<SEC-DOCUMENT>0001193125-25-020868.txt : 20250205
<SEC-HEADER>0001193125-25-020868.hdr.sgml : 20250205
<ACCEPTANCE-DATETIME>20250205165307
ACCESSION NUMBER:		0001193125-25-020868
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20250205
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250205
DATE AS OF CHANGE:		20250205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROSTRATEGY Inc
		CENTRAL INDEX KEY:			0001050446
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				510323571
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24435
		FILM NUMBER:		25594073

	BUSINESS ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182
		BUSINESS PHONE:		703-848-8600

	MAIL ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROSTRATEGY INC
		DATE OF NAME CHANGE:	19971126
</SEC-HEADER>
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<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title of Each Class</p></td>
<td style="vertical-align:bottom">&#160;</td>
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<td style="vertical-align:top;text-align:center"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2025-02-05_to_2025-02-05" id="ixv-371">MSTR</ix:nonNumeric></td>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;3.03.</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Material Modification to Rights of Security Holders. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On February&#160;5, 2025, MicroStrategy Incorporated d/b/a Strategy (&#8220;Strategy&#8221;) issued 7,300,000 shares of a new class of its capital stock titled &#8220;8.00% Series A Perpetual Strike Preferred Stock&#8221; (the &#8220;perpetual strike preferred stock&#8221;) in a public offering (the &#8220;Offering&#8221;) registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). In connection with the issuance of perpetual strike preferred stock, Strategy filed a Certificate of Designations (the &#8220;Certificate of Designations&#8221;) with the Secretary of State of the State of Delaware designating an aggregate of 7,300,000 shares of, and establishing the terms of, the perpetual strike preferred stock. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The perpetual strike preferred stock has a par value of $0.001 per share and a liquidation preference of $100 per share. The perpetual strike preferred stock will rank senior to Strategy&#8217;s class A common stock, $0.001 par value per share (the &#8220;Class&#160;A Common Stock&#8221;), and class B common stock, $0.001 par value per share (the &#8220;Class&#160;B Common Stock&#8221;), with respect to the payment of dividends and the distribution of assets upon Strategy&#8217;s liquidation, dissolution or winding up. If Strategy liquidates, dissolves or winds up, whether voluntarily or involuntarily, then the holders of the perpetual strike preferred stock will be entitled to receive payment for the liquidation preference of, and all accumulated and unpaid Regular Dividends (as defined below) on, their perpetual strike preferred stock out of Strategy&#8217;s assets or funds legally available for distribution to its stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, holders of the Class&#160;A Common Stock, Class&#160;B Common Stock or other junior stock. The perpetual strike preferred stock will be junior to Strategy&#8217;s existing and future indebtedness, structurally junior to the liabilities of Strategy&#8217;s subsidiaries and subject to the rights and preferences of any other class or series of preferred stock then outstanding. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The perpetual strike preferred stock will accumulate cumulative dividends (&#8220;Regular Dividends&#8221;) at a rate per annum equal to 8.00% on the liquidation preference thereof (the &#8220;Regular Dividend Rate&#8221;), and will be payable when, as and if declared by Strategy&#8217;s board of directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on March&#160;31, June&#160;30, September&#160;30 and December&#160;31 of each year, beginning on March&#160;31, 2025 (each, a &#8220;Regular Dividend Payment Date&#8221;). Declared Regular Dividends on the perpetual strike preferred stock will be payable, at Strategy&#8217;s election, in cash, shares of Class&#160;A Common Stock or a combination of cash and shares of Class&#160;A Common Stock. If Strategy elects to pay any portion of a declared Regular Dividend in shares of Class&#160;A Common Stock, then those shares will be valued at 95% of the daily volume-weighted average price per share of Class&#160;A Common Stock on the third trading day before the related Regular Dividend Payment Date. However, the number of shares of Class&#160;A Common Stock that Strategy will deliver as payment for any declared Regular Dividend will be limited to a maximum number equal to the total dollar amount of the declared Regular Dividend (including any portion thereof that Strategy has elected to pay in shares of Class&#160;A Common Stock) <span style="font-style:italic">divided by</span> the &#8220;floor price,&#8221; which initially is equal to $119.03 per share and is subject to customary anti-dilution adjustments. If the number of shares that Strategy delivers is limited as a result of this provision, then Strategy will, to the extent it is legally able to do so, declare and pay the related deficiency in cash. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any accumulated Regular Dividend (or any portion thereof) on the perpetual strike preferred stock is not paid on the applicable Regular Dividend Payment Date (or, if such Regular Dividend Payment Date is not a business day, the next business day), then additional Regular Dividends </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 1 - </p>

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(&#8220;Compounded Dividends&#8221;) will accumulate on the amount of such unpaid Regular Dividend, compounded quarterly at the Regular Dividend Rate, from, and including, such Regular Dividend Payment Date to, but excluding, the date the same, including all Compounded Dividends thereon, is paid in full. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In certain cases where Strategy has not declared and paid accumulated Regular Dividends in full on the perpetual strike preferred stock, then, subject to limited exceptions, Strategy will be prohibited from declaring or paying dividends on or repurchasing any shares of Class&#160;A Common Stock, Class&#160;B Common Stock or other junior securities. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to certain limitations, holders of the perpetual strike preferred stock (the &#8220;Preferred Stockholders&#8221;) will have the right to convert some or all of their shares of perpetual strike preferred stock on any business day into shares of Class&#160;A Common Stock (together, if applicable, with cash in lieu of any fractional share of Class&#160;A Common Stock) at the then-applicable conversion rate. The initial conversion rate is 0.1000 shares of Class&#160;A Common Stock per share of perpetual strike preferred stock, which represents an initial conversion price of $1,000.00 per share of Class&#160;A Common Stock, and is subject to customary anti-dilution adjustments. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strategy will have the right, at its election, to redeem all, and not less than all, of the perpetual strike preferred stock, at any time, for cash if the total aggregate liquidation preference of all perpetual strike preferred stock then outstanding is less than 25% of the aggregate liquidation preference of the perpetual strike preferred stock issued in the Offering (such a redemption, an &#8220;Optional Redemption&#8221;). The redemption price for any perpetual strike preferred stock to be redeemed pursuant to an Optional Redemption will be a cash amount equal to the liquidation preference of the perpetual strike preferred stock to be redeemed, plus accumulated and unpaid Regular Dividends to, but excluding, the redemption date. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strategy will also have the right, at its election, to redeem all, and not less than all, of the perpetual strike preferred stock, at any time, for cash if a &#8220;Tax Event&#8221; (as defined in the Certificate of Designations) occurs (such a redemption, a &#8220;Tax Redemption&#8221;). The redemption price for any perpetual strike preferred stock to be redeemed pursuant to a Tax Redemption will be a cash amount equal to (i)&#160;the greater of (1)&#160;the liquidation preference of the perpetual strike preferred stock to be redeemed; and (2)&#160;the average of the last reported sale prices per share of perpetual strike preferred stock for the five consecutive trading days ending on, and including, the trading day immediately before the date on which Strategy sends the related redemption notice, plus (ii)&#160;accumulated and unpaid Regular Dividends to, but excluding, the redemption date. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a &#8220;Fundamental Change&#8221; (as defined in the Certificate of Designations) occurs, then, subject to a limited exception, Preferred Stockholders will have the right to require Strategy to repurchase some or all of their shares of perpetual strike preferred stock at a cash repurchase price equal to the liquidation preference of the perpetual strike preferred stock to be repurchased, plus accumulated and unpaid Regular Dividends, if any, to, but excluding the repurchase date. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The perpetual strike preferred stock will have voting rights with respect to certain amendments to Strategy&#8217;s certificate of incorporation or the Certificate of Designations, certain business combination transactions and certain other matters. However, Preferred Stockholders, as such, will not be entitled to vote on an <span style="white-space:nowrap">as-converted</span> basis with holders of Class&#160;A Common Stock on matters on which holders of Class&#160;A Common Stock are entitled to vote. </p>
 <p style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&#160;</p> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:center">- 2 - </p>

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 <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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)&#160;four or more consecutive Regular Dividend Payment Dates; and (ii)&#160;eight or more consecutive Regular Dividend Payment Dates, then, in each case, subject to certain limitations, the authorized number of Strategy&#8217;s directors will automatically increase by one (or Strategy will vacate the office of one of its directors) and the holders of the perpetual strike preferred stock, voting together as a single class with the holders of each class or series of &#8220;Voting Parity Stock&#8221; (as defined in the Certificate of Designations), 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 (a &#8220;Preferred Stock Director&#8221;) to fill such directorship at Strategy&#8217;s next annual meeting of stockholders (or, if earlier, at a special meeting of Strategy&#8217;s stockholders called for such purpose). If, thereafter, all accumulated and unpaid Regular 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 Strategy&#8217;s directors was increased by one or two, as applicable, in connection with such election, then the authorized number of Strategy&#8217;s directors will automatically decrease by one or two, as applicable). </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above description of the Certificate of Designations and the terms of the perpetual strike preferred stock is a summary and is not complete. A copy of the Certificate of Designations and the form of the certificate representing the perpetual strike preferred stock are filed as exhibits 3.1 and 4.1, respectively, to this Current Report on Form <span style="white-space:nowrap">8-K,</span> and the above summary is qualified by reference to the terms of the Certificate of Designations and the perpetual strike preferred stock set forth in such exhibits. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;5.03.</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Amendments to Articles of Incorporation or Bylaws. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information set forth above in this Current Report under Item 3.03 is incorporated by reference into this Item 5.03. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:11%;vertical-align:top;text-align:left"><span style="font-weight:bold">Item&#8201;9.01.</span></td>
<td style="vertical-align:top;text-align:left"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><span style="text-decoration:underline">Exhibits </span></p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><a href="d791994dex31.htm">Certificate of Designations relating to the 8.00% Series A Perpetual Strike Preferred Stock. </a></td></tr>
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<td style="vertical-align:top"><a href="d791994dex31.htm">Form of certificate representing the 8.00% Series A Perpetual Strike Preferred Stock (included as Exhibit A to Exhibit&#160;3.1). </a></td></tr>
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<td style="vertical-align:top"><a href="d791994dex51.htm">Opinion of Latham&#160;&amp; Watkins LLP. </a></td></tr>
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<td style="vertical-align:top"><a href="d791994dex51.htm">Consent of Latham&#160;&amp; Watkins LLP (included in Exhibit 5.1). </a></td></tr>
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<td style="vertical-align:top">Cover page interactive data file (embedded within the inline XBRL document).</td></tr>
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<td style="vertical-align:bottom" colspan="3">M<small style="font-weight:inherit;font-style:unset;text-decoration:unset">ICRO</small>S<small style="font-weight:inherit;font-style:unset;text-decoration:unset">TRATEGY</small> I<small style="font-weight:inherit;font-style:unset;text-decoration:unset">NCORPORATED</small></td></tr>
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<td style="vertical-align:bottom">Dated: February&#160;5, 2025</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ W. Ming Shao</p></td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MicroStrategy Incorporated </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate of Designations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8.00% Series A Perpetual Strike Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>February&nbsp;5, 2025 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table of Contents </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Section&nbsp;1.</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top">Section&nbsp;2.</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rules of Construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" ALIGN="right">13</TD>
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<TD VALIGN="top">Section&nbsp;3.</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Perpetual Strike Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Designation; Par Value</P></TD>
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<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Number of Authorized Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Perpetual Strike Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form, Dating and Denominations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Execution, Countersignature and Delivery</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(f)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Method of Payment; Delay When Payment Date is Not a Business Day</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer Agent, Registrar, Paying Agent and Conversion Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(i)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfers and Exchanges; Transfer Taxes; Certain Transfer Restrictions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(j)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchange and Cancellation of Perpetual Strike Preferred Stock to Be Converted or Repurchased
Pursuant to a Repurchase Upon Fundamental Change or Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Status of Retired Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(l)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Replacement Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(m)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Holders; Certain Rights with Respect to Global Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(n)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancellation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(o)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares Held by the Company or its Affiliates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(p)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(q)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repurchases by the Company and its Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(r)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notations and Exchanges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(s)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CUSIP and ISIN Numbers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ranking</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;5.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regular Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Generally</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Public Equity Offerings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Method of Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treatment of Regular Dividends Upon Repurchase Upon Fundamental Change, Conversion or
Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Priority of Dividends; Limitation on Junior and Parity Payments; No Participation
Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rights Upon Liquidation, Dissolution or Winding Up</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Generally</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certain Business Combination Transactions Deemed Not to Be a Liquidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of the Company to Redeem the Perpetual Strike Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Optional Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redemption Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redemption Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redemption Notice</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(f)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repurchases or Other Acquisitions Other Than by Redemption Not Affected</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- i - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of Holders to Require the Company to Repurchase Perpetual Strike Preferred Stock upon a
Fundamental Change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fundamental Change Repurchase Right</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Funds Legally Available for Payment of Fundamental Change Repurchase Price; Covenant Not to
Take Certain Actions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fundamental Change Repurchase Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fundamental Change Repurchase Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fundamental Change Notice</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(f)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Procedures to Exercise the Fundamental Change Repurchase Right</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of the Fundamental Change Repurchase Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compliance with Applicable Securities Laws</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(i)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Third Party May Conduct Repurchase Offer In Lieu of the Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(j)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Requirement to Conduct an Offer to Repurchase Perpetual Strike Preferred Stock if the
Fundamental Change Results in the Perpetual Strike Preferred Stock Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Voting Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend <FONT
STYLE="white-space:nowrap">Non-Payment</FONT> Events</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voting and Consent Rights with Respect to Specified Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Procedures for Voting and Consents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conversion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Generally</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">When the Perpetual Strike Preferred Stock May Be Converted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treatment of Dividends Upon Conversion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conversion Procedures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Settlement Upon Conversion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(f)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conversion Rate Adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voluntary Conversion Rate Increases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of Class&nbsp;A Common Stock Change Event</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain Provisions Relating to the Issuance of Class&nbsp;A Common Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchange in Lieu of Conversion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equitable Adjustments to Prices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes Upon Issuance of Class&nbsp;A Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Preemptive Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Calculations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Responsibility; Schedule of Calculations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Calculations Aggregated for Each Holder</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Sinking Fund Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Other Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>Exhibits</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit A: Form of Preferred Stock Certificate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B: Form of Global Certificate Legend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- ii - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certificate of Designations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8.00% Series A Perpetual Strike Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;4, 2025, the Pricing Committee of the Board of Directors of MicroStrategy Incorporated, a Delaware corporation (the
&#147;<B>Company</B>&#148;), pursuant to authority granted to it by the Board of Directors of the Company, adopted the following resolution designating and creating, out of the authorized and unissued shares of preferred stock of the Company,
7,300,000 authorized shares of a series of stock of the Company titled the &#147;8.00% Series A Perpetual Strike Preferred Stock&#148;: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>RESOLVED</B> that, pursuant to the Certificate of Incorporation (as defined below), the Bylaws (as defined below) and applicable law, a
series of stock of the Company titled the &#147;8.00% Series A Perpetual Strike Preferred Stock,&#148; and having a par value of $0.001 per share and an initial number of authorized shares equal to 7,300,000, is hereby designated and created out of
the authorized and unissued shares of preferred stock of the Company, which series has the rights, preferences, voting powers and other provisions set forth below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. <U>D<SMALL>EFINITIONS</SMALL></U><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Affiliate</B>&#148; has the meaning set forth in Rule 144 under the Securities Act as in effect on the Initial Issue Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Board of Directors</B>&#148; means the Company&#146;s board of directors or a committee of such board duly authorized to act on
behalf of such board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means any day other than a Saturday, a Sunday or any day on which the Federal
Reserve Bank of New York is authorized or required by law or executive order to close or be closed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Bylaws</B>&#148; means the
Company&#146;s Amended and Restated <FONT STYLE="white-space:nowrap">By-laws,</FONT> as the same may be further amended, supplemented or restated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Capital Stock</B>&#148; of any Person means any and all shares of, interests in, rights to purchase, warrants or options for,
participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Certificate of Designations</B>&#148; means this Certificate of Designations, as amended or supplemented from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Certificate of Incorporation</B>&#148; means the Company&#146;s second restated Certificate of Incorporation, as amended pursuant to
that certain Certificate of Amendment dated January&nbsp;22, 2025, as the same may be further amended, supplemented or restated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class</B><B></B><B>&nbsp;A Common Stock</B>&#148; means the class A common stock, $0.001 par value per share, of the Company, subject
to <B>Section</B><B></B><B>&nbsp;10(h)</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class</B><B></B><B>&nbsp;A Common Stock Change Event</B>&#148; has the meaning set
forth in <B>Section</B><B></B><B>&nbsp;10(h)(i)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Class</B><B></B><B>&nbsp;B Common Stock</B>&#148; means the class B common
stock, $0.001 par value per share, of the Company, or any other class of the Company&#146;s common equity, if any, into which the Class&nbsp;B Common Stock is reclassified or converted, or for which the Class&nbsp;B Common Stock is exchanged, in
connection with a transaction akin to a Class&nbsp;A Common Stock Change Event but with respect to the Class&nbsp;B Common Stock (excluding, for the avoidance of doubt, the conversion of any of the Class&nbsp;B Common Stock into Class&nbsp;A Common
Stock in accordance with the terms of the Class&nbsp;B Common Stock). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Close of Business</B>&#148; means 5:00 p.m., New York City
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company</B>&#148; means MicroStrategy Incorporated, a Delaware corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Compounded Dividends</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;5(a)(i)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion</B>&#148; means with respect to any share of Perpetual Strike Preferred Stock, the conversion of such share pursuant to
<B>Section</B><B></B><B>&nbsp;10</B> into Conversion Consideration. The terms &#147;Convert,&#148; &#147;Converted,&#148; &#147;Convertible,&#148; &#147;Converting&#148; and similar capitalized terms have meanings correlative to the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion Agent</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;3(g)(i)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion Consideration</B>&#148; means, with respect to the Conversion of any Perpetual Strike Preferred Stock, the type and amount
of consideration payable to settle such Conversion, determined in accordance with <B>Section</B><B></B><B>&nbsp;10</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion Date</B>&#148; means, with respect to any share of Perpetual Strike Preferred Stock, the first (1st) Business Day on which
the requirements set forth in <B>Section</B><B></B><B>&nbsp;10(d)(i)</B> to Convert such share are satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion
Price</B>&#148; means, as of any time, an amount equal to (i)&nbsp;the Liquidation Preference per share of Perpetual Strike Preferred Stock, <I>divided by</I> (ii)&nbsp;the Conversion Rate in effect at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Conversion Rate</B>&#148; initially means 0.1000 shares of Class&nbsp;A Common Stock per share of Perpetual Strike Preferred Stock;
<I>provided</I>, <I>however</I>, that the Conversion Rate is subject to adjustment pursuant to <B>Section</B><B></B><B>&nbsp;10(f)</B> and <B>Section</B><B></B><B>&nbsp;10(g)</B>; <I>provided</I>, <I>further</I>, that whenever this Certificate of
Designations refers to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately before the Close of Business on such date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Daily VWAP</B>&#148; means, for any VWAP Trading Day, the per share volume-weighted
average price of the Class&nbsp;A Common Stock as displayed under the heading &#147;Bloomberg VWAP&#148; on Bloomberg page &#147;MSTR &lt;EQUITY&gt; AQR&#148; (or, if such page is not available, its equivalent successor page) in respect of the
period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one (1)&nbsp;share of Class&nbsp;A
Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent investment banking firm the Company selects, which may be any of the Underwriters). The Daily VWAP will be
determined without regard to after-hours trading or any other trading outside of the regular trading session. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Depositary</B>&#148; means The Depository Trust Company or its successor, or any successor depositary for the applicable shares of
Perpetual Strike Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Depositary Participant</B>&#148; means any member of, or participant in, the Depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Depositary Procedures</B>&#148; means, with respect to any conversion, transfer, exchange or other transaction involving a Global
Certificate representing any Perpetual Strike Preferred Stock, or any beneficial interest in such certificate, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Director Qualification Requirement</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;9(a)(i)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Dividend Junior Stock</B>&#148; means any class or series of the Company&#146;s stock whose terms do not expressly provide that such
class or series will rank senior to, or equally with, the Perpetual Strike Preferred Stock with respect to the payment of dividends (without regard to whether or not dividends accumulate cumulatively). Dividend Junior Stock includes the Class&nbsp;A
Common Stock and Class&nbsp;B Common Stock. For the avoidance of doubt, Dividend Junior Stock will not include any securities of the Company&#146;s Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Dividend Parity Stock</B>&#148; means any class or series of the Company&#146;s stock (other than the Perpetual Strike Preferred
Stock) whose terms expressly provide that such class or series will rank equally with the Perpetual Strike Preferred Stock with respect to the payment of dividends (without regard to whether or not dividends accumulate cumulatively). For the
avoidance of doubt, Dividend Parity Stock will not include any securities of the Company&#146;s Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Dividend Senior
Stock</B>&#148; means any class or series of the Company&#146;s stock whose terms expressly provide that such class or series will rank senior to the Perpetual Strike Preferred Stock with respect to the payment of dividends (without regard to
whether or not dividends accumulate cumulatively). For the avoidance of doubt, Dividend Senior Stock will not include any securities of the Company&#146;s Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Electronic Certificate</B>&#148; means any electronic book entry maintained by the Transfer Agent that represents any share(s) of
Perpetual Strike Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Ex-Dividend</FONT> Date</B>&#148; means, with respect to an
issuance, dividend or distribution on the Class&nbsp;A Common Stock, the first date on which shares of Class&nbsp;A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance,
dividend or distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the
Class&nbsp;A Common Stock under a separate ticker symbol or CUSIP number will not be considered &#147;regular way&#148; for this purpose. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Exchange Act</B>&#148; means the U.S. Securities Exchange Act of 1934, as amended.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Exempted Fundamental Change</B>&#148; means any Fundamental Change with respect to which, in accordance with
<B>Section</B><B></B><B>&nbsp;8(j)</B>, the Company is not required to offer to repurchase any shares of Perpetual Strike Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Expiration Date</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Expiration Time</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Floor Price</B>&#148; initially means $119.03 per share of Class&nbsp;A Common Stock; <I>provided</I>, <I>however</I>, the Floor
Price will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted pursuant to <B>Section</B><B></B><B>&nbsp;10(f)</B> and <B>Section</B><B></B><B>&nbsp;10(g)</B>. Whenever this
Certificate of Designations refers to the Floor Price as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Floor Price immediately before the Close of Business on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fundamental Change</B>&#148; means any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) either (i)&nbsp;a &#147;person&#148; or &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange Act) (other than
(w)&nbsp;the Company; (x)&nbsp;its Wholly Owned Subsidiaries; (y)&nbsp;any employee benefit plans of the Company or its Wholly Owned Subsidiaries; or (z)&nbsp;any Permitted Party), files any report with the SEC indicating that such person or group
has become the direct or indirect &#147;beneficial owner&#148; (as defined below) of shares of the Company&#146;s common equity representing more than fifty percent (50%) of the voting power of all of the Company&#146;s common equity; or (ii)&nbsp;a
&#147;person&#148; or &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the Exchange Act) (other than (w)&nbsp;the Company; (x)&nbsp;its Wholly Owned Subsidiaries; or (y)&nbsp;any employee benefit plans of the Company or its Wholly
Owned Subsidiaries), files any report with the SEC indicating that such person or group has become the direct or indirect &#147;beneficial owner&#148; (as defined below) of shares of the Company&#146;s Class&nbsp;A Common Stock representing more
than fifty percent (50%) of the voting power of all of the Company&#146;s Class&nbsp;A Common Stock, <I>provided</I> that, solely for purposes of this <B>clause (ii)</B>, none of the following will constitute beneficial ownership of the
Company&#146;s Class&nbsp;A Common Stock: (x)&nbsp;beneficial ownership of the Company&#146;s Class&nbsp;B Common Stock; and (y)&nbsp;beneficial ownership by any Permitted Party of any of the Company&#146;s Class&nbsp;A Common Stock issued upon
conversion of the Company&#146;s Class&nbsp;B Common Stock; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the consummation of: (i)&nbsp;any sale, lease or other transfer, in one
transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the Company&#146;s Wholly Owned Subsidiaries; or
(ii)&nbsp;any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the
Class&nbsp;A </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>

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Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; <I>provided</I>, <I>however</I>, that any
merger, consolidation, share exchange or combination of the Company pursuant to which the persons that directly or indirectly &#147;beneficially owned&#148; (as defined below) all classes of the Company&#146;s common equity immediately before such
transaction directly or indirectly &#147;beneficially own,&#148; immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other transferee, as applicable,
or the parent thereof, in substantially the same proportions <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> each other as immediately before such transaction will be deemed not to be a Fundamental
Change pursuant to this <B>clause (b)</B>; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Class&nbsp;A Common Stock ceases to be listed on any of The New York Stock
Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>provided</I>,
<I>however</I>, that a transaction or event described in <B>clause</B> <B>(a)</B>&nbsp;or <B>(b)</B> above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of
Class&nbsp;A Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock or other corporate common equity interests listed (or
depositary receipts representing shares of common stock or other corporate common equity interests, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of
their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Class&nbsp;A Common Stock Change Event whose Reference Property consists of
such consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this definition, (x)&nbsp;any transaction or event described in both <B>clause (a)</B>&nbsp;and
in <B>clause (b)(i)</B> or <B>(ii)</B>&nbsp;above (without regard to the proviso in <B>clause (b)</B>) will be deemed to occur solely pursuant to <B>clause (b)</B>&nbsp;above (subject to such proviso); and (y)&nbsp;whether a Person is a
&#147;<B>beneficial owner</B>,&#148; whether shares are &#147;<B>beneficially owned</B>,&#148; and percentage beneficial ownership, will be determined in accordance with Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, references to the Company&#146;s &#147;Class&nbsp;A Common Stock&#148; and &#147;common equity&#148; in this
definition will be subject to <B>Section</B><B></B><B>&nbsp;10(h)(i)(A)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fundamental Change Notice</B>&#148; has the meaning
set forth in <B>Section</B><B></B><B>&nbsp;8(e)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fundamental Change Repurchase Date</B>&#148; means the date fixed, pursuant
to <B>Section</B><B></B><B>&nbsp;8(c)</B>, for the repurchase of any Perpetual Strike Preferred Stock by the Company pursuant to a Repurchase Upon Fundamental Change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fundamental Change Repurchase Notice</B>&#148; means a notice (including a notice substantially in the form of the &#147;Fundamental
Change Repurchase Notice&#148; set forth in <B>Exhibit A</B>) containing the information, or otherwise complying with the requirements, set forth in <B>Section</B><B></B><B>&nbsp;8(f)(i)</B> and <B>Section</B><B></B><B>&nbsp;8(f)(ii)</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fundamental Change Repurchase Price</B>&#148; means the cash price payable by the
Company to repurchase any share of Perpetual Strike Preferred Stock upon its Repurchase Upon Fundamental Change, calculated pursuant to <B>Section</B><B></B><B>&nbsp;8(d)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fundamental Change Repurchase Right</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;8(a)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Global Certificate</B>&#148; means any certificate (including an Electronic Certificate, subject to
<B>Section</B><B></B><B>&nbsp;3(d)(iii)</B>) that (a)&nbsp;represents any share(s) of Perpetual Strike Preferred Stock; (b)&nbsp;subject to <B>Section</B><B></B><B>&nbsp;3(d)(i)(2)</B>, is substantially in the form set forth in <B>Exhibit</B>
<B>A</B>, registered in the name of the Depositary or its nominee, duly executed by the Company and countersigned by the Transfer Agent; and (c)&nbsp;is deposited with the Transfer Agent, as custodian for the Depositary (or, in the case of an
Electronic Certificate, is otherwise admitted for book-entry settlement through the Depositary in accordance with the Depositary Procedures). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Global Certificate Legend</B>&#148; means a legend substantially in the form set forth in <B>Exhibit B</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Holder</B>&#148; means any person in whose name any Perpetual Strike Preferred Stock is registered on the Registrar&#146;s books.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Issue Date</B>&#148; means February&nbsp;5, 2025. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Junior Stock</B>&#148; means any Dividend Junior Stock or Liquidation Junior Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Last Reported Sale Price</B>&#148; of the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock for any Trading Day means the
closing sale price per share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask
prices per share) of the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the
Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is then listed. If the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is not listed on a U.S. national or regional securities exchange on
such Trading Day, then the Last Reported Sale Price will be the last quoted bid price per share of Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, on such Trading Day in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market as reported by OTC Markets Group Inc. or a similar organization. If the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is not so quoted on such Trading
Day, then the Last Reported Sale Price will be the <FONT STYLE="white-space:nowrap">mid-point</FONT> of the last bid price and the last ask price per share of Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, on such
Trading Day from a nationally recognized independent investment banking firm the Company selects, which may be any of the Underwriters (or, if no such last bid price or last ask price is available, the fair value of one (1)&nbsp;share of the
Company&#146;s Class&nbsp;A common stock or Perpetual Strike Preferred Stock, as applicable, on such Trading Day determined by a nationally recognized independent investment banking firm the Company selects, which may be any of the Underwriters).
