Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 17

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 17
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 the instruction of more than one Selling Agent on any trading day shall not apply to or prohibit the appointment of (A) the same Selling Agent that was previously instructed on such trading day or
(B) a second Selling Agent (a “Second Agent”), so long as a Second Agent is only executing a block sale transaction after 4:00 p.m. New York City time on such trading day. Sales pursuant to the Sales Agreement may be made through an
affiliate of an Agent.

The settlement of sales of securities between us and any Selling Agent is generally anticipated to occur on the trading day
following the date on which the sale was made. Sales of our securities as contemplated in this base prospectus supplement and the annexes to this base prospectus supplement will be settled through the facilities of The Depository Trust Company or by
such other means as we and the Selling Agent may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

We will pay an Agent a commission of up to 2.0% of the aggregate gross proceeds we receive from each sale of our securities made by such Agent or its
affiliated Selling Agent. Because there is no minimum offering amount required as a condition to close the offerings of securities under this base prospectus supplement, the actual total public offering amounts, commissions and proceeds to us, if
any, are not determinable at this time. In addition, we have agreed to reimburse the Agents for the fees and disbursements of Agents’ counsel, payable upon execution of the Sales Agreement, in an amount not to exceed $75,000, in addition to
certain ongoing disbursements of their legal counsel.

A Selling Agent will provide written confirmation to us before the open of The Nasdaq Global Select
Market on the day following each day on which our securities are sold under the Sales Agreement. Each confirmation will include the type and number of securities sold on such preceding day, the aggregate gross proceeds of such sales and the proceeds
to us.

In connection with the sale of the securities on our behalf, each Selling Agent will be deemed to be an “underwriter” within the
meaning of the Securities Act, and the compensation of such Agent will be deemed to be underwriting commissions or discounts. In addition, we have agreed to indemnify the Agents against certain civil liabilities, including liabilities under the
Securities Act. We have also agreed to contribute to payments the Agents may be required to make in respect of such liabilities.

Any offering of
se