Exhibit 4.38

    

    

      
        Description of Securities Registered

          Pursuant to Section 12 of the

          Securities Exchange Act of 1934

      

      
         

        As of March 31, 2020, Frontier has common stock, par value $0.25 per share (“Common Stock”), and preferred stock purchase rights (“Rights”) registered under Section 12 of the
          Securities Exchange Act of 1934. The following description of our Common Stock is based upon our Restated Certificate of Incorporation, as amended through the date hereof (“Certificate of Incorporation”), our By‐Laws, as amended and restated,
          effective as of May 7, 2019 (“By‐Laws”) and applicable provisions of law. We have summarized certain portions of the Certificate of Incorporation and By‐Laws below. The following description of our Rights is based upon the Section 382 Rights Agreement, dated July 1, 2019, between the Company and Computershare Trust Company, N.A. as rights agent (the “Rights Agreement”) and the Certificate of
            Designations of Series B Preferred Stock, dated July 1, 2019 (the “Certificate of Designations”). These summaries are not complete. The Certificate of Incorporation, By‐Laws, Rights Agreement and Certificate of Designations are
          incorporated by reference as exhibits to the Annual Report on Form 10-K to which this exhibit is a part. You should read the Certificate of Incorporation, By‐Laws and Rights Agreement for the provisions that are important to you.  References in
          this section to “Frontier,” “we,” “us” and “our” are to Frontier Communications Corporation, unless otherwise stated or the context so requires.

      

      
         

        General

      

      
         

        Under our Certificate of Incorporation our total authorized capital stock consists of 50,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”), and
          1,750,000,000 shares of common stock, par value $0.25 per share (“Common Stock”).

      

      
         

        Common Stock

      

      
         

        Holders of shares of our Common Stock are entitled to receive dividends and other distributions in cash, stock or property of Frontier as may be declared by our board of directors,
          or the Board, from time to time at its sole discretion out of our assets or funds legally available for dividends or other distributions. Dividends on our Common Stock are not cumulative.

         

        Our Common Stock is not redeemable, does not have any conversion rights and is not subject to call. Holders of shares of Common Stock have no preemptive rights to maintain their
          percentage of ownership in future offerings or sales of our stock. Holders of Common Stock are entitled to one vote for each share held of record and may not cumulate votes for the election of directors. Except as otherwise required by Delaware
          General Corporation Law (the “DGCL”) and our Certificate of Incorporation and By-laws, action requiring stockholder approval may be taken by a vote of the holders of a majority of the Common Stock at a meeting at which a quorum is present.

      

      
        

        
          


        

      

      
        In the event of our voluntary or involuntary liquidation, dissolution or winding up, holders of shares of our Common Stock will be entitled to share in our assets remaining after
          payment of all debts and other liabilities, subject to the liquidation preference of any outstanding Preferred Stock.  Holders of Common Stock are subject to, and may be adversely
          affected by, the rights of the holders of shares of any series of Preferred Stock that we may designate and issue in the future.

         

        Our Common Stock is listed on the NASDAQ Global Select Market under the trading symbol “FTR.” The transfer agent and registrar for our Common Stock is the Computershare Trust
          Company, N.A.

      

      
        

        

        Preferred Stock Purchase Rights

        

        

        On July 1, 2019, our Board declared a dividend of one Right, payable on July 11, 2019, for each share of Common Stock outstanding.  Each Right entitles the registered holder to
          purchase from us one one-thousandth of a share of Series B Preferred Stock, par value $0.01 per share, of Frontier (the “Preferred Shares”) at a price of $6.25 per one one-thousandth of a Preferred Share represented by a Right, subject to
          adjustment.

      

      
        

        

      

      
        The purpose of the Rights Agreement is to protect value by preserving Frontier’s ability to use its Tax Attributes (as such term is defined in the Rights Agreement) to offset potential future
          income taxes for federal income tax purposes.  The Rights Agreement is intended to reduce the likelihood of an ownership change under Section 382 of the Internal Revenue Code by deterring any Person (as such term is defined in the Rights
          Agreement) or group of affiliated or associated Persons from acquiring beneficial ownership of 4.9% or more of the outstanding Common Shares.

      

      
        

        

      

      
        The Rights are in all respects subject to and governed by the provisions of the Rights Agreement. The following description of the Rights Agreement does not purport to be complete and is qualified
          in its entirety by reference to the full text of the Rights Agreement.

