Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 43

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 43
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 directors in good faith) to the holders thereof than the rights, preferences and voting powers, taken as a whole, of the STRD Stock immediately before the consummation of such consolidation, combination, merger, share exchange or reclassification; and (c) the issuer of the STRD Stock that remains outstanding or such preference securities, as applicable, is a corporation duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that, if not us, will succeed to us under the certificate of designations and the STRD Stock. However, a consolidation, combination, merger, share exchange or reclassification that satisfies the requirements of clauses (a), (b) and (c) of paragraph (2) above will not require any vote or consent pursuant to paragraph (1) above. In addition, each of the following will be deemed not to materially adversely affect the rights, preferences or voting powers of the STRD Stock (or cause any of the rights, preferences or voting powers of any such preference securities to be materially less favorable as described above) and will not require any vote or consent pursuant to any of the preceding clauses (1) or (2):

| • |     | any increase in the number of the authorized but unissued shares of our undesignated preferred stock; |

| • |     | any increase in the number of authorized or issued shares of STRD Stock; and |

| • |     | the creation and issuance, or increase in the authorized or issued number, of any class or series of stock                                   
 (including, for the avoidance of doubt, dividend parity stock, liquidation parity stock, dividend senior stock or liquidation senior stock). |

If any event described in paragraphs (1) or (2) 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 STRD 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 STRD 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 STRD Stock then outstanding. S-31

Certain Amendments Permitted Without Consent