Notwithstanding anything to the contrary above in this definition, if the Perpetual Strike Preferred Stock is not so quoted on such Trading Day, then, in lieu of the </P>
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calculation referred to in the preceding sentence, the Last Reported Sale Price per Perpetual Strike Preferred Stock on such Trading Day will be the product of (a)&nbsp;the Conversion Rate in
effect immediately before the Close of Business on such Trading Day; and (b)&nbsp;the Last Reported Sale Price per share of Class&nbsp;A Common Stock on such Trading Day (or, if such day is not a Trading Day with respect to the Company&#146;s
Class&nbsp;A Common Stock, the immediately preceding Trading Day with respect to the Company&#146;s Class&nbsp;A Common Stock); <I>provided</I>, <I>however</I>, that if, on such Trading Day, the Class&nbsp;A Common Stock is not so listed or quoted,
and the Company is unable to obtain a Last Reported Sale Price for the Class&nbsp;A Common Stock pursuant to the immediately preceding sentence, then the Last Reported Sale Price per share of Perpetual Strike Preferred Stock on such Trading Day will
instead be the Last Reported Sale Price per share of Perpetual Strike Preferred Stock on the immediately preceding Trading Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Liquidation Junior Stock</B>&#148; means any class or series of the Company&#146;s stock whose terms do not expressly provide that
such class or series will rank senior to, or equally with, the Perpetual Strike Preferred Stock with respect to the distribution of assets upon the Company&#146;s liquidation, dissolution or winding up. Liquidation Junior Stock includes the
Class&nbsp;A Common Stock and the Class&nbsp;B Common Stock. For the avoidance of doubt, Liquidation Junior Stock will not include any securities of the Company&#146;s Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Liquidation Parity Stock</B>&#148; means any class or series of the Company&#146;s stock (other than the Perpetual Strike Preferred
Stock) whose terms expressly provide that such class or series will rank equally with the Perpetual Strike Preferred Stock with respect to the distribution of assets upon the Company&#146;s liquidation, dissolution or winding up. For the avoidance
of doubt, Liquidation Parity Stock will not include any securities of the Company&#146;s Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Liquidation
Preference</B>&#148; means, with respect to the Perpetual Strike Preferred Stock, an amount equal to one hundred dollars ($100) per share of Perpetual Strike Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Liquidation Senior Stock</B>&#148; means any class or series of the Company&#146;s stock whose terms expressly provide that such
class or series will rank senior to the Perpetual Strike Preferred Stock with respect to the distribution of assets upon the Company&#146;s liquidation, dissolution or winding up. For the avoidance of doubt, Liquidation Senior Stock will not include
any securities of the Company&#146;s Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Market Disruption Event</B>&#148; means, with respect to the Class&nbsp;A
Common Stock or Perpetual Strike Preferred Stock, as applicable, on any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities
exchange or other market on which the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the relevant exchange or otherwise) in the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, or in any options contracts or futures contracts relating to the Class&nbsp;A Common Stock or
Perpetual Strike Preferred Stock, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Minimum Perpetual Strike Preferred Stock Conversion Denomination</B>&#148;
means, with respect to the Conversion of any Perpetual Strike Preferred Stock, a number of shares of Perpetual Strike Preferred Stock equal to the quotient (rounded up to the nearest whole number) obtained by dividing (a)&nbsp;one (1), by
(b)&nbsp;the Conversion Rate in effect immediately before the Close of Business on the Conversion Date for such Conversion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Number of Incremental Diluted Shares</B>&#148; means the increase in the number of
diluted shares of the applicable class or series of Junior Stock (determined in accordance with generally accepted accounting principles in the United States, as the same is in effect on the Initial Issue Date, and assuming net income is positive)
that would result from the grant, vesting or exercise of equity-based compensation to directors, employees, contractors and agents (subject to proportionate adjustment for stock dividends, stock splits or stock combinations with respect to such
class or series of Junior Stock). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Officer</B>&#148; means, with respect to the Company, the Executive Chairman, the President,
the Chief Executive Officer, Chief Financial Officer, the Chief Accounting Officer, the Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added
before or after the title &#147;Vice President&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Open of Business</B>&#148; means 9:00 a.m., New York City time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Optional Redemption</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;7(a)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Paying Agent</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;3(g)(i)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Permitted Party</B>&#148; means any &#147;person&#148; or &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of the
Exchange Act) that consists of, or includes, Michael J. Saylor, the heirs of Michael J. Saylor, or any Affiliates of Michael J. Saylor or the heirs of Michael J. Saylor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Perpetual Strike Preferred Stock</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;3(a)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Person</B>&#148; or &#147;<B>person</B>&#148; means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a
separate &#147;person&#148; under this Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Physical Certificate</B>&#148; means any certificate
(including an Electronic Certificate, subject to <B>Section</B><B></B><B>&nbsp;3(d)(iii)</B>) that (a)&nbsp;is not a Global Certificate; and (b)&nbsp;represents any share(s) of Perpetual Strike Preferred Stock; and (c)&nbsp;subject to
<B>Section</B><B></B><B>&nbsp;3(d)(i)(2)</B>, is substantially in the form set forth in <B>Exhibit</B> <B>A</B>, registered in the name of the Holder of such share(s) and duly executed by the Company and countersigned by the Transfer Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Preferred Stock Director</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;9(a)(i)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Record Date</B>&#148; means, with respect to any dividend or distribution on, or issuance to holders of, Class&nbsp;A Common Stock,
the date fixed (whether by law, contract or the Board of Directors or otherwise) to determine the holders of Class&nbsp;A Common Stock that are entitled to such dividend, distribution or issuance. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption</B>&#148; means an Optional Redemption or Tax Redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Date</B>&#148; means the date fixed, pursuant to <B>Section</B><B></B><B>&nbsp;7(d)</B>, for the settlement of the
repurchase of the Perpetual Strike Preferred Stock by the Company pursuant to a Redemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Notice</B>&#148; has the
meaning set forth in <B>Section</B><B></B><B>&nbsp;7(e)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Notice Date</B>&#148; means, with respect to a
Redemption of the Perpetual Strike Preferred Stock, the date on which the Company sends the related Redemption Notice pursuant to <B>Section</B><B></B><B>&nbsp;7(e)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Redemption Price</B>&#148; means the consideration payable by the Company to repurchase any Perpetual Strike Preferred Stock upon its
Redemption, calculated pursuant to <B>Section</B><B></B><B>&nbsp;7(c)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reference Property</B>&#148; has the meaning set
forth in <B>Section</B><B></B><B>&nbsp;10(h)(i)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Reference Property Unit</B>&#148; has the meaning set forth in
<B>Section</B><B></B><B>&nbsp;10(h)(i)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Register</B>&#148; has the meaning set forth in
<B>Section</B><B></B><B>&nbsp;3(g)(ii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Registrar</B>&#148; has the meaning set forth in
<B>Section</B><B></B><B>&nbsp;3(g)(i)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;<B>Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT>
Event</B>&#148; will be deemed to occur upon the occurrence of each of the following events: (a)&nbsp;if less than the full amount of accumulated and unpaid Regular Dividends (whether in cash or in shares of Class&nbsp;A Common Stock) on the
outstanding Perpetual Strike Preferred Stock have been declared and paid in respect of each of four (4)&nbsp;or more consecutive Regular Dividend Payment Dates; and (b)&nbsp;if less than the full amount of accumulated and unpaid Regular Dividends
(whether in cash or in shares of Class&nbsp;A Common Stock) on the outstanding Perpetual Strike Preferred Stock have been declared and paid in respect of each of eight (8)&nbsp;or more consecutive Regular Dividend Payment Dates. A Regular Dividend <FONT
STYLE="white-space:nowrap">Non-Payment</FONT> Event that has occurred will be deemed to continue until such time when all accumulated and unpaid Regular Dividends on the outstanding Perpetual Strike Preferred Stock have been paid in full, at which
time such Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT> Event will be deemed to be cured and cease to be continuing. For purposes of this definition, a Regular Dividend on the Perpetual Strike Preferred Stock will be deemed to
have been paid if such dividend is declared and cash that is sufficient to pay such dividend is set aside for the benefit of the Holders entitled thereto. For the avoidance of doubt, the Regular Dividend
<FONT STYLE="white-space:nowrap">Non-Payment</FONT> Events set forth in <B>clauses (a)</B>&nbsp;and <B>(b)</B> above are separate Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT> Events, each providing for a separate right to
appoint a Preferred Stock Director pursuant to <B>Section</B><B></B><B>&nbsp;9(a)</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Dividend Payment Date</B>&#148; means, with respect to any share of
Perpetual Strike Preferred Stock, each March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of each year, beginning on March&nbsp;31, 2025 (or beginning on such other date specified in the certificate representing such share). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Dividend Period</B>&#148; means each period from, and including, a Regular Dividend Payment Date (or, in the case of the
first Regular Dividend Period, from, and including, the Initial Issue Date) to, but excluding, the next Regular Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Dividend Rate</B>&#148; means 8.00% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Dividend Stock Price</B>&#148; means, with respect to any declared Regular Dividend on the Perpetual Strike Preferred Stock,
ninety five percent (95%) of the Daily VWAP per share of Class&nbsp;A Common Stock on the third (3rd) VWAP Trading Day preceding the Regular Dividend Payment Date for such Regular Dividend. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Dividends</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;5(a)(i)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Regular Record Date</B>&#148; has the following meaning: (a)&nbsp;March&nbsp;15, in the case of a Regular Dividend Payment Date
occurring on March 31; (b) June&nbsp;15, in the case of a Regular Dividend Payment Date occurring on June 30; (c) September&nbsp;15, in the case of a Regular Dividend Payment Date occurring on September 30; and (d)&nbsp;December&nbsp;15, in the case
of a Regular Dividend Payment Date occurring on December 31. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Repurchase Upon Fundamental Change</B>&#148; means the repurchase
of any share of Perpetual Strike Preferred Stock by the Company pursuant to <B>Section</B><B></B><B>&nbsp;8</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>SEC</B>&#148;
means the U.S. Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Securities Act</B>&#148; means the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Share Agent</B>&#148; means the Transfer Agent or any Registrar, Paying Agent or Conversion Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Spin-Off</FONT></B>&#148; has the meaning set forth in
<B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(B)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period</B>&#148;
has the meaning set forth in <B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(B)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Subsidiary</B>&#148; means, with respect to any
Person, (a)&nbsp;any corporation, association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the
occurrence of any contingency, but after giving effect to any voting agreement or stockholders&#146; agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation,
association or other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (b)&nbsp;any partnership or limited liability company where (x)&nbsp;more than fifty
percent (50%) of the capital accounts, distribution rights, equity and voting interests, or of the general </P>
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and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (y)&nbsp;such Person or any one or more of the other Subsidiaries of such Person is a
controlling general partner of, or otherwise controls, such partnership or limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Successor Person</B>&#148;
has the meaning set forth in <B>Section</B><B></B><B>&nbsp;10(h)(iii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;<B>Tax Event</B>&#148; will be deemed to occur if the
Company has received an opinion of counsel experienced in such matters to the effect that, as a result of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any amendment to,
clarification of, or change, including any announced prospective change, in the laws or treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) an administrative action, which means any judicial decision or any official administrative pronouncement, ruling, regulatory procedure,
notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any amendment to, clarification of, or change in the official position or the interpretation of any administrative action or judicial
decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case by any legislative body, court,
governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) a threatened challenge asserted in writing in connection with a tax audit of the Company or any of its Subsidiaries, or a publicly known
threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Perpetual Strike Preferred Stock, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">which amendment, clarification or change is effective or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or
threatened challenge is asserted or becomes publicly known after January&nbsp;30, 2025, there is more than an insubstantial risk that any of the outstanding Perpetual Strike Preferred Stock is treated as
<FONT STYLE="white-space:nowrap">&#147;fast-pay</FONT> stock&#148; within the meaning of Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.7701(l)-3(b)(2)</FONT> (or becomes subject to substantially similar successor provision).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Tax Redemption</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;7(b)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Tender/Exchange Offer Valuation Period</B>&#148; has the meaning set forth in <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Trading Day</B>&#148; means, with respect to the Class&nbsp;A Common Stock or
Perpetual Strike Preferred Stock, as applicable, any day on which (a)&nbsp;trading in the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, generally occurs on the principal U.S. national or regional securities exchange
on which the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is then listed or, if the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, is then traded; and (b)&nbsp;there is no Market Disruption Event. If the Class&nbsp;A Common Stock or
Perpetual Strike Preferred Stock, as applicable, is not so listed or traded, then &#147;Trading Day&#148; with respect to the Class&nbsp;A Common Stock or Perpetual Strike Preferred Stock, as applicable, means a Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Transfer Agent</B>&#148; means U.S. Bank Trust Company, National Association or its successor as provided in
<B>Section</B><B></B><B>&nbsp;3(g)(iii)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Underwriters</B>&#148; means Barclays Capital Inc., Moelis&nbsp;&amp; Company LLC,
BTIG, LLC, TD Securities (USA) LLC, Keefe, Bruyette, &amp; Woods, Inc., AmeriVet Securities, Inc., Bancroft Capital, LLC and The Benchmark Company, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Voting Parity Stock</B>&#148; means, with respect to any matter as to which Holders are entitled to vote pursuant to
<B>Section</B><B></B><B>&nbsp;9(a)</B> or <B>Section</B><B></B><B>&nbsp;9(b)</B>, each class or series of outstanding Dividend Parity Stock or Liquidation Parity Stock, if any, upon which similar voting rights are conferred and are exercisable with
respect to such matter. For the avoidance of doubt, Voting Parity Stock will not include any securities of the Company&#146;s Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>VWAP Market Disruption Event</B>&#148; means, with respect to any date, (a)&nbsp;the failure by the principal U.S. national or
regional securities exchange on which the Class&nbsp;A Common Stock is then listed, or, if the Class&nbsp;A Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Class&nbsp;A
Common Stock is then traded, to open for trading during its regular trading session on such date; or (b)&nbsp;the occurrence or existence, for more than <FONT STYLE="white-space:nowrap">one-half</FONT> hour period in the aggregate, of any suspension
or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Class&nbsp;A Common Stock or in any options contracts or futures contracts relating to the Class&nbsp;A Common
Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>VWAP
Trading Day</B>&#148; means a day on which (a)&nbsp;there is no VWAP Market Disruption Event; and (b)&nbsp;trading in the Class&nbsp;A Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the
Class&nbsp;A Common Stock is then listed or, if the Class&nbsp;A Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Class&nbsp;A Common Stock is then traded. If the
Class&nbsp;A Common Stock is not so listed or traded, then &#147;VWAP Trading Day&#148; means a Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Wholly Owned
Subsidiary</B>&#148; of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors&#146; qualifying shares) are owned by such Person or one or more Wholly Owned
Subsidiaries of such Person. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. <U>R<SMALL>ULES</SMALL> <SMALL>OF</SMALL>
C<SMALL>ONSTRUCTION</SMALL></U><SMALL></SMALL>. For purposes of this Certificate of Designations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;or&#148; is not exclusive;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;including&#148; means &#147;including without limitation&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;will&#148; expresses a command; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the &#147;average&#148; of a set of numerical values refers to the arithmetic average of such numerical values; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any
division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) words in the singular include the plural, and words in the plural include the singular, unless the context requires otherwise; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) &#147;herein,&#148; &#147;hereof&#148; and other words of similar import refer to this Certificate of Designations as a whole and not to
any particular Section or other subdivision of this Certificate of Designations, unless the context requires otherwise; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) references to
currency mean the lawful currency of the United States of America, unless the context requires otherwise; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the exhibits, schedules
and other attachments to this Certificate of Designations are deemed to form part of this Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.
<U>T<SMALL>HE</SMALL> P<SMALL>ERPETUAL</SMALL> S<SMALL>TRIKE</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>TOCK</SMALL></U><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Designation; Par Value</I>. A series of stock of the Company titled the &#147;8.00% Series A Perpetual Strike Preferred Stock&#148;
(the &#147;<B>Perpetual Strike Preferred Stock</B>&#148;) is hereby designated and created out of the authorized and unissued shares of preferred stock of the Company. The par value of the Perpetual Strike Preferred Stock is $0.001 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Number of Authorized Shares</I>. The total authorized number of shares of Perpetual Strike Preferred Stock is seven million three
hundred thousand (7,300,000); <I>provided</I>, <I>however</I> that, without the consent of any Holder or other Person, the total number of authorized shares of Perpetual Strike Preferred Stock may, by resolution of the Board of Directors, hereafter
be (i)&nbsp;reduced to a number that is not less than the number of shares of Perpetual Strike Preferred Stock then outstanding; or (ii)&nbsp;increased, <I>provided</I>, that in no event will such increase be by an amount that exceeds the total
number of authorized and undesignated shares of preferred stock of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Additional Perpetual Strike Preferred Stock</I>. After the Initial Issue Date, the
Company may, without the consent of any Holder, but subject to the provisions of this Certificate of Designations (including <B>Section</B><B></B><B>&nbsp;3(e)</B>), (i) originally issue additional shares of Perpetual Strike Preferred Stock with the
same terms as the other shares of Perpetual Strike Preferred Stock then outstanding (except, to the extent applicable, with respect to the date as of which Regular Dividends begin to accumulate on, the first Regular Dividend Payment Date for, and
transfer restrictions applicable to, such additional shares of Perpetual Strike Preferred Stock), which additional shares of Perpetual Strike Preferred Stock will, subject to the foregoing, be considered to be part of the same series of, and rank
equally and ratably with all other, shares of Perpetual Strike Preferred Stock; or (ii)&nbsp;resell any Perpetual Strike Preferred Stock that the Company or any of its Subsidiaries has purchased or otherwise acquired; <I>provided</I>,
<I>however</I>, that if any such additional or resold shares of Perpetual Strike Preferred Stock are not fungible with other shares of Perpetual Strike Preferred Stock then outstanding for purposes of federal securities laws or, if applicable, the
Depositary Procedures, then such additional or resold shares of Perpetual Strike Preferred Stock will be identified by a separate CUSIP number or by no CUSIP number. In addition, without the consent of any Holder, the Company may create and issue,
or increase the authorized or issued number of, any other class or series of stock (including, for the avoidance of doubt, Dividend Senior Stock, Liquidation Senior Stock, Dividend Parity Stock or Liquidation Parity Stock). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Form, Dating and Denominations</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Form and Date of Certificates Representing Perpetual Strike Preferred Stock</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Generally</I>. Each certificate representing any Perpetual Strike Preferred Stock will: (1)&nbsp;subject to
<B>Section</B><B></B><B>&nbsp;3(d)(i)(2)</B>, be substantially in the form set forth in <B>Exhibit A</B>; (2)&nbsp;bear the legends required by <B>Section</B><B></B><B>&nbsp;3(h)</B> (and may bear notations, legends or endorsements required by law,
stock exchange rule or usage or the Depositary); and (3)&nbsp;be dated as of the date it is countersigned by the Transfer Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Modifications to the Form of Certificates to Accommodate Issuance of Additional Perpetual Strike Preferred Stock</I>.
