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EXHIBIT 4.2
DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

As of the date of the Annual Report on Form 10-K of which this Exhibit 4.2 is a part, Express, Inc. (“Company,” “we,” “us” and “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, par value $0.01 per share.

The following description is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the actual terms and provisions contained in our Certificate of Incorporation, as amended (the “Certificate of Incorporation”), our Amended and Restated Bylaws (the “Bylaws”), and the Certificate of Designations (the “Certificate of Designations”) of Series A Preferred Stock (“Series A Preferred Stock”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the Delaware General Corporation Law (“DGCL”) for additional information.

DESCRIPTION OF CAPITAL STOCK

Authorized Shares of Capital Stock

Our authorized capital stock consists of 500.0 million shares of common stock, par value $0.01 per share (the “Common Stock”), and 10.0 million shares of preferred stock, par value $0.01 per share (the “Preferred Stock”). No shares of Preferred Stock have been issued. 

Common Stock 

Voting Rights 

Each share of Common Stock entitles the holder to one vote with respect to each matter presented to our stockholders on which the holders of Common Stock are entitled to vote. Subject to any rights that may be applicable to any then outstanding Preferred Stock, our Common Stock votes as a single class on all matters relating to the election and removal of directors on our board of directors and as provided by law. Holders of our Common Stock will not have cumulative voting rights. At a meeting of the stockholders at which a quorum is present, except in respect of matters relating to the election and removal of directors on our board of directors and as otherwise provided in our Certificate of Incorporation, the rules of any stock exchange on which our Common Stock is listed or required by law, all matters to be voted on by our stockholders must be approved by a majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter. 

In the case of election of directors, when a quorum is present, a nominee for director will be elected if a majority of the votes casts are for the nominee’s election, except that nominees for director shall be elected by a plurality of the votes cast at a meeting of the stockholders for which: (i) the Secretary of the Company receives a notice that a stockholder has nominated a person for election to the board of directors in compliance with the advance notice provisions set forth in the Bylaws and (ii) such nomination was not withdrawn by such stockholder on or prior to the tenth day preceding the date the Company first mails its notice of such meeting of the stockholders. If directors are to be elected by a plurality of the votes cast, stockholders are not permitted to vote against a nominee for director. In the case of removal of directors, a director may be removed for office only for cause and by an affirmative vote of the holders of at least 66 2/3% percent of the voting shares of Common Stock entitled to vote generally in the election of directors. 

Dividend Rights 

Subject to preferences that may be applicable to any then outstanding Preferred Stock, the holders of our outstanding shares of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. Because we are a holding company, our ability to pay dividends on our Common Stock is limited by restrictions on the ability of our subsidiaries to pay dividends or make distributions to us, including restrictions under the terms of the agreements governing our indebtedness. 

Liquidation Rights 

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our Common Stock would be entitled to share ratably in our assets that are legally available for distribution to stockholders after payment of our debts and other liabilities. If we have any Preferred Stock outstanding at such time, holders of the Preferred Stock may be entitled to distribution and/or liquidation preferences. In either such case, we must pay the applicable distribution to the holders of our Preferred Stock before we may pay distributions to the holders of our Common Stock. 

Other Rights 

Our stockholders have no preemptive, conversion or other rights to subscribe for additional shares. All of the outstanding shares of our Common Stock are fully paid and nonassessable. The rights, preferences and privileges of the holders of our Common Stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our Preferred Stock that we may designate and issue in the future. Our common stock is not subject to redemption by operating of a sinking fund or otherwise.

Listing 

Our Common Stock is listed on the New York Stock Exchange under the symbol “EXPR.” 

Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

CERTAIN PROVISIONS OF DELAWARE LAW AND 
OUR CERTIFICATE OF INCORPORATION AND BYLAWS

Our Certificate of Incorporation and Bylaws also contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor. 

Preferred Stock 

The ability to authorize the designation and issuance of Preferred Stock will make it possible for our board of directors to issue Preferred Stock, including Series A Preferred Stock, with super voting, special approval, dividend or other rights or preferences on a discriminatory basis that could impede the success of any attempt to acquire us. These and other provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of our company.

