Document:

DESCRIPTION OF SECURITIES

 

EXHIBIT 4.1

DESCRIPTION OF SECURITIES 

REGISTERED UNDER SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

Capital Stock

Aspen Group, Inc. (the “Company”) is authorized to issue (i) 40,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”) and (ii) 1,000,000 shares of “blank check” preferred stock, par value $0.001 per share, with such rights, preferences and limitations as may be set by a resolution of the Board of Directors of the Company. 

The Common Stock is registered pursuant to Section 12(b) of the Securities Exchange Act of 1934. 

The holders of Common Stock are entitled to one vote per share on all matters submitted to a vote of shareholders, including the election of directors. There is no cumulative voting in the election of directors. The directors of the Company are elected by a plurality of the votes cast by the shareholders. On all other matters submitted to the shareholders, the affirmative vote of the majority of the votes cast for or against a proposal shall be the act of the shareholders unless otherwise provided by the Delaware General Corporation Law (“DGCL”) or the bylaws of the Company.

In the event of liquidation or dissolution, the holders of Common Stock are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preferences of any outstanding shares of preferred stock. Holders of Common Stock have no preemptive rights and have no right to convert their Common Stock into any other securities and there are no redemption provisions applicable to our Common Stock.

 

The holders of Common Stock are entitled to any dividends that may be declared by the Board of Directors out of funds legally available for payment of dividends subject to the prior rights of holders of preferred stock and any contractual restrictions we have against the payment of dividends on Common Stock. We have not paid dividends on our Common Stock since inception and do not plan to pay dividends on our Common Stock in the foreseeable future.

Certain Provisions of Our Charter and Bylaws

Anti-takeover Provisions

In general, Section 203 of the DGCL prohibits a Delaware corporation with a class of voting stock listed on a national securities exchange or held of record by 2,000 or more shareholders from engaging in a “business combination” with an “interested shareholder” for a three-year period following the time that this shareholder becomes an interested shareholder, unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested shareholder. An “interested shareholder” is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested shareholder status, 15% or more of the corporation’s voting stock. Under Section 203, a business combination between a corporation and an interested shareholder is prohibited unless it satisfies one of the following conditions:

 

			
	 

	·

	before the shareholder became interested, the board of directors approved either the business combination or the transaction which resulted in the shareholder becoming an interested shareholder;

	 

	·

	upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder 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, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or

	 

	·

	at or after the time the shareholder became interested, the business combination was approved by the board of directors of the corporation and authorized at an annual or special meeting of the shareholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested shareholder.

The DGCL permits a corporation to opt out of, or choose not to be governed by, its anti-takeover statute by expressly stating so in its original certificate of incorporation (or subsequent amendment to its certificate of incorporation or bylaws approved by its shareholders). The Certificate of Incorporation of the Company, as amended, does not contain a provision expressly opting out of the application of Section 203 of the DGCL; therefore the Company is subject to the anti-takeover statute.

Issuance of “Blank check” Preferred Stock

As stated above the Board of Directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of Common Stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes could, under some circumstances, have the effect of delaying, deferring or preventing a change in control of the Company. 

Special Shareholder Meetings and Action by Written Consent

 

Under our bylaws, special meetings of the shareholders shall be held when directed by the Board of Directors. Our bylaws do not permit meetings of shareholders to be called by any other person. This could have the effect of delaying or preventing unsolicited takeovers and changes in control or changes in our management.

Pursuant to Item 202(a), the information regarding the Common Stock contained herein does not constitute a complete legal description of the Common Stock and is qualified in all material respects by the provisions of the Company’s Certificate of Incorporation and bylaws, as filed with the Securities and Exchange Commission.ampg_ex101.htm

EXHIBIT 10.1
  
 Updated 7-1-2019
  
 Fawad Maqbool , <fmaqbool@amplitechinc.com>
  
 RE:  Engagement Letter for Strategic Intellectual Property Consulting Services
  
 Dear Fawad:
  
 ipCapital Group (“ipCG”) appreciates the opportunity to assist you with strategic intellectual property (IP) issues.  Based on our discussion with you, ipCG understands that you are an experienced inventor with valuable IP that improves Microwave Amplifier technology. Furthermore, the discussion about your IP that AmpliTech continues to develop has considerable technical strength. We also understand that your solution is capable of providing low noise amplification even at higher frequencies, and moreover, the technology has the potential to lead to patents that implement the system on an integrated circuit. We also understand that you desire to position your IP to demonstrate value to investors, partners, and/or M&A stakeholders.
  
 SPECIFICS ON PROJECT
  
 If you have any questions or require additional information, please feel free to contact us at any time.  Thank you very much for your consideration.
  
