Document:

Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12

OF THE SECURITIES EXCHANGE ACT OF 1934

 

As of March 22, 2021, RMR Mortgage
Trust (the “Company,” “we,” “us” or “our”) had one class of securities registered
under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Common Shares of Beneficial
Interest, $0.001 par value per share (“common shares”). The common shares are listed on The Nasdaq Stock Market LLC
(“Nasdaq”).

 

DESCRIPTION OF SHARES OF BENEFICIAL INTEREST

 

The following description of the terms of
our shares of beneficial interest is a summary only. This summary is not complete and is qualified in its entirety by reference
to the Company’s declaration of trust and bylaws and applicable Maryland law, including but not limited to provisions of
the Maryland Statutory Trust Act (the “MSTA”).

 

General

 

Our declaration of trust authorizes us to
issue an unlimited number of common shares of beneficial interest. As of March 22, 2021, we had 10,202,009 common shares issued
and outstanding.

 

As permitted by the MSTA, our declaration
of trust also authorizes our Board of Trustees to create one or more classes or series of our shares of beneficial interest, with
shares of each such class or series having such par value and such preferences, voting powers, terms of redemption, if any, and
special or relative rights or privileges (including conversion rights, if any) as our Board of Trustees may determine. Our Board
of Trustees may without shareholder approval from time to time divide or combine the shares of any class or series into a greater
or lesser number without thereby changing the proportionate beneficial interest in the class or series.

 

Common Shares

 

Voting
rights. Subject to the provisions of our declaration of trust regarding the restriction on the transfer of shares
of beneficial interest, each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders,
including the election of Trustees. Holders of our common shares do not have cumulative voting rights in the election of Trustees.
Whenever shareholders are required or permitted to take any action by a vote, the action may only be taken by a vote at a shareholders
meeting. Under our bylaws, shareholders do not have the right to take any action by written consent. With respect to matters brought
before a meeting of shareholders other than the election of Trustees, except where a different voting standard is required by any
applicable law, the listing requirements of the principal securities exchange on which our common shares are listed or a specific
provision of our declaration of trust or bylaws, a majority of all the votes cast by our shareholders entitled to vote on the matter
at the meeting shall be required to approve the matter.

 

     

     

    

 

Under our declaration of trust, subject
to the provisions of any class or series of our shares of beneficial interest which hereafter may be created and are then outstanding,
holders of common shares are entitled to vote on the following matters: (a) the election of Trustees and the removal of Trustees
for cause; (b) any amendment to our declaration of trust other than amendments for the purpose of (i) changing the name
of the Company, (ii) changing the domicile of the Company without changing the substance of our declaration of trust (other
than changes made in light of any such change in domicile which the Board of Trustees determines appropriate) or (iii) supplying
any omission, curing any ambiguity, correcting any defective or inconsistent provision or error or clarifying the meaning and intent
of our declaration of trust; (c) merger, consolidation or share exchange of us with or into, or sale of all or substantially
all our assets to, another entity and our liquidation or termination, provided that, if any of the foregoing actions in (c) are
approved by 75% of the Trustees then in office, then no shareholder approval will be required for such actions except to the extent
shareholder approval is required by applicable law; (d) such other matters required by applicable law to be approved by our
shareholders; and (e) such other matters with respect to which our Board of Trustees has adopted a resolution declaring that
a proposed action is advisable and directing that the matter be submitted to the holders of common shares for approval or ratification.
Provisions of our declaration of trust regarding the restriction on the transfer and ownership of our common shares may preclude
a shareholder’s right to vote in certain circumstances.

 

Board
of Trustees. Our Board of Trustees is divided into three classes. At each annual meeting, shareholders elect the
successors of the class of Trustees whose term expires at that meeting for a term expiring at the annual meeting held in the third
year following the year of their election. The classified board provision could have the effect of making the replacement of incumbent
Trustees more time consuming and difficult. At least two annual meetings of shareholders will generally be required to effect a
change in a majority of our Board of Trustees.

 

Except as may be mandated by any applicable
law or the listing requirements of the principal exchange on which our common shares are listed, otherwise provided by a provision
of our bylaws approved by our Board of Trustees, and subject to the provisions of any class or series of our shares of beneficial
interest which hereafter may be created and are then outstanding, (1) a plurality of all the votes cast by our shareholders
entitled to vote in the election of Trustees at a meeting of our shareholders duly called and at which a quorum is present is required
to elect a Trustee in an uncontested election, and (2) a majority of all the votes entitled to be cast for the election of
Trustees at a meeting of shareholders of the Trust duly called and at which a quorum is present is required to elect a Trustee
in a contested election (which is an election at which the number of nominees exceeds the number of Trustees to be elected at the
meeting).

