Document:

Exhibit
4.23

 

Description
of Common Stock

 

The
following summary description of the common stock of AIM ImmunoTech Inc. (“we”, “our” or “us”)
is based on the provisions of our amended and restated certificate of incorporation as amended (“Certificate of Incorporation”),
as well as our amended and restated bylaws (“Bylaws”), and the applicable provisions of the Delaware General Corporation
Law. This information is qualified entirely by reference to the applicable provisions of our Certificate of Incorporation, Bylaws,
and the Delaware General Corporation Law. Our Certificate of Incorporation and Bylaws have previously been filed as exhibits with
the Securities and Exchange Commission.

 

Voting
Rights

 

Holders
of our common stock are entitled to one vote per share in the election of directors and on all other matters on which stockholders
are entitled or permitted to vote. Holders of our common stock are not entitled to cumulative voting rights.

 

Dividend
Rights

 

Subject
to the terms of any then outstanding series of preferred stock, the holders of our common stock are entitled to dividends in the
amounts and at times as may be declared by our board of directors out of funds legally available therefor.

 

Liquidation
Rights

 

Upon
liquidation or dissolution, holders of our common stock are entitled to share ratably in all net assets available, if any, for
distribution to stockholders after we have paid, or provided for payment of, all of our debts and liabilities, and after payment
of any liquidation preferences to holders of any then outstanding shares of preferred stock.

 

Other
Matters

 

Holders
of our common stock have no redemption, conversion or preemptive rights. There are no sinking fund provisions applicable to our
common stock. The rights, preferences and privileges of the holders of our common stock are subject to the rights of the holders
of shares of any series of preferred stock that we may issue in the future.

 

All
of our outstanding shares of common stock are fully paid and nonassessable.

 

Anti-Takeover
Effects of Provisions of Delaware Law, Our Certificate of Incorporation,

Our
Bylaws and Our Stockholders’ Rights Plan

 

Delaware
Anti-Takeover Law

 

Section
203 of the Delaware General Corporation Law

 

We
are subject to Section 203 of the Delaware General Corporation Law, which prohibits a Delaware corporation from engaging in any
business combination with any interested stockholder for a period of three years after the date that such stockholder became an
interested stockholder, with the following exceptions:

 

	 	●	before
    such date, our board of directors of the corporation approved either the business combination or the transaction that resulted
    in the stockholder becoming an interested stockholder;
	 	●	upon
    completion of the transaction that 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 began, excluding for purposes
    of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those
    shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants
    do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or
    exchange offer; or
	 	●	on
    or after such date, the business combination is approved by our board of directors and authorized at an annual or special
    meeting of the stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting
    stock that is not owned by the interested stockholder.

 

    	 

    	 

    

 

In
general, Section 203 defines business combination to include the following:

 

	 	●	any
    merger or consolidation involving the corporation and the interested stockholder;
	 	●	any
    sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
	 	●	subject
    to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
    to the interested stockholder;
	 	●	any
    transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class
    or series of the corporation beneficially owned by the interested stockholder; or
	 	●	the
    receipt by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits
    by or through the corporation.

 

In
general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s
affiliates and associates, beneficially owns, or within three years before the time of determination of interested stockholder
status did own, 15% or more of the outstanding voting stock of the corporation.

 

Certificate
of Incorporation and Bylaws

 

Our
certificate of incorporation and/or bylaws provide that:

 

	 	●	our
    bylaws may be amended or repealed by our board of directors or our stockholders;
	 	●	our
    board of directors will be authorized to issue, without stockholder approval, preferred stock, the rights of which will be
    determined at the discretion of our board of directors and that, if issued, could operate as a “poison pill” to
    dilute the stock ownership of a potential hostile acquirer to prevent an acquisition that our board of directors does not
    approve;
	 	●	our
    stockholders do not have cumulative voting rights, and therefore our stockholders holding a majority of the shares of common
    stock outstanding will be able to elect all of our directors; and
	 	●	our
    stockholders must comply with advance notice provisions to bring business before or nominate directors for election at a stockholder
    meeting.

