Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 46

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 46
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 liquidation preference per share of STRD Stock will be $100. Whenever in this STRD Stock Annex we
refer to the liquidation preference of the STRD Stock as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the liquidation preference immediately after the close of business on such
date. For purposes of this definition, references to our execution of any sale transaction to be settled by the issuance of STRD Stock includes any resale of any shares of STRD Stock that we or any of our subsidiaries have purchased or otherwise
acquired.

“Liquidation senior stock” means any class or series of our stock whose terms expressly provide that such class or series will rank
senior to the STRD Stock with respect to the distribution of assets upon our liquidation, dissolution or winding up. Liquidation senior stock includes our STRF Stock, our STRC Stock and our STRK Stock. For the avoidance of doubt, liquidation senior
stock will not include any securities of our subsidiaries.

“Market disruption event” means, with respect to the STRD Stock, on any date, the
occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the STRD
Stock is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the STRD Stock or in any options contracts or
futures contracts relating to the STRD Stock.

SA-28

“Number of incremental diluted shares” means the increase in the number of diluted shares of the applicable class or series of junior stock (determined in accordance with generally accepted accounting principles in the United States, as the same is in effect on June 10, 2025, and assuming net income is positive) that would result from the grant, vesting or exercise of equity-based compensation to directors, employees, contractors and agents (subject to proportionate adjustment for stock dividends, stock splits or stock combinations with respect to such class or series of junior stock). “Permitted party” means any “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) that consists of, or includes, Michael J. Saylor, the heirs of Michael J. Saylor, or any Affiliates of Michael J. Saylor or the heirs of