The discussions of the Board resulted in our decision to pay our first dividend in the form of shares of a to-be-created Class “C” Common Stock. As discussed in the attached proxy statement, the Class C shares will possess the following characteristics:
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Any shareholder of record on July 12, 2019 (or as soon thereafter as possible, based on regulatory requirements), can elect to receive this dividend.
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Shareholders of record of the Class A common stock may receive 1 share of Class C common stock for every 10 shares of Class A common stock they own.
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The Class C common stock will have five times the voting rights of the Class A common stock.
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The Class C common stock will not be tradeable.
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The holders of Class C common stock will be entitled to participate in any future dividends declared by the Board of Directors.
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The Class C common stock will be able to be converted into Class A shares in a ratio split over six years from the date of grant to hedge against any flooding of the market.
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