Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 48

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 48
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 to any transfer, exchange or other transaction involving a global certificate
representing any STRF Stock, or any beneficial interest in such certificate, the rules and procedures of the depositary applicable to such transfer, exchange or transaction.

“Director qualification requirement” has the meaning set forth under the caption “—Voting Rights—Right to Designate up to Two
Preferred Stock Directors Upon Regular Dividend Non-Payment Events—Generally.”

“Dividend 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 STRF Stock with respect to the payment of dividends (without regard to whether or not
dividends accumulate cumulatively). Dividend junior stock includes our class A common stock, our class B common stock, our STRC Stock, our STRK Stock and our STRD Stock. For the avoidance of doubt, dividend junior stock will not include any
securities of our subsidiaries.

SA-29

“Dividend parity stock” means any class or series of our stock (other than the STRF Stock) whose
terms expressly provide that such class or series will rank equally with the STRF Stock with respect to the payment of dividends (without regard to whether or not dividends accumulate cumulatively). For the avoidance of doubt, dividend parity stock
will not include any securities of our subsidiaries.

“Dividend senior stock” means any class or series of our stock whose terms expressly
provide that such class or series will rank senior to the STRF Stock with respect to the payment of dividends (without regard to whether or not dividends accumulate cumulatively). For the avoidance of doubt, dividend senior stock will not include
any securities of our subsidiaries.

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

“Fundamental change” means any of the following events:

(i) either (a) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) (other than
(w) us; (x) our “wholly owned subsidiaries” (as defined below); (y) any employee benefit plans of ours or our wholly owned subsidiaries; or (z) any “permitted party” (as defined below)), files any report with the
SEC indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of our common equity representing more than 50% of