Document:

Exhibit

Exhibit 4.4
DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

DESCRIPTION OF COMMON STOCK
The following description of the Company’s common stock is based upon the Company’s amended and restated certificate of incorporation (“Charter”), the Company’s Fourth Amended and Restated Bylaws (“Bylaws”) and applicable provisions of Delaware law. We have summarized certain portions of the Charter and Bylaws below. The summary is not complete and is subject to, and is qualified in its entirety by express reference to, the provisions of our Charter and Bylaws, each of which is filed as Exhibits 3.1 and 3.2, respectively, to the Annual Report on Form 10-K of which this Exhibit 4.4 is a part.
Authorized Capital Stock
Under the Charter, the Company’s authorized capital stock consists of 200,000,000 shares of common stock, $0.01 par value, and 25,000,000 shares of preferred stock, $0.01 par value.
Common Stock
Common Stock Outstanding. The outstanding shares of the Company’s common stock are duly authorized, validly issued, fully paid and nonassessable. The Company’s common stock is listed and principally traded on the New York Stock Exchange under the ticker symbol “OIS.”
Voting Rights. Each holder of shares of the Company’s common stock is entitled to one vote for each share held of record on the applicable record date on all matters submitted to a vote of stockholders.
Dividend Rights. Subject to any preferential dividend rights granted to the holders of any shares of the Company’s preferred stock that may at the time be outstanding, holders of the Company’s common stock are entitled to receive dividends as may be declared from time to time by the Company’s board of directors (the “Board”) out of funds legally available therefor. Dividends may be paid in cash, in property, or in shares of common stock. We have not declared or paid any cash dividends on the Company’s common stock since the Company’s initial offering in 2001. Any future determinations as to the declaration and payment of dividends will be at the discretion of the Company’s Board and will depends on then existing conditions.
Rights upon Liquidation. Holders of the Company’s common stock are entitled to share pro rata, based on the number of shares held, upon any liquidation or dissolution of the Company, in all remaining assets available for distribution to stockholders after payment or providing for the Company’s liabilities and the liquidation preference of any outstanding preferred stock.
Rights and Preferences. Holders of the Company’s common stock have no preemptive right to purchase, subscribe for or otherwise acquire any unissued or treasury shares or other securities. The Company’s common stock is also not subject to any conversion, redemption or sinking fund provisions.
Transfer Agent and Registrar. Computershare, Inc. is the transfer agent and registrar for the Company’s common stock.
Preferred Stock
Under the Company’s Charter, without further stockholder action, the Company’s Board is authorized, subject to any limitations prescribed by Delaware law, to provide for the issuance of the shares of preferred stock in one or more series, to establish, from time to time, the number of shares to be included in each such series, to fix the rights, preferences, privileges and restrictions of preferred stock, including provisions related to dividends, conversion, voting, redemption, liquidation.
Certain Provisions of the Company’s Charter and Bylaws
Annual Stockholder Meetings. The Company’s Charter and Bylaws provide that annual stockholder meetings will be held at a date, place (if any) and time, as exclusively selected by the Board.
Special Stockholder Meetings. Subject to the rights of the holders of any series of preferred stock, the Company’s Charter and Bylaws provide that special meetings of the stockholders may only be called by the chairman of the Board or by the resolution of a majority of the Board.

Requirements for Advance Notification of Stockholder Nominations and Proposals. The Bylaws set forth advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the Board or a committee of Board.
Classified Board of Directors. The Company’s Charter divides our directors into three classes serving staggered three-year terms. As a result, stockholders will elect approximately one-third of the Board each year.
Amendment of Charter and Bylaws. The Bylaws may be amended by (a) the affirmative vote of the holders of a majority of the voting power of the stock issued and outstanding and entitled to vote or (b) by the affirmative vote of a majority of the Board. Except as otherwise provided in the Charter, the Bylaws or by applicable Delaware law, the Company may amend any provision contained in the Charter in the manner prescribed by law.
Limitations of Liability Directors and Officers. Our directors will not be personally liable to our company or our stockholders for monetary damages for breach of fiduciary duty as a director, except, if required by Delaware law, for liability (1) for any breach of the duty of loyalty to our company or our stockholders; (2) for acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law; (3) for unlawful payment of a dividend or unlawful stock purchases or redemptions; or (iv) for any transaction from which the director derived an improper personal benefit.
Certain Anti-Takeover Effects of Delaware Law
Our Charter and Bylaws contain several provisions that could delay or make more difficult the acquisition of us through a hostile tender offer, open market purchases, proxy contest, merger or other takeover attempt that a stockholder might consider in his or her best interest, including those attempts that might result in a premium over the market price of our common stock. Such anti-takeover provisions include, but are not limited to, provisions related to:
		
