Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 37

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 37
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 of our directors was increased by one or two, as applicable, in connection with such regular dividend non-paymentevent(s), then the authorized number of our directors will automatically decrease by one or two, as applicable). A preferred stock director will hold office until our next annual meeting of stockholders or, if earlier, upon his or her death, resignation or removal or the termination of the term of such office as described above. However, if:

| • |     | a class or series of voting parity stock with similar voting rights regarding the election of directors upon a 
 failure to pay dividends is outstanding;                                                                       |

| • |     | such voting rights become exercisable at a time when a preferred stock director holds office with respect to the 
 STRF Stock; and                                                                                                  |

| • |     | a special meeting of our stockholders is called for the purpose of electing a director pursuant to such voting 
 rights,                                                                                                        |

then (x) holders of the STRF Stock will be entitled to vote, as a single class with the holders of such class or series of voting parity stock, at such special meeting in respect of such election of such new director(s); and (y) the office of any such preferred stock director of the STRF Stock will terminate upon the election, at such special meeting, of the new director(s). For the avoidance of doubt, the compensation, if any, payable to any preferred stock director will be at our sole and absolute discretion. Removal and Vacancies of a Preferred Stock Director At any time, a preferred stock director may be removed either (i) with cause in accordance with applicable law; or (ii) with or without cause by the affirmative vote of the preferred stockholders, voting together as a single SA-22

class with the holders of each class or series of voting parity stock, if any, with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting
rights are then exercisable, representing a majority of the combined voting power of the STRF Stock and such voting parity stock.

During the continuance
of a regular dividend non-payment event, a vacancy in the office of a preferred stock director (other than a vacancy before the initial election of the preferred stock director in connection with such regular
dividend non-payment event) may be filled, subject to the director qualification requirement, by the affirmative vote of the preferred stockholders, voting together as a single class with the holders of each
class or series of voting parity stock, if any, with