Document:

EX-4.1

  Exhibit 4.1

   

  DESCRIPTION OF REGISTRANT’S SECURITIES

  REGISTERED PURSUANT TO SECTION 12 OF THE

  SECURITIES EXCHANGE ACT OF 1934

  Pyxis Oncology, Inc. has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): its common stock, par value $0.001 per share (the “common stock”). For purposes of this exhibit, unless the context otherwise requires, the words “we,” “our,” “us” and “our company” refer to Pyxis Oncology, Inc., a Delaware corporation.

  Description of Common Stock

  General

  The following summary sets forth some of the general terms of our common stock. Because this is a summary, it does not contain all of the information that may be important to you. For a more detailed description of our common stock, you should read our amended and restated certificate of incorporation and the amended and restated bylaws, each of which is an exhibit to our Annual Report on Form 10-K to which this summary is also an exhibit, and the applicable provisions of the Delaware General Corporation Law (the “DGCL”). 

  Our amended and restated certificate of incorporation authorizes 190,000,000 shares of common stock, $0.001 par value per share, and 10,000,000 shares of undesignated preferred stock, $0.001 par value per share, the rights, preferences and privileges of which may be designated from time to time by our board of directors.

  Dividend Rights

  Subject to preferences that may apply to shares of preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and only then at the times and in the amounts that our board of directors may determine. 

  Voting Rights

  The holders of our common stock are entitled to one vote per share. Stockholders do not have the ability to cumulate votes for the election of directors. We have a classified board of directors consisting of three classes of approximately equal size, each serving staggered three-year terms. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms.

  No Preemptive or Similar Rights

  Our common stock is not entitled to preemptive rights and is not subject to redemption or sinking fund provisions.

  Right to Receive Liquidation Distributions

  Upon our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

  Preferred Stock

  Our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the 

  

  designation, powers, preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions, in each case without further vote or action by our stockholders. Our board of directors can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. Our 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 our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control and might adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock. 

  Anti-Takeover Provisions

  The provisions of the Delaware General Corporation Law, or the DGCL, our amended and restated certificate of incorporation and our bylaws could have the effect of delaying, deferring or discouraging another person from acquiring control of our company. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and encourage persons seeking to acquire control of our company to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

  Section 203 of the DGCL

  We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the date that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:

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

  •upon consummation of the transaction, which resulted in the stockholder becoming an interested stockholder, the interested stockholder 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, but not the outstanding voting stock owned by the interested stockholder; or

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

  Section 203 defines a business combination to include:

  •any merger or consolidation involving the corporation and the interested stockholder;

  •any sale, transfer, lease, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

  •subject to exceptions, any transaction that results in the issuance of transfer by the corporation of any stock of the corporation to the interested stockholder;

  •subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; and

  •the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

  

  In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

  Amended and Restated Certificate of Incorporation and Bylaw Provisions

  Our amended and restated certificate of incorporation and our bylaws include a number of provisions that may have the effect of deterring hostile takeovers, or delaying or preventing changes in control of our management team or changes in our board of directors or our governance or policy, including the following:

  Board Vacancies

  Our amended and restated certificate of incorporation and bylaws authorize generally only our board of directors to fill vacant directorships resulting from any cause or created by the expansion of our board of directors. In addition, the number of directors constituting our board of directors may be set only by resolution adopted by a majority vote of our entire board of directors. These provisions prevent a stockholder from increasing the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees.

  Classified Board

  Our amended and restated certificate of incorporation and bylaws provide that our board of directors is classified into three classes of directors. The existence of a classified board of directors could delay a successful tender offeror from obtaining majority control of our board of directors, and the prospect of that delay might deter a potential offeror..

  Directors Removed Only for Cause

  Our amended and restated certificate of incorporation provides that stockholders may remove directors only for cause.

  Supermajority Requirements for Amendments of Our Amended and Restated Certificate of Incorporation and Bylaws

  Our amended and restated certificate of incorporation further provides that the affirmative vote of holders of at least two-thirds of the voting power of our outstanding common stock is required to amend certain provisions of our amended and restated certificate of incorporation, including provisions relating to the classified board, the size of the board of directors, removal of directors, special meetings, actions by written consent and designation of our preferred stock. The affirmative vote of holders of at least two-thirds of the voting power of our outstanding common stock is required to amend or repeal certain provisions of our bylaws, although our bylaws may be amended by a simple majority vote of our board of directors.

