Document:

Exhibit 4.2

 

Description of Registrant’s Securities

 

Unless otherwise indicated or the context otherwise requires,
references in this Exhibit 4.2 to “we, “us” and “our” refer collectively to Provident Bancorp,
Inc. and The Provident Bank or to any of those entities, depending on the context. In addition, we may refer to Provident Bancorp,
Inc. as “Provident Bancorp”.

 

General

 

Provident Bancorp is authorized
to issue 100,000,000 shares of common stock, par value of $0.01 per share, and 50,000,000 shares of preferred stock, par value
$0.01 per share. Each share of common stock has the same relative rights as, and is identical in all respects to, each other share
of common stock. All of our shares of common stock are duly authorized, fully paid and nonassessable.

 

Common Stock

 

Dividends.
Provident Bancorp may pay dividends to an amount equal to the excess of our capital surplus over payments that would be owed upon
dissolution to stockholders whose preferential rights upon dissolution are superior to those receiving the dividend, and up to
an amount that would not make us insolvent, as and when declared by our Board of Directors. The payment of dividends by Provident
Bancorp is also subject to limitations that are imposed by law and applicable regulation, including restrictions on payments of
dividends that would reduce Provident Bancorp’s assets below the then-adjusted balance of its liquidation account. The holders
of common stock of Provident Bancorp will be entitled to receive and share equally in dividends as may be declared by our Board
of Directors out of funds legally available therefor. If Provident Bancorp issues shares of preferred stock, the holders thereof
may have a priority over the holders of the common stock with respect to dividends.

 

Voting Rights.
The holders of common stock of Provident Bancorp will have exclusive voting rights in Provident Bancorp. They elect Provident Bancorp’s
Board of Directors and act on other matters as are required to be presented to them under Maryland law or as are otherwise presented
to them by the Board of Directors. Generally, each holder of common stock is entitled to one vote per share and does not have any
right to cumulate votes in the election of directors. Any person who beneficially owns more than 10% of the outstanding shares
of Provident Bancorp’s common stock, however, will not be entitled or permitted to vote any shares of common stock held in
excess of the 10% limit. If Provident Bancorp issues shares of preferred stock, holders of the preferred stock may also possess
voting rights. Certain matters require the approval of 80% of our outstanding common stock.

 

Liquidation.
In the event of any liquidation, dissolution or winding up of The Provident Bank, Provident Bancorp, as the holder of 100% of The
Provident Bank’s capital stock, would be entitled to receive all assets of The Provident Bank available for distribution,
after payment or provision for payment of all debts and liabilities of The Provident Bank, including all deposit accounts and accrued
interest thereon, and after distribution of the balance in the liquidation account to Eligible Account Holders (as defined in the
Plan of Conversion of the former mutual holding company, Provident Bancorp). In the event of liquidation, dissolution or winding
up of Provident Bancorp, the holders of its common stock would be entitled to receive, after payment or provision for payment of
all its debts and liabilities (including payments with respect to its liquidation account), all of the assets of Provident Bancorp
available for distribution. If preferred stock is issued, the holders thereof may have a priority over the holders of the common
stock in the event of liquidation or dissolution.

 

Preemptive Rights.
Holders of the common stock of Provident Bancorp are not entitled to preemptive rights with respect to any shares that may be issued.
The common stock is not subject to redemption.

 

Preferred Stock

 

None of the shares
of Provident Bancorp’s authorized preferred stock are outstanding. Preferred stock may be issued with preferences and
designations as our Board of Directors may from time to time determine. Our Board of Directors may, without stockholder
approval, issue shares of preferred stock with voting, dividend, liquidation and conversion rights that could dilute the
voting strength of the holders of the common stock and may assist management in impeding an unfriendly takeover or attempted
change in control.

 

     

     

    

 

Maryland Law and Articles of Incorporation and Bylaws of
Provident Bancorp

 

Maryland law, as well
as Provident Bancorp’s articles of incorporation and bylaws, contain a number of provisions relating to corporate governance
and rights of stockholders that may discourage future takeover attempts. As a result, stockholders who might desire to participate
in such transactions may not have an opportunity to do so. In addition, these provisions will also render the removal of the Board
of Directors or management of Provident Bancorp more difficult.