Notwithstanding anything to the contrary in this Certificate of Designations, if any Perpetual Strike Preferred Stock is originally issued after the Initial Issue Date pursuant to <B>Section</B><B></B><B>&nbsp;3(c)</B>, then the certificate(s)
representing such Perpetual Strike Preferred Stock may contain deviations from the form set forth in <B>Exhibit A</B> that the Company in good faith determines are appropriate to permit the timely and orderly issuance thereof (including, for the
avoidance of doubt, issuances on a daily basis pursuant to an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> or similar program) and to accommodate any reasonable requirements of the
Transfer Agent in connection therewith. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Global Certificates; Physical Certificates</I>. Except as otherwise
provided in the applicable resolutions of the Board of Directors providing for the original issuance of any Perpetual Strike Preferred Stock, such Perpetual Strike Preferred Stock will be issued initially in the form of one or more Global
Certificates. Global Certificates may be exchanged for Physical Certificates, and Physical Certificates may be exchanged for Global Certificates, only as provided in <B>Section</B><B></B><B>&nbsp;3(i)</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Electronic Certificates; Interpretation</I>. For purposes of this
Certificate of Designations, (1)&nbsp;each Electronic Certificate will be deemed to include the text of, and to otherwise to be in, the form of Certificate set forth in <B>Exhibit A</B> (subject to <B>Section</B><B></B><B>&nbsp;3(d)(i)(2)</B>); (2)
any legend, registration number or other notation that is required to be included on a Physical Certificate or Global Certificate will be deemed to be affixed to any Electronic Certificate notwithstanding that such Electronic Certificate may be in a
form that does not permit affixing legends thereto; (3)&nbsp;any reference in this Certificate of Designations to the &#147;delivery&#148; of any Electronic Certificate will be deemed to be satisfied upon the registration (or delivery to the
Transfer Agent of an instruction for the registration) of the electronic book entry representing such Electronic Certificate in the name of the applicable Holder; (4)&nbsp;any requirement to deliver or surrender an Electronic Certificate to the
Conversion Agent or the Paying Agent for settlement in connection with a Repurchase Upon Fundamental Change, Redemption or Conversion will be deemed to be satisfied upon the satisfaction of all other requirements for such settlement; and
(5)&nbsp;upon satisfaction of any applicable requirements of the Delaware General Corporation Law, the Certificate of Incorporation and the Bylaws of the Company, and any related requirements of the Transfer Agent, in each case for the issuance of
Perpetual Strike Preferred Stock in the form of one or more Electronic Certificates, such Electronic Certificates will be deemed to be executed by the Company and countersigned by the Transfer Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>No Bearer Certificates; Denominations</I>. The Perpetual Strike Preferred Stock will be issued only in registered form
and only in whole numbers of shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <I>Registration Numbers</I>. Each certificate representing any share(s) of
Perpetual Strike Preferred Stock will bear a unique registration number that is not affixed to any other certificate representing any other outstanding share of Perpetual Strike Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Execution, Countersignature and Delivery</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Due Execution by the Company</I>. Subject to <B>Section</B><B></B><B>&nbsp;3(d)(iii)</B>, at least two (2)&nbsp;duly
authorized Officers will sign each certificate representing any Perpetual Strike Preferred Stock on behalf of the Company by manual or facsimile signature. For the avoidance of doubt, facsimile signatures will include electronic signatures. The
validity of any Perpetual Strike Preferred Stock will not be affected by the failure of any Officer whose signature is on any certificate representing such Perpetual Strike Preferred Stock to hold, at the time such certificate is countersigned by
the Transfer Agent, the same or any other office at the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Countersignature by Transfer Agent</I>. Subject
to <B>Section</B><B></B><B>&nbsp;3(d)(iii)</B>, (1) no Perpetual Strike Preferred Stock will be valid until the certificate representing it is countersigned by the Transfer Agent; and (2)&nbsp;each such certificate will be deemed to be duly
countersigned only when an authorized signatory of the Transfer Agent (or a duly appointed agent thereof) manually signs the countersignature block set forth in such certificate. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Method of Payment; Delay When Payment Date is Not a Business Day</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Method of Payment</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Global Certificates</I>. The Company will pay (or cause a Paying Agent to pay) all declared cash Regular Dividends or
other cash amounts due on any Perpetual Strike Preferred Stock represented by a Global Certificate by wire transfer of immediately available funds. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Physical Certificates</I>. The Company will pay (or cause a Paying Agent to pay) all declared cash Regular Dividends or
other cash amounts due on any Perpetual Strike Preferred Stock represented by a Physical Certificate as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) if
the aggregate Liquidation Preference of the Perpetual Strike Preferred Stock represented by such Physical Certificate is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute discretion)
and the Holder of such Perpetual Strike Preferred Stock entitled to such cash Regular Dividend or amount has delivered to the Paying Agent, no later than the time set forth in the next sentence, a written request to receive payment by wire transfer
to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) in all other cases, by check mailed to the address of such Holder set forth in the Register. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">To be timely, such written request must be delivered no later than the Close of Business on the following date: (x)&nbsp;with respect to the
payment of any declared cash Regular Dividend due on a Regular Dividend Payment Date for the Perpetual Strike Preferred Stock, the immediately preceding Regular Record Date; and (y)&nbsp;with respect to any other payment, the date that is fifteen
(15)&nbsp;calendar days immediately before the date such payment is due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Delay of Payment when Payment Date is Not
a Business Day</I>. If the due date for a payment on any Perpetual Strike Preferred Stock as provided in this Certificate of Designations is not a Business Day, then, notwithstanding anything to the contrary in this Certificate of Designations, such
payment may be made on the immediately following Business Day with the same force and effect as if such payment were made on such due date (and, for the avoidance of doubt, no interest, dividend or other amount will accrue or accumulate on such
payment as a result of the related delay). Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a
&#147;Business Day.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Transfer Agent, Registrar, Paying Agent and Conversion Agent</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. The Company will maintain (1)&nbsp;an office or agency in the continental United States where Perpetual
Strike Preferred Stock may be presented for registration of transfer or for exchange (the &#147;<B>Registrar</B>&#148;); (2) an office or agency in the continental United States where Perpetual Strike Preferred Stock may be presented for payment
(the &#147;<B>Paying Agent</B>&#148;); and (3)&nbsp;an office or agency in the continental United States where Perpetual Strike Preferred Stock may be presented for Conversion (the &#147;<B>Conversion Agent</B>&#148;). If the Company fails to
maintain a Registrar, Paying Agent or Conversion Agent, then the Transfer Agent will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent. Notwithstanding anything to
the contrary in this <B>Section</B><B></B><B>&nbsp;3(g)(i)</B> or in <B>Section</B><B></B><B>&nbsp;3(g)(iii)</B>, each of the Transfer Agent, Registrar, Paying Agent and Conversion Agent with respect to any Perpetual Strike Preferred Stock
represented by a Global Certificate must at all times be a Person that is eligible to act in that capacity under the Depositary Procedures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Duties of the Registrar</I>. The Company will cause the Registrar to keep a record (the &#147;<B>Register</B>&#148;) of
the names and addresses of the Holders, the number of shares of Perpetual Strike Preferred Stock held by each Holder and the transfer, exchange, repurchase, Redemption and Conversion of the Perpetual Strike Preferred Stock. Absent manifest error,
the entries in the Register will be conclusive and the Company and the Transfer Agent may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable
of being converted into written form reasonably promptly. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I><FONT STYLE="white-space:nowrap">Co-Agents;</FONT>
Company</I><I>&#146;</I><I>s Right to Appoint Successor Transfer Agent, Registrar, Paying Agent and Conversion Agent</I>. The Company may appoint one or more <FONT STYLE="white-space:nowrap">co-Registrars,</FONT>
<FONT STYLE="white-space:nowrap">co-Paying</FONT> Agents and <FONT STYLE="white-space:nowrap">co-Conversion</FONT> Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Certificate of
Designations. Subject to <B>Section</B><B></B><B>&nbsp;3(g)(i)</B>, the Company may change the Transfer Agent or any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act as a Registrar, Paying
Agent or Conversion Agent) without notice to any Holder; <I>provided</I>, <I>however</I>, that the Company will not remove a Person acting as Transfer Agent under this Certificate of Designations until and unless a successor has been appointed and
has accepted such appointment. Upon the request of any Holder, the Company will notify such Holder of the name and address of each Share Agent or <FONT STYLE="white-space:nowrap">co-Share</FONT> Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Initial Appointments</I>. The Company appoints U.S. Bank Trust Company, National Association, as the initial Transfer
Agent, the initial Paying Agent, the initial Registrar and the initial Conversion Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <I>Duties When the Company or
its Subsidiary Acts as Paying Agent or Conversion Agent</I>. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (1)&nbsp;it will segregate for the benefit of the Holders all money and other property held by it
as Paying Agent or Conversion Agent; and (2)&nbsp;references in this Certificate of Designations to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion
Agent, in each case for payment or delivery to any Holders or with respect to the Perpetual Strike Preferred Stock, will be deemed to refer to cash or other property so segregated, or to the segregation of such cash or other property, respectively.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Legends</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Global Certificate Legend</I>. Each Global Certificate will bear the Global Certificate Legend (or any similar legend,
not inconsistent with this Certificate of Designations, required by the Depositary for such Global Certificate). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
<I>Other Legends</I>. The certificate(s) representing any Perpetual Strike Preferred Stock may bear any other legend or text, not inconsistent with this Certificate of Designations, as may be required by applicable law or by any securities exchange
or automated quotation system on which such Perpetual Strike Preferred Stock is traded or quoted or as may be otherwise reasonably determined by the Company to be appropriate based on the advice of nationally recognized outside counsel. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Acknowledgement and Agreement by the Holders</I>. A Holder&#146;s acceptance of any Perpetual Strike Preferred Stock
represented by a certificate bearing any legend required by this <B>Section</B><B></B><B>&nbsp;3(h)</B> will constitute such Holder&#146;s acknowledgement of, and agreement to comply with, the restrictions set forth in such legend. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Transfers and Exchanges</I><I>; Transfer Taxes; Certain Transfer Restrictions.</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Provisions Applicable to All Transfers and Exchanges</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Generally</I>. Subject to this <B>Section</B><B></B><B>&nbsp;3(i)</B>, Perpetual Strike Preferred Stock represented by a
Physical Certificate, and beneficial interests in Global Certificates representing any Perpetual Strike Preferred Stock, may be transferred or exchanged from time to time and, in the case of a Physical Certificate, the Company will cause the
Registrar to record each such transfer or exchange in the Register. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>No Services Charge; Transfer Taxes</I>. The
Company and the Share Agents will not impose any service charge on any Holder for any transfer, exchange or Conversion of any Perpetual Strike Preferred Stock, but the Company, the Transfer Agent, the Registrar and the Conversion Agent may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or Conversion of Perpetual Strike Preferred Stock (in the case of any such Conversion, subject and
pursuant to <B>Section</B><B></B><B>&nbsp;11(c)</B>), other than exchanges pursuant to <B>Section</B><B></B><B>&nbsp;3(j)</B> or <B>Section</B><B></B><B>&nbsp;3(r)</B> not involving any transfer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>No Transfers or Exchanges of Fractional Shares</I>. Notwithstanding anything to the contrary in this Certificate of
Designations, all transfers or exchanges of Perpetual Strike Preferred Stock must be in an amount representing a whole number of shares of Perpetual Strike Preferred Stock, and no fractional share of Perpetual Strike Preferred Stock may be
transferred or exchanged. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <I>Legends</I>. Each certificate representing any share of Perpetual
Strike Preferred Stock that is issued upon transfer of, or in exchange for, another share of Perpetual Strike Preferred Stock will bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <I>Settlement of Transfers and Exchanges</I>. Upon satisfaction of the requirements of this Certificate of Designations to
effect a transfer or exchange of any Perpetual Strike Preferred Stock, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable after the date of such satisfaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Transfers and Exchanges of Perpetual Strike Preferred Stock Represented by Global Certificates.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Subject to the immediately following sentence, no Perpetual Strike Preferred Stock represented by a Global Certificate may
be transferred or exchanged in whole except (x)&nbsp;by the Depositary to a nominee of the Depositary; (y)&nbsp;by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z)&nbsp;by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. No Perpetual Strike Preferred Stock represented by a Global Certificate may be transferred to, or exchanged for, Perpetual Strike Preferred Stock represented by one or more
Physical Certificates; <I>provided</I>, <I>however</I>, that a Global Certificate will be exchanged, pursuant to customary procedures, for one or more Physical Certificates if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A)&nbsp;(x) the Depositary notifies the Company or the Transfer Agent that the Depositary is unwilling or unable to continue
as Depositary for such Global Certificate or (y)&nbsp;the Depositary ceases to be a &#147;clearing agency&#148; registered under Section&nbsp;17A of the Exchange Act and, in each case, the Company fails to appoint a successor Depositary within
ninety (90)&nbsp;days of such notice or cessation; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the Company, in its sole discretion, permits the exchange of
any beneficial interest in such Global Certificate for Perpetual Strike Preferred Stock represented by one or more Physical Certificates at the request of the owner of such beneficial interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Upon satisfaction of the requirements of this Certificate of Designations to effect a transfer or exchange of any Perpetual
Strike Preferred Stock represented by a Global Certificate: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the Company will cause the Registrar to reflect any
resulting decrease of the number of shares of Perpetual Strike Preferred Stock represented by such Global Certificate by notation on the &#147;Schedule of Exchanges of Interests in the Global Certificate&#148; forming part of such Global Certificate
(and, if such notation results in such Global Certificate representing zero shares of Perpetual Strike Preferred Stock, then the Company may (but is not required to) instruct the Transfer Agent to cancel such Global Certificate pursuant to
<B>Section</B><B></B><B>&nbsp;3(n)</B>); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if required to effect such transfer or exchange, then the Company will
cause the Registrar to reflect any resulting increase of the number of shares of Perpetual Strike Preferred Stock represented by any other Global Certificate by notation on the &#147;Schedule of Exchanges of Interests in the Global Certificate&#148;
forming part of such other Global Certificate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) if required to effect such transfer or exchange, then the Company will
issue, execute and deliver, and cause the Transfer Agent to countersign, in each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, a new Global Certificate bearing each legend, if any, required by
<B>Section</B><B></B><B>&nbsp;3(h)</B>; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) if the Perpetual Strike Preferred Stock represented by such Global
Certificate, or any beneficial interest therein, is to be exchanged for Perpetual Strike Preferred Stock represented by one or more Physical Certificates, then the Company will issue, execute and deliver, and cause the Transfer Agent to countersign,
in each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, one or more Physical Certificates that (x)&nbsp;each represent a whole number of shares of Perpetual Strike Preferred Stock and, in the aggregate, represent a total number of
shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike Preferred Stock represented by such Global Certificate that are to be so exchanged; (y)&nbsp;are registered in such name(s) as the Depositary specifies (or
as otherwise determined pursuant to customary procedures); and (z)&nbsp;bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Each transfer or exchange of a beneficial interest in any Global Certificate will be made in accordance with the Depositary
Procedures. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Transfers and Exchanges of Perpetual Strike Preferred Stock Represented by Physical Certificates.</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Subject to this <B>Section</B><B></B><B>&nbsp;3(i)</B>, a Holder of any Perpetual Strike Preferred Stock represented
by a Physical Certificate may (x)&nbsp;transfer any whole number of shares of such Perpetual Strike Preferred Stock to one or more other Person(s); (y) exchange any whole number of shares of such Perpetual Strike Preferred Stock for an equal number
of shares of Perpetual Strike Preferred Stock represented by one or more other Physical Certificates; and (z)&nbsp;if then permitted by the Depositary Procedures, transfer any whole number of shares of such Perpetual Strike Preferred Stock in
exchange for a beneficial interest in the same number of shares of Perpetual Strike Preferred Stock represented by one or more Global Certificates; <I>provided</I>, <I>however</I>, that, to effect any such transfer or
</P>
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exchange, such Holder must surrender such Physical Certificate representing the Perpetual Strike Preferred Stock to be transferred or exchanged to the office of the Transfer Agent or the
Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Transfer Agent or the Registrar. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Upon the satisfaction of the requirements of this Certificate of Designations to effect a transfer or exchange of any whole
number of shares of a Holder&#146;s Perpetual Strike Preferred Stock represented by a Physical Certificate (such Physical Certificate being referred to as the &#147;old Physical Certificate&#148; for purposes of this
<B>Section</B><B></B><B>&nbsp;3(i)(iii)(2)</B>): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) such old Physical Certificate will be promptly cancelled pursuant to
<B>Section</B><B></B><B>&nbsp;3(n)</B>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) if only part of the Perpetual Strike Preferred Stock represented by such old
Physical Certificate is to be so transferred or exchanged, then the Company will issue, execute and deliver, and cause the Transfer Agent to countersign, in each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, one or more Physical
Certificates that (x)&nbsp;each represent a whole number of shares of Perpetual Strike Preferred Stock and, in the aggregate, represent a total number of shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike
Preferred Stock represented by such old Physical Certificate not to be so transferred or exchanged; (y)&nbsp;are registered in the name of such Holder; and (z)&nbsp;bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) in the case of a transfer: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) to the Depositary or a nominee thereof that will hold its interest in the shares of Perpetual Strike Preferred Stock to be
so transferred in the form of one or more Global Certificates, the Company will cause the Registrar to reflect an increase in the number of shares of Perpetual Strike Preferred Stock represented by one or more existing Global Certificates by
notation on the &#147;Schedule of Exchanges of Interests in the Global Certificate&#148; forming part of such Global Certificate(s), which increase(s) are each in whole numbers of shares of Perpetual Strike Preferred Stock and aggregate to the total
number of shares of Perpetual Strike Preferred Stock to be so transferred, and which Global Certificate(s) bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>; <I>provided</I>, <I>however</I>, that if such transfer cannot be
so effected by notation on one or more existing Global Certificates (whether because no Global Certificates bearing each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B> then exist, because any such increase will result in any
Global Certificate representing a number of shares of Perpetual Strike Preferred Stock exceeding the maximum number </P>
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permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and cause the Transfer Agent to countersign, in each case in accordance with
<B>Section</B><B></B><B>&nbsp;3(e)</B>, one or more Global Certificates that (x)&nbsp;each represent a whole number of shares of Perpetual Strike Preferred Stock and, in the aggregate, represent a total number of shares of Perpetual Strike Preferred
Stock equal to the number of shares of Perpetual Strike Preferred Stock that are to be so transferred but that are not effected by notation as provided above; and (y)&nbsp;bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) to a transferee that will hold its interest in the shares of Perpetual Strike Preferred Stock to be so
transferred in the form of one or more Physical Certificates, the Company will issue, execute and deliver, and cause the Transfer Agent to countersign, in each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, one or more Physical
Certificates that (x)&nbsp;each represent a whole number of shares of Perpetual Strike Preferred Stock and, in the aggregate, represent a total number of shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike
Preferred Stock to be so transferred; (y)&nbsp;are registered in the name of such transferee; and (z)&nbsp;bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) in the case of an exchange, the Company will issue, execute and deliver, and cause the Transfer Agent to countersign, in
each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, one or more Physical Certificates that (x)&nbsp;each represent a whole number of shares of Perpetual Strike Preferred Stock and, in the aggregate, represent a total number of
shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike Preferred Stock to be so exchanged; (y)&nbsp;are registered in the name of the Person to whom such old Physical Certificate was registered; and
(z)&nbsp;bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Transfers of Shares Subject
to Redemption or Conversion</I>. Notwithstanding anything to the contrary in this Certificate of Designations, the Company, the Transfer Agent and the Registrar will not be required to register the transfer of or exchange any share of Perpetual
Strike Preferred Stock that has been surrendered for Conversion or has been called for Redemption pursuant to a Redemption Notice, except to the extent that the Company fails to pay the related Redemption Price when due. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>Exchange and Cancellation of Perpetual Strike Preferred Stock to Be Converted</I><I>
or Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Partial Conversions</I>. If only
a portion of a Holder&#146;s Perpetual Strike Preferred Stock represented by a Physical Certificate (such Physical Certificate being referred to as the &#147;old Physical Certificate&#148; for purposes of this
<B>Section</B><B></B><B>&nbsp;3(j)(i)</B>) is to be Converted pursuant to <B>Section</B><B></B><B>&nbsp;10</B>, then, as soon as reasonably practicable after such old Physical Certificate is surrendered for such Conversion, the Company will cause
such old Physical Certificate to be exchanged, pursuant and subject to <B>Section</B><B></B><B>&nbsp;3(i)(iii)</B>, for (1)&nbsp;one or more Physical Certificates that each represent a whole number of shares of Perpetual Strike Preferred Stock and,
in the aggregate, represent a total number of shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike Preferred Stock represented by such old Physical Certificate that are not to be so Converted, and deliver such
Physical Certificate(s) to such Holder; and (2)&nbsp;a Physical Certificate representing a whole number of shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike Preferred Stock represented by such old Physical
Certificate that are to be so Converted, which Physical Certificate will be Converted pursuant to the terms of this Certificate of Designations; <I>provided</I>, <I>however</I>, that the Physical Certificate referred to in this <B>clause
