Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 79

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 79
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 to such other provisions, if any, as we reasonably determine are appropriate to
preserve the economic interests of the preferred stockholders and to give effect to the provisions described above. If the reference property includes shares of stock or other securities or assets (other than cash) of a person other than the
successor person, then such other person will also execute such supplemental instrument(s) and such supplemental instrument(s) will contain such additional provisions, if any, that we reasonably determine are appropriate to preserve the economic
interests of preferred stockholders.

Notice of Class A Common Stock Change Event

We will provide notice of each class A common stock change event to preferred stockholders no later than the second business day after the effective date of
the class A common stock change event.

Exchange in Lieu of Conversion

Notwithstanding anything to the contrary, and subject to the terms of the certificate of designations, if any perpetual strike preferred stock is to be
submitted for conversion, we may elect to arrange to have such perpetual strike preferred stock exchanged in lieu of conversion by a financial institution we designate. To make such election, we must send notice of such election to the holder of
such perpetual strike preferred stock before the close of business on the business day immediately following the conversion date for such perpetual strike preferred stock, and we must arrange for the financial institution to deliver the
consideration due upon such conversion in the same manner and at the same time as we would have been required to do so. We will remain responsible to deliver such consideration if the financial institution fails to timely deliver the same.

Equitable Adjustments to Prices

Whenever the certificate of designations requires us to calculate the average of the last reported sale prices, or any function thereof, over a period of
multiple days (including to calculate an adjustment to the conversion rate), we will make appropriate adjustments, if any, to those calculations to account for any adjustment to the conversion rate pursuant to the provisions described above under
the caption “—Conversion Rights—Conversion Rate Adjustments—Generally” that becomes effective, or any event requiring such an adjustment to the conversion rate where the record date,
ex-dividend date, effective date or expiration date, as applicable, of such event occurs, at any time during such period.

Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase Perpetual Strike Preferred Stock

Generally

If a fundamental change
occurs, then, except as described below, each preferred stockholder will have the right (the “fundamental change repurchase right”)