Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 7

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 7
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 all, and not less than all, of the STRD |

SA-2

| Stock, at any time, for cash if a “tax event” (as defined in this STRD Stock Annex) occurs. We refer to a redemption pursuant to this provision as a “tax redemption.” The                                                                              
 redemption price for any STRD Stock to be redeemed pursuant to a tax redemption will be a cash amount equal to the liquidation preference of the STRD Stock as of the business day before the date we send the related redemption notice, plus declared 
 and unpaid regular dividends, if any, that will have accrued to, but excluding, the redemption date. For the avoidance of doubt, the redemption price will not include payment of any undeclared regular dividends.                                     |

| See “Description of STRD Stock —Redemption at Our Option—Tax Redemption.” |

| Repurchase at the Option of the Preferred Stockholders After a Fundamental Change | If a “fundamental change” (as defined in this STRD Stock Annex) occurs, then, except as described in this STRD Stock Annex, preferred stockholders will have the right (which we refer to as the “fundamental change repurchase                     
 right”) to require us to repurchase some or all of their shares of STRD Stock at a cash repurchase price equal to the stated amount of the STRD Stock to be repurchased, plus declared and unpaid regular dividends, if any, 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.                                                         |

| See “Description of STRD Stock —Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase STRD Stock.” |

| Voting Rights | The STRD Stock has no voting rights except as described in this STRD Stock Annex or as provided in our certificate of incorporation or required by the Delaware General Corporation Law. |

| Subject to the exceptions and limitations described in this STRD Stock Annex, the affirmative vote or consent of preferred stockholders, and holders of each class or series of voting parity stock, if any, with similar                    
 voting or consent rights with respect to such event, representing at least a majority of the combined outstanding voting power of the STRD Stock and such voting parity stock will be required for certain transactions or events, including 
 (i) certain amendments to our certificate of incorporation or the certificate of designations establishing the terms of the STRD Stock; (ii) certain