Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 60

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 60
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 is after a regular record date for a declared regular dividend on the STRK Stock and on or before the next regular dividend payment date, then
(a) the holder of such share at the close of business on such regular record date will be entitled, notwithstanding such redemption, to receive, on or, at our election, before such regular dividend payment date, such declared regular dividend
on such share; and (b) the amount referred to in clause (ii) of the preceding sentence will instead be the excess, if any, of (x) the accumulated and unpaid regular dividends on such share to, but excluding, such redemption date over
(y) the amount of such declared regular dividend on such share.

Redemption Notice

We will send to the preferred stockholders notice of the redemption containing certain information set forth in the certificate of designations, including the
redemption price and the redemption date.

Conversion Rights

Generally

Preferred stockholders have the right to
convert some (subject to the limitation described below) or all of their shares of STRK Stock into shares of our class A common stock (together with cash in lieu of any fractional share, if applicable), at an initial conversion rate of 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). The conversion rate is subject to adjustment if certain events occur. The “conversion price”
(as defined below under the caption “—Definitions”) at any given time will be equal to the liquidation preference thereof (or, upon ratification of the STRK Amendment, the stated amount thereof) divided by the conversion rate in
effect at such time. Accordingly, an adjustment to the conversion rate will result in a corresponding, inverse adjustment to the conversion price. Notwithstanding anything to the contrary, in no event will any preferred stockholder be entitled to
convert a number of shares of STRK Stock that is not a whole number.

The certificate of designations limits the ability of a beneficial owner of STRK
Stock to convert less than all of such beneficial owner’s STRK Stock unless the total number of shares of such beneficial owner’s STRK Stock surrendered for conversion with the same conversion date is such that the consideration due upon
such conversion includes at least one whole share of our class A common stock. Specifically, the minimum number of shares of a beneficial owner’s STRK Stock that may be surrendered for conversion with the same conversion date is the lesser of