Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 19

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 19
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 accumulated dividends on the STRC Stock. In addition, if we fail to declare and pay accumulated dividends on the STRC Stock in full, then the value of the STRC Stock will likely decline. Provisions contained in the instruments governing our future indebtedness may restrict or prohibit us from paying cash dividends on the STRC Stock. If the terms of our indebtedness restrict or prohibit us from paying dividends, then we may seek to refinance that indebtedness or seek a waiver that would permit the payment of dividends. However, we may be unable or may choose not to refinance the indebtedness or obtain a waiver. SA-10

Under the Delaware General Corporation Law, we may declare dividends on the STRC Stock only out of our
“surplus” (which generally means our total assets less total liabilities, each measured at their fair market values, less statutory capital), or, if there is no surplus, out of our net profits for the current or the immediately preceding
fiscal year. We may not have sufficient surplus or net profits to declare and pay dividends on the STRC Stock in cash.

If we fail to declare and pay full
dividends on the STRF Stock, we will be prohibited from paying dividends on the STRC Stock. Moreover, if we fail to declare and pay full dividends on the STRC Stock, then we will be prohibited from paying dividends on our class A common stock and
any other junior securities (including our STRK Stock and STRD Stock), subject to limited exceptions. Further, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared
on the STRC Stock on a pro rata basis (as described further under the caption “Description of STRC Stock—Regular Dividends—Priority of Dividends; Limitation on Junior Payments; No Participation Rights— Limitation on Dividends
on Parity Stock”).

The STRC Stock has only limited voting rights.

The STRC Stock confers no voting rights except with respect to certain dividend arrearages, certain amendments to the terms of the STRC Stock, and certain
other limited circumstances described in this STRC Stock Annex and except as required by the Delaware General Corporation Law. Holding STRC Stock does not confer the right to vote together with holders of our class A common stock on matters on which
our class A common stockholders are entitled to vote. For example, holders of STRC Stock, as such, do not have the right to vote in the