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	classification of the Board with staggered three year terms; 

		
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	removal of directors only with cause;

		
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	prohibition of stockholder action by written consent;

		
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	robust requirements for advance notification of stockholder nominations and proposals; and

		
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	prohibition of stockholders calling a special meeting.Exhibit 4.9

    

     

    

    
      DESCRIPTION OF THE REGISTRANT’S SECURITIES

      REGISTERED PURSUANT TO SECTION 12 OF THE

      SECURITIES EXCHANGE ACT OF 1934

      
        

        

      

      
        As of the end of the period covered by the Annual Report on Form 10-K of which this exhibit forms a part, the only class of securities of
            Rexahn Pharmaceuticals, Inc. (“we,” “us” and “our”) registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), was our common stock, $.0001 par value per share.

      

      

      

      COMMON STOCK

      

      

      
        The following description of our common stock summarizes provisions of our amended and restated certificate of incorporation, as amended, our amended and restated bylaws and the
          Delaware General Corporation Law. For a complete description, refer to our amended and restated certificate of incorporation and amended and restated bylaws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K of
          which this exhibit is a part, and to the applicable provisions of the Delaware General Corporation Law.

        

        

      

      
        Authorized Common Stock

      

      
        

        

        We are authorized to issue 75,000,000 shares of common stock, $.0001 par value per share.

      

       

      

      
        Rights of Common Stock

        

        

      

       Voting Rights; Dividends; Liquidation. Holders of our common stock are entitled:

       

      

      
        
          
            	

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                    to cast one vote for each share held of record on all matters submitted to a vote of the stockholders;

                  

          

        

      

      
        

        

      

      
        
          
            	

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                    to receive dividends, as may be lawfully declared from time to time by our board of directors, subject to any preferential rights of holders of any outstanding shares of preferred stock; and

                  

          

        

      

      

      

      
        
          
            	

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                    in the event of our liquidation, dissolution or winding up, whether voluntary or involuntary, after payment of our debts and other liabilities and making provision for the holders of outstanding shares of
                      preferred stock, if any, to share ratably in the remainder of our assets.

                  

          

        

      

      

      

      
        Other Rights and Preferences.  The holders of our common stock do not have any preemptive, cumulative voting, subscription, conversion, redemption, or
          sinking fund rights. The common stock is not subject to future calls or assessments by us.

        

        

      

      
        Preferred Stock

        

        

      

      
        Our board of directors has the authority, without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix the designations, powers,
          preferences, rights of the shares of each such series and to fix the qualifications, limitations, and restrictions of each series, including, but not limited to, dividend rights, terms of redemption, conversion rights, voting rights, and sinking
          fund terms, any or all of which may be greater than the rights of common stock, and the number of shares constituting such series.

         

        

        
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      Fully Paid and Nonassessable

      
        

        

        All of our outstanding shares of common stock are fully paid and nonassessable.

      

       

      

      Anti-Takeover Effect of Our Certificate of Incorporation and Bylaw Provisions

      

      

      
        Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that could make it more difficult to complete an acquisition of us by means of a tender
          offer, a proxy contest or otherwise or the removal and replacement of our incumbent officers and directors.

        

        

        Removal of Directors; Board Vacancies; Board Size. Our amended and restated certificate of incorporation provides for the
            removal of any of our directors only for cause and requires a stockholder vote of at least a majority of the voting power of the then outstanding voting stock. In addition, our amended and restated certificate of incorporation provides that any
            vacancy occurring on our board of directors may be filled by a majority of directors then in office, even if less than a quorum, unless the board of directors determines that such vacancy shall be filled by
            the stockholders. Finally, the authorized number of directors may be changed only by a resolution of the board of directors. This system of removing directors, filling vacancies and fixing the size of the board makes it more difficult for
            stockholders to replace a majority of the directors.

