Document:

Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE 

SECURITIES EXCHANGE ACT OF 1934

 

When used herein, the terms the “Company”, “we,”
“our,” and “us” refer to Xenetic Biosciences, Inc.

 

The following summary describes our capital stock and the material
provisions of our articles of incorporation, as amended, and our amended and restated bylaws. Because the following is only a summary,
it does not contain all of the information that may be important to you. For a complete description, you should refer to our articles
of incorporation, as amended, and our amended and restated bylaws, copies of which are incorporated by reference as exhibits to
our Annual Report on Form 10-K for the year ended December 31, 2019 of which this Exhibit 4.1 is a part.

 

DESCRIPTION OF CAPITAL STOCK

 

Our charter provides that we may issue up to 12,500,000 shares
of Common Stock, $0.001 par value per share (the “Common Stock”), and 10,000,000 shares of preferred stock, $0.001
par value per share, 1,000,000 of which are designated as Series A Preferred Stock, 2,500,000 of which are designated as Series
B Preferred Stock, and 6,500,000 of which shares of preferred stock are undesignated. As of December 31, 2019, there were outstanding:
6,065,441 shares of Common Stock, 970,000 shares of Series A Preferred Stock, 1,804,394 shares of Series B Preferred Stock. Under
Nevada law, stockholders are not generally liable for our debts or obligations.

 

DESCRIPTION OF COMMON STOCK

 

Voting Rights

 

Common Stock is entitled to one vote per share on all matters
submitted to a vote of the stockholders, including the election of directors. Except as otherwise required by law or provided in
any resolution adopted by our board of directors with respect to any series of preferred stock, the holders of our Common Stock
will possess all voting power. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the
case of election of directors, by a plurality) of the votes entitled to be cast by all shares of our Common Stock that are present
in person or represented by proxy, subject to any voting rights granted to holders of any preferred stock. Our stockholders do
not have cumulative voting rights in the election of directors. Holders of our Common Stock representing 50% of our capital stock
issued, outstanding and entitled to vote, represented in person or by proxy, are necessary to constitute a quorum at any meeting
of our stockholders. A vote by the holders of a majority of our outstanding shares is required to effectuate certain fundamental
corporate changes such as liquidation, merger or an amendment to our charter.

 

Dividends

 

Subject to the preferential rights of any other class or series
of shares of stock created from time to time by our board of directors from time to time, the holders of shares of our Common Stock
will be entitled to such cash dividends, non-cumulative, as may be declared from time to time by our board of directors from funds
available therefore. We will not pay any dividends on shares of Common Stock (other than dividends in the form of Common Stock)
unless and until such time as we pay dividends on our preferred stock on an as-converted basis.

 

 

 

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Liquidation

 

Subject to the preferential rights of any other class or series
of shares of stock created from time to time by our board of directors, upon liquidation, dissolution or winding up, the holders
of shares of our Common Stock will be entitled to share ratably in the assets of the Company available for distribution to such
holders.

 

Rights and Preferences

 

In the event of any merger or consolidation with or into another
company in connection with which shares of our Common Stock are converted into or exchangeable for shares of stock, other securities
or property (including cash), all holders of our Common Stock will be entitled to receive the same kind and amount of shares of
stock and other securities and property (including cash). Holders of our Common Stock have no pre-emptive, conversion, subscription
or other rights and there are no redemption or sinking fund provisions applicable to our Common Stock. The rights, preferences
and privileges of the holders of our Common Stock are subject to and may be adversely affected by the rights of the holders of
shares of any series of our preferred stock that we may designate in the future.

 

Fully Paid and Nonassessable

 

All of our outstanding shares of Common Stock are duly authorized,
validly issued, fully paid and nonassessable.

 

Exchange Listing

 

Our Common Stock is traded on the NASDAQ
Capital Market under the trading symbol “XBIO.”

 

DESCRIPTION OF PURCHASE WARRANTS 

 

The following summary of certain terms and provisions of warrants
to purchase 2,300,000 shares of the Common Stock (the “Purchase Warrants”) is not complete and is subject to,
and qualified in its entirety by the provisions of, the Purchase Warrants. For a complete description, you should refer to the
form of Purchase Warrant, a copy of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the
year ended December 31, 2019 of which this Exhibit 4.1 is a part.

