Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 72

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 72
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the “spin-off valuation period”) beginning on, and including, the ex-dividend date for such spin-off (such                                                                                                          
 average to be determined as if references to our class A common stock in the definitions of “last reported sale price,” “trading day” and “market disruption event” were instead references to such capital stock or equity 
 interests); and (y) the number of shares or units of such capital stock or equity interests distributed per share of our class A common stock in such spin-off; and                                                         |
| SP  |     | = |     | the average of the last reported sale prices per share of our class A common stock for each trading day in the spin-off valuation period.                                                                                   |

Notwithstanding anything to the contrary, if the conversion date for any share of perpetual strike preferred stock to be converted occurs during the spin-offvaluation period, then, solely for purposes of determining the consideration due in respect of such conversion, such spin-offvaluation period will be deemed to consist of the trading days occurring in the period from, and including, the ex-dividenddate for such spin-offto, and including, such conversion date. To the extent any dividend or distribution of the type described above in this paragraph (3)(b) is declared but not made or paid, the conversion rate will be readjusted to the conversion rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid.

| (4) | Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially               
 all holders of our class A common stock, then the conversion rate will be increased based on the following formula: |

S-51

where:

| CR0 |     | = |     | the conversion rate in effect immediately before the close of business on the record date for such dividend or distribution;                                         |
| CR1 |     | = |     | the conversion rate in effect immediately after the close of business on such record date;                                                                           |
| SP  |     | = |     | the last reported sale price per share of our class A common stock on the trading day immediately before the ex-dividend date for such dividend or distribution; and |
| D   |     | = |     | the cash amount distributed per share of our class                                                                                                                   
 A common stock in such dividend or distribution.                                                                                                                     |

However, if Dis equal to or greater than SP, then, in lieu of the