  Stockholder Action; Special Meetings of Stockholders

  Our amended and restated certificate of incorporation provides that our stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders. As a result, holders of our capital stock are not able to amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance with our bylaws. Our amended and restated certificate of incorporation and our bylaws provide that special meetings of our stockholders may be called only by a majority of our board of directors, the chairperson of our board of directors or our chief executive officer, thus prohibiting a stockholder from calling a special meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders to take any action, including the removal of directors.

  Advance Notice Requirements for Stockholder Proposals and Director Nominations

  

  Our bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. To be timely, a stockholder’s notice generally must be delivered to us not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting of stockholders. Our bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. With respect to nominations of persons for election to our board of directors, the notice shall provide information about the nominee, including, among other things, name, age, address, principal occupation, ownership of our capital stock and whether they meet applicable independence requirements. With respect to the proposal of other business to be considered by our stockholders at an annual meeting, the notice shall provide a brief description of the business desired to be brought before the meeting, the text of the proposal or business, the reasons for conducting such business at the meeting and any material interest in such business by such stockholder and any beneficial owners and associated persons on whose behalf the notice is made, or the proposing persons. In addition, a stockholder’s notice must set forth certain information related to the proposing persons, including, among other things:

  •the name and address of the proposing persons;

  •information as to the ownership by the proposing persons of our capital stock and any derivative interest or short interest in any of our securities held by the proposing persons;	

  •information as to any material relationships and interest between the proposing persons and us, any of our affiliates and any of our principal competitors;

  •a representation that the stockholder is a holder of record of our stock entitled to vote at that meeting and that the stockholder intends to appear in person or by proxy at the meeting to propose such nomination or business; and

  •a representation whether the proposing persons intend or are part of a group which intends to deliver a proxy statement or form of proxy to holders of at least the percentage of our outstanding capital stock required to elect the nominee or carry the proposal.

  These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders. We expect that these provisions might also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

  No Cumulative Voting

  The DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation and bylaws do not provide for cumulative voting.

  Issuance of Undesignated Preferred Stock

  Our board of directors has the authority, without further action by the stockholders, to issue up to 10,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of authorized but unissued shares of preferred stock enables our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

  Exclusive Forum

  Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf under Delaware law, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers or other employees to us or our stockholders, (3) any action arising pursuant to any provision of the Delaware General Corporation Law or our amended and restated certificate of incorporation or bylaws, (4) any other action asserting a claim that is governed by the internal affairs doctrine or (5) 

  

  any other action asserting an “internal corporate claim,” as defined in Section 115 of the Delaware General Corporation Law, shall be the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another state court located within the State of Delaware, or the federal district court for the District of Delaware) in all cases subject to the court having jurisdiction over indispensable parties named as defendants. These exclusive-forum provisions do not apply to claims under the Securities Act or the Exchange Act. Our amended and restated certificate of incorporation also provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act or the Exchange Act. Any person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to this provision. Although we believe these provisions benefit us by providing increased consistency in the application of Delaware law for the specified types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors and officers.

  Transfer Agent and Registrar

  The transfer agent and registrar for our common stock is Broadridge Corporate Issuer Solutions, Inc.

  Exchange Listing

  Our common stock is listed on the Nasdaq Global Select Market under the symbol “PYXS.”EX-10.1

 Exhibit 10.1 

FORM OF SALARY DEDUCTION & STOCK PURCHASE AGREEMENT 

This Salary Deduction & Stock Purchase Agreement (this “Agreement”) is entered into as of
[    ], by and between Athenex, Inc., a Delaware corporation (the “Company”), and [            ], the
[            ] of the Company (the “Executive”). 

