Strategy Inc — Director's Dealing 2023

Feb 10, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MICROSTRATEGY Inc (MSTR)
CIK: 0001050446
Period of Report: 2023-02-09

Reporting Person: Lang Timothy Edwin (SEVP & CTO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-09	Class A Common Stock	M	10000	$189.16	Acquired	12882	Direct
2023-02-09	Class A Common Stock	M	10000	$131.53	Acquired	22882	Direct
2023-02-09	Class A Common Stock	M	10000	$151.60	Acquired	32882	Direct
2023-02-09	Class A Common Stock	S	4000	$259.88	Disposed	28882	Direct
2023-02-09	Class A Common Stock	S	5213	$261.18	Disposed	23669	Direct
2023-02-09	Class A Common Stock	S	3937	$262.11	Disposed	19732	Direct
2023-02-09	Class A Common Stock	S	749	$263.07	Disposed	18983	Direct
2023-02-09	Class A Common Stock	S	900	$267.42	Disposed	18083	Direct
2023-02-09	Class A Common Stock	S	6300	$268.63	Disposed	11783	Direct
2023-02-09	Class A Common Stock	S	1601	$269.47	Disposed	10182	Direct
2023-02-09	Class A Common Stock	S	493	$270.91	Disposed	9689	Direct
2023-02-09	Class A Common Stock	S	407	$272.66	Disposed	9282	Direct
2023-02-09	Class A Common Stock	S	1534	$274.05	Disposed	7748	Direct
2023-02-09	Class A Common Stock	S	1700	$275.24	Disposed	6048	Direct
2023-02-09	Class A Common Stock	S	2066	$276.19	Disposed	3982	Direct
2023-02-09	Class A Common Stock	S	1100	$277.28	Disposed	2882	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-09	Employee Stock Option (Right to buy)	$189.16	M	10000	Disposed	2027-03-08	Class A Common Stock (10000)	Direct
2023-02-09	Employee Stock Option (Right to buy)	$131.53	M	10000	Disposed	2028-02-08	Class A Common Stock (10000)	Direct
2023-02-09	Employee Stock Option (Right to buy)	$151.60	M	10000	Disposed	2029-11-22	Class A Common Stock (10000)	Direct

Footnotes

F1: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $259.27 to $260.26,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F2: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $260.70 to $261.68,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F3: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $261.70 to $262.68,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F4: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $262.72 to $263.37,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F5: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $267.13 to $268.03,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F6: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $268.26 to $268.98,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F7: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $269.43 to $269.68,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F8: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $270.55 to $271.42,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F9: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $272.50 to $272.88,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F10: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $273.61 to $274.53,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F11: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $274.94 to $275.54,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F12: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $275.94 to $276.87,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F13: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $276.94 to $277.61,
inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated, any security holder of MicroStrategy Incorporated, or the
staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the
ranges set forth in this footnote.

F14: Of the 10,000 shares exercised on February 9, 2023 pursuant to this option, 2,500 shares vested on March 8, 2020 and 7,500 shares vested on March 8, 2021.

F15: See Exhibit A.

F16: The 10,000 shares exercised on February 9, 2023 pursuant to this option vested on February 8, 2022.

F17: Of the 10,000 shares exercised on February 9, 2023 pursuant to this option, 5,000 shares vested on November 22, 2021 and 5,000 shares vested on November 22, 2022. The remaining 5,000 shares subject to this option are scheduled to vest on November 22, 2023.