      

      
         

        Distribution Date; Exercisability; Expiration

         

      

      
        Initially, the Rights will be attached to all Common Share certificates (or other evidence of book-entry or other uncertificated ownership) and no separate
          certificates evidencing the Rights (“Right Certificates”) will be issued. Until the Distribution Date (as defined below), the Rights will be transferred with and only with the Common Shares. As long as the Rights are attached to the Common
          Shares, the Company will issue one Right with each new Common Share so that all such Common Shares will have Rights attached (subject to certain limited exceptions).

      

      
        

        
          


        

      

       The Rights will separate and begin trading separately from the Common Shares, and Right Certificates will be caused to evidence the Rights, on the earlier to
        occur of (i) the Close of Business (as such term is defined in the Rights Agreement) on the tenth day following a public announcement, or the public disclosure of facts indicating (or the Board of Directors becoming aware), that a Person or group
        of affiliated or associated Persons has acquired Beneficial Ownership of 4.9% or more of the outstanding Common Shares (an “Acquiring Person”) (or, in the event that the Board of Directors determines to effect an exchange in accordance with Section
        24 of the Rights Agreement and the Board of Directors determines that a later date is advisable, then such later date) and (ii) the Close of Business on the tenth Business Day (as such term is defined in the Rights Agreement) (or such later date as
        may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) following the commencement of, or the first public announcement of the intention to commence, a tender offer or exchange offer the
        consummation of which would result in the Beneficial Ownership by a Person or group of 4.9% or more of the outstanding Common Shares (the earlier of such dates, the “Distribution Date”). As soon as practicable after the Distribution Date, unless
        the Rights are recorded in book-entry or other uncertificated form, the Company will prepare and cause the Right Certificates to be sent to each record holder of Common Shares as of the Distribution Date.

      
         

        An “Acquiring Person” will not include (i) the Company, (ii) any Subsidiary (as such term is defined in the Rights Agreement) of the Company, (iii) any
          employee benefit plan of the Company or of any Subsidiary of the Company, (iv) any entity holding Common Shares for or pursuant to the terms of any such employee benefit plan or (v) any Person who or which, together with all Affiliates and
          Associates (as such terms are defined in the Rights Agreement) of such Person, at the time of the first public announcement of the Rights Agreement, is a Beneficial Owner of 4.9% or more of the Common Shares then outstanding (a “Grandfathered
          Stockholder”). However, if a Grandfathered Stockholder becomes, after such time, the Beneficial Owner of any additional Common Shares (regardless of whether, thereafter or as a result thereof, there is an increase, decrease or no change in the
          percentage of Common Shares then outstanding Beneficially Owned (as such term is defined in the Rights Agreement) by such Grandfathered Stockholder) then such Grandfathered Stockholder shall be deemed to be an Acquiring Person unless, upon such
          acquisition of Beneficial Ownership of additional Common Shares, such person is not the Beneficial Owner of 4.9% or more of the Common Shares then outstanding. In addition, upon the first decrease of a Grandfathered Stockholder’s Beneficial
          Ownership below 4.9%, such Grandfathered Stockholder will no longer be deemed to be a Grandfathered Stockholder. In the event that after the time of the first public announcement of the Rights Agreement, any agreement, arrangement or
          understanding pursuant to which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Common Shares expires, is settled in whole or in part, terminates or no longer confers any benefit to or imposes any obligation on the
          Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same or different Common Shares that confers Beneficial Ownership of Common Shares shall
          be considered the acquisition of Beneficial Ownership of additional Common Shares by the Grandfathered Stockholder and render such Grandfathered Stockholder an Acquiring Person for purposes of the Rights Agreement unless, upon such acquisition of
          Beneficial Ownership of additional Common Shares, such person is not the Beneficial Owner of 4.9% or more of the Common Shares then outstanding

      

      
        

        
          


        

      

