The cumblative feabure of preferred stock

requires that dividends not paid in any year munt be paid in a later year belone dividench are dintributed te common shareholders.

imis the cumb athe diviends to the par value of the prelerred stock.

means that the sharcholder can accum $$late preferred stack unbli i in tequal na the por valve of common stock at which time it can be converted into common stock.

enables a preferred stockholder to accumblate dovidends until they equal the parvalue of the itock and recerve the stock in place of the cash dividends.