Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 30

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 30
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y) the dollar amount of the total accrued and unpaid dividends per share of such class or series of dividend parity stock immediately before the payment of such dividend (which dollar amount in this clause (y) will, if dividends on such class or series of dividend parity stock are not cumulative, be the full amount of dividends per share thereof in respect of the most recent dividend period thereof). Limitation on Certain Payments As long as any STRD Stock is outstanding, then no dividends or distributions (whether in cash, securities or other property, or any combination of the foregoing) will be declared or paid on any of our “junior stock” (as defined below under the caption “—Definitions”), and neither we nor any of our subsidiaries will purchase, redeem or otherwise acquire for value (whether in cash, securities or other property, or any combination of the foregoing) any of our junior stock or dividend parity stock, in each case unless all accrued regular dividends, if any, on the STRD Stock in respect of the most recently completed regular dividend periods have been declared and paid in full. However, the restrictions described in the preceding sentence will not apply to the following:

| • |     | dividends and distributions on junior stock that are payable solely in shares of junior stock, together with cash 
 in lieu of any fractional share;                                                                                  |

| • |     | the purchase of any junior stock or dividend parity stock solely with the proceeds of a substantially 
 simultaneous sale of other junior stock;                                                              |

| • |     | purchases, redemptions or other acquisitions of junior stock in connection with the administration of any benefit 
 or other incentive plan of ours (including any employment contract) in the ordinary course                        |

SA-18

| of business, including (x) the forfeiture of unvested shares of restricted stock, or any withholdings (including withholdings effected by a repurchase or similar transaction), or other                                                         
 surrender, of shares that would otherwise be deliverable upon exercise, delivery or vesting of equity awards under any such plan or contract, in each case whether for payment of applicable taxes or the exercise price, or otherwise; (y) cash 
 paid in connection therewith in lieu of issuing any fractional share; and (z) purchases of junior stock pursuant to a publicly announced repurchase plan to offset the dilution resulting from issuances pursuant to any such plan or contract;  
 provided, however, that repurchases pursuant to this clause (z) will be permitted pursuant to the exception described in this bullet point only to the extent