 

Exercisability

 

The Purchase Warrants are exercisable beginning on the date
of original issuance and at any time up to the date that is five years after their original issuance. The Purchase Warrants will
be 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 Purchase Warrants under the
Securities Act of 1933, as amended (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 Purchase 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 Purchase 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
Purchase Warrant. In addition, the Purchase Warrant may be exercised on a cashless basis beginning 30 days from the pricing of
the Purchase Warrant (“Cashless Date”) if the VWAP (as defined in the Purchase Warrant) of the Common Stock on any
Trading Day (as defined in the Purchase Warrant) on or after the Cashless Date fails to exceed the exercise price in effect on
such date (as may be subject to adjustment). The number of shares of Common Stock issuable in such cashless exercise shall equal
the number of shares of Common Stock that would be issuable upon exercise of the Purchase Warrant in accordance with it terms if
such exercise were by means of a cash exercise. No fractional shares of Common Stock will be issued in connection with the exercise
of a Purchase 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 will not have the right to exercise any portion of
the Purchase Warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election
of the holder, 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 Purchase Warrants. However, any holder may increase
or decrease such percentage, provided that any increase will not be effective until the 61st day after such election.

 

Exercise Price

 

The Purchase Warrants will have an exercise price of $13.00
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 Purchase Warrants may be offered
for sale, sold, transferred or assigned without our consent.

 

Exchange Listing

 

The Purchase Warrants are traded on the NASDAQ Capital Market
under the symbol “XBIOW.”

 

Fundamental Transactions

 

If a fundamental transaction occurs, then the successor entity
will succeed to, and be substituted for us, and may exercise every right and power that we may exercise and will assume all of
our obligations under the Purchase Warrants with the same effect as if such successor entity had been named in the Purchase Warrant
itself. If holders of our Common Stock are given a choice as to the securities, cash or property to be received in a fundamental
transaction, then the holder shall be given the same choice as to the consideration it receives upon any exercise of the Purchase
Warrant following such fundamental transaction.

 

Rights as a Stockholder

 

Except as otherwise provided in the Purchase Warrants or by
virtue of such holder’s ownership of shares of our Common Stock, the holder of a Purchase Warrant does not have the rights
or privileges of a holder of our Common Stock, including any voting rights, until the holder exercises the Purchase Warrant.

 

 

 

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ANTI-TAKEOVER EFFECTS

 

Certain provisions of the Company’s articles of incorporation,
as amended, the Company’s amended and restated bylaws, and the Nevada Revised Statutes (the “NRS”) may be deemed
to have an anti-takeover effect. Such provisions may delay, deter or prevent a tender offer or takeover attempt that a stockholder
might consider to be in that stockholder’s best interests, including attempts that might result in a premium over the market
price for the shares held by stockholders.

 

The NRS permits, if authorized by the Company’s articles
of incorporation, as amended, the issuance of blank check preferred stock with preferences, limitations and relative rights determined
by a corporation’s board of directors without stockholder approval.

 

The Company’s articles of incorporation, as amended, currently
authorizes the issuance of blank check preferred stock, of which 6,500,000 preferred shares are available for future issuance in
one or more series to be issued from time to time.

 

The Company has opted out of NRS 78.411 to 78.444, which prohibits
Nevada corporations from engaging in any “combination” with an “interested stockholder” for a period of
two years following the date that the stockholder became an “interested stockholder” unless prior to that time the
Board of Directors of the corporation approved either the “combination” or the transaction which resulted in the stockholder
becoming an “interested stockholder.”

 

Each of the foregoing may have the effect of preventing or rendering
more difficult or costly, the completion of a takeover transaction that stockholders might view as being in their best interests.

 

 

 

 

 

 

    	 	4Exhibit 10.50

 

	 	Xenetic
                                         Biosciences, Inc.

40 Speen Street,

Suite 102

Framingham,
MA 01701

t 781-778-7720

e info@xeneticbio.com

 

Effective as of September 26, 2019

 

Mr. Grigory G. Borisenko

 

6-20 Pobedy Street

 

Apartment 7

 

Moscow Region

 

Town of Khimki, Russia

 

Re: Board of Directors Appointment

Dear Mr. Borisenko:

 

This Letter Agreement (the "Agreement")
is to confirm the terms of your proposed appointment on September 26, 2019 as a non-employee, independent Director of the Board
of Directors (the "Board") of Xenetic Biosciences, Inc. (the "Company").

