Document:

Exhibit 4.4

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURUSANT TO SECTION 12 OF
THE SECURITIES

EXCHNAGE ACT OF 1934, AS AMENDED

 

As of March 31, 2020, Senmiao Technology Limited (“we,”
 “our,” “us” or the “Company”) had one class of securities registered under Section 12 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”): common stock with a par value of $0.0001 per share.

 

Pursuant to our articles of incorporation,
we are authorized to issue 100,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $0.0001 per share.
The following description summarizes the material terms of our capital stock. For a complete description of the matters set forth
herein, you should refer to our articles of incorporation, our bylaws, and the applicable provisions of Nevada law.

 

Defined terms used herein and not defined
herein shall have the meaning ascribed to such terms in our Annual Report on Form 10-K.

 

Common Stock

 

Each share of our common stock is entitled to one vote on all
matters submitted to a vote of the stockholders, including the election of directors. Except as otherwise required by law, the
holders of common stock will possess all voting power. Generally, all matters to be voted on by stockholders must be approved by
a majority of the votes entitled to be cast by all shares of common stock that are present in person or represented by proxy. Holders
of common stock representing a majority of our capital stock issued, outstanding and entitled to vote, represented in person or
by proxy, are necessary to constitute a quorum at any meeting of our stockholders. Our articles of incorporation do not provide
for cumulative voting in the election of directors. Holders of common stock have no pre-emptive rights, no conversion rights and
there are no redemption provisions applicable to the common stock.

 

Preferred Stock

 

Our board of directors has the authority to issue preferred
stock in one or more classes or series and to fix the designations, powers, preferences and rights, and the qualifications, limitations
or restrictions thereof, including dividend rights, conversion right, voting rights, terms of redemption, liquidation preferences
and the number of shares constituting any class or series, without further vote or action by the stockholders. Although we have
no present plans to issue any shares of preferred stock, the issuance of shares of preferred stock, or the issuance of rights to
purchase such shares, could decrease the amount of earnings and assets available for distribution to the holders of common stock,
could adversely affect the rights and powers, including voting rights, of the common stock, and could have the effect of delaying,
deterring or preventing a change of control of us or an unsolicited acquisition proposal.

 

Warrants

 

Series A Warrants

 

Duration and Exercise Price.  The
Series A Warrants (“Series A Warrants”) entitle the holders thereof to purchase up to an aggregate of 1,336,021 shares
of our common stock at an exercise price of $3.72 per share (the “Series A Exercise Price”), exercisable immediately
upon issuance and expiring on the fourth (4th) anniversary of the initial date of issuance. The Series A Warrants will
be issued separately from the shares of common stock, and may be transferred separately immediately thereafter.

  

Certain Adjustments.  The
exercise price of the Series A Warrants is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations
or similar events affecting our common stock. Additionally, on the six (6)-month anniversary of the Series A Initial Exercise Date,
if the average Volume Weighted Average Price (“VWAP”) during the ten (10) trading days prior to such anniversary (“New
Exercise Price”) is less than the Series A Exercise Price, then the Series A Exercise Price shall have one-time price adjustment
equal to the New Exercise Price; provided, however, in no event, shall the New Exercise Price be less than $1.50 per share.

 

Cashless Exercise.  If,
at the time a holder exercises its Series A Warrants, there is no effective registration statement registering, or the prospectus
contained therein is not available for an issuance of, the shares underlying the Series A Warrants to the holder, then in lieu
of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price,
the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of common stock
determined according to a formula set forth in the Series A Warrants.

 

    

     

    

 

Forced Exercise. Subject to standard
equity conditions, commencing on the tenth (10th) trading day after Series A Initial Exercise Date, the Company may
force the exercise of the Series A Warrants if at any time the VWAP of the common stock exceeds $11.16 (as adjusted for stock splits,
stock dividends, recapitalizations and similar events) for ten (10) consecutive trading days.

