Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 44

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 44
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 the surviving, continuing
or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before
such transaction will be deemed not to be a fundamental change pursuant to this clause (ii).

For the purposes of this definition, (x) any
transaction or event described in both clause (i) and in clause (ii)(1) or (2) above (without regard to the proviso in clause (ii)) will be deemed to occur solely pursuant to clause (ii) above (subject to such proviso); and
(y) whether a person is a “beneficial owner,” whether shares are “beneficially owned,” and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under
the Exchange Act.

“Junior stock” means any dividend junior stock or liquidation junior stock.

“Last reported sale price” per share of STRD 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 STRD Stock on such trading day as reported in
composite transactions for the principal U.S. national or regional securities exchange on which the STRD Stock is then listed. If the STRD 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

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per share of STRD Stock on such trading day in the over-the-counter market as reported by OTC Markets Group Inc. or
a similar organization. If the STRD 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 STRD 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 STRD 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