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Document

Exhibit 4.1

Description of the Registrant’s Securities Registered 
Under Section 12 of the Exchange Act of 1934
DESCRIPTION OF COMMON STOCK
The following summary of the material terms of the common stock of Universal Corporation (“Universal,” “we,” or “our”) does not purport to be complete and is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation (“Articles”) and Amended and Restated Bylaws (“Bylaws”), each of which is incorporated herein by reference and attached as an exhibit to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. For a more complete understanding of our Common Stock, we encourage you to read carefully our Articles and Bylaws, each as may be amended, and the applicable provisions of the laws of the Commonwealth of Virginia.
General
We are authorized to issue up to 105,000,000 shares of capital stock, consisting of 100,000,000 shares of common stock, without par value (“Common Stock”), and 5,000,000 shares of additional preferred stock, without par value (“Additional Preferred Stock”), (i) 500,000 shares of which are reserved for Series A Junior Participating Preferred Stock, without par value, and (ii) 220,000 shares of which were reserved for Series B 6.75% Convertible Perpetual Preferred Stock, without par value. No Series A Junior Participating Preferred Stock has been issued.  In 2006, 220,000 shares of Series B 6.75% Convertible Perpetual Preferred Stock were issued under this authorization, and none are outstanding.
Under our Articles, the board of directors, without shareholder approval, is authorized to issue shares of Additional Preferred Stock in one or more series. The creation and issuance of any series of Additional Preferred Stock and the relative rights and preferences of any such series will be determined in the judgment of our board of directors. Factors that the board of directors would consider include our capital needs and then existing market conditions. Holders of our Common Stock will be subject to, and may be negatively affected by, the rights of any of our Additional Preferred Stock that may be issued in the future.
Terms
The holders of Common Stock are entitled to one vote for each share on all matters voted on by shareholders, including elections of directors. Except as otherwise required by law or provided in any resolution adopted by the board of directors with respect to any series of Additional Preferred Stock, the holders of Common Stock possess all voting power. Our Articles do not provide for cumulative voting in the election of directors. Subject to any preferential rights of any outstanding series of Additional Preferred Stock created by the board of directors from time to time, the holders of Common Stock are entitled to such dividends as may be declared from time to time by the board of directors from funds available for dividends. Upon our liquidation, holders of our Common Stock are entitled to receive pro rata all of our assets available for distribution to such holders.
Preemptive Rights
No holder of any share of Common Stock or Additional Preferred Stock has any preemptive right to subscribe to any of our securities.
Listing
Our Common Stock is listed on the New York Stock Exchange under the symbol “UVV”.
Transfer Agent and Registrar
The transfer agent and registrar for our Common Stock is Broadridge Corporate Issuer Solutions.
Director Duties under Virginia Law
The standards of conduct for directors of Virginia corporations are listed in Section 13.1-690 of the Virginia Stock Corporation Act. Directors must discharge their duties in accordance with their good faith business judgment of the best interests of the corporation. Directors may rely on the advice or acts of others, including officers, employees, attorneys, accountants and board committees if they have a good faith belief in their competence. Directors’ actions are not subject to a reasonableness or prudent person standard. Virginia’s federal and state courts have focused on the process involved with directors’ decision-making and are generally supportive of directors if they have based their decision on an informed process. These elements of Virginia law could make it more difficult to take over a Virginia corporation than corporations in other states.
Certain Provisions of Our Articles and Bylaws
Our Articles and Bylaws contain provisions that may have the effect of delaying or preventing a change in control of us. Our Articles provide:
•for division of the board of directors into three classes, with one class elected each year to serve a three-year term;
1

•that directors may be removed only for cause and only upon the affirmative vote of the holders of at least two-thirds of the outstanding shares entitled to vote;
•that a vacancy on the board shall be filled by the remaining directors; and
•that the affirmative vote of the holders of at least two-thirds of the outstanding shares entitled to vote is required to amend, alter, change, or repeal the foregoing provisions.