 Our proposal is designed to assist you via the following phases:
  
  	  
	·	Phase 1: Extract your invention concepts via our ipScan® process
	  
	  
	  

	  
	·	Phase 2: Develop an ipStory® to demonstrate the value of IP to current and future investors

 
 We look forward to applying our expertise, resources, knowledge of best practices, and proprietary methods to help you meet your business objectives.  
  
 This letter sets forth the terms of our proposed engagement and the services that ipCG will perform for you.  We look forward to continuing our relationship with you through this work.
  
 Best regards,
  
 John Cronin, 
  
 Chairman and Managing Director 
  
 ipCapital Group 
                                                   
  
 Enclosures:
  
 1. Detailed Work Plan
  
 2. Detailed Terms
  
  	 
	1
	 
 
	 

   
 WORK PLAN
  
 Phase 1: Extract invention concepts via the ipScan® process
  
 Companies typically have a rich source of potential inventions that exist in the heads of inventors, scientists, and engineers, who may struggle to find the time and resources to properly capture those ideas and feed them into the IP protection process, so that they can be managed.  ipCG will use a proprietary ipScan® process (used over the last 21 years with great success at 100s of companies) to extract existing concepts and then help to broaden them across multiple thinking axes (time, supply chain, invention type, etc.) to capture invention ideas from your personnel.  This potential IP will be categorized and prioritized for selection of concepts for documentation, as described in phase 2.  
  
 Phase 2:  Develop an ipStory® to demonstrate the value of IP to current and future investors 
  
 ipCG will develop an objective, high-level presentation that communicates the depth, breadth, power, and strategic value of your platform and IP portfolio. ipCG will develop the presentation in a way that demonstrates the synergy of your IP, and integrate the business value to the potential acquirer, a high-level business, market, product, technology and IP integration.
  
 Under the scope of this engagement, ipCG will perform the services described in the table below entitled “Professional Services and Fees” (hereinafter referred to as “Services”) in accordance with the following terms and conditions.
  
  	1.	Professional Services and Fees

 
 	 Professional Services
	  
	 Fees
	  

	  
	  
	  
	  

	 Total Cash and Equity
	  
	$	30,000	  

	  
	  
	  
	  
	  

	 Total Cash                                                                                       
	  
	$	10,000	  

	  
	  
	  
	  
	  

	 Total Equity award payment once project is completed
	  
	$	20,000	  

  
  	 
	2
	 
 
	 

  
  	2.	Timing & Delivery. Work can begin upon acceptance of the terms in this engagement letter. ipCG and YOU shall mutually agree upon a project schedule.
	  
	  

	3.	Resources. ipCG will work in a close, collaborative manner with you to execute the Services. Because of the highly interactive nature of this work, the availability of your management and key technical personnel will be critical to the completion of the project. You agree to provide ipCG with its full assistance and cooperation including, but not limited to, providing all information as may be necessary or reasonable for ipCG to discharge its duties under this engagement letter and making the appropriate your personnel available to enable ipCG to obtain such information.
	  
	  

	4.	Compensation. Fees for the Professional Services areas stated in the Professional Services Table. You agree to pay the balance of the fees for Professional Services within 10 days from the date of the invoice. You shall pay all charges and fees in U.S. Dollars.
	  
	  

	5.	Late Payment/Interest. If payment in full is not received within 15 days from the invoice due date, as defined in mutually signed agreement(s), Client is subject to interest fees, along with costs of collection incurred by ipCG, including but not limited to, collection agency fees and reasonable attorney’s fees (whether suit is brought to effect such collection). The interest fees will be calculated per day of actual delay, from the due date of invoice, and based on the maximum rate of interest or fee allowed by law.
	  
	  

	6.	Confidential Nature. ipCG and Client agree that the terms and conditions of the Mutual Non-Disclosure Agreement executed by ipCG and Client simultaneously herewith (“NDA”), shall govern and control the way Confidential Information (defined below) is protected. The term Confidential Information shall have the meaning set forth in the NDA.

 
 Please confirm your agreement with the foregoing by signing a copy of this letter and returning it to ipCG.  We are pleased to have this opportunity to be of service to you.
  
 [SIGNATURE PAGE FOLLOWS]
  
  	 
	3
	 
 
	 

  
 Please confirm your agreement with the foregoing by signing a copy of this letter and returning it to ipCG. We are pleased to have this opportunity to be of service to you.
  
  
 Best Regards,
  
 ipCapital Group, Inc.
  
 	 By:  
	  

	  
 Name: John  Cronin 
	  

	  
 Title: Chairman and Managing Director
	  

	  
 Date: 7-1-19
	  

  
 You agree to, accepts, and acknowledges the foregoing terms and conditions pursuant to which ipCapital Group, Inc. will provide services to you.
  
 	  
 By: /s/ Fawad Maqbool
	  

	  
 Name: Fawad Maqbool
	  

	  
 Title: Owner, President & CEO of AmpliTech, Inc.
	  

	  
 Date:7-2-19
	  

  
  
  	4

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