Document:

Exhibit 4.1

 

DESCRIPTION
OF SECURITIES 

REGISTERED
PURSUANT TO SECTION 12 OF 

THE
SECURITIES EXCHANGE ACT OF 1934

 

The
following summary describes the common stock of HWGC Holdings Limited, a Nevada corporation (the “Company”), which
is registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Only
the Company’s common stock is registered under Section 12 of the Exchange Act.

 

DESCRIPTION
OF COMMON STOCK

 

The
following description of our common stock is a summary and is qualified in its entirety by reference to our Articles of Incorporation,
as amended and our bylaws, and by the Nevada Revised Statutes (“NRS”).

 

Authorized
Capitalization

 

The
Company is authorized to issue The Company’s authorized capital stock consists of 425,000,000
shares, consisting of shares of Common Stock and shares of Preferred Stock.:

 

	 	●	400,000,000
    shares of common stock, $0.0001
    par value per share; and

 

	 	●	25,000,000
    shares of preferred stock, $0.0001
    par value per share.

 

Common
Stock 

 

Voting
Rights. Each holder of our Common Stock is entitled to one vote for each share of Common Stock held on all matters submitted
to a vote of stockholders. Holders of Common Stock do not have cumulative voting rights, which means that the holders of a majority
of our shares of Common Stock voted can elect all of the directors then standing for election.

 

Dividend
Rights. Subject to preferences that may be applicable to any outstanding shares of preferred stock, the holders of Common
Stock are entitled to share ratably in dividends, if any, as may be declared from time to time by the board of directors in its
discretion from funds legally available therefor. The NRS provides that no distribution (including dividends on, or redemption
or repurchase of, shares of capital stock) may be made if, after giving effect to such distribution, the corporation would not
be able to pay its debts as they become due in the usual course of business, or, except as specifically permitted by the articles
of incorporation, the corporation’s total assets would be less than the sum of its total liabilities plus the amount that
would be needed at the time of dissolution to satisfy the preferential rights of preferred shareholders. The
Company has never paid cash dividends on its common stock and does not anticipate paying dividends in the foreseeable future.

 

Liquidation
and Dissolution Rights. 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 after payment of liquidation preferences, if any, on any outstanding shares of Preferred Stock and payment
of other claims of creditors.

 

Other
Matters. Our Common Stock is not entitled to preemptive rights and is not subject to conversion or redemption. The rights
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 our board of directors may designate and issue in the future.

 

     

     

    

 

Listing

 

Our
Common Stock is quoted on the OTCQB under the symbol “HWGC”.

 

Transfer
Agent

 

The
transfer agent and registrar for the Company Common Stock is Action Stock Transfer Corporation located at

 

2469
E. Fort Union Blvd., Suite 214, Salt Lake City, UT 84121; Telephone: (801) 274-1088.

 

Anti-Takeover
Provisions

 

The
provisions of the NRS may have the effect of delaying, deferring or preventing another party from acquiring control of the company.
These provisions may discourage and prevent coercive takeover practices and inadequate takeover bids.

 

The
NRS contains a provision governing “acquisition of controlling interest.” This law provides generally that any person
or entity that acquires 20% or more of the outstanding voting shares of a publicly-held Nevada corporation in the secondary public
or private market may be denied voting rights with respect to the acquired shares, unless a majority of the disinterested stockholders
of the corporation elects to restore such voting rights in whole or in part. The control share acquisition act provides that a
person or entity acquires “control shares” whenever it acquires shares that, but for the operation of the control
share acquisition act, would bring its voting power within any of the following three ranges: 20 to 33-1/3%; 33-1/3 to 50%; or
more than 50%.

 

A
“control share acquisition” is generally defined as the direct or indirect acquisition of either ownership or voting
power associated with issued and outstanding control shares. The stockholders or Board of Directors of a corporation may elect
to exempt the stock of the corporation from the provisions of the control share acquisition act through adoption of a provision
to that effect in the articles of incorporation or bylaws of the corporation. Our articles of incorporation and bylaws do not
exempt our common stock from the control share acquisition act.

