Dividends on the Series A Preferred Stock when, as and if declared by our Board of Directors or a duly authorized committee of the Board will accrue and be payable on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 15th day of January, April, July and October of each year (each, a Ùdividend payment dateˆ), commencing on October 15, 2014, at an annual rate of 7.50%.
Dividends on the Series A Preferred Stock are not cumulative. Accordingly, in the event dividends are not declared on the Series A Preferred Stock for payment on any dividend payment date, then those dividends will not accumulate and will not be payable. If we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series A Preferred Stock are declared for any future dividend period.
So long as any Series A Preferred Stock remain outstanding, no dividend shall be paid or declared on our common stock or any of our other securities ranking junior to the Series A Preferred Stock (other than a dividend payable solely in common stock or in such other junior securities), unless the full dividends for the latest completed dividend period on all outstanding Series A Preferred Stock and any parity stock have been declared and paid or provided for.
The Series A Preferred Stock is not redeemable prior to July 15, 2019. On and after that date, the Series A Preferred Stock will be redeemable at our option, for cash, in whole or in part, at a redemption price of $25 per share of Series A Preferred Stock, plus any declared and unpaid dividends on the shares of Series A Preferred Stock called for redemption for prior dividend periods, if any, plus accrued but unpaid dividends (whether or not declared) thereon for the then-current dividend period, to, but excluding, the date of redemption, without accumulation of any other undeclared dividends. See ÙDescription of the Series A Preferred Stock?Redemptionˆ in this prospectus.
Full Prospectus PDF », Secondary Prospectus PDF », NGHC Page »
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National General Holdings is a personal lines insurance holding company. Through its subsidiaries, Co. provides a variety of insurance products, including personal and small business automobile, homeowners, umbrella, recreational vehicle (RV), motorcycle, lender-placed, supplemental health, and other insurance products. Co. has two segments: Property and Casualty, which sells nonstandard automobile insurance, provides standard and preferred auto, motorcycle, small business vehicle, homeowners and umbrella products, and underwrites and markets standard and preferred auto and RV insurance; and Accident and Health, which provides accident and non-primary medical health insurance products. Preferred: NGHCP Open the NGHC Information Page » |
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