Document:

Exhibit

Exhibit 4.9
DESCRIPTION OF COMMON STOCK
The following summary of the common stock, par value $0.25 per share (the “Common Stock”), of MTS Systems Corporation (the “Company,” “we,” or “our”) is based on and qualified by our amended and restated articles of incorporation (the “Articles of Incorporation”) and our amended and restated bylaws (the “Bylaws”). For a complete description of the terms and provisions of our common stock, refer to the full text of the Articles of Incorporation and the Bylaws, both of which are filed as exhibits to our Annual Report on Form 10-K to which this description is also an exhibit. 
General 
Shares Authorized and Outstanding. Our authorized common stock consists of 64,000,000 shares. We do not have any preferred stock authorized under our Articles of Incorporation. 
Dividends. Holders of common stock are entitled to receive dividends when and as declared by our board of directors out of funds legally available for dividends. We have historically paid dividends to holders of our common stock on a quarterly basis. The declaration and payment of future dividends will depend on many factors, including, but not limited to, our earnings, financial condition, business development needs and regulatory considerations and are at the discretion of our board of directors. 
Voting Rights. Holders of common stock are entitled to one vote per share on all matters to be voted upon by our shareholders. All shares of common stock rank equally as to voting and all other matters. Holders of common stock are also entitled to cumulative voting rights in the election of directors. Upon proper written notice, holders of common stock may cumulate their votes for the election of directors by multiplying the number of votes to which the shareholder is entitled by the number of directors to be elected and casting all such votes for one nominee or distributing them among any two or more nominees. 
Other Rights. If we voluntarily or involuntarily liquidate, dissolve or wind up our business, holders of common stock will receive pro rata, according to shares held by them, any remaining assets able to be distributed to our common shareholders. Holders of common stock have no preemptive rights. This means that the holders of common stock have no right to buy any portion of securities we may issue in the future. 
Listing. Our outstanding shares of common stock are listed on the Nasdaq Global Select Market under the symbol “MTSC.” EQ Shareowner Services serves as the transfer agent and registrar for the common stock. 
Fully Paid. The outstanding shares of common stock are fully paid and nonassessable. This means the full purchase price for the outstanding shares of common stock has been paid and the holders of such shares will not be assessed any additional amounts for such shares.
Anti-Takeover Provisions Contained in the Minnesota Business Corporation Act
Certain provisions of the Minnesota Business Corporation Act (the “MBCA”), as described below, could have an anti-takeover effect. These provisions are intended to provide management flexibility to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our board and to discourage an unsolicited takeover of our company if our board determines that such a takeover is not in the best interests of our company and our shareholders. However, these provisions could have the effect of discouraging attempts to acquire us which could deprive our shareholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices. 
Section 302A.671 of the MBCA applies, with certain exceptions, to any acquisitions of our voting stock from a person other than us, and other than in connection with certain mergers and exchanges to which we are a party and certain tender offers or exchange offers approved in advance by a disinterested board committee, resulting in the beneficial ownership of 20% or more of the voting power of our then outstanding stock. 
Section 302A.671 requires approval of the granting of voting rights for the shares received pursuant to any such acquisitions by a vote of our shareholders holding a majority of the voting power of our outstanding shares and a majority of the voting power of our outstanding shares that are not held by the acquiring person, our officers or those non-officer employees, if any, who are also our directors. Similar voting requirements are imposed for acquisitions resulting in beneficial ownership of 33-1/3% or more or a majority of the voting power of our then outstanding stock. In general, shares acquired without this approval are denied voting rights in excess of the 20%, 33-1/3% or 50% thresholds and, to that extent, can be called for redemption at their 

