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EXHIBIT 4.5

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

As of the date of the Annual Report on Form 10-K of which this exhibit is a part, United Insurance Holdings Corp. (the "Company") has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our Common Stock.

The following description of our Common Stock is a summary of certain key terms and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Second Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") and our Amended and Restated Bylaws (the "Bylaws"), each of which is incorporated by reference as an exhibit to this Annual Report on Form 10-K. We encourage you to read our Certificate of Incorporation and our Bylaws for additional information.

Authorized Capital Shares

Our authorized capital shares consist of 50,000,000 shares of common stock ("Common Stock"), $0.0001 par value per share, and 1,000,000 shares of preferred stock, $0.0001 par value per share ("Preferred Stock"). The outstanding shares of Common Stock are fully paid and nonassessable.

Voting Rights

Holders of Common Stock are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors. Our Common Stock does not have cumulative voting rights. All actions to be taken by our stockholders other than matters relating to the election of directors must be approved by a majority of the shares which are voted with respect to such matter. Director nominees will be elected by vote of a majority of the votes cast with respect to such director's election in person or represented by proxy and entitled to vote on the election of directors. Notwithstanding the foregoing, if the number of nominees exceeds the number of directors to be elected at any meeting of stockholders as of the date that is (10) days prior to the date that we file our definitive proxy statement with the Securities and Exchange Commission (regardless of whether or not the proxy statement is thereafter revised or supplemented), then each director will be elected by a plurality of the votes cast in person or represented by proxy and entitled to vote on the election of directors. Holders of Common Stock may also act by written consent, subject to certain limitations set forth in our Bylaws.

Dividend Rights

Subject to the rights of holders of outstanding shares of Preferred Stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the Board of Directors in its discretion out of funds legally available for the payment of dividends.

Liquidation Rights

Subject to the rights of holders of outstanding shares of Preferred Stock, if any, holders of Common Stock will share ratably in all assets legally available for distribution to our stockholders in the event of our dissolution, liquidation or winding up.

Other Rights and Preferences

Our Common Stock has no sinking fund or redemption provisions or preemptive, conversion or exchange rights. The rights and preferences of the 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.

Listing

The Common Stock is traded on The Nasdaq Stock Market LLC under the trading symbol "UIHC".

EXHIBIT 4.5

Anti-Takeover Provisions in our Certificate of Incorporation and Bylaws

The provisions of our Certificate of Incorporation and Bylaws summarized in the following paragraphs may have an anti-takeover effect and could make it more difficult to acquire control of the Company by means of a tender offer, proxy contest or otherwise. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in the best interests of the Company, including transactions that might result in a premium over the market price for shares of Common Stock.

Our Certificate of Incorporation provides that our Board of Directors is divided into two classes as nearly equal in size as possible, each of which will generally serve for a term of two years with only one class of directors being elected each year. At a given annual meeting of stockholders, only a portion of our Board of Directors may be considered for election. Our Certificate of Incorporation also provides that any vacancies in the Board of Directors may be filled by the vote of a majority of the remaining directors then in office, although less than a quorum, or by the sole remaining director. Since our "staggered board" may prevent our stockholders from replacing a majority of our Board of Directors at a single annual meeting of stockholders, it may entrench our management and discourage unsolicited stockholder proposals.

Under our Certificate of Incorporation, our Board of Directors has the authority, without further action by our stockholders, to issue shares of Preferred Stock in one or more series, and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed in a resolution or resolutions adopted by the Board of Directors providing the issue of such series as may be permitted by the Delaware General Corporation Law. Because the Board of Directors has the power to establish the preferences, powers and rights of the shares of any series of Preferred Stock, it may afford holders of any Preferred Stock preferences, power and rights, including voting and dividend rights, senior to the rights of holders of our Common Stock, which could adversely affect the holders of Common Stock and could delay, discourage or prevent a takeover even if a change of control of the Company would be beneficial to the interests of our stockholders.

Our Bylaws provide that a special meeting of stockholders may only be called by our Chairman of the Board of Directors or the Secretary of the Company, subject to the limitations described in this paragraph and as further set forth in our Bylaws. The Secretary may call a special meeting of stockholders at the request of stockholders only if such request is submitted by stockholders holding a majority of all outstanding shares of Common Stock, and such shares have been owned of record continuously for a period of at least one year prior to the date that such special meeting is requested. Such stockholders must submit a request including the information and following the other procedures specified in our Bylaws. These provisions may have the effect of precluding the ability of stockholders to call a special meeting if the proper procedures are not followed.

