Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 38

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 38
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 accrued and unpaid regular dividends on the outstanding STRD Stock in respect of a regular dividend period have been declared and paid as of the regular dividend payment date immediately following such regular dividend period, then, until and unless all accrued and unpaid regular dividends on the outstanding STRD Stock in respect of one full regular dividend period have been paid, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared on the STRD Stock on a pro rata basis, such that (i) the ratio of (x) the dollar amount of regular dividends so declared per share of STRD Stock to (y) the dollar amount of the total accrued and unpaid regular dividends, in respect of the most recent regular dividend period, per share of STRD Stock immediately before the payment of such regular dividend is no less than (ii) the ratio of (x) the dollar amount of dividends so declared or paid per share of such class or series of dividend parity stock to (y) the dollar amount of the total accrued and unpaid dividends per share of such class or series of dividend parity stock immediately before the payment of such dividend (which dollar amount in this clause (y) will, if dividends on such class or series of dividend parity stock are not cumulative, be the full amount of dividends per share thereof in respect of the most recent dividend period thereof). Limitation on Certain Payments As long as any STRD Stock is outstanding, then, from and after September 30, 2025, no dividends or distributions (whether in cash, securities or other property, or any combination of the foregoing) will be declared or paid on any of our “junior stock” (as defined below under the caption “—Definitions”), and neither we nor any of our subsidiaries will purchase, redeem or otherwise acquire for value (whether in cash, securities or other property, or any combination of the foregoing) any of our junior stock or dividend parity stock, in each case unless all accrued regular dividends, if any, on the STRD Stock in respect of the most recently completed regular dividend periods have been declared and paid in full. However, the restrictions described in the preceding sentence will not apply to the following:

| • |     | dividends and distributions on junior stock that are payable solely in shares of junior stock, together with cash 
 in lieu of any fractional share;                                                                                  |

| • |     | the purchase of any junior stock or dividend parity stock solely with the proceeds of a substantially 
 simultaneous sale of other junior stock;                                                              |

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