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P <br /> (payable in kind) of all non-cash dividends or <br /> other distributions (other than a dividend payable <br /> in Common Shares or a subdivision of the <br /> outstanding Common Shares, by reclassification or <br /> 6therwise) , declared on the Common Shares since <br /> the immediately preceding Quarterly Dividend <br /> Payment Date or, with respect to the first <br /> Quarterly Dividend Payment Date, since the first <br /> issuance of any Series A Preferred Share or <br /> fraction thereof. In the event the Company at any <br /> time after May 18, 1994 ("the Rights Declaration <br /> Date") (.i) declares any dividend on Common Shares' <br /> payable in Common Shares, (ii) subdivides the <br /> outstanding Common Shares, or (iii) combines the <br /> outstanding Common Shares into a smaller number of <br /> shares, the amount to which holders of Series A <br /> Preferred Shares entitled under clause (b) of the <br /> preceding sentence shall in each case be adjusted <br /> b'y multiplying the amount to which they were <br /> entitled immediately prior to such event by a <br /> fraction the numerator of which is the number of <br /> Common Shares outstanding immediately after such <br /> event and the denominator of which is the number <br /> of Common Shares outstanding immediately prior to <br /> such event . <br /> i <br /> (2) The Company shall declare a dividend or <br /> distribution on the Series A Preferred Shares as <br /> provided in paragraph (1) of this Section C <br /> ieunediately after it declares a dividend or <br /> distribution on the Common Shares (other than a <br /> dil.vidend payable in Common Shares) , except that, <br /> in fthe event no dividend or distribution has been <br /> declared on the Common Shares during the period <br /> between any Quarterly Dividend Payment Date and <br /> the next subsequent Quarterly Dividend Payment <br /> Date, subject to paragraph 3 of this Section C, a <br /> dividend of $1 . 00 per share on the Series A <br /> Preferred Shares shall nevertheless be fully <br /> accrued as of such subsequent Quarterly Dividend <br /> Payment Date. <br /> i <br /> (3) Dividends shall begin to accrue and be cumulative <br /> on outstanding Series A Preferred Shares from the <br /> Quarterly Dividend Payment Date next preceding the <br /> dai=e of issue of the Series A Preferred Shares, <br /> unless the date of issue of the Series A Preferred <br /> Shares is prior to the record date for the First <br /> Qurterly Dividend 'Payment Date, in which case <br /> a <br /> -4- <br />