Common use of Class C Preferred Shares Clause in Contracts

Class C Preferred Shares. Certain subsidiaries and assets used in connection with the operations of the Partnership Business as it existed prior to July 1, 2019 were transferred to Merchant Growth in exchange for 1,455,776 redeemable, retractable Class C preferred shares of Merchant Growth with a redemption amount determined and declared to be $1,455,776 (the “Class C Preferred Shares”). The Class C Preferred Shares are entitled to a non-cumulative dividend at the rate of 4% per annum which shall be paid in preference and priority to any payment of dividends on the common shares of Merchant Growth. The Class C Preferred Shares where issued in connection with an asset transfer agreement between the Partnership and Merchant Growth dated July 1, 2019 whereby the Partnership sold certain tangible and intangible assets to Merchant Growth.

Class C Preferred Shares. Certain subsidiaries and assets used in connection with the operations of the Partnership Business Purpose as it existed prior to July 1, 2019 were transferred to Merchant Growth in exchange for 1,455,776 redeemable, retractable Class C preferred shares of Merchant Growth with a redemption amount determined and declared to be $1,455,776 (the “Class C Preferred Shares”). The Class C Preferred Shares are entitled to a non-cumulative dividend at the rate of 4% per annum which shall be paid in preference and priority to any payment of dividends on the common shares of Merchant Growth. The Class C Preferred Shares where issued in connection with an asset transfer agreement between the Partnership and Merchant Growth dated July 1, 2019 whereby the Partnership sold certain tangible and intangible assets to Merchant Growth.