Document:

Exhibit

Exhibit 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

December 31, 2019

CenturyLink, Inc. (“CenturyLink”, the “Company”, “we” or “us”) has two classes of securities registered under Section 12 of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”): (i) Common Stock, par value $1.00 per share (“Common Stock”), and (ii) Series CC Junior Participating Preferred Stock Purchase Rights (“Purchase Rights”). Each of the Company’s securities registered under Section 12 of the Exchange Act are listed on The New York Stock Exchange. 

DESCRIPTION OF COMMON STOCK

The following is a summary description of the rights of the holders of the Common Stock and related provisions of the Company’s Articles of Incorporation, as amended and restated (the “Articles”), and bylaws, as amended and restated (the “Bylaws”), and applicable Louisiana law. This summary is intended to provide a general description only, does not purport to be complete and is qualified in its entirety by reference to, and should be read in conjunction with, the Articles, Bylaws and applicable Louisiana law.

General

CenturyLink is currently authorized under its Articles to issue an aggregate 2.202 billion shares of capital stock, consisting of 2.200 billion shares of Common Stock, $1.00 par value per share, and 2 million shares of preferred stock, $25.00 par value per share. All of the outstanding capital stock of the Company is fully paid and non-assessable. 

Dividends  

Holders of our Common Stock are entitled to receive dividends when, as and if declared by our board of directors, out of funds legally available therefor, subject to the preferences applicable to any outstanding preferred stock. 

No Preemptive, Redemption or Conversion Rights

The Common Stock is not redeemable, is not subject to sinking fund provisions, does not have any conversion rights and is not subject to call. Holders of shares of Common Stock have no preemptive rights to maintain their percentage of ownership in future offerings or sales of stock of CenturyLink.

Voting Rights  

Under the Articles, each share of Common Stock entitles the holder thereof to one vote per share in all elections of directors and on all other matters duly submitted to shareholders for their vote or consent.  Holders of our Common Stock do not have cumulative voting rights. 

Liquidation, Dissolution or Similar Rights

In the event we liquidate, dissolve or wind up our affairs, holders of our Common Stock would be entitled to receive ratably all of our assets remaining after satisfying the preferences of our creditors and the holders of any outstanding preferred stock.  

Certain Provisions Affecting Takeovers

Provisions of the Articles and Bylaws may delay or discourage transactions involving an actual or potential change of control in the Company or its management, including transactions in which shareholders might otherwise receive a premium for their shares, or transactions that its shareholders might otherwise deem to be in their best interests. Among other things:

		
	•
	Our Articles provide that shareholder action may only be taken at an annual or special meeting of shareholders, and may not be taken by written consent of the shareholders.

		
	•
	Under our Articles, the shareholders may remove any director or the entire board of directors, only for cause, at any meeting of the shareholders called for such purpose, by the affirmative vote of (i) a majority of the total voting power of all shareholders and (ii) at any time there is a related person (as defined in the Articles), a majority of the total voting power of all shareholders other than the related person, voting as a separate group.

		
	•
	Pursuant to our Articles, vacancies on our board may be filled only by the board of directors by a vote of both a majority of the directors then in office and a majority of the continuing directors (as defined in the Articles) voting as a separate group. 

		
	•
	Under our Articles, the number of authorized directors may not be increased or decreased without, among other things, the approval of both 80% of the directors then in office and a majority of the continuing directors voting as a separate group.

		
	•
	Our Articles contain “fair price” provisions designed to provide supermajority vote and other safeguards for our shareholders when related persons attempt to effect a business combination with us, unless the business combination is approved in advance by the directors or satisfies various minimum price, consideration and procedural requirements, in each case as set forth in the Articles.

		
	•
	Our board of directors is required by our Articles to consider particular factors enumerated therein when evaluating a business combination, tender or exchange offer or a proposal by another person to make a tender or exchange offer.

		
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	Our Bylaws establish an advance notice procedure with regard to the nomination, other than by or at the direction of our board of directors, of candidates for election as directors and with regard to other matters to be brought before a meeting of our shareholders. 

		
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	Various provisions of our Articles may not be amended except upon the affirmative vote of both 80% of the total voting power of all shareholders and two-thirds of the total voting power of shareholders, other than a related person, present or represented at a shareholders’ meeting, voting as a separate group. 

		
	•
	Our Bylaws may be adopted, amended or repealed and new bylaws may be adopted by either a majority of our directors and a majority of our continuing directors, voting as a separate group or the holders of at least 80% of the total voting power of all shareholders and two-thirds of the total voting power of shareholders, other than a related person, present or duly represented at a shareholders’ meeting, voting as a separate group.

