Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 73

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 73
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 of stock or other securities or assets (other than cash) of a person other than the successor person, then such other person will also execute such supplemental instrument(s) and such supplemental instrument(s) will contain such additional provisions, if any, that we reasonably determine are appropriate to preserve the economic interests of preferred stockholders. Notice of Class A Common Stock Change Event We will provide notice of each class A common stock change event to preferred stockholders no later than the second business day after the effective date of the class A common stock change event. Exchange in Lieu of Conversion Notwithstanding anything to the contrary, and subject to the terms of the certificate of designations, if any STRK Stock is to be submitted for conversion, we may elect to arrange to have such STRK Stock exchanged in lieu of conversion by a financial institution we designate. To make such election, we must send notice of such election to the holder of such STRK Stock before the close of business on the business day immediately following the SA-46

conversion date for such STRK Stock, and we must arrange for the financial institution to deliver the consideration due upon such conversion in the same manner and at the same time as we would
have been required to do so. We will remain responsible to deliver such consideration if the financial institution fails to timely deliver the same.

Equitable Adjustments to Prices

Whenever the
certificate of designations requires us to calculate the average of the last reported sale prices, or any function thereof, over a period of multiple days (including to calculate an adjustment to the conversion rate), we will make appropriate
adjustments, if any, to those calculations to account for any adjustment to the conversion rate pursuant to the provisions described above under the caption “—Conversion Rights—Conversion Rate Adjustments—Generally”
that becomes effective, or any event requiring such an adjustment to the conversion rate where the record date, ex-dividend date, effective date or expiration date, as applicable, of such event occurs, at any
time during such period.

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

Generally

If a fundamental change occurs, then,
except as described below, each preferred stockholder will have the right (the “fundamental change repurchase right”) to require us to repurchase some or all of its shares of STRK 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