Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934

 

The following summary description of
our capital stock is based on the provisions of our certificate of incorporation, our bylaws and the applicable provisions of the
Delaware General Corporation Law. This information may not be complete in all respects and is qualified entirely by reference to
the provisions of our certificate of incorporation, our bylaws and the Delaware General Corporation Law.

 

General

 

Our authorized capital stock consists of
200,000,000 shares of common stock, par value $0.001, 1,000,000 shares of Series A Preferred Stock and 17,000,000 shares
of Series B Preferred Stock. Our preferred stock and/or common stock may be issued from time to time without prior approval by
our stockholders. Our preferred stock and/or common stock may be issued for such consideration as may be fixed from time to time
by our board of directors. Our board of directors may issue such shares of our preferred stock in one or more series, with such
voting powers, designations, preferences and rights or qualifications, limitations or restrictions thereof as shall be stated in
the resolution or resolutions.

 

Common Stock

 

The shares of our common stock presently
outstanding, and any shares of our common stock issued upon exercise of stock options and/or warrants, will be fully paid and non-assessable.
Each holder of common stock is entitled to one vote for each share owned on all matters voted upon by stockholders, and a majority
vote is required for all actions to be taken by stockholders. In the event we liquidate, dissolve or wind-up our operations,
the holders of the common stock are entitled to share equally and ratably in our assets, if any, remaining after the payment of
all our debts and liabilities and the liquidation preference of any shares of preferred stock that may then be outstanding. The
common stock has no preemptive rights, no cumulative voting rights, and no redemption, sinking fund, or conversion provisions.
Since the holders of common stock do not have cumulative voting rights, holders of more than 50% of the outstanding shares can
elect all of our Directors, and the holders of the remaining shares by themselves cannot elect any Directors. Holders of common
stock are entitled to receive dividends, if and when declared by the board of directors, out of funds legally available for such
purpose, subject to the dividend and liquidation rights of any preferred stock that may then be outstanding.

 

Voting rights.

 

Each holder of common stock is entitled
to one vote for each share of common stock held on all matters submitted to a vote of stockholders.

 

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Dividend rights.

 

Subject to preferences that may be applicable
to any then-outstanding shares of preferred stock, if any, and any other restrictions, holders of common stock are entitled
to receive ratably those dividends, if any, as may be declared from time to time by the Company’s board of directors out
of legally available funds. The Company and its predecessors have not declared any dividends in the past. Further, the Company
does not presently contemplate that there will be any future payment of any dividends on common stock.

 

Common Stock Equivalents

 

We have issued and may continue to issue
common stock equivalents, including, but not limited to, stock option awards under our equity incentive plans, warrants to acquire
shares of our common stock, preferred stock and notes convertible into shares of our common stock.

 

Stockholder Registration Rights

 

Certain holders of our securities are entitled
to certain rights with respect to registration of such securities under the Securities Act of 1933, as amended, or the Securities
Act. These securities are referred to as registrable securities. The holders of these registrable securities possess registration
rights pursuant to the terms of registration rights agreements.

 

In general, the registration of shares of
our common stock pursuant to the exercise of registration rights enables the holders to trade such shares without restriction under
the Securities Act when the applicable registration statement is declared effective. We generally have agreed to pay the registration
expenses for such registration statements, other than underwriting discounts, selling commissions and stock transfer taxes, of
the shares registered.

 

Generally, in an underwritten offering,
the managing underwriter, if any, has the right, subject to specified conditions, to limit the number of shares the holders may
include. We must use commercially reasonable efforts to keep the registration statement effective until the earlier of the date
on which all registrable securities covered by such registration statement have been sold, or at such time that the holders of
the registrable securities can sell their shares under Rule 144 of the Securities Act during any three-month period.

 

Anti-Takeover Effects of Our Certificate of Incorporation,
Bylaws and Certain Provisions of Delaware Law

 

Our certificate of incorporation, bylaws
and the Delaware General Corporation Law, or DGCL, contain provisions, which are summarized in the following paragraphs, that are
intended to enhance the likelihood of continuity and stability in the composition of our board of directors and to discourage certain
types of transactions that may involve an actual or threatened acquisition of our company. These provisions are intended to avoid
costly takeover battles, reduce our vulnerability to a hostile change of control or other unsolicited acquisition proposal, and
enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire
us. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition of our company by
means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including
attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

 

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Authorized but Unissued Capital Stock

 

Delaware law does not require stockholder
approval for any issuance of authorized shares. Additional shares that may be used in the future may be used for a variety of corporate
purposes, including future public offerings, to raise additional capital or to facilitate or discourage acquisitions.