RECITALS 

WHEREAS, the Executive desires to purchase shares of the Company’s common stock (“Shares”) directly from
the Company using amounts deducted from his base salary, on an after-tax basis, following each payroll date pursuant to the terms of this Agreement; and 

WHEREAS, the Company desires to allow for the sale by the Company of Shares to the Executive pursuant to the terms of this
Agreement; 
 NOW, THEREFORE, the Company and the Executive hereby agree as follows: 

 

	 	1.	 Payroll Deductions 

(a)      Amount. The Executive authorizes the Company to deduct
[$             from][            % of] the amount of his after-tax base
salary on each payroll date (a “Payroll Date”) starting with the payroll date of
[                        ], 2022 (the “Effective Date”). 

(b)      Changes. The Executive may decrease the [amount][percentage] of his payroll
deductions at any time by giving notice of such decrease to the Company’s Board of Directors (the “Board”), which decrease will become effective as of the Payroll Date for the first full payroll period commencing after the date
on which the Board receives notice of the decrease. The Executive may not increase the [amount][percentage] of his payroll deductions (including any decreased [amount][percentage] of his payroll deductions) without the prior written consent of the
Board. 
  

	 	2.	 Stock Purchases 

(a)      Purchases. On each Payroll Date (starting with the Effective Date), or in the
event that the Nasdaq Stock Market is closed on a Payroll Date, the first business day following the Payroll Date (each, a “Purchase Date”), the Company will sell to the Executive, and the Executive shall buy from the Company, a
number of Shares determined by dividing the sum of the amount deducted from the Executive’s after-tax base salary on the Payroll Date and the amount of any unused amount deducted from the Executive’s
after-tax base salary from a prior Payroll Date that has been carried forward, by the Share Price (as defined below) for the Purchase Date, rounded down to the nearest number of whole Shares. Any amount not
used to purchase Shares will be carried forward to the next following Purchase Date, or in the event this Agreement is terminated, refunded by the Company to the Executive. 

(b)      Purchase Price. The purchase price
per-Share for a given Purchase Date will be the Nasdaq Official Closing Price of a Share (available at https://www.nasdaq.com/market-activity/stocks/atnx/historical-nocp) for such Purchase Date (the
“Share Price”). 

 (c)      Issuance. The Company will
promptly instruct its transfer agent after each Purchase Date to issue to the Executive the number of Shares purchased by the Executive on such Purchase Date. Such Shares will be held by the transfer agent in book entry form with a stop transfer
order until transfers are permitted by applicable law. 
 (d)      Securities Laws
Requirements. Notwithstanding any other provision of this Agreement, the Company shall not be obligated to sell or issue Shares to the Executive if such transfer, in the opinion of counsel for the Company, would violate the Securities Act (or
any other federal or state statutes having similar requirements as may be in effect at that time). 

(e)      Reporting. The Executive will be responsible for timely reporting each of his
purchases of Shares pursuant to this Agreement to the Securities and Exchange Commission (the “SEC”) on Form 4. 

3.        Executive Representations. As a precondition to the
Company’s execution of this Agreement and in connection with each purchase of the Shares by the Executive, the Executive makes the following representations to the Company: 

(a)      The Executive understands that any Shares that may be acquired pursuant to this
Agreement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws by reason of their issuance in a transaction exempt from the registration and prospectus delivery
requirements of the Securities Act pursuant to Section 4(2) thereof. The Executive acknowledges that any Shares that may be acquired pursuant to this Agreement must be held indefinitely unless subsequently registered under the Securities Act or
unless an exemption from such registration is available. The Executive is aware of the provisions of Rule 144 promulgated under the Securities Act that permit limited resale of securities purchased by an affiliate in a private placement subject to
the satisfaction of certain conditions. The Executive acknowledges that any certificate for the Shares purchased pursuant to this Agreement will bear a legend referencing the foregoing restrictions. 

(b)      The Executive is an “accredited investor” as defined in Rule 501(a) of
Regulation D promulgated under the Securities Act. The Executive is financially able to bear the economic risk of his decision to purchase Shares. The Executive can afford to suffer a complete loss of the investment in the Shares. The Executive has
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in any Shares that may be acquired pursuant to this Agreement and has had access to the Company’s periodic
reports and other information filed by the Company with the SEC. The Executive is not purchasing the Shares after general solicitation or advertising regarding the Shares. 

(c)      The Executive is acquiring any Shares that may be purchased pursuant to this Agreement
for his own account and not with a view to the distribution thereof in violation of the Securities Act, and any applicable securities laws of any state. The Executive has no present intent to resell or distribute any Shares. 

