Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 16

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 16
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 repurchased, plus 
 accumulated and unpaid regular dividends, if any, to, but excluding the fundamental change repurchase date.                                                                                                                                   |

| See “Description of Perpetual Strike Preferred Stock—Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase Perpetual Strike Preferred Stock.” |

| Voting Rights | The perpetual strike preferred stock has no voting rights except as described in this prospectus supplement or as provided in our certificate of incorporation or required by the Delaware General Corporation Law. |

| If less than the full amount of accumulated and unpaid regular dividends on the outstanding perpetual strike preferred stock          
 have been declared and paid in respect of each of (i) four or more consecutive regular dividend payment dates; and (ii) eight or more |

S-12

| consecutive regular dividend payment dates, then, in each case, subject to the other provisions described in this prospectus supplement, the authorized number of our directors will automatically                                                  
 increase by one (or we will vacate the office of one director) and the holders of the perpetual strike preferred stock, voting together as a single class with the holders of each class or series of “voting parity stock” (as defined in this     
 prospectus supplement), if any, with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, will have the right to elect one director (which we refer to as a 
 “preferred stock director”) to fill such directorship at our next annual meeting of stockholders (or, if earlier, at a special meeting of our stockholders called for such purpose). If, thereafter, all accumulated and unpaid dividends on        
 the outstanding perpetual strike preferred stock have been paid in full, then the right of the holders of the perpetual strike preferred stock to elect any preferred stock directors will terminate.                                               |

| Upon the termination of such right with respect to the perpetual strike preferred stock and all other outstanding voting parity stock, if any, the term of office of each person then serving as a preferred stock director                               
 will immediately and automatically terminate (and, if the authorized number of our directors was increased by one or two, as applicable, in connection with such election, then the authorized number of our directors will automatically decrease by one 
 or two, as applicable).                                                                                                                                                                                                                                   |

| Subject to the exceptions and limitations described in this prospectus supplement, the affirmative vote or consent of preferred stockholders, and holders of each class or series of voting parity stock, if any, with                                   
 similar