 

Directors.
The Board of Directors is divided into three classes. The members of each class are elected for a term of three years and only
one class of directors is elected annually. Thus, it would take at least two annual elections to replace a majority of the Board
of Directors. The bylaws establish qualifications for board members, including restrictions on affiliations with competitors of
The Provident Bank and restrictions based upon prior legal or regulatory violations. Further, the bylaws impose notice and information
requirements in connection with the nomination by stockholders of candidates for election to the Board of Directors or the proposal
by stockholders of business to be acted upon at an annual meeting of stockholders. Such notice and information requirements are
applicable to all stockholder business proposals and nominations, and are in addition to any requirements under the federal securities
laws.

 

Restrictions on
Call of Special Meetings. The articles of incorporation and bylaws provide that special meetings of stockholders
can be called by the President, the Chief Executive Officer, the Chairman, by a majority of the whole Board of Directors or upon
the written request of stockholders entitled to cast at least a majority of all votes entitled to vote at the meeting.

 

Prohibition of Cumulative
Voting. The articles of incorporation prohibit cumulative voting for the election of directors.

 

Limitation of Voting
Rights. The articles of incorporation provide that in no event will any person who beneficially owns more than 10%
of the then-outstanding shares of common stock, be entitled or permitted to vote any of the shares of common stock held in excess
of the 10% limit.

 

Restrictions on
Removing Directors from Office. The articles of incorporation provide that directors may be removed only for cause,
and only by the affirmative vote of the holders of at least two-thirds of the voting power of all of Provident Bancorp’s
then-outstanding common stock entitled to vote (after giving effect to the limitation on voting rights discussed above in “—Limitation
of Voting Rights”).

 

Forum Selection
for Certain Stockholder Lawsuits. The articles of incorporation provide that, unless Provident Bancorp consents in writing
to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought
on behalf of Provident Bancorp, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer
or other employee of Provident Bancorp to Provident Bancorp or Provident Bancorp stockholders, (iii) any action asserting
a claim arising pursuant to any provision of the Maryland General Corporation Law, or (iv) any action asserting a claim governed
by the internal affairs doctrine shall be a state or federal court located within the state of Maryland, in all cases subject to
the court’s having personal jurisdiction over the indispensible parties named as defendants. Under the articles of incorporation,
any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of Provident Bancorp shall be deemed
to have notice of and consented to the exclusive forum provisions of the articles of incorporation.

 

Authorized but
Unissued Shares. Provident Bancorp has authorized but unissued shares of common and preferred stock. The articles of
incorporation authorize 50,000,000 shares of serial preferred stock. Provident Bancorp is authorized to issue preferred stock
from time to time in one or more series subject to applicable provisions of law, and the Board of Directors is authorized to
fix the designations, and relative preferences, limitations, voting rights, if any, including without limitation, offering
rights of such shares (which could be multiple or as a separate class). In the event of a proposed merger, tender offer or
other attempt to gain control of Provident Bancorp that the Board of Directors does not approve, it may be possible for the
Board of Directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede the
completion of the transaction. An effect of the possible issuance of preferred stock therefore may be to deter a future
attempt to gain control of Provident Bancorp.

 

     

     

    

 

Amendments to Articles
of Incorporation and Bylaws. Amendments to the articles of incorporation must be approved by the Board of Directors and
by the affirmative vote of at least two-thirds of the outstanding shares of common stock, or by the affirmative vote of a majority
of the outstanding shares of common stock if at least two-thirds of the members of the whole Board of Directors approves such amendment;
provided, however, that approval by at least 80% of the outstanding voting stock is generally required to amend certain provisions.

 

The articles of incorporation
also provide that the bylaws may be amended by the affirmative vote of a majority of Provident Bancorp’s directors or by
the stockholders by the affirmative vote of at least 80% of the total votes eligible to be cast at a duly constituted meeting of
stockholders. Any amendment of this super-majority requirement for amendment of the bylaws would also require the approval of 80%
of the total votes eligible to be cast.

 

Business Combinations.
 Maryland law restricts mergers, consolidations, sales of assets and other business combinations between Provident Bancorp
and an “interested stockholder,” and provides certain vote standards for other mergers, consolidations, sales of assets
and other business combinations.

