Document:

EXHIBIT 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934

 

As of December 31,
2019, HyreCar Inc. (“the Company”) had one class of security registered under Section 12 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), our common stock, par value $0.00001 per share (“Common Stock”).

 

Description of Common Stock

 

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

 

Authorized Capital Shares

 

Our authorized capital
shares consist of 50,000,000 shares of common stock, $0.00001 par value per share, and 10,000,000 shares of preferred stock, $0.00001
par value per share (“Preferred Stock”). As of December 31, 2019, there were 16,393,171 shares of common stock issued
and outstanding. There were no shares of Preferred Stock issued or outstanding as of December 31, 2019.

 

Voting Rights

 

Holders of common stock
are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors. Our Certificate
of Incorporation and Bylaws do not provide for cumulative voting in the election of directors.

 

Dividend Rights

 

Holders of the Company’s
common stock are entitled to receive dividends, if any, as may be declared from time to time by the board of directors in its discretion
out of funds legally available for the payment of dividends.

 

Liquidation Rights

 

In the event of our
liquidation, the holders of our common stock will be entitled to share ratably in any distribution of our assets after payment
of all debts and other liabilities and the preferences payable to holders of shares of Preferred Stock then outstanding, if any.

 

Applicable Anti-Takeover Law

 

Set forth below is
a summary of the provisions of the Certificate of Incorporation and the Bylaws that could have the effect of delaying or preventing
a change in control of the Company. The following description is only a summary and it is qualified by refence to the Certificate
of Incorporation, the Bylaws and relevant provisions of the Delaware General Corporation Law.

 

     

     

    

 

Blank Check Preferred Stock

 

The Certificate of
Incorporation authorizes 10,000,000 undesignated shares of Preferred Stock and permits our board of directors to issue Preferred
Stock with rights or preferences that could impede the success of any attempt to change control of the Company. For example, our
board of directors, without stockholder approval, may create or issue Preferred Stock with conversion rights that could adversely
affect the voting power of the holders of our common stock as well as rights to such Preferred Stock, in connection with implementing
a stockholder rights plan. This provision may be deemed to have a potential anti-takeover effect, because the issuance of such
Preferred Stock may delay or prevent a change of control of the Company. Furthermore, shares of Preferred Stock, if any are issued,
may have other rights, including economic rights, senior to common stock, and as a result, the issuance thereof could depress the
market price of our common stock.

 

No Cumulative Voting

 

The Certificate of
Incorporation and the Bylaws do not provide holders of our common stock cumulative voting rights in the election of directors.
The absence of cumulative voting could have the effect of preventing stockholders holding a minority of our shares of common stock
from obtaining representation on our board of directors. The absence of cumulative voting might also, under certain circumstances,
render more difficult or discourage a merger, tender offer or proxy contest favored by a majority of our stockholders, the assumption
of control by a holder of a large block of our stock or the removal of incumbent management.

 

Advance Notice Requirements for Stockholder
Proposals and Director Nominees

 

The Bylaws require
stockholders seeking to make nominations of candidates for election as directors or to bring other business before a meeting of
our stockholders to provide timely notice of their intent in writing. To be timely, a stockholder’s notice must be delivered
to the Secretary at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary
of the immediately preceding annual meeting of the stockholders; provided, however, that in the event that the date of the annual
meeting is more than 30 days before or after such anniversary date, notice by the stockholder to be timely must be so received
not later than the close of business on the tenth day following the earlier of the date on which we first give notice or publicly
announce the date of the meeting. A stockholder’s notice must include certain information about the stockholder and the nominee
or proposal as specified in the Bylaws. These advance notice provisions may restrict the ability of the stockholders to make nominations
for directors at or bring business before a meeting of the Company’s stockholders.

 

Listing

 

Our common stock is
traded on Nasdaq Capital Market under the trading symbol “HYRE”.

 

Transfer Agent

 

The Company’s transfer agent is VStock
Transfer, LLC.Exhibit
4.2

 

DESCRIPTION
OF SECURITIES

As
of December 31, 2019, the common stock, par value $2.00 per share, was the only class of securities of New Peoples Bankshares,
Inc. (the “Company”) registered under Section 12 of the Securities Exchange Act of 1934, as amended.

The
following section describes the general terms and provisions of the shares of the Company’s common stock. You should read
the Company’s articles of incorporation, as amended, and bylaws, as amended, for additional information about the common
stock. The articles of incorporation and bylaws are included as exhibits to the Company’s Annual Report on Form 10-K, to
which this exhibit also is attached.