      
         “Beneficial Ownership” is defined in the Rights Agreement to include any securities (i) which a Person or any of such Person’s Affiliates or Associates (a)
          actually owns (directly or indirectly) or would be deemed to actually or constructively own for purposes of Section 382 of the Code or the Treasury Regulations (as such terms are defined in the Rights Agreement) promulgated thereunder, including
          any coordinated acquisition of securities by any Persons who have a formal or informal understanding with respect to such acquisition (to the extent ownership of such securities would be attributed to such Persons under Section 382 of the Code
          and the Treasury Regulations promulgated thereunder), (b) beneficially owns, directly or indirectly, within the meaning of Rules 13d-3 or 13d-5 promulgated under the Exchange Act or (c) has the right or ability to vote, or the right to acquire,
          pursuant to any agreement, arrangement or understanding (except under limited circumstances), (ii) which are directly or indirectly Beneficially Owned by any other Person with which a Person has any agreement, arrangement or understanding for the
          purpose of acquiring, holding or voting such securities, or obtaining, changing or influencing control of the Company or (iii) in respect of which a Person or any of such Person’s Affiliates or Associates has a derivative position which is
          capable of being settled, in whole or in part, through delivery of cash or Common Shares (whether on a required or optional basis, and whether such settlement may occur immediately or only after the passage of time, the occurrence of conditions,
          the satisfaction of regulatory requirements or otherwise). In addition, Persons are not deemed to be part of a group that would constitute an Acquiring Person based on participation in discussions, negotiations or transactions with another Person
          for the purposes of restructuring the Company’s debt.

         

        

        The Rights are not exercisable until the Distribution Date. The Rights will expire on the earliest to occur of (i) the Close of Business on the day following
          the certification of the voting results of the Company’s 2020 annual meeting of stockholders, if at such stockholder meeting a proposal to approve the Rights Agreement has not been passed by the affirmative vote of the majority of the votes cast
          at the 2020 annual meeting of stockholders or any other meeting of stockholders of the Company duly held prior to July 1, 2020, (ii) the date on which the Board of Directors determines in its sole discretion that (x) the Rights Agreement is no
          longer necessary for the preservation of material valuable Tax Attributes or (y) the Tax Attributes have been fully utilized and may no longer be carried forward and (iii) the Close of Business on July 1, 2022  (the “Final Expiration Date”).

          

        

      

      
        Exempt Persons and Transactions

          

        

      

      
        The Board of Directors may, in its sole and absolute discretion, determine that a Person is exempt from the Rights Agreement (an “Exempt Person”), so long as
          such determination is made prior to such time as such Person becomes an Acquiring Person. Any Person will cease to be an Exempt Person if the Board of Directors makes a contrary determination with respect to such Person regardless of the reason
          therefor. In addition, the Board of Directors may, in its sole and absolute discretion, exempt any transaction from triggering the Rights Agreement, so long as the determination in respect of such exemption is made prior to such time as any
          Person becomes an Acquiring Person. Any Person, together with all Affiliates and Associates of such Person, who proposes to acquire 4.9% or more of the outstanding Common Shares may apply to the Board of Directors in advance for an exemption in
          accordance with and pursuant to the terms of the Rights Agreement.

      

      
        

        
          


        

      

      
        Flip-in Event

          

        

      

      
        If a Person or group becomes an Acquiring Person at any time after the date of the Rights Agreement (with certain limited exceptions), the Rights will become
          exercisable for Common Shares having a value equal to two times the exercise price of the Right. From and after the announcement that any Person has become an Acquiring Person, if the Rights evidenced by a Right Certificate are or were acquired
          or Beneficially Owned by an Acquiring Person or any Associate or Affiliate of an Acquiring Person, such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights. If the Board of Directors so
          elects, the Company may deliver upon payment of the exercise price of a Right an amount of cash, securities or other property equivalent in value to the Common Shares issuable upon exercise of a Right.

          

        

      

      
        Exchange

          

        

      

      
        At any time after any Person becomes an Acquiring Person, the Board of Directors may exchange the Rights (other than Rights owned by any Person which have
          become void), in whole or in part, at an exchange ratio of  two Common Shares per Right (subject to adjustment). The Company may issue, transfer or deposit such Common Shares (or other property as permitted under the Rights Agreement) to or into
          a trust or other entity created upon such terms as the Board of Directors may determine and may direct that all holders of Rights receive such Common Shares or other property only from the trust. In the event the Board of Directors determines,
          before the Distribution Date, to effect an exchange, the Board of Directors may delay the occurrence of the Distribution Date to such time as it deems advisable.

