Certain Dividends. It is within the sole discretion of the Board of Directors of the Company to determine whether a dividend or distribution shall be paid. In any event, the Company shall not pay a dividend or make a distribution on the Common Stock payable otherwise than in cash out of earnings or earned surplus (determined in accordance with generally accepted accounting principles) except for a stock dividend payable in shares of Common Stock.
Appears in 4 contracts
Samples: Warrant Agreement (Power Efficiency Corp), Warrant Agreement (Power Efficiency Corp), Warrant Agreement (Power Efficiency Corp)
