Document:

Exhibit 4.1     

AUTOSCOPE TECHNOLOGIES CORPORATION

and

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

as Rights Agent

FIRST AMENDMENT

TO

AMENDED AND RESTATED RIGHTS AGREEMENT

This First Amendment to Amended and Restated Rights Agreement (the “Amendment”) is between Autoscope Technologies Corporation, a Minnesota corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited‐purpose trust company, as rights agent (the “Rights Agent”), and shall be effective as the 1st day of March, 2022.

WHEREAS, the Company, the Rights Agent, and, only with respect to Section 37 thereof, Image Sensing Systems, Inc.., executed and entered into that certain Amended and Restated Rights Agreement dated as of July 21, 2021 (the “Rights Agreement”);

WHEREAS, Section 28 of the Rights Agreement provides that the Company may, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement without the approval of any holders of the Rights; 

WHEREAS, the Company has determined that it is necessary or desirable, in the interests of the Company, its shareholders, and the holders of the Rights, to amend the Rights Agreement as provided in this Amendment; and

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WHEREAS, all acts and things necessary to make this Amendment a valid agreement according to its terms have been done and performed, and the execution and delivery of this Amendment by the Company and the Rights Agent have been in all respects authorized by the Company and the Rights Agent.

NOW, THEREFORE, in consideration of the foregoing and mutual agreements set forth herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the Company and the Rights Agent agree as follows:

1.                   Amendments; Shareholder Approval.  Section 1(o) of the Rights Agreement is hereby amended and restated in its entirety as follows:

(o)              “Final Expiration Date” means the date upon which the Rights expire and will be 6:00 p.m., Eastern Time, on June 4, 2024.

This Amendment will be of no force or effect if it is not approved by the Company's shareholders before 6:00 p.m., Eastern Time, on June 4, 2022.

2.                   Capitalized Terms. Capitalized terms used but not defined in this Amendment shall have the respective meanings given to them in the Rights Agreement.

3.                  Effect of Amendment. It is the intent of the Company and the Rights Agent that this Amendment constitutes an amendment of the Rights Agreement as contemplated by Section 28 thereof.  Except as expressly provided in this Amendment, the terms of the Rights Agreement remain in full force and effect.  Unless the context clearly provides otherwise, any reference to this “Agreement” or the “Rights Agreement” shall be deemed to be a reference to the Rights Agreement as amended hereby and by the First Amendment and the Second Amendment.

4.                   Benefits of this Amendment. Nothing in this Amendment shall be construed to give to any Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or claim under this Amendment; and this Amendment shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Shares).

 

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5.                   Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

6.                   Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of New York (other than its conflicts of law provisions) and shall be governed by and construed in accordance with the laws of such State applicable to contracts made and performed entirely within such State.

7.                   Counterparts. This Amendment may be executed in any number of counterparts, and each of such counterpart shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  A signature to this Amendment transmitted electronically shall have the same authority, effect and enforceability as an original signature.

8.                   Descriptive Headings. Descriptive headings of the several Sections of this Amendment are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

[Signature page follows.]

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 [Signature Page to First Amendment to Amended and Restated Rights Agreement

Dated as of March 1, 2022
by and between Autoscope Technologies Corporation and
Continental Stock Transfer & Trust Company] 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written. 

	
Attest:

 

By        /s/ Taylor W. Watters                            

Name:  Taylor W. Watters

Title:  Corporate Controller

 

 

	
Autoscope Technologies Corporation 

 

By:       /s/ Frank G. Hallowell                       

Name: Frank G. Hallowell

Title: Chief Financial Officer

	
Attest:

 

By:       /s/ Elizabeth Pinto                              

Name:  Elizabeth Pinto

Title: Vice President

	
Continental Stock Transfer & Trust Company:

 

By:       /s/ Stacy Aqui                                   

Name: Stacy Aqui

Title: Vice President

 

 

[Signature Page to First Amendment to Amended and Restated Rights Agreement.]

