Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 34

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 34
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y) the redemption or repurchase of such rights pursuant to such stockholder rights plan;    |

| • |     | purchases of junior stock or dividend parity stock pursuant to a binding contract (including a stock repurchase                                                                                                                                      
 plan) to make such purchases, if such contract was in effect on the immediately preceding regular dividend payment date and such purchases, if effected immediately before such regular dividend payment date, would not have been prohibited by the 
 provision described in the first sentence under this “—Limitation on Certain Payments” section;                                                                                                                                                      |

| • |     | the acquisition, by us or any of our subsidiaries, of record ownership of any junior stock or dividend parity                                                                                                                                 
 stock solely on behalf of persons (other than us or any of our subsidiaries) that are the beneficial owners thereof, including as trustee or custodian (or as a result of our acquisition of another person that was, immediately before such 
 acquisition, the record or beneficial owner of such junior stock or dividend parity stock, as applicable, provided such record or beneficial ownership was not obtained in anticipation of such acquisition);                                 |

SA-20

| • |     | the exchange, conversion or reclassification of dividend parity stock solely for or into junior stock or other          
 dividend parity stock, together with the payment, in connection therewith, of cash in lieu of any fractional share; and |

| • |     | the exchange, conversion or reclassification of junior stock solely for or into other junior stock, together with 
 the payment, in connection therewith, of cash in lieu of any fractional share.                                    |

For the avoidance of doubt, the provisions described in this “—Limitation on Certain Payments” section will not prohibit or restrict the payment or other acquisition for value of any debt securities that are convertible into, or exchangeable for, any capital stock. Any dividend senior stock that we may issue in the future in accordance with the provision described in clause (3) under the caption “—Voting Rights—Voting and Consent Rights with Respect to Specified Matters” below could contain provisions similar to the one described in this “—Limitation on Certain Payments” section, which could prohibit us from paying accumulated dividends on the STRF Stock or purchasing, redeeming or acquiring the STRF Stock until and unless we first pay accumulated dividends in full on such dividend senior stock. Rights Upon Our Liquidation, Dissolution or Winding Up If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then, subject to the rights of any of