Document:

Exhibit

EXHIBIT 4.3

DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

DESCRIPTION OF COMMON STOCK
The following description of the Common Stock of GNC Holdings, Inc. (the “Company” or “GNC”) and our Class A Convertible Preferred Stock, which is convertible into our Common Stock, is based upon relevant provisions of the Company’s amended and restated certificate of incorporation, as amended (“Restated Certificate of Incorporation”), the Company’s Sixth Amended and Restated Bylaws (“Bylaws”) and applicable provisions of law. We have summarized certain portions of the Restated Certificate of Incorporation and Bylaws below. The summary is not complete and is subject to, and is qualified in its entirety by express reference to, the provisions of our Restated Certificate of Incorporation and Bylaws, each of which is filed as an exhibit to the Annual Report on Form 10‐K of which this Exhibit 4.3 is a part.
Authorized Capital Stock
The Company’s authorized capital stock consists of (i) 300,000,000 shares of Class A common stock, par value $0.001 per share, (ii) 30,000,000 shares of Class B common stock, par value $0.001 per share, and (iii) 60,000,000 shares of preferred stock, par value $0.001 per share, of which the Company has authorized 1,000,000 shares of Series A Convertible Preferred Stock, par value $0.001 per share, and with an initial stated value equal to $1,000.00 per share. No shares of Class B common stock are outstanding, and we currently do not anticipate issuing any shares of Class B common stock for the foreseeable future.  
Class A Common Stock
Company Class A Common Stock Outstanding. The outstanding shares of the Company’s Class A common stock (the “Common Stock”) are duly authorized, validly issued, fully paid and nonassessable. The Company’s common stock is listed and principally traded on the New York Stock Exchange under the ticker symbol “GNC.”
Voting Rights. Each holder of shares of the Company’s common stock is entitled to one vote for each share held of record on the applicable record date on all matters submitted to a vote of stockholders.
Dividend Rights. Subject to the preferential dividend rights granted to the holders of any shares of the Company’s preferred stock that may at the time be outstanding, holders of the Company’s common stock are entitled to receive dividends as may be declared from time to time by the Company’s board of directors out of funds legally available therefor. We suspended payment of a quarterly dividend in February 2017, and do not anticipate paying any cash dividends in the foreseeable future.
Rights upon Liquidation. Holders of the Company’s Common Stock are entitled to share pro rata, upon any liquidation or dissolution of GNC, in all remaining assets available for distribution to stockholders after payment or providing for the Company’s liabilities and the liquidation preference of any outstanding preferred stock.
Other Matters. The holders of our Common Stock have no subscription, redemption or preemptive rights, and the rights, preferences and privileges of the holders of our Common Stock are subject to the rights of the holders of shares of any series of preferred stock which we may issue in the future.
Transfer Agent and Registrar. American Stock Transfer & Trust Company, LLC is the current transfer agent and registrar for the Company’s capital stock.
Preferred Stock
The Company’s board of directors is authorized, without further stockholder approval, to issue from time to time up to an aggregate of 60,000,000 shares of preferred stock in one or more series and to fix or alter the designations, preferences, rights and any qualifications, limitations or restrictions of the shares of each such series thereof, including the dividend rights, dividend rates, conversion rights, voting rights, terms of redemption (including sinking fund provisions), redemption price or 

