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Exhibit 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
General
 
Any references in this exhibit to "the Company,” “Pillarstone,” “us,” “we” or “our” are to Pillarstone Capital REIT and its consolidated subsidiaries. Pillarstone is a Maryland real estate investment trust (“REIT”) engaged in investing in, owning and operating commercial properties.  The rights of our shareholders are generally covered by Maryland law and our Articles of Amendment & Reinstatement of the Declaration of Trust of the Company (as amended and restated and in effect on the date hereof, the “Articles”).  The terms of our common stock are therefore subject to Maryland law.  The following description of the terms of the common stock and preferred stock of Pillarstone is a summary and is subject to and is qualified in its entirety by reference to the Articles and our Third Amended and Restated Bylaws (the “Bylaws”), copies of which are incorporated by reference to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part.
 
Authorized Shares of Beneficial Interest
 
Pillarstone’s authorized beneficial interest (the “Shares”) consists of 450,000,000 shares of beneficial interest having a par value of $0.01 per share.  400,000,000 Shares are classified as common shares of beneficial interest having a par value of $0.01 per share (the “Common Shares”), and 50,000,000 Shares are classified as preferred shares of beneficial interest having a par value of $0.01 per share the (“Preferred Shares”).  Of the Preferred shares, 1,518,000 are designated as Class A Cumulative Convertible Preferred Shares (the “Class A Preferred Shares”) and 300,000 are classified as Class C Convertible Preferred Shares (the “Class C Preferred Shares”).

As  of December 31 2020, there were 595,000 common shares outstanding, 256,636 Class A Preferred Shares outstanding and 231,944 Class C Preferred Shares.

Common Shares
Outstanding Shares of Common Shares are fully paid and nonassessable. Common Shares do not carry any preemptive rights enabling a holder to subscribe for or receive any additional securities that Pillarstone may issue from time to time.  No conversion rights, redemption rights or sinking fund provisions are applicable to the Common Shares.  The rights of holders of Common Shares will be subject to the rights of holders of any Preferred Shares that may be issued and outstanding from time to time.  Our Board of Trustees (our “Board”) can authorize the issuance of Preferred Shares without shareholder approval.  Such issued shares could have voting, conversion and other rights that could adversely affect the rights of holders of Common Shares.  

Our Board also could authorize the issuance of additional shares of Common Shares from time to time without shareholder approval. 
 
Listing. Our Common Shares are listed on the Over-The-Counter Bulletin Board an on pink sheets under the symbol “PRLE”. 
 
Dividends. The holders of Common Shares are entitled to receive such dividends as may be declared by our Board out of funds legally available for distribution.  These dividends may be paid only out of funds remaining after payment in full of any cumulative dividends upon all outstanding Preferred Shares have been paid or set apart for payment for all past dividend periods and the then current dividend period. 
 
Liquidation Rights.  Upon any voluntary or involuntary liquidation of Pillarstone, its assets must be used in the following order of priority: 
 
									
	 		payment of or provision for all of our debts and liabilities;

									
	 		payment of all sums to which the Preferred Shares may be entitled; and

									
	 		distribution ratably to holders of Common Shares our remaining assets.

 
Voting Rights.  Each Common Share entitles the holder thereof to one vote on each matter upon which holders of Common Shares are entitled to vote.  Our Board may reclassify any unissued Common Shares from time to time in one or more classes or series of Common Shares or Preferred Shares.ý  Our Articles provide that our Board shall consist of 6 trustees, which may be increased or decreased pursuant to the Bylaws, to contain never less than 1 trustee and never more than 15 trustees. 
 
Restrictions on Ownership and Transfer of Shares
 
Pillarstone was formed as an REIT on March 15, 1994.  To qualify for taxation as a REIT, Pillarstone must comply with certain provisions of the Internal Revenue Code (the “Code”).  In general, to qualify for taxation as a REIT no more than 50% in value of Pillarstone’s capital stock may be owned by five or fewer “individuals” (as defined in the Code) at any time during the last half of a taxable year, and shares of Pillarstone common stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Pillarstone does not currently qualify for taxation as a REIT for federal income tax purposes.
 
Our Articles contain restrictions on the ownership and transfer of Shares intended to assist Pillarstone in attaining status as a REIT for federal income tax purposes.  Our Articles provide that, among other things and subject to certain exceptions, no person may own, or be deemed to own by virtue of the attribution provisions of the Code, 9.8% or more, in aggregate number of shares or value, of the outstanding shares of any class or series of Pillarstone capital stock. Our Articles also include other restrictions on ownership and transfer.  In the event any transfer of 

shares of stock or other event would result in a person (referred to as the “Intended Transferee”) beneficially or constructively owning shares in excess of the ownership limit that would result in Pillarstone’s disqualification as a REIT, that number of shares that would cause a violation of the applicable limit (referred to as the “excess shares”) will be automatically transferred to a trust for the benefit of a charitable organization.  If a transfer to a trust would not avoid a violation of the ownership limitation provisions for some reason, such transfer of the excess shares to the Intended Transferee will be void ab inito, and of no force or effect. 
 
Anti-Takeover Provisions 
 
The provisions of Maryland law and our Articles could discourage or make it more difficult to accomplish a proxy contest or other change in our management or the acquisition of control by a holder of a substantial amount of our voting stock.  It is possible that these provisions could make it more difficult to accomplish, or could deter, transactions that shareholders may otherwise consider to be in their best interests or in our best interests.  These provisions are intended to enhance the likelihood of continuity and stability in the composition of our Board and in the policies formulated by the Board and to discourage certain types of transactions that may involve an actual or threatened change of our control.  These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal that may not be in the best interests of our shareholders and to discourage certain coercive tactics.  Such provisions also may have the effect of preventing changes in our Board and management. 
 
The provisions in our Articles and Bylaws include, among other things, the following: 

•classified board with three-year staggered terms;

•the ability of our Board to classify any unissued Preferred Shares and reclassify any previously classified but unissued Preferred Shares of any series, in one or more serious of Common Shares or Preferred Shares, without shareholder approval;

•shareholder action can only be taken at a special or regular meeting, and absent a meeting, only by unanimous written or electronic consent;

•shareholders cannot call a special meeting except upon the written request of shareholders entitled to cast not less than a majority of all of the votes entitled to be cast at the meeting;

•advance notice procedures for nominating candidates to our Board;

•limitations as to what the shareholders are entitled to vote on;

•removal of trustees only for cause;

•in order to facilitate the preservation of Pillarstone’s status as PREIT under the Code, a prohibition on any single shareholder, or any group of affiliated shareholders from 

beneficially owning more than 9.8% of our outstanding common or preferred stock, unless our Board waives or modifies this ownership limitation;

•supermajority voting requirements to amend certain provisions of our Articles;

•limitations allowing only our Board to amend our Bylaws.Exhibit 4.1

 

	 	NUMBER UNITS

U-
	SEE REVERSE FOR CERTAIN

DEFINITIONS	CUSIP 

 

Aspirational
Consumer Lifestyle Corp. II

 

UNITS CONSISTING OF ONE CLASS A ORDINARY
SHARE AND ONE-THIRD OF ONE

 REDEEMABLE WARRANT, EACH WHOLE WARRANT ENTITLING THE HOLDER TO

 PURCHASE ONE CLASS A ORDINARY SHARE

 

	THIS CERTIFIES THAT	 	is the owner of	 	Units.	 

