Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 91

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 91
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 whose terms expressly provide that such class or series will rank equally with the perpetual strike preferred stock with respect to the distribution of assets upon our
liquidation, dissolution or winding up. For the avoidance of doubt, liquidation parity stock will not include any securities of our subsidiaries.

“Liquidation preference” means, with respect to the perpetual strike preferred stock, an amount equal to $100 per share of perpetual strike
preferred stock.

“Liquidation 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 distribution of assets upon our liquidation, dissolution or winding up. For the avoidance of doubt, liquidation senior stock will not include any securities of our subsidiaries.

“Market disruption event” means, with respect to our class A common stock or perpetual strike preferred stock, as applicable, and any date, the
occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which our class
A common stock or perpetual strike preferred stock, as applicable, is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or
otherwise) in our class A common stock or perpetual strike preferred stock, as applicable, or in any options contracts or futures contracts relating to our class A common stock or perpetual strike preferred stock, as applicable.

“Minimum perpetual strike preferred stock conversion denomination” means, with respect to the conversion of any perpetual strike preferred stock, a
number of shares of perpetual strike preferred stock equal to the quotient (rounded up to the nearest whole number) obtained by dividing (i) one, by (ii) the conversion rate in effect immediately before the close of business on the
conversion date for such conversion.

S-63

“Number of incremental diluted shares” means the increase in the number of diluted shares of the
applicable class or series of junior stock (determined in accordance with generally accepted accounting principles in the United States, as the same is in effect on February 5, 2025, and assuming net income is positive) that would result from the
grant, vesting or exercise of equity-based compensation to directors, employees, contractors and agents (subject to proportionate adjustment for stock dividends, stock splits or stock combinations with respect to such class or series of junior
stock).

“Open of business”