          

        

      

      
        Flip-over Event

          

        

      

      
        If, at any time after a Person becomes an Acquiring Person, (i) the Company consolidates with, or merges with, any other Person (or any Person consolidates
          with, or merges with, the Company) and, in connection with such consolidation or merger, all or part of the Common Shares are or will be changed into or exchanged for stock or other securities of any other Person or cash or any other property or
          (ii) 50% or more of the Company’s consolidated assets or Earning Power (as defined in the Rights Agreement) is sold, then proper provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise
          thereof at the then current exercise price of the Right, that number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price of the Right.

          

        

      

      
        Redemption

          

        

      

      
        At any time prior to the earlier to occur of (i) the Close of Business on the tenth day following the Stock Acquisition Date (as defined in the Rights
          Agreement) (or, if the tenth day following the Stock Acquisition Date occurs before the Record Date, the Close of Business on the Record Date) and (ii) the Final Expiration Date, the Board of Directors may redeem the Rights in whole, but not in
          part, at a price of $0.001 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish. Immediately
          upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

        
          
            

            
              


            

          

          Amendment

      

      
          

        

      

      
        The terms of the Rights may be amended by the Board of Directors without the consent of the holders of the Rights, except that from and after such time as any
          Person becomes an Acquiring Person no such amendment may adversely affect the interests of the holders of the Rights (other than the Acquiring Person and its Affiliates and Associates).

          

        

      

      
        Preferred Stock Rights

          

        

        Each one thousandth of a Preferred Share will entitled the holder thereof to the same dividends and liquidation rights as if the holder held one Common Share and
          will be treated the same as a Common Share in the event of a merger, consolidation or other share exchange.

          

        

        Rights of Holders

          

        

      

      
        Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote
          or to receive dividends.

         

      

      
        Certain Anti-Takeover Effects of Delaware Law and Frontier’s Certificate of Incorporation, By-laws

      

      
         

        Certain provisions of the DGCL and our Certificate of Incorporation and By-laws could delay or discourage some transactions involving an actual or potential change in control of us
          or our management and may limit the ability of our stockholders to remove current management or approve transactions that our stockholders may deem to be in their best interests. These provisions:

      

      
        

        

        
          	 	
                  •

                	
                  authorize the Board to establish one or more series of Preferred Stock, the terms of which can be determined by the Board at the time of issuance;

                


        

        
          	 	
                  •

                	
                  provide an advanced written notice procedure with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made
                    by or at the direction of the Board or a committee of the Board;

                


        

        
          	 	
                  •

                	
                  state that special meetings of our stockholders may be called by the Chairman of the Board or the Chief Executive Officer and must be called on the request in writing or
                    by vote of a majority of the Board or on request in writing of stockholders of record owning 50% of the capital stock outstanding and entitled to vote;

                


        

        
          	 	
                  •

                	
                  allow our directors, and not our stockholders, to fill vacancies on the Board, including vacancies resulting from removal or enlargement of the Board; and

                


        

        
          	 	
                  •

                	
                  grant the Board the authority to amend and repeal the By-laws without a stockholder vote; provided, however, that such authority of the Board is subject to the power of
                    the stockholders to change or repeal any By-laws by a majority vote of the stockholders present and represented at any annual meeting or at any special meeting called for such purpose.

                


           

          

        

      

      
        

        
          


        

      

       

        

      
        Frontier is subject to Section 203 of the DGCL.  Subject to specific exceptions, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business
          combination” with an “interested stockholder” for a period of three years after the time the person became an interested stockholder unless (a) the interested stockholder attained such status with the approval of the corporation’s board of
          directors, (b) upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
          commenced, exclusive of shares owned by directors who are also officers and by certain employee stock plans or (c) at or subsequent to such time, the business combination is approved by the board of directors and authorized by the affirmative
          vote at a stockholders’ meeting, and not by written consent, of at least 66-2/3% of the outstanding voting stock which is not owned by the interested stockholder. A “business combination” includes, among other things, a merger or consolidation
          involving the corporation and the “interested stockholder” and the sale of more than 10% of the corporation’s assets. In general, an “interested stockholder” is any entity or person beneficially owning 15% or more of the corporation’s outstanding
          voting stock, and any entity or person affiliated with or controlling or controlled by such entity or person.

        

        

        These restrictions could prohibit or delay the mergers or other takeover or change in control attempts with respect to Frontier and, therefore, may
            discourage attempts to acquire Frontier.