Non-Cumulative. Dividends on shares of Designated Senior Preferred Stock shall be non-cumulative. If the Board of Directors does not declare a dividend on the Designated Senior Preferred Stock with respect to any Dividend Period, the holders of Designated Senior Preferred Stock shall have no right to receive any dividend with respect to such Dividend Period, and the Issuer shall have no obligation to pay a dividend with respect to such Dividend Period, whether or not dividends are declared for any subsequent Dividend Period with respect to the Designated Senior Preferred Stock.
Appears in 4 contracts
Samples: Securities Purchase Agreement (Bancplus Corp), Securities Purchase Agreement (Ponce Financial Group, Inc.), Letter Agreement (Broadway Financial Corp \De\)