 

Evaluation of Offers.
The articles of incorporation provide that Provident Bancorp’s Board of Directors, when evaluating a transaction that would
or may involve a change in control of Provident Bancorp (whether by purchases of its securities, merger, consolidation, share exchange,
dissolution, liquidation, sale of all or substantially all of its assets, proxy solicitation or otherwise), may, in connection
with the exercise of its business judgment in determining what is in the best interests of Provident Bancorp and its stockholders
and in making any recommendation to the stockholders, give due consideration to all relevant factors, including, but not limited
to, certain enumerated factors.

 

Purpose and Anti-Takeover
Effects of Provident Bancorp’s Articles of Incorporation and Bylaws. Our Board of Directors believes that the provisions
described above are prudent and reduce our vulnerability to takeover attempts and certain other transactions that have not been
negotiated with and approved by our Board of Directors. We believe these provisions are in the best interests of Provident Bancorp
and its stockholders. Our Board of Directors believes that it is in the best position to determine the true value of Provident
Bancorp and to negotiate more effectively for what may be in the best interests of all our stockholders. Accordingly, our Board
of Directors believes that it is in the best interests of Provident Bancorp and all of our stockholders to encourage potential
acquirers to negotiate directly with the Board of Directors and that these provisions will encourage such negotiations and discourage
hostile takeover attempts. It is also the view of our Board of Directors that these provisions should not discourage persons from
proposing a merger or other transaction at a price reflective of the true value of Provident Bancorp and that is in the best interests
of all our stockholders.

 

Takeover attempts that
have not been negotiated with and approved by our Board of Directors present the risk of a takeover on terms that may be less favorable
than might otherwise be available. A transaction that is negotiated and approved by our Board of Directors, on the other hand,
can be carefully planned and undertaken at an opportune time in order to obtain maximum value for our stockholders, with due consideration
given to matters such as the management and business of the acquiring corporation.

 

Although a tender offer
or other takeover attempt may be made at a price substantially above the current market price, such offers are sometimes made for
less than all of the outstanding shares of a target company. As a result, stockholders may be presented with the alternative of
partially liquidating their investment at a time that may be disadvantageous, or retaining their investment in an enterprise that
is under different management and whose objectives may not be similar to those of the remaining stockholders.

 

Despite our belief
as to the benefits to stockholders of these provisions of Provident Bancorp’s articles of incorporation and bylaws,
these provisions also may have the effect of discouraging a future takeover attempt that would not be approved by our Board
of Directors, but pursuant to which stockholders may receive a substantial premium for their shares over then current market
prices. As a result, stockholders who might desire to participate in such a transaction may not have any opportunity to do
so. Such provisions will also make it more difficult to remove our Board of Directors and management. Our Board of Directors,
however, has concluded that the potential benefits outweigh the possible disadvantages.

 

     

     

    

 

Federal Conversion Regulations

 

Federal Reserve Board
regulations prohibit any person from making an offer, announcing an intent to make an offer or participating in any other arrangement
to purchase stock or acquire stock or subscription rights in a converting institution or its holding company from another person
prior to completion of its conversion. Further, without the prior written approval of the Federal Reserve Board, no person may
make an offer or announcement of an offer to purchase shares or actually acquire shares of a converted institution or its holding
company for a period of three years from the date of the completion of the conversion if, upon the completion of such offer, announcement
or acquisition, the person would become the beneficial owner of more than 10% of the outstanding stock of the institution or its
holding company. The Federal Reserve Board has defined “person” to include any individual, group acting in concert,
corporation, partnership, association, joint stock company, trust, unincorporated organization or similar company, a syndicate
or any other group formed for the purpose of acquiring, holding or disposing of securities of an insured institution. However,
offers made exclusively to a bank or its holding company, or to an underwriter or member of a selling group acting on the converting
institution’s or its holding company’s behalf for resale to the general public, are excepted. The regulation also provides
civil penalties for willful violation or assistance in any such violation of the regulation by any person connected with the management
of the converting institution or its holding company or who controls more than 10% of the outstanding shares or voting rights of
a converted institution or its holding company.