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then fair market value by us within 30 days after the acquiring person has failed to deliver a timely information statement to us or the date our shareholders voted not to grant voting rights to the acquiring person's shares. 
Section 302A.673 of the MBCA generally prohibits any business combination by us, or any subsidiary of ours, with any shareholder that beneficially owns 10% or more of the voting power of our outstanding shares (an “interested shareholder”) within four years following the time the interested shareholder crosses the 10% stock ownership threshold, unless the business combination is approved by a committee of disinterested members of our board of directors before the time the interested shareholder crosses the 10% stock ownership threshold. 
Section 302A.675 of the MBCA generally prohibits an offeror from acquiring our shares within two years following the offeror's last purchase of our shares pursuant to a takeover offer with respect to that class, unless our shareholders are able to sell their shares to the offeror upon substantially equivalent terms as those provided in the earlier takeover offer. This statute will not apply if the acquisition of shares is approved by a committee of disinterested members of our board of directors before the purchase of any shares by the offeror pursuant to the earlier takeover offer. 
Authorized but Unissued Common Stock 
Minnesota law does not require shareholder approval for any issuance of authorized shares of common stock. However, the listing requirements of the Nasdaq Global Select Market, which would apply so long as our common stock remains listed on the Nasdaq Global Select Market, require shareholder approval of certain issuances equal to or exceeding 20% of the then-outstanding voting power or then outstanding number of shares of common stock. 
One of the effects of the existence of unissued and unreserved common stock may be to enable our board of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of our company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive the shareholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices. 
Advance Notice Requirements for Director Nominations and Shareholder Proposals 
Our Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to our corporate secretary. 
Generally, to be timely, a shareholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary of the previous year's annual meeting. Our Bylaws also specify requirements as to the form and content of a shareholder's notice. 
These provisions may impede shareholders' ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders and may delay, deter or prevent tender offers or takeover attempts that shareholders may believe are in their best interests, including tender offers or attempts that might allow shareholders to receive premiums over the market price of their common stock. 
Amendment of our Articles of Incorporation and Bylaws 
The holders of a majority of the outstanding voting shares of our common stock have the power to amend our Articles of Incorporation. Our board of directors may alter or amend, make or adopt, or repeal our Bylaws, subject to the limitations see forth in our Bylaws and the MBCA. Our shareholders also have the power to alter or amend, make or adopt, or repeal our Bylaws.

-2-Exhibit 4.1

 

CONVERTIBLE
PROMISSORY NOTE

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION
OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

 

MATEON
THERAPEUTICS INC.

CONVERTIBLE PROMISSORY NOTE

 

	US$
    __________	[  ]

 

FOR
VALUE RECEIVED, MATEON THERAPEUTICS, INC., a corporation duly incorporated under the laws of the State of Delaware (the “Company”),
hereby promises to pay to _______________ or its permissible assigns (the “Holder”) the principal sum of $__________,
together with accrued and unpaid interest thereon, in the manner provided herein. This convertible promissory note is one of a
series of convertible promissory notes issued by the Company to investors pursuant to that certain Note Purchase Agreement dated
as of November 23, 2019 (the “Purchase Agreement”) containing substantially identical terms and conditions.
This convertible promissory note shall be referred to herein as this “Note”, and all of such convertible promissory
notes are referred to herein as the “Notes”. Each capitalized term used, but not defined, in this Note shall have
the meaning ascribed to it in the Purchase Agreement.

 

1. Payment.

 

(a) Payment.
Unless earlier converted as provided herein, all amounts outstanding and unpaid under this Note shall be due and payable on the
earliest to occur of: (i) at the Company’s election or on demand by Majority Note Holders at any time on or after November
23, 2020 or (ii) on demand by the Majority Note Holders at any time following an Event of Default (the earliest to occur of clauses
(i) or (ii) being referred to herein as the “Maturity Date”). The Company waives demand, presentment, diligence,
protest, notice of protest and notice of dishonor with respect to this Note. All payments will be made in lawful money of the
United States of America at the principal office of the Company, or at such other place as the Holder may from time to time designate
in writing to the Company.

 

(b) Pre-Payment.
This Note may not be prepaid, whether in whole or in part, without the prior written consent of the Majority Note Holders.

 

    	 

    	 

    

 

2.
Interest. Interest on the unpaid principal amount shall accrue beginning on the issue date set forth above at a rate
equal to five percent (5%) per annum computed on the basis of the actual number of days elapsed and a year of 365 days from the
date of this Note until the principal amount and all interest accrued thereon are paid or converted as provided in Section 3 hereof.
Except upon the earlier conversion in accordance with Section 3, interest shall not be due and payable until the Maturity Date
or such earlier time as set forth in Section 1(a).

