” Whenever in this STRK Stock Annex we refer to the conversion rate as of a particular date without setting forth a particular time on such
date, such reference will be deemed to be to the conversion rate immediately before the close of business on such date.

SA-50

“Daily VWAP” means, for any VWAP trading day, the per share volume-weighted average price of our
class A common stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “MSTR <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled
open of trading until the scheduled close of trading of the primary trading session on such VWAP trading day (or, if such volume-weighted average price is unavailable, the market value of one share of our class A common stock on such VWAP trading
day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm we select, which may be any of the Agents). The daily VWAP will be determined without regard to after-hours trading or any
other trading outside of the regular trading session.

“Deferral exception” has the meaning set forth