Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 3

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 3
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 our election, in cash, shares of our
class A common stock or a combination of cash and shares of our class A common stock, in the manner, and subject to the provisions, described in this STRK Stock Annex.

Subject to certain limitations, holders of STRK Stock (“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.

We have the right, at our election, to redeem all, and not less than all, of the STRK Stock, at any time, for cash if the total aggregate liquidation
preference (or, upon ratification of the STRK Amendment, the aggregate stated amount) of all STRK Stock then outstanding is less than $182,500,000 (which is equal to 25% of the aggregate initial liquidation preference (or, upon ratification of the
STRK Amendment, the aggregate initial stated amount) of the STRK Stock issued on February 5, 2025). In addition, we have the right to redeem all, but not less than all, of the STRK Stock if a “tax event” (as defined in this STRK Stock
Annex) occurs. The redemption price for any STRK Stock to be redeemed will be a cash amount equal to the liquidation preference (or, upon ratification of the STRK Amendment, the liquidation preference as of the business day immediately before the
date we send the related redemption notice) of the STRK Stock to be redeemed (or, in the case of a redemption in connection with a tax event, the greater of (1) the liquidation preference (or, upon ratification of the STRK Amendment, the
liquidation preference as of the business day immediately before the date the we send the related redemption notice) of the STRK Stock to be redeemed; and (2) the average of the last reported sale prices per share of STRK Stock for the five
consecutive trading days ending on, and including, the trading day immediately before the date