Document:

Exhibit 4.33

 

DESCRIPTION OF SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2019, Adial Pharmaceuticals,
Inc. (“we,” “us,” and “our”) had two (2) classes of securities registered under Section 12
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Common Stock, par value $0.001 per share
(the “Common Stock”), and (ii) Warrants to purchase shares of Common Stock (the “Warrants”).

 

Description of Common Stock

 

General. The following description
of the Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference
to our Certificate of Incorporation (the “Certificate of Incorporation”) and 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 4.33 is a part.
We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of Delaware
General Corporation Law, for additional information.

 

Authorized Shares of Common Stock. We
currently have authorized 50,000,000 shares of Common Stock. As of March 20, 2020, we had 10,479,603 issued and
outstanding shares of Common Stock.

 

Voting Rights. The holders of Common
Stock are entitled to one vote per share on all matters to be voted upon by the stockholders, except on matters relating solely
to terms of preferred stock. 

 

Dividend Rights. Subject to preferences
that may be applicable to any outstanding preferred stock, the holders of Common Stock are entitled to receive ratably such dividends,
if any, as may be declared from time to time by the board of directors out of funds legally available therefor.

 

Liquidation Rights. In the event
of our liquidation, dissolution or winding up, the holders of Common Stock are entitled to share ratably in all assets remaining
after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding.

 

Other Rights and Preferences. The
holders of our Common Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking
fund provisions applicable to our Common Stock. 

 

Fully Paid and Nonassessable. All
of our issued and outstanding shares of Common Stock are fully paid and nonassessable.

 

Listing. Our Common Stock is listed
for trading on The NASDAQ Capital Market under the symbol “ADIL.”

 

Transfer Agent and Registrar. The
transfer agent and registrar for our Common Stock is VStock Transfer, LLC.

 

Anti-Takeover Effects of Delaware Law

 

The provisions of Delaware law, our Certificate
of Incorporation and our Bylaws described below may have the effect of delaying, deferring or discouraging another party from acquiring
control of us.

 

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, 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 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 the 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 sixty-six and two-thirds percent (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.

 

Certificate of Incorporation and Bylaws

 

Our Certificate of Incorporation and Bylaws
provide that:

 

	 	●	our board of directors is divided into three classes, one class of which is elected each year by our stockholders with the directors in each class to serve for a three-year term;

 

	 	●	the authorized number of directors can be changed only by resolution of our board of directors;

 

	 	●	directors may be removed only by the affirmative vote of the holders of at least 60% of our voting stock, whether for cause or without cause;

 

	 	●	our Bylaws may be amended or repealed by our board of directors or by the affirmative vote of sixty-six and two-thirds percent (66 2/3%) of our stockholders;

 

	 	●	stockholders may not call special meetings of the stockholders or fill vacancies on the board of directors;

 

	 	●	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 the 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.

 

Potential Effects of Authorized but
Unissued Stock

 

We have shares of Common 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 may enable our board of directors to issue shares to persons friendly to current management.

 

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Limitations of Director Liability
and Indemnification of Directors, Officers and Employees

 

Our Certificate of Incorporation limits
the liability of directors to the maximum extent permitted by Delaware law. Delaware law provides that directors of a corporation
will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability for
any:

 

	 	●	breach of their duty of loyalty to us or our stockholders;

 

	 	●	act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

 

	 	●	unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or

 

	 	●	transaction from which the directors derived an improper personal benefit.

 

These limitations of liability do not apply
to liabilities arising under the federal or state securities laws and do not affect the availability of equitable remedies such
as injunctive relief or rescission.

 

Our Bylaws provide that we will indemnify
our directors and officers to the fullest extent permitted by law and may indemnify employees and other agents. Our Bylaws also
provide that we are obligated to advance expenses incurred by a director or officer in advance of the final disposition of any
action or proceeding.

 

We have obtained a policy of directors’
and officers’ liability insurance.

 

We have entered into separate indemnification
agreements with our directors and officers. These agreements, among other things, require us to indemnify our directors and officers
for any and all expenses (including reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees)
judgments, fines and amounts paid in settlement actually and reasonably incurred by such directors or officers or on his or her
behalf in connection with any action or proceeding arising out of their services as one of our directors or officers, or any of
our subsidiaries or any other company or enterprise to which the person provides services at our request provided that such person
follows the procedures for determining entitlement to indemnification and advancement of expenses set forth in the indemnification
agreement. We believe that these bylaw provisions and indemnification agreements are necessary to attract and retain qualified
persons as directors and officers.

