Which of the Following Statements Is True Pertaining to Participating

Which of the following statements is true pertaining to participating preferred stock?

A) Its issuance provides no flexibility to the issuing company because its terms always mandate a regular, annual dividend.
B) There is a legal requirement for a corporation to declare a regular, annual dividend.
C) It includes the right to share in dividends in excess of the regular, annual dividend.
D) It includes the right to participate in management decisions through voting privileges.