Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 28
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 respect
of any prior regular dividend period).

Declared regular dividends on the STRD Stock will be payable solely in cash in the manner, and subject to the
provisions, described below under the caption “—Method of Payment.”

Accrued regular dividends will be computed on the basis of a 360-day year comprised of twelve 30-day months.

The certificate of designations
does not require us to declare regular dividends on the STRD Stock, even if funds are legally available for their payment. Accordingly, we may choose not to declare regular dividends on the STRD Stock. See “Risk Factors—Risks Related to
the STRD Stock and This Offering—We may not have sufficient funds to pay dividends in cash on the STRD Stock, or we may choose not to declare or pay dividends on the STRD Stock. In addition, regulatory and contractual restrictions may prevent
us from declaring or paying dividends.”

Method of Payment

Each declared regular dividend on the STRD Stock will be paid in cash.

Treatment of Dividends Upon Repurchase Upon Fundamental Change or Redemption

If the “fundamental change repurchase date” (as defined below under the caption “—Fundamental Change Permits Preferred Stockholders to
Require Us to Repurchase STRD Stock”), or redemption date of any share of STRD Stock to be repurchased or redeemed is after a regular record date for a declared regular dividend on the STRD Stock and on or before the next regular dividend
payment date, then the holder of such share at the close of business on such regular record date will be entitled, notwithstanding such repurchase or redemption, as applicable, to receive, on or, at our election, before such regular dividend payment
date, such declared regular dividend on such share.

Except as described in the preceding paragraph, regular dividends on any share of STRD Stock will
cease to accrue from and after the fundamental change repurchase date or redemption date, as applicable, for such share.

Limitations on Our Ability to Pay Dividends

We may not have sufficient cash to pay regular dividends on the STRD Stock in cash. In addition, applicable law (including the
Delaware General Corporation Law), regulatory authorities, the agreements governing our indebtedness and our dividend senior stock, including our STRK Stock and our STRF Stock, may restrict our ability to pay dividends on the STRD Stock. Similarly,
statutory, contractual or other restrictions may limit our subsidiaries’ ability to pay dividends or make distributions, loans or advances to us to enable