 

The limitation of liability and indemnification
provisions in our Certificate of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against directors
for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against directors and officers,
even though an action, if successful, might provide a benefit to us and our stockholders. Our results of operations and financial
condition may be harmed to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to these indemnification provisions.

 

Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling us, we have been informed that,
in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

 

At present, there is no pending litigation
or proceeding involving any of our directors or officers as to which indemnification is required or permitted, and we are not aware
of any threatened litigation or proceeding that may result in a claim for indemnification.

 

Description of the Warrants

 

General. The following summary of
certain terms and provisions of the Warrants is not complete and is subject to, and qualified in its entirety by,
the provisions of the warrant agent agreement between us and VStock Transfer, LLC, as 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 4.33 is a part and are incorporated by reference
herein.

 

As of March 20, 2020, 1,575,112
shares of Common Stock remain issuable upon the exercise of the Warrants.

 

Exercisability. The Warrants are
exercisable at any time up to the date that is five years after their original issuance. The Warrants are exercisable, at the option
of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement
registering the issuance of the shares of Common Stock underlying the Warrants under the Securities Act is effective and available
for the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance of such
shares, by payment in full in immediately available funds for the number of shares of Common Stock purchased upon such exercise.
If a registration statement registering the issuance of the shares of Common Stock underlying the Warrants under the Securities
Act is not effective or available and an exemption from registration under the Securities Act is not available for the issuance
of such shares, the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case
the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth
in the warrant. No fractional shares of Common Stock will be issued in connection with the exercise of a warrant. In lieu of fractional
shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.

 

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Exercise Limitation. A holder does
not have the right to exercise any portion of the Warrant if the holder (together with its affiliates) would beneficially own in
excess of 4.99% 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. However, any holder may increase or decrease such
percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective
until 61 days following notice from the holder to us.

 

Exercise Price. The exercise price
per whole share of Common Stock purchasable upon exercise of the Warrants is $6.25 per share. The exercise price 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.

 

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

  

Warrant Agent. The Warrants were
issued in registered form under a warrant agent agreement between VStock Transfer, LLC, as warrant agent, and us. The Warrants
are currently represented only by one or more global Warrants deposited with the warrant agent, as custodian on behalf of The Depository
Trust Company (DTC) and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC.

 

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
as otherwise provided in the Warrants or 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.

 

Governing Law. The Warrants
and the warrant agent agreement are governed by New York law.

 

Listing

 

Our Warrants are listed on The NASDAQ Capital
Market under the symbol “ADILW.”

 

Warrant Agent

 

The warrant agent for the Warrant is VStock
Transfer, LLC.

 

 

4Exhibit

Exhibit 4.3

DOLLAR TREE, INC.

DESCRIPTION OF SECURITIES REGISTERED UNDER 
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following summary of the capital stock of Dollar Tree, Inc. (the “Company”) is not complete and is subject to, and qualified in its entirety by reference to, applicable provisions of Virginia law and the articles of incorporation and bylaws of the Company. The Company’s articles of incorporation and bylaws, each as amended and restated, are filed as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part. We encourage you to read our articles of incorporation and bylaws, and the applicable provisions of Virginia law, for additional information. 

The Company’s common stock is the only class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended.

Authorized Capital Stock

The Company’s authorized capital stock consists of 600,000,000 shares of common stock, par value $.01 per share, and 10,000,000 shares of preferred stock, par value $.01 per share.  

Common Stock

Each share of our common stock entitles its holder to one vote in the election of each director and on all other matters voted on generally by our shareholders, other than any matter that solely relates to the terms of any outstanding series of preferred stock or the number of shares of that series.  The holders of shares of our common stock do not have any cumulative voting rights.  Our board of directors may grant holders of preferred stock, in the resolutions creating the series of preferred stock, the right to vote on the election of directors or any questions affecting our Company. 

Each director is elected by a vote of the majority of the votes cast with respect to the director nominee at a meeting of stockholders for the election of directors at which a quorum is present; provided, that if the number of director nominees exceeds the number of directors to be elected, the directors are elected by a plurality of the votes cast in such election. For purposes of director elections, a majority of the votes cast means that the number of shares voted “for” a director must exceed the number of shares voted “against” that director.