 

Fundamental Transactions.  If,
at any time while the Series A Warrants are outstanding, the Company, directly or indirectly, in one or more related transactions,
enters into a Fundamental Transaction (as defined in the Series A Warrants), then each holder shall have the right thereafter to
receive, upon exercise of a Series A Warrant, the same amount and kind of securities, cash or property as such holder would have
been entitled to receive upon the occurrence of such Fundamental Transaction if the holder had been, immediately prior to such
Fundamental Transaction, the holder of the number of shares of common stock then issuable upon exercise of the Series A Warrants.
Any successor to us, surviving entity or the corporation purchasing or otherwise acquiring such assets shall assume the obligation
to deliver to the holder such alternate consideration, and the other obligations, under the Series A Warrants.

 

Change of Control Provisions. Notwithstanding
the consideration granted to a holder with respect to a Fundamental Transaction (as defined in the Series A Warrants), each holder
may be entitled to additional consideration upon a Change of Control (as defined in the Series A Warrants).

 

Transferability.  The
Series A Warrants may be transferred at the option of the holder of the Series A Warrant upon surrender of the Series A Warrants
with the appropriate instruments of transfer.

 

Exchange Listing.  We
do not plan on making an application to list the Series A Warrants on any national securities exchange or other nationally recognized
trading system.

 

Exercisability.  The Series
A Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise
notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the
case of a cashless exercise as discussed above). A holder (together with its affiliates) may not exercise any portion of the warrant
to the extent that the holder would beneficially own more than 4.99% of our outstanding common stock after exercise. The holder
may increase or decrease this beneficial ownership limitation to any other percentage of our common stock outstanding immediately
after the exercise not in excess of 9.99%, upon, in the case of an increase, not less than 61 days’ prior written notice
to us. Notwithstanding the foregoing, one Investor elected to immediately be subject to a 9.99% beneficial ownership limitation
in lieu of the initial 4.99% beneficial ownership limitation.

 

Waivers and Amendments.  Subject
to certain exceptions, the terms of a Series A Warrant may be amended or waived only with the written consent of the holder.

 

Series B Warrants

 

Duration and Exercise Price.  The
Series B Warrants entitle the holders thereof to purchase an aggregate amount of shares ranging from 0 shares of common stock to
up to 1,116,320 shares of common stock (the “Series B Warrant Shares”). The amount of Series B Warrant Shares, if any,
are determined based upon the following: in that event that on the fiftieth (50th) day after the closing date (the “Adjustment
Measuring Time”), the closing price of the common stock is less than the Share Purchase Price, then the number of shares
of common stock issuable upon exercise of the Series B Warrants shall be adjusted (upward or downward, as applicable) to the greater
of (i) zero (0) and (ii) such aggregate number of shares of common stock equal to fifty percent (50%) of the difference of (A)
the quotient of (x) the Investor’s Share Purchase Price divided by (y) the Market Price (as defined the in Purchase Agreement)
as of the Adjustment Measuring Time, less (B) the aggregate number of Shares issued to the Investors at the closing (as adjusted
for share splits, share dividends, share combinations, recapitalizations and similar events). The maximum aggregate number of shares
of common stock issuable upon exercise of the Series B Warrants is 1,116,320. The Series B Warrants are exercisable upon the fiftieth
(50th) day after the closing of the offering, at an exercise price of $3.72 per share and will expire on the on the
first (1st) anniversary of their issuance. The Series B Warrants will be issued separately from the Shares, and may
be transferred separately immediately thereafter.

  

Certain Adjustments.  The
exercise price of the Series B Warrants is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations
or similar events affecting our common stock.

 

Cashless Exercise.  If,
at the time a holder exercises its Series B Warrants, then in lieu of making the cash payment otherwise contemplated to be made
to us upon such exercise in payment of the aggregate exercise price, the holder at its sole discretion, may elect instead to receive
upon such exercise (either in whole or in part) the net number of shares of common stock determined according to a formula set
forth in the Series B Warrants.

