Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 13

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 13
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 of directors or any duly authorized committee thereof may choose not to declare or pay accrued dividends, or to declare and pay less than the full amount of dividends, on the STRD Stock for any reason, even if we have sufficient funds to declare and pay accrued dividends on the STRD Stock in full. In addition, if we fail to declare and pay accrued dividends on the STRD Stock in full, then the value of the STRD Stock will likely decline. Provisions contained in the instruments governing our future indebtedness may restrict or prohibit us from paying cash dividends on the STRD Stock. If the terms of our indebtedness restrict or prohibit us from paying dividends, then we may seek to refinance that indebtedness or seek a waiver that would permit the payment of dividends. However, we may be unable or may choose not to refinance the indebtedness or obtain a waiver. Under the Delaware General Corporation Law, we may declare dividends on the STRD Stock only out of our “surplus” (which generally means our total assets less total liabilities, each measured at their fair market values, less statutory capital), or, if there is no surplus, out of our net profits for the current or the immediately preceding fiscal year. We may not have sufficient surplus or net profits to declare and pay dividends on the STRD Stock in cash. If we fail to declare and pay full dividends on our STRK Stock, our STRC Stock and our STRF Stock, we will be prohibited from paying dividends on the STRD Stock. Moreover, if we fail to declare and pay full dividends on the STRD Stock, then we will be prohibited from paying dividends on our class A common stock and any other junior securities, subject to limited exceptions. Further, no dividends may be declared or paid on any class or series of dividend parity stock unless regular dividends are simultaneously declared on the STRD Stock on a pro rata basis (as described further under the caption “Description of STRD Stock —Regular Dividends—Priority of Dividends; Limitation on Junior Payments; No Participation Rights— Limitation on Dividends on Parity Stock”). You may not receive dividends on the STRD Stock, which are discretionary and non-cumulative. Regular dividends on the STRD Stock are discretionary and will not be cumulative. If our board of directors or any duly authorized committee thereof does not declare a regular dividend on the STRD Stock in respect of a regular dividend period, then no regular dividend will be deemed to have accrued for such regular dividend SA-7