prices, liquidation preferences and the number of shares constituting any series or designations of such series. Other than the issuance of Series A Convertible Preferred Stock discussed below, we currently do not anticipate issuing any shares of preferred stock for the foreseeable future. 
Series A Convertible Preferred Stock
On November 8, 2018, the Company filed a Certificate of Designations of Preferences, Rights and Limitations of Series A Convertible Preferred Stock with the Secretary of State of the State of Delaware, establishing the rights, preferences, restrictions and other matters relating to the Series A Convertible Preferred Stock (the “Convertible Preferred Stock”), which is convertible into our Common Stock, as follows:
Voting Rights.  Holders of our Common Stock and Convertible Preferred Stock vote together as a single class on all matters presented to the stockholders for their vote or approval, except as may otherwise be required by Delaware Law or the terms of our Restated Certificate of Incorporation, as amended.  Each share of our Convertible Preferred Stock is entitled to a number of votes equal to the number of shares of Common Stock that such Preferred Stock may convert into as of the record date, calculated by dividing (i) the applicable liquidation preference, which currently is $1,000.00 per share, by $5.35 per share, and disregarding any fractional shares into which such aggregate number is convertible. 
Dividends.  Holders of shares of Convertible Preferred Stock are entitled to receive cumulative preferential dividends, payable quarterly in arrears, at an annual rate of 6.5% of the stated value of $1,000 per share, subject to increase in connection with the payment of dividends in kind. Dividends are payable, at the Company's option, in cash from legally available funds or in kind by issuing additional shares of Convertible Preferred Stock with such stated value equal to the amount of payment being made or by increasing the stated value of the outstanding Convertible Preferred Stock by the amount per share of the dividend or in a combination thereof.
Conversion.  The Convertible Preferred Stock is convertible, at any time and from time to time from and after the original issue date, into shares of the Common Stock of the Company at an initial conversion price of $5.35 per share, subject to customary antidilution adjustments.
Rights upon Liquidation. Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the Holders of the then outstanding Convertible Preferred Stock shall be entitled to receive out of the assets, whether capital or surplus, of the Company available for distribution to its stockholders, before any payment shall be made to the holders of the Common Stock, an amount in cash equal to the greater of (a) the aggregate stated value of such share (initially $1,000.00) plus any accumulated and unpaid dividends on such share of Convertible Preferred Stock as of such date and (b) the per share amount of all cash, securities or other property (such securities or other property having a value equal to its fair market value as reasonably determined by the Board of Directors) to be distributed in respect of the Common Stock such Holder would have been entitled to receive had it converted such Convertible Preferred Stock immediately prior to the date fixed for such liquidation, dissolution or winding up of the Corporation. 
Redemption.  On any date following the fourth (4th) anniversary of the original issue date, upon the occurrence of the Corporation Redemption Condition discussed below, the Corporation may redeem all or any portion of the outstanding Convertible Preferred Stock in accordance with the procedures set forth in the Restated Certificate of Incorporation. A Corporation Redemption Condition is satisfied where that the last reported sale price per share of Company Common Stock equals or exceeds 130% of the conversion price for each of at least twenty (20) consecutive Trading Days in any thirty (30) consecutive Trading Day period ending on the date of the applicable notice of redemption.  Any corporation redemption shall be applied ratably to all of the holders of Convertible Preferred in proportion to the number of shares of Convertible Preferred Stock held by each holder as of the date of the corporation redemption notice. Holders of Convertible Preferred Stock also have redemption rights upon the occurrence of a fundamental change, as defined in the Restated Charter. 
Anti-Takeover Effects of Certain Provisions of Delaware Law, the Certificate of Incorporation and the Bylaws
We are subject to Section 203 of the Delaware General Corporation Law (the "DGCL"), an anti-takeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with a person or group owning 15% or more of the corporation's voting stock for a period of three years following the date the person became an interested stockholder, unless (with certain exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner.
Certain other provisions of our Restated Certificate of Incorporation and Bylaws may be considered to have an anti-takeover effect and may delay or prevent a tender offer or other corporate transaction that a stockholder might consider to be in its best 

