Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 9

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 9
---
 Annex. In lieu of delivering any fractional share of class A common      
 stock otherwise issuable as payment for all or any portion of a declared dividend that we have duly elected to pay in shares of class A common stock, we will, to the extent we are legally able to do so and not prohibited by the terms of any dividend 
 senior stock, pay cash based on the daily VWAP per share of our class A common stock on the third VWAP trading day preceding the regular dividend payment date for such regular dividend.                                                                 |

| If any accumulated regular dividend (or any portion thereof) on the STRK 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 regular 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. See “Description of STRK Stock—Regular Dividends.”                                                        |

| We expect to fund any dividends paid in cash on the STRK Stock primarily through additional capital raising activities,                                    
 including, but not limited to, at-the-market offerings of our class A common stock and our junior preferred stock. See “Risk Factors—Risks Relating to the 
 STRK Stock and This Offering—We may not have sufficient funds to pay dividends in cash on the STRK Stock, or we may choose not to pay                      |

SA-3

| dividends on the STRK Stock. In addition, regulatory and contractual restrictions may prevent us from declaring or paying dividends.” |

| Conversion at the Option of the 
 Preferred Stockholders          | Subject to certain limitations, preferred stockholders have the right to convert some or all of their shares of STRK Stock on any business day into shares of our class A common stock (together, if applicable, with cash in lieu of any fractional 
 share of class A common stock) at the then-applicable conversion rate. The initial conversion rate is 0.1000 shares of class A common stock per share of STRK Stock, which represents an initial conversion price of $1,000.00 per share of class A  
 common stock, and is subject to adjustment as described in this STRK Stock Annex.                                                                                                                                                                    |

| See “Description of STRK Stock—Conversion Rights.” |

| Optional Redemption