Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 39

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 39
---
 Plan, plus (ii) the total number of shares outstanding of our Class A Stock and Class B Stock. For purposes of this calculation, we counted the number of equity awards subject to any performance-based achievement based on the maximum number of shares of our Class A Stock issuable under such awards. As of December 13, 2024, there were 6,820,322 shares underlying all equity awards outstanding, 2,603,250 shares available under the Current Plan for future awards after December 13, 2024, 223,892,874 shares of Class A Stock outstanding, and 19,640,250 shares of Class B Stock outstanding. Accordingly, our overhang at December 13, 2024 was 3.7%. Burn rate provides a measure of the potential dilutive impact of our equity award program. As used here, “burn rate” means shares subject to awards granted during a fiscal year less terminations of awards during that fiscal year, together as a percentage of total shares of our Class A Stock and Class B Stock outstanding. Set forth below is a table that reflects our burn rate for the 2024 (as of December 13, 2024), 2023, and 2022 calendar years, as well as an average over those years.

| Calendar Year      |     | Awards Granted, Net of 
           Terminations 
                 (#)(1) |     | Total Shares of Class A 
      and Class B Common 
       Stock Outstanding 
                     (#) |     | Burn Rate(2) |
| 2024               |     |                -92,260 |     |             243,533,124 |     | 0.0%         |
| 2023               |     |             -1,304.640 |     |             168,681,250 |     | (0.8)%       |
| 2022               |     |              4,629,320 |     |             115,487,570 |     | 4.0%         |
| Three-Year Average |     |              1,077,473 |     |             175,900,648 |     | 1.1%         |

| (1) | Awards granted, net of terminations, subject to any performance-based achievement are included at the maximum number of shares issuable under such awards. |

| (2) | For purposes of this calculation, for each year, we counted the number of equity awards subject to