interest, including those transactions that might result in payment of a premium over the market price for our shares. These provisions are designed to discourage certain types of transactions that may involve an actual or threatened change of control of us without prior approval of our board of directors. These provisions are meant to encourage persons interested in acquiring control of us to first consult with our board of directors to negotiate terms of a potential business combination or offer. We believe that these provisions protect against an unsolicited proposal for a takeover of us that might affect the long-term value of our stock or that may be otherwise unfair to our stockholders. For example, our Restated Certificate of Incorporation and Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to our board of directors; limit consideration by stockholders at annual meetings to only those proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered to our secretary timely written notice, in proper form, of the stockholder's intention to bring such business before the meeting; authorize the issuance of "blank check" preferred stock that could be issued by our board of directors to increase the number of outstanding shares or establish a stockholders rights plan making a takeover more difficult and expensive; and do not permit cumulative voting in the election of directors, which would otherwise allow less than a majority of stockholders to elect director candidates.
Our board of directors, by affirmative vote of at least a majority of the entire Board, also has the power to alter, amend or repeal our amended and restated bylaws without stockholder approval.
Stockholder Proposals.  Our amended and restated bylaws provide for an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of persons for election to our board of directors. Stockholders at our annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered to our secretary timely written notice, in proper form, of the stockholder's intention to bring such business before the meeting. Although neither our Restated Certificate of Incorporation nor our Bylaws give the board of directors the power to approve or disapprove stockholder nominations of candidates or proposals about other business to be conducted at a special or annual meeting, our Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.
Indemnification of Directors and Officers and Limitation of Liability
Delaware Law.  Section 145 of the DGCL authorizes a corporation's board of directors to indemnify its directors and officers in terms broad enough to permit such indemnification under certain circumstances for liabilities (including reimbursement for expenses occurred) arising under the Securities Act. As described below, we indemnify our directors, officers and other employees to the fullest extent permitted by the DGCL.
Restated Certificate of Incorporation and Bylaws.  Our Bylaws require us to indemnify our directors, officers and employees and other persons serving at our request as a director, officer, employee or agent of another entity to the fullest extent permitted by the DGCL. We are required to advance expenses, as incurred, to a covered person in connection with defending a legal proceeding upon receiving an undertaking by or on behalf of such person to repay all such amounts if it is determined that he or she is not entitled to be indemnified by us.
Our Restated Certificate of Incorporation and Bylaws eliminate the personal liability of our directors for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the Delaware General Corporation Law as the same exists or may hereafter be amended.
Indemnification Agreements.    We have executed indemnification agreements with each of our directors and each of our officers in the position of Senior Vice President or above. These agreements provide indemnification to our directors and senior officers under certain circumstances for acts or omissions which may not be covered by directors' and officers' liability insurance, and may, in some cases, be broader than the specific indemnification provisions contained under Delaware law.
Insurance Policies.    We maintain an insurance policy covering our directors and officers with respect to certain liabilities, including liabilities arising under the Securities Act or otherwise.Exhibit
4.1

 

Description
of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

 

Lixte
Biotechnology Holdings, Inc. (“Lixte,” “we,” “our,” and “us”) has one class of
securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock, par value $0.0001
per share (the “common stock”).

 

The
following description of our common stock and preferred stock is a summary and does not purport to be complete. It is subject
to and qualified in its entirety by reference to (1) our Certificate of Incorporation, as amended, (the “Certificate of
Incorporation”) filed as Exhibits to the Registration Statement on Form 10-SB on August 3, 2005 and to our Information Statement
on September 30, 2006, (2) our Bylaws (the “Bylaws”) filed as an exhibit to our Registration Statement on Form 10-SB
on August 3, 2005, and (3) our Certificate of Designations of Series A Preferred Stock (the “Certificate of Designations”),
filed as an exhibit to our Current Report on Form 8-K on March 18, 2015, each of which is filed as an exhibit to our Annual Report
on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read the Certificate of Incorporation, the Bylaws, and the
Certificate of Designations, as well as the applicable provisions of the Delaware General Corporation Law (the “DGCL”),
for additional information.

 

Authorized
Capital Stock

 

Our
authorized capital stock consists of 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $0.0001
per share (the “Preferred Stock”). As of December 31, 2019, 67,045,814 shares of our common stock were issued and
outstanding, and 350,000 shares of our Series A Convertible Preferred Stock, Stated Value $10,000 per share were issued and oustanding,
all of which are fully paid and nonassessable.

 

Common
Stock

 

Voting
Rights

 

Holders
of our common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not
have cumulative voting rights. An election of directors by our stockholders will be determined by a plurality of the votes cast
by the stockholders entitled to vote on the election.

 

Dividend
Rights

 

Holders
of common stock are entitled to receive proportionately any dividends that may be declared by our Board of Directors, subject
to any preferential dividend rights of any series of preferred stock that we may designate and issue.

 

Liquidation
Rights

 

In
the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately our net assets
available for distribution to stockholders after the payment of all debts and other liabilities and subject to the preferential
rights of any outstanding preferred stock.

 

    	 	1	 

    	 

    

 

Absence
of Other Rights

 

Holders
of our common stock have no preemptive, subscription, redemption, or conversion rights. The rights, preferences, and privileges
of 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.

 

Preferred
Stock

 

Under
our Certificate of Incorporation, our Board of Directors has the authority, without further action by stockholders, to designate
one or more series of preferred stock and to fix the voting powers, designations, preferences, limitations, restrictions, and
relative rights granted to or imposed upon the preferred stock, including dividend rights, conversion rights, voting rights, rights
and terms of redemption, liquidation preference, and sinking fund terms, any or all of which may be preferential to or greater
than the rights of the common stock.