 

The
control share acquisition act is applicable only to shares of “Issuing Corporations” as defined by the Nevada law.
An Issuing Corporation is a Nevada corporation which (i) has 200 or more stockholders, with at least 100 of such stockholders
being both stockholders of record and residents of Nevada, and (ii) does business in Nevada directly or through an affiliated
corporation.

 

At
this time, we do not have 100 stockholders of record that are resident of Nevada and we do not conduct business in Nevada. Therefore,
the provisions of the control share acquisition act are believed not to apply to acquisitions of our shares and will not until
such time as these requirements have been met. At such time as they may apply, the provisions of the control share acquisition
act may discourage companies or persons interested in acquiring a significant interest in or control of us, regardless of whether
such acquisition may be in the interest of our stockholders.

 

The
Nevada “Combination with Interested Stockholders Statute” may also have an effect of delaying or making it more difficult
to effect a change in control of us. This statute prevents an “interested stockholder” and a resident domestic Nevada
corporation from entering into a “combination,” unless certain conditions are met. The statute defines “combination”
to include any merger or consolidation with an “interested stockholder,” or any sale, lease, exchange, mortgage, pledge,
transfer or other disposition, in one transaction or a series of transactions with an “interested stockholder” having
(i) an aggregate market value equal to 5% or more of the aggregate market value of the assets of the corporation, (ii) an aggregate
market value equal to 5% or more of the aggregate market value of all outstanding shares of the corporation, or (iii) representing
10% or more of the earning power or net income of the corporation.

 

     

     

    

 

An
“interested stockholder” means the beneficial owner of 10% or more of the voting shares of a resident domestic corporation,
or an affiliate or associate thereof. A corporation affected by the statute may not engage in a “combination” within
three years after the interested stockholder acquires its shares unless the combination or purchase is approved by the Board of
Directors before the interested stockholder acquired such shares. If approval is not obtained, then after the expiration of the
three-year period, the business combination may be consummated with the approval of the Board of Directors or a majority of the
voting power held by disinterested stockholders, or if the consideration to be paid by the interested stockholder is at least
equal to the highest of (i) the highest price per share paid by the interested stockholder within the three years immediately
preceding the date of the announcement of the combination or in the transaction in which he became an interested stockholder,
whichever is higher, (ii) the market value per common share on the date of announcement of the combination or the date the interested
stockholder acquired the shares, whichever is higher, or (iii) if higher for the holders of preferred stock, the highest liquidation
value of the preferred stock.

 

Special
Stockholder Meetings

 

The
NRS provides that, unless otherwise provided in the articles of incorporation or bylaws, special meetings of the shareholders
may be called by the entire board of directors, any two directors or the president. The Company Bylaws modify the NRS provisions
by providing that special meeting of shareholders may be called only
at the request of a majority of the board of directors, by the Chairman of the Board, if any, the Chief Executive Officer, if
any, the President or the Secretary. Notice of a Special Meeting stating the purpose or purposes for which the meeting is called
and the date, time and place of the meeting, and the means of electronic communications, if any, by which shareholders and proxies
shall be deemed to be present in person and vote, shall be given not less than ten (10) nor more than sixty (60) days before the
date of the meeting to each stockholder entitled to vote at such meeting.

 

Requirements
for Advance Notification of Stockholder Nominations and Proposals

 

Our
bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election
as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.EX-10.17.24

  Exhibit 10.17.24

  AGREEMENT TO TERMINATE 

  AMENDED AND RESTATED

  EMPLOYMENT AGREEMENT

  THIS AGREEMENT TO TERMINATE AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), is made and entered into effective as of August 16, 2022 (the “Effective Date”), by and between OLD DOMINION FREIGHT LINE, INC. (the “Company”), a corporation organized and existing under the laws of the Commonwealth of Virginia and having its principal office at Thomasville, North Carolina, and David S. Congdon (the “Executive”).