Our Bylaws also establish advance notice procedures for stockholders to make nominations of candidates for election as directors or to bring other business before an annual or special meeting of stockholders. The Bylaws provide that any stockholder wishing to nominate persons for election as directors at, or bring other business before, an annual or special meeting must deliver to our Secretary a written notice of the stockholder's intention to do so. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of the Company. To be timely, the stockholder's notice, in the case of an annual meeting, must be received by our Secretary at our principal executive offices neither fewer than 90 days nor more than 120 days before the first anniversary date of the annual meeting for the proceeding year; provided, however, that in the event that the annual meeting is convened on a date that is more than 30 days before or more than 60 days after the first anniversary date of the preceding year's annual meeting, or if no annual meeting was held in the preceding year, a stockholder's notice must be received by our Secretary no more than 120 days prior to such annual meeting nor less than the later of (x) 90 days prior to such annual meeting and (y) 10 days after the earlier of (A) the day on which notice of the meeting was mailed or (B) the day on which public disclosure of the date of the meeting was made. In the case of a special meeting, a timely notice must be given no later than the close of business on the 10th day following the day on which notice of the date of the special meeting was given or public disclosure of the date of the special meeting was made, whichever comes first. The notice must also contain the information required by our Bylaws.

Additionally, our Bylaws provide that stockholders may remove directors only for cause, upon the vote of the holders of a majority of the outstanding shares of Common Stock.Exhibit 4.3

      

      
        

        

      

      
        DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO

        SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

      

      
        

        

      

      
        General

      

      
        

        

      

      
        The following is a description of the material terms of our capital stock included in our amended and restated certificate of
          incorporation, as amended (our “certificate of incorporation”) and our bylaws, as amended (our “bylaws”) and is only a summary. Our common stock is the only class or series of our securities which has been registered under Section 12 of the
          Securities Exchange Act of 1934, as amended, and is listed on The Nasdaq Global Select Market under the symbol “LINC”. This summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to: (i) our
          certificate of incorporation; (ii) our bylaws; and (iii) the applicable provisions of the New Jersey Business Corporation Act (the “NJBCA”). You should refer to complete copies of our certificate of incorporation and our bylaws, which are
          incorporated by reference as exhibits to the Annual Report on Form 10-K, of which this Exhibit 4.3 is a part, and to the relevant provisions of the NJBCA for additional information. Except as otherwise indicated or unless the context requires
          otherwise, all references herein to the “Company,” “we,” “us,” “our” and similar terms refer to Lincoln Educational Services Corporation.

      

      
        

        

      

      
        We are currently authorized to issue 110,000,000 shares of capital stock, including 100,000,000 shares of common stock, no par
          value per share, and 10,000,000 shares of preferred stock, no par value per share. Of the 10,000,000 authorized shares of preferred stock, 12,700 shares are designated as Series A Convertible Preferred Stock, no par value per share (“Series A
          Preferred Stock”), and are issued and outstanding.

      

      
        

        

      

      
        Common Stock

      

      
        

        

      

      
        As of March[3, 2021 there were 26,988,965 shares of common stock outstanding, which were held of record by 10 shareholders.

      

      
        

        

      

      
        Voting rights. Our
          shares of common stock are entitled to voting rights for the election of directors and for all other purposes, each holder of common stock being entitled to one vote for each share, except as otherwise required by law, and subject to the rights
          of the holders of preferred stock. The common stock does not have cumulative voting rights.

      

      
        

        

      

      
        Dividend rights.
          Subject to any prior rights of holders of shares of any then-outstanding series of preferred stock, all shares of our common stock are entitled to share equally in any dividends that our Board of Directors may declare from legally available
          sources. Our existing credit agreement currently imposes restrictions on our ability to declare dividends with respect to our common stock.

      

      
        

        

      

      
        Liquidation rights.
          Upon liquidation or dissolution of our Company, whether voluntary or involuntary, all shares of our common stock will be entitled to share equally in the assets available for distribution to shareholders after payment of all of our prior
          obligations, including obligations on our preferred stock.