 

    

     

    

 

Forced Exercise. Subject to standard
equity conditions, commencing on the tenth (10th) trading day after the issuance date of the Series B Warrants, the
Company may force the exercise of the Series B Warrants if at any time the VWAP of the common stock exceeds $11.16 (as adjusted
for stock splits, stock dividends, recapitalizations and similar events) for ten (10) consecutive trading days.

 

Fundamental Transactions.  If,
at any time while the Series B Warrants are outstanding, the Company, directly or indirectly, in one or more related transactions,
enters into a Fundamental Transaction (as defined in the Series B Warrants), then each holder shall have the right thereafter to
receive, upon exercise of a Series B Warrant, the same amount and kind of securities, cash or property as such holder would have
been entitled to receive upon the occurrence of such Fundamental Transaction if the holder had been, immediately prior to such
Fundamental Transaction, the holder of the number of shares of common stock then issuable upon exercise of the Series B Warrants.
Any successor to us, surviving entity or the corporation purchasing or otherwise acquiring such assets shall assume the obligation
to deliver to the holder such alternate consideration, and the other obligations, under the Series B Warrants.

 

Transferability.  The
Series B Warrants may be transferred at the option of the holder of the Series B Warrant upon surrender of the Series B Warrants
with the appropriate instruments of transfer.

 

Exchange Listing.  We
do not plan on making an application to list the Series B Warrants on any national securities exchange or other nationally recognized
trading system.

 

Exercisability.  The Series
B Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise
notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the
case of a cashless exercise as discussed above). A holder (together with its affiliates) may not exercise any portion of the warrant
to the extent that the holder would beneficially own more than 4.99% of our outstanding common stock after exercise. The holder
may increase or decrease this beneficial ownership limitation to any other percentage of our common stock outstanding immediately
after the exercise not in excess of 9.99%, upon, in the case of an increase, not less than 61 days’ prior written notice
to us. Notwithstanding the foregoing, one Investor elected to immediately be subject to a 9.99% beneficial ownership limitation
in lieu of the initial 4.99% beneficial ownership limitation.

 

Waivers and Amendments.  Subject
to certain exceptions, the terms of a Series B Warrant may be amended or waived only with the written consent of the holder.Exhibit 10.30

 

Voting Agreement

 

Party A: Hunan
Ruixi Financial Leasing Co., Ltd.

Uniform Social
Credit Code: 91430100MA4PDEM573

 

Party B: Chengdu
Simushi Technology Co., Ltd.

Uniform Social
Credit Code: 91510100MA669QRR6K

 

They are collectively
referred to as the “parties”.

 

Whereas:

 

1. Sichuan Jinkailong
Automobile Leasing Co., Ltd. (hereinafter referred to as “Company” or “Sichuan Jinkailong”) is a limited
liability company established in accordance with the laws of the People’s Republic of China with a registered capital of
RMB 10,000,000. Party A holds 35% of the equity of the Company and Party B holds 19.5% of the equity of the Company. 

 

2. In order to ensure
the continuous and stable development of the Company and improve the efficiency of its operation and decision-making, the parties
intend to “acting in concert” in the shareholders’ meeting to jointly control the Company.

 

With regard to this,
through friendly consultation, the parties have further clarified the following matters concerning the “acting in concert”
taken by the parties at the shareholders’ meeting of the Company:

 

1. Purpose of “acting
in concert”

 

The parties shall ensure
to adopt the same expression of intention in exercising their voting rights at the shareholders’ meeting of the Company in
order to consolidate their control over the Company.

 

2. Content of “acting
in concert”

 

“Acting in concert”
held by the parties at the Company’s shareholders’ meeting means that the parties shall be consistent in exercising
the following functions and powers through voting by a show of hands or in writing at the Company’s shareholders’ meeting:

 

(1) Co-proposal;

 

(2) Co-voting to decide
plans for operation and investment of the Company;

 

(3) Co-voting to formulate
plans for annual financial budget and final settlement of the Company;

 

(4) Co-voting to formulate
plans for profit distribution and make-up of the loss of the Company;

 

     

     

    

 

(5) Co-voting to formulate
plans for the Company to increase or decrease the registered capital and plans for issuing corporate bonds;