 

Stockholder
Rights Plan

 

On
November 19, 2002, our board of directors declared a dividend distribution of one Right (a “Right”) for each outstanding
share of common stock to stockholders of record at the close of business on November 29, 2002. On November 14, 2017, at the direction
of our board of directors, we amended and restated our Rights Agreement with American Stock Transfer & Trust Company, LLC,
as amended and restated, or the Rights Agreement. Each Right entitles the registered holder to purchase from us a unit consisting
of one one-hundredth of a share, or a Unit, of Series A Junior Participating Preferred Stock, par value $0.01 per share, or the
Series A Preferred Stock, at a Purchase Price of $21.00 per Unit, subject to adjustment. The description and terms of the Rights
are set forth in the Rights Agreement. The foregoing description of the Rights and the Rights Agreement are qualified in their
entire by reference to the disclosure in our Registration Statement on Form 8-A12B (No. 0-27072) and the Rights Agreement filed
therewith, filed with the SEC on November 14, 2017, with such filing and exhibit being herein incorporated by reference.

 

Potential
Effects of Authorized but Unissued Stock

 

We
have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these
additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate
corporate acquisitions or payment as a dividend on the capital stock.

 

The
existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons
friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party
attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity
of our management. In addition, our board of directors has the discretion to determine designations, rights, preferences, privileges
and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences
of each series of preferred stock, all to the fullest extent permissible under the Delaware General Corporation Law and subject
to any limitations set forth in our certificate of incorporation. The purpose of authorizing our board of directors to issue preferred
stock and to determine the rights and preferences applicable to such preferred stock is to eliminate delays associated with a
stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with
possible financings, acquisitions and other corporate purposes, could have the effect of making it more difficult for a third-party
to acquire, or could discourage a third-party from acquiring, a majority of our outstanding voting stock.exhibit42

Exhibit
4.[2]

DESCRIPTION OF THE
REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF
1934

 

The
following is a brief description of the common stock, $0.001 par
value per share (the “Common Stock”), of AeroCentury
Corp. (the “Company”), which is the only security of
the Company registered pursuant to Section 12 of the Securities
Exchange Act of 1934, as amended.

 

Description of Common Stock

 

General

 

The
following summary of the material features of our Common Stock and
certain provisions of Delaware law do not purport to be complete
and is subject to, and qualified in its entirety by, the provisions
of our Amended and Restated Certificate of Incorporation, our
Amended and Restated Bylaws, the Delaware General Corporation Law
(“DGCL”) and other applicable law. Copies of our
Amended and Restated Certificate of Incorporation and our Amended
and Restated Bylaws have been filed with the Securities and
Exchange Commission (the “SEC”) as Exhibit 3.1 and
Exhibit 3.2, respectively, to our Annual Report on Form 10-K. All
of our outstanding Common Stock are validly issued, fully paid and
non-assessable. Our Common Stock is listed on the NYSE American and
trades under the symbol “ACY.”

 

Common Stock

 

Dividend rights

 

Subject
to preferences that may apply to any shares of preferred stock
outstanding at the time, the holders of Common Stock will be
entitled to share equally, identically and ratably in any dividends
that the board of directors may determine to issue from time to
time out of legally available funds. We have never paid cash
dividends on our Common Stock and do not anticipate paying periodic
cash dividends on our Common Stock for the foreseeable
future.

 

Voting rights

 

Each
holder of our Common Stock is entitled to one vote for each share
on all matters submitted to a vote of the stockholders. 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 do
not have cumulative voting rights. Except in respect of matters
relating to the election and removal of directors on our board of
directors and as otherwise provided in our Amended and Restated
Certificate of Incorporation 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,
all matters to be voted on by our stockholders must be approved by
a plurality of the votes entitled to be cast by all shares of our
Common Stock.

 

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.

 

No Preemptive or Similar Rights

 

Our
stockholders have no preemptive, conversion or other rights to
subscribe for additional shares of our Common Stock. All
outstanding shares of our Common Stock are, and all shares of our
Common Stock offered by this prospectus will be, when sold, validly
issued, fully paid and nonassessable.

 

Limitation on Rights of Holders of Common Stock – Preferred
Stock

 

The
rights, preferences and privileges of the holders of Common Stock
are subject to, and may be adversely affected by, the rights of the
holders of shares of any series of preferred stock that we may
designate in the future.