      

      
        

        

      

      
        Other matters. The
          holders of our common stock have no preemptive or conversion rights and our common stock is not subject to further calls or assessments by us. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding
          shares of our common stock are fully paid and non-assessable.

      

      
        

        

      

      
        Listing and Transfer Agent.
          Shares of our common stock are listed for trading on The Nasdaq Global Market under the symbol “LINC.” Continental Stock Transfer & Trust Company is the transfer agent and registrar for our common stock.

      

      
        

        

        Preferred Stock

        

        

      

      
        As of March 3, 2021, there were 12,700 shares of Series A Preferred Stock outstanding, which were held of record by three
          shareholders.

        

        

      

      
        

        
          

        

      

      
        Our certificate of incorporation provides that the Board of Directors has the authority, without action by the shareholders, to
          designate and issue shares of preferred stock in one or more classes or series and to fix the powers, rights, preferences, and privileges of each class or series of preferred stock, including dividend rights, conversion rights, voting rights,
          terms of redemption, liquidation preferences, and the number of shares constituting any class or series, which may be greater than the rights of the holders of our common stock. Any issuance of shares of preferred stock could adversely affect the
          voting power of holders of common stock, and the likelihood that the holders will receive dividend payments and payments upon liquidation could have the effect of delaying, deferring, or preventing a change in control.

      

      
        

        

      

      
        We are currently authorized to issue 10,000,000 shares of preferred stock, no par value per share, of which 12,700 shares are
          designated as Series A Convertible Preferred Stock, no par value per share, and are issued and outstanding.

      

      
        

        

      

      
        Dividends. Dividends
          on the Series A Preferred Stock (“Series A Dividends”), at the initial annual rate of 9.6%, are to be paid from the date of issuance quarterly on each December 31, March 31, June 30 and September 30 with September 30, 2020 as the first dividend
          payment date. The Company, at its option, may pay dividends in cash or by increasing the number of conversion shares issuable upon conversion of the Series A Preferred Stock (the “Conversion Shares”). The dividend rate is subject to increase (a)
          2.4% per annum on the fifth anniversary of the issuance of the Series A Preferred Stock (b) by 20% per annum but in no event above 14% per annum should the Company fail to perform certain obligations under the certificate of incorporation.

      

      
        

        

      

      
        Series A Preferred
            Shareholders’ Right to Convert into Common Stock. Each share of Series A Preferred Stock, at any time, is convertible into a number of shares of common stock equal to (the “Convertible Formula”) the quotient of (i) the sum of (A) $1,000
          (subject to adjustment as provided in the certificate of incorporation) plus (B) the dollar amount of any declared Series A Dividends not paid in cash divided by (ii) the Series A Conversion Price (initially $2.36 per share subject to anti-dilution adjustments as provided in the certificate of incorporation) as of the
          applicable Conversion Date (as defined in the certificate of incorporation). At all times, however, the number of Conversion Shares that can be issued to any Series A Preferred Stock Holder may not result in such holder and its affiliates owning
          more than 19.99% of the total number of shares of common stock outstanding after giving effect to the conversion (the “Hard Cap”), unless prior shareholder approval is obtained or no longer required by the rules of the principal stock exchange on
          which the Company’s common stock trade.

      

      
        

        

      

      
        Mandatory Conversion.
          If, at any time following November 14, 2022, the volume weighted average price of the Company’s common stock equals or exceeds 2.25 times the Conversion Price ($5.31 per share based on the initial Conversion Price) for a period of 20 consecutive
          trading days and on each such trading day at least 20,000 shares of common stock was traded, the Company may, at its option and subject to the Hard Cap, require that any or all of the then outstanding shares of Series A Preferred Stock be
          automatically converted into shares of common stock at the then applicable Convertible Formula.

      

      
        

        

      

      
        Redemption. Beginning
          November 14, 2024, the Company may redeem all or any of the Series A Preferred Stock for a cash price equal to the greater of (the “Liquidation Preference”) (i) the sum of $1,000 (subject to adjustment as provided in the certificate of
          incorporation) plus the dollar amount of any declared Series A Dividends not paid in cash and (ii) the value of the Conversion Shares were such Series A Preferred Stock
          converted (as determined in the certificate of incorporation) without regard to the Hard Cap.