Our Bylaws require advance notification for a shareholder to bring business before a shareholders’ meeting or to nominate a person for election as a director. Our Bylaws provide that, subject to the rights of holders of any series of Additional Preferred Stock, special meetings of shareholders may be called only by the Chairman of the Board, the President or by order of the Board of Directors. Special meetings of the shareholders may not be called by the shareholders. The business permitted to be conducted at any special meeting of shareholders is limited to the business brought before the meeting by or at the direction of the board of directors.
Our Articles contain an “affiliated transaction provision.” The affiliated transaction provision provides that, in the event that holders of Common Stock are entitled to vote on certain transactions, a supermajority of at least 80% of all the votes that the holders of our outstanding Common Stock are entitled to cast shall be required for the approval of such transactions. Such supermajority approval would be required for:
•a merger or consolidation with any Person (as defined below) or on a proposal that we sell, lease or exchange substantially all of our assets and property to or with any Person or that any Person sell, lease or exchange substantially all of its assets and property to or with us, and such Person owns or controls, directly or indirectly, our Common Stock representing ten percent (10%) or more of our voting power at the record date for determining shareholders entitled to vote (such Person, an “Interested Shareholder”); or
•any reclassification of securities, recapitalization or other transaction (except redemptions permitted by the terms of the security redeemed or repurchases of the securities for cancellation or our treasury) designed to decrease the number of holders of our Common Stock remaining after any Person has acquired ten percent (10%) of our Common Stock.

For the purpose hereof, a “Person” means any corporation, partnership, association, trust (other than any trust holding stock of our employees pursuant to any stock purchase, ownership or employee benefit plan of the Corporation), business entity, estate or individual or any Affiliate (as defined below) of any of the foregoing. An “Affiliate” means any corporation, partnership, association, trust, business entity, estate or individual who, directly or indirectly, through one or more intermediaries, controls (as defined below), or is controlled by, or is under common control with, a Person. “Control” shall mean the possession, directly or indirectly, of power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. However, the supermajority approval requirement does not apply to any transaction that is approved by the board of directors prior to the time that the Interested Shareholder becomes an Interested Shareholder.
The shares of Common Stock and Additional Preferred Stock authorized by our Articles provide the board of directors with as much flexibility as possible in using such shares for corporate purposes. However, these additional shares may also be used by the board of directors to deter future attempts to gain control of us. The board of directors has sole authority to determine the terms of any series of the Additional Preferred Stock, including voting rights, conversion rates, and liquidation preferences. As a result of the ability to fix voting rights for a series of Additional Preferred Stock, the board of directors has the power to issue a series of Additional Preferred Stock to persons friendly to management. Such an issuance could be used by the board of directors in an attempt to block a post-tender offer merger or other transaction by which a third party seeks a change in control of us.
The foregoing provisions of our Articles and Bylaws are intended to prevent inequitable shareholder treatment in a two-tier takeover. These provisions are also intended to reduce the possibility that a third party could effect a sudden or surprise change in majority control of the board of directors without the support of the incumbent board of directors, even if such a change were desired by or would be beneficial to a majority of our shareholders. As a result, such provisions may have the effect of discouraging certain unsolicited offers for our capital stock.
Limitations of Liability and Indemnification Matters
Article 10 of the Virginia Stock Corporation Act allows, in general, for indemnification, in certain circumstances, by a corporation of any person threatened with or made a defendant or respondent in any action, suit, or proceeding by reason of the fact that he or she is, or was, a director or officer of such corporation if the director or officer meets certain conditions of conduct. Indemnification is also authorized with respect to a criminal action or proceeding where the person had no reasonable cause to believe that his conduct was unlawful. Article 9 of the Virginia Stock Corporation Act provides limitations on damages payable by officers and directors, except in cases of willful misconduct or knowing violation of criminal law or any federal or state securities law, including insider trading or market manipulation.
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Article VIII of the Articles provides for mandatory indemnification of any director or officer of the Company who is, was or is threatened to be made a party to any proceeding by reason of the fact that such person is or was a director or officer of the Company against all liabilities and expenses incurred in the proceeding. However, the director or officer will not be indemnified for such liabilities and expenses as are incurred because of such director’s or officer’s willful misconduct or knowing violation of the criminal law.
Article IX of the Articles provide that in every instance permitted under the Virginia Stock Corporation Act in effect from time to time, a director or officer will be protected from liability to the Company or its shareholders for any monetary damages.
We maintain a standard policy of officers’ and directors’ liability insurance.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”) may be permitted to directors, officers or persons controlling Universal pursuant to the foregoing provisions, Universal has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
3Exhibit
4.14

 

	[Stamp]
                                            State of Israel

    Israeli
    Medical Cannabis Agency

    (IMCA)
	[logo]
                                            [emblem of the State of Israel

    Ministry
    of Health

    [illegible]

    Medical
    Cannabis Agency
	 

     

     

    Valid
    until: October 20, 2022

    Dealer’s
    Code: V-1315-060518

 

Initial
Authorization to Establish a Site for Dealing with a Controlled Substance

 

