Common use of Description of Preferred Stock Clause in Contracts

Description of Preferred Stock. The Units of Preferred Stock that may be acquired upon exercise of the Rights will be nonredeemable and subordinate to any other shares of preferred stock that may be issued by the Company. Each Unit of Preferred Stock will have a minimum preferential quarterly dividend rate of $.02 per Unit but will, in any event, be entitled to a dividend equal to the per share dividend declared on the Company Common Stock.

Description of Preferred Stock. The Units of Preferred Stock that may be acquired upon exercise of the Rights will be nonredeemable and subordinate to any other shares of preferred stock that may be issued by the Company. Each Unit of Preferred Stock will have a minimum preferential quarterly dividend rate of $.02 .01 per Unit but will, in or any event, be entitled to a dividend equal to the higher per share dividend declared on the Company Common Stock.