Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 45

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 45
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holders, voting together as a single 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, will have the right to elect one director to fill such directorship at our next annual meeting of stockholders (or, if earlier, at a special meeting of our stockholders called for such purpose) and at each following annual meeting of our stockholders until such regular dividend non-paymentevent has been cured, at which time such right will terminate with respect to the perpetual strife preferred stock until and unless a subsequent regular dividend non-paymentevent occurs. However, as a condition to the election of any such director, whom we refer to as a “preferred stock director,” such election must not cause us to violate any rule of any securities exchange or other trading facility on which any of our securities are then listed or qualified for trading requiring that a majority of our directors be independent. We refer to this condition as the “director qualification requirement.” In addition, notwithstanding anything to the contrary, our board of directors will at no time include more than two preferred stock directors, regardless of how many classes of voting parity stock (which term, solely for purposes of this sentence, includes the perpetual strife preferred stock) have rights that are then exercisable to elect any number of preferred stock directors. Upon the termination of such right with respect to the perpetual strife preferred stock and all other outstanding voting parity stock, if any, the term of office of any person then serving as a preferred stock director will immediately and automatically terminate (and, if the authorized number 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 
 perpetual strife preferred stock; and                                                                            |

S-34

| • |     | a special meeting of our stockholders is called for the purpose of elect