By
virtue of the authority vested in me pursuant to Sections 6, 7 and 13 in the middle of the Dangerous Drugs Ordinance

[New
Version], 5733 – 1973 (hereinafter “the Ordinance”) and pursuant to the Dangerous Drugs Regulations, 5739 – 1979
(hereinafter: “the Regulations”), an initial authorization is hereby granted to establish a proliferation farm – proliferation
of cannabis plants (hereinafter “the site”) and, according to the following detail:

 

	1.	The
                                            Applicant for the Authorization and his Details:
	2.	

 

	 	1.1

        

        
	Name
                                            of the entrepreneur/Corporation: Dalia Bezizinsky

    

    
	 	

    ID/Co
    No: 054771613: (hereinafter: “the applicant”)

    

    

	 	1.2	Site
    Address: Kochav Michael	 	Farm/Estate:
    Form Number 10
	 	1.3	Contact
    Person (Name): Dalia Bezizinsky	 	ID
    No: 054771613 Tel No: 054-222-8861

 

	2.	Name
                                            of the Controlled Substance

 

CANNABIS

 

	3.	Its
                                            Form

 

This
approval does not constitute approval for possession in any form It is
absolutely prohibited to possess the drug, plant, any part of it, its components or products and in any form for as long as no express
license for this is been received from the Director.

 

	4.	The
                                            Purpose of the Approval

 

		4.1	To
                                            act for planning/establishing/adapting a proliferation farm – proliferation of
                                            the cannabis plant
		4.2	The
                                            applicant declares that this approval will not be used for any purpose not approved and specified
                                            expressly in this approval.

 

		5.	Restrictions
                                            and Additional Conditions:

 

		5.1	This approval
    is only temporary. This approval can be annulled pursuant to the Director’s sole discretion, or pursuant to a Government of
    Israel decision, without derogating from any other cause in the law for annulling the approval.
		5.2	This approval
    contains nothing to impose any obligation whatsoever on the Ministry of Health or the Medical Cannabis Agency to grant a license
    for dealing in a controlled substance.
		5.3	This approval
    is approval for the applicant to commence establishing or adapting the site pursuant to the designated occupation. The principles
    of the planning and establishment/adaptation of the business must be executed pursuant to the designated occupation, while complying
    with all the relevant requirements of the law and pursuant to quality and security requirements as detailed below:
			a.	Cultivation
                                            or proliferation of the cannabis plants – as detailed in Procedure IMC-GAP (proper
                                            cultivation conditions) and as detailed in Procedure IMC GSP (security conditions).

 

It
must be emphasized: The applicant must comply with the security requirements as detailed in Procedure IMC-GSP at the site and must receive
security approval pursuant to the type of occupation.

 

[signature]

[stamp]
MGR Yuval Landschaft

L.N.
4023

Director

the
Medical Cannabis Agency (IMCA)

	Israel
                                            Medical Cannabis Agency

    Minister
    Health

    PO
    Box 1176 Jerusalem 91010

    IMCA@moh.health.gov.il

    Tel
    No *5400 Fax No: 02-647-4810
	Kol
                                            Habriut

    *5400
	[bilingual
    text see left column]

 

    	 

     

    

 

	[Stamp]
                                            State of Israel

    Israeli
    Medical Cannabis Agency

    (IMCA)
	[logo]
                                            [emblem of the State of Israel

    Ministry
    of Health

    [illegible]

    Medical
    Cannabis Agency
	 

     

     

    Valid
    until: October 20, 2022

    Dealer’s
    Code: V-1315-060518

 

		5.4	This
                                            approval cannot be transferred in any form whatsoever.
		5.5	Should
                                            there be any change whatsoever in the ownership of the applicant, or in the identity of the
                                            controlling shareholders therein, or in its managers or authorized signatories, who are detailed
                                            in this license without receiving the advance written approval of the IMCA for this –
                                            the validity of the license will expire. Regarding this section, a change in the ownership
                                            means transferring shares, in any manner whatsoever, in a volume that exceeds 5% of the Company’s
                                            total share capital.
		5.6	In
                                            view of the activity in the cannabis field, and because this activity obligates, inter alia,
                                            receipt of the IMCA’s approval for all the dealers, managers and interested parties
                                            in companies and/or their managers – granting the initial authorization/the license
                                            is subject to the attached conditions:

