Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 85

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 85
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Effect of Class A Common Stock Change Event.”

“Class A common stock change event” has the
meaning set forth above under the caption “—Conversion Rights—Effect of Class A Common Stock Change Event—Generally.”

“Class B common stock” means our class B common stock, $0.001 par value per share, or any other class of our common equity, if any, into which
our class B common stock is reclassified or converted, or for which our class B common stock is exchanged, in connection with a transaction akin to a class A common stock change event but with respect to our class B common stock (excluding, for the
avoidance of doubt, the conversion of any of our class B common stock into our class A common stock in accordance with the terms of our class B common stock).

“Close of business” means 5:00 p.m., New York City time.

“Compounded dividends” has the meaning set forth above under the caption “—Regular Dividends—Generally.”

“Conversion date” means, with respect to any share of perpetual strike preferred stock, the first business day on which the requirements described
above under the caption “—Conversion Rights—Conversion Procedures” to convert such share are satisfied.

“Conversion price”
means, as of any time, an amount equal to (i) the liquidation preference per share of perpetual strike preferred stock, divided by (ii) the conversion rate in effect at such time.

“Conversion rate” initially means 0.1000 shares of our class A common stock per share of perpetual strike preferred stock, which amount is subject
to adjustment as described above under the caption “—Conversion Rights—Conversion Rate Adjustments.” Whenever in this prospectus supplement we refer to the conversion rate as of a particular date without setting forth a
particular time on such date, such reference will be deemed to be to the conversion rate immediately before the close of business on such date.

“Daily VWAP” means, for any VWAP trading day, the per share volume-weighted average price of our class A common stock as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “MSTR <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of
the primary trading session on such VWAP trading day (or, if such volume-weighted average price is unavailable, the market value of one share of