 

Massachusetts Conversion Regulations

 

Massachusetts regulations
provide that, without prior written notice to us and the prior written approval of the Massachusetts Commissioner of Banks, no
person may directly or indirectly offer to acquire the beneficial ownership of more than 10% of a converted holding company for
a period of three years from the date of the completion of the conversion. Where a person, directly or indirectly, acquires beneficial
ownership of more than 10% of a converted holding company, without prior written notice to the converted holding company and the
prior written approval of the Massachusetts Commissioner of Banks, the securities beneficially owned by such person in excess of
10% shall not be counted as shares entitled to vote, shall not be voted by any person or counted as voting shares in connection
with any matter submitted to the stockholders for a vote, and shall not be counted as outstanding for purposes of determining the
affirmative vote necessary to approve any matter submitted to stockholders for a vote, and the Massachusetts Commissioner of Banks
may take any further action he may deem appropriate. The regulation provides for civil penalties for a violation of this regulation.

 

Change in Control Law and Regulations

 

Under the Change in Bank
Control Act, no person, or group of persons acting in concert, may acquire control of a bank holding company such as Provident
Bancorp unless the Federal Reserve Board has been given 60 days’ prior written notice and not disapproved the proposed acquisition.
The Federal Reserve Board considers several factors in evaluating a notice, including the financial and managerial resources of
the acquirer and competitive effects. Control, as defined under the applicable regulations, means the power, directly or indirectly,
to direct the management or policies of the company or to vote 25% or more of any class of voting securities of the company. Acquisition
of more than 10% of any class of a bank holding company’s voting securities constitutes a rebuttable presumption of control
under certain circumstances, including where, as is the case with Provident Bancorp, the issuer has registered securities under
Section 12 of the Securities Exchange Act of 1934.

 

In addition, federal regulations
provide that no company may acquire control (as defined in the Bank Holding Company Act) of a bank holding company without the
prior approval of the Federal Reserve Board. Any company that acquires such control becomes a “bank holding company”
subject to registration, examination and regulation by the Federal Reserve Board.

 

     

     

    

 

Massachusetts Banking Law

 

Under Massachusetts banking
laws, a company owning or controlling two or more banking institutions, including a savings bank, is regulated as a bank holding
company. Each Massachusetts bank holding company: (i) must obtain the approval of the Massachusetts Board of Bank Incorporation
before engaging in certain transactions, such as the acquisition of more than 5% of the voting stock of another banking institution;
(ii) must register, and file reports, with the Massachusetts Division of Banks; and (iii) is subject to examination by the Massachusetts
Division of Banks. Provident Bancorp would become a Massachusetts bank holding company if it acquires a second banking institution
and holds and operates it separately from The Provident Bank. In addition, for a period of three years following completion of
a conversion to stock form, no person may directly or indirectly offer to acquire or acquire beneficial ownership of more than
10% of any class of equity security of a converting mutual savings bank or mutual holding company without prior written approval
of the Massachusetts Commissioner of Banks.

 

Benefit Plans

 

In addition to the provisions of Provident
Bancorp’s articles of incorporation and bylaws described above, benefit plans of Provident Bancorp and The Provident Bank
that may authorize the issuance of equity to its board of directors, officers and employees adopted in connection with or following
the offering contain or may contain provisions which also may discourage hostile takeover attempts which the board of directors
of The Provident Bank might conclude are not in the best interests of Provident Bancorp and The Provident Bank or Provident Bancorp’s
stockholders.Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.24

THIS SECOND AMENDING AGREEMENT is made as of January 20, 2020.

AMONG:

I-Minerals Inc.,
a body corporate, continued under the laws of
Canada, having its head office at Suite
880 — 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

(hereinafter called the
"Company")

OF THE FIRST PART

AND:

i-minerals USA
Inc., an Idaho limited liability company, having an office c/o the Company, at Suite 880 — 580 Hornby Street,
Vancouver, British Columbia, Canada V6C 3B6

(hereinafter called the "Subsidiary")

OF THE SECOND PART

AND:

BV Lending, LLC,
an Idaho limited liability company, having its head office at Suite 201 — 901 Pier View Drive, Idaho Falls, Idaho,
U.S.A. 83402

(hereinafter called "BV")