Classified Board of Directors 

Our Certificate of Incorporation provides that our board of directors will be divided into three classes, with each class serving three-year staggered terms. In addition, our Certificate of Incorporation provides that directors may only be removed from the board of directors for cause and by an affirmative vote of 66 2/3% of our Common Stock. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of our company. 

Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals 

Our Certificate of Incorporation and Bylaws also provide that, except as otherwise required by law, special meetings of our stockholders can only be called by a resolution adopted by the affirmative vote of the majority of the directors then in office. Our Bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. In addition, any stockholder who wishes to bring business before an annual meeting or nominate directors must comply with the notice requirements set forth in our Bylaws. These provisions may have 

the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of our company. 

Stockholder Action by Written Consent

Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of stock entitled to vote thereon were present and voted, unless the company’s certificate of incorporation provides otherwise. Our Certificate of Incorporation provides that any action required or permitted to be taken by our stockholders may be effected at a duly called annual or special meeting of our stockholders and may not be effected by consent in writing by such stockholders. 

Business Combinations with Interested Stockholders 

We have elected in our Certificate of Incorporation not to be subject to Section 203 of the DGCL, an antitakeover law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with a person or group owning 15% or more of the corporation’s voting stock for a period of three years following the date the person became an interested stockholder, unless (with certain exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. Accordingly, we are not subject to any antitakeover effects of Section 203. However, our Certificate of Incorporation contains provisions that have the same effect as Section 203, except that they provide that Golden Gate Private Equity, Inc. and any persons to whom Golden Gate Private Equity, Inc. sells their common stock will be deemed to have been approved by our board of directors, and thereby not subject to the restrictions set forth in Section 203.

Supermajority Stockholder Vote Required for Certain Actions 

The DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation or bylaws, unless the corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage. Any amendments to the foregoing provisions of our Certificate of Incorporation (except related to Preferred Stock) and any amendments to our Bylaws require the affirmative vote of at least 66 2/3% of the voting power of all shares of our Common Stock then outstanding, and any amendments to Article Ten of our Certificate of Incorporation require the affirmative vote of at least 80% of the voting power of all shares of our Common Stock then outstanding.Exhibit
4.4

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF THE

SECURITIES
EXCHANGE ACT OF 1934

 

As
of December 31, 2021, SurgePays, Inc. (“the Company”) had two classes of security registered under Section 12 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), our common stock, par value $0.001 per share (“Common Stock”),
and a registered class of warrants, each to purchase one share of Common Stock (the “Warrants”).

 

Description
of Common Stock

 

The
Company is authorized to issue 600,000,000 shares of capital stock, par value $0.001 per share, of which 500,000,000 are shares of common
stock and 100,000,000 are shares of “blank check” preferred stock. As of March 22, 2022, there were 12,048,775 shares
of Common Stock issued and outstanding. There were 13,000,000 shares of Preferred Stock issued and outstanding as of March 22, 2022.

 

Each
share of our Common Stock entitles its holder to one vote in the election of each director and on all other matters voted on generally
by our stockholders, other than any matter that (1) solely relates to the terms of any outstanding series of preferred stock or the number
of shares of that series and (2) does not affect the number of authorized shares of preferred stock or the powers, privileges and rights
pertaining to the Common Stock. No share of our Common Stock affords any cumulative voting rights. This means that the holders of a majority
of the voting power of the shares voting for the election of directors can elect all directors to be elected if they choose to do so.

 

Holders
of our Common Stock will be entitled to dividends in such amounts and at such times as our Board of Directors in its discretion may declare
out of funds legally available for the payment of dividends. We currently intend to retain our entire available discretionary cash flow
to finance the growth, development and expansion of our business and do not anticipate paying any cash dividends on the Common Stock
in the foreseeable future. Any future dividends will be paid at the discretion of our Board of Directors.

 

If
we liquidate or dissolve our business, the holders of our Common Stock will share ratably in all our assets that are available for distribution
to our stockholders after our creditors are paid in full and the holders of all series of our outstanding preferred stock, if any, receive
their liquidation preferences in full.

 

Our
Common Stock has no preemptive rights and is not convertible or redeemable or entitled to the benefits of any sinking or repurchase fund.

 

The
Common Stock is listed on the Nasdaq Capital Market under the trading symbol “SURG.”