(2)</B>&nbsp;need not be issued at any time after which such shares subject to such Conversion are deemed to cease to be outstanding pursuant to <B>Section</B><B></B><B>&nbsp;3(p)(iv)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Cancellation of Perpetual Strike Preferred Stock Converted or Repurchased Pursuant to a Repurchase Upon Fundamental
Change or Redemption</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Physical Certificates</I>. If a Holder&#146;s Perpetual Strike Preferred Stock
represented by a Physical Certificate (or any portion thereof that has not theretofore been exchanged pursuant to <B>Section</B><B></B><B>&nbsp;3(j)(i)</B>) (such Physical Certificate being referred to as the &#147;old Physical Certificate&#148; for
purposes of this <B>Section</B><B></B><B>&nbsp;3(j)(ii)(1)</B>) is to be Converted pursuant to <B>Section</B><B></B><B>&nbsp;10</B> or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the later of the
time such Perpetual Strike Preferred Stock is deemed to cease to be outstanding pursuant to <B>Section</B><B></B><B>&nbsp;3(p)</B> and the time such old Physical Certificate is surrendered for such Conversion or repurchase, as applicable,
(A)&nbsp;such old Physical Certificate will be cancelled pursuant to <B>Section</B><B></B><B>&nbsp;3(n)</B>; and (B)&nbsp;in the case of a partial Conversion or repurchase, the Company will issue, execute and deliver to such Holder, and cause the
Transfer Agent to countersign, in each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, one or more Physical Certificates that (x)&nbsp;each represent a whole number of shares of Perpetual Strike Preferred Stock and, in the aggregate,
represent a total number of shares of Perpetual Strike Preferred Stock equal to the number of shares of Perpetual Strike Preferred Stock represented by such old Physical Certificate that are not to be so Converted or repurchased, as applicable;
(y)&nbsp;are registered in the name of such Holder; and (z)&nbsp;bear each legend, if any, required by <B>Section</B><B></B><B>&nbsp;3(h)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Global Certificates</I>. If a Holder&#146;s Perpetual Strike Preferred Stock represented by a Global Certificate (or any
portion thereof) is to be Converted pursuant to <B>Section</B><B></B><B>&nbsp;10</B> or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Perpetual Strike Preferred Stock is deemed to
cease to be outstanding pursuant to <B>Section</B><B></B><B>&nbsp;3(p)</B>, the Company will cause the Registrar to reflect a decrease of the number of shares of Perpetual Strike Preferred Stock represented by such Global Certificate in an amount
equal to the number of shares of Perpetual Strike Preferred Stock </P>
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represented by such Global Certificate that are to be so Converted or repurchased, as applicable, by notation on the &#147;Schedule of Exchanges of Interests in the Global Certificate&#148;
forming part of such Global Certificate (and, if the number of shares represented by such Global Certificate is zero following such notation, cancel such Global Certificate pursuant to <B>Section</B><B></B><B>&nbsp;3(n)</B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <I>Status of Retired Shares</I>. Upon any share of Perpetual Strike Preferred Stock ceasing to be outstanding, such share will be deemed
to be retired and to resume the status of an authorized and unissued share of preferred stock of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <I>Replacement
</I><I>Certificates</I>. If a Holder of any Perpetual Strike Preferred Stock claims that the certificate(s) representing such Perpetual Strike Preferred Stock have been mutilated, lost, destroyed or wrongfully taken, then the Company will issue,
execute and deliver, and cause the Transfer Agent to countersign, in each case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, a replacement certificate representing such Perpetual Strike Preferred Stock upon surrender to the Company or
the Transfer Agent of such mutilated certificate, or upon delivery to the Company or the Transfer Agent of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the Transfer Agent and the Company. In the case of a lost,
destroyed or wrongfully taken certificate representing any Perpetual Strike Preferred Stock, the Company and the Transfer Agent may require the Holder thereof to provide such security or indemnity that is reasonably satisfactory to the Company and
the Transfer Agent to protect the Company and the Transfer Agent from any loss that any of them may suffer if such certificate is replaced. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Every replacement Perpetual Strike Preferred Stock issued pursuant to this <B>Section</B><B></B><B>&nbsp;3(l)</B> will, upon such replacement,
be deemed to be outstanding Perpetual Strike Preferred Stock, entitled to all of the benefits of this Certificate of Designations equally and ratably with all other Perpetual Strike Preferred Stock then outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <I>Registered Holders; Certain Rights with Respect to Global Certificates</I>. Only the Holder of any Perpetual Strike Preferred Stock
will have rights under this Certificate of Designations as the owner of such Perpetual Strike Preferred Stock. Without limiting the generality of the foregoing, Depositary Participants, as such, will have no rights under this Certificate of
Designations with respect to the Perpetual Strike Preferred Stock represented by any Global Certificate held on their behalf by the Depositary or its nominee, or by the Transfer Agent as its custodian, and the Company and the Share Agents, and their
respective agents, may treat the Depositary as the absolute owner of the Perpetual Strike Preferred Stock represented by such Global Certificate for all purposes whatsoever; <I>provided</I>, <I>however</I>, that (i)&nbsp;the Holder of any Perpetual
Strike Preferred Stock represented by any Global Certificate may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Perpetual Strike Preferred Stock through Depositary Participants,
to take any action that such Holder is entitled to take with respect to the Perpetual Strike Preferred Stock represented by such Global Certificate under this Certificate of Designations; and (ii)&nbsp;the Company and the Share Agents, and their
respective agents, will use commercially reasonable efforts to give effect to any written certification, proxy or other authorization furnished by the Depositary. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <I>Cancellation</I>. The Company may at any time deliver Perpetual Strike Preferred
Stock to the Transfer Agent for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Transfer Agent each share of Perpetual Strike Preferred Stock duly surrendered to them for transfer, exchange, payment or
Conversion. The Company will cause the Transfer Agent to promptly cancel all shares of Perpetual Strike Preferred Stock so surrendered to it in accordance with its customary procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <I>Shares Held by the Company or its Affiliates</I>. Without limiting the generality of <B>Sections</B> <B>3(p)</B> and <B>3(q)</B>, in
determining whether the Holders of the required number of outstanding shares of Perpetual Strike Preferred Stock (and, if applicable, Voting Parity Stock) have concurred in any direction, waiver or consent, shares of Perpetual Strike Preferred Stock
owned by the Company or any of its Affiliates will be deemed not to be outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <I>Outstanding Shares</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. The shares of Perpetual Strike Preferred Stock that are outstanding at any time will be deemed to be
those shares of Perpetual Strike Preferred Stock that, at such time, have been duly executed by the Company and countersigned by the Transfer Agent, excluding those shares of Perpetual Strike Preferred Stock that have theretofore been
(1)&nbsp;cancelled by the Transfer Agent or delivered to the Transfer Agent for cancellation in accordance with <B>Section</B><B></B><B>&nbsp;3(n)</B>; (2) assigned a number of outstanding shares of zero by notation on the &#147;Schedule of
Exchanges of Interests in the Global Certificate&#148; forming part of the Global Certificate representing such Perpetual Strike Preferred Stock; (3)&nbsp;paid or settled in full upon their Conversion or upon their repurchase pursuant to a
Repurchase Upon Fundamental Change or Redemption in accordance with this Certificate of Designations; or (4)&nbsp;deemed to cease to be outstanding to the extent provided in, and subject to, <B>clause (ii)</B>, <B>(iii)</B> or <B>(iv)</B>&nbsp;of
this <B>Section</B><B></B><B>&nbsp;3(p)</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Replaced Shares</I>. If any certificate representing any share of
Perpetual Strike Preferred Stock is replaced pursuant to <B>Section</B><B></B><B>&nbsp;3(l)</B>, then such share will cease to be outstanding at the time of such replacement, unless the Transfer Agent and the Company receive proof reasonably
satisfactory to them that such share is held by a &#147;<I>bona fide</I> purchaser&#148; under applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)
<I>Shares to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption</I>. If, on a Fundamental Change Repurchase Date or Redemption Date, the Paying Agent holds consideration in kind and amount that is sufficient to pay the
aggregate Fundamental Change Repurchase Price or Redemption Price, as applicable, due on such date, then (unless there occurs a default in the payment of the Fundamental Change Repurchase Price or Redemption Price, as applicable): (1) the Perpetual
Strike Preferred Stock to be repurchased pursuant to the related Repurchase Upon Fundamental Change or Redemption, as applicable, on such date will be deemed, as of such date, to cease to be outstanding (without limiting the Company&#146;s
obligations pursuant to <B>Section</B><B></B><B>&nbsp;5(d)</B>); and (2)&nbsp;the rights of the Holders of such Perpetual Strike Preferred Stock, as such, will terminate with respect to such Perpetual Strike Preferred Stock, other than the right to
receive the Fundamental Change Repurchase Price or Redemption Price, as applicable, as provided in <B>Section</B><B></B><B>&nbsp;7</B> or <B>Section</B><B></B><B>&nbsp;8</B> (and, if applicable, declared Regular Dividends as provided in
<B>Section</B><B></B><B>&nbsp;5(d)</B>). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Shares to Be Converted</I>. At the Close of Business on the
Conversion Date for any Perpetual Strike Preferred Stock to be Converted, such Perpetual Strike Preferred Stock will (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to <B>Section</B><B></B><B>&nbsp;10</B>
upon such Conversion) be deemed to cease to be outstanding (without limiting the Company&#146;s obligations pursuant to <B>Section</B><B></B><B>&nbsp;5(d)</B>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <I>Repurchases by the Company and its Subsidiaries</I>. Without limiting the generality of <B>Section</B><B></B><B>&nbsp;3(n)</B>, subject
to applicable law, the Company or its Subsidiaries may directly or indirectly repurchase Perpetual Strike Preferred Stock in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other
cash-settled derivatives without delivering prior notice to Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <I>Notations and Exchanges</I>. Without limiting any rights of
Holders pursuant to <B>Section</B><B></B><B>&nbsp;9</B>, if any amendment, supplement or waiver to the Certificate of Incorporation or this Certificate of Designations changes the terms of any Perpetual Strike Preferred Stock, then the Company may,
in its discretion, require the Holder of the certificate representing such Perpetual Strike Preferred Stock to deliver such certificate to the Transfer Agent so that the Transfer Agent may place an appropriate notation prepared by the Company on
such certificate and return such certificate to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Perpetual Strike Preferred Stock, issue, execute and deliver, and cause the Transfer Agent to countersign, in each
case in accordance with <B>Section</B><B></B><B>&nbsp;3(e)</B>, a new certificate representing such Perpetual Strike Preferred Stock that reflects the changed terms. The failure to make any appropriate notation or issue a new certificate
representing any Perpetual Strike Preferred Stock pursuant to this <B>Section</B><B></B><B>&nbsp;3(r)</B> will not impair or affect the validity of such amendment, supplement or waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) <I>CUSIP and ISIN Numbers</I>. The Company may use one or more CUSIP or ISIN numbers to identify any of the Perpetual Strike Preferred
Stock, and, if so, the Company will use such CUSIP or ISIN number(s) in notices to Holders; <I>provided</I>, <I>however</I>, that the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN
number(s). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>R<SMALL>ANKING</SMALL></U><SMALL></SMALL>. The Perpetual Strike Preferred Stock will rank (a)&nbsp;senior
to (i)&nbsp;Dividend Junior Stock with respect to the payment of dividends; and (ii)&nbsp;Liquidation Junior Stock with respect to the distribution of assets upon the Company&#146;s liquidation, dissolution or winding up; (b)&nbsp;equally with
(i)&nbsp;Dividend Parity Stock with respect to the payment of dividends; and (ii)&nbsp;Liquidation Parity Stock with respect to the distribution of assets upon the Company&#146;s liquidation, dissolution or winding up; and (c)&nbsp;junior to
(i)&nbsp;Dividend Senior Stock with respect to the payment of dividends; and (ii)&nbsp;Liquidation Senior Stock with respect to the distribution of assets upon the Company&#146;s liquidation, dissolution or winding up. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. <U>R<SMALL>EGULAR</SMALL>
</U><U>D<SMALL>IVIDENDS</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Generally</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Accumulation and Payment of Regular Dividends</I>. The Perpetual Strike Preferred Stock will accumulate cumulative
dividends (&#147;<B>Regular Dividends</B>&#148;) at a rate per annum equal to the Regular Dividend Rate on the Liquidation Preference thereof (and, to the extent described in the fourth sentence of this <B>Section</B><B></B><B>&nbsp;5(a)(i)</B>, on
unpaid Regular Dividends thereon), regardless of whether or not declared or funds are legally available for their payment. Subject to the other provisions of this <B>Section</B><B></B><B>&nbsp;5</B>, such Regular Dividends will be payable when, as
and if declared by the Board of Directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on each Regular Dividend Payment Date, to the Holders as of the Close of Business on the immediately
preceding Regular Record Date. Regular Dividends on the Perpetual Strike Preferred Stock will accumulate from, and including, the last date to which Regular Dividends have been paid (or, if no Regular Dividends have been paid, from, and including,
the Initial Issue Date (in the case of the Perpetual Strike Preferred Stock issued on the Initial Issue Date) or as otherwise provided pursuant to <B>Section</B><B></B><B>&nbsp;3(c)</B> or in the certificate(s) representing the applicable Perpetual
Strike Preferred Stock (in the case of any other Perpetual Strike Preferred Stock )) to, but excluding, the next Regular Dividend Payment Date. Declared Regular Dividends on the Perpetual Strike Preferred Stock will be payable in the manner set
forth in <B>Section</B><B></B><B>&nbsp;5(c)</B>. If any accumulated Regular Dividend (or any portion thereof) on the Perpetual Strike Preferred Stock is not paid on the applicable Regular Dividend Payment Date (or, if such Regular Dividend Payment
Date is not a Business Day, the next Business Day), then additional Regular Dividends (&#147;<B>Compounded Dividends</B>&#148;) will accumulate on the amount of such unpaid Regular Dividend, compounded quarterly at the Regular Dividend Rate, from,
and including, such Regular Dividend Payment Date to, but excluding, the date the same, including all Compounded Dividends thereon, is paid in full. Each reference in this Certificate of Designations to accumulated or unpaid Regular Dividends will
include any Compounded Dividends that accumulate thereon pursuant to the previous sentence. For the avoidance of doubt, except as set forth in <B>Section</B><B></B><B>&nbsp;5(b)</B>, nothing in this Certificate of Designations will require the
Company or the Board of Directors to declare and pay Regular Dividends, regardless of whether funds are legally available for their payment, and Regular Dividends, if any, will be paid when, as and if declared by the Board of Directors, in its sole
and absolute discretion, out of funds legally available for their payment to the extent paid in cash. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Computation
of Accumulated Regular Dividends</I>. Accumulated Regular Dividends will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year comprised of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Priority of the Application of Regular Dividend Payments to Arrearages</I>. Each payment of declared Regular Dividends
on the Perpetual Strike Preferred Stock will be applied to the earliest Regular Dividend Period for which Regular Dividends have not yet been paid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Registered Public Equity Offerings</I>. If the Company sells any shares of Class&nbsp;A Common Stock for cash through a registered
public offering (including an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">at-the-market</FONT></FONT> offering or <FONT STYLE="white-space:nowrap">follow-on</FONT> offering) during the ninety (90)&nbsp;calendar days preceding a
Regular Record Date, then, subject to the terms of any Dividend Senior Stock, the Company will declare and pay the Regular Dividend due on the Regular Dividend Payment Date immediately after such Regular Record Date (including, for the avoidance of
doubt, Compounded Dividends, if any) to the </P>
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extent the net proceeds to the Company of such sale(s) during such ninety (90)&nbsp;calendar days are sufficient to pay such Regular Dividend; <I>provided</I>, <I>however</I>, to the extent
permitted by the Depositary Procedures and the terms of any Senior Dividend Stock, and subject to <B>Section</B><B></B><B>&nbsp;5(c)(iii)</B>, to the extent, and only to the extent, funds are not legally available for such payment, such payment of
Regular Dividends will not be payable in cash and will, to the extent authorized, unissued and unreserved shares of Class&nbsp;A Common Stock are available, instead be payable in shares of Class&nbsp;A Common Stock. For the avoidance of doubt,
payments of Regular Dividends will be applied in accordance with <B>Section</B><B></B><B>&nbsp;5(a)(iii)</B>. For purposes of this <B>Section</B><B></B><B>&nbsp;5(b)</B>, and for the avoidance of doubt, but without limitation, none of the following
will constitute a sale of shares of Class&nbsp;A Common Stock: (i)&nbsp;the issuance or sale of any securities that are convertible into, or exchangeable or exercisable for, Class&nbsp;A Common Stock; (ii)&nbsp;the issuance of any shares of
Class&nbsp;A Common Stock upon the conversion, exchange or exercise of any securities referred to <B>clause (i)</B>&nbsp;above; and (iii)&nbsp;the issuance or sale of any securities pursuant to a registration statement on Form <FONT
STYLE="white-space:nowrap">S-8</FONT> (or any successor form). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, to the extent the Company fails to pay any
portion of such Regular Dividend in cash or shares of Class&nbsp;A Common Stock due to the limitations set forth in the preceding paragraph, such portion of such Regular Dividend will constitute unpaid Regular Dividends and will accumulate
Compounded Dividends pursuant to the fourth sentence of <B>Section</B><B></B><B>&nbsp;5(a)(i)</B> above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Method of Payment</I>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. Each declared Regular Dividend on the Perpetual Strike Preferred Stock will be paid in cash unless
the Company elects, by sending written notice to each Holder no later than the Business Day after the date of declaration of such Regular Dividend, to pay all or any portion of such Regular Dividend in shares of Class&nbsp;A Common Stock. Such
written notice must state the total dollar amount of the declared Regular Dividend per share of Perpetual Strike Preferred Stock and the respective dollar portions thereof that will be paid in cash and in shares of Class&nbsp;A Common Stock. Any
such election made in such written notice, once sent, will be irrevocable (as to the applicable declared Regular Dividend) and will apply to all shares of Perpetual Strike Preferred Stock then outstanding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Construction</I>. References in this Certificate of Designations to Regular Dividends &#147;paid&#148; on the Perpetual
Strike Preferred Stock, and any other similar language, will be deemed to include Regular Dividends paid thereon in shares of Class&nbsp;A Common Stock or a combination of cash and shares of Class&nbsp;A Common Stock in compliance with this
<B>Section</B><B></B><B>&nbsp;5</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Regular Dividends Paid Partially or Entirely in Shares of
Class</I><I></I><I>&nbsp;A Common Stock</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Generally</I>. The number of shares of Class&nbsp;A Common Stock
payable in respect of any dollar amount of a declared Regular Dividend that the Company has duly elected to pay in shares of Class&nbsp;A Common Stock will be (x)&nbsp;such dollar amount, <I>divided by</I> (y)&nbsp;the Regular Dividend Stock Price
for such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 28 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
Regular Dividend; <I>provided</I>, <I>however</I>, that, notwithstanding anything to the contrary in this Certificate of Designations, in no event will the total number of shares of Class&nbsp;A
Common Stock issuable per share of Perpetual Strike Preferred Stock as payment for a declared Regular Dividend exceed an amount equal to (x)&nbsp;the total dollar amount of such declared Regular Dividend per share of Perpetual Strike Preferred Stock
(including, for the avoidance of doubt, the portion thereof that the Company has elected to pay in shares of Class&nbsp;A Common Stock), <I>divided by</I> (y)&nbsp;the Floor Price in effect on the third (3rd) VWAP Trading Day preceding the Regular
Dividend Payment Date for such Regular Dividend. If the dollar amount of such declared Regular Dividend per share of Perpetual Strike Preferred Stock that the Company has duly elected to pay in shares of Class&nbsp;A Common Stock exceeds the product
of such Regular Dividend Stock Price and the maximum number of shares of Class&nbsp;A Common Stock deliverable (without regard to the Company&#146;s obligation to pay cash in lieu of any fractional share of Class&nbsp;A Common Stock) per share of
Perpetual Strike Preferred Stock in respect of such Regular Dividend, then the Company will, to the extent it is legally able to do so and not prohibited by the terms of any Dividend Senior Stock, declare and pay, on the relevant Regular Dividend
Payment Date, such excess amount in cash. For the avoidance of doubt, to the extent the Company fails to so pay such excess amount in cash, such excess amount will constitute unpaid Regular Dividends and will accumulate Compounded Dividends pursuant
to the fourth sentence of <B>Section</B><B></B><B>&nbsp;5(a)(i)</B> above. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Payment of Cash in Lieu of any
Fractional Share of Class</I><I></I><I>&nbsp;A Common Stock</I>. Notwithstanding anything to the contrary in <B>Section</B><B></B><B>&nbsp;5(c)(iii)(1)</B>, but subject to <B>Section</B><B></B><B>&nbsp;13(b)</B>, in lieu of delivering any fractional
share of Class&nbsp;A Common Stock otherwise issuable as payment for all or any portion of a declared Regular Dividend that the Company has duly elected to pay in shares of Class&nbsp;A Common Stock, the Company will, to the extent it is legally
able to do so and not prohibited by the terms of any Dividend Senior Stock, pay cash based on the Daily VWAP per share of Class&nbsp;A Common Stock on the third (3rd) VWAP Trading Day preceding the Regular Dividend Payment Date for such Regular
Dividend. To the extent that the Company is not able to pay such fractional amount in cash under applicable law and in compliance with its indebtedness and the terms of any Dividend Senior Stock, it will instead (regardless of the limitations set
forth in <B>Section</B><B></B><B>&nbsp;5(c)(iii)(1)</B>, but subject to the availability of authorized, unissued and unreserved shares of Class&nbsp;A Common Stock) round up to the nearest whole share of Class&nbsp;A Common Stock for each Holder,
and the Company will not have any obligation to pay such amount in cash and such amount will not form a part of the cumulative dividends that may be deemed to accumulate on the shares of Perpetual Strike Preferred Stock. For the avoidance of doubt,
to the extent the Company fails to pay any portion of such declared Regular Dividend in cash or shares of Class&nbsp;A Common Stock due to the limitations set forth in the preceding sentence, such portion of such Regular Dividend will constitute
unpaid Regular Dividends and will accumulate Compounded Dividends pursuant to the fourth sentence of <B>Section</B><B></B><B>&nbsp;5(a)(i)</B> above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 29 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>When Holders Become Stockholders of Record of Shares of
Class</I><I></I><I>&nbsp;A Common Stock Issued as Payment for a Declared Regular Dividend</I>. If the Company has duly elected to pay all or any portion of a declared Regular Dividend on any share of Perpetual Strike Preferred Stock in shares of
Class&nbsp;A Common Stock, then such shares of Class&nbsp;A Common Stock, when issued, will be registered in the name of the Holder of such share of Perpetual Strike Preferred Stock as of the Close of Business on the related Regular Record Date, and
such Holder will be deemed to become the holder of record of such shares of Class&nbsp;A Common Stock as of the Close of Business on the third (3rd) VWAP Trading Day preceding the related Regular Dividend Payment Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <I>Securities Laws Matters</I>. If, in the Company&#146;s reasonable judgment, the issuance of shares of Class&nbsp;A
Common Stock as payment for any declared Regular Dividend on the Perpetual Strike Preferred Stock, or the resale of those shares by Holders or beneficial owners that are not, and have not at any time during the preceding three (3)&nbsp;months been,
an Affiliate of the Company, requires registration under the Securities Act, then the Company will use its commercially reasonable efforts to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) file and cause there to become effective under the Securities Act a registration statement covering such issuance or
covering such resales from time to time, pursuant to Rule 415 under the Securities Act (or any successor rule), by such Holders or beneficial owners, as applicable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) in the case of a resale registration statement, keep such registration statement effective under the Securities Act, and