 

Our
Amended and Restated Certificate of Incorporation authorizes our
Board of Directors, without further stockholder action, to provide
for the issuance of up to 2,000,000 shares of preferred stock. Our
board of directors may, without further action by our stockholders,
fix the rights, preferences, privileges and restrictions of up to
an aggregate of shares of preferred stock in one or more series and
authorize their issuance. These rights, preferences and privileges
could include dividend rights, conversion rights, voting rights,
terms of redemption, liquidation preferences, sinking fund terms
and the number of shares constituting any series or the designation
of such series, any or all of which may be greater than the rights
of our Common Stock. The issuance of our preferred stock could
adversely affect the voting power of holders of our Common Stock
and the likelihood that such holders will receive dividend payments
and payments upon liquidation. In addition, the issuance of
preferred stock could have the effect of delaying, deferring or
preventing a change of control or other corporate
action.

 

Certain Anti-Takeover Matters

 

Amended and Restated Certificate of Incorporation and Amended and
Restated Bylaw Provisions

 

Our
Amended and Restated Certificate of Incorporation and Amended and
Restated Bylaws contain certain provisions that are intended to
enhance the likelihood of continuity and stability in the
composition of our board of directors and in the policies
formulated by our board of directors and to discourage an
unsolicited takeover of our company if our board of directors
determines that such a takeover is not in the best interests of our
company and stockholders. However, these provisions could have the
effect of discouraging certain attempts to acquire us or remove
incumbent management even if some or a majority of our stockholders
deemed such an attempt to be in their best interests, including
those attempts that might result in a premium over the market price
for the shares of our Common Stock held by
stockholders.

 

Our
Amended and Restated Certificate of Incorporation and Amended and
Restated Bylaws provide that our board of directors is classified
into three classes of directors. A third party may be discouraged
from making a tender offer or otherwise attempting to obtain
control of us as it is more difficult and time consuming for
stockholders to replace a majority of the directors on a classified
board of directors.

 

Our
Amended and Restated Bylaws establish advance notice procedures
with regard to stockholder proposals and the nomination, other than
by or at the direction of the board of directors or a committee
thereof, of candidates for election as directors. We may reject a
stockholder proposal or nomination that is not made in accordance
with such procedures. In addition, our Amended and Restated Bylaws
provide that:

●

special meetings of
the stockholders of the Company may be called, for any purpose as
is a proper matter for stockholder action under Delaware law, by
only the directors or by any officers instructed by the directors
to call the meeting;

●

a director may not
be removed from office without cause unless by the vote of the
holders of 66 2/3% or more of the outstanding shares of our Common
Stock entitled to vote at a special meeting of stockholders;
and

●

our Amended and
Restated Bylaws may be altered, amended or repealed at any regular
meeting of the stockholders (or at any special meeting thereof duly
called for such purpose) by the affirmative vote of holders of at
least 66 2/3% of our entire capital stock that is issued,
outstanding and entitled to vote.

 

Section 203 of the Delaware General Corporation Law

 

We are
subject to the provisions of Section 203 of the DGCL. Under Section
203, we would generally be prohibited from engaging in any business
combination with any interested stockholder for a period of three
years following the time that this stockholder became an interested
stockholder unless:

●

prior to this time,
the board of directors of the corporation approved either the
business combination or the transaction that resulted in the
stockholder becoming an interested stockholder;

●

upon consummation
of the transaction that resulted in the stockholder’s
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 shares
owned by persons who are directors and also officers, and by
employee stock plans in which employee participants do not have the
right to determine confidentially whether shares held subject to
the plan will be tendered in a tender or exchange offer;
or

●

at or subsequent to
such time, the business combination is approved by the board of
directors and authorized at an annual or special meeting of
stockholders, and not by written consent, by the affirmative vote
of at least 66 2⁄3% of the outstanding voting stock that is
not owned by the interested stockholder.

 

Under
Section 203, a “business combination”
includes:

●

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

●

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

●

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

●

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 an 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 such entity or person.

 

Limitation of Liability and Indemnification Matters

 

Our
Amended and Restated Certificate of Incorporation and our Amended
and Restated Bylaws provide for indemnification of our directors,
officers, employees and other agents to the maximum extent
permitted by applicable law. We also have entered into
indemnification agreements with our executive officers and
directors and provide indemnity insurance pursuant to which
directors and officers are indemnified or insured against liability
or loss under certain circumstances which may include liability or
related loss under the Securities Act and the Exchange
Act.

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