Document:

Exhibit
4.2

 

DESCRIPTION
OF SECURITIES

As
of December 31, 2021, 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, 2021, 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

 

The
Company’s shareholders are entitled to receive dividends or distributions that its board of directors may declare out of funds
legally available for those payments. The payment of dividends or distributions by the Company is subject to the restrictions of Virginia
law applicable to the declaration of distributions by a corporation. A Virginia corporation generally may not authorize and make distributions
if, after giving effect to the distribution, it would be unable to meet its debts as they become due in the usual course of business
or if the corporation’s total assets would be less than the sum of its total liabilities plus the amount that would be needed,
if it were dissolved at that time, to satisfy the preferential rights of shareholders whose rights are superior to the rights of those
receiving the distribution. In addition, the payment of distributions to shareholders is subject to any prior rights of outstanding preferred
stock.

 

The
Company is a corporation separate and distinct from New Peoples Bank, Inc., its bank subsidiary (the “Bank”). As a financial
holding company, the Company’s ability to pay dividends is affected by the ability of the Bank to pay dividends to the holding
company. The ability of the Bank, as well as the Company, to pay dividends is influenced by bank regulatory requirements and capital
guidelines.

 

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.Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2021,
Papaya Growth Opportunity Corp. I (“we,” “our,” “us” or the “Company”) did not have any
securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As of March 28, 2022,
we have the following three classes of securities registered under Section 12 of the Exchange Act: (i) our units, consisting
of one share of Class A common stock (as defined below) and one-half of one redeemable warrant (as defined below), with each whole
warrant entitling the holder thereof to purchase one share of Class A common stock (the “units”), (ii) our Class A
common stock, $0.0001 par value per share (“Class A common stock”), and (iii) our public warrants, with each whole
warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).

 

Pursuant to our second amended
and restated certificate of incorporation, our authorized capital stock consists of 131,000,000 shares of common stock, consisting of
(i) 130,000,000 shares of Class A common stock, