Document:

Exhibit 4.1

 

DESCRIPTION OF COMMON STOCK

 

The following is a summary description
of the material features of the common stock, par value $1.00 per share, of Carter Bankshares, Inc. (the “Company”),
based on the Company’s Articles of Incorporation and Bylaws and relevant provisions of the laws of the Commonwealth of Virginia
(“Virginia law”). This summary is not complete and is qualified in its entirety by reference to the provisions of the
Company’s Articles of Incorporation and Bylaws and Virginia law. The Company’s Articles of Incorporation and Bylaws
are included as exhibits to the Current Report on Form 8-K, of which this exhibit is a part.

 

The Company’s Articles of Incorporation
authorize 100,000,000 shares of common stock, par value $1.00 per share. The Company’s common stock is traded on the Nasdaq
Global Select Market (“NASDAQ”) under the symbol “CARE.”

 

Holders of the Company’s common stock
are entitled to receive dividends if, as and when declared by the Company’s Board of Directors. Holders of the Company’s
common stock are entitled to one vote per share on each matter submitted to a vote of shareholders. A majority of the outstanding
shares of common stock of the Company entitled to vote constitutes a quorum for a meeting of shareholders. If a quorum exits, action
on a matter, other than the election of directors, is approved if the votes cast in favor of the matter exceed the votes opposing
the matter, unless Virginia law or the Company’s Articles of Incorporation require a greater number of affirmative votes.
The Company’s Articles of Incorporation and Bylaws provide for a single class of directors to be elected annually. Directors
are elected by a plurality of the votes cast at a meeting at which a quorum exists. There are no cumulative voting rights in the
election of directors.

 

Unless otherwise provided for in the Company’s
Articles of Incorporation, the Company’s shareholders have no preemptive rights to purchase additional shares of the Company’s
common stock in order to preserve their proportionate ownership interest in the Company if the Company issues shares that might
dilute the ownership interests of existing shareholders. Holders of the Company’s common stock have no conversion, redemption
or sinking fund rights. The outstanding shares of the Company’s common stock are fully paid and nonassessable.

 

Except as limited by Virginia law or the
Company’s Articles of Incorporation, the Company’s Bylaws vest the power to amend the Bylaws in the Board of Directors
by a majority vote of the total number of directors.

 

With regard to indemnification and elimination
of liability, the Company shall indemnify every individual made a party to a proceeding because he or she is or was a director
or officer against liability incurred in the proceeding if: (i) he or she conducted himself or herself in good faith; and (ii)
he or she believed, in the case of conduct in his or her official capacity with the Company, that his or her conduct was in the
best interests of the Company and, in all other cases, that his or her conduct was at least not opposed to the Company’s
best interests (or with respect to an employee benefit plan, that his or her conduct was for a purpose he or she believed to be
in the interests of the participants of and beneficiaries of the plan); and (iii) he or she had no reasonable cause to believe,
in the case of any criminal proceeding, that his or her conduct was unlawful. The Company shall not indemnify any individual against
his or her willful misconduct, a knowing criminal violation, or any liability incurred in any proceeding charging improper personal
benefit to him or her, whether or not by or in the right of the Company or involving action in an official capacity, in which he
or she was adjudged liable by a court of competent jurisdiction on the basis that personal benefit was improperly received by him
or her.

 

Except as provided in the Company’s
Articles of Incorporation, in any proceeding brought by or in the right of the Company or by or on behalf of its shareholders,
a director or officer shall not be liable for monetary damages arising out of or resulting from a single transaction, occurrence
or course of conduct. The Company’s Articles of Incorporation provide that the liability of a director or officer shall not
be so eliminated if he or she engaged in willful misconduct or a knowing criminal violation or violation of any federal or state
securities law, including any claim of unlawful insider trading or manipulation of the market for any security.

 

     

     

    

 

Virginia law contains business combination
statutes that protect domestic corporations from hostile takeovers, and from actions following such a takeover, by restricting
the voting rights of shares acquired by a person who has gained a significant holding in the Company. The Company’s Articles
of Incorporation and Bylaws are silent with respect to these business combination statues; therefore, Virginia law applies.

