Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 28
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 declared by our “board of directors” (as defined below under the caption
“—Definitions”), out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on each “regular dividend payment date” (as defined below under the caption
“—Definitions”) to the preferred stockholders of record as of the close of business on the “regular record date” (as defined below under the caption “—Definitions”) immediately preceding the applicable
regular dividend payment date. For the avoidance of doubt, a holder of any shares of STRF Stock that are issued in this offering after 5:00 p.m., New York City time, on a regular record date relating to a declared regular dividend on the STRF Stock
will not be entitled to receive that regular dividend.

Regular dividends on the STRF Stock will accumulate from, and including, the last date to which
regular dividends have been paid (or, if no regular dividends have been paid, from, and including, March 25, 2025 (the first date the STRF Stock was issued)) to, but excluding, the next regular dividend payment date. For the avoidance of doubt,
if a dividend is declared with respect to outstanding STRF Stock, any STRF Stock offered and sold hereby, and issued at or before 5:00 p.m., New York City time, on the record date for such declared dividend, will be entitled to payment of such
declared dividend (including the portion that was accrued but unpaid before the issuance of such STRF Stock).

Declared regular dividends on the STRF
Stock will be payable solely in cash in the manner, and subject to the provisions, described below under the caption “—Method of Payment.”

If any accumulated regular dividend (or any portion thereof) on the STRF Stock is not paid on the applicable regular dividend payment date (or, if such
regular dividend payment date is not a business day, the next business day), then additional regular dividends, which we refer to as “compounded dividends,” will accumulate on the amount of such unpaid regular dividend, compounded
quarterly at the “compounded dividend rate,” from, and including, such regular dividend payment date to, but excluding, the date the same, including all compounded dividends thereon, is paid in full. The compounded dividend rate
applicable to any unpaid regular dividend that was due on a “regular dividend payment date” (as defined in this STRF Stock Annex) (or, if such regular dividend payment date is