Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 9

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 9
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 failure to pay dividends, which similar voting              
 rights are then exercisable, will have the right to elect one director (which we refer to as a “preferred stock director”) to fill such directorship at our next annual meeting of stockholders (or, if earlier, at a special meeting of our             
 stockholders called for such purpose). If, thereafter, all accumulated and unpaid dividends on the outstanding STRF Stock have been paid in full, then the right of the holders of the STRF Stock to elect any preferred stock directors will terminate. 
 Upon the termination of such right with respect to the STRF Stock and all other outstanding voting parity                                                                                                                                                |

SA-4

| stock, if any, the term of office of each person then serving as a preferred stock director will immediately and automatically terminate (and, if the authorized number of our directors was 
 increased by one or two, as applicable, in connection with such election, then the authorized number of our directors will automatically decrease by one or two, as applicable).             |

| Subject to the exceptions and limitations described in this STRF Stock Annex, the affirmative vote or consent of preferred stockholders, and holders of each class or series of voting parity stock, if any, with similar                    
 voting or consent rights with respect to such event, representing at least a majority of the combined outstanding voting power of the STRF Stock and such voting parity stock will be required for certain transactions or events, including 
 (i) certain amendments to our certificate of incorporation or the certificate of designations establishing the terms of the STRF Stock; (ii) certain consolidations, combinations and mergers involving us; (iii) certain binding or         
 statutory share exchanges or reclassifications involving the STRF Stock; and (iv) the creation and issuance, or increase in the authorized or issued number, of any dividend senior stock or liquidation senior stock.                       |

| See “Description of STRF Stock—Voting Rights.” |

| Ranking | The STRF Stock ranks as follows: |

| • |     | senior to any other class or series of equity security, including our class A common stock, our class B common                                                                                                                
 stock, our Variable Rate Series A Perpetual Stretch Preferred Stock (“STRC Stock”), our 8.00% Series A Perpetual Strike Preferred Stock (“STRK Stock”) and our 10.00% Series A Perpetual Stride Preferred Stock (“STRD        
 Stock”), with respect to the payment of dividends and with respect to the distribution of assets