 

3. Conversion.
Upon written notice delivered by the Majority Note Holders to the Company not more than five (5) days following the Maturity
Date (such notice, the “Election Notice”), the Majority Note Holders shall have the right, but not the
obligation, on behalf of themselves and all other Holders, to elect to convert the entire unpaid principal amount of all, but
not less than all, of the Notes (including this Note) and the accrued and unpaid interest thereon into such number of shares
of Common Stock as is equal to, with respect to each Note: (x) the entire unpaid principal amount of such Note and the
accrued and unpaid interest thereon on the date of the delivery of the Election Notice by (y) $0.18 (such price, the
“Conversion Price”, and the number of shares of Common Stock to be issued pursuant to the foregoing
formula, the “Conversion Shares”) or (z) $5.00 (such price, the “Conversion Price for
EdgePoint”, and the number of shares of Common Stock for EdgePoint to be issued to the foregoing formula, the
“Conversion Shares for EdgePoint”). EdgePoint being an AI spinout of Mateon for AI/BlockChain for
manufacturing with 5M USD/1M shares in premoney valuation. For the avoidance of doubt, if the Majority Note Holders do not
deliver an Election Notice as provided in this Section 3, then the Notes shall due and payable on the Maturity Date in cash
pursuant to their terms.

 

4. Mechanics
of Conversion. In the event that this Note is converted pursuant to Section 3, the
Holder shall surrender this Note, duly endorsed, to the Company promptly following the delivery of the Election Notice, and
the Note shall thereupon be canceled. As soon as practicable following surrender of this Note (or a duly executed affidavit
of loss with any indemnity requested by the Company) and at its expense, the Company will take such steps, and execute and
deliver such agreements, documents and instruments, as may be reasonably necessary to issue and deliver to the Holder a
certificate or certificates representing the number of shares of Common Stock to which the Holder is entitled upon such
conversion.

 

5. Termination
of Rights. Upon payment in full of this Note, or conversion of this Note in accordance with Section 3,
all rights with respect to this Note shall terminate, whether or not this Note has been surrendered for cancellation.

 

6.
Events of Default. In case an Event of Default shall occur, then upon demand by the Majority Note Holders (which
demand shall not be required in the case of an Event of Default under Sections 6.1(b) or (c) of the Purchase Agreement), the entire
outstanding principal amount, plus accrued and unpaid interest thereon, of this Note shall become immediately due and payable
in the manner and with the effect provided in the Purchase Agreement and this Note.

 

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7. Transfer;
Successors and Assigns. The Holder may not sell, assign, pledge, dispose of or otherwise transfer this Note or
any interest herein without the prior written consent of the Company; provided, however, a Holder that is a partnership,
corporation, trust, joint venture, unincorporated organization or other entity may transfer this Note to any person that owns
all (but not less than all) of the issued and outstanding voting securities of such entity without the prior written consent of
the Company. Subject to the preceding sentence, this Note may be transferred only upon surrender of the original Note (or affidavit
of loss with any indemnity reasonably requested by the Company) for registration of transfer, duly endorsed, or accompanied by
a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new note for the same principal
amount and interest will be issued to, and registered in the name of, the transferee. Interest and principal are payable only
to the registered Holder. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties.

 

8. Security;
Liability of Certain Persons. The Notes shall be unsecured obligations of the Company. In no event will any officer,
director, employee, agent, representative or stockholder of the Company be liable for any amounts due and payable pursuant to
this Note.

 

9.
Governing Law.
This Note shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

 

10.
Notices.
All notices required or permitted hereunder shall be given in accordance with Section 7.5 of the Purchase Agreement.

 

11.
Amendments and Waivers.
The terms and provisions of this Note may be amended or modified, and any provision hereof may be waived, only with the written
consent of the Company and the Majority Note Holders.

 

12.
Headings.
The headings in this Note are for purposes of reference only, and shall not limit or otherwise affect the meaning hereof.

 

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IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed and delivered.

 

	MATEON THERAPEUTICS, INC.	 
	 	 
	By:	 	 
	Name:	                    	 
	Title:	 	 

 

[Signature
Page to Convertible Promissory Note]

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