Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 45

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 45
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, or equally with, the STRD Stock with respect to the distribution of assets upon our liquidation, dissolution or
winding up. Liquidation junior stock includes our class A common stock and our class B common stock. For the avoidance of doubt, liquidation junior stock will not include any securities of our subsidiaries.

“Liquidation parity stock” means any class or series of our stock (other than the STRD Stock) whose terms expressly provide that such class or
series will rank equally with the STRD Stock with respect to the distribution of assets upon our liquidation, dissolution or winding up. For the avoidance of doubt, liquidation parity stock will not include any securities of our subsidiaries.

“Liquidation preference” initially means $100 per share of STRD Stock; provided, however, that, effective immediately after the close of business
on each business day after June 10, 2025 (and, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of STRD Stock is executed, from the exact time of the first such sale transaction
during such business day until the close of business of such business day), the liquidation preference per share of STRD Stock is adjusted to be the greatest of (i) the stated amount per share of STRD Stock; (ii) in the case of any
business day with respect to which we have, on such business day or any business day during the ten (10) trading day period preceding such business day, executed any sale transaction to be settled by the issuance of STRD Stock, an amount equal
to the last reported sale price per share of STRD Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the last reported sale prices per share of STRD Stock for each trading day of the ten
(10) consecutive trading days immediately preceding such business day, provided, however, that, if applicable, the reference in this clause (iii) to ten (10) will be replaced by such lesser number of trading days as have elapsed
during the period from, and including, June 10, 2025 to, but excluding, such business day. Notwithstanding anything to the contrary in the preceding sentence, at all times before the first date on which we execute any sale transaction to be
settled by the issuance of STRD Stock (other than the STRD Stock initially issued on June 10, 2025), which may include sales in this offering, the