 

Our certificate of incorporation grants
our board of directors broad power to establish the rights and preferences of the authorized and unissued preferred stock. Our
board of directors could establish one or more series of preferred stock that entitle holders to:

 

		●	vote separately as a class on any proposed merger or consolidation;

 

		●	cast a proportionately larger vote together with our common stock on any transaction or for all purposes;

 

		●	elect directors having terms of office or voting rights greater than those of other directors;

 

		●	convert preferred stock into a greater number of shares of our common stock or other securities;

 

		●	demand redemption at a specified price under prescribed circumstances related to a change of control of our company; or

 

		●	exercise other rights designed to impede a takeover.

 

A change of control transaction deemed by
the board of directors to be in the best interest of our stockholders could be facilitated by issuing a series of preferred stock
having sufficient voting rights to provide a required percentage vote of the stockholders. Alternatively, the issuance of shares
of capital stock, or the issuance of rights to purchase shares of capital stock, could be used to discourage an attempt to obtain
control of our company. For example, if, in the exercise of its fiduciary obligations, our board of directors determined that a
takeover proposal was not in the best interest of our stockholders, the board of directors could authorize the issuance of preferred
stock or common stock without stockholder approval. The shares could be issued in one or more transactions that might prevent or
make the completion of the change of control transaction more difficult or costly by:

 

		●	diluting the voting or other rights of the proposed acquirer or insurgent stockholder group;

 

		●	creating a substantial voting bloc in institutional or other hands that might undertake to support the position of the incumbent
board; or

 

		●	effecting an acquisition that might complicate or preclude the takeover.

 

One of the effects of the existence of unissued
and unreserved common stock may be to enable our board of directors to issue shares to persons friendly to current management,
which issuance could render more difficult or discourage an attempt to obtain control of our company by means of a merger, tender
offer, proxy contest or otherwise and thereby protect the continuity of our management and possibly deprive our stockholders of
opportunities to sell their shares of common stock at prices higher than prevailing market prices.

 

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Election of Directors and Vacancies

 

Our certificate of incorporation provides
that our board of directors will consist of between 2 and 10 directors. The exact number of directors will be fixed from time to
time by a majority of our board of directors. Each director will be elected for a one-year term. There will be no limit on
the number of terms a director may serve on our board of directors. The holders of our Series A Preferred Stock are entitled to
elect a director to sit on the Company’s board of directors, and the holders of our Series B Preferred Stock are entitled
to elect another director to sit on the Company’s board of directors.

 

In addition, our bylaws provide that any
vacancy on the board of directors, including a vacancy that results from an increase in the number of directors or a vacancy that
results from the removal of a director with cause, may be filled by our stockholders at the next annual meeting or a special meeting
called for that purpose or by a majority of the directors then in office.

 

Business Combinations

 

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 (1) by persons who are directors and also officers and (2) 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; and

 

		●	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 66 2⁄3% of the outstanding voting
stock that is not owned by the interested stockholder.

 

In general, Section 203 defines a “business
combination” to include the following:

 

		●	any merger or consolidation involving the corporation and the interested stockholder;

 

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		●	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;

 

		●	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits
by or through the corporation; and

 

		●	in general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s
affiliates and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder
status did own, 15% or more of the outstanding voting stock of the corporation.

 

The statute could prohibit or delay mergers
or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction
may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.

 

Quorum

 

Our bylaws provide that at any meeting of
the board of directors, a majority of the total number of directors then in office constitutes a quorum for all purposes.

 

No Cumulative Voting

 

Under Delaware law, the right to vote cumulatively
does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our certificate of incorporation
does not authorize cumulative voting.

 

Special Stockholder Meetings

 

Our bylaws provide that special meetings
of our stockholders may be called at any time by our board of directors or our president, or in the event that we receive a written
demand for a special meeting signed by holders of shares not less than 10% of all the votes entitled to be cast on any issue at
the meeting.

 

Limitation of Liability and Indemnification of Directors
and Officers

 

The DGCL provides that a Delaware corporation
may indemnify any persons who are, or are threatened to be made, parties to any threatened, pending, or completed action, suit,
or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such corporation),
by reason of the fact that such person was an officer, director, employee, or agent of such corporation, or is or was serving at
the request of such person as an officer, director, employee, or agent of another corporation or enterprise. The indemnity may
include expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred
by such person in connection with such action, suit, or proceeding, provided that such person acted in good faith and in a manner
he or she reasonably believed to be in or not opposed to the corporation’s best interests and, with respect to any criminal
action or proceeding, had no reasonable cause to believe that his or her conduct was illegal. Our bylaws include such provisions
related to our authority to indemnify a director, officer, employee, fiduciary, or agent.

 

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The DGCL also provides that Delaware corporation
may indemnify any person who is, or is threatened to be made, a party to any threatened, pending, or completed action or suit by
or in the right of the corporation by reason of the fact that such person was a director, officer, employee, or agent of such corporation,
or is or was serving at the request of such corporation as a director, officer, employee, or agent of another corporation or enterprise.
The indemnity may include expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection
with the defense or settlement of such action or suit provided such person acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the corporation’s best interests, except that no indemnification is permitted without
judicial approval if the officer or director is adjudged to be liable to the corporation.