General

 

As
of December 31, 2019, the Company’s authorized capital stock consisted of 50,000,000 shares of common stock, par value $2.00
per share, 23,922,086 of which were outstanding.

 

Voting
Rights

 

Each
holder of common shares is entitled to one vote per share held on any matter submitted to a vote of shareholders. There are no
cumulative voting rights in the election of directors.

 

Dividends

 

Holders
of common shares are entitled to receive dividends when and as declared by the board of directors out of funds legally available,
subject to certain restrictions imposed by state and federal laws. The Company is a corporation separate and distinct from New
Peoples Bank, Inc. (the “Bank”). Since most of the Company’s revenues will be received by it in the form of
dividends or interest paid by the Bank, the Company’s ability to pay dividends will be subject to certain regulatory restrictions.

 

No
Preemptive or Conversion Rights

 

Holders
of the Company’s common shares do not have preemptive rights to purchase additional shares of any class of the Company’s
stock, and have no conversion or redemption rights.

 

Calls
and Assessments

 

All
of the issued and outstanding common shares are fully paid and non-assessable.

 

Liquidation
Rights

 

In
the event of the Company’s liquidation, dissolution or winding up, the holders of common shares (and the holders of any
class or series of stock entitled to participate with the common shares in the distribution of assets) shall be entitled to receive,
in cash or in kind, the Company’s assets available for distribution remaining after payment or provision for payment of
the Company’s debts and liabilities.

 

Certain
Provisions of the Company’ s Articles of Incorporation and Bylaws and Virginia Law

 

General

 

The
Company’s articles of incorporation and bylaws contain provisions that could make more difficult an acquisition of the Company
by means of a tender offer, a proxy contest or otherwise. In addition, Virginia has two antitakeover statutes, the Affiliated
Transactions Statute and the Control Share Acquisitions Statute, that could make it more difficult for another party to acquire
the Company without the approval of the Company’s board of directors. These provisions are expected to discourage specific
types of coercive takeover practices and inadequate takeover bids as well as to encourage persons seeking to acquire control to
first negotiate with the Company. Although these provisions may have the effect of delaying, deferring or preventing a change
in control, the Company believes that the benefits of increased protection through the potential ability to negotiate with the
proponent of an unfriendly or unsolicited proposal to acquire or restructure the Company outweigh the disadvantages of discouraging
these proposals because, among other things, negotiation of such proposals could result in an improvement of their terms.

 

    	 

    	 

    

Shareholder
Approval of Certain Transactions

 

The
Company’s articles of incorporation provide that an amendment of the Company’s articles of incorporation, a plan of
merger or share exchange, a transaction involving the sale of all or substantially all of the Company’s assets other than
in the regular course of business, and a plan of dissolution must be approved by the vote of a majority of all the votes entitled
to be cast on such transactions by each voting group entitled to vote on the transaction at a meeting at which a quorum of the
voting group is present, provided that the transaction has been approved and recommended by at least two-thirds of the directors
in office at the time of such approval and recommendation. If the transaction is not so approved and recommended by two-thirds
of the directors in office, then the transaction must be approved by the vote of eighty percent (80%) or more of all the
votes entitled to be cast on such transactions by each voting group entitled to vote on the transaction.

 

Classified
Board of Directors

 

The
Company’s articles of incorporation provide that the board of directors shall be divided into three classes as nearly equal
in number as possible. The members of each class are elected for a term of three years and until their successors are elected
and qualified. As a result, approximately
one third of the members of the board of directors are elected each year, and two annual meetings are required for the Company’s
shareholders to change a majority of the members constituting the board of directors.

 

Removal
of Directors

 

The
Company’ s bylaws currently provide that any director may be removed from office at a meeting called expressly for that
purpose by the vote of stockholders holding a majority of the shares entitled to vote at an election of directors.

 

Advance
Notification Requirements

 

The
Company’s bylaws prescribe the procedure that a shareholder must follow to nominate directors or to bring other business
before shareholders’ meetings outside of the proxy statement process. For a shareholder to nominate a candidate for director
or to bring other business before at an annual meeting of shareholders, written notice of nomination must be received by the Company’s
Corporate Secretary not less than 30 days prior to the first anniversary date of the initial notice given to shareholders of record
on the record date for the previous annual meeting by or at the direction of the board of directors; provided, however, that such
notice shall not be required to be given more than 90 days prior to the annual meeting of shareholders. Notice of nomination of
a director must describe various matters regarding the nominee and the shareholder giving the notice. Notice of other business
to be brought before the meeting must include a description of the proposed business, the reasons therefore, and other specified
matters regarding the shareholder giving the notice.

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