 

	 	a.	Any
    material shareholder as defined in the Company’s capital, 5759 – 1999 and/or controlling shareholder as defined in the
    Company’s capital 5759 – 1999 and/or any effective controlling shareholder and/or Director and/or General Manager in
    the Company, has to receive the IMCA’s approval.
	 	b.	No
    shares in the Company may be transferred to any offeree whatsoever when, following this allocation, he will become an interested
    party, prior to the IMCA’s approval for this after receiving a recommendation from a competent official.
	 	c.	No
    Director and/or General Manager may be appointed in the Company prior to receiving the IMCA’s approval for this, after receiving
    a recommendation from a competent official. This
	 	d.	The
    Company must amend its Articles of Association so that they include an instruction pursuant to which if any entity/entities whatsoever
    becomes/become an interested party/interested parties in the Company by virtue of his/their shareholding or an agreement between
    the shareholders, prior to receiving the mandatory approvals from the IMCA, the Company shall have the right to confiscate and/or
    make some of the shares held by one or more of these shareholders dormant so that after the confiscation and/or making the shares
    dormant the entity/entities will no longer be interested parties by virtue of the holdings or by virtue of agreement in the Company.
	 	 	d1.	An
    entity/entities, whose shares have been made dormant, should they be made dormant, shall, at any time, have the right to sell or
    transfer all or some of these shares to another/others, subject to the details in this Procedure and the requirements of the Ordinance
    and the Law.
	 	e.	The
    Company will not extend the appointment of a Director or its General Manager, unless at the date of the extension there is approval
    from the IMCA in this regard, after receiving a repeat recommendation from a competent official.
	 	f.	At
    every Annual Meeting of the Company, the General Manager of the Company must declare that all the approval/approvals required from
    the IMCA for the Company, the manager/managers and the interested party/parties, as detailed in Sections a, b, and c above as at
    the date of the meeting, are available and valid and there has not been any change in the status of the Company, the managers/managers,
    material shareholder/shareholders and the interested party/parties from the date of being granted the authorization/authorizations

 

	 	5.7	The
    applicant must inform the Director immediately of any change in any of his details (his address, contact persons etc.) and must receive
    the IMCA’s advance written approval for any change in the ownership of the applicant or in the identity of the interested parties
    or its managers or its authorized signatories or the material shareholders.
	 	5.8	The
    presence of minors at the site or installation is absolutely prohibited.
	 	5.9	The
    instructions in the ordinance and regulations and any instruction and/or stipulation for complying with any of the quality conditions
    required shall apply to the applicant.
	 	5.10	The
    applicant must keep a regular record of all the actions regarding the establishment of the site and any additional record required
    by the Director.
	 	 	The
    records must be presented to the Director whenever he requires this and must also be presented to any other competent entity according
    to the matter pursuant to the demand of the Director.
	 	5.11	These
    conditions and stipulations can be updated at the IMCA’s sole discretion and with approval of the Director General of the Ministry
    of Health. The IMCA is entitled to publish additional instructions pursuant to the circumstances and essence of the occupation.

 

[signature]

[stamp]
MGR Yuval Landschaft

L.N.
4023

Director

the
Medical Cannabis Agency (IMCA)

	Israel
                                            Medical Cannabis Agency

    Minister
    Health

    PO
    Box 1176 Jerusalem 91010

    IMCA@moh.health.gov.il

    Tel
    No *5400 Fax No: 02-647-4810
	Kol
                                            Habriut

    *5400
	[bilingual
    text see left column]

 

    	 

     

    

 

	[Stamp]
                                            State of Israel

    Israeli
    Medical Cannabis Agency

    (IMCA)
	[logo]
                                            [emblem of the State of Israel

    Ministry
    of Health

    [illegible]

    Medical
    Cannabis Agency
	 

     

     

    Valid
    until: October 20, 2022

    Dealer’s
    Code: V-1315-060518

 

	6.	The
                                            Validity of the Approval

 

	 	6.1	This
    approval annuls any other or additional previous approval in the possession of the applicant.
	 	6.2	This
    approval was granted on October 20, 2021 at the offices of the IMCA
	 	6.3	The
    validity of this approval expires on October 20, 2022, unless it is annulled previously to this at the decision of
    the Director.

 

Yuval
Landschaft

The
Director pursuant to the Dangerous Drugs Ordinance

 

[signature]

[stamp]
MGR Yuval Landschaft

L.N.
4023

Director

the
Medical Cannabis Agency (IMCA)

	Israel
                                            Medical Cannabis Agency

    Minister
    Health

    PO
    Box 1176 Jerusalem 91010

    IMCA@moh.health.gov.il

    Tel
    No *5400 Fax No: 02-647-4810
	Kol
                                            Habriut

    *5400
	[bilingual
    text see left column]

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