      

      
        

        

      

      
        Change of Control. In
          the event of certain changes of control, some of which are not in the Company’s control, as defined in the certificate of incorporation as a “Fundamental Change” or a “Liquidation”, the Series A Preferred Shareholders shall be entitled to receive
          the Liquidation Preference, unless such Fundamental Change is a stock merger in which certain value and volume requirements are met, in which case the Series A Preferred Stock will be converted into common stock in connection with such stock
          merger.

      

      
        

        

      

      
        

        
          

        

      

      
        Voting. Holders of
          shares of Series A Preferred Stock will be entitled to vote with the holders of shares of common stock and not as a separate class, at any annual or special meeting of shareholders of the Company, on an as-converted basis, in all cases subject to
          the Hard Cap. In addition, a majority of the voting power of the Series A Preferred Stock must approve certain significant actions of the Company, including (i) declaring a dividend or otherwise redeeming or repurchasing any shares of common
          stock and other junior securities, if any, subject to certain exceptions, (ii) incurring indebtedness, except for certain permitted indebtedness or (iii) creating a subsidiary other than a wholly-owned subsidiary.

      

      
        

        

      

      
        Board Representation.
          The holders of Series A Preferred Stock, voting as a separate class, have the right to appoint one director to the Board of Directors (the “Series A Director”) who may serve on any committees of the Board of Directors, until such time as the
          later of (i) the shares of Series A Preferred Stock have been converted into common stock or (ii) a holder still owns Conversion Shares and the sum of such Conversion Shares plus any other shares of common stock represent at least 10% of the
          total outstanding shares of common stock.

      

      
        

        

      

      
        Additional Provisions.
          The Series A Preferred Stock is perpetual and therefore does not have a maturity date. The conversion price of the Series A Preferred Stock is subject to anti-dilution protections if the Company effects a stock split, stock dividend, subdivision,
          reclassification or combination of its common stock and certain other economically dilutive events.

      

      
        

        

      

      
        Directors’ Exculpation and Indemnification

      

      
        

        

      

      
        Our certificate of incorporation provides that none of our directors shall be liable to us or our shareholders for monetary
          damages for any breach of fiduciary duty as a director, except to the extent otherwise required by the New Jersey Business Corporation Act, or the NJBCA. The effect of this provision is to eliminate our rights, and our shareholders’ rights, to
          recover monetary damages against a director for breach of a fiduciary duty of care as a director, except to the extent otherwise required by the NJBCA. This provision does not limit or eliminate our right, or the right of any shareholder, to seek
          non-monetary relief, such as an injunction or rescission in the event of a breach of a director’s duty of care. In addition, our amended and restated certificate of incorporation provides that, if the NJBCA is amended to authorize the further
          elimination or limitation of the liability of a director, then the liability of the directors shall be eliminated or limited to the fullest extent permitted by the NJBCA, as so amended. These provisions will not alter the liability of directors
          under federal or state securities laws.

      

      
        

        

      

      
        Anti-Takeover Effects of New Jersey Law, the Certificate of Incorporation and the Bylaws

      

      
        

        

      

      
        Certain provisions of the NJBCA, our certificate of incorporation and our bylaws may have the effect of delaying, deferring or
          preventing another person from acquiring control of the Company, including takeover attempts that might result in a premium over the market price for the shares of common stock.

      

      
        

        

      

      
        New Jersey Law

      

      
        

        

      

      
        We are subject to the provisions of Section 14A-10A of the NJBCA, which is known as the “New Jersey Shareholders Protection Act.”
          Under the New Jersey Shareholders Protection Act, we are prohibited from engaging in any “business combination” with any “interested shareholder” for a period of five years following the time at which that shareholder becomes an “interested
          shareholder” unless the business combination is approved by our Board of Directors before that shareholder became an “interested shareholder.” After this five-year period has expired, any business combination with an “interested shareholder” must
          be approved by holders of 662/3% of the voting shares not held by the “interested shareholder” or meet certain prescribed value requirements. Covered business combinations include certain mergers, dispositions of assets or shares and
          recapitalizations.

