Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 38

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 38
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 set forth in the certificate of designations, including the
redemption price and the redemption date.

Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase STRD Stock

Generally

If a fundamental change occurs, then,
each preferred stockholder will have the right (the “fundamental change repurchase right”) to require us to repurchase some or all of its shares of STRD Stock for cash on a date (the

SA-23

“fundamental change repurchase date”) of our choosing, which must be a business day that is no more than 35, nor less than 20, business days after the date we send the related
fundamental change notice, as described below. We refer to a repurchase of any STRD Stock pursuant to the provisions described in this section as a “repurchase upon fundamental change.” Notwithstanding anything to the contrary, in no
event will any preferred stockholder be entitled to require us to repurchase a number of shares of STRD Stock that is not a whole number.

The repurchase
price (the “fundamental change repurchase price”) for a share of STRD Stock tendered for repurchase will be an amount equal to (i) the stated amount of such share, plus (ii) declared and unpaid regular dividends, if any, on
such share that will have accrued to, but excluding, the fundamental change repurchase date. For the avoidance of doubt, the fundamental change repurchase price will not include payment of any undeclared regular dividends. However, if the
fundamental change repurchase date is after a regular record date for a declared regular dividend on the STRD 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 repurchase, 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 deemed to be zero.

Notice of Fundamental Change

On or before the 20th calendar day after the effective date of a fundamental change, we will send to each preferred stockholder notice of such fundamental
change containing certain information set forth in the certificate of designations, including the fundamental change repurchase date, the fundamental change repurchase price and the procedures preferred stockholders must follow to tender their STRD
Stock for repurchase.

Procedures