 

The
authority possessed by our Board of Directors to issue preferred stock could potentially be used to discourage attempts by third
parties to obtain control of our company through a merger, tender offer, proxy contest, or otherwise by making such attempts more
difficult or more costly. Our Board of Directors may issue preferred stock with voting rights, conversion rights, and other rights
that, if exercised, could adversely affect the voting power of the holders of common stock.

 

On
March 17, 2015, we filed a Certificate of Designations of our Series A Convertible Preferred Stock with the Delaware Secretary
of State to amend the Company’s Certificate of Incorporation. The Company has designated a total of 350,000 shares as Series
A Convertible Preferred Stock, which are non-voting and are not subject to increase without the written consent of a majority
of the holders of the Series A Convertible Preferred Stock or as otherwise set forth in the Certificate of Designations. The holders
of each tranche of 175,000 shares of the Series A Convertible Preferred Stock are entitled to receive a per share dividend equal
to 1% of the annual net revenue of the Company divided by 175,000, until converted or redeemed. As of December 31, 2019, 9,650,000
shares of preferred stock were undesignated and may be issued with such rights and powers as the Board of Directors may designate.

 

Each
share of Series A Convertible Preferred Stock may be converted, at the option of the holder, into 12.5 shares of common stock
(subject to customary anti-dilution provisions) and the Series A Convertible Preferred Stock is subject to mandatory conversion
at the conversion rate in the event of a merger or sale transaction resulting in gross proceeds to the Company of at least $21,875,000.
The Series A Convertible Preferred Stock has a liquidation preference based on its assumed conversion into shares of common stock.
The Series A Convertible Preferred Stock does not have a cash liquidation preference.

 

If
fully converted, the 350,000 outstanding shares of Series A Convertible Preferred Stock would convert into 4,375,000 shares of
common stock at December 31, 2019. The Company has the right to redeem the Series A Convertible Preferred Stock up to the fifth
anniversary of their respective closing dates (March 17, 2015 and January 21, 2016) at a price per share equal to $50.00. The
Series A Convertible Preferred Stock has no right to cash, except with respect to the payment of aforementioned dividend based
on the generation of revenues by the Company, and does not have any registration rights.

 

    	 	2	 

    	 

    

 

Anti-Takeover
Effects of Our Certificate of Incorporation and Bylaws

 

Certain
provisions of our Certificate of Incorporation and Bylaws contain provisions that could have the effect of delaying or discouraging
another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage certain types
of coercive takeover practices and inadequate takeover bids.

 

Our
Certificate of Incorporation and Bylaws include provisions that:

 

		●	authorize
    our Board of Directors to issue, without further action by the stockholders, up to 10,000,000 shares of preferred stock in
    one or more series designated by the Board of Directors;
	 	 	 
		●	specify
    that meetings of our stockholders can be called only by our Board of Directors, or any officer instructed by the director
    to call the meeting;
	 	 	 
		●	provide
    that vacancies on our Board of Directors may be filled by a majority of directors then in office, even though less than a
    quorum;

 

Delaware
Anti-Takeover Statute

 

We
are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, Section 203 prohibits a publicly-held
Delaware corporation such as Lixte from engaging in a “business combination” with an “interested stockholder”
for a period of three years following the date the person became an interested stockholder unless:

 

	 	●	prior
    to the date of the transaction, the board of directors of the corporation approved either the business combination or the
    transaction which resulted in the stockholder becoming an interested stockholder;
	 	 	 
	 	●	upon
    completion 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, excluding for
    purposes of determining the voting stock outstanding, but not for determining the outstanding voting stock owned by the interested
    stockholder, (1) shares owned by persons who are directors and also officers of the corporation and (2) shares owned by employee
    stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to
    the plan will be tendered in a tender or exchange offer; or
	 	 	 
	 	●	at
    or subsequent to the date of the transaction, the business combination is approved by the board of directors of the corporation
    and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at
    least 66-2/3% of the outstanding voting stock which is not owned by the interested stockholder.

 

In
this context, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a
financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates
and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of
a corporation’s outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with
respect to transactions our Board of Directors does not approve in advance. We also anticipate that Section 203 may discourage
business combinations or other attempts that might result in a premium over the market price for the shares of common stock held
by our stockholders.

 

    	 	3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]