Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 77

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 77
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 time of such separation, we had made a distribution of the type referred to in such paragraph to all holders of our
class A common stock, subject to potential readjustment pursuant to the provisions described in such paragraph. We currently do not have a stockholder rights plan.

S-54

Effect of Class A Common Stock Change Event Generally If there occurs any:

| • |     | recapitalization, reclassification or change of our class A common stock, other than (x) changes solely                                                                                                                                   
 resulting from a subdivision or combination of our class A common stock, (y) a change only in par value or from par value to no par value or no par value to par value or (z) stock splits and stock combinations that do not involve the 
 issuance of any other series or class of securities;                                                                                                                                                                                      |

| • |     | consolidation, merger, combination or binding or statutory share exchange involving us; |

| • |     | sale, lease or other transfer of all or substantially all of the assets of us and our subsidiaries, taken as a 
 whole, to any person; or                                                                                       |

| • |     | other similar event, |

and, as a result of which, our class A common stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, a “class A common stock change event,” and such other securities, cash or property, the “reference property,” and the amount and kind of reference property that a holder of one share of our class A common stock would be entitled to receive on account of such class A common stock change event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “reference property unit”), then, notwithstanding anything to the contrary,

| • |     | from and after the effective time of such class A common stock change event, (i) the consideration due upon                                                                                                                                           
 conversion of any perpetual strike preferred stock or regular dividends paid in shares of class A common stock will be determined in the same manner as if each reference to any number of shares of class A common stock in the provisions described 
 under this “—Conversion Rights” section or under the caption “—Regular Dividends” above, as applicable, or in any related definitions, were instead a reference to the same number of reference property units; and                                   
 (ii) for purposes of the definitions of “fundamental