OF THE THIRD PART WHEREAS:

	A.	Pursuant to an agreement among the parties dated October 25, 2019, as amended by an
amending agreement dated November 25, 2019 (hereinafter called the “First Amending Agreement”), with the agreement dated
October 25, 2019, as amended by the First Amending Agreement hereinafter collectively called the “Loan Agreement”, B.V.
agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the State of Idaho,
U.S.A.;

	B.	As BV has agreed to provide additional funding to the Company, the parties wish to
amend certain of the provisions of the Loan Agreement on the terms and conditions hereinafter set forth;

	C.	The Subsidiary is a wholly-owned subsidiary of the Company and is the legal owner
of the Helmer Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A., as referred to in Recital
A. herein;

NOW THEREFORE THIS SECOND AMENDING AGREEMENT WITNESSETH that in
consideration of these presents and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by each of the parties, the parties hereby agree as follows:

	1.	The parties agree that the Loan Agreement is hereby amended as follows.

2

	 	(a)	The reference to “up to an additional $700,000 in cash to the Company in three
separate tranches” in paragraph 2.01 of the Loan Agreement is replaced with “up to an additional $1,300,000 in cash to
the Company in separate tranches”;

	 	(b)	The last sentence in paragraph 2.01 of the Loan Agreement is replaced with “BV’s
obligation to make the Advances is subject to satisfaction of the conditions set forth in paragraph 2.08 below.”;

	 	(c)	The first sentence in paragraph 2.08 of the Loan Agreement is replaced with
“Notwithstanding any other provision contained in this Agreement or in any instrument given to evidence or secure the
obligations evidenced hereby, BV shall have no obligation to make Advances until the following conditions have been
satisfied in form and substance satisfactory to BV in its sole discretion:”

	 	(d)	Schedule A to the Loan Agreement is amended to read as follows:

SCHEDULE A

	
        2019

	
        Budget
					
        October
(First

Advance)
	
        November
(Second
Advance
	
        December
Third
Advance)
	
						
        $250,000
	
        $250,000
	
        $200,000
	
	
        2020

	
        Budget
					
        February
(Fourth
Advance)
	
        March
(Fifth
Advance)
	
        April
(Sixth
Advance)
	
						
        up to 
$200,000
	
        up to 
$200,000
	
        up to $200,000
	

	2.	Except as amended by this Second Amending Agreement, all of the other terms and
conditions of the Loan Agreement remain in full force and effect.

	3.	Each of the parties agrees to do and/or execute all such further and other acts,
deeds, things, devices, documents and assurances and may be required in order to carry out the true intent and meaning
of this Second Amending Agreement.

	4.	This Second Amending Agreement and any certificate or other writing delivered in
 connection herewith may be executed in any number of counterparts and any party hereto may execute any
counterpart, each of which when executed and delivered will be deemed to be an original and all of which counterparts of
this Second Amending Agreement or such other writing, as the case may be, taken together, will be deemed to be one and
the same instrument. The execution of this Second Amending Agreement or any other writing by any party hereto will not
become effective until each party hereto has executed a counterpart of this Second Amending Agreement or any other
writing, as the case may be.

	5.	Each of the parties hereto will be entitled to rely upon delivery by facsimile or
by email of executed copies of this Second Amending Agreement and any certificates or other writings delivered in
connection herewith, and such facsimile or emailed copies will be legally effective to create a valid and binding
agreement among the parties in accordance with the terms and conditions of this Second Amending Agreement.

3

	2.	This Second Amending Agreement shall enure to the benefit of and be binding upon
the parties hereto and each of their successors and permitted assigns, as the case may be.

IN WITNESS WHEREOF the parties have executed and
delivered this Second Amending Agreement as of the day and year first above written.

4

Executed by
I-Minerals Inc.
in the   presence of:

/s/   John Theobald                     
                           
Authorized   Signatory

Executed by
i-minerals USA Inc.
in the   presence of:

/s/   John Theobald                 
                             
  
Authorized   Signatory

Executed by
BV Lending, LLC 

By:       Ball Ventures, LLC, an Idaho   limited liability company,
the Member 

Per:      /s/ Cortney Liddiard       
                
     
       Cortney Liddiard, CEO

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