Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 54

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 54
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4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such repurchase in
the manner described above. However, to the extent that our obligations to offer to repurchase and to repurchase perpetual strife preferred stock pursuant to the provisions described above conflict with any law or regulation that is applicable to
us, our compliance with such law or regulation will not be considered to be a breach of those obligations.

Funds Legally Available for Payment of the Fundamental Change Repurchase Price; Covenant Not to Take Certain Actions

Notwithstanding anything to the contrary, (i) we
will not be obligated to pay the fundamental change repurchase price of any shares of perpetual strife preferred stock to the extent, and only to the extent, we do not have sufficient funds legally available to pay the same; and (ii) if we do
not have sufficient funds legally available to pay the fundamental change repurchase price of all shares of perpetual strife preferred stock that are otherwise to be repurchased pursuant to a repurchase upon fundamental change, then (a) we will
pay the maximum amount of such fundamental change repurchase price that can be paid out of funds legally available for payment, which payment will be made pro rata to each preferred stockholder based on the total number of shares of perpetual strife
preferred stock of such preferred stockholder that were otherwise to be repurchased pursuant to such repurchase upon fundamental change; and (b) we will cause all such shares as to which the fundamental change repurchase price was not paid to
be returned to the holder(s) thereof, and such shares will be deemed to remain outstanding. We will not voluntarily take any action, or voluntarily engage in any transaction, that would result in a fundamental change unless we have sufficient funds
legally available to fully pay the maximum aggregate fundamental change repurchase price that would be payable in respect of such fundamental change on all shares of perpetual strife preferred stock then outstanding.

Repurchase by Third Party

Notwithstanding anything to the contrary, we will be deemed to satisfy our obligations to repurchase perpetual strife preferred stock pursuant to a repurchase
upon fundamental change if (i) one or more third parties conduct the repurchase offer and repurchase tendered perpetual strife preferred stock in a manner that would have satisfied our obligations to do the same if conducted directly by us; and
(ii) an owner of a beneficial interest in any perpetual strife preferred stock repurchased by such third party or parties will not receive a lesser