      

      
        

        

      

      
        An “interested shareholder” is (i) any person that directly or indirectly beneficially owns 10% or more of the voting power of our
          outstanding voting stock; or (ii) any of our affiliates or associates (as those terms are defined in the New Jersey Shareholders Protection Act) that directly or indirectly beneficially owned 10% or more of the voting power of our then
          outstanding stock at any time within a five-year period immediately prior to the date in question.

      

      
        

        

      

      
        

        
          

        

      

      
        Certificate of Incorporation and Bylaws

      

      
        

        

      

      
        Authorized but Unissued
            Preferred Stock. Our certificate of incorporation and bylaws permit us to establish the rights, privileges, preferences and restrictions, including voting rights, of future series of our preferred stock and to issue such stock without
          approval from our common shareholders.

      

      
        

        

      

      
        Board of Directors. Our
          certificate of incorporation and bylaws provide that our Board of Directors shall consist of at least three directors but not more than eleven directors, as may be determined by the Board of Directors from time to time. Currently, our Board of
          Directors consists of eight directors, seven of whom are independent directors, including one designated Series A Director. Other than a vacancy arising from the departure of a Series A Director, any vacancy on our Board of Directors, including a
          vacancy resulting from an enlargement of our Board of Directors, may be filled only by the affirmative vote of a majority of the directors then in office, though less than a quorum. Any such director so elected shall hold office for the remainder
          of the full term of the director for which the vacancy was created or occurred and until his or her successor shall have been elected and qualified. The limitation on filling vacancies could make it more difficult for a third party to acquire, or
          discourage a third party from attempting to acquire, control of our Company.

      

      
        

        

      

      
        Removal of Directors. Except
          for the rights of Series A Preferred Stock holders entitled to elect a Series A Director separately (and who retain the right to remove the Series A Director), any director may only be removed from office, without assigning any cause, by the
          approval of holders of a majority of the combined voting power of the then outstanding shares of our stock entitled to vote generally in the election of directors, voting together as a single class.

      

      
        

        

      

      
        Board meetings. Our
          bylaws provide that special meetings of the Board of Directors may be called by the chairman of our Board of Directors, the president, the chief financial officer or by any two directors in office.

      

      
        

        

      

      
        Shareholder meetings.
          Our certificate of incorporation provides that any action required or permitted to be taken by our shareholders at an annual meeting or special meeting of shareholders may only be taken if it is properly brought before such meeting and may not be
          taken by non-unanimous written action in lieu of a meeting. Our bylaws further provide that special meetings of the shareholders may only be called by the chairman of the Board of Directors, our president, by a committee that is duly designated
          by the Board of Directors, by resolution adopted by the affirmative vote of the majority of the Board of Directors or pursuant to an order of the New Jersey Superior Court in accordance with NJBCA.

      

      
        

        

      

      
        Requirements for advance
            notification of shareholder nominations and proposals. Our bylaws establish advance notice procedures with respect to shareholder proposals and the nomination of candidates for election as directors, other than nominations made by or at
          the direction of our Board of Directors or a committee of the Board of Directors. In order for any matter to be considered “properly brought” before a meeting, a shareholder must comply with requirements regarding advance notice and provide
          certain information to us. These provisions could have the effect of delaying until the next shareholders meeting shareholder actions that are favored by the holders of a majority of our outstanding voting securities. These provisions could also
          discourage a third party from making a tender offer for our common stock, because even if it acquired a majority of our outstanding voting securities, it would be able to take action as a shareholder (such as electing new directors or approving a
          merger) only at a duly called shareholders meeting and not by non-unanimous written consent.

      

      
        

        

      

      
        Shareholder action by
            written consent. Our certificate of incorporation and bylaws prohibit shareholder action by non-unanimous written consent and require all such actions to be taken at a meeting of shareholders of our common stock.

      

      
        

        

      

      
        

        
          

        

      

      
        Cumulative voting.
          Our certificate of incorporation provides that our shareholders shall have no cumulative voting rights.

      

      
        

        

      

      
        Amendment of certificate of
            incorporation and bylaws. The amendment of the provisions described above in our certificate of incorporation generally will require the affirmative vote of a majority of our directors, as well as the affirmative vote of the holders of
          at least 662/3% of our then-outstanding voting stock. Our bylaws may be amended (i) by the affirmative vote of the majority of our Board of Directors or (ii) by the affirmative vote of holders of a majority of our then outstanding
          voting stock.

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