Document:

Exhibit
4.1

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO

SECTION
12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

NextPlat
Corp. (“we,” “us,” or “our company”) has two classes of securities registered
under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, par value
$0.0001 per share (our “Common Stock”), and our publicly-traded Warrants (our “Warrants”).

 

Authorized
NextPlat Capital Stock

 

We
are authorized to issue 50,000,000 shares of Common Stock. We are also authorized to issue 3,333,333 shares of preferred stock, par value
$0.0001 per share.

 

COMMON
STOCK

 

Overview

 

The
following description of our Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety
by reference to the complete text of our Amended and Restated Certificate of Incorporation, as amended (the “Certificate of
Incorporation”), and our Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference
as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our Certificate of Incorporation,
our Bylaws and the applicable provisions of the Nevada Revised Statutes for additional information.

 

Rights
and Preferences

 

The
rights, preferences and privileges of holders of our Common Stock, including those described below, are subject to, and may be adversely
affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of the Board of Directors
and issued in the future. The holders of our Common Stock have no preemptive, subscription, redemption or conversion rights.

 

Voting
Rights

 

The
holders of our Common Stock are entitled to one vote per share. Our Certificate of Incorporation does not provide for cumulative voting.

 

Dividends

 

The
holders of our Common Stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors out
of legally available funds.

 

Liquidation
Rights

 

Upon
liquidation, dissolution or winding-up, the holders of our Common Stock are entitled to share ratably in all assets that are legally
available for distribution.

 

Fully
Paid and Nonassessable

 

All
outstanding shares of Common Stock are fully paid and non-assessable.

 

Listing

 

Our
Common Stock is traded on the NASDAQ Capital Market under the symbol, “NXPL.”

 

WARRANTS

 

Overview

 

The
following description of our publicly traded Warrants is a summary and does not purport to be complete. This summary is subject to, and
qualified in its entirety by, the provisions of the Warrant Agency Agreement between us Equity Stock Transfer LLC (the “Warrant
Agent”), and the form of Warrant, both of which are filed as exhibits to the Annual Report on Form 10-K of which this Exhibit
4.1 is a part. We encourage you to carefully review the terms and provisions set forth in the Warrant Agency Agreement, including the
annexes thereto, and form of Warrant. The Warrants entitle the registered holder thereof to purchase one share of our Common Stock at
a price equal to $5.00 per share, subject to adjustment as discussed below, immediately following the issuance of such Warrant and terminating
at 5:00 p.m., New York City time, on June 2, 2026 (five years after their original issuance).

 

    	 

    	 

    

 

Exercisability

 

The
Warrants are exercisable at any time after their original issuance and at any time up to June 2, 2026 (five years after their original
issuance). The Warrants may be exercised upon surrender of the Warrant certificate on or prior to the expiration date at the offices
of the Warrant Agent, with the exercise form on the reverse side of the Warrant certificate completed and executed as indicated. Under
the terms of the Warrant Agency Agreement, we must use our best efforts to maintain the effectiveness of the registration statement and
current prospectus relating to Common Stock issuable upon exercise of the Warrants until the expiration of the Warrants. If we fail to
maintain the effectiveness of the registration statement and current prospectus relating to the Common Stock issuable upon exercise of
the Warrants, the holders of the Warrants have the right to exercise the Warrants solely via a cashless exercise feature provided for
in the Warrants, until such time as there is an effective registration statement and current prospectus.

 

Exercise
Limitation

 

A
holder (together with its affiliates) may not exercise any portion of the Warrant to the extent that the holder would own more than 4.99%
(or, at the election of the holder, 9.99%) of the outstanding Common Stock immediately after exercise, except that upon at least 61 days’
prior notice from the holder to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder’s
Warrants up to 9.99% of the number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such
percentage ownership is determined in accordance with the terms of the Warrants.