        

        

        Special Stockholder Meetings. Our amended and restated certificate of incorporation and our amended and restated bylaws provide that a special meeting of
          stockholders may be called only by a resolution adopted by a majority of our board of directors or by the chairman of the board.

        

        

        Stockholder Advance Notice Procedure. Our amended and restated bylaws establish an advance notice procedure for stockholders to make nominations of
          candidates for election as directors or to bring other business before an annual meeting of our stockholders. The amended and restated bylaws provide that any stockholder wishing to nominate persons for election as directors at, or bring other
          business before, an annual meeting must deliver to our secretary a written notice of the stockholder’s intention to do so. To be timely, the stockholder’s notice must be delivered to or mailed and received by us not more than 120 days, and not
          less than 90 days before the anniversary date of the preceding annual meeting, except that if the annual meeting is set for a date that is not within 30 days before or 60 days after such anniversary date, we must receive the notice not earlier
          than the close of business on the 120th day prior to the annual meeting and not later than the close of business on the later of (i) the 90th day prior to the annual meeting or (ii) the tenth day following the day on which we first made public
          announcement of the date of meeting. The notice must include the following information:

      

      
        

        

      

      
        
          
            	

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                    as to director nominations, all information relating to each director nominee that is required by the rules of the Securities and Exchange Commission to be disclosed in solicitations of proxies, or is
                      otherwise required by Regulation 14A of the Exchange Act;

                  

          

        

      

      
        

        

      

      
        
          
            	

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                    as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business to be proposed, the reasons for conducting such business at the meeting and, if any,
                      the stockholder’s material interest in the proposed business; and

                  

          

        

      

      
        

        

      

      
        
          	

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                   the name and address of the stockholder who intends to make the nomination and the class and number of our shares beneficially owned of record;

                

        

      

      

      

      Undesignated Preferred Stock. The ability to authorize undesignated preferred stock makes it
        possible for our board of directors to issue preferred stock with voting or other rights or preferences that could have the effect of delaying, deferring, preventing or otherwise impeding any attempt to change control of us.

       

      

      
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        Delaware Anti-Takeover Statute.  We are subject to Section 203 of the Delaware General Corporation Law, which prohibits persons deemed “interested
          stockholders” from engaging in a “business combination” with a publicly traded Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which
          the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years
          prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to
          the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium
          over the market price of our common stock.

        

        

        Business Combinations with Interested Stockholders. Our amended and restated certificate of incorporation provides that certain “business combinations” with
          “interested stockholders” require approval by the holders of at least a majority of the voting power of our then outstanding shares of voting stock not beneficially owned by any interested stockholder or an affiliate or associate thereof. The
          foregoing restriction does not apply, however, if the transaction is either approved by a majority of our “continuing directors” or certain minimum price and procedural and other requirements are met. Generally, a “business combination” includes
          a merger, consolidation, liquidation, recapitalization or other similar transaction or a sale, lease, transfer or other disposition of assets or securities having an aggregate fair market value of $15 million or more. An “interested stockholder”
          generally means a beneficial owner of 20% or more of our voting stock, certain assignees of such beneficial owners and certain of our affiliates that within the preceding two years were the beneficial owner of 20% or more of our voting stock. A
          “continuing director” is defined as any member of our board who is not an affiliate or associate or representative of the interested stockholder and was a member of the board prior to the time the interested stockholder became such, and any
          successor of a continuing director who is unaffiliated with the interested stockholder and is recommended or elected by at least two-thirds of the continuing directors then on the board.

        

        

      

      Listing

      
        

        

        Our common stock is listed on the Nasdaq Capital Market under the symbol “REXN”.

        

        

      

      Transfer Agent and Registrar

      
        

        

        The transfer agent and registrar for our common stock is Olde Monmouth Stock Transfer Co., Inc.

      

      
        

        

        

        

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