Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 36

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 36
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, constitute “restricted securities” within the meaning of Rule 144 under the 
 Securities Act or that are originally issued in reliance upon Regulation S under the Securities Act; or                                                                                                                                |

| • |     | make any other change to our certificate of incorporation, the certificate of designations or the certificates                                                                                                                                            
 representing the STRD Stock that does not, individually or in the aggregate with all other such changes, adversely affect the rights of any preferred stockholder (other than preferred stockholders that have consented to such change), as such, in any 
 material respect (as determined by our board of directors in good faith).                                                                                                                                                                                 |

Procedures for Voting and Consents If any vote or consent of the preferred stockholders will be held or solicited, including at a regular annual meeting or a special meeting of stockholders, then our board of directors will adopt customary rules and procedures at its discretion to govern such vote or consent, subject to the other provisions described in this section. Such rules and procedures may include fixing a record date to determine the preferred stockholders (and, if applicable, holders of voting parity stock) that are entitled to vote or provide consent, as applicable, rules governing the solicitation and use of proxies or written consents. Each share of STRD Stock will be entitled to one vote on each matter on which the holders of the STRD Stock are entitled to vote separately as a class and not together with the holders of any other class or series of stock. The respective voting powers of the STRD Stock and all classes or series of voting parity stock entitled to vote on any matter together as a single class will be determined (including for purposes of determining whether a plurality, majority or other applicable portion of votes has been obtained) in proportion to their respective liquidation amounts. Solely for these purposes, the liquidation amount of the STRD Stock or any such class or series of voting parity stock will be the maximum amount payable in respect of the STRD Stock or such class or series, as applicable, assuming we are liquidated on the record date for the applicable vote or consent (or, if there is no record date, on the date of such vote or consent). SA-22

A consent or affirmative vote of the preferred stockholders pursuant to the provisions described above under
the caption “—Voting and Consent Rights with Respect to Specified Matters” may be given or obtained either in writing without a meeting or in person or by proxy at a regular annual meeting or a special meeting of stockholders.

Redemption at