Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 40

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 40
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 provided that such class or series of stock is not dividend senior stock or liquidation senior stock. |

If any event described in paragraphs (1), (2) or (3) above would materially adversely affect the rights, preferences or voting powers of one or more, but not all, classes or series of voting parity stock (which term, solely for these purposes, includes the STRF Stock), then those classes or series whose rights, preferences or voting powers would not be materially adversely affected will be deemed not to have voting or consent rights with respect to such event. Furthermore, an amendment, modification or repeal described in paragraph (1) above that materially adversely affects the special rights, preferences or voting powers of the STRF Stock cannot be effected without the affirmative vote or consent of preferred stockholders, voting separately as a class, of at least a majority of the STRF Stock then outstanding. Certain Amendments Permitted Without Consent Notwithstanding anything to the contrary described in paragraph (1) above under the caption “—Voting and Consent Rights with Respect to Specified Matters,” we may amend, modify or repeal any of the terms of the STRF Stock without the vote or consent of any preferred stockholder to:

| • |     | cure any ambiguity or correct any omission, defect or inconsistency in the certificate of designations or the                                                                                                         
 certificates representing the STRF Stock, including the filing of a certificate of correction, or a corrected instrument, pursuant to Section 103(f) of the Delaware General Corporation Law in connection therewith; |

| • |     | provide for or confirm the issuance of additional STRF Stock pursuant to the certificate of designations; |

| • |     | provide for any transfer restrictions that apply to any shares of STRF Stock (other than the shares of STRF Stock                                                                                                                      
 issued in this offering and any shares of STRF Stock issued in exchange therefor or in substitution thereof) that, at the time of their original issuance, constitute “restricted securities” within the meaning of Rule 144 under the 
 Securities Act or that are originally issued in reliance upon Regulation S under the Securities Act; or                                                                                                                                |

SA-24

| • |     | make any other change to our certificate of incorporation, the certificate of designations or the certificates                                                                                                                                            
 representing the STRF Stock that does not, individually or in the aggregate with all other such changes, adversely affect the rights of any preferred stockholder (other than preferred stockholders that have consented to such change), as such, in any 
 material respect