Exhibit 4(vi)


DESCRIPTION OF SECURITIES


 


Common Stock:


 


Retractable Technologies, Inc.
(“RTI”) is authorized to issue 100,000,000 shares of no par value Common Stock, of which 32,674,954 shares were issued
and outstanding at December 31, 2019. Our Common Stock is listed on the NYSE American stock exchange under the symbol “RVP”.


 


The 2008 Stock Option Plan, which
authorized a total of 6,000,000 shares of Common Stock upon the exercise of stock options, expired July 25, 2018. Options for the
purchase of 639,300 shares under the 2008 Stock Option Plan were outstanding as of December 31, 2019.


 


RTI’s Preferred Stock is
convertible into Common Stock with a conversion rate of one-for-one. There were 772,945 shares of Preferred Stock outstanding on
December 31, 2019.


 


Shares of our Common Stock have
no conversion rights, no preemptive rights, no restrictions on alienation, and are fully paid and are not liable to further call
or assessment. Each share of our Common Stock is entitled to share ratably in any asset available for distribution to holders of
its equity securities upon liquidation of RTI, subject to the preference of the holders of each class and series of the Preferred
Stock. There are no restrictions on the transfer of our Common Stock other than as imposed by applicable federal and state securities
laws.


 


All shares of our Common Stock
have equal voting rights and, when validly issued and outstanding, have one vote per share on all matters to be voted upon by stockholders.
The holders of the Common Stock elect the Directors subject to certain limited voting rights of the holders of the Series II Preferred
Stock if dividends are in arrears for 12 consecutive quarters. Our Board of Directors is divided into two classes currently consisting
of three Class 1 members and three Class 2 members with staggered terms. Generally, Directors serve for two-year terms. Cumulative
voting in the election of Directors is prohibited.


 


Holders of our Common Stock are
entitled to receive dividends when and if declared by the Board of Directors out of funds available therefor. We have not paid
any dividends on the Common Stock since RTI’s inception and presently anticipate that no dividends on our Common Stock will
be declared in the foreseeable future. Any future dividends will be subject to the discretion of the Board of Directors and will
depend upon, among other things, future earnings, full payment of dividends on the Preferred Stock, our operating and financial
condition, our capital requirements, and general business conditions.


 


Preferred Stock:


 


Our Board of Directors is authorized
to divide each class of the preferred stock into series and to set the relative rights and preferences as to and between series,
including dividends, issuance of preferred stock, redemption of such shares, and the conversion of any shares of preferred stock
to other or common shares. RTI is authorized to issue 5,000,000 shares of Preferred Stock Class A with a par value of One Dollar
($1.00) per share; 5,000,000 shares of Preferred Stock Class B with a par value of One Dollar ($1.00) per share; and 5,000,000
shares of Preferred Stock Class C with a par value of One Dollar ($1.00) per share.


 


RTI has only one class of preferred
stock outstanding: the Class B Convertible Preferred Stock (the “Preferred Stock”), which has five series: Series I,
Series II, Series III, Series IV, and Series V.


 


The Class B Stock has been allocated
among Series I, II, III, IV, and V in the amounts of 96,000; 171,200; 129,245; 342,500; and 34,000 shares, respectively as of December
31, 2019. The remaining 4,227,055 authorized shares have not been assigned a series.


 


This summary is not intended to
be complete and is subject to, and qualified in its entirety by, reference to the Certificates of Designation, Preferences, Rights,
and Limitations of Series I, II, III, IV, and V Class B Convertible Preferred Stock of RTI, filed with the Secretary of the State
of Texas. The Certificates of Designation were filed as an Exhibit to our Form 10-Q filed on November 15, 2010.