Holders of our common stock are entitled to dividends in such amounts and at such times as our board of directors in its discretion may declare out of funds legally available for the payment of dividends, subject to any preferential dividend rights of outstanding preferred stock.

If we liquidate or dissolve our business, the holders of our common stock are entitled to share ratably in all our assets that are available for distribution to our shareholders after our creditors are paid in full and the holders of all series of our outstanding preferred stock, if any, receive their liquidation preferences in full.

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Our common stock has no preemptive rights and is not convertible or redeemable or entitled to the benefits of any sinking or repurchase fund. All of our outstanding shares of common stock are fully paid and non-assessable.

The rights, preferences and privileges of 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 which we may designate and issue in the future.

Our common stock is listed for trading on the NASDAQ Global Select Market under the symbol “DLTR.”  The registrar and transfer agent for our common stock is Computershare Trust Company, N.A.

Preferred Stock

Our board of directors has the authority, without any action by the holders of our common stock, to issue up to an aggregate of 10,000,000 shares of preferred stock in one or more series.  The board’s authority includes the power to determine the designations, preferences and rights and any qualifications, limitations or restrictions of the shares of each series of preferred stock, including:
•    voting rights;
•    dividend rights and rates;
•    liquidation preferences;
•    conversion rights;
		
	•
	terms of redemption (including sinking fund provisions), redemption price or prices; and

		
	•
	the number of shares constituting any series of preferred stock (up to the maximum of 10,000,000 shares in the aggregate).

The issuance of shares of preferred stock may adversely affect the rights of our common shareholders. For example, any preferred stock issued may rank senior to the common stock as to dividend rights, liquidation preference or both, may have full or limited voting rights and may be convertible into shares of common stock.  The issuance of shares of preferred stock also could decrease the amount of earnings and assets available for distribution to holders of shares of common stock.

The issuance of preferred stock, while providing desirable flexibility in connection with possible acquisitions and other corporate purposes, may have the effect of discouraging, delaying, or preventing a change in control of our Company. For example, if in the due exercise of its fiduciary obligations, the board of directors were to determine that a takeover proposal is not in the best interests of the Company, the board of directors could cause shares of preferred stock to be issued without shareholder approval in one or more private offerings or other transactions that might dilute the voting or other rights of the proposed acquiror or insurgent shareholder or shareholder group. 

Voting Requirements for Certain Actions

The articles of incorporation provide that approval of the following actions require the affirmative vote of a majority of the shares entitled to be cast by each voting group entitled to vote on the matter: 
		
	•
	shareholder approval of a plan of merger or share exchange;

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	•
	shareholder approval of a sale, lease, exchange or other disposition of the Company’s assets, other than certain dispositions that would leave the Company without a “significant continuing business activity;” 

		
	•
	shareholder approval of a plan of domestication; 

		
	•
	shareholder approval of a plan of entity conversion; or

		
	•
	shareholder approval of a proposal for dissolution of the corporation.

Anti-Takeover Effects of Provisions of our Articles of Incorporation and Bylaws 

Certain provisions in our articles of incorporation and in our bylaws could make it more difficult for a third party to acquire, or discourage a third party from acquiring, control of the Company.  For example, the following provisions may make it difficult for existing shareholders to replace our board of directors as well as for another party to obtain control of the Company by replacing our board of directors:
		
	•
	Our bylaws provide that shareholder nominations of persons for election to the board of directors may be made only upon advance written notice to the board of directors in accordance with certain procedural requirements.

		
	•
	A shareholder is not eligible to have its director nominees included in the Company’s proxy statement for the annual meeting of shareholders unless it meets certain notice and procedural requirements, including (i) continuous ownership for at least three years of at least three per cent of the outstanding shares of stock entitled to vote in the election of directors, (ii) the aggregate number of shareholders whose stock ownership is counted for the purpose of satisfying the ownership requirement does not exceed twenty, and (iii) the maximum number of shareholder nominees may not exceed the greater of two directors or twenty per cent of the number of directors then in office. 

		
	•
	The articles of incorporation provide that a director may be removed only if the number of votes cast to remove the director constitutes a majority of the votes entitled to be cast at an election of directors.

		
	•
	The authorization of undesignated preferred stock in our articles of incorporation makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of the Company.

