Business: XOMA Corp 8.375% Depositary Shares each representing a 1/1000 interest in a share of the 8.375% Series B Cumulative Perpetual Preferred Stock, liquidation preference $25 per Depositary share, redeemable at the issuer's option on or after 04/15/2022 but before 04/15/2023 at $26.00 (104%) per share plus accrued and unpaid dividends; on or after 04/15/2023 but before 04/15/2024 at $25.75 (103%) per share plus accrued and unpaid dividends; on or after 04/15/2024 but before 04/15/2025 at $25.50 (102%) per share plus accrued and unpaid dividends; on or after 04/15/2025 but before 04/15/2026 at $25.25 (101%) per share plus accrued and unpaid dividends and on or after 04/15/2026 at $25.00 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 8.375% per annum ($2.09375 per annum or $0.5234375 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date fixed by the board, not more than 30 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-35 of the prospectus for further information). </p> Upon the occurrence of a change of control resulting in the common shares of the surviving entity no longer being listed on the NYSE, the AMEX or the Nasdaq exchanges the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. each holder of depositary shares will have the right to convert some or all of the depositary share of Series B Preferred Stock held by such holder into a number of shares of common stock per depositary share equal to the lesser of: the quotient obtained by dividing the sum of the $25.00 liquidation preference plus the amount of any accumulated and unpaid dividends thereon up to, but not including, the Delisting Event Conversion Date or Change of Control Conversion Date by the Common Stock Price or the share cap 1.25313, subject to adjustments. (see prospectus for more details) <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.