 

In case of failure to elect any Trustee
at an annual meeting of our shareholders, the incumbent Trustee who was up for election at that meeting may hold over and continue
to serve as a Trustee for the full term of the trusteeship in which he or she was nominated and until the election and qualification
of his or her successor. Our declaration of trust provides that a Trustee may be removed only for cause, at a properly called meeting
of our shareholders, by the affirmative vote of holders of at least 75% of our outstanding shares of beneficial interest entitled
to vote for the election of such Trustee.

 

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Distribution
rights. Subject to the preferential rights of any other class or series of shares then outstanding or which may
be issued, and to the ownership restrictions described in our declaration of trust, all of our common shares are entitled to receive
distributions on our common shares when, as and if authorized by our Board of Trustees and declared by us out of assets legally
available for distribution (as determined by our Board of Trustees in its sole discretion).

 

Liquidation
rights. Subject to the preferential rights of any other class or series of shares then outstanding or which may
be issued, and to the ownership restrictions described in our declaration of trust, all of our common shares are entitled to share
ratably in our assets legally available for distribution to our shareholders (as determined by our Board of Trustees) in the event
of our liquidation, dissolution or winding up after payment of or adequate provision for all of our known debts and liabilities.

 

Preferred Shares

 

Pursuant to our declaration of trust, our
Board of Trustees, without any action by our shareholders, may issue an unlimited number of preferred shares of beneficial interest
(“preferred shares”) from time to time, in one or more classes or series, having the powers, preferences, rights, qualifications,
limitations and restrictions as the Trustees may determine. The issuance of preferred shares, the issuance of rights to purchase
preferred shares or the possibility of the issuance of preferred shares or such rights could have the effect of delaying or preventing
a change in our control. In addition, the rights of holders of common shares will be subject to, and may be adversely affected
by, the rights of holders of any preferred shares that we have issued or may issue in the future.

 

Restrictions on Transfer and Ownership of Shares

 

Our declaration of trust restricts the number
and value of our shares of beneficial interest that our shareholders may own. These restrictions on transfer and ownership in our
declaration of trust are intended to assist with our compliance with the requirements for qualification for taxation as a real
estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (“IRC”), and otherwise
to promote our orderly governance. These restrictions do not apply to our Manager, The RMR Group Inc. and its consolidated subsidiaries
(“RMR”), any company to which RMR provides management services or any of their affiliates, so long as such ownership
does not adversely affect our qualification for taxation as a REIT under the IRC.

 

Our declaration of trust prohibits any person
from owning, being deemed to own by virtue of the attribution provisions of the IRC, or beneficially owning under Rule 13d-3
under the Exchange Act, more than 9.8% in value or number, whichever is more restrictive, of any class or series of our outstanding
shares of beneficial interest, including our common shares. Our Board of Trustees may from time to time increase this ownership
limit for one or more persons and decrease the ownership limit for other persons, subject to limitations contained in our declaration
of trust. Our declaration of trust further prohibits any person from beneficially or constructively owning our shares if that ownership
would result in our being “closely held” under Section 856(h) of the IRC or otherwise cause us to fail to
qualify for taxation as a REIT. Any attempted transfer of our shares which, if effective, would result in our shares being owned
by fewer than 100 persons shall be void ab initio, and the intended transferee shall acquire no rights in such shares.

 

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Our Board of Trustees, in its sole discretion,
may exempt other persons, prospectively or retroactively, from these ownership limitations, so long as our Board of Trustees determines,
among other things, that it is in our best interests. Our Board of Trustees may not grant an exemption if the exemption would result
in our failing to qualify for taxation as a REIT. In determining whether to grant an exemption, our Board of Trustees may consider,
among other factors, the following:

 

		·	the general reputation and moral character of the person requesting the exemption;

		·	whether the person’s ownership of shares would be direct or through ownership attribution;

		·	whether the person’s ownership of shares would interfere with the conduct of our business, including without limitation,
our ability to make additional investments;

		·	whether granting an exemption for the person would adversely affect any of our existing contractual arrangements or the execution
of our strategies or business policies;

		·	whether the person to whom the exemption would apply has been approved as an owner of us by all regulatory or other governmental
authorities with jurisdiction over us; and

		·	whether the person to whom the exemption would apply is attempting to change control of us or affect our policies in a way
that our Board of Trustees, in its sole discretion, considers adverse to our best interests or those of our shareholders.