 

Each Unit (“Unit”) consists of one (1) Class A
Ordinary Share, par value $0.0001 per share (“Class A Ordinary Shares”), of Aspirational Consumer Lifestyle
Corp. II, a Cayman Islands exempted company (the “Company”), and one-third (1/3) of one redeemable warrant (the
 “Warrant”). Each whole Warrant entitles the holder to purchase one (1) Class A Ordinary Share (subject
to adjustment) for $11.50 per share (subject to adjustment). Only whole Warrants are exercisable. Each Warrant will become exercisable
thirty (30) days after the Company’s completion of a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization
or other similar business combination with one or more businesses (each a “Business Combination”), and will
expire, unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company
completes its initial Business Combination, or earlier upon redemption or liquidation. The Class A Ordinary Shares and Warrants comprising
the Units represented by this certificate will begin separate trading on                      ,
2021 unless Credit Suisse Securities (USA) LLC elects to allow separate trading earlier, subject to the Company’s filing of a Current
Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s
receipt of the gross proceeds of its initial public offering (the “Audit 8-K”) and, if the separation date is
earlier than trading on                      ,
2021, issuing a press release announcing when separate trading will begin. The Company shall file the Audit 8-K. No fractional Warrants
will be issued upon separation of the Units. The terms of the Warrants are governed by a Warrant Agreement, dated as of                      , 2021, between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained
therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement
are on file at the office of the Warrant Agent at One State Street, 30th Floor, New York, New York 10004, and are available to any Warrant
holder on written request and without cost.

 

Upon the consummation of the Business Combination,
the Units represented by this certificate will automatically separate into the Class A Ordinary Shares and Warrants comprising such
Units.

 

This certificate is not valid unless countersigned
by the Transfer Agent and registered by the Registrar of the Company.

 

This certificate shall be governed by and construed
in accordance with the laws of the State of New York.

 

Witness the facsimile signature of its duly authorized
officers.

		 	 
	[TITLE] 	 	[TITLE]

 

     

     

    

 

ASPIRATIONAL CONSUMER LIFESTYLE CORP. II

 

The Company will furnish without charge to each
unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special
rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences
and/or rights.

 

The following abbreviations, when used in the inscription
on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN COM	—as tenants in common	UNIF GIFT MIN ACT —	________Custodian

________
	 	 	 	 
	TEN ENT	—as tenants by the entireties	 	(Cust)

(Minor)

under Uniform Gifts to 

Minors
	 	 	 	 
	JT TEN	—as joint tenants with right

 of survivorship and not as 

tenants in common	 	Act       _____________

(State)

 

Additional abbreviations may also be used though not in the above list.

 

For value received, ______________ hereby sell, assign and transfer
unto ______________

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF 

ASSIGNEE
	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF 

ASSIGNEE)
	 
	 
	___ Units represented by the within Certificate, and does hereby irrevocably constitute and appoint
	 
	________________________Attorney
    to transfer the said Units on the register of members of the within named Company with full power of substitution in the premises.
	 
	Dated: _____________
	 

 

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	 	Notice:	The signature to this assignment must correspond with the name as written upon the face of the certificate
in every particular, without alteration or enlargement or any change whatever.
	Signature(s) Guaranteed:	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED). 	 
	 

 

In each case,
as more fully described in the Company’s final prospectus dated               ,
2021, the holder(s) of this certificate shall be entitled to receive a pro rata portion of certain funds held in the trust account
established in connection with its initial public offering only in the event that (i) the Company redeems the Class A Ordinary
Shares sold in its initial public offering and liquidates because it does not consummate an initial business combination by                     ,
2023, or by such later date approved by the Company’s shareholders in accordance with the Company’s amended and restated
memorandum and articles of association, (ii) the Company redeems the Class A Ordinary Shares sold in its initial public offering
in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to
modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial business
combination or to redeem 100% of the Class A Ordinary Shares if it does not complete its initial business combination by                     ,
2023, or by such later date approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum
and articles of association, or (B) with respect to any other provision relating to the holder(s)’(s) rights or pre-initial
business combination activity, or (iii) if the holder(s) seek(s) to redeem for cash his, her, its or their respective Class A
Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of
the proposed initial business combination) setting forth the details of a proposed initial business combination. In no other circumstances
shall the holder(s) have any right or interest of any kind to or in the trust account.

 

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