Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 59

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 59
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 stock” means any dividend junior stock or liquidation junior stock.

“Last reported sale price” per share of perpetual strife preferred stock for any trading day means the closing sale price per share (or, if no
closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of perpetual strife
preferred stock on such trading day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the perpetual strife preferred stock is then listed. If the perpetual strife preferred stock is not
listed on a U.S. national or regional securities exchange on such trading day, then the last reported sale price will be the last quoted bid price per share of perpetual strife preferred stock on such trading day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the perpetual strife preferred stock is not so quoted on such trading day, then the
last reported sale price will be the mid-point of the last bid price and the last ask price per share of perpetual strife preferred stock on such trading day from a nationally recognized independent investment
banking firm we select, which may be any of the Agents (or, if no such last bid price or last ask price is available, the fair value of one share of perpetual strife preferred stock on such trading day determined by a nationally recognized
independent investment banking firm we select, which may be any of the Agents).

“Liquidation junior stock” means any class or series of our
stock whose terms do not expressly provide that such class or series will rank senior to, or equally with, the perpetual strife preferred stock with respect to the distribution of assets upon our liquidation, dissolution or winding up. Liquidation
junior stock includes our class A common stock, our class B common stock and our outstanding perpetual strike preferred 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 perpetual strife preferred stock) whose terms expressly provide
that such class or series will rank equally with the perpetual strife preferred 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 perpetual strife