Company: MSTR
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001193125-25-100720
Chunk: 79

Company: Strategy Inc
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 79
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 the grant date. The calculations of stock option fair values as of each measurement date were made using the Black-Scholes valuation model, using the stock price as of the measurement date with updated assumptions (i.e., expected term, volatility, and risk free rates) as of the measurement date. In updating the expected term assumptions as of each measurement date, we considered the passage of time, exercise history, and“in-the-money”status of awards (i.e. how much the award’s exercise price was above or below the market price of the underlying class A common stock issuable upon exercise of such award) and adjusted the expected term, as applicable. RSU grant date fair values were calculated using the stock price as of the grant date. RSU fair values as ofyear-endand as of each date of vesting were calculated using the stock price as of the applicable date. All of our PSUs include a market condition such that vesting is subject to the Company’s achievement of a relative total shareholder return performance goal over a three-year performance period. The number of PSUs that will vest will be based on the percentile ranking of the Company’s TSR over the three-year performance period as compared to the TSR of the members of the Nasdaq Composite Index over the same period, with the payout factor ranging from 0% to 200% of the number of PSUs granted. The PSU grant date fair values were calculated using a Monte Carlo simulation as of the grant date. The calculations of unvested PSU fair values as ofyear-endwere made using a Monte Carlo simulation, using the stock price as ofyear-endwith updated assumptions (i.e., expected term, volatility, risk free rates, actual TSR from date of grant toyear-end)as of the measurement date. |

| STRATEGY| 2025 Proxy Statement |     | 45 |

| (3) | The amounts reported under Average Summary Compensation Table Total forNon-PEONamed Executive Officers reflect the average of the total compensation amounts reported in the “Summary Compensation Table” for theNon-PEONamed Executive Officers for each respective year. TheNon-PEONamed Executive Officers were: |

| • |     | For 2024, Messrs. Saylor, Kang, and Shao; |

| • |     | For 2023, Messrs. Saylor, Adkisson, Kang, and Shao; |

| • |     | For 2022, Messrs. Adkisson, Kang, Lang, and Sh