 

In addition, our Board of Trustees may require
such rulings from the U.S. Internal Revenue Service, opinions of counsel, representations, undertakings or agreements it deems
advisable in order to make the foregoing decisions.

 

If a person attempts a transfer of our shares
of beneficial interest in violation of the ownership limitations described above, (a) that number of shares (rounded upward
to the nearest whole share) which would cause the violation are automatically transferred to a trust (the “Charitable Trust”),
for the exclusive benefit of one or more charitable beneficiaries designated by us or (b) such attempted transfer shall be
void ab initio. The prohibited owner will generally:

 

		·	have no rights in the shares held in the Charitable Trust;

		·	not benefit economically from ownership of any shares held in the Charitable Trust (except to the extent provided below upon
sale of the shares);

		·	have no rights to dividends or other distributions with respect to shares held in the Charitable Trust;

		·	not possess any rights to vote or other rights attributable to the shares held in the Charitable Trust; and

		·	have no claim, cause of action or other recourse whatsoever against the purported transferor of such shares held in the Charitable
Trust.

 

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Unless otherwise directed by our Board of
Trustees, as soon as reasonably practicable after receiving notice from us that shares have been transferred to the Charitable
Trust (and no later than 20 days after receiving notice if our shares are then listed or admitted to trade on any national securities
exchange), the trustee of the Charitable Trust will sell such shares (together with the right to receive distributions with respect
to such shares) to a person designated by the trustee of the Charitable Trust, whose ownership of the shares will not violate the
ownership limitations set forth in our declaration of trust. Upon such sale, the interest of the charitable beneficiary in the
shares sold will terminate, and the trustee of the Charitable Trust will distribute the net proceeds of the sale to the prohibited
owner and to the beneficiary of the Charitable Trust as follows:

 

The prohibited owner will receive the lesser
of:

 

		·	the price paid by the prohibited owner for the shares or, if the prohibited owner did not give value for the shares in connection
with the event causing the shares to be held in the Charitable Trust, for example, in the case of a gift, devise or other similar
transaction, the market price of the shares on the day of the event causing the shares to be transferred to the Charitable Trust,
in each case, reduced by any amounts previously received by the prohibited owner in connection with prior extraordinary dividends
or other distributions; and

		·	the sales proceeds received by the trustee of the Charitable Trust (net of any commissions and other expenses of the trustee
of the Charitable Trust) from the sale or other disposition of the shares held in the Charitable Trust plus any extraordinary dividends
received by the Charitable Trust.

 

The trustee of the Charitable Trust may
reduce the amount payable to the prohibited owner by the amount of ordinary dividends or other distributions which have been paid
to the prohibited owner and is owed by the prohibited owner to the trustee of the Charitable Trust. Any net sales proceeds in excess
of the amount payable to the prohibited owner shall be paid to the charitable beneficiary, less the costs, expenses and compensation
of the Charitable Trust and us. Any extraordinary dividends received by the trustee of the Charitable Trust shall be treated in
a similar way as sales proceeds.

 

If, prior to our discovery that shares have
been transferred to the Charitable Trust, a prohibited owner sells shares that are deemed to have been transferred to the Charitable
Trust, then:

 

		·	those shares will be deemed to have been sold on behalf of the Charitable Trust; and

		·	to the extent that the prohibited owner received an amount for those shares that exceeds the amount that the prohibited owner
was entitled to receive from a sale by the trustee of the Charitable Trust, the prohibited owner must promptly pay the excess to
the trustee of the Charitable Trust upon demand.

 

Also, shares of beneficial interest held
in the Charitable Trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the
lesser of:

 

		·	the price per share in the transaction that resulted in the transfer to the Charitable Trust or, if the prohibited owner did
not give value for the shares in connection with the event causing the shares to be held in the Charitable Trust, for example,
in the case of a gift, devise or other similar transaction, the market price per share on the day of the event causing the shares
to become held by the Charitable Trust; and

 

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		·	the market price per share on the date we, or our designee, accept the offer.