provide a prospectus that may be used in connection therewith, until all such shares are resold pursuant to such registration statement or are, or would be, eligible for resale without restriction, pursuant to Rule 144 under the Securities Act (or
any successor rule), by Holders or beneficial owners that are not, and have not at any time during the preceding three (3)&nbsp;months been, an Affiliate of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) qualify or register such shares under applicable U.S. state securities laws, to the extent required in the Company&#146;s
reasonable judgment; <I>provided</I>, <I>however</I>, that the Company will not be required to qualify as a foreign corporation in, or consent to general service of process under the laws of, any jurisdiction where the Company is not at such time so
qualified or subject to such service of process; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) to the extent applicable, have such shares of Class&nbsp;A
Common Stock approved for listing on any U.S. national or regional securities exchange on which the Class&nbsp;A Common Stock is then listed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 30 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Treatment of Regular Dividends Upon Repurchase Upon Fundamental Change,
Conversion</I><I> or Redemption</I>. If the Conversion Date, Fundamental Change Repurchase Date or Redemption Date of any share of Perpetual Strike Preferred Stock to be Converted or repurchased pursuant to a Repurchase Upon Fundamental Change or
Redemption is after a Regular Record Date for a declared Regular Dividend on the Perpetual Strike Preferred Stock and on or before the next Regular Dividend Payment Date, then (without limiting the generality of
<B>Section</B><B></B><B>&nbsp;10(c)(ii)</B>) the Holder of such share at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Conversion or repurchase, as applicable, to receive, on or, at the Company&#146;s
election, before such Regular Dividend Payment Date, such declared Regular Dividend on such share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided in the preceding
paragraph, Regular Dividends on any share of Perpetual Strike Preferred Stock will cease to accumulate from and after the Conversion Date, Fundamental Change Repurchase Date or Redemption Date, as applicable, for such share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Priority of Dividends; Limitation on Junior and Parity Payments; No Participation Rights</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. Except as provided in <B>Sections</B> <B>5(e)(iii)</B> and <B>5(e)(iv)</B>, this Certificate of
Designations will not prohibit or restrict the Company or the Board of Directors from declaring or paying any dividend or distribution (whether in cash, securities or other property, or any combination of the foregoing) on any class or series of the
Company&#146;s stock, and, unless such dividend or distribution is also declared on the Perpetual Strike Preferred Stock, the Perpetual Strike Preferred Stock will not be entitled to participate in such dividend or distribution. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Construction</I>. For purposes of <B>Sections</B> <B>5(e)(iii)</B> and <B>5(e)(iv)</B>, a Regular Dividend on the
Perpetual Strike Preferred Stock will be deemed to have been paid if such Regular Dividend is declared and consideration in kind and amount that is sufficient, in accordance with this Certificate of Designations, to pay such Regular Dividend is set
aside for the benefit of the Holders entitled thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Limitation on Dividends on Parity Stock</I>. If: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) less than all accumulated and unpaid Regular Dividends on the outstanding Perpetual Strike Preferred Stock have been
declared and paid as of any Regular Dividend Payment Date; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Board of Directors declares a Regular Dividend on
the Perpetual Strike Preferred Stock that is less than the total amount of unpaid Regular Dividends on the outstanding Perpetual Strike Preferred Stock that would accumulate to, but excluding, the Regular Dividend Payment Date following such
declaration, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">then, until and unless all accumulated and unpaid Regular Dividends on the outstanding Perpetual Strike Preferred Stock have
been paid, no dividends may be declared or paid on any class or series of Dividend Parity Stock unless Regular Dividends are simultaneously declared on the Perpetual Strike Preferred Stock on a pro rata basis, such that (A)&nbsp;the ratio of
(x)&nbsp;the dollar amount of Regular Dividends so declared per share of Perpetual </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 31 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Strike Preferred Stock to (y)&nbsp;the dollar amount of the total accumulated and unpaid Regular Dividends per share of Perpetual Strike Preferred Stock immediately before the payment of such
Regular Dividend is no less than (B)&nbsp;the ratio of (x)&nbsp;the dollar amount of dividends so declared or paid per share of such class or series of Dividend Parity Stock to (y)&nbsp;the dollar amount of the total accumulated and unpaid dividends
per share of such class or series of Dividend Parity Stock immediately before the payment of such dividend (which dollar amount in this <B>clause (y)</B>&nbsp;will, if dividends on such class or series of Dividend Parity Stock are not cumulative, be
the full amount of dividends per share thereof in respect of the most recent dividend period thereof). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Limitation
on </I><I>Certain Payments</I>. Subject to the next sentence, if any Perpetual Strike Preferred Stock is outstanding, then no dividends or distributions (whether in cash, securities or other property, or any combination of the foregoing) will be
declared or paid on any Junior Stock, and neither the Company nor any of its Subsidiaries will purchase, redeem or otherwise acquire for value (whether in cash, securities or other property, or any combination of the foregoing) any Junior Stock or
Dividend Parity Stock, in each case unless all accumulated Regular Dividends, if any, on the Perpetual Strike Preferred Stock then outstanding for all prior completed Regular Dividend Periods, if any, have been paid in full. Notwithstanding anything
to the contrary in the preceding sentence, the restrictions set forth in the preceding sentence will not apply to the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) dividends and distributions on Junior Stock that are payable solely in shares of Junior Stock, together with cash in lieu
of any fractional share; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the purchase of any Junior Stock or Dividend Parity Stock solely with the proceeds of a
substantially simultaneous sale of other Junior Stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) purchases, redemptions or other acquisitions of Junior Stock in
connection with the administration of any benefit or other incentive plan of the Company (including any employment contract) in the ordinary course of business, including (x)&nbsp;the forfeiture of unvested shares of restricted stock, or any
withholdings (including withholdings effected by a repurchase or similar transaction), or other surrender, of shares that would otherwise be deliverable upon exercise, delivery or vesting of equity awards under any such plan or contract, in each
case whether for payment of applicable taxes or the exercise price, or otherwise; (y)&nbsp;cash paid in connection therewith in lieu of issuing any fractional share; and (z)&nbsp;purchases of Junior Stock pursuant to a publicly announced repurchase
plan to offset the dilution resulting from issuances pursuant to any such plan or contract; <I>provided</I>, <I>however</I>, that repurchases pursuant to this <B>clause (z)</B>&nbsp;will be permitted pursuant to this
<B>Section</B><B></B><B>&nbsp;5(e)(iv)(3)</B> only to the extent the number of shares of Junior Stock so repurchased does not exceed the related Number of Incremental Diluted Shares; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) purchases, or other payments in lieu of the issuance, of any fractional share of Junior Stock in connection with the
conversion, exercise or exchange of such Junior Stock or of any securities convertible into, or exercisable or exchangeable for, Junior Stock; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 32 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) purchases, or other payments in lieu of the issuance, of any fractional
share of Dividend Parity Stock in connection with the conversion, exercise or exchange of such Dividend Parity Stock or of any securities convertible into, or exercisable or exchangeable for, Dividend Parity Stock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) (x) dividends and distributions of Junior Stock, or rights to acquire Junior Stock, pursuant to a stockholder rights plan;
and (y)&nbsp;the redemption or repurchase of such rights pursuant to such stockholder rights plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) purchases of Junior
Stock or Dividend Parity Stock pursuant to a binding contract (including a stock repurchase plan) to make such purchases, if such contract was in effect on the immediately preceding Regular Dividend Payment Date and such purchases, if effected
immediately before such Regular Dividend Payment Date, would not have been prohibited by the first sentence of this <B>Section</B><B></B><B>&nbsp;5(e)(iv)</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the settlement of any convertible note hedge transactions, capped call transactions or similar transactions entered into in
connection with the issuance, by the Company or any of its Subsidiaries, of any debt securities that are convertible into, or exchangeable for, Class&nbsp;A Common Stock (or into or for any combination of cash and Class&nbsp;A Common Stock based on
the value of the Class&nbsp;A Common Stock), <I>provided</I> such transactions are on customary terms and were entered into either (x)&nbsp;before the Initial Issue Date or (y)&nbsp;in compliance with the first sentence of this
<B>Section</B><B></B><B>&nbsp;5(e)(iv)</B>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) the acquisition, by the Company or any of its Subsidiaries, of record
ownership of any Junior Stock or Dividend Parity Stock solely on behalf of Persons (other than the Company or any of its Subsidiaries) that are the beneficial owners thereof, including as trustee or custodian (or as a result of the Company&#146;s
acquisition of another Person that was, immediately before such acquisition, the record or beneficial owner of such Junior Stock or Dividend Parity Stock as applicable, <I>provided</I> such record or beneficial ownership was not obtained in
anticipation of such acquisition); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) the exchange, conversion or reclassification of Dividend Parity Stock solely for
or into Junior Stock or other Dividend Parity Stock, together with the payment, in connection therewith, of cash in lieu of any fractional share; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) the exchange, conversion or reclassification of Junior Stock solely for or into other Junior Stock, together with the
payment, in connection therewith, of cash in lieu of any fractional share. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, this
<B>Section</B><B></B><B>&nbsp;5(e)(iv)</B> will not prohibit or restrict the payment or other acquisition for value of any debt securities that are convertible into, or exchangeable for, any Capital Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 33 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. <U>R<SMALL>IGHTS</SMALL> U<SMALL>PON</SMALL> L<SMALL>IQUIDATION</SMALL>,
D<SMALL>ISSOLUTION</SMALL> <SMALL>OR</SMALL> W<SMALL>INDING</SMALL> U<SMALL>P</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Generally</I>. If the
Company liquidates, dissolves or winds up, whether voluntarily or involuntarily, then, subject to the rights of any of the Company&#146;s creditors or holders of any outstanding Liquidation Senior Stock, each share of Perpetual Strike Preferred
Stock will entitle the Holder thereof to receive payment for the following amount out of the Company&#146;s assets or funds legally available for distribution to the Company&#146;s stockholders, before any such assets or funds are distributed to, or
set aside for the benefit of, any Liquidation Junior Stock: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Liquidation Preference per share of Perpetual Strike
Preferred Stock; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) all unpaid Regular Dividends, if any, that will have accumulated on such share to, but
excluding, the date of such payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon payment of such amount in full on the outstanding Perpetual Strike Preferred Stock, Holders of
the Perpetual Strike Preferred Stock will have no rights to the Company&#146;s remaining assets or funds, if any. If such assets or funds are insufficient to fully pay such amount on all outstanding shares of Perpetual Strike Preferred Stock and the
corresponding amounts payable in respect of all outstanding shares of Liquidation Parity Stock, if any, then, subject to the rights of any of the Company&#146;s creditors or holders of any outstanding Liquidation Senior Stock, such assets or funds
will be distributed ratably on the outstanding shares of Perpetual Strike Preferred Stock and Liquidation Parity Stock in proportion to the full respective distributions to which such shares would otherwise be entitled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Certain Business Combination Transactions Deemed Not to Be a Liquidation</I>. For purposes of <B>Section</B><B></B><B>&nbsp;6(a)</B>,
the Company&#146;s consolidation or combination with, or merger with or into, or the sale, lease or other transfer of all or substantially all of the Company&#146;s assets (other than a sale, lease or other transfer in connection with the
Company&#146;s liquidation, dissolution or winding up) to, another Person will not, in itself, constitute the Company&#146;s liquidation, dissolution or winding up, even if, in connection therewith, the Perpetual Strike Preferred Stock is converted
into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7. <U>R<SMALL>IGHT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>TO</SMALL> R<SMALL>EDEEM</SMALL>
<SMALL>THE</SMALL> P<SMALL>ERPETUAL</SMALL> S<SMALL>TRIKE</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>TOCK</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<I>Optional Redemption</I>. Subject to the terms of this <B>Section</B><B></B><B>&nbsp;7</B>, the Company has the right, at its election, to redeem (an &#147;<B>Optional Redemption</B>&#148;) all, and not less than all, of the Perpetual Strike
Preferred Stock, for a cash purchase price equal to the Redemption Price, if the total aggregate Liquidation Preference of all Perpetual Strike Preferred Stock then outstanding is less than twenty five percent (25%) of the aggregate Liquidation
Preference of the Perpetual Strike Preferred Stock issued on the Initial Issue Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Tax Redemption</I>. Subject to the terms of
this <B>Section</B><B></B><B>&nbsp;7</B>, the Company has the right, at its election, to redeem (a &#147;<B>Tax Redemption</B>&#148;) all, and not less than all, of the Perpetual Strike Preferred Stock, for a cash purchase price equal to the
Redemption Price, if a Tax Event occurs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 34 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Redemption </I><I>Price</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Optional Redemption</I>. The Redemption Price per share of Perpetual Preferred Stock called for Optional Redemption will
be an amount equal to (1)&nbsp;the Liquidation Preference of such share, plus (2)&nbsp;accumulated and unpaid Regular Dividends on such share to, but excluding, the Redemption Date; <I>provided</I>, <I>however</I>, if the Redemption Date is after a
Regular Record Date for a declared Regular Dividend on the Perpetual Strike Preferred Stock and on or before the next Regular Dividend Payment Date, then (A)&nbsp;the Holder of such share at the Close of Business on such Regular Record Date will be
entitled, notwithstanding such Optional Redemption, to receive, on or, at the Company&#146;s election, before such Regular Dividend Payment Date, such declared Regular Dividend on such share; and (B)&nbsp;the amount referred to in <B>clause
(2)</B>&nbsp;above will instead be the excess, if any, of (x)&nbsp;the accumulated and unpaid Regular Dividends on such share to, but excluding, such Redemption Date over (y)&nbsp;the amount of such declared Regular Dividend on such share. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Tax Redemption</I>. The Redemption Price per share of Perpetual Preferred Stock called for Tax Redemption will be an
amount equal to (1)&nbsp;the greater of (A)&nbsp;the Liquidation Preference of such share and (B)&nbsp;the average of the Last Reported Sale Prices per share of Perpetual Strike Preferred Stock for the five (5)&nbsp;consecutive Trading Days ending
on, and including, the Trading Day immediately before the related Redemption Notice Date, plus (2)&nbsp;accumulated and unpaid Regular Dividends on such share to, but excluding, the Redemption Date; <I>provided</I>, <I>however</I>, if the Redemption
Date is after a Regular Record Date for a declared Regular Dividend on the Perpetual Strike Preferred Stock and on or before the next Regular Dividend Payment Date, then (A)&nbsp;the Holder of such share at the Close of Business on such Regular
Record Date will be entitled, notwithstanding such Tax Redemption, to receive, on or, at the Company&#146;s election, before such Regular Dividend Payment Date, such declared Regular Dividend on such share; and (B)&nbsp;the amount referred to in
<B>clause (2)</B>&nbsp;above will instead be the excess, if any, of (x)&nbsp;the accumulated and unpaid Regular Dividends on such share to, but excluding, such Redemption Date over (y)&nbsp;the amount of such declared Regular Dividend on such share.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Redemption Date</I>. The Redemption Date will be a Business Day of the Company&#146;s choosing that is no more than sixty (60),
nor less than fifteen (15), calendar days after the Redemption Notice Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Redemption Notice</I>. To exercise the Company&#146;s
right to redeem the Perpetual Strike Preferred Stock pursuant to a Redemption, the Company must send notice of such Redemption to each Holder (the &#147;<B>Redemption Notice</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Such Redemption Notice must state: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) that the Company has exercised its right to call all of the outstanding Perpetual Strike Preferred Stock for Redemption,
briefly describing the Company&#146;s Redemption right under this Certificate of Designations; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 35 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Redemption Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) a brief description of the manner in which the Redemption Price will be calculated; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) if the Redemption Date is after a Regular Record Date for a declared Regular Dividend on the Perpetual Strike Preferred
Stock and on or before the next Regular Dividend Payment Date, that such Regular Dividend will be paid in accordance with <B>Section</B><B></B><B>&nbsp;5(d)</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) the name and address of the Paying Agent, the Transfer Agent and the Conversion Agent; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the CUSIP and ISIN numbers, if any, of the Perpetual Strike Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Repurchases or Other Acquisitions Other Than by Redemption Not Affected</I>. For the avoidance of doubt, nothing in this
<B>Section</B><B></B><B>&nbsp;7</B> will limit or otherwise apply to any repurchase or other acquisition, by the Company or its Affiliates, or any other Person, of any Perpetual Strike Preferred Stock not by Redemption (including in open market
transactions, private or public tender or exchange offers or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8. <U>R<SMALL>IGHT</SMALL> <SMALL>OF</SMALL>
H<SMALL>OLDERS</SMALL> <SMALL>TO</SMALL> R<SMALL>EQUIRE</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> <SMALL>TO</SMALL> R<SMALL>EPURCHASE</SMALL> P<SMALL>ERPETUAL</SMALL> S<SMALL>TRIKE</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>TOCK</SMALL>
<SMALL>UPON</SMALL> <SMALL>A</SMALL> F<SMALL>UNDAMENTAL</SMALL> C<SMALL>HANGE</SMALL></U><SMALL></SMALL>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Fundamental Change
Repurchase Right</I>. Subject to the other terms of this <B>Section</B><B></B><B>&nbsp;8</B>, if a Fundamental Change occurs, then each Holder will have the right (the &#147;<B>Fundamental Change Repurchase Right</B>&#148;) to require the Company to
repurchase some or all of such Holder&#146;s Perpetual Strike Preferred Stock Preferred Stock on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price.
Notwithstanding anything to the contrary in this Certificate of Designations, in no event will any Holder be entitled to exercise its Fundamental Change Repurchase Right in respect of a number of shares of Perpetual Strike Preferred Stock that is
not a whole number. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Funds Legally Available for Payment of Fundamental Change Repurchase Price; Covenant Not to Take Certain
Actions</I>. Notwithstanding anything to the contrary in this <B>Section</B><B></B><B>&nbsp;8</B>, (i) the Company will not be obligated to pay the Fundamental Change Repurchase Price of any shares of Perpetual Strike Preferred Stock to the extent,
and only to the extent, the Company does not have sufficient funds legally available to pay the same; and (ii)&nbsp;if the Company does not have sufficient funds legally available to pay the Fundamental Change Repurchase Price of all shares of
Perpetual Strike Preferred Stock that are otherwise to be repurchased pursuant to a Repurchase Upon Fundamental Change, then (1)&nbsp;the Company will pay the maximum amount of such Fundamental Change Repurchase Price that can be paid out of funds
legally available for payment, which payment will be made pro rata to each Holder based on the total number of shares of Perpetual Strike Preferred Stock of such Holder that were otherwise to be repurchased
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 36 - </P>

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pursuant to such Repurchase Upon Fundamental Change; and (2)&nbsp;the Company will cause all such shares as to which the Fundamental Change Repurchase Price was not paid to be returned to the
Holder(s) thereof, and such shares will be deemed to remain outstanding. The Company will not voluntarily take any action, or voluntarily engage in any transaction, that would result in a Fundamental Change unless the Company has sufficient funds
legally available to fully pay the maximum aggregate Fundamental Change Repurchase Price that would be payable in respect of such Fundamental Change on all shares of Perpetual Strike Preferred Stock then outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Fundamental Change Repurchase Date</I>. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the
Company&#146;s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to <B>Section</B><B></B><B>&nbsp;8(e)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Fundamental Change Repurchase Price</I>. The Fundamental Change Repurchase Price for a share of Perpetual Strike Preferred Stock to be
repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to (i)&nbsp;the Liquidation Preference of such share plus (ii)&nbsp;accumulated and unpaid Regular Dividends on such share to, but
excluding, the Fundamental Change Repurchase Date for such Fundamental Change; <I>provided</I>, <I>however</I>, that if such Fundamental Change Repurchase Date is after a Regular Dividend Record Date for a declared Regular Dividend on the Perpetual
Strike Preferred Stock and on or before the next Regular Dividend Payment Date, then (x)&nbsp;pursuant to <B>Section</B><B></B><B>&nbsp;5(d)</B>, the Holder of such share at the Close of Business on such Regular Record Date will be entitled,
notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company&#146;s election, before such Regular Dividend Payment Date, such declared Regular Dividend on such share; and (y)&nbsp;the amount referred to in <B>clause
(ii)</B>&nbsp;above will instead be the excess, if any, of (1)&nbsp;the accumulated and unpaid Regular Dividends on such share to, but excluding such Fundamental Change Repurchase Date over (2)&nbsp;the amount of such declared Regular Dividend on
such share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Fundamental Change Notice</I>. On or before the twentieth (20th) calendar day after the effective date of a
Fundamental Change, the Company will send to each Holder a notice of such Fundamental Change (a &#147;<B>Fundamental Change Notice</B>&#148;). Such Fundamental Change Notice must state: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) briefly, the events causing such Fundamental Change; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the effective date of such Fundamental Change; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the procedures that a Holder must follow to require the Company to repurchase its Perpetual Strike Preferred Stock
pursuant to this <B>Section</B><B></B><B>&nbsp;8</B>, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the Fundamental Change Repurchase Date for such Fundamental Change; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) a brief description of the manner in which the Fundamental Change Repurchase Price will be calculated; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 37 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) if the Fundamental Change Repurchase Date is after a Regular Record
Date for a declared Regular Dividend on the Perpetual Strike Preferred Stock and on or before the next Regular Dividend Payment Date, that such Regular Dividend will be paid in accordance with <B>Section</B><B></B><B>&nbsp;5(d)</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) the name and address of the Paying Agent, the Transfer Agent and the Conversion Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) the Conversion Rate in effect on the date of such Fundamental Change Notice; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) that shares of Perpetual Strike Preferred Stock for which a Fundamental Change Repurchase Notice has been duly tendered
and not duly withdrawn must be delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) that shares of Perpetual Strike Preferred Stock that are subject to a Fundamental Change Repurchase Notice that has been
duly tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Certificate of Designations; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) the CUSIP and ISIN numbers, if any, of the Perpetual Strike Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Procedures to Exercise the Fundamental Change Repurchase Right</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Delivery of Fundamental Change Repurchase Notice and Shares of Perpetual Strike Preferred Stock to Be Repurchased</I>.