	4Exhibit 4.1

 

SPECIMEN UNIT CERTIFICATE

 

	
    NUMBER

     

    RWODU
	 	UNITS

 

REDWOODS ACQUISITION CORP.

 

	
    SEE REVERSE FOR

    CERTAIN DEFINITIONS
	 	CUSIP 758083 208

 

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK,
ONE REDEEMABLE WARRANT AND

ONE RIGHT TO RECEIVE ONE-TENTH (1/10) OF ONE SHARE OF COMMON STOCK

 

THIS CERTIFIES THAT __________________________________________________________
___________________is the

 owner of _________________________________________________________________________________________ Units.

 

Each Unit (“Unit”) consists
of one (1) share of common stock, par value $0.0001 per share (“Common Stock”), of Redwoods Acquisition Corp.,
a Delaware corporation (the “Company”), one redeemable warrant (the “Warrant(s)”)
and one right (the “Right(s)”). Each redeemable warrant entitles the holder thereof to purchase one-half (1/2)
of one share of Common Stock at a price of $11.50 per full share (subject to adjustment), upon the later to occur of (i) the Company’s
completion of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (a “Business Combination”) or (ii) 12 months from the closing
of the Company’s initial public offering. Every ten Rights entitles the holder thereof to receive one share of Common Stock upon
the consummation of the Business Combination. The Common Stock, Warrants and Rights comprising the Units represented by this certificate
are not transferable separately prior to the 45th day after the date of the prospectus relating to the closing of the Company’s
initial public offering (“IPO”), subject to earlier separation in the discretion of Chardan Capital Markets,
LLC, provided that the Company has filed with the Securities and Exchange Commission a Current Report on Form 8-K which includes an audited
balance sheet reflecting the Company’s receipt of the gross proceeds of the IPO and issued a press release announcing when separate
trading will begin.

 

The terms of the Warrants and Rights are governed
by a warrant agreement (the “Warrant Agreement”) and rights agreement (the “Rights Agreement”),
dated as of [●], 2022, between the Company and American Stock Transfer & Trust Company, LLC, as the warrant agent and rights
agent, and is subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate
consents to by acceptance hereof. A copy of the Warrant Agreement and Rights Agreement is on file at the office of American Stock Transfer
& Trust Company, LLC at 6201 15th Avenue, Brooklyn, New York, 11219 and is available to Warrants holder and Rights holder on written
request and without cost.

 

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

 

Witness the facsimile seal of the Company and the
facsimile signatures of its duly authorized officers.

 

	By	 	 	 
	 	Chief Executive Officer	 	Secretary

 

 

 

     

     

    

 

Redwoods Acquisition Corp.

 

The Company will furnish without
charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock 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	 
	 	 	 	 	 	 	(Cust)	 	(Minor)
	TEN ENT	—	as tenants by the entireties	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	JT TEN	—	as joint tenants with right of survivorship

 and not as tenants in common	 	 	under Uniform Gifts to
    Minors Act
	 	 	 	 	(State)

 

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

 

	For value received, ___________________________ hereby sell(s), assign(s) and transfer(s) 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 do(es) hereby irrevocably constitute and appoint

 

_____________________________________________________________________________________________ 

Attorney to transfer the said Units
on the books of the within named Company will full power of substitution in the premises.

 

	Dated	 	 	 	 
	 	 	 	 	 
	 	 	 	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) SHOULD 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).	 

 

The holder(s) of this certificate shall be entitled
to receive a pro-rata portion of the funds from the trust account with respect to the common stock underlying this certificate only in
the event that (i) the Company is forced to liquidate because it does not consummate an initial business combination within the period
of time set forth in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time
(the “Charter”) or (ii) if the holder(s) seek(s) to convert his, her or its shares upon consummation of, or
tender(s) his, her or its shares in a tender offer in connection with, an initial business combination or in connection with certain amendments
to the Charter. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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