 

We will have the right to accept the offer
until the trustee of the Charitable Trust has sold the shares held in the Charitable Trust. The net proceeds of the sale to us
will be distributed similar to any other sale by a trustee of the Charitable Trust. Our Board of Trustees may retroactively amend,
alter or repeal any rights which the Charitable Trust, the trustee of the Charitable Trust or the beneficiary of the Charitable
Trust may have under our declaration of trust, including retroactively granting an exemption to a prohibited owner, except that
our Board of Trustees may not retroactively amend, alter or repeal any obligations to pay amounts incurred prior to such time and
owed or payable to the trustee of the Charitable Trust. The trustee of the Charitable Trust will be indemnified by us or from the
proceeds from the sale of shares held in the Charitable Trust for its costs and expenses reasonably incurred in connection with
conducting its duties and satisfying its obligations under our declaration of trust and is entitled to receive reasonable compensation
for services provided.

 

Costs, expenses and compensation payable
to the trustee of the Charitable Trust may be funded from the Charitable Trust or by us. Before any sales proceeds may be distributed
to a prohibited owner, we will be entitled to reimbursement on a first priority basis (after payment in full of amounts payable
to the trustee of the Charitable Trust) from the Charitable Trust for any such amounts funded by us and for any indemnification
provided to the trustee of the Charitable Trust by us.

 

In addition, costs and expenses incurred
by us in the process of enforcing the ownership limitations set forth in our Declaration of Trust, in addition to reimbursement
of costs, expenses and compensation of the trustee of the Charitable Trust which have been funded by us, may be collected from
the Charitable Trust before any sale proceeds are distributed to a prohibited owner.

 

The restrictions described above will not
preclude the settlement of any transaction entered into through the facilities of any national securities exchange or automated
inter-dealer quotation system. Our declaration of trust provides, however, that the fact that the settlement of any transaction
occurs will not negate the effect of any of the foregoing limitations and any transferee in such a transaction will be subject
to all of the provisions and limitations described above.

 

Every person who owns, is deemed to own
by virtue of the attribution rules of the IRC or is deemed to beneficially own pursuant to Rule 13d-3 under the Exchange
Act 5% or more of any class or series of our shares outstanding at the time of the determination is required to give written notice
to us within 30 days after the end of each taxable year, and also within three business days after a request from us, stating the
name and address of the legal and beneficial owner(s), the number of shares of each class and series of our shares of beneficial
interest which the owner beneficially owns, and a description of the manner in which those shares are held. If the IRC or applicable
Treasury regulations specify a threshold below 5%, this notice provision will apply to those persons who own our shares of beneficial
interest at the lower percentage. In addition, each shareholder is required to provide us upon demand with any additional information
that we may request in order to determine our qualification for taxation as a REIT, to comply or determine our compliance with
the requirements of any taxing authority or other government authority and to determine and ensure compliance with the foregoing
ownership limitations.

 

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All certificates evidencing our shares and
any share statements for our uncertificated shares may bear legends referring to the foregoing restrictions.

 

Anti-Takeover Effect of Our Declaration of Trust and Bylaws

 

Provisions of our governing documents, including,
for example, our restrictions on transfer and ownership of our common shares, our classified Board of Trustees, our shareholder
voting rights and standards, the power of our Trustees to amend our declaration of trust in certain circumstances without shareholder
approval and our Trustee qualifications, could delay or prevent a change in our control. The limitations in our declaration of
trust and bylaws on the ability of our shareholders to propose nominations of individuals for election as Trustees or other proposals
of business to be considered at meetings of our shareholders, including the disclosure requirements related thereto, may delay,
defer or prevent our shareholders from making proposals that could be beneficial to our shareholders.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our
common shares is Equiniti Trust Company.

 

Listing

 

Our common shares are listed on Nasdaq under
the symbol “RMRM.”

 

    7Exhibit 10.1

 

RMR Mortgage Trust

 

Summary of Trustee Compensation

 

The following is a summary of the currently effective compensation
of the Trustees of RMR Mortgage Trust (the “Company”) for services as Trustees, which is subject to modification
at any time by the Board of Trustees (the “Board”) or the Compensation Committee of the Board, as applicable:

 

		·	Each Independent Trustee receives an annual fee of $30,000 for services as a Trustee. The annual fee for any new Independent
Trustee is prorated for the initial year.

 

		·	Each Independent Trustee who serves as a committee chair of the Board’s Audit Committee, Compensation Committee or Nominating
and Governance Committee receives an additional annual fee of $7,500, $5,000 and $5,000, respectively. The committee chair fee
for any new committee chair is prorated for the initial year.

 

		·	The Company generally reimburses all Trustees for travel expenses incurred in connection with their duties as Trustees and
for out of pocket costs incurred in connection with their attending certain continuing education programs.

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