Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 68

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 68
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 For the avoidance of doubt, we or any other withholding agent may collect any required withholding tax at the time of conversion or payment or require alternative arrangements ( e.g., a deposit for taxes prior to delivery of conversion consideration) to ensure that we or such withholding agent is not out of pocket for any potential withholding tax liability ( e.g., for any conversion consideration attributable to previously unpaid and accumulated dividends). Conversion Rate Adjustments Generally The conversion rate will be adjusted for the events described below. However, we are not required to adjust the conversion rate for these events (other than a stock split or combination or a tender or exchange offer) if each preferred stockholder participates, at the same time and on the same terms as holders of our class A common stock, and solely by virtue of being a holder of the perpetual strike preferred stock, in such transaction or event without having to convert such preferred stockholder’s perpetual strike preferred stock and as if such preferred stockholder held a number of shares of our class A common stock equal to the product of (i) the conversion rate in effect on the related record date; and (ii) the total number of shares of perpetual strike preferred stock held by such preferred stockholder on such record date.

| (1) | Stock Dividends, Splits and Combinations. If we issue solely shares of our class A common stock as a                                                                                                                                                    
 dividend or distribution on all or substantially all shares of our class A common stock, or if we effect a stock split or a stock combination of our class A common stock (in each case excluding an issuance solely pursuant to a class A common stock 
 change event, as to which the provisions described below under the caption “—Effect of Class A Common Stock Change Event” will apply), then the conversion rate will be adjusted based on the following formula:                                        |

where:

| CR0 |     | = |     | the conversion rate in effect immediately before the close of business on the “record date” (as defined below under the caption “—Definitions”) for such dividend or distribution, or immediately before the                           
 close of business on the effective date of such stock split or stock combination, as applicable;                                                                                                                                       |
| CR1 |     | = |     | the conversion rate in effect immediately after the close of business on such record date or effective date, as applicable;                                                                                                            |
| OS0 |     | = |     | the number of shares of our class A common stock outstanding immediately before the close of business on such record date or effective date, as applicable,