Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 61

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 61
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(i) all of such beneficial owner’s STRK Stock; and (ii) a number of shares equal to the “minimum STRK Stock conversion denomination” (as defined below under the caption “—Definitions”).

SA-36

When the STRK Stock May Be Converted Except as described below, the STRK Stock may be surrendered for conversion only after the “open of business” (as defined below under the caption “—Definitions”) and before the close of business on any day that is a business day. If a preferred stockholder has validly delivered a “fundamental change repurchase notice” (as defined below under the caption “—Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase STRK Stock”) with respect to any share of STRK Stock, then such share may not be converted, except to the extent (i) such notice is withdrawn in accordance with the procedures described below; or (ii) we fail to pay the related fundamental change repurchase price for such share. In addition, if we call the STRK Stock for redemption, then the STRK Stock may not be converted after the close of business on the second business day immediately before the related redemption date (unless we fail to pay the redemption price due on such redemption date in full, in which case the STRK Stock may be converted at any time until such time as we pay such redemption price in full). Treatment of Dividends Upon Conversion We will not adjust the conversion rate to account for any accumulated and unpaid dividends on any STRK Stock being converted. Notwithstanding anything to the contrary, if the conversion date of any share of STRK Stock is after a regular record date for a declared regular dividend on the STRK Stock and on or before the next regular dividend payment date, then:

| • |     | the holder of such share at the close of business on such regular record date will be entitled, notwithstanding                                   
 such conversion, to receive, on or, at our election, before such regular dividend payment date, such declared regular dividend on such share; and |

| • |     | the holder surrendering such share for conversion must deliver, at the time it surrenders such share for 
 conversion, an amount of cash equal to the amount of such declared regular dividend on such share.       |

However, such holder need not deliver such cash:

| • |     | if we have specified a redemption date that is after such regular record date and on or before the second 
 business day immediately after such regular dividend payment date