Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 86

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 86
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 our class A common stock on such VWAP trading day, determined, using a volume-weighted average price
method, by a nationally recognized independent investment banking firm we select, which may be any of the Agents). The daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session.

“Deferral exception” has the meaning set forth above under the caption “—Conversion Rights—Conversion Rate Adjustments—The
Deferral Exception.”

“Depositary” means The Depository Trust Company or its successor, or any successor depositary for the applicable
shares of perpetual strike preferred stock.

“Depositary procedures” means, with respect to any conversion, transfer, exchange or other
transaction involving a global certificate representing any perpetual strike preferred stock, or any beneficial interest in such certificate, the rules and procedures of the depositary applicable to such conversion, transfer, exchange or
transaction.

S-60

“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-PaymentEvents—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 perpetual strike preferred 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 and our class B common stock. For the avoidance of doubt, dividend junior stock will not include any securities of our subsidiaries. “Dividend parity stock” means any class or series of our stock (other than the perpetual strike preferred stock) whose terms expressly provide that such class or series will rank equally with the perpetual strike preferred 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 perpetual strike preferred 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. “Ex-dividenddate” means, with respect to an issuance, dividend or distribution on our class A common stock, the first date on which shares of our class A common stock trade on the