 

In the event of any liquidation, dissolution
or winding up of the Company, the holders of the Company’s common stock will be entitled to receive, in cash or in kind,
the assets of the Company available for distribution remaining after payment or provision for payment of the Company’s debts
and liabilities.Exhibit 10.5

 

AGREEMENT TO TRANSFER LICENSE RIGHTS 

 

This Agreement is made and entered effective
the 31th day of January 2019, (the Effective Date) by and between Electromedica LLC. a Wyoming Limited Liability Company with an
address at 214 via Emilia, Palm Beach Gardens Florida 33418, its successor or assigns (hereinafter “Electromedica”)
and Odyssey Group International Inc. a Nevada Corporation whose address is
2372 Morse Ave., Irvine, CA 92614 (hereinafter ODYY)

 

RECITALS

 

1.       Electromedica,
entered into a License Agreement with Pegasus Pharmaceuticals Inc. and Heartview LLC dated January 30, 2019 (the License Agreement)
giving Electromedica an exclusive license to use certain Intellectual Property, Proprietary Marks, Confidential Information, and
Technology (capitalized terms are defined below and described in Exhibit A) and now, and for good and valuable consideration,
Electromedica wishes to transfer and assign all rights provided by the License Agreement to ODYY.

 

2.       ODYY
wishes to obtain all rights from Electromedica in the License Agreement related to the Intellectual Property,

 

THEREFORE,
in consideration of the promises, covenants and undertakings set forth herein, the parties hereto, intending to be legally bound,
agree as follows:

 

ARTICLE 1

DEFINITIONS

 

1.1       “Intellectual
Property shall mean the Proprietary Marks, Confidential Information and Technology licensed by Electromedica and listed
on Exhibit A, including the USPTO Patent No. US 7,519,416 B2, Issued on April 14, 2009 and assigned to Heartview LLC.

 

1.2       “Documentation”
shall mean any online or written manuals, program listings, data models, flow charts, source code, logic diagrams, functional specifications,
or communications of any nature whatsoever, whether in text or code forms, associated with or relating to the Intellectual Property.

 

1.3       “Proprietary
Marks” shall refer to the patents, trade marks, trade names, copyrights, logos and registered designs, details related
to diagnosing human cardiac conditions. Electromedica agrees this term is to be broadly construed to the benefit of Transfer ODYY.

 

1.4       “Confidential
Information” shall mean all confidential and proprietary commercial information, data and material, whether disclosed
in writing, orally or by inspection, or which either party has reason to believe is treated as confidential by the other party,
regarding (a) work product resulting from or related to the Technology (as hereinafter defined); (b) computer software,
including Documentation; (c) the condition, assets, liabilities, business, systems, methods and manner of operation, including
but not limited to internal personnel, financial, marketing, and other business information; (d) strategic, operational, and
other business plans and forecasts. All information, in whatever form, that relates to Proprietary Marks, the Technology that is
not publicly known is “Confidential Information.” Electromedica agrees this term is to be broadly construed to the
benefit of ODYY .

 

 

 

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1.5       “Technology”
shall mean the Proprietary Marks, and all right, title, and interest therein, together with all information, know-how, data, code,
software, drawings, designs, operating experience and techniques, documents, models, test or performance reports, specifications
and shop practices, ideas, trade secrets, techniques, processes, practices and any design, development, and manufacturing data
relating to the Intellectual Property. Electromedica agrees this term is to be broadly construed to the benefit of ODYY.

 

ARTICLE 2

GRANT OF LICENSE AND OBLIGATIONS

OF ODYY

 

2.1       Transfer
of License. Electromedica, herby transfers, assigns and grants to ODYY all its rights and interest in the License Agreement.
The License Agreement provides for an exclusive, royalty-free, perpetual right to use the Intellectual Property, Proprietary Marks,
Confidential Information and Technology in all areas of the world for any reason whatsoever. Electromedica will not grant any
other business entity or person(s) any rights to the license to utilize the Intellectual Property. ODYY may transfer, assign or
sub-license its rights to the Intellectual Property, Proprietary Marks, Confidential Information and Technology in its sole discretion.
Electromedica agrees that upon the Effective Date, all rights to the Intellectual Property will cease for Electromedica and all
rights to the Intellectual Property in the License Agreement will transfer to ODYY.

 

2.2       Ownership.
As written in paragraph 2.1 of the License Agreement, Electromedica warrants that it possesses or has the licensing rights
to the Intellectual Property, Proprietary Marks, Confidential Information and Technology. Paragraph 2.1 further allows for Electromedica
to transfer and or sub-license the Inellectual Property.

 

ARTICLE 3

CONSIDERATION

 

3.1       Consideration.
As consideration for the License, ODYY will pay to Electromedica fifteen million (15,000,000) shares of ODYY common stock.
There will be no cash consideration or royalty paid to Electromedica. The shares will be delivered to Electromedica in certificate
form within seven days after the execution of this agreement.

