Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 14

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 14
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period, be payable on the applicable regular dividend payment date or be cumulative, and we will have no obligation to pay any regular dividend for that regular dividend period, whether or not
our board of directors or any duly authorized committee thereof declares a regular dividend on the STRD Stock, any other series of our preferred stock or our common stock for any future dividend period. Accordingly, you may not receive regular
dividends on the STRD Stock.

The STRD Stock has only limited voting rights.

The STRD Stock confers no voting rights except with respect to certain amendments to the terms of the STRD Stock, and certain other limited circumstances
described in this STRD Stock Annex and except as required by the Delaware General Corporation Law. Holding STRD Stock will not confer the right to vote together with holders of our class A common stock on matters on which our class A common
stockholders are entitled to vote. For example, holders of STRD Stock, as such, do not have the right to vote in the general election of our directors and do not have any additional voting rights upon
non-payment of regular dividends such as the right to elect any directors to our board of directors. Accordingly, the voting provisions of the STRD Stock may not afford you meaningful protections for your
investment.

Without the consent of any holder of our STRD Stock, we may issue preferred stock in the future that ranks equally with or senior to the STRD Stock with respect to dividends and liquidation rights, which may adversely affect the rights of preferred stockholders.

Without the
consent of any holder of STRD Stock, we may authorize and issue preferred stock (including additional STRD Stock) that ranks equally with or senior to the STRD Stock with respect to the payment of dividends or the distribution of assets upon our
liquidation, dissolution or winding up. If we issue any such equally ranked preferred stock in the future, the rights of holders of the STRD Stock will be diluted and the trading price of the STRD Stock may decline. For example, if we issue any
dividend senior stock in the future (including additional STRK Stock or STRF Stock), such dividend senior stock could contain (or, in the case of our STRK Stock and STRF Stock, contain) provisions that prohibit us from paying dividends on the STRD
Stock or purchasing, redeeming or acquiring the STRD Stock until and unless we first pay accumulated dividends in full on such dividend senior stock.

A liquid trading market for the STRD Stock may not be