Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 80

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 80
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 to require us to repurchase some or all of its shares of perpetual strike preferred stock for cash on a
date (the “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 perpetual strike preferred 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 perpetual strike preferred stock that is not a whole number.

S-56

The repurchase price (the “fundamental change repurchase price”) for a share of perpetual strike
preferred stock tendered for repurchase will be an amount equal to (i) the liquidation preference of such share, plus (ii) accumulated and unpaid regular dividends on such share to, but excluding, the fundamental change repurchase date.
However, if the fundamental change repurchase date is after a regular record date for a declared regular dividend on the perpetual strike preferred 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 the excess, if any, of (x) the accumulated and unpaid regular dividends on such share to, but excluding, such fundamental change repurchase date over (y) the
amount of such declared regular dividend on such share.

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
perpetual strike preferred stock for repurchase.

Procedures to Exercise the Fundamental Change Repurchase Right

To exercise its fundamental change repurchase right with respect to any perpetual strike preferred stock, the holder thereof must deliver a notice (a
“fundamental change repurchase notice”) to the paying agent before the