     


     

    

 


The Preferred Stock is not listed
on any securities exchange or automated dealer quotation system. The Series I Preferred Stock was created pursuant to a Board resolution
in 1995 and was priced at $5.00 per share. The Series II Preferred Stock was created pursuant to a Board resolution in 1995 and
was priced at $10.00 per share. The Series III Preferred Stock was created pursuant to a Board resolution in 1998 and was priced
at $10.00 per share. The Series IV Preferred Stock was created pursuant to a Board resolution in 1999 and was priced at $10.00
per share. The Series V Preferred Stock was created pursuant to a Board resolution in 2002 and was priced at $4.00 per share. Pricing,
dividend rates, and other terms were determined by the Board in accordance with the market conditions and the information available
to it at the time.


 


There are no restrictions on the
transfer of our Preferred Stock other than as imposed by applicable federal and state securities laws.


 


Series I Preferred Stock


 


There were 96,000 shares of $1
par value Series I Preferred Stock outstanding at December 31, 2019. Holders of Series I Preferred Stock are entitled to receive
a cumulative annual dividend of $0.50 per share, payable quarterly if declared by the Board of Directors.


 


If a dividend upon any shares of
Series I Preferred Stock is in arrears, no dividends may be paid or declared and set aside for payment, or other distribution made
upon the Common Stock or any other stock ranking junior to the Series I Preferred Stock as to dividends. In addition, if a dividend
upon any shares of Series I Preferred Stock is in arrears, no Common Stock, or any other stock ranking junior to the Series I Preferred
Stock as to dividends, may be redeemed, purchased or otherwise acquired for any consideration except in certain circumstances.


 


Except as required by the laws
of the State of Texas, the holders of the Series I Preferred Stock are not entitled to vote. However, so long as any shares of
Series I Preferred Stock remain outstanding, RTI shall not, without the affirmative vote or consent of the holders of at least
51 percent of the shares of the Series I Preferred Stock outstanding at the time: (a) authorize, create, issue or increase the
authorized or issued amount of any class or series of stock ranking equal to or senior to the Series I Preferred Stock with respect
to payment of dividends or the distribution of assets on liquidation, dissolution or winding up of RTI; or (b) amend, alter or
repeal the provisions of RTI’s Certificate of Formation, or of the rights of the Series I Preferred Stock so as to alter
or change the powers, preferences or special rights of the shares of the Series I Preferred Stock so as to affect them adversely.


 


Series I Preferred Stock is redeemable
at the option of RTI at a price of $7.50 per share, plus all unpaid dividends.


 


Each share of Series I Preferred
Stock may, at the option of the stockholder, be converted to one share of Common Stock. The conversion rate is subject to adjustment
in certain events.


 


In the event of voluntary or involuntary
dissolution, liquidation or winding up of RTI, holders of Series I Preferred Stock then outstanding are entitled to $6.25 per share,
plus all unpaid dividends prior to any distributions to holders of Series II Preferred Stock, Series III Preferred Stock, Series
IV Preferred Stock, Series V Preferred Stock or Common Stock. If, upon any liquidation, dissolution or winding up of RTI, the amounts
available for distribution with respect to the Series I Preferred Stock are not sufficient to satisfy the full liquidation
rights of the Series I Preferred Stock, the holders of the Series I Preferred Stock will share ratably in any such distribution
of assets in proportion to the full amounts to which they are entitled.


 


Series II Preferred Stock


 


There were 171,200 shares of $1
par value Series II Preferred Stock outstanding at December 31, 2019. Holders of Series II Preferred Stock are entitled to receive
a cumulative annual dividend of $1.00 per share, payable quarterly if declared by the Board of Directors.


 


If a dividend upon any shares of
Series II Preferred Stock is in arrears, no dividends may be paid or declared and set aside for payment, or other distribution
made upon the Common Stock or any other stock ranking




     


     

    

junior to the Series II Preferred Stock as to dividends.
In addition, if a dividend upon any shares of Series II Preferred Stock is in arrears, no Common Stock, or any other stock ranking
junior to the Series II Preferred Stock as to dividends, may be redeemed, purchased or otherwise acquired for any consideration
except in certain circumstances.