 

Overall, in terms of time commitment,
we expect your attendance at all the meetings of the Board and meetings of such committees of the Board that you will be appointed
to (as applicable). In addition, you will be expected to devote appropriate preparation time ahead of each meeting. By accepting
this appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of this position.

 

	 	1.	Consideration. For and in consideration of the services to be performed by you, the Company agrees to compensate
    you as follows:

 

	 	1.1	The Company agrees to reimburse you for
out-of-pocket expenses incurred by you in connection with your service, including out-of-pocket expenses, transportation, and airfare
on the Company's business, provided that such expenses are against original and valid receipts (the "Expenses").
	 	 	 
	 	1.2	Payment of the Expenses, as applicable,
shall be made against your itemized invoice following the receipt of the relevant invoice, which invoice shall be submitted to
the Company within seven (7) days of the end of each calendar month during the term of this Agreement.
	 	 	 
	 	1.3	For the avoidance of any doubt, the aforementioned
Expenses constitute the full and final consideration for your appointment, and you shall not be entitled to any additional consideration,
of any form, for your appointment and service. You hereby acknowledge and agree that pursuant to the Company's director compensation
policy, you are entitled to receive certain other compensation for your service as a member of the Board, including cash retainers
and stock options to purchase shares of the Company's common stock, and that you hereby waive such rights to compensation that
would otherwise be due to you.

 

 

 

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	 	2.	The term of your appointment as a non-employee,
independent director of the Company shall be for one year or until the next Annual Meeting of Shareholders and shall be renewable
on a yearly basis by vote of the shareholders or appointment by the Board.
	 	 	 
	 	3.	You will undertake such travelling as may reasonably be necessary for the performance of your duties, including travelling for
Board meetings and site visits if required.
	 	 	 
	 	4.	You will undertake such duties and powers relating to the Company and any subsidiaries or associated companies (the "Group")
as the Board may from time to time reasonably request. The Board as a whole is collectively responsible for promoting the success
of the Company by directing and supervising the Company's affairs, inter alia, as follows:

 

	 	4.1	Providing
entrepreneurial leadership of the Group within a framework of prudent and effective controls which enable risk to be assessed and
managed; and
	 	 	 
	 	4.2	Setting
the Group's strategic aims, ensuring that the necessary financial and human resources are in place for the Group to meet its objectives
and reviewing management performance; and
	 	 	 
	 	4.3	Setting
the Group's values and standards and ensuring that its obligations to its shareholders and others are understood and met, including,
but not limited to:

 

	 	A.	Managing conflicts of interest that may arise in Board meetings; and
	 	 	 
	 	B.	Ensuring that all Board members are acting in the best interests of all shareholders.

 

	 	5.	Confidential Information.

 

	 	5.1	You
undertake to the Company that you shall maintain in strict confidentiality all trade, business, technical or other information
regarding the Company, the Group, its affiliated entities and their business affairs including, without limitation, all marketing,
sales, technical and business know-how, intellectual property, trade secrets, identity and requirements of customers and prospective
customers, the Company's methods of doing business and any and all other information relating to the operation of the Company (collectively,
the "Confidential Information"). You shall at no time disclose any Confidential Information to any person, firm, or entity,
for any purpose unless such disclosure is required in order to fulfill your responsibilities as director. You further undertake
that you shall not use such Confidential Information for personal gain.
	 	 	 
	 	 	"Confidential Information"
shall not include information that (i) is or becomes part of the public domain other than as a result of disclosure by you, (ii)
becomes available to you on a non-confidential basis from a source other than the Company, provided that the source is not bound
with respect to that information by a confidentiality agreement with the Group or is otherwise prohibited from transmitting that
information by a contractual legal or other obligation, or (iii) can be proven by you to
have been in your possession prior to disclosure of the information by the Company.
	 	 	 
	 	 	In the event that you are
requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative
demand or other process) to disclose any Confidential Information, it is agreed that you, to the extent practicable under the circumstances,
will provide the Company with prompt notice of any such request or requirement so that the Company may seek an appropriate protective
order or waive compliance with this Section 5. If a protective order or the receipt of a waiver hereunder has not been obtained,
you may disclose only that portion of the Confidential Information which you are legally compelled to disclose.

