Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 81

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 81
---
 common stock under a separate ticker symbol or CUSIP number
will not be considered “regular way” for this purpose.

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

“Expiration date” has the meaning set forth above in paragraph (5) under the caption “—Conversion Rights—Conversion
Rate Adjustments—Generally.”

“Expiration time” has the meaning set forth above in paragraph (5) under the caption
“—Conversion Rights—Conversion Rate Adjustments—Generally.”

SA-51

“Floor price” initially means $119.03 per share of class A common stock. However, the floor price will be adjusted in the same manner as, and at the same time and for the same events for which, the conversion price is adjusted as a result of the operation of the provisions described above under the caption “—Conversion Rights—Conversion Rate Adjustments.” Whenever in this STRK Stock Annex we refer to the floor price as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the floor price immediately before the close of business on such date. “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 the voting power of all of     
 our common equity; or (b) 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); or                                                     
 (y) any employee benefit plans of ours or our wholly owned subsidiaries), 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           
 class A common stock representing more than 50% of the voting power of all of our class