Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 163

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 163
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500.00                  |     |                                            247 |     |          $410.26 |     |                   8.1 |
| $600.01 - $691.23                  |     |                                            206 |     |          $691.23 |     |                   7.1 |
| Total                              |     |                                          1,294 |     |          $286.78 |     |                   5.0 |

An aggregate of 260,625, 245,500, and 200,625 stock options with an aggregate grant date fair value of $51.6 million, $35.8 million, and $11.0 million vested during the years ended December 31, 2023, 2022, and 2021, respectively. The weighted average grant date fair value of stock option awards using the Black-Scholes valuation model was $194.94, $201.64, and $372.05 for each share subject to a stock option granted during the years ended December 31, 2023, 2022, and 2021, respectively, based on the following assumptions:

|                                   |     | Years Ended December 31, |     |               |     |               |
| 2023                              |     |                     2022 |     |          2021 |     |               |
| Expected term of options in years |     |                5.5 - 6.3 |     |           6.3 |     |           6.3 |
| Expected volatility               |     |            70.6% - 74.1% |     | 58.4% - 75.5% |     | 56.8% - 59.0% |
| Risk-free interest rate           |     |              3.7% - 4.4% |     |   1.9% - 3.9% |     |   0.8% - 1.1% |
| Expected dividend yield           |     |                     0.0% |     |          0.0% |     |          0.0% |

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The Company recognized approximately $44.8 million, $48.3 million, and $32.0 million in share-based compensation expense for the years ended December 31, 2023, 2022, and 2021, respectively, from stock options granted under the Stock