Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 32

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 32
---
 on Dividends on Parity Stock” and “—Limitation on Certain Payments,” a regular dividend on the STRF Stock will be deemed to have been paid if such regular dividend is declared and consideration in kind and amount that is sufficient, in accordance with the certificate of designations, to pay such regular dividend is set aside for the benefit of the preferred stockholders entitled thereto. Limitation on Dividends on Parity Stock If:

| • |     | less than all accumulated and unpaid regular dividends on the outstanding STRF Stock have been declared and paid 
 as of any regular dividend payment date; or                                                                      |

| • |     | our board of directors declares a regular dividend on the STRF Stock that is less than the total amount of unpaid                                      
 regular dividends on the outstanding STRF Stock that would accumulate to, but excluding, the regular dividend payment date following such declaration, |

then, until and unless all accumulated and unpaid regular dividends on the outstanding STRF Stock have been paid, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared on the STRF Stock on a pro rata basis, such that (i) the ratio of (x) the dollar amount of regular dividends so declared per share of STRF Stock to (y) the dollar amount of the total accumulated and unpaid regular dividends per share of STRF Stock immediately before the payment of such regular dividend is no less than (ii) the ratio of (x) the dollar amount of dividends so declared or paid per share of such class or series of dividend parity stock to (y) the dollar amount of the total accumulated and unpaid dividends per share of such class or series of dividend parity stock immediately before the payment of such dividend (which dollar amount in this clause (y) will, if dividends on such class or series of dividend parity stock are not cumulative, be the full amount of dividends per share thereof in respect of the most recent dividend period thereof). Limitation on Certain Payments As long as any STRF Stock is outstanding, then no dividends or distributions (whether in cash, securities or other property, or any combination of the foregoing) will be declared or paid on any of our “junior stock” (as defined SA-19

below under the caption “—Definitions”), and neither we nor any of our subsidiaries will purchase, redeem or otherwise acquire for value (whether in cash, securities or other property, or any combination of the foregoing) any of our junior stock or dividend parity stock, in