 

Under the DGCL, where an officer or director
is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or
her against the expenses which such officer or director has actually and reasonably incurred. Our bylaws contain a mandatory indemnification
provision, which requires us to indemnify a person who was wholly successful, on the merits or otherwise, in the defense of any
proceeding to which the person was a party because the person is or was a director, against reasonable expenses incurred by him
or her in connection with the proceeding.

 

The DGCL also permits a corporation to provide
in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its
stockholders for monetary damages for breach of fiduciary duties as a director, except for liability for any:

 

		●	breach of a director’s duty of loyalty to the corporation or its stockholders;

 

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

 

		●	unlawful payment of dividends, stock purchase or redemption of shares; or

 

		●	transaction from which the director derives an improper personal benefit.

 

Our certificate of incorporation does not
include such a provision.

 

Pursuant to our bylaws, expenses incurred
by any officer or director in defending any proceeding in advance of its final disposition shall be paid by us upon delivery to
us of an undertaking by or on behalf of such director or officer, to repay all amounts advanced if it should ultimately be determined
that such director or officer is not entitled to be indemnified by us.

 

The DGCL provides, among other things, that
a director, who willfully or negligently approves of an unlawful payment of dividends or an unlawful stock purchase or redemption,
may be held liable for such actions. A director who was either absent when the unlawful actions were approved, or dissented at
the time, may avoid liability by causing his or her dissent to such actions to be entered on the books containing minutes of the
meetings of the board of directors at the time such action occurred or immediately after such absent director receives notice of
the unlawful acts.

 

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We have an insurance policy covering our
officers and directors with respect to certain liabilities, including liabilities arising under the Securities Act, or otherwise.

 

We believe that these indemnification and
advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

 

The limitation of liability, indemnification
and advancement provisions that are included in our bylaws may discourage stockholders from bringing a lawsuit against directors
for breaches of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation
against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In
addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors
and officers pursuant to these indemnification provisions.

 

There is currently no pending material litigation
or proceeding involving any of our directors, officers or employees for which indemnification is sought.

 

Dissenters’ Rights of Appraisal and Payment

 

Under the DGCL, with certain exceptions,
our stockholders will have appraisal rights in connection with a merger or consolidation of us. Pursuant to the DGCL, stockholders
who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive
payment of the fair value of their shares as determined by the Delaware Court of Chancery.

 

Stockholders’ Derivative Actions

 

Under the DGCL, any of our stockholders
may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder
bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder’s
stock thereafter devolved by operation of law.

 

Quotation on the OTCQB

 

Our common stock is currently quoted on
the OTCQB tier of the OTC Markets marketplace under the trading symbol “HLIX.”

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our
common stock is Equinity, Inc. Its address is 3200 Cherry Creek Dr. South, Denver, Colorado 80209.

 

 

7Exhibit
4.3

 

ASSUMPTION
AGREEMENT

 

THIS
ASSUMPTION AGREEMENT (this “Assumption”), dated as of the date indicated on the signature
below, between Broadridge Corporate Issuer Solutions, Inc., a Pennsylvania corporation (“Broadridge”)
and Legacy Education Alliance, a Nevada corporation (the “Company”).

 

WITNESSETH:

 

WHEREAS,
pursuant to that certain Rights Agreement, dated as of February 16, 2017 (as amended by the Amendment to Rights Agreement dated
as of November 12, 2018 and as otherwise amended, modified, supplemented or restated from time to time. the “Agreement”)
by and between the Company and Vstock Transfer, LLC, a California limited liability company (“Vstock”)
the Company has sent notification of termination to Vstock pursuant to Section 21 of the Agreement;

 

WHEREAS,
Broadridge desires to assume the duties of Rights Agent (as defined in the Agreement) pursuant to Section 21, of the Agreement;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
hereto intending to be legally bound do hereby covenant and agree as follows:

 

1.
Effective as of the date hereof, Broadridge hereby agrees to assume the role of Rights Agent under the Agreement and hereby
agrees, promptly and faithfully, to keep, fulfill, observe, perform and discharge all of the terms, covenants, conditions and
agreements of the Rights Agent to be fulfilled, observed, performed and discharged under the Agreement from and after the
date hereof.

 

2.
The Company consents to Broadridge, form the date hereof, assuming the role of Rights Agent under the Agreement.

 

[Signature
Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Assumption as of the date indicated in the signature pages below.

 

	 	LEGACY EDUCATION ALLIANCE, INC.
	 	 
	 	By:	/s/ James E. May
	 	 	Name:   	James E. May
	 	 	Title:	 Chief  Executive Officer
	 	 	Date:	11/25/19

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