 

ARTICLE 4

TERM 

 

4.1       Term.
The term of this Agreement commences on the date set forth above and shall continue in perpetuity.

 

ARTICLE 5

INDEMNIFICATION

 

5.1       By
Electromedica. Electromedica shall indemnify, defend and hold harmless ODYY from any and all damages, liabilities, costs
and expenses (including reasonable attorneys’ fees) incurred by ODYY as a result of any claim that the Proprietary Marks,
when used within the scope of this Agreement, infringes any intellectual property right or trade secret of any third party; provided
ODYY promptly notifies Electromedica, in writing, of any such claim and promptly tenders the control of the defense and settlement
of any such claim to Electromedica at Electromedica’s expense and discretion. ODYY shall reasonably cooperate with Electromedica,
in defending or settling such claim and ODYY may join in defense with counsel of its choice should Electromedica elect to defend
ODYY

 

6.1       By
ODYY. ODYY shall indemnify, hold harmless and defend Electromedica from and against any and all claims, liabilities, damages
and expenses (including reasonable attorneys’ fees) incurred by Electromedica as a result of any breach by ODYY of the terms
of this Agreement.

 

 

 

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ARTICLE 11

MISCELLANEOUS

 

7.1       Assignment.
This Agreement and all the rights of ODYY hereunder may be assigned or transferred at the sole discretion of ODYY and shall inure
to the benefit of its successors and assigns.

 

8.1       Severability.  In
the event that any provision in this Agreement shall be held invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions hereof or thereof will not in any way be affected or impaired thereby.

 

9.1       Third
Party Beneficiaries .  The parties intend that this Agreement shall not benefit or create any right or cause
of action in or on behalf of or impose any obligation upon any person or entity other than the parties hereto and their respective
successors and permissible assigns.

 

10.1       Notices.
Any notice or other communication required or permitted hereunder shall be in writing and shall be sufficiently given if delivered
in person or sent by email, registered or certified mail with postage prepaid, Federal Express or similar overnight service, or
Express Mail, addressed as follows:

 

If to ODYY:

 

Michael
Redmond

President
and CEO of Odyssey Group International

2372
Morse Ave., Irvine, CA 92614

 

If to Electromedica:

 

David Banner

214 via Emilia,

Palm Beach Garden Florida
33418

 

Such addresses and numbers may be changed by
written notice. Such notice or communication shall be deemed to have been given when received.

 

11.5       Governing
Law .  The interpretation and construction of this Agreement, and all matters relating to it, shall be governed
by the laws of the State of California.

 

11.6       Captions
and Language .  The Article and Section captions used in this Agreement are for reference purposes only, and
shall not in any way affect the meaning or interpretation of this Agreement. Whenever used in this Agreement, the singular number
shall include the plural, and vice versa, whenever appropriate. This Agreement shall be construed in accordance with its plain
meaning, and not strictly for or against any party.

 

11.7        Entire
Agreement .  This Agreement, including all Schedules and all exhibits thereto, contain the entire understanding
of the parties hereto with respect to the subject matter contained herein, and there are no other agreements or understandings,
written or oral, in effect between the parties relating to the subject matter hereof. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter.

 

 

 

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11.8       Waivers
and Amendments .  This Agreement may not be amended or modified orally, but only by an agreement in writing signed
by both parties. This Agreement or any provision hereof may be waived, amended, supplemented, superseded, canceled, renewed, extended
or modified only by a written instrument signed by the parties. No delay on the part of any party in exercising any right, power,
or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of such party of any such right, power,
or privilege, nor any single or partial exercise of any such right, power, or privilege, preclude any other or further exercise
thereof or the exercise of any other such right, power, or privilege. No waiver of any provision of this Agreement shall be deemed
or constitute a waiver of any other provision hereof (regardless of the similarity of such provisions), nor shall any such waiver
constitute a continuing waiver unless expressly so provided.

 

11.9       Authority.
The parties represent and warrant, each to the other, that they have the right, power and authority to enter this Agreement, and
by so doing, the party is not causing a breach to any other agreements or contracts entered by the party.

 

IN WITNESS WHEREOF
this Agreement has been entered into the day and year first above written.

 

Electromedica, LLC

 

 

By: /s/ David Banner

 

Its: President and CEO

 

 

Odyssey Group International.

 

By:/s/
Joseph M. Redmond

 

Its: President and CEO

 

 

 

 

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Exhibit A

 

 

 

1. US Patent Number: Patent Number 7,519,416 B2, Issued on April
14, 2009

 

2. Heartview algorithm, Code, Master Software

 

3. Trademarks and service marks related to Heartview

 

4. Key trade secrets and proprietary know-how related to

 

5. Source Code or object code escrows, Open source software used
in (or used to create) the seller’s products or services, if any.

 

 

 

 

 

 

 

 

 

 

 

 

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