 

 

 

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		6.	Blackout
                                         Period. You understand that we have, or intend to have, a policy pursuant to which,
                                         among other restrictions, no officer, director or key executive (or any of their affiliates)
                                         may engage in transactions in our stock during the periods commencing at the close of
                                         business on the 15th day before the end of each fiscal quarter and ending
                                         after markets close on the second full trading day after the financial information for
                                         the then-current quarter has been publicly released, subject to the terms and conditions
                                         of the Company's policy.

 

		7.	Term and Termination.

 

	 	7.1	Subject to Section 7.2 hereunder,
this Agreement and appointment shall terminate immediately and
without claim for compensation on the occurrence of any of the following events:

 

	 	A.	
If you resign as a Director of the Company for any reason; and/or 
	 	 	 
	 	B.	If you are removed or not re-appointed as a Director of
the Board at an Annual Meeting of Shareholders of the Company in accordance with the requirements of the Business Corporation Law
of the State of Nevada and/or any other applicable law or regulation and/or the Company's Articles of Incorporation; and/or
	 	 	 
	 	C.	If you have been declared bankrupt or made an arrangement or composition with or for the benefit of your creditors; and/or
	 	 	 
	 	D.	If you have been disqualified from acting as a Director (including, but not limited to, an event in which you are declared
insane or become of unsound mind or become physically incapable of performing your functions as Director for a period of at least
sixty (60) days); and/or
	 	 	 
	 	E.	If an order of a court having jurisdiction over the Company requires you to resign.

 

	 	7.2	Any termination of this Agreement
shall be without payment of damages or compensation (except that you shall be entitled to any accrued Expenses properly incurred
under the terms of this Agreement prior to the date of such termination).

 

	 	8.	The Company will put directors' and officers' liability insurance in
    place within sixty (60) days of this Agreement, if not already in place, and will use commercial reasonable efforts to
    maintain such insurance coverage for the full term of your appointment.

 

		9.	On termination of this appointment, you shall return all property belonging to the Group, together
with all documents, papers, disks and information, howsoever stored, relating to the Group and used by you in connection with your
position with the Company.

 

 

 

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		10.	Subject to the proper performance of your obligations to the Company under this Agreement and any
applicable law, the Company agrees that you will be free to accept other appointments, directorships and chairmanships provided
that:

 

	 	10.1	They do not in any way
conflict with the interests of the Company or any member of the Group; and
	 	 	 
	 	10.2	They do not restrict you
from devoting the necessary time and attention properly to services to be performed under this Agreement; and
	 	 	 
	 	10.3	In
the event that you become aware of any potential conflicts of interest, these must be disclosed to the Chairman and/or the Chief
Executive Officer (the "CEO") of the Company as soon as they become apparent.

 

		11.	The performance of individual Directors, the Chairman and the Board and its committees is evaluated
annually. If, in the interim, there are any matters which cause you concern about your position, you should discuss them with the
Chairman and/or the CEO as soon as is appropriate.

 

		12.	In addition to any right pursuant to applicable law, occasions may arise when you consider that
you need professional advice in the furtherance of your duties as a director. Circumstances may occur when it will be appropriate
for you to seek such advice from independent advisors at the Company's expense, to the extent provided under applicable law and
subject to the prior written approval of the CEO and/or the Board.

 

		13.	This Agreement refers to your appointment as a Director of the Company and your future membership on the committees of the
Board.

 

		14.	You shall ensure that you comply at all times with the Company's inside trading policies as in effect from time to time.

 

		15.	You shall discharge your general duties as a Director pursuant to the Company's Articles of Incorporation, Bylaws and applicable
law.

 

		16.	This Agreement shall be governed by and construed in accordance with the law of the State of Massachusetts.

 

Please sign the attached copy
of this Agreement and return it to the Company to signify your acceptance of the terms set out above.

 

**

 

 

 

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Sincerely yours,

 

XENETIC
BIOSCIENCES INC.

 

/s/
Jeffrey Eisenberg                    

Name:
Jeffrey Eisenberg

Title Chief Executive Officer

 

 

 

AGREED AND ACKNOWLEDGED BY:

 

/s/ Grigory G. Borisenko                    

Name of Director: Grigory G. Borisenko

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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