Participating preferred shares are: a. preferred shares that can be exchanged for shares of the issuing corporation's common shares at the option of the preferred shareholder. b. preferred shares on which undeclared dividends accumulate annually until they are paid. c. preferred shares on which the right to receive dividends is forfeited for any year that the dividends are not declared. d. preferred shares that the issuing corporation, at its option, may retire by paying a specified amount to the preferred shareholders plus any dividends in arrears. e. preferred shares that give its owners the right to share in dividends in excess of the stated amount or percentage of stated value