Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 53

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 53
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 regional securities exchange on such trading day, then the last
reported sale price will be the last quoted bid price per share of STRD Stock on such trading day in the over-the-counter market as reported by OTC Markets Group Inc. or
a similar organization. If the STRD Stock is not so quoted on such trading day, then the last reported sale price will be the mid-point of the last bid price and the last ask price per share of STRD Stock on
such trading day from a nationally recognized independent investment banking firm we select, which may be any of the Agents (or, if no such last bid price or last ask price is available, the fair value of one share of STRD Stock on such trading day
determined by a nationally recognized independent investment banking firm we select, which may be any of the Agents).

S-37

“Liquidation junior stock” means any class or series of our stock whose terms do not expressly
provide that such class or series will rank senior to, or equally with, the STRD Stock with respect to the distribution of assets upon our liquidation, dissolution or winding up. Liquidation junior stock includes our class A common stock and our
class B common stock. For the avoidance of doubt, liquidation junior stock will not include any securities of our subsidiaries.

“Liquidation parity
stock” means any class or series of our stock (other than the STRD Stock) whose terms expressly provide that such class or series will rank equally with the STRD 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” initially means $100 per share of STRD Stock; provided, however, that, effective immediately after the close of business on each business day after June 10, 2025 (and, if applicable, during the course of a business day on which
any sale transaction to be settled by the issuance of STRD Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the liquidation preference per share of
STRD Stock is adjusted to be the greatest of (i) the stated amount per share of STRD Stock; (ii) in the case of any business day with respect to which we have, on such business day or any business day during the ten (10) trading day
period preceding such business day