		
	•
	Our articles of incorporation do not give the shareholders the right to cumulative voting in the election of directors. The absence of cumulative voting makes it more difficult for a minority shareholder to gain a seat on our board of directors or influence our board of directors’ decision regarding a takeover.

In addition, there are provisions which may make it difficult to call special meetings of the shareholders or to take other shareholder action:
		
	•
	Our bylaws provide that special meetings of shareholders may be called only by the board of directors, the chairman of the board of directors or the chief executive officer, and that no business shall be transacted and no corporate action may be taken at a special meeting of shareholders other than that stated in the notice of the meeting.

		
	•
	The bylaws also provide that the only business that may be brought before an annual meeting of shareholders is limited to matters (i) brought before the meeting at the 

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direction of the board of directors or (ii) specified in a written notice given by or on behalf of a shareholder of record who is entitled to vote at the meeting in accordance with certain procedural requirements specified in the bylaws.
These provisions of our bylaws could have the effect of delaying shareholder actions which are favored by the holders of a majority of our outstanding voting securities.  These provisions may also discourage another person or entity from making a tender offer for our common stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be unable to call a special meeting of shareholders to take action as a shareholder (such as electing new directors or approving a merger).

Certain Provisions of Virginia Law

The Virginia Stock Corporation Act contains provisions relating to “affiliated transactions” and “control share acquisitions,” which in certain circumstances could have anti-takeover effects, but the Company has elected to opt out of these provisions as permitted by Virginia law.  The following is a brief summary of the provisions of the Virginia statutes.  

The Virginia provisions relating to “affiliated transactions” prohibit a Virginia corporation having more than 300 shareholders from engaging in material transactions with the beneficial owner of more than 10% of any class of its outstanding voting shares (an “interested shareholder”) for a period of three years following the date that such person became an interested shareholder unless:

		
	•
	a majority (but not less than two) of the disinterested directors of the corporation and the holders of two-thirds of the voting shares, other than the shares beneficially owned by the interested shareholder, approve the affiliated transaction, or

    
		
	•
	before the date the person became an interested shareholder, a majority of the disinterested directors of the corporation approved the transaction that resulted in the shareholder becoming an interested shareholder.

Affiliated transactions subject to this approval requirement include mergers, share exchanges, material sales or other dispositions of corporate assets not in the ordinary course of business, any dissolution of the corporation proposed by or on behalf of an interested shareholder or any reclassification, including reverse stock splits, recapitalizations or mergers of the corporation with its subsidiaries, which has the effect of increasing the percentage of voting shares owned beneficially by an interested shareholder by more than 5%.

A Virginia corporation may include in its articles of incorporation a provision opting out of the affiliated transactions statute. The Company’s articles of incorporation provide that the Company elects not to be governed by the affiliated transactions statute.

Virginia law also contains provisions relating to “control share acquisitions,” which are transactions causing the voting strength of any person acquiring beneficial ownership of shares of a Virginia public corporation to meet or exceed certain threshold percentages (20%, 33 1/3% or 50%) of the total votes entitled to be cast for the election of directors. Shares acquired in a control share acquisition have no voting rights unless:

		
	•
	the voting rights are granted by a majority vote of all outstanding shares other than those held by the acquiring person or any officer or employee director of the corporation, or

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	•
	the articles of incorporation or bylaws of the corporation provide that these Virginia law provisions do not apply to acquisitions of its shares. The acquiring person may require that a special meeting of the shareholders be held to consider the grant of voting rights to the shares acquired in the control share acquisition.

A Virginia corporation may include in its articles of incorporation or bylaws a provision opting out of the control share acquisition statute. The Company’s articles of incorporation provide that the Company elects not to be governed by the statutory provisions relating to control share acquisitions, and that such statutory provisions shall not apply to acquisitions of the Company’s shares.

Limitations of Liability and Indemnification of Officers and Directors

The articles of incorporation eliminate the liability of our directors and officers to the Company or its shareholders for monetary damages arising out of any transaction, occurrence or course of conduct.  The only exception to this provision is in the event the director or officer has engaged in willful misconduct or a knowing violation of the criminal law or of any Federal or state securities law.

The articles of incorporation also require us to indemnify a director or officer against any liability incurred by him in connection with certain actions, suits and proceedings, and authorizes the board of directors to indemnify other agents and employees to the same or a lesser extent as a director or officer.  Such indemnification does not apply in the event of willful misconduct or a knowing violation of the criminal law.

    

    

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