Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 24

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 24
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 regular dividends begin to accrue on, the first regular dividend record date and first regular dividend payment date for, and transfer restrictions
applicable to, such additional STRD Stock). Furthermore, without the consent of any holder, we may resell any STRD Stock that we or any of our “subsidiaries” (as defined below under the caption “—Definitions”) has
purchased or otherwise acquired. However, such additional or resold STRD Stock must be identified by a separate CUSIP number or by no CUSIP number if they are not fungible, for purposes of federal securities laws or, if applicable, the
“depositary procedures” (as defined below under the caption “—Definitions”), with other STRD Stock that is then outstanding. In addition, without the consent of any holder, we may create and issue, or increase the
authorized or issued number of, any other class or series of stock (including, for the avoidance of doubt,

SA-14

“dividend senior stock,” “dividend parity stock,” “liquidation senior stock” or “liquidation parity stock” (as those terms are defined below under the caption “—Definitions”)), including our STRF Stock, our STRC Stock and our STRK Stock. Subject to applicable law, we or our subsidiaries may directly or indirectly repurchase STRD Stock in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other cash-settled derivatives. Transfer Agent, Registrar and Paying Agent U.S. Bank Trust Company, National Association is the initial transfer agent, registrar and paying agent for the STRD Stock. However, without prior notice to the preferred stockholders, we may change the transfer agent, registrar and paying agent and we or any of our subsidiaries may choose to act in that capacity as well (except that the transfer agent, registrar and paying agent with respect to any global certificate must at all times be a person that is eligible to act in that capacity under the depositary procedures). Registered Holders Absent manifest error, a person in whose name any share of STRD Stock is registered on the registrar’s books will be considered to be the holder of that share for all purposes, and only registered holders (which, in the case of STRD Stock held through DTC, will initially be DTC’s nominee, Cede & Co.) will have rights under our certificate of incorporation and certificate of designations as holders of the STRD Stock. In this section,