		
	•
	Our board of directors is authorized, without action of the shareholders, to issue (i) additional shares of Common Stock, subject to certain limitations under the New York Stock Exchange listing standards and the Louisiana Business Corporation Act, and (ii) additional shares of preferred stock with rights and preferences designated by the board of directors, which could include terms adversely affecting the rights of holders of the Common Stock.

Additional Information

As of December 31, 2019, CenturyLink had outstanding 7,018 shares of 5% Cumulative Convertible Series L Preferred Stock that entitles the holders to certain preferential liquidation and other rights and to cast one vote per share, together with holders of the Common Stock, on all matters duly submitted to a vote of shareholders. For additional information on the matters summarized above, see our Registration Statement on Form 8-A/A filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2015. Our Articles and Bylaws are filed as exhibits to our accompanying Annual Report on Form 10-K.

DESCRIPTION OF Series CC Junior Participating PREFERRED STOCK 
PURCHASE RIGHTS

General

On February 13, 2019, we entered into a Section 382 Rights Agreement by and between CenturyLink and Computershare, Inc., as rights agent (the “Rights Agent”). On May 9, 2019, CenturyLink and the Rights Agent amended and restated the Section 382 Rights Agreement (as so amended and restated, the “NOL Rights Plan”). We adopted the NOL Rights Plan to diminish the risk that we could experience an “ownership change” as defined under Section 382 of the Internal Revenue Code of 1986 (as amended, the “Code”), which could substantially limit our ability to use our net operating loss carryover (collectively, the “NOLs”) to reduce anticipated future tax liabilities. 

Pursuant to the NOL Rights Plan, the Company’s board of directors declared a dividend of one preferred share purchase right (each, a “Right”) for each outstanding share of Common Stock. The dividend was distributed to shareholders of record as of the close of business on February 25, 2019. On May 22, 2019, CenturyLink’s shareholders ratified the NOL Rights Plan. 

The following is a summary description of the Rights and the other material terms and conditions of the NOL Rights Plan. This summary is intended to provide a general description only, does not purport to be complete and is qualified in its entirety by reference to, and should be read in conjunction with, the complete text of the NOL Rights Plan. All capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the NOL Rights Plan.

Applicability of NOL Rights Plan

Under the NOL Rights Plan, each share of our Common Stock carries with it one Right until the Distribution Date (as defined below) or the earlier expiration of the Rights, as described below. Shareholders who owned 4.9% or more of the outstanding Common Stock as of the close of business on February 13, 2019, will not trigger the Rights so long as they do not (i) acquire additional shares of Common Stock representing one-half of one percent (0.5%) or more of the shares of Common Stock outstanding at the time of such acquisition or (ii) fall under 4.9% ownership of Common Stock and then re-acquire shares that in the aggregate equal 4.9% or more of the Common Stock. A person will not trigger the Rights solely as a result of any transaction that the board of directors determines, in its sole discretion, is an exempt transaction for purposes of triggering the Rights. STT Crossing Ltd. and its Affiliates and Associates will be exempt shareholders for the purposes of the NOL Rights Plan, unless and until STT Crossing Ltd. (or any Affiliates of STT Crossing Ltd.) acquires any Common Stock other than (x) in a transaction that is permitted under Section 4 of the Stockholder Rights Agreement, dated as of October 31, 2016, by and among the Company and STT Crossing Ltd. (as amended, the “Shareholder Rights Agreement”) or (y) any transfers of Common Stock or other Company equity interests between or among STT Crossing Ltd. and its Affiliates. Subject to certain limitations, a person to whom STT Crossing Ltd. transfers any amount of Common Stock pursuant to and as permitted by Section 4.2 of the Shareholder Rights Agreement will be exempt for purposes of the NOL Rights Plan, unless and until such person (or any Affiliates or Associates of such person) acquires any additional Common Stock.

The Company’s board of directors may, in its sole discretion prior to the Distribution Date, exempt any person or group for purposes of the NOL Rights Plan if it determines the acquisition by such person or group will not jeopardize tax benefits or is otherwise in the Company’s best interests. Any person that acquires shares of Common Stock in violation of these limitations is known as an “Acquiring Person.” Notwithstanding the foregoing, a Person shall not be an “Acquiring Person” if the Independent Directors (as defined in the NOL Rights Plan) determines at any time that a Person who would otherwise be an “Acquiring Person” has become such without intending to become an “Acquiring Person,” and such Person divests as promptly as practicable (or within such period of time as the Independent Directors determine is reasonable) a sufficient number of shares of Common Stock of the Company so that such Person would no longer be an “Acquiring Person,” as defined pursuant to the NOL Rights Plan. 

The Rights

From the record date of February 25, 2019 until the Distribution Date or earlier expiration of the Rights, the Rights will trade with, and be inseparable from, the Common Stock. New Rights will also accompany any new shares of Common Stock that are issued after February 13, 2019, until the Distribution Date or earlier expiration of the Rights.