 

(6) Making decisions
on matters such as merger, division, dissolution, liquidation or change of company form;

 

(7) Amending the Company’s
articles of association;

 

(8) Deciding on matters
such as foreign investment, acquisition and sales of assets, asset mortgage, overseas guarantees, entrusted wealth management,
and affiliate transactions;

 

(9) Co-voting to appoint
or dismiss the Company’s manager, and appoint or dismiss the Company’s deputy manager and financial principal according
to the manager's nomination, and decide their remunerations;

 

(10) Co-voting to determine
the establishment of the Company’s internal management department;

 

(11) Co-voting to formulate
the Company’s basic management system; 

 

(12) Deciding to stop
the current business or making major changes or adjustments to the nature of the Company’s business;

 

(13) Co-exercising other
functions and powers at the shareholders’ meeting.

 

If any of the parties
is unable to attend the shareholders’ meeting, it shall entrust another person to attend the meeting and exercise the right
to vote; if none of the parties is able to attend the shareholders’ meeting, they shall jointly entrust others to attend
the meeting and exercise the right to vote.

 

3. Extension of “acting
in concert”

 

(1) If the parties cannot
reach a consensus within themselves, they shall vote in accordance with the intention of Party A;

 

(2) The parties agree
that if they transfer their equity of the Company in whole or in part, such transfer shall be subject to the transferee’s
agreement to assume the obligations hereunder and re-signing this Agreement on behalf of the transferor as one of the effective
conditions for the equity transfer;

 

(3) If any party breaches
(any of) the aforesaid covenants, it shall transfer all its rights and obligations to one, two or more of the non-breaching parties
as requested by the non-breaching parties, and the non-breaching parties may also jointly request that all of its rights and obligations
be transferred to a designated third party.

 

     

     

    

 

(4) During the term
of this Agreement, the parties shall guarantee to exercise their voting rights in accordance with the consensus reached by them
through coordination when participating in the shareholders’ meeting, except in the case that affiliate transactions need
to be avoided.

 

4. Term of “acting
in concert”

 

The term shall be from
February 13, 2020 to August 25, 2038.

 

5. Covenants

 

(1) The parties agree
that, as persons acting in concert and common actual controllers, they shall not violate the regulations of laws, rules, provisions
and other norms as well as the Company’s articles of association, harm the interests of the Company and other shareholders,
or affect the normal operation of the Company when exercising the shareholders’ rights.

 

(2) The parties agree
that none of them shall transfer the voting rights of the equity held by them to any third party by any means such as trust or
entrustment. 

 

6. Amendment or termination

 

(1) This Agreement shall
come into effect upon signature and seal by the parties, and the parties shall fully perform their obligations hereunder within
the term of the Agreement. This Agreement shall not be arbitrarily amended without consensus through consultation in writing of
the parties;

 

(2) This Agreement may
be termination upon consensus of the parties through consultation;

 

The aforesaid amendment
and termination shall not adversely affect the legitimate rights and interests of the parties in the Company.

 

7. Dispute resolution

 

In case of any dispute
arising from this Agreement, such dispute shall be resolved by the parties through amicable consultation. If the consultation fails,
it shall be subject to the jurisdiction of the People’s Court in the place where Party A is located.

 

8. Governing laws

 

This Agreement and the
rights and obligations of the parties hereunder shall be governed by the laws of China.

 

9. Miscellaneous

 

     

     

    

 

(1) In case of any matter
unsettled herein, the parties shall make and enter into amendments through friendly consultation. The amendment and the annex shall
be an integral part of this Agreement and shall have the same legal effect.

 

(2) This Agreement is
made in two counterparts, with each party holding one copy and each copy having the same legal effect. 

 

Signed by:

 

Party A (seal)

[Corporate seal affixed
herein]

 

Party B (seal)

[Corporate seal affixed
herein]

 

 

 

Signed on: February
13, 2020

Signed in: Changsha,
Hunan

 

Appendix:

 

A copy of duplicate
of the Company’s business license stamped with the Company’s official seal

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