To exercise its Fundamental Change Repurchase Right for any share(s) of Perpetual Strike Preferred Stock following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such
later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such share(s); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) such share(s), duly endorsed for transfer (to the extent such share(s) are represented by one or more Physical
Certificates) or by book-entry transfer (to the extent such share(s) are represented by one or more Global Certificates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Contents of Fundamental Change Repurchase Notices</I>. Each Fundamental Change Repurchase Notice with respect to any
share(s) of Perpetual Strike Preferred Stock must state: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) if such share(s) are represented by one or more Physical
Certificates, the certificate number(s) of such Physical Certificate(s); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 38 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the number of shares of Perpetual Strike Preferred Stock to be
repurchased, which must be a whole number; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) that such Holder is exercising its Fundamental Change Repurchase Right
with respect to such share(s); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that if such share(s) are represented by one or more Global Certificates,
then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this
<B>Section</B><B></B><B>&nbsp;8(f)</B>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Withdrawal of Fundamental Change Repurchase Notice</I>. A Holder that
has delivered a Fundamental Change Repurchase Notice with respect to any share(s) of Perpetual Strike Preferred Stock may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time
before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) if such share(s) are represented by one or more Physical Certificates, the certificate number(s) of such Physical
Certificate(s); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the number of shares of Perpetual Strike Preferred Stock to be withdrawn, which must be a whole
number; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the number of shares of Perpetual Strike Preferred Stock, if any, that remain subject to such Fundamental
Change Repurchase Notice, which must be a whole number; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that if such share(s) are represented by one or
more Global Certificates, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this
<B>Section</B><B></B><B>&nbsp;8(f)</B>). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If any Holder delivers to the Paying Agent any such withdrawal notice withdrawing any share(s) of
Perpetual Strike Preferred Stock from any Fundamental Change Repurchase Notice previously delivered to the Paying Agent, and such share(s) have been surrendered to the Paying Agent, then such share(s) will be returned to the Holder thereof (or, if
applicable with respect to any Global Certificate, any instructions for book-entry transfer to the Company or the Paying Agent of the applicable beneficial interest in such Global Certificate will be cancelled in accordance with the Depositary
Procedures). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Payment of the Fundamental Change Repurchase Price</I>. Subject to <B>Section</B><B></B><B>&nbsp;8(b)</B>, the
Company will cause the Fundamental Change Repurchase Price for each share of Perpetual Strike Preferred Stock to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before the later of (i)&nbsp;the
applicable Fundamental Change Repurchase Date; and (ii)&nbsp;the date (x)&nbsp;the Physical Certificate representing such share is </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 39 - </P>

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delivered to the Paying Agent (in the case such share is represented by a Physical Certificate) or (y)&nbsp;the Depositary Procedures relating to the repurchase, and the delivery to the Paying
Agent, of such Holder&#146;s beneficial interest in the Global Certificate representing such share to be repurchased are complied with (in the case such share is represented by a Global Certificate). For the avoidance of doubt, Regular Dividends
payable pursuant to the proviso to <B>Section</B><B></B><B>&nbsp;8(d)</B> on any share of Perpetual Strike Preferred Stock to be repurchased pursuant to a Repurchase Upon Fundamental Change will be paid pursuant to such proviso and
<B>Section</B><B></B><B>&nbsp;5(d)</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Compliance with Applicable Securities Laws</I>. To the extent applicable, the Company will
comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules <FONT STYLE="white-space:nowrap">13e-4</FONT> and
<FONT STYLE="white-space:nowrap">14e-1</FONT> under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Certificate of
Designations; <I>provided</I>, <I>however</I>, that, to the extent that the Company&#146;s obligations pursuant to this <B>Section</B><B></B><B>&nbsp;8</B> conflict with any law or regulation that is applicable to the Company, the Company&#146;s
compliance with such law or regulation will not be considered to be a breach of such obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Third Party May Conduct
Repurchase Offer In Lieu of the Company</I>. Notwithstanding anything to the contrary in this <B>Section</B><B></B><B>&nbsp;8</B>, the Company will be deemed to satisfy its obligations under this <B>Section</B><B></B><B>&nbsp;8</B> if (i)&nbsp;one
or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Perpetual Strike Preferred Stock otherwise required by this <B>Section</B><B></B><B>&nbsp;8</B> in a manner that would have satisfied the
requirements of this <B>Section</B><B></B><B>&nbsp;8</B> if conducted directly by the Company; and (ii)&nbsp;an owner of a beneficial interest in any Global Certificate representing any Perpetual Strike Preferred Stock repurchased by such third
party or parties will not receive a lesser amount (as a result of withholding or other similar taxes) than such owner would have received had the Company repurchased such Perpetual Strike Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <I>No Requirement to Conduct an Offer to Repurchase Perpetual Strike Preferred Stock if the Fundamental Change Results in the Perpetual
Strike Preferred Stock Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price</I>. Notwithstanding anything to the contrary in this <B>Section</B><B></B><B>&nbsp;8</B>, the Company will not be required to send
a Fundamental Change Notice pursuant to <B>Section</B><B></B><B>&nbsp;8(e)</B>, or offer to repurchase or repurchase any Perpetual Strike Preferred Stock pursuant to this <B>Section</B><B></B><B>&nbsp;8</B>, in connection with a Class&nbsp;A Common
Stock Change Event that constitutes a Fundamental Change pursuant to <B>clause (b)(ii)</B> of the definition thereof (regardless of whether such Class&nbsp;A Common Stock Change Event also constitutes a Fundamental Change pursuant to any other
clause of such definition), if (i)&nbsp;the Reference Property of such Class&nbsp;A Common Stock Change Event consists entirely of cash in U.S. dollars; (ii)&nbsp;immediately after such Fundamental Change, the Perpetual Strike Preferred Stock
becomes convertible (pursuant to <B>Section</B><B></B><B>&nbsp;10(h)(i)</B>) into consideration that consists solely of U.S. dollars in an amount per share of Perpetual Strike Preferred Stock that equals or exceeds the Fundamental Change Repurchase
Price per share of Perpetual Strike Preferred Stock (calculated (x)&nbsp;assuming that the same includes accumulated and unpaid Regular Dividends to, but excluding, the latest possible Fundamental Change Repurchase Date for such Fundamental Change;
and (y)&nbsp;without regard to the proviso to <B>Section</B><B></B><B>&nbsp;8(d)</B>); and (iii)&nbsp;the Company timely sends the notice relating to such Class&nbsp;A Common Stock Change Event required pursuant to
<B>Section</B><B></B><B>&nbsp;10(h)(iv)</B> and includes, in such notice, a statement that the Company is relying on this <B>Section</B><B></B><B>&nbsp;8(j)</B>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9. <U>V<SMALL>OTING</SMALL> R<SMALL>IGHTS</SMALL></U><SMALL></SMALL>. The
Perpetual Strike Preferred Stock will have no voting rights except as set forth in this <B>Section</B><B></B><B>&nbsp;9</B> or as provided in the Certificate of Incorporation or required by the Delaware General Corporation Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Right to Designate up to Two Preferred Stock Directors Upon </I><I>Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT>
</I><I>Event</I><I>s</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. If a Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT>
Event occurs, then, subject to the other provisions of this <B>Section</B><B></B><B>&nbsp;9(a)</B>, the authorized number of the Company&#146;s directors will automatically increase by one (1) (or the Company will vacate the offices of one
(1)&nbsp;of its directors) and the Holders, voting together as a single class with the holders of each other class or series of Voting Parity Stock, 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 (1)&nbsp;director (such director, the &#147;<B>Preferred Stock Director</B>&#148;) to fill such one (1)&nbsp;new directorship at the Company&#146;s next
annual meeting of stockholders (or, if earlier, at a special meeting of the Company&#146;s stockholders called for such purpose) and at each following annual meeting of the Company&#146;s stockholders until such Regular Dividend <FONT
STYLE="white-space:nowrap">Non-Payment</FONT> Event has been cured, at which time such right will terminate with respect to the Perpetual Strike Preferred Stock until and unless a subsequent Regular Dividend
<FONT STYLE="white-space:nowrap">Non-Payment</FONT> Event occurs; <I>provided</I>, <I>however</I>, that (1)&nbsp;as a condition (such condition, the &#147;<B>Director Qualification Requirement</B>&#148;) to the election of any such Preferred Stock
Director, such election must not cause the Company to violate any rule of any securities exchange or other trading facility on which any of the Company&#146;s securities are then listed or qualified for trading requiring that a majority of the
Company&#146;s directors be independent; and (2)&nbsp;notwithstanding anything to the contrary, the Board of Directors will at no time include more than two (2)&nbsp;Preferred Stock Directors, regardless of how many classes of Voting Parity Stock
(which term, solely for purposes of this sentence, includes the Perpetual Strike Preferred Stock) have rights that are then exercisable to elect any number of Preferred Stock Directors. 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 any person then serving as a Preferred Stock Director will immediately and automatically terminate (and, if the authorized number of the
Company&#146;s directors was increased by one (1)&nbsp;or two (2), as applicable, in connection with such Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT> Event(s), then the authorized number of the Company&#146;s directors will
automatically decrease by one (1)&nbsp;or two (2), as applicable). A Preferred Stock Director will hold office until the Company&#146;s next annual meeting of stockholders or, if earlier, upon his or her death, resignation or removal or the
termination of the term of such office as provided above in this <B>Section</B><B></B><B>&nbsp;9(a)(i)</B>; <I>provided</I>, <I>however</I>, that if (1)&nbsp;a class or series of Voting Parity Stock with similar voting rights regarding the election
of directors upon a failure to pay dividends is outstanding; (2)&nbsp;such voting rights become exercisable at a time when a Preferred Stock Director holds office with respect to </P>
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the Perpetual Strike Preferred Stock; and (3)&nbsp;a special meeting of the Company&#146;s stockholders is called for the purpose of electing a director pursuant to such voting rights, then
(x)&nbsp;Holders of the Perpetual Strike Preferred Stock will be entitled to vote, as a single class with the holders of such class or series of Voting Parity Stock, at such special meeting in respect of such election of such new director(s); and
(y)&nbsp;the office of any such Preferred Stock Director of the Perpetual Strike Preferred Stock will terminate upon the election, at such special meeting, of the new director(s). For the avoidance of doubt, the compensation, if any, payable to any
Preferred Stock Director will be at the Company&#146;s sole and absolute discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Removal and Vacancies of a
Preferred Stock Director</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Removal</I>. At any time, a Preferred Stock Director may be removed either
(A)&nbsp;with cause in accordance with applicable law; or (B)&nbsp;with or without cause by the affirmative vote of the Holders, voting together as a single class with the holders of each class or series of Voting Parity Stock, if any, with similar
voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, representing a majority of the combined voting power of the Perpetual Strike Preferred Stock and such Voting Parity
Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Filling Vacancies</I>. During the continuance of a Regular Dividend
<FONT STYLE="white-space:nowrap">Non-Payment</FONT> Event, a vacancy in the office of a Preferred Stock Director (other than a vacancy before the initial election of the Preferred Stock Director in connection with such Regular Dividend <FONT
STYLE="white-space:nowrap">Non-Payment</FONT> Event) may be filled, subject to the Director Qualification Requirement, by the affirmative vote of the Holders, voting together as a single class with the holders of each class or series of Voting
Parity Stock, if any, with similar voting rights regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, representing a majority of the combined voting power of the Perpetual Strike
Preferred Stock and such Voting Parity Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>The Right to Call a Special Meeting to Elect a Preferred Stock
Director</I>. During the continuance of a Regular Dividend <FONT STYLE="white-space:nowrap">Non-Payment</FONT> Event, the Holders, and holders of each class or series of Voting Parity Stock, if any, with similar voting rights regarding the election
of directors upon a failure to pay dividends, which similar voting rights are then exercisable, representing at least twenty five percent (25%) of the combined voting power of the Perpetual Strike Preferred Stock and such Voting Parity Stock will
have the right to call a special meeting of stockholders for the election of a Preferred Stock Director (including an election to fill any vacancy in the office of a Preferred Stock Director). Such right may be exercised by written notice, executed
by such Holders and holders, as applicable, delivered to the Company at its principal executive offices (except that, in the case of any Global Certificate representing the Perpetual Strike Preferred Stock or a global certificate representing such
Voting Parity Stock, such notice must instead comply with the applicable Depositary Procedures). Notwithstanding anything to the contrary in this <B>Section</B><B></B><B>&nbsp;9(a)(iii)</B>, if the Company&#146;s next annual or special meeting of
stockholders is scheduled to occur within ninety (90)&nbsp;days after such right is exercised, and the Company is otherwise permitted to conduct such election at such next annual or special meeting, then such election will instead be included in the
agenda for, and conducted at, such next annual or special meeting. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Voting and Consent Rights with Respect to Specified Matters</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. Subject to the other provisions of this <B>Section</B><B></B><B>&nbsp;9(b)</B>, while any Perpetual
Strike Preferred Stock is outstanding, each of the following events will require, and cannot be effected without, the affirmative vote or consent of Holders, and holders of each class or series of Voting Parity Stock, if any, with similar voting or
consent rights with respect to such event, representing at least a majority of the combined outstanding voting power of the Perpetual Strike Preferred Stock and such Voting Parity Stock, if any: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any amendment, modification or repeal of any provision of the Certificate of Incorporation or this Certificate of
Designations that materially adversely affects the special rights, preferences or voting powers of the Perpetual Strike Preferred Stock (other than an amendment, modification or repeal permitted by <B>Section</B><B></B><B>&nbsp;9(b)(iii)</B>); or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Company&#146;s consolidation or combination with, or merger with or into, another Person, or any binding or
statutory share exchange or reclassification involving the Perpetual Strike Preferred Stock, in each case unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the
Perpetual Strike Preferred Stock either (x)&nbsp;remains outstanding after such consolidation, combination, merger, share exchange or reclassification; or (y)&nbsp;is converted or reclassified into, or is exchanged for, or represents solely the
right to receive, preference securities of the continuing, resulting or surviving Person of such consolidation, combination, merger, share exchange or reclassification, or the parent thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the Perpetual Strike Preferred Stock that remains outstanding or such preference securities, as applicable, have rights,
preferences and voting powers that, taken as a whole, are not materially less favorable (as determined by the Board of Directors in good faith) to the Holders or the holders thereof, as applicable, than the rights, preferences and voting powers,
taken as a whole, of the Perpetual Strike Preferred Stock immediately before the consummation of such consolidation, combination, merger, share exchange or reclassification; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) the issuer of the Perpetual Strike Preferred 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 the Company, will succeed to the Company under this Certificate of Designations and the Perpetual
Strike Preferred Stock; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 43 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that (x)&nbsp;a consolidation, combination, merger, share
exchange or reclassification that satisfies the requirements of <B>clauses</B> <B>(A)</B>, <B>(B)</B> and <B>(C)</B>&nbsp;of <B>Section</B><B></B><B>&nbsp;9(b)(i)(2)</B> will not require any vote or consent pursuant to
<B>Section</B><B></B><B>&nbsp;9(b)(i)(1)</B>; and (y)&nbsp;each of the following will be deemed not to materially adversely affect the rights, preferences or voting powers of the Perpetual Strike Preferred Stock (or cause any of the rights,
preferences or voting powers of any such preference securities to be &#147;materially less favorable&#148; for purposes of <B>Section</B><B></B><B>&nbsp;9(b)(i)(2)(B)</B>) and will not require any vote or consent pursuant to either
<B>Section</B><B></B><B>&nbsp;9(b)(i)(1)</B> or <B>9(b)(i)(2)</B>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) any increase in the number of the authorized but
unissued shares of the Company&#146;s undesignated preferred stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) any increase in the number of authorized or
issued shares of Perpetual Strike Preferred Stock; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(III) 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 Senior Stock or Liquidation Senior Stock); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(IV) the application of <B>Section</B><B></B><B>&nbsp;10(h)</B>, including the execution and delivery of any supplemental
instruments pursuant to <B>Section</B><B></B><B>&nbsp;10(h)(iii)</B> solely to give effect to such provision. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
<I>Where Some But Not All Classes or Series of Stock Are Adversely Affected</I>. If any event set forth in <B>Section</B><B></B><B>&nbsp;9(b)(i)(1)</B> or <B>9(b)(i)(2)</B> 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 purposes of this sentence, includes the Perpetual Strike Preferred 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 <B>Section</B><B></B><B>&nbsp;9(b)(i)(1)</B> above that materially
adversely affects the special rights, preferences or voting powers of the Perpetual Strike Preferred Stock cannot be effected without the affirmative vote or consent of Holders, voting separately as a class, of at least a majority of the Perpetual
Strike Preferred Stock then outstanding. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Certain Amendments Permitted Without Consent</I>. Notwithstanding
anything to the contrary in <B>Section</B><B></B><B>&nbsp;9(b)(i)(1)</B>, the Company may amend, modify or repeal any of the terms of the Perpetual Strike Preferred Stock without the vote or consent of any Holder to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) cure any ambiguity or correct any omission, defect or inconsistency in this Certificate of Designations or the certificates
representing the Perpetual Strike Preferred Stock, including the filing of a certificate of correction, or a corrected instrument, pursuant to Section&nbsp;103(f) of the Delaware General Corporation Law in connection therewith; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) conform the provisions of this Certificate of Designations or the
certificates representing the Perpetual Strike Preferred Stock to the &#147;Description of Perpetual Strike Preferred Stock&#148; section of the Company&#146;s preliminary prospectus supplement, dated January&nbsp;27, 2025, relating to the initial
offering and sale of the Perpetual Strike Preferred Stock, as supplemented by the related pricing term sheet dated January&nbsp;30, 2025; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) provide for or confirm the issuance of additional Perpetual Strike Preferred Stock pursuant to this Certificate of
Designations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) provide for any transfer restrictions that apply to any shares of Perpetual Strike Preferred Stock
(other than the shares of Perpetual Strike Preferred Stock issued on the Initial Issue Date and any shares of Perpetual Strike Preferred Stock issued in exchange therefor or in substitution thereof) that, at the time of their original issuance,
constitute &#147;restricted securities&#148; within the meaning of Rule 144 under the Securities Act or that are originally issued in reliance upon Regulation S under the Securities Act; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) make any other change to the Certificate of Incorporation, this Certificate of Designations or the certificates
representing the Perpetual Strike Preferred Stock that does not, individually or in the aggregate with all other such changes, adversely affect the rights of any Holder (other than any Holders that have consented to such change), as such, in any
material respect (as determined by the Board of Directors in good faith). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Procedures</I><I> for Voting and Consents</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Rules and Procedures Governing Votes and Consents</I>. If any vote or consent of the Holders will be held or solicited,
including at a regular annual meeting or a special meeting of stockholders, then the Board of Directors will adopt customary rules and procedures at its discretion to govern such vote or consent, subject to the other provisions of this
<B>Section</B><B></B><B>&nbsp;9</B>. Such rules and procedures may include fixing a record date to determine the Holders (and, if applicable, holders of Voting Parity Stock) that are entitled to vote or provide consent, as applicable, rules
governing the solicitation and use of proxies or written consents and customary procedures for the nomination and designation, by Holders (and, if applicable, holders of Voting Parity Stock), of a Preferred Stock Director for election. Without
limiting the foregoing, the Persons calling any special meeting of stockholders pursuant to <B>Section</B><B></B><B>&nbsp;9(a)(iii)</B> will, at their election, be entitled to specify one or more Preferred Stock Director nominees in the notice
referred to in such section, if such special meeting is scheduled to include the election of any Preferred Stock Director (including an election to fill any vacancy in the office of any Preferred Stock Director). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Voting Power of the Perpetual Strike Preferred Stock and Voting
Parity Stock</I>. Each share of Perpetual Strike Preferred Stock will be entitled to one vote on each matter on which the Holders of the Perpetual Strike Preferred Stock are entitled to vote separately as a class and not together with the holders of
any other class or series of stock. The respective voting powers of the Perpetual Strike Preferred Stock and all classes or series of Voting Parity Stock entitled to vote on any matter together as a single class will be determined (including for
purposes of determining whether a plurality, majority or other applicable portion of votes has been obtained) in proportion to their respective liquidation amounts. Solely for purposes of the preceding sentence, the liquidation amount of the
Perpetual Strike Preferred Stock or any such class or series of Voting Parity Stock will be the maximum amount payable in respect of the Perpetual Strike Preferred Stock or such class or series, as applicable, assuming the Company is liquidated on
the record date for the applicable vote or consent (or, if there is no record date, on the date of such vote or consent). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Voting Standard for the Election of Preferred Stock Directors</I>. At any meeting in which the Perpetual Strike
Preferred Stock (and, if applicable, any class or series of Voting Parity Stock) is entitled to elect any Preferred Stock Director (including to fill any vacancy in the office of any Preferred Stock Director), the presence, in person or by proxy, of
Holders of Perpetual Strike Preferred Stock (and, if applicable, holders of each such class or series) representing a majority of the outstanding voting power of the Perpetual Strike Preferred Stock (and, if applicable, each such class or series)
will constitute a quorum. The affirmative vote of a majority of the outstanding voting power of the Perpetual Strike Preferred Stock (and, if applicable, each such class or series) cast at such a meeting at which a quorum is present will be
sufficient to elect a Preferred Stock Director. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Written Consent in Lieu of Stockholder Meeting</I>. A consent or
affirmative vote of the Holders pursuant to <B>Section</B><B></B><B>&nbsp;9(b)</B> may be given or obtained either in writing without a meeting or in person or by proxy at a regular annual meeting or a special meeting of stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10. <U>C<SMALL>ONVERSION</SMALL></U><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Generally</I>. Subject to the provisions of this <B>Section</B><B></B><B>&nbsp;10</B>, each Holder may, at its option, Convert some or
all of such Holder&#146;s Perpetual Strike Preferred Stock into Conversion Consideration on any Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>When the Perpetual
Strike Preferred Stock May Be Converted</I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. Subject to <B>Section</B><B></B><B>&nbsp;10(b)(ii)</B>,
the Perpetual Strike Preferred Stock may be surrendered for Conversion only after the Open of Business and before the Close of Business on any day that is a Business Day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 46 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Limitations and Closed Periods</I>. Notwithstanding anything to the
contrary in this Certificate of Designations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) if a Fundamental Change Repurchase Notice is validly delivered by a
Holder pursuant to <B>Section</B><B></B><B>&nbsp;8(f)</B> with respect to any share of Perpetual Strike Preferred Stock, then such share may not be Converted, except to the extent (x)&nbsp;such notice is withdrawn in accordance with
<B>Section</B><B></B><B>&nbsp;8(f)</B>; or (y)&nbsp;the Company fails to pay the related Fundamental Change Repurchase Price for such share in accordance with this Certificate of Designations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) if the Company calls the Perpetual Strike Preferred Stock for Redemption, then the Perpetual Strike Preferred Stock may not
be Converted after the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date (unless the Company fails to pay the Redemption Price due on such Redemption Date in full, in which case the Perpetual Strike
Preferred Stock may be Converted at any time until such time as the Company pays such Redemption Price in full); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)
the minimum number of shares of a beneficial owner&#146;s Perpetual Strike Preferred Stock that may be surrendered for Conversion with the same Conversion Date is the lesser of (x)&nbsp;all of such beneficial owner&#146;s Perpetual Strike Preferred
Stock; and (y)&nbsp;a number of shares equal to the Minimum Perpetual Strike Preferred Stock Conversion Denomination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Treatment of
Dividends Upon Conversion.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Adjustments for Accumulated Dividends</I>. The Conversion Rate will not be adjusted
to account for any accumulated and unpaid dividends on any Perpetual Strike Preferred Stock being Converted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
<I>Conversions Between a Regular Record Date and a Regular Dividend Payment Date</I>. Notwithstanding anything to the contrary in this Certificate of Designations, if the Conversion Date of any share of Perpetual Strike Preferred Stock to be
Converted is after a Regular Record Date for a declared Regular Dividend on the Perpetual Strike Preferred Stock and on or before the next Regular Dividend Payment Date, then (1)&nbsp;such Regular Dividend will be paid pursuant to
<B>Section</B><B></B><B>&nbsp;5(d)</B> notwithstanding such Conversion; and (2)&nbsp;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; <I>provided</I>, <I>however</I>, that the Holder surrendering such share for Conversion need not deliver cash (x)&nbsp;if the Company has specified a Redemption Date that is after such Regular Record Date and
on or before the second (2nd) Business Day immediately after such Regular Dividend Payment Date; (y)&nbsp;if the Company specifies a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day
immediately after such Regular Dividend Payment Date; or (z)&nbsp;to the extent of any accumulated dividend in respect of any Regular Dividend Period before the Regular Dividend Period in which such Regular Record Date occurs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 47 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Conversion Procedures</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Requirements</I><I> for Holders to Exercise Conversion Right</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Global Certificates</I>. To Convert a beneficial interest in a Global Certificate, the owner of such beneficial interest
must (x)&nbsp;comply with the Depositary Procedures for Converting such beneficial interest (at which time such Early Conversion will become irrevocable); (y) if applicable, pay any declared Regular Dividend payable on the next Regular Dividend
Payment Date pursuant to <B>Section</B><B></B><B>&nbsp;10(c)(ii)</B>; and (z)&nbsp;if applicable, pay any documentary or other taxes pursuant to <B>Section</B><B></B><B>&nbsp;11(c)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Physical Certificates</I>. To Convert any share of Perpetual Strike Preferred Stock represented by a Physical
Certificate, the Holder of such share must (v)&nbsp;complete, manually sign and deliver to the Conversion Agent the Conversion Notice attached to such Physical Certificate or a facsimile of such Conversion Notice; (w)&nbsp;deliver such Physical
Certificate to the Conversion Agent (at which time such Conversion will become irrevocable); (x) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; (y)&nbsp;if applicable, pay any declared Regular
Dividend payable on the next Regular Dividend Payment Date pursuant to <B>Section</B><B></B><B>&nbsp;10(c)(ii)</B>; and (z)&nbsp;if applicable, pay any documentary or other taxes as pursuant to <B>Section</B><B></B><B>&nbsp;11(c)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>When Converting Holders Become Stockholders of Record</I><I> of the Shares of Class</I><I></I><I>&nbsp;A Common Stock
Issuable Upon Conversion</I>. The Person in whose name any share of Class&nbsp;A Common Stock is issuable upon Conversion of any Perpetual Strike Preferred Stock will be deemed to become the holder of record of such share as of the Close of Business
on the Conversion Date for such Conversion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Conversions of Fractional Shares Not Permitted</I>. Notwithstanding
