Common use of Dividend Distribution Clause in Contracts

Dividend Distribution. (a) Subject to Article 3.4 and except for any redemption of the redeemable shares pursuant to the Subscription Agreement or Article 8.2 (which shall be made as, when and for the consideration required by such agreement or Article), the Company shall declare or pay dividends and other distributions on the Shares as and when determined by the Board of Directors in its sole discretion. (b) Except as provided in Article 8.2, the Shareholders agree that the Company shall pay all dividends or distributions on the Shares to the Shareholders on a pro rata basis in proportion to their respective ownership percentages of the Company, which shall be calculated without regard to whether a Shareholder owns ordinary shares, redeemable shares or both types of shares; provided that any redemption of redeemable shares pursuant to the Subscription Agreement or Article 8.2 shall be made as, when and for the consideration required by such agreement or Article. For further clarity, on the date hereof KRD Kurdoğlu’s ownership percentage in the Company is 69% and Cartesian’s ownership percentage in the Company is 31%.