Dividends Upon Conversion. Upon any conversion of the Series I Preferred Stock pursuant to this Section 6, the Corporation shall pay to the holder of the Series I Preferred Stock so converted (in accordance with Section 3(b) above) any dividends in respect of such shares that have accrued through the immediately preceding Dividend Payment Date and that have not yet been paid (if any), and all dividends that have accrued since the last Dividend Payment Date shall be waived and cancelled in accordance with Section 3(e) above.
Appears in 2 contracts
Sources: Subscription Agreement (Wave Systems Corp), Subscription Agreement (Wave Systems Corp)