 

The
Company’s transfer agent is VStock Transfer, LLC.

 

Description
of Common Stock Purchase Warrants

 

Overview.
The following summary of certain terms and provisions of the Warrants offered hereby is not complete and is subject to, and qualified
in its entirety by, the provisions of the warrant agency agreement between us and VStock Transfer, LLC (the “Warrant Agent”),
and the form of warrant, incorporated by reference as Exhibit 4.3 to the Annual Report on Form 10-K of which this Exhibit 4.4 is a part.

 

As
of March 22, 2022, there were 5,290,000 Warrants issued and outstanding.

 

The
Warrants entitle the registered holder to purchase Common Stock at a price equal to $4.73 per share, subject to adjustment as discussed
below, immediately following the issuance of such Warrant and terminating at 5:00 p.m., New York City time, on November 4, 2024.

 

The
exercise price and number of shares of Common Stock issuable upon exercise of the Warrants may be adjusted in certain circumstances,
including in the event of a stock dividend or recapitalization, reorganization, merger or consolidation. However, the Warrants will not
be adjusted for issuances of Common Stock at prices below its exercise price.

 

    	 

    	 

    

 

Exercisability.
The Warrants are exercisable at any time after their original issuance and at any time up to the date that is three (3) years after
their original issuance. The Warrants may be exercised upon surrender of the Warrant certificate on or prior to the expiration date at
the offices of the Warrant Agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price, by certified or official bank check payable to us, for the number of Warrants being
exercised. Under the terms of the Warrant Agreement, we must use our best efforts to maintain the effectiveness of the registration statement
and current prospectus relating to the Common Stock issuable upon exercise of the Warrants until the expiration of the Warrants. If we
fail to maintain the effectiveness of the registration statement and current prospectus relating to the Common Stock issuable upon exercise
of the Warrants, the holders of the Warrants shall have the right to exercise the Warrants solely via a cashless exercise feature provided
for in the Warrants, until such time as there is an effective registration statement and current prospectus.

 

Exercise
Limitation. A holder may not exercise any portion of a Warrant to the extent that the holder, together with its affiliates and any
other person or entity acting as a group, would own more than 4.99% of the outstanding Common Stock after exercise, as such percentage
ownership is determined in accordance with the terms of the Warrant, except that upon prior notice from the holder to us, the holder
may waive such limitation up to a percentage not in excess of 9.99%.

 

Exercise
Price. The exercise price per whole share of Common Stock purchasable upon exercise of the Warrants is $4.73. The exercise price
is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications
or similar events affecting our Common Stock and also upon any distributions of assets, including cash, stock or other property to our
stockholders.

 

Fractional
Shares. No fractional shares of Common Stock will be issued upon exercise of the Warrants. As to any fraction of a share of Common
Stock which the holder would otherwise be entitled to purchase upon such exercise, the Company will round up or down, as applicable,
to the nearest whole share of Common Stock.

 

Transferability.
Subject to applicable laws, the Warrants may be offered for sale, sold, transferred or assigned without our consent.

 

Warrant
Agent; Global Certificate. The Warrants were issued in registered form under a warrant agency agreement between the Warrant Agent
and us. The Warrants shall initially be represented only by one or more global warrants deposited with the Warrant Agent, as custodian
on behalf of The Depository Trust Company (DTC) and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed
by DTC.

 

Fundamental
Transactions. In the event of a fundamental transaction, as described in the Warrants and generally including any reorganization,
recapitalization or reclassification of our Common Stock, the sale, transfer or other disposition of all or substantially all of our
properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common
Stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the
holders of the Warrants will be entitled to receive the kind and amount of securities, cash or other property that the holders would
have received had they exercised the Warrants immediately prior to such fundamental transaction.

 

Rights
as a Stockholder. The Warrant holders do not have the rights or privileges of holders of Common Stock or any voting rights until
they exercise their Warrants and receive Common Stock. After the issuance Common Stock upon exercise of the Warrants, each holder will
be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

Governing
Law. The Warrants and the warrant agency agreement are governed by New York law.

 

Exchange.
The Warrants are listed on the Nasdaq Capital Market under the trading symbol “SURGW.”

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