anything to the contrary in this Certificate of Designations, in no event will any Holder be entitled to Convert a number of shares of Perpetual Strike Preferred Stock that is not a whole number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <I>Settlement Upon Conversion</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Consideration Due Upon Conversion</I>. Subject to <B>Section</B><B></B><B>&nbsp;13(b)</B>, upon Conversion of any
Perpetual Strike Preferred Stock, the Company will deliver, for each share of Perpetual Strike Preferred Stock being Converted a number of shares of Class&nbsp;A Common Stock equal to the Conversion Rate in effect immediately before the Close of
Business on such Conversion Date; <I>provided</I>, <I>however</I>, in lieu of delivering any fractional share of Class&nbsp;A Common Stock otherwise due upon Conversion of any Perpetual Strike Preferred Stock, the Company will, to the extent it is
legally able to do so, pay cash based on the Last Reported Sale Price per share of Class&nbsp;A Common Stock on the Conversion Date for such Conversion (or, if such Conversion Date is not a Trading Day, the immediately preceding Trading Day). In the
event that the Company cannot pay cash in lieu of a fractional share, the Company will, to the extent authorized, unissued and unreserved shares of Class&nbsp;A Common Stock are available, instead round up to the nearest whole share of Class&nbsp;A
Common Stock for the applicable Converting Holder and the Company will not have any obligation to pay such amount in cash. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 48 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>Delivery of Conversion Consideration</I>. The Company will (subject
to the Depositary Procedures, in the case of Perpetual Strike Preferred Stock that is represented by any Global Certificate) pay or deliver, as applicable, the Conversion Consideration due upon Conversion of any Perpetual Strike Preferred Stock on
or before the second (2nd) Business Day immediately after the Conversion Date for such Conversion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Delivery of
Treasury Shares</I>. Each share of Class&nbsp;A Common Stock delivered upon Conversion of the Perpetual Strike Preferred Stock will be a newly issued or treasury share. To the extent the Company delivers shares of Class&nbsp;A Common Stock held in
its treasury in settlement of any obligation under this Certificate of Designations to deliver shares of Class&nbsp;A Common Stock, each reference in this Certificate of Designations to the issuance of shares of Class&nbsp;A Common Stock in
connection therewith will be deemed to include such delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <I>Conversion Rate Adjustments</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Events Requiring an Adjustment to the Conversion Rate</I>. The Conversion Rate will be adjusted from time to time as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Stock Dividends, Splits and Combinations</I>. If the Company issues solely shares of Class&nbsp;A Common
Stock as a dividend or distribution on all or substantially all shares of the Class&nbsp;A Common Stock, or if the Company effects a stock split or a stock combination of the Class&nbsp;A Common Stock (in each case excluding an issuance solely
pursuant to a Class&nbsp;A Common Stock Change Event, as to which <B>Section</B><B></B><B>&nbsp;10(h)</B> will apply), then the Conversion Rate will be adjusted based on the following formula: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2">=</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="center">x&#8201;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>OS<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>OS<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>CR</I><I><SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I>&#8201;=</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Conversion Rate in effect immediately before the Close of Business on the Record Date for such dividend or
distribution, or immediately before the Close of Business on the effective date of such stock split or stock combination, as applicable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>CR</I><I><SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I>&#8201;=</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Conversion Rate in effect immediately after the Close of Business on such Record Date or effective date, as
applicable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>OS<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I>&#8201;=</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the number of shares of Class&nbsp;A Common Stock outstanding immediately before the Close of Business on such
Record Date or effective date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>OS</I><I><SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I>&#8201;=</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the number of shares of Class&nbsp;A Common Stock outstanding immediately after giving effect to such dividend,
distribution, stock split or stock combination. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 49 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">If any dividend, distribution, stock split or stock combination of the type described in
this <B>Section</B><B></B><B>&nbsp;10(f)(i)(1)</B> is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or
to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Rights, Options and Warrants</I>. If the Company distributes, to all or substantially all holders of Class&nbsp;A Common
Stock, rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which <B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(A)</B> and <B>Section</B><B></B><B>&nbsp;10(f)(iv)</B> will apply)
entitling such holders, for a period of not more than sixty (60)&nbsp;calendar days after the Record Date of such distribution, to subscribe for or purchase shares of Class&nbsp;A Common Stock at a price per share that is less than the average of
the Last Reported Sale Prices per share of Class&nbsp;A Common Stock for the ten (10)&nbsp;consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will
be increased based on the following formula: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2">=</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="center">x&#8201;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>OS+X&#8194;&#8194;</I></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>OS+Y&#8194;&#8194;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="82%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately before the Close of Business on such Record Date;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately after the Close of Business on such Record Date;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>OS</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the number of shares of Class&nbsp;A Common Stock outstanding immediately before the Close of Business on such Record Date;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>X</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the total number of shares of Class&nbsp;A Common Stock issuable pursuant to such rights, options or warrants; and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Y</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a number of shares of Class&nbsp;A Common Stock obtained by dividing (x)&nbsp;the aggregate price payable to exercise such rights, options or warrants by (y)&nbsp;the average of the Last Reported Sale Prices per share of
Class&nbsp;A Common Stock for the ten (10)&nbsp;consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 50 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">To the extent such rights, options or warrants are not so distributed, the Conversion Rate
will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the
extent that shares of Class&nbsp;A Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Class&nbsp;A Common Stock actually delivered upon exercise of such rights,
options or warrants. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For purposes of this <B>Section</B><B></B><B>&nbsp;10(f)(i)(2)</B>, in determining whether any rights, options or
warrants entitle holders of Class&nbsp;A Common Stock to subscribe for or purchase shares of Class&nbsp;A Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Class&nbsp;A Common Stock for the
ten (10)&nbsp;consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights,
options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the
Company in good faith and in a commercially reasonable manner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <I>Spin-Offs and Other Distributed Property</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) <I>Distributions Other than Spin-Offs</I>. If the Company distributes shares of its Capital Stock, evidences of the
Company&#146;s indebtedness or other assets or property of the Company, or rights, options or warrants to acquire the Company&#146;s Capital Stock or other securities, to all or substantially all holders of the Class&nbsp;A Common Stock, excluding:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(I) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or
would be required without regard to <B>Section</B><B></B><B>&nbsp;10(f)(iii)</B>) pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)(1)</B> or <B>10(f)(i)(2)</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(II) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would
be required without regard to <B>Section</B><B></B><B>&nbsp;10(f)(iii)</B>) pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)(4)</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(III) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in
<B>Section</B><B></B><B>&nbsp;10(f)(iv)</B>; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(IV) Spin-Offs for which an adjustment to the Conversion Rate is required
(or would be required without regard to <B>Section</B><B></B><B>&nbsp;10(f)(iii)</B>) pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(B)</B>; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 51 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(V) a distribution solely pursuant to a tender offer or exchange offer for
shares of Class&nbsp;A Common Stock, as to which <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B> will apply; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(VI) a
distribution solely pursuant to a Class&nbsp;A Common Stock Change Event, as to which <B>Section</B><B></B><B>&nbsp;10(h)</B> will apply, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">then the Conversion Rate will be increased based on the following formula: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2">=</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="center">x&#8201;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>SP&#8194;&#8194;</I></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>SP&nbsp;&#150;&#8201;FMV&#8194;&#8194;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="74%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately before the Close of Business on the Record Date for such distribution;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately after the Close of Business on such Record Date;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>SP</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the average of the Last Reported Sale Prices per share of Class&nbsp;A Common Stock for the ten (10)&nbsp;consecutive Trading Days ending on, and including, the Trading Day immediately before the
<FONT STYLE="white-space:nowrap">Ex-Dividend</FONT> Date for such distribution; and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>FMV</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the fair market value (as determined by the Company in good faith and in a commercially reasonable manner), as of such Record Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or
warrants distributed per share of Class&nbsp;A Common Stock pursuant to such distribution;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that, if <I>FMV</I> is equal to or greater than <I>SP</I>, then, in lieu of
the foregoing adjustment to the Conversion Rate, each Holder will receive, for each share of Perpetual Strike Preferred Stock held by such Holder on such Record Date, at the same time and on the same terms as holders of Class&nbsp;A Common Stock,
and without having to convert its Perpetual Strike Preferred Stock, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received in such distribution if
such Holder had owned, on such Record Date, a number of shares of Class&nbsp;A Common Stock equal to the Conversion Rate in effect on such Record Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 52 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">To the extent such distribution is not so paid or made, the Conversion Rate will be
readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) <I>Spin-Offs</I>. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar
equity interests, of or relating to an Affiliate or Subsidiary or other business unit of the Company to all or substantially all holders of the Class&nbsp;A Common Stock (other than solely pursuant to (x)&nbsp;a Class&nbsp;A Common Stock Change
Event, as to which <B>Section</B><B></B><B>&nbsp;10(h)</B> will apply; or (y)&nbsp;a tender offer or exchange offer for shares of Class&nbsp;A Common Stock, as to which <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B> will apply), and such Capital
Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a &#147;<B><FONT STYLE="white-space:nowrap">Spin-Off</FONT></B>&#148;), then the Conversion
Rate will be increased based on the following formula: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2">=</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="center">x&#8201;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>FMV&nbsp;+&nbsp;SP&#8194;&#8194;</I></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>SP&#8194;&#8194;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="74%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period for such
<FONT STYLE="white-space:nowrap">Spin-Off;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>FMV</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the product of (x)&nbsp;the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such <FONT STYLE="white-space:nowrap">Spin-Off</FONT> over the ten (10)&nbsp;consecutive
Trading Day period (the &#147;<B><FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period</B>&#148;) beginning on, and including, the <FONT STYLE="white-space:nowrap">Ex-Dividend</FONT> Date for such
<FONT STYLE="white-space:nowrap">Spin-Off</FONT> (such average to be determined as if references to Class&nbsp;A Common Stock in the definitions of &#147;Last Reported Sale Price,&#148; &#147;Trading Day&#148; and &#147;Market Disruption Event&#148;
were instead references to such Capital Stock or equity interests); and (y)&nbsp;the number of shares or units of such Capital Stock or equity interests distributed per share of Class&nbsp;A Common Stock in such
<FONT STYLE="white-space:nowrap">Spin-Off;</FONT> and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>SP</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the average of the Last Reported Sale Prices per share of Class&nbsp;A Common Stock for each Trading Day in the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 53 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary in this
<B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(B)</B>, if the Conversion Date for any share of Perpetual Strike Preferred Stock to be Converted occurs during the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period, then, solely for purposes
of determining the consideration due in respect of such Conversion, such <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the <FONT
STYLE="white-space:nowrap">Ex-Dividend</FONT> Date for such <FONT STYLE="white-space:nowrap">Spin-Off</FONT> to, and including, such Conversion Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">To the extent any dividend or distribution of the type described in <B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(B)</B> is declared but not made
or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <I>Cash Dividends or Distributions</I>. If any cash dividend or distribution is made to all or substantially all holders of
Class&nbsp;A Common Stock, then the Conversion Rate will be increased based on the following formula: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2">=</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="center">x&#8201;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>SP&#8194;&#8194;</I></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>SP&nbsp;&#150;&#8201;D&#8194;&#8194;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="82%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately before the Close of Business on the Record Date for such dividend or distribution;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately after the Close of Business on such Record Date;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>SP</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Last Reported Sale Price per share of Class&nbsp;A Common Stock on the Trading Day immediately before the <FONT STYLE="white-space:nowrap">Ex-Dividend</FONT> Date for such dividend or distribution; and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>D</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the cash amount distributed per share of Class&nbsp;A Common Stock in such dividend or distribution;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that, if <I>D</I> is equal to or greater than <I>SP</I>, then, in lieu of the
foregoing adjustment to the Conversion Rate, each Holder will receive, for each share of Perpetual Strike Preferred Stock held by such Holder on such Record Date, at the same time and on the same terms as holders of Class&nbsp;A Common Stock, and
without having to Convert its Perpetual Strike Preferred Stock, the amount of cash that such Holder would have received in such dividend or distribution if such Holder had owned, on such Record Date, a number of shares of Class&nbsp;A Common Stock
equal to the Conversion Rate in effect on such Record Date. To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment
been made on the basis of only the dividend or distribution, if any, actually made or paid. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 54 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <I>Tender Offers or Exchange Offers</I>. If the Company or any of its
Subsidiaries makes a payment in respect of a tender offer or exchange offer for shares of Class&nbsp;A Common Stock (other than solely pursuant to an <FONT STYLE="white-space:nowrap">odd-lot</FONT> tender offer pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(h)(5)</FONT> under the Exchange Act), and the value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner) of the cash and other consideration paid per share of
Class&nbsp;A Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Class&nbsp;A Common Stock on the Trading Day immediately after the last date (the &#147;<B>Expiration Date</B>&#148;) on which tenders or
exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based on the following formula: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2">=</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2"><I>CR</I><SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="2" ALIGN="center">x&#8201;&#8201;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>AC</I>&nbsp;+&nbsp;(<I>SP</I>&#8201;x<I>&#8201;OS</I><I><SUB
STYLE="font-size:75%; vertical-align:bottom"></SUB></I><SUB STYLE="font-size:75%; vertical-align:bottom"></SUB><FONT STYLE="font-size:6.5pt"><SUB STYLE="font-size:75%; vertical-align:bottom">1<I></I></SUB><I>)&#8194;</I></FONT>&#8194;</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>SP</I>&#8201;x<I>&#8201;OS<SUB STYLE="font-size:75%; vertical-align:bottom"></SUB></I><SUB STYLE="font-size:75%; vertical-align:bottom"></SUB><FONT STYLE="font-size:6.5pt"><SUB
STYLE="font-size:75%; vertical-align:bottom">0<I></I></SUB><I>&#8194;&#8194;</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="82%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>CR<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>AC</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the aggregate value (determined as of the time (the &#147;<B>Expiration Time</B>&#148;) such tender or exchange offer expires by the Company in good faith and in a commercially reasonable manner) of all cash and other consideration
paid for shares of Class&nbsp;A Common Stock purchased or exchanged in such tender or exchange offer;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>OS<SUB STYLE="font-size:75%; vertical-align:bottom">0</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the number of shares of Class&nbsp;A Common Stock outstanding immediately before the Expiration Time (including all shares of Class&nbsp;A Common Stock accepted for purchase or exchange in such tender or exchange offer);</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>OS<SUB STYLE="font-size:75%; vertical-align:bottom">1</SUB></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the number of shares of Class&nbsp;A Common Stock outstanding immediately after the Expiration Time (excluding all shares of Class&nbsp;A Common Stock accepted for purchase or exchange in such tender or exchange offer);
and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>SP</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">=</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the average of the Last Reported Sale Prices per share of Class&nbsp;A Common Stock over the ten (10)&nbsp;consecutive Trading Day period (the &#147;<B>Tender/Exchange Offer Valuation Period</B>&#148;) beginning on, and including,
the Trading Day immediately after the Expiration Date;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 55 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that the Conversion Rate will in no event be adjusted down
pursuant to this <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B>, except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B>, if the Conversion
Date for any share of Perpetual Strike Preferred Stock to be Converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the consideration due in respect of such
Conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including, such Conversion Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">To the extent such tender or exchange offer is announced but not consummated (including as a result of being precluded from consummating such
tender or exchange offer under applicable law), or any purchases or exchanges of shares of Class&nbsp;A Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then be in
effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Class&nbsp;A Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) <I>No Adjustments in Certain Cases</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <I>Where Holders Participate in the Transaction or Event Without Conversion</I>. Notwithstanding anything to the contrary
in <B>Section</B><B></B><B>&nbsp;10(f)(i)</B>, the Company is not required to adjust the Conversion Rate for a transaction or other event otherwise requiring an adjustment pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)</B> (other than a stock
split or combination of the type set forth in <B>Section</B><B></B><B>&nbsp;10(f)(i)(1)</B> or a tender or exchange offer of the type set forth in <B>Section</B><B></B><B>&nbsp;10(f)(i)(5)</B>) if each Holder participates, at the same time and on
the same terms as holders of Class&nbsp;A Common Stock, and solely by virtue of being a Holder of the Perpetual Strike Preferred Stock, in such transaction or event without having to Convert such Holder&#146;s Perpetual Strike Preferred Stock and as
if such Holder held a number of shares of Class&nbsp;A Common Stock equal to the product of (A)&nbsp;the Conversion Rate in effect on the related Record Date; and (B)&nbsp;the total number of shares of Perpetual Strike Preferred Stock held by such
Holder on such Record Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <I>Certain Events</I>. The Company will not be required to adjust the Conversion Rates
except pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)</B>. Without limiting the foregoing, the Company will not be required to adjust the Conversion Rate on account of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) except as otherwise provided in <B>Section</B><B></B><B>&nbsp;10(f)(i)</B>, the sale of shares of Class&nbsp;A Common
Stock for a purchase price that is less than the market price per share of Class&nbsp;A Common Stock or less than the Conversion Price of the Perpetual Strike Preferred Stock; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 56 - </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the issuance of any shares of Class&nbsp;A Common Stock pursuant to any
present or future plan providing for the reinvestment of dividends or interest payable on the Company&#146;s securities and the investment of additional optional amounts in shares of Class&nbsp;A Common Stock under any such plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) the issuance of any shares of Class&nbsp;A Common Stock or options or rights to purchase shares of Class&nbsp;A Common
Stock pursuant to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) the issuance of any shares of Class&nbsp;A Common Stock pursuant to any option, warrant, right or convertible or
exchangeable security of the Company outstanding as of the Initial Issue Date; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) solely a change in the par value of
the Class&nbsp;A Common Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Adjustment Deferral</I>. If an adjustment to the Conversion Rate otherwise
required by this Certificate of Designations would result in a change of less than one percent (1%) to the Conversion Rate, then the Company may, at its election, defer and carry forward such adjustment, except that all such deferred adjustments
must be given effect immediately upon the earliest of the following: (1)&nbsp;when all such deferred adjustments would, had they not been so deferred and carried forward, result in a change of at least one percent (1%) to the Conversion Rate;
(2)&nbsp;the Conversion Date of any share of Perpetual Strike Preferred Stock; (3)&nbsp;the Redemption Notice Date for any Redemption; and (4)&nbsp;the date on which a Fundamental Change occurs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Stockholder Rights Plans</I>. If any shares of Class&nbsp;A Common Stock are to be issued upon Conversion of any
Perpetual Strike Preferred Stock and, at the time of such Conversion, the Company has in effect any stockholder rights plan, then the Holder of such Perpetual Strike Preferred Stock will be entitled to receive, in addition to, and concurrently with
the delivery of, the consideration otherwise due upon such Conversion, the rights set forth in such stockholder rights plan, unless such rights have separated from the Class&nbsp;A Common Stock at such time, in which case, and only in such case, the
Conversion Rate will be adjusted pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(A)</B> on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such
<B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(A)</B> to all holders of Class&nbsp;A Common Stock, subject to potential readjustment in accordance with the last paragraph of <B>Section</B><B></B><B>&nbsp;10(f)(i)(3)(A)</B>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 57 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <I>Determination of the Number of Outstanding Shares of
Class</I><I></I><I>&nbsp;A Common Stock</I>. For purposes of <B>Section</B><B></B><B>&nbsp;10(f)(i)</B>, the number of shares of Class&nbsp;A Common Stock outstanding at any time will (1)&nbsp;include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Class&nbsp;A Common Stock; and (2)&nbsp;exclude shares of Class&nbsp;A Common Stock held in the Company&#146;s treasury (unless the Company pays any dividend or makes any distribution on shares of
Class&nbsp;A Common Stock held in its treasury). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) <I>Calculations</I>. All calculations with respect to the Conversion
Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Class&nbsp;A Common Stock (with 5/100,000ths rounded upward). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) <I>Notice of Conversion Rate Adjustments</I>. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to
<B>Section</B><B></B><B>&nbsp;10(f)(i)</B>, the Company will, as soon as reasonably practicable and no later than ten (10)&nbsp;Business Days after the date of such effectiveness, send notice to the Holders containing (1)&nbsp;a brief description of
the transaction or other event on account of which such adjustment was made; (2)&nbsp;the Conversion Rate in effect immediately after such adjustment; and (3)&nbsp;the effective time of such adjustment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <I>Voluntary Conversion Rate Increases</I>. To the extent permitted by law and applicable stock exchange rules, the Company, from time to
time, may (but is not required to), by notice to the Holders, increase the Conversion Rate by any amount if (i)&nbsp;the Board of Directors determines that such increase is in the Company&#146;s best interest or that such increase is advisable to
avoid or diminish any income tax imposed on holders of Class&nbsp;A Common Stock or rights to purchase Class&nbsp;A Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Class&nbsp;A Common Stock or any
similar event; (ii)&nbsp;such increase is in effect for a period of at least twenty (20)&nbsp;Business Days; and (iii)&nbsp;such increase is irrevocable during such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <I>Effect of Class</I><I></I><I>&nbsp;A Common Stock Change Event</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <I>Generally</I>. If there occurs any: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) recapitalization, reclassification or change of the Class&nbsp;A Common Stock, other than (x)&nbsp;changes solely resulting
from a subdivision or combination of the Class&nbsp;A Common Stock, (y)&nbsp;a change only in par value or from par value to no par value or no par value to par value or (z)&nbsp;stock splits and stock combinations that do not involve the issuance
of any other series or class of securities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) consolidation, merger, combination or binding or statutory share exchange
involving the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) sale, lease or other transfer of all or substantially all of the assets of the Company and its
Subsidiaries, taken as a whole, to any Person; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) other similar event, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 58 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and, as a result of which, the Class&nbsp;A Common Stock is converted into, or is exchanged
for, or represents solely the right to receive, other securities, cash or other property, or any combination of the foregoing (such an event, a &#147;<B>Class</B><B></B><B>&nbsp;A Common Stock Change Event</B>,&#148; and such other securities, cash
or property, the &#147;<B>Reference Property</B>,&#148; and the amount and kind of Reference Property that a holder of one (1)&nbsp;share of Class&nbsp;A Common Stock would be entitled to receive on account of such Class&nbsp;A Common Stock Change
Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a &#147;<B>Reference Property Unit</B>&#148;), then, notwithstanding anything to the contrary in this Certificate of
Designations, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) from and after the effective time of such Class&nbsp;A Common Stock Change Event, (I)&nbsp;the
consideration due upon Conversion of any Perpetual Strike Preferred Stock or Regular Dividends paid in shares of Class&nbsp;A Common Stock will be determined in the same manner as if each reference to any number of shares of Class&nbsp;A Common
Stock in this <B>Section</B><B></B><B>&nbsp;10</B> or <B>Section</B><B></B><B>&nbsp;5</B>, as applicable, or in any related definitions, were instead a reference to the same number of Reference Property Units; and (II)&nbsp;for purposes of the
definitions of &#147;Fundamental Change,&#148; <FONT STYLE="white-space:nowrap">&#147;Ex-Dividend</FONT> Date&#148; and &#147;Record Date,&#148; (x) references to &#147;Class&nbsp;A Common Stock&#148; will be deemed to mean the common equity, if
any, forming part of such Reference Property; and (y)&nbsp;references to the Company&#146;s &#147;common equity&#148; will be deemed to mean the common equity, if any, of the issuer of the common equity, if any, forming part of such Reference
Property; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) for these purposes, (I)&nbsp;the Daily VWAP of any Reference Property Unit or portion thereof that
consists of a class of common equity securities will be determined by reference to the definition of &#147;Daily VWAP,&#148; substituting, if applicable, the Bloomberg page for such class of securities in such definition; and (II)&nbsp;the Daily
VWAP of any Reference Property Unit or portion thereof that does not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of common equity
securities will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If the Reference Property consists of more than a single type of consideration to be determined based in part upon any form of stockholder
election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Class&nbsp;A Common Stock, by the holders of Class&nbsp;A Common Stock.