 


Except as required by the laws
of the State of Texas, the holders of the Series II Preferred Stock are generally not entitled to vote. However, in the event
that dividends payable on the Series II Preferred Stock shall be in arrears for 12 consecutive quarterly dividend periods, the
holders of a majority of the Series II shares shall have the exclusive right (voting separately as a class with one vote per share
of Series II Preferred Stock) to elect one-third of the Board of Directors to serve until the next annual meeting or so long as
such arrearage shall continue. So long as any shares of Series II Preferred Stock remain outstanding, we shall not, without the
affirmative vote or consent of the holders of at least 51 percent of the shares of the Series II Preferred Stock outstanding at
the time: (a) authorize, create, issue or increase the authorized or issued amount of any class or series of stock ranking equal
to or senior to the Series II Preferred Stock with respect to payment of dividends or the distribution of assets on liquidation,
dissolution or winding up of RTI; or (b) amend, alter or repeal the provisions of RTI’s Certificate of Formation, or of the
rights of the Series II Preferred Stock so as to alter or change the powers, preferences or special rights of the shares of the
Series II Preferred Stock so as to affect them adversely.


 


Series II Preferred Stock is redeemable
at the option of RTI at a price of $15.00 per share plus all unpaid dividends.


 


Each share of Series II Preferred
Stock may, at the option of the stockholder, be converted to one share of Common Stock. The conversion rate is subject to adjustment
in certain events.


 


In the event of voluntary or involuntary
dissolution, liquidation or winding up of RTI, holders of Series II Preferred Stock then outstanding are entitled to $12.50 per
share, plus all unpaid dividends, after distribution obligations to holders of Series I Preferred Stock have been satisfied and
prior to any distributions to holders of Series III Preferred Stock, Series IV Preferred Stock, Series V Preferred Stock or Common
Stock. If, upon any liquidation, dissolution or winding up of RTI, the amounts available for distribution with respect to the Series
II Preferred Stock are not sufficient to satisfy the full liquidation rights of the Series II Preferred Stock, the holders of the
Series II Preferred Stock will share ratably in any such distribution of assets in proportion to the full amounts to which they
are entitled.


 


Series III Preferred Stock


 


There were 129,245 shares of $1
par value Series III Preferred Stock outstanding at December 31, 2019. Holders of Series III Preferred Stock are entitled to receive
a cumulative annual dividend of $1.00 per share, payable quarterly if declared by the Board of Directors.


 


If a dividend upon any shares of
Series III Preferred Stock is in arrears, no dividends may be paid or declared and set aside for payment, or other distribution
made upon the Common Stock or any other stock ranking junior to the Series III Preferred Stock as to dividends. In addition, if
a dividend upon any shares of Series III Preferred Stock is in arrears, no Common Stock or any other stock ranking junior to the
Series III Preferred Stock as to dividends, may be redeemed, purchased or otherwise acquired for any consideration except in certain
circumstances. In 2010, the Certificate of Designation was amended to allow RTI to purchase any of its shares ranking junior to
the Series III Preferred Stock (including Common Shares) on any terms it fixes, even where a dividend upon shares of Series III
Preferred Stock is in arrears, so long as: (A) the cash assets of RTI as of its latest reporting period equals or exceeds $40,000,000
or (B) if the cash assets of RTI as of its latest reporting period were less than $40,000,000, the amount of funds utilized to
purchase such shares within the next quarter does not exceed 25% of the value of the cash assets as of the previous reporting period.