(d)      The Executive confirms that the Company is relying upon his representations contained
in this Section 3 in connection with the issuance to him of any Shares 

  
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purchased pursuant to this Agreement. The Executive undertakes to notify the Company immediately of any change in any representation, warranty or other information relating to him set forth in
this Section 3. In consideration of such issuance, the Executive hereby indemnifies and holds harmless the Company, and the officers, directors, employees and agents thereof, from and against any and all liability, losses, damages, expenses and
attorneys’ fees which they may hereafter incur, suffer or be required to pay by reason of the falsity of, or his failure to comply with, any representations or agreements contained in this Section 3. 

 

	 	4.	 Termination of Employment. 

(a)      Effect of Deductions. In the event of the termination of the Executive’s
employment by the Company or the Executive for any reason, including the death of the Executive, no further amounts shall be deducted from the Executive’s after-tax base salary for any Payroll Date
occurring after the last day of the Executive’s active employment. 
 (b)      Effect
on Purchases. In the event of the termination of the Executive’s employment by the Company or the Executive for any reason, including the death of the Executive, no further purchases of Shares will be made for any Purchase Date occurring
after the last day of the Executive’s active employment. 
  

	 	5.	 Miscellaneous 

(a)      Entire Agreement; Governing Law. This Agreement constitute the entire agreement
of the parties with respect to the subject matter of this Agreement and supersede in their entirety all prior undertakings and agreements of the Company and the Executive with respect to the subject matter of this Agreement. This Agreement is to be
construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of
Delaware to the rights and duties of the parties. Should any provision of this Agreement, including, without limitation, any provision of Section 5(d), be determined for any reason to be illegal, invalid or unenforceable, it is the specific
intent of the parties that the provision will be modified to the minimum extent necessary to make it or its application valid and enforceable and will be enforced to the fullest extent allowed by law and the other provisions of this Agreement will
nevertheless remain effective and will remain enforceable. 
 (b)      Construction.
The captions used in this Agreement are inserted for convenience and shall not be deemed a part of this Agreement for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the
plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

(c)      Administration and Interpretation. Any question or dispute regarding the
administration or interpretation of this Agreement shall be submitted by the Executive or by the Company to the Board. The resolution of such question or dispute by the Board shall be final and binding on all persons. 

(d)      Venue and Waiver of Jury Trial. The Company and the Executive (the
“parties”) agree that any suit, action, or proceeding arising out of or relating to this Agreement 

  
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shall be brought in the United States District Court for Western District of New York (or should such court lack jurisdiction to hear such action, suit or proceeding, in an appropriate state
court in the State of New York) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit,
action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 5(d) shall for any reason be held
invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 

(e)      Notices. Any notice required or permitted hereunder shall be given in writing
and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United
States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

(f)      Assignment. The right of the Executive to purchase Shares pursuant to this
Agreement may not be assigned in whole or in part. 
 (g)      No Right to Continued
Employment. Neither the execution of this Agreement nor any other action taken pursuant to this Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Executive has a right to continue to
provide services as an officer, director, employee, consultant or advisor of the Company or any of its subsidiaries or affiliates for any period of time or at any specific rate of compensation. 

(h)      Amendment and Termination. This Agreement may be amended from time to time by
the Board, in its sole discretion, in any manner that the Board deems necessary or appropriate; provided, however, that no such amendment shall adversely affect in a material manner any right of the Executive under this Agreement without the written
consent of the Executive. This Agreement may be terminated at any time by the Board, in its sole discretion, by notice to the Executive, effective as of the date determined by the Board, in its sole discretion. This Agreement may be terminated at
any time by the Executive, in his sole discretion, by notice to the Board, effective as of the date determined by the Executive and set forth in the notice of termination, but no earlier than the Payroll Date for the first full payroll period
commencing after the date on which the Board receives notice of the termination, unless the Board agrees otherwise. 

(i)      Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

*        *
        *        *        * 

  
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 IN WITNESS WHEREOF, the Company and the Executive have executed this
Agreement as of the date first set forth above. 
  

			
	ATHENEX, INC.
		
	By:	 	
                     
                                

	Name:	 	
	Title:	 	
	
	  

	[                            ]

  
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