Noncumulative

There is often a sad, noncumulative pattern to working-class lives. In some professions as you get older, you rise to more responsible positions. And that was true under the old seniority-based work rules in factories.

The payment consists of $3 billion in common stock for $25.35 a share as well as $6 billion in perpetual noncumulative convertible preferred stock with a 10 percent dividend and a conversion price of $31.25 a share.