 


Except as required by the laws
of the State of Texas, the holders of the Series III Preferred Stock are not entitled to vote. However, so long as any shares of
Series III Preferred Stock remain outstanding, we shall not, without the affirmative vote or consent of the holders of at least
51 percent of the shares of the Series III Preferred Stock outstanding at the time: (a) authorize, create, issue or increase the
authorized or issued amount of any class or series of stock ranking equal to or senior to the Series III Preferred Stock with respect
to payment of dividends or the




     


     

    

distribution of assets on liquidation, dissolution
or winding up of RTI; or (b) amend, alter or repeal the provisions of RTI’s Certificate of Formation, or of the rights of
the Series III Preferred Stock so as to alter or change the powers, preferences or special rights of the shares of the Series III
Preferred Stock so as to affect them adversely.


 


Series III Preferred Stock is redeemable
at the option of RTI at a price of $15.00 per share, plus all unpaid dividends.


 


Each share of Series III Preferred
Stock may, at the option of the stockholder, be converted to one share of Common Stock. The conversion rate is subject to adjustment
in certain events.


 


In the event of voluntary or involuntary
dissolution, liquidation or winding up of RTI, holders of Series III Preferred Stock then outstanding are entitled to $12.50 per
share, plus all unpaid dividends, after distribution obligations to Series I Preferred Stock and Series II Preferred Stock have
been satisfied and prior to any distributions to holders of Series IV Preferred Stock, Series V Preferred Stock or Common Stock.
If, upon any liquidation, dissolution or winding up of RTI, the amounts available for distribution with respect to the Series III
Preferred Stock are not sufficient to satisfy the full liquidation rights of the Series III Preferred Stock, the holders of the
Series III Preferred Stock will share ratably in any such distribution of assets in proportion to the full amounts to which they
are entitled.


 


Series IV Preferred Stock


 


There were 342,500 shares of $1
par value Series IV Preferred Stock outstanding at December 31, 2019. Holders of Series IV Preferred Stock are entitled to receive
a cumulative annual dividend of $1.00 per share, payable quarterly, if declared by the Board of Directors.


 


If a dividend upon any shares of
Series IV Preferred Stock is in arrears, no dividends may be paid or declared and set aside for payment or other distribution made
upon the Common Stock or any other stock ranking junior to the Series IV Preferred Stock as to dividends. In addition, if a dividend
upon any shares of Series IV Preferred Stock is in arrears, no Common Stock or any other stock ranking junior to the Series IV
Preferred Stock as to dividends may be redeemed, purchased or otherwise acquired for any consideration except in certain circumstances.
In 2010, the Certificate of Designation was amended to allow RTI to purchase any of its shares ranking junior to the Series IV
Preferred Stock (including Common Shares) on any terms it fixes, even where a dividend upon shares of Series IV Preferred Stock
is in arrears, so long as: (A) the cash assets of RTI as of its latest reporting period equals or exceeds $40,000,000 or (B) if
the cash assets of RTI as of its latest reporting period were less than $40,000,000, the amount of funds utilized to purchase such
shares within the next quarter does not exceed 25% of the value of the cash assets as of the previous reporting period.


 


Except as required by the laws
of the State of Texas, the holders of the Series IV Preferred Stock are not entitled to vote. However, so long as any shares of
Series IV Preferred Stock remain outstanding, we shall not, without the affirmative vote or consent of the holders of at least
51 percent of the shares of the Series IV Preferred Stock outstanding at the time: (a) authorize, create, issue or increase the
authorized or issued amount of any class or series of stock ranking equal to or senior to the Series IV Preferred Stock with respect
to payment of dividends or the distribution of assets on liquidation, dissolution or winding up of RTI; or (b) amend, alter or
repeal the provisions of RTI’s Certificate of Formation, or of the rights of the Series IV Preferred Stock so as to alter
or change the powers, preferences or special rights of the shares of the Series IV Preferred Stock so as to affect them adversely.


 


Series IV Preferred Stock is redeemable
at the option of RTI at a price of $11.00 per share plus all unpaid dividends.


 


Each share of Series IV Preferred
Stock may, at the option of the stockholder, be converted into Common Stock. The conversion rate is subject to adjustment in certain
events.


