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

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 11
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              | If a “fundamental change” (as defined in this STRK Stock Annex) occurs, then, except as described in this STRK Stock Annex, preferred stockholders will have the right (which we refer to as the “fundamental change repurchase                    
 right”) to require us to repurchase some or all of their shares of STRK Stock at a cash repurchase price equal to the liquidation preference (or, upon ratification of the STRK Amendment, the stated amount) of the STRK Stock to be repurchased, 
 plus accumulated and unpaid regular dividends, if any, to, but excluding the fundamental change repurchase date.                                                                                                                                   |

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

| Voting Rights | The STRK Stock has no voting rights except as described in this STRK Stock Annex 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 STRK 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 consecutive regular dividend payment dates, then, in each case, subject to the other provisions described in this STRK Stock Annex, 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 STRK Stock, voting together as a single class with the holders of each class or series of “voting parity stock” (as defined in this STRK Stock Annex), 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 STRK Stock have been paid in full, 
 then the right of the holders of the STRK Stock to elect any preferred stock directors will terminate.                                                                                                                                                 |

| Upon the termination of such right with respect to the STRK 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