  RECITALS:

  The Company and the Executive previously entered into an Amended and Restated Employment Agreement, effective as of June 1, 2008, as amended by that certain First Amendment to Amended and Restated Employment Agreement, effective as of November 1, 2012, that certain Second Amendment to Amended and Restated Employment Agreement, effective as of October 20, 2016, and that certain Third Amendment to Amended and Restated Employment Agreement, effective as of May 16, 2018 (such agreement, as amended, the “Employment Agreement”). The Company and the Executive may also be referred to herein individually as “Party” and collectively as the “Parties.”  The Parties now desire to terminate the Employment Agreement as reflected under the terms and conditions of this Agreement.

  AGREEMENT

  NOW, THEREFORE, in consideration of the mutual covenants and obligations contained in this Agreement, including but not limited to the release of certain rights and obligations of each of the Company and the Executive that would otherwise apply under the Employment Agreement, the Company and the Executive agree as follows:

  1.Termination of Employment Agreement.  In consideration of the mutual promises of the Parties herein, the Company and the Executive acknowledge and agree that the Employment Agreement is hereby terminated, cancelled and considered null and void and of no force and effect, and that the Parties’ respective rights, duties and obligations under the Employment Agreement are hereby released, waived, discharged and forever terminated. The Executive and the Company expressly agree that the release of his or its (as the case may be) obligations under the Employment Agreement constitute adequate and sufficient consideration for this Agreement. The Executive acknowledges and agrees that he has been paid all compensation and benefits due to him under the Employment Agreement in the correct amounts under the Employment Agreement and that he has not earned and will not be paid any further payments (including but not limited to severance benefits) under the Employment Agreement. The Executive also acknowledges and agrees that neither this Agreement nor any matters related thereto constitute “Good Reason,” a termination by the Company under the “Notice Exception” or a termination by the Company other than for “Cause” (as such terms are defined under the Employment Agreement) under the Employment Agreement, and that the Company has not breached the terms of the Employment Agreement by entering into this Agreement or otherwise. 

  

  2.Participation in the Executive Severance Plan.  Subject to and effective as of the Executive’s execution and delivery of this Agreement, Executive shall become a participant in the Company’s Change of Control Severance Plan for Key Executives (As Amended and Restated Effective October 31, 2018) (the “Severance Plan”), and the Executive acknowledges and agrees that his right to participate in the Severance Plan constitutes additional consideration for this Agreement to which he is not otherwise entitled.

  3.Release.  The Executive hereby releases, waives and forever discharges the Company (including its officers, employees, directors, agents, insurers, affiliates, related companies, successors and assigns) from any and all rights, obligations, duties, liabilities, claims, actions or proceedings of every kind and nature, whether known or unknown, which are either created by, arise under, are in any way related to, or that now exist or could exist in the future, under or related to the Employment Agreement. 

  4.Employment At-Will.  Executive acknowledges and agrees that his employment with the Company or any affiliate is at will and that it may be terminated by the Executive or by the Company, for any reason or no reason, at any time. 

  5.Successors and Assigns; Entire Agreement; Modification.  The Agreement shall be binding upon and inure to the benefit of the respective Parties and their respective assigns, successors, heirs, executors and administrators.  This Agreement contains the entire agreement between the Parties with respect to the transactions contemplated herein and supersedes all prior understandings and agreements of the Parties with respect to the subject matter hereof, including, without limitation, the Employment Agreement.  This Agreement shall not be modified or amended except by an instrument in writing signed by or on behalf of the Parties hereto. 

  6.Governing Law.  The Parties intend that this Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to conflicts of law principles thereof. 

  7.Counterparts; Headings.  This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  The headings of sections and paragraphs herein are included for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 

   [Signature Page Follows]

   

   

  

  IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the day and year first above written.

  EXECUTIVE

  /s/ David S. Congdon

  David S. Congdon

  OLD DOMINION FREIGHT LINE, INC.

  By:	/s/ Greg C. Gantt

  Name:	Greg C. Gantt

  Title:	President and Chief Executive Officer

  Attest:

  /s/ Ross H. Parr

  Name:	Ross H. Parr

  Title:	Secretary

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