 


In the event of voluntary or involuntary
liquidation, dissolution or winding up of RTI, holders of Series IV Preferred Stock then outstanding are entitled to receive liquidating
distributions of $11.00 per share, plus unpaid dividends after distribution obligations to Series I Preferred Stock, Series II
Preferred Stock, and Series III Preferred




     


     

    

Stock have been satisfied and prior to any distribution
to holders of Series V Preferred Stock, or Common Stock. If, upon any liquidation, dissolution or winding up of RTI, the amounts
available for distribution with respect to the Series IV Preferred Stock are not sufficient to satisfy the full liquidation rights
of the Series IV Preferred Stock, the holders of the Series IV Preferred Stock will share ratably in any such distribution of assets
in proportion to the full amounts to which they are entitled.


 


Series V Preferred Stock


 


There were 34,000 shares of $1
par value Series V Preferred Stock outstanding at December 31, 2019. Holders of Series V Preferred Stock are entitled to receive
a cumulative annual dividend of $0.32 per share, payable quarterly, if declared by the Board of Directors.


 


If a dividend upon any shares of
Series V Preferred Stock is in arrears, no dividends may be paid or declared and set aside for payment or other distribution made
upon the Common Stock or any other stock ranking junior to the Series V Preferred Stock as to dividends. In addition, if a dividend
upon any shares of Series V Preferred Stock is in arrears, no Common Stock or any other stock ranking junior to the Series V Preferred
Stock as to dividends may be redeemed, purchased or otherwise acquired for any consideration except in certain circumstances. In
2009, the Certificate of Designation was amended to allow RTI to purchase any of its shares ranking junior to the Series V Preferred
Stock (including Common Shares) on any terms it fixes, even where a dividend upon shares of Series V Preferred Stock is in arrears,
so long as: (A) the cash assets of RTI as of its latest reporting period equals or exceeds $40,000,000 or (B) if the cash assets
of RTI as of its latest reporting period were less than $40,000,000, the amount of funds utilized to purchase such shares within
the next quarter does not exceed 25% of the value of the cash assets as of the previous reporting period.


 


Except as required by the laws
of the State of Texas, the holders of the Series V Preferred Stock are not entitled to vote. However, so long as any shares of
Series V Preferred Stock remain outstanding, we shall not, without the affirmative vote or consent of the holders of at least 51
percent of the shares of the Series V Preferred Stock outstanding at the time: (a) authorize, create, issue or increase the authorized
or issued amount of any class or series of stock ranking equal to or senior to the Series V Preferred Stock with respect to payment
of dividends or the distribution of assets on liquidation, dissolution or winding up of RTI; or (b) amend, alter or repeal the
provisions of RTI’s Certificate of Formation, or of the rights of the Series V Preferred Stock so as to alter or change the
powers, preferences or special rights of the shares of the Series V Preferred Stock so as to affect them adversely.


 


Series V Preferred Stock is redeemable
at the option of RTI at a price of $4.40 per share plus all unpaid dividends.


 


Each share of Series V Preferred
Stock may, at the option of the stockholder, be converted into Common Stock. The conversion rate is subject to adjustment in certain
events.


 


In the event of voluntary or involuntary
liquidation, dissolution or winding up of RTI, holders of Series V Preferred Stock then outstanding are entitled to receive liquidating
distributions of $4.40 per share, plus unpaid dividends after distribution obligations to Series I Preferred Stock, Series II Preferred
Stock, Series III Preferred Stock, and Series IV Preferred Stock have been satisfied and prior to any distribution to the holders
of the Common Stock. If, upon any liquidation, dissolution or winding up of RTI, the amounts available for distribution with respect
to the Series V Preferred Stock are not sufficient to satisfy the full liquidation rights of the Series V Preferred Stock, the
holders of the Series V Preferred Stock will share ratably in any such distribution of assets in proportion to the full amounts
to which they are entitled.