Exercise Price

Each Right will allow its holder to purchase from the Company one ten-thousandth of a share of Series CC Junior Participating Preferred Stock (“Preferred Share”) for $28, subject to adjustment (the “Exercise Price”), once the Rights become exercisable. This fraction of a Preferred Share will give the stockholder approximately the same dividend, voting and liquidation rights as would one share of Common Stock. Prior to exercise, each Right does not give its holder any dividend, voting or liquidation rights.

Exercisability

The Rights will not be exercisable until 10 business days (as may be extended in the discretion of the Independent Directors) after the public announcement that a person or group has become an Acquiring Person unless the NOL rights Plan is theretofore terminated or the Rights are theretofore redeemed (as described below).

We refer to the date when the Rights become exercisable as the “Distribution Date.”  Until that date or earlier expiration of the Rights, the Common Stock certificates will also evidence the Rights, and any transfer of shares of Common Stock will constitute a transfer of Rights. After that date, the Rights will separate from the Common Stock and be evidenced by book-entry credits or by Rights certificates that we will mail to all eligible holders of Common Stock. Any Rights held by an Acquiring Person, or any Affiliates or Associates of the Acquiring Person, are void and may not be exercised.

Consequences of a Person or Group Becoming an Acquiring Person  

If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person, or any Affiliates or Associates of the Acquiring Person, may, upon payment of the Exercise Price, purchase shares of our Common Stock with a market value of twice the Exercise Price, based on the “current per share market price” of the Common Stock (as defined in the NOL Rights Plan) on the date of the acquisition that resulted in such person or group becoming an Acquiring Person.

Exchange 

After a person or group becomes an Acquiring Person, our Independent Directors in their sole discretion may extinguish the Rights by exchanging one share of Common Stock or an equivalent security for each Right, other than Rights held by the Acquiring Person or any Affiliates or Associates of the Acquiring Person.

Preferred Share Provisions  

Each one ten-thousandth of a Preferred Share, if issued:

		
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	will not be redeemable;

		
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	will entitle holders to dividends equal to the dividends, if any, paid on one share of Common Stock;

		
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	will entitle holders upon liquidation either to receive $1.00 per share or an amount equal to the payment made on one share of Common Stock, whichever is greater;

		
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	will vote together with the Common Stock as one class on all matters submitted to a vote of shareholders of the Company and will have the same voting power as one share of Common Stock, except as otherwise provided by law; and

		
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	will entitle holders to a per share payment equal to the payment made on one share of Common Stock, if shares of our Common Stock are exchanged via merger, consolidation, or a similar transaction.

The value of one ten-thousandth interest in a Preferred Share is expected to approximate the value of one share of Common Stock.

Expiration  

The Rights will expire on the earliest of (i) December 1, 2020, (ii) the time at which the Rights are redeemed, (iii) the time at which the Rights are exchanged, or (iv) the time at which the Company’s board of directors makes certain specified determinations that the NOLs are no longer necessary or in the best interests of the Company and its shareholders.

Redemption 

Our board of directors may redeem the Rights for $0.0001 per Right at any time before the Distribution Date. If our board of directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.0001 per Right. The redemption price will be adjusted if we have a stock split or stock dividends of our Common Stock.

Anti-Dilution Provisions

Our board of directors may adjust the Exercise Price, the number of Preferred Shares issuable per Right and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split or a reclassification of the Preferred Shares or Common Stock.

Amendments 

The terms of the NOL Rights Plan may be amended by our board of directors without the consent of the holders of the Rights. After the Distribution Date, our board of directors may not amend the agreement in a way that adversely affects holders of the Rights (other than an Acquiring Person, or an Affiliate or Associate of an Acquiring Person).

Additional Information

For additional information on the NOL Rights Plan, see our Registration Statement on Form 8-A filed with the SEC on March 11, 2019. The NOL Rights Plan and the Shareholder Rights Agreement are filed as exhibits to our accompanying Annual Report on Form 10-K.Exhibit
4.7

 

DESCRIPTION
OF ADVAXIS, INC.’S SECURITIES

REGISTERED
UNDER

SECTION
12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

General

 

The
following is a summary of certain rights and privileges of the Common Stock of Advaxis, Inc. (“Advaxis,” “we,”
or “our”), a corporation organized under the laws of the state of Delaware.

 

This
summary does not purport to be complete. Reference is made to the provisions of Advaxis’ Amended and Restated Certificate
of Incorporation (the “Certificate of Incorporation”), and Advaxis’ Amended and Restated Bylaws (the “Bylaws”)
that are filed as exhibits to the Annual Report on Form 10-K to which this is filed as an exhibit. The following also summarizes
certain applicable provisions of Delaware law.

 

Under
Advaxis’ Certificate of Incorporation, Advaxis is authorized to issue 170,000,000 shares of Common Stock, par value $0.001
per share (the “Common Stock”), and 5,000,000 shares of “blank check” preferred stock, par value $0.001
per share.

 

Common
Stock

 

Dividends

 

Holders
of our Common Stock are entitled to receive ratably any dividends declared by our Board of Directors (the “Board”)
out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding Preferred Stock
(“Preferred Stock”). All outstanding shares are fully-paid and non-assessable.

 

Conversion
Rights

 

The
shares of Common Stock are not convertible into other securities.

 

Sinking
Fund Provisions

 

Our
Common Stock has no sinking fund provisions.

 

Redemption
Provisions

 

Our
Common Stock has no right to redemption.

 

Voting
Rights

 

The
holders of our Common Stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders.
Holders of our Common Stock do not have a cumulative voting right, which means that the holders of more than one-half of the outstanding
shares of Common Stock, subject to the rights of the holders of the Preferred Stock, if any, can elect all of our directors, if
they choose to do so. In this event, the holders of the remaining shares of Common Stock would not be able to elect any directors.
Our Board is not classified.

 

Except
as otherwise required by Delaware law, and subject to the rights of the holders of Preferred Stock, if any, all stockholder action
is taken by the vote of a majority of the outstanding shares of Common Stock voting as a single class present at a meeting of
stockholders at which a quorum consisting of one-third of the outstanding shares of Common Stock is present in person or proxy.

 

Liquidation
Rights

 

In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of Common Stock would
be entitled to share ratably in our assets that are legally available for distribution to stockholders after payment of liabilities
and applicable distribution to the holders of our Preferred Stock (if any outstanding).

 

Preemption
Rights

 

Our
Common Stock has no right to preemption.

 

    	 

    	 

    

 

Anti-Takeover
Provisions

 

Delaware
Law

 

We
are subject to Section 203 of the Delaware General Corporation Law, an anti-takeover law. In general, Section 203 prohibits a
Delaware corporation from engaging in any “business combination” with any “interested stockholder” for
a period of three years following the date the stockholder became an interested stockholder, unless:

 

	 	●	prior
    to such date, the board of directors 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 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 number of shares outstanding (a) those shares owned by persons who are directors and also officers
    and (b) shares owned 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
	 	●	on
    or subsequent to such date, the business combination is approved by the board of directors and authorized at an annual meeting
    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.

 

Section
203 defines a business combination to include:

 

	 	●	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 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 any entity or person beneficially owning 15% or more of
the outstanding voting stock of a corporation, or an affiliate or associate of the corporation and was the owner of 15% or more
of the outstanding voting stock of a corporation at any time within three years prior to the time of determination of interested
stockholder status; and any entity or person affiliated with or controlling or controlled by such entity or person.

 

These
statutory provisions could delay or frustrate the removal of incumbent directors or a change in control of our company. They could
also discourage, impede, or prevent a merger, tender offer, or proxy contest, even if such event would be favorable to the interests
of stockholders.

 

Certificate
of Incorporation and Bylaws Provisions

 

Our
Certificate of Incorporation and Bylaws contain provisions that could have the effect of discouraging potential acquisition proposals
or making a tender offer or delaying or preventing a change in control, including changes a stockholder might consider favorable.
In particular, the Certificate of Incorporation and Bylaws, as applicable, among other things:

 

	 	●	provide
    our Board with the ability to alter its Bylaws without stockholder approval; and
	 	●	provide
    that vacancies on our Board may be filled by a majority of directors in office, although less than a quorum.

 

    	 

    	 

    

 

Such
provisions may have the effect of discouraging a third party from acquiring us, even if doing so would be beneficial to our stockholders.
These provisions are intended to enhance the likelihood of continuity and stability in the composition of our Board and in the
policies formulated by them, and to discourage some types of transactions that may involve an actual or threatened change in control
of Advaxis. These provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage
some tactics that may be used in proxy fights. We believe that the benefits of increased protection of our potential ability to
negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure Advaxis outweigh the disadvantages
of discouraging such proposals because, among other things, negotiation of such proposals could result in an improvement of their
terms. However, these provisions could have the effect of discouraging others from making tender offers for our shares that could
result from actual or rumored takeover attempts. These provisions also may have the effect of preventing changes in our management.

 

Stock
Exchange Listing

 

Our
Common Stock is listed on the Nasdaq Global Select Market under the symbol “ADXS.”

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our Common Stock is Continental Stock Transfer and Trust Company, 17 Battery Place, 8th Floor,
New York, NY 10004.

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