The Company will notify the Holders of such weighted average as soon as practicable after such determination is made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
<I>Compliance Covenant</I>. The Company will not become a party to any Class&nbsp;A Common Stock Change Event unless its terms are consistent with this <B>Section</B><B></B><B>&nbsp;10(h)</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) <I>Execution of Supplemental Instruments</I>. On or before the date the Class&nbsp;A Common Stock Change Event becomes
effective, the Company and, if applicable, the resulting, surviving or transferee Person (if not the Company) of such Class&nbsp;A Common </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 59 - </P>

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Stock Change Event (the &#147;<B>Successor Person</B>&#148;) will execute and deliver such supplemental instruments, if any, as the Company reasonably determines are necessary or desirable to
(1)&nbsp;provide for subsequent adjustments to the Conversion Rate pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)</B> (and other related terms of the Perpetual Strike Preferred Stock) in a manner consistent with this
<B>Section</B><B></B><B>&nbsp;10(h)</B>; and (2)&nbsp;give effect to such other provisions, if any, as the Company reasonably determines are appropriate to preserve the economic interests of the Holders and to give effect to
<B>Section</B><B></B><B>&nbsp;10(h)(i)</B>. 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 the Company reasonably determines are appropriate to preserve the economic interests of Holders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) <I>Notice of Class</I><I></I><I>&nbsp;A Common Stock Change Event</I>. The Company will provide notice of each
Class&nbsp;A Common Stock Change Event to Holders no later than the second (2nd) Business Day after the effective date of the Class&nbsp;A Common Stock Change Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;11. <U>C<SMALL>ERTAIN</SMALL> P<SMALL>ROVISIONS</SMALL> R<SMALL>ELATING</SMALL> <SMALL>TO</SMALL>
<SMALL>THE</SMALL> I<SMALL>SSUANCE</SMALL> <SMALL>OF</SMALL> C<SMALL>LASS</SMALL></U><SMALL><U></U><U></U></SMALL><U>&nbsp;A C<SMALL>OMMON</SMALL> S<SMALL>TOCK</SMALL></U><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Exchange in Lieu of Conversion</I>. Notwithstanding anything to the contrary in this Certificate of Designations, if any Perpetual
Strike Preferred Stock is submitted for Conversion, then the Company may elect to arrange to have such Perpetual Strike Preferred Stock exchanged in lieu of Conversion by a financial institution the Company designates. To make such election, the
Company 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 the Company
must arrange for the financial institution to deliver the Conversion Consideration due upon such Conversion in the same manner and at the same time as the Company would have been required to do so. The Company will remain responsible to deliver such
Conversion Consideration if the financial institution fails to timely deliver the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Equitable Adjustments to Prices</I>.
Whenever this Certificate of Designations requires the Company 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), the
Company will make appropriate adjustments, if any, to those calculations to account for any adjustment to the Conversion Rate pursuant to <B>Section</B><B></B><B>&nbsp;10(f)(i)</B> that becomes effective, or any event requiring such an adjustment to
the Conversion Rate where the Record Date, <FONT STYLE="white-space:nowrap">Ex-Dividend</FONT> Date, effective date or Expiration Date, as applicable, of such event occurs, at any time during such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Taxes Upon Issuance of Class</I><I></I><I>&nbsp;A Common Stock</I>. The Company will pay any documentary, stamp or similar issue or
transfer tax or duty due on the issue of any shares of Class&nbsp;A Common Stock upon Conversion of, or as payment for all of any portion of any declared Regular Dividends on, the Perpetual Strike Preferred Stock of any Holder; <I>provided</I>,
<I>however</I>, that if any tax or duty is due because such Holder requests those shares to be registered in a name </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 60 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
other than such Holder&#146;s name, then such Holder must pay such tax or duty. For the avoidance of doubt, the Company or any other withholding agent may collect any required withholding tax at
the time of Conversion or payment or require alternative arrangements (<I>e.g.</I>, a deposit for taxes prior to delivery of Conversion Consideration) to ensure that the Company or such withholding agent is not out of pocket for any potential
withholding tax liability (<I>e.g.</I>, for any Conversion Consideration attributable to previously unpaid and accumulated dividends). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;12. <U>N<SMALL>O</SMALL> P<SMALL>REEMPTIVE</SMALL> R<SMALL>IGHTS</SMALL></U><SMALL></SMALL>. Without limiting the
rights of Holders set forth in this Certificate of Designations (including in connection with the issuance of Class&nbsp;A Common Stock or Reference Property upon Conversion of the Perpetual Strike Preferred Stock), the Perpetual Strike Preferred
Stock will not have any preemptive rights to subscribe for or purchase any of the Company&#146;s securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;13. <U>C<SMALL>ALCULATIONS</SMALL></U><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <I>Responsibility; Schedule of Calculations</I>. Except as otherwise provided in this Certificate of Designations, the Company will be
responsible for making all calculations called for under this Certificate of Designations or the Perpetual Strike Preferred Stock, including determinations of the Conversion Rate, the Daily VWAP, the Regular Dividend Stock Price, the Floor Price,
the Last Reported Sale Prices, Fundamental Change Repurchase Price, the Redemption Price and accumulated Regular Dividends on the Perpetual Strike Preferred Stock. The Company will make all calculations in good faith, and, absent manifest error, its
calculations will be final and binding on all Holders. The Company will provide a schedule of such calculations to any Holder or any beneficial owner of a share of Perpetual Strike Preferred Stock upon written request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Calculations Aggregated for Each Holder</I>. The composition of the consideration due upon Conversion of, the payment of the
Fundamental Change Repurchase Price or the Redemption Price for, and the payment on a Regular Dividend Payment Date of Regular Dividends on, the Perpetual Strike Preferred Stock of any Holder will (in the case of a Global Certificate, to the extent
permitted by, and practicable under, the Depositary Procedures) be computed based on the total number of shares of Perpetual Strike Preferred Stock of such Holder being Converted with the same Conversion Date (in the case of consideration due upon
Conversion), to be repurchased (in the case of payment of the Fundamental Change Repurchase Price) or redeemed (in the case of payment of the Redemption Price), or held by such Holder as of the Close of Business on the related Regular Record Date
(in the case of payment of such Regular Dividends), as applicable. Any cash amounts due to such Holder in respect thereof will, after giving effect to the preceding sentence, be rounded to the nearest cent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;14. <U>N<SMALL>O</SMALL> S<SMALL>INKING</SMALL> F<SMALL>UND</SMALL> O<SMALL>BLIGATIONS</SMALL></U><SMALL></SMALL>.
The Perpetual Strike Preferred Stock will not be subject to any sinking fund or other obligation to redeem, repurchase or retire the Perpetual Strike Preferred Stock, except to the extent provided in <B>Section</B><B></B><B>&nbsp;7</B> or
<B>Section</B><B></B><B>&nbsp;10</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;15. <U>N<SMALL>OTICES</SMALL></U><SMALL></SMALL>. The Company will send
all notices or communications to Holders pursuant to this Certificate of Designations in writing by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to the Holders&#146;
respective addresses shown on the Register; <I>provided</I>, <I>however</I>, that, in the case of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 61 - </P>

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Perpetual Strike Preferred Stock represented by one or more Global Certificates, the Company is permitted to send notices or communications to Holders pursuant to the Depositary Procedures, and
notices and communications that the Company sends in this manner will be deemed to have been properly sent to such Holders in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">S<SMALL>ECTION</SMALL>&nbsp;16. <U>N<SMALL>O</SMALL> O<SMALL>THER</SMALL> R<SMALL>IGHTS</SMALL></U><SMALL></SMALL>. The Perpetual Strike
Preferred Stock will have no rights, preferences or voting powers except as provided in this Certificate of Designations or the Certificate of Incorporation or as required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<B><I>The Remainder of This Page Intentionally Left Blank; Signature Page Follows</I></B>] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Company has caused this Certificate of Designations to be
duly executed as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">M<SMALL>ICRO</SMALL>S<SMALL>TRATEGY</SMALL> I<SMALL>NCORPORATED</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Phong Le</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">Name:&#8201;&#8202;Phong Le</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">Title:&#8194;&#8201;&#8202;President&nbsp;&amp; Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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Certificate of Designations] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FORM OF PERPETUAL STRIKE PREFERRED STOCK </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Insert Global Certificate Legend, if applicable</I>] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICROSTRATEGY INCORPORATED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8.00% Series A Perpetual Strike Preferred Stock </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CUSIP&nbsp;No.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>[&#8195;&#8195;]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Certificate No. <U>[&#8195;&#8195;]</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ISIN No.:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>[&#8195;&#8195;]</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">MicroStrategy Incorporated, a Delaware corporation (the &#147;<B>Company</B>&#148;), certifies that
[Cede&nbsp;&amp; Co.] is the registered owner of [[<I>number of shares</I>] shares]<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>[the number of shares set forth in the attached Schedule of Exchanges of Interests in the Global Certificate]<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> of the Company&#146;s 8.00% Series A Perpetual Strike Preferred Stock (the &#147;<B>Perpetual Strike Preferred Stock</B>&#148;) represented by this certificate (this &#147;<B>Certificate</B>&#148;).
The special rights, preferences and voting powers of the Perpetual Strike Preferred Stock are set forth in the Certificate of Designations of the Company establishing the Perpetual Strike Preferred Stock (the &#147;<B>Certificate of
Designations</B>&#148;). Capitalized terms used in this Certificate without definition have the respective meanings ascribed to them in the Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional terms of this Certificate are set forth on the other side of this Certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<B><I>The Remainder of This Page Intentionally Left Blank; Signature Page Follows</I></B>] </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert bracketed language for Physical Certificate only. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert bracketed language for Global Certificate only. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, MicroStrategy Incorporated has caused this instrument to be duly
executed as of the date set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">M<SMALL>ICRO</SMALL>S<SMALL>TRATEGY</SMALL> I<SMALL>NCORPORATED</SMALL></TD></TR>
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<TD VALIGN="top">Date:</TD>
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<TD VALIGN="bottom">Name:</TD></TR>
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<TD VALIGN="top">Date:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="bottom">Name:</TD></TR>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRANSFER AGENT&#146;S COUNTERSIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<I>legal name of Transfer Agent</I>], as Transfer Agent, certifies that this Certificate represents shares of Perpetual Strike Preferred Stock referred to in
the within-mentioned Certificate of Designations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MICROSTRATEGY INCORPORATED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8.00% Series A Perpetual Strike Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate represents duly authorized, issued and outstanding shares of Perpetual Strike Preferred Stock. Certain terms of the Perpetual
Strike Preferred Stock are summarized below. Notwithstanding anything to the contrary in this Certificate, to the extent that any provision of this Certificate conflicts with the provisions of the Certificate of Designations or the Certificate of
Incorporation, the provisions of the Certificate of Designations or the Certificate of Incorporation, as applicable, will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<B>Method of Payment</B>. Cash amounts due on the Perpetual Strike Preferred Stock represented by this Certificate will be paid in the manner set forth in Section&nbsp;3(f) of the Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B>Persons Deemed Owners</B>. The Person in whose name this Certificate is registered will be treated as the owner of the Perpetual Strike
Preferred Stock represented by this Certificate for all purposes, subject to Section&nbsp;3(m) of the Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.
<B>Denominations; Transfers and Exchanges</B>. All shares of Perpetual Strike Preferred Stock will be in registered form and in denominations equal to any whole number of shares. Subject to the terms of the Certificate of Designations, the Holder of
the Perpetual Strike Preferred Stock represented by this Certificate may transfer or exchange such Perpetual Strike Preferred Stock by presenting this Certificate to the Registrar and delivering any required documentation or other materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <B>Regular Dividends</B>. Regular Dividends on the Perpetual Strike Preferred Stock will accumulate and will be paid in the manner, and
subject to the terms, set forth in Section&nbsp;5 of the Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <B>Liquidation Preference</B>. The Liquidation
Preference per share of Perpetual Strike Preferred Stock is one hundred dollars ($100). The rights of Holders upon the Company&#146;s liquidation, dissolution or winding up are set forth in Section&nbsp;6 of the Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <B>Right of Holders to Require the Company to Repurchase Perpetual Strike Preferred Stock upon a Fundamental Change</B>. If a Fundamental
Change (other than an Exempted Fundamental Change) occurs, then each Holder will have the right to require the Company to repurchase such Holder&#146;s Perpetual Strike Preferred Stock for cash in the manner, and subject to the terms, set forth in
Section&nbsp;8 of the Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <B>Right of the Company to Redeem the Perpetual Strike Preferred Stock</B>. The
Company will have the right to redeem the Perpetual Strike Preferred Stock in the manner, and subject to the terms, set forth in Section&nbsp;7 of the Certificate of Designations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <B>Voting Rights</B>. Holders of the Perpetual Strike Preferred Stock have the voting rights set forth in Section&nbsp;9 of the Certificate
of Designations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <B>Conversion</B>. The Perpetual Strike Preferred Stock will be Convertible into
Conversion Consideration in the manner, and subject to the terms, set forth in Section&nbsp;10 of the Certificate of Designations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.
<B>Countersignature</B>. The Perpetual Strike Preferred Stock represented by this Certificate will not be valid until this Certificate is countersigned by the Transfer Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <B>Abbreviations</B>. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common),
TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To request a copy of the
Certificate of Designations, which the Company will provide to any Holder at no charge, please send a written request to the following address: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MicroStrategy Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1850
Towers Crescent Plaza </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tysons Corner, Virginia 22182 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Chief Financial Officer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL CERTIFICATE<SUP
STYLE="font-size:75%; vertical-align:top">*</SUP> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INITIAL NUMBER OF SHARES REPRESENTED BY THIS GLOBAL CERTIFICATE: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<U>&#8195;&#8195;</U>] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following exchanges,
transfers or cancellations of this Global Certificate have been made: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount of Increase<BR>(Decrease) in<BR>Number of
Shares<BR>Represented by this<BR>Global Certificate</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of Shares<BR>Represented by this<BR>Global
Certificate<BR>After Such Increase<BR>(Decrease)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature of<BR>Authorized<BR>Signatory of<BR>Transfer
Agent</B></P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">*</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for Global Certificate only. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONVERSION NOTICE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MICROSTRATEGY INCORPORATED </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8.00%
Series A Perpetual Strike Preferred Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the terms of the Certificate of Designations, by executing and delivering this Conversion Notice,
the undersigned Holder of the Perpetual Strike Preferred Stock identified below directs the Company to Convert (check one): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all of the shares of Perpetual Strike Preferred Stock </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>
shares of Perpetual Strike Preferred Stock </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">identified by CUSIP No. <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U> and
Certificate No. <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">(Legal Name of Holder)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Signature Guaranteed:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Participant in a Recognized Signature</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Guarantee Medallion Program</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Must be a whole number which is equal to or greater than the Minimum Perpetual Strike Preferred Stock
Conversion Denomination. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FUNDAMENTAL CHANGE REPURCHASE NOTICE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MICROSTRATEGY INCORPORATED </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8.00%
Series A Perpetual Strike Preferred Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the terms of the Certificate of Designations, by executing and delivering this Fundamental Change
Repurchase Notice, the undersigned Holder of the Perpetual Strike Preferred Stock identified below is exercising its Fundamental Change Repurchase Right with respect to (check one): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all of the shares of Perpetual Strike Preferred Stock </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>
shares of Perpetual Strike Preferred Stock </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">identified by CUSIP No. <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U> and
Certificate No. <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that Certificate identified above, duly endorsed
for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">(Legal Name of Holder)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Signature Guaranteed:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Participant in a Recognized Signature</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Guarantee Medallion Program</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Must be a whole number. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSIGNMENT FORM </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MICROSTRATEGY INCORPORATED </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8.00%
Series A Perpetual Strike Preferred Stock </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the terms of the Certificate of Designations, the undersigned Holder of the Perpetual Strike
Preferred Stock identified below assigns (check one): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all of the shares of Perpetual Strike Preferred Stock </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>
shares of Perpetual Strike Preferred Stock </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">identified by CUSIP No. <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U> and
Certificate No. <U>&#8195;</U><U>&#8195;</U><U>&#8195;</U><U>&#8195;</U>, and all rights thereunder, to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Social&nbsp;security&nbsp;or&nbsp;tax&nbsp;id.&nbsp;#:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">and irrevocably appoints:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as agent to transfer such Perpetual Strike Preferred Stock on the books of the Company. The agent may substitute another to
act for him/her. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date: <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">(Legal Name of Holder)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Signature Guaranteed:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Participant in a Recognized Signature</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Guarantee Medallion Program</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Must be a whole number. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>FORM OF GLOBAL CERTIFICATE LEGEND </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS
IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE CERTIFICATE OF DESIGNATIONS HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRANSFER AGENT AND ANY
AGENT THEREOF AS THE OWNER AND HOLDER OF THE PERPETUAL STRIKE PREFERRED STOCK REPRESENTED BY THIS GLOBAL CERTIFICATE FOR ALL PURPOSES. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS THIS GLOBAL
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (&#147;DTC&#148;) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TRANSFERS OF THE PERPETUAL STRIKE PREFERRED STOCK REPRESENTED BY THIS GLOBAL CERTIFICATE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF DTC, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE, AND TRANSFERS OF PORTIONS OF THE PERPETUAL STRIKE PREFERRED STOCK REPRESENTED BY THIS GLOBAL CERTIFICATE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN SECTION 3(i) OF THE CERTIFICATE OF DESIGNATIONS HEREINAFTER REFERRED TO. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>d791994dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">1271 Avenue of the Americas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">New York, New York 10020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Tel:&nbsp;+1.212.906.1200&nbsp;Fax:&nbsp;+1.212.751.4864</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">www.lw.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="2">


<IMG SRC="g791994g54g12.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">FIRM / AFFILIATE OFFICES</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Austin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Milan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Beijing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Munich</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Boston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Brussels</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Orange County</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">February 5, 2025</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Century&nbsp;City</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Paris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chicago</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Riyadh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dubai</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">San Diego</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MicroStrategy Incorporated</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">D&uuml;sseldorf</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">San Francisco</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1850 Towers Crescent Plaza</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Frankfurt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Seoul</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tysons Corner, Virginia 22182</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Hamburg</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Silicon&nbsp;Valley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Hong Kong</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Singapore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Houston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tel Aviv</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Re: Registration Statement on Form S-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">London</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tokyo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Registration No. 333-284510); 8.00% Series A Perpetual Strike Preferred Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Los&nbsp;Angeles</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Washington,&nbsp;D.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">of MicroStrategy Incorporated</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Madrid</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the addressee set forth above: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have acted as special counsel to MicroStrategy Incorporated, a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), in connection
with issuance and sale of 7,300,000 shares of the Company&#146;s 8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share, of the Company (the &#147;<B><I>Perpetual Strike Preferred Stock</I></B>&#148;), pursuant to a registration
statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the Securities Act of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;), filed with the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;)
on January&nbsp;27, 2025 (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-284510)</FONT> (as so filed and as amended, the &#147;<B><I>Registration Statement</I></B>&#148;), a base prospectus, dated January&nbsp;27, 2025, included in the
Registration Statement at the time it originally became effective under the Securities Act (the &#147;<B><I>Base Prospectus</I></B>&#148;), a preliminary prospectus supplement, dated January&nbsp;27, 2025, filed with the Commission pursuant to Rule
424(b) under the Securities Act (such preliminary prospectus supplement, together with the Base Prospectus, the &#147;<B><I>Preliminary Prospectus</I></B>&#148;), a prospectus supplement, dated January&nbsp;30, 2025, filed with the Commission
pursuant to Rule 424(b) under the Securities Act on February&nbsp;3, 2025 (the &#147;<B><I>Prospectus Supplement</I></B>,&#148; and, together with the Base Prospectus, the &#147;<B><I>Prospectus</I></B>&#148;), and an underwriting agreement, dated
January&nbsp;30, 2025, between the Company and the representative of the several underwriters named therein (the &#147;<B><I>Underwriting</I></B> <B><I>Agreement</I></B>&#148;). The Perpetual Strike Preferred Stock is convertible, in accordance with
the terms of the certificate of designations, dated February&nbsp;5, 2025, establishing the terms of the Perpetual Strike Preferred Stock (the &#147;<B><I>Certificate of Designations</I></B>&#148;), into shares of the Company&#146;s Class&nbsp;A
common stock, $0.001 par value per share (the &#147;<B><I>Common Stock</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is being furnished in connection with
the requirements of Item 601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, the Preliminary
Prospectus or the Prospectus, other than as expressly stated herein with respect to the issue of the Perpetual Strike Preferred Stock and the issue of shares of Common Stock upon conversion of the Perpetual Strike Preferred Stock. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;5, 2025 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g791994g65s10.jpg" ALT="LOGO" STYLE="width:1.76458in;height:0.211806in;">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As such counsel, we have examined such matters of fact and questions of law as we have
considered appropriate for purposes of this letter. With your consent, we have relied upon oral and written statements and representations of officers and other representatives of the Company and others as to factual matters without having
independently verified such factual matters. We have assumed the genuineness of all signatures, including any endorsements, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photostatic copies and the authenticity of the originals of such copies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are opining herein as to the Delaware General Corporation Law (the &#147;<B><I>DGCL</I></B>&#148;), and we express no opinion with respect
to the applicability to the opinions expressed herein, or the effect thereon, of any other laws or as to any matters of municipal law or the laws of any local agencies within any state. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Perpetual Strike Preferred Stock has been duly authorized by all necessary corporate action of the Company,
and, when such Perpetual Strike Preferred Stock is issued, delivered and paid for in accordance with the terms of the Underwriting Agreement, such Perpetual Strike Preferred Stock will be validly issued, fully paid and
<FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The shares of Common Stock initially issuable upon conversion of the Perpetual Strike Preferred Stock (the
&#147;<B><I>Conversion Shares</I></B>&#148;) have been duly authorized by all necessary corporate action of the Company and reserved for issuance upon conversion of the Perpetual Strike Preferred Stock and, assuming issuance of the Conversion Shares
upon conversion of the Perpetual Strike Preferred Stock on the date hereof in accordance with the terms of the Certificate of Designations, would be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the opinion in numbered paragraph 2 of this letter, we have assumed that (a)&nbsp;the Company will comply
with all applicable notice requirements regarding <FONT STYLE="white-space:nowrap">un-certificated</FONT> shares provided in the DGCL; and (b)&nbsp;the Perpetual Strike Preferred Stock is held and converted by a single holder thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely
upon it pursuant to the applicable provisions of the Securities Act. We consent to your filing this opinion as an exhibit to the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the Commission on or about
February&nbsp;5, 2025, and to the reference to our firm contained in the Prospectus Supplement under the heading &#147;Legal Matters.&#148; In giving such consent, we do not thereby admit that we are in the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act or the rules and regulations of the Commission thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Latham&nbsp;&amp; Watkins LLP</TD></TR>
</TABLE></DIV>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>mstr-20250205_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20241122.1 -->
<!-- Creation date: 2/6/2025 2:35:48 AM Eastern Time -->
<!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.microstrategy.com//20250205/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="mstr-20250205.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.microstrategy.com//20250205/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="24.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:type="locator" xlink:label="dei_CurrentFiscalYearEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CurrentFiscalYearEndDate" order="25.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="28.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityIncorporationStateCountryCode" order="29.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityFileNumber" order="30.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityTaxIdentificationNumber" order="31.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressAddressLine1" order="32.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressPostalZipCode" order="35.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
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<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45259027474576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Feb. 05, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">MICROSTRATEGY Inc<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001050446<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb.  05,  2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-24435<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">51-0323571<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1850 Towers Crescent Plaza<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Tysons Corner<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">VA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">22182<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(703)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">848-8600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, $0.001 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MSTR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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