 

Exercise
Price

 

The
exercise price per whole share of our Common Stock purchasable upon the exercise of the Warrants is $5.00 per share of Common Stock.
The Warrants are immediately exercisable and may be exercised at any time up to the date that is five years after their original issuance
(June 2, 2026). The exercise price of the Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our Common Stock and also upon any distributions of assets,
including cash, stock or other property to our stockholders.

 

Cashless
Exercise

 

If,
at any time after the issuance of the Warrants, a holder of the Warrants exercises the Warrants and a registration statement registering
the issuance of the shares of Common Stock underlying the Warrants under the Securities Act is not then effective or available (or a
prospectus is not available for the resale of shares of Common Stock underlying the Warrants), then in lieu of making the cash payment
otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder will instead receive
upon such exercise (either in whole or in part) only the net number of shares of Common Stock determined according to a formula set forth
in the Warrants. Notwithstanding anything to the contrary, in the event we do not have or maintain an effective registration statement,
there are no circumstances that would require us to make any cash payments or net cash settle the Warrants to the holders.

 

Fractional
Shares

 

No
fractional shares of Common Stock will be issued upon exercise of the Warrants. If, upon exercise of the Warrant, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, pay a cash adjustment in respect of such fraction in an amount equal
to such fraction multiplied by the exercise price. If multiple Warrants are exercised by the holder at the same time, we will pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

 

Transferability

 

Subject
to applicable laws, the Warrants may be offered for sale, sold, transferred or assigned at the option of the holder without our consent.

 

Exchange
Listing

 

The
Warrants are traded on the NASDAQ Capital Market under the symbol, “NXPLW.”

 

Fundamental
Transactions

 

In
the event of a fundamental transaction, as described in the Warrants and generally including any reorganization, recapitalization or
reclassification of our Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or assets,
our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common Stock, or any person
or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the holders of the Warrants
will be entitled to receive upon exercise of the Warrants the kind and amount of securities, cash or other property that the holders
would have received had they exercised the Warrants immediately prior to such fundamental transaction.

 

Rights
as a Stockholder

 

Except
by virtue of such holder’s ownership of shares of our Common Stock, the holder of a Warrant does not have the rights or privileges
of a holder of our Common Stock, including any voting rights, until the holder exercises the Warrant.Exhibit
No. 10.50

 

ORBSAT
CORP

STOCK
OPTION AGREEMENT

 

This
STOCK OPTION AGREEMENT (the “Option Agreement”), effective as of the October 8, 2021 (the “Grant Date”),
is between Orbsat Corp, a Nevada corporation (the “Company”), and Andrew S. Cohen (the “Optionee”),
the Executive Vice President of the Company.

 

WHEREAS,
the Company desires to give the Optionee the opportunity to purchase 25,000 shares of common stock of the Company, par value $0.0001
per share (“Common Shares”).

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties
hereto, intending to be legally bound hereby, agree as follows:

 

1.
Grant of Option. The Company hereby grants to the Optionee the right and option (the “Option”) to purchase
all or any part of an aggregate of 25,000 Common Shares. The Option is in all respects limited and conditioned as hereinafter
provided.

 

2.
Exercise Price. The exercise price of the Common Shares covered by this Option shall be $5.35 per share.

 

3.
Term. Unless earlier terminated pursuant to any provision of this Option Agreement, this Option shall expire five years from the
Grant Date (the “Expiration Date”). This Option shall not be exercisable on or after the Expiration Date.

 

4.
Vesting and Exercise of Option. The Option shall be fully vested on the Grant Date and will remain exercisable until it is exercised
or until it terminates and shall not be forfeited upon resignation or termination, other than as set forth in the Employment Agreement,
dated October 08, 2021, by and between Optionee and the Company.

 

5.
Method of Exercising Option. Subject to the terms and conditions of this Option Agreement, the Option may be exercised by written
notice to the Company at its principal office. The form of such notice is attached hereto and shall state the election to exercise the
Option and the number of whole shares with respect to which it is being exercised; shall be signed by the person or persons so exercising
the Option; and shall be accompanied by payment of the full exercise price of such shares. Only full shares will be issued.

 

The
exercise price shall be paid to the Company:

 

(a)
in cash, or by certified check, bank draft, or postal or express money order;

 

(b)
through the delivery of Common Shares previously acquired by the Optionee;

 

(c)
by delivering a properly executed notice of exercise of the Option to the Company and a broker, with irrevocable instructions to the
broker promptly to deliver to the Company the amount necessary to pay the exercise price of the Option;

 

(d)
in Common Shares newly acquired by the Optionee upon exercise of the Option; or

 

(e)
in any combination of (a), (b), (c) or (d) above.

 

In
the event the exercise price is paid, in whole or in part, with Common Shares, the portion of the exercise price so paid shall be equal
to the $5.35 of the Common Shares surrendered on the date of exercise.

 

Upon
receipt of notice of exercise and payment, the Company shall deliver a book entry confirmation representing the Common Shares with respect
to which the Option is so exercised. The Optionee shall obtain the rights of a shareholder upon receipt of such confirmation.

 

Common
Shares purchased upon exercise of the Option shall be registered in the name of the person so exercising the Option (or, if the Option
is exercised by the Optionee and if the Optionee so requests in the notice exercising the Option, shall be registered in the name of
the Optionee and the Optionee’s spouse, jointly, with right of survivorship), and shall be delivered as provided above to, or upon
the written order of, the person exercising the Option. In the event the Option is exercised by any person after the death or disability
of the Optionee, the notice shall be accompanied by appropriate proof of the right of such person to exercise the Option. All Common
Shares that are purchased upon exercise of the Option as provided herein shall be fully paid and non-assessable.

 

    	 

    	 

    

 

Upon
exercise of the Option, Optionee shall be responsible for all employment and income taxes then or thereafter due (whether Federal, State
or local), and if the Optionee does not remit to the Company sufficient cash (or, with the consent of the Board, Common Shares) to satisfy
all applicable withholding requirements, the Company shall be entitled to satisfy any withholding requirements for any such tax by disposing
of Common Shares at exercise, withholding cash from Optionee’s salary or other compensation or such other means as the Board considers
appropriate to the fullest extent permitted by applicable law.

 

6.
Non-Transferability of Option. This Option is not assignable or transferable, in whole or in part, by the Optionee other than
by will or by the laws of descent and distribution. During the lifetime of the Optionee, the Option shall be exercisable only by the
Optionee or, in the event of his or her disability, by his or her guardian or legal representative.

 

7.
Disability. If the Optionee becomes disabled prior to the Expiration Date, then this Option may be exercised by the Optionee or
by the Optionee’s legal representative.

 

8.
Death. If the Optionee dies prior to the Expiration Date, then this Option may be exercised by the Optionee’s estate, personal
representative or beneficiary who acquired the right to exercise this Option by bequest or inheritance or by reason of the Optionee’s
death, to the extent of the number of Common Shares with respect to which the Optionee could have exercised it on the date of his or
her death, at any time prior to the earlier of (i) the Expiration Date or (ii) one year after the date of the Optionee’s death.
Any part of the Option that was not exercisable immediately before the Optionee’s death shall terminate at that time.

 

10.
Securities Matters. (a) If, at any time, counsel to the Company shall determine that the listing, registration or qualification
of the Common Shares subject to the Option upon any securities exchange or under any state or federal law, or the consent or approval
of any governmental or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is
necessary as a condition of, or in connection with, the issuance or purchase of Common Shares hereunder, such Option may not be exercised,
in whole or in part, unless such listing, registration, qualification, consent or approval, or satisfaction of such condition shall have
been effected or obtained on conditions acceptable to the Board of Directors. The Company shall be under no obligation to apply for or
to obtain such listing, registration or qualification, or to satisfy such condition. The Board shall inform the Optionee in writing of
any decision to defer or prohibit the exercise of an Option. During the period that the effectiveness of the exercise of an Option has
been deferred or prohibited, the Optionee may, by written notice, withdraw the Optionee’s decision to exercise and obtain a refund
of any amount paid with respect thereto.

 

(b)
The Company may require: (i) the Optionee (or any other person exercising the Option in the case of the Optionee’s death or disability)
as a condition of exercising the Option, to give written assurances, in substance and form satisfactory to the Company, to the effect
that such person is acquiring the Common Shares subject to the Option for his or her own account for investment and not with any present
intention of selling or otherwise distributing the same, and to make such other representations or covenants; and (ii) that any certificates
for Common Shares delivered in connection with the exercise of the Option bear such legends, in each case as the Company deems necessary
or appropriate, in order to comply with federal and applicable state securities laws, to comply with covenants or representations made
by the Company in connection with any public offering of its Common Shares or otherwise. The Optionee specifically understands and agrees
that the Common Shares, if and when issued upon exercise of the Option, may be “restricted securities,” as that term is defined
in Rule 144 under the Securities Act of 1933 and, accordingly, the Optionee may be required to hold the shares indefinitely unless they
are registered under such Securities Act of 1933, as amended, or an exemption from such registration is available.

 

(c)
The Optionee shall have no rights as a shareholder with respect to any Common Shares covered by the Option (including, without limitation,
any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate
to the Optionee for such Common Shares. No adjustment shall be made for dividends or other rights for which the record date is prior
to the date such stock certificate is issued.

 

11.
Governing Law. The laws of the State of Nevada (without reference to the principles of conflict of laws) shall govern the operation
of, and the rights of the Optionee and the Options granted herein.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Stock Option Agreement to be duly executed by its duly authorized officer, and the Optionee
has hereunto set his hand and seal, all as of the 8 th day of October 2021.

 

	ORBSAT
    CORP	 
	 	 	 
	By:	/s/
    Charles M. Fernandez	 
	Name:	 Charles
    M. Fernandez	 
	Title:
    	Executive
    Chairman & Chief Executive Officer	 

 

ACCEPTED
AND ACKNOWLEDGED

 

	/s/Andrew
    S. Cohen	 
	Andrew
    S. Cohen	 

 

    	 

    	 

    

 

ORBSAT
CORP.

Notice
of Exercise of Stock Option

 

I
hereby exercise the stock option granted to me pursuant to the Stock Option Agreement effective as of October 8, 2021, by Orbsat Corp
(the “Company”), with respect to the following number of shares of the Company’s common stock (“Shares”),
par value $0.0001 per Share, covered by said option:

 

Number
of Shares to be purchased:______________

 

Number
of Options to be exercised:______________

 

Number
Options used for cashless exercise: ______________

 

Purchase
price per Share: $5.35

 

Total
purchase price: Cashless Exercise, (see D, below).

 

	 	A.	Enclosed
    is cash or my certified check, bank draft, or postal or express money order in the amount of $_______ in full/partial [circle
    one] payment for such Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	B.	Enclosed
    is/are Share(s) with a total Fair Market Value of $_______ in full/partial [circle one] payment for such Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	C.	I
    have provided notice to [insert name of broker], a broker, who will render full/partial [circle one] payment
    for such Shares. [Optionee should attach to the notice of exercise provided to such broker a copy of this Notice of Exercise and
    irrevocable instructions to pay to the Company the full exercise price.]
	 	 	 
	 	 	and/or
	 	 	 
	 	D.	I
    elect to satisfy the payment for Shares purchased hereunder by having the Company withhold ____________ newly acquired Shares pursuant
    to the exercise of the Option and/or [circle one] I elect to satisfy related federal and/or [circle one] state
    tax obligations by having the Company withhold ____________ newly acquired Shares pursuant to the exercise of the Option.

 

Please
have the certificate or certificates representing the purchased Shares registered in the following name or names*:

 

and
sent to:_____________________

 

DATED:

__________________

Optionee’s
Signature

 

*Certificates
may be registered in the name of the Optionee alone or in the joint names (with right of survivorship) of the Optionee and his or her
spouse.

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