Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 18

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 18
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, unless clearly demonstrated otherwise, stock is presumed to be fast-pay stock if it is structured to have a dividend that is
reasonably expected to decline (as opposed to a dividend rate that is reasonably expected to fluctuate or remain constant) (for such purpose, the dividend rate may be viewed as reasonably expected to decline if we are reasonably expected to stop
paying regular dividends on the STRF Stock or if the maximum compounded dividend rate is in effect) or is issued for an amount that exceeds (by more than a de minimis amount, as determined under applicable Treasury Regulations) the amount at which
the stockholder can be compelled to dispose of the stock. It is not clear what amount would constitute “de minimis” in the case of stock with a perpetual term.

The determination of whether stock is fast-pay stock is based on all the facts and circumstances. To determine if it
is fast-pay stock, stock is examined when issued, and, for stock that is not fast-pay stock when issued, when there is a significant modification in the terms of the
stock or the related agreements or a significant change in the relevant facts and circumstances. The relevant tax regulations do not indicate the types of significant changes in facts and circumstances that are intended to give rise to such a
determination, and therefore it is possible that such a change could arise when, for example, a compounded dividend rate becomes in effect.

We may issue
shares of STRF Stock from time to time under this STRF Stock Annex (the “Offered Shares”) and may otherwise issue shares of STRF Stock (or resell any shares that we or any of our subsidiaries have purchased or otherwise acquired) from
time to time (such issued or resold shares, the “Additional Shares”). We do not intend to issue any shares of STRF Stock that would be treated as fast-pay stock, and we do not believe that we
structured any Offered Shares, or will structure any Additional Shares, such that dividends paid by us with respect to the STRF Stock will be economically a return of a stockholder’s investment. Moreover, we have obtained, and we intend to
obtain in the future, advice of counsel in connection with offerings of STRF Stock for the purpose of analyzing the consequences of issuing such shares, including in light of any legal developments regarding the definition of fast-pay stock. As the liquidation preference of the STRF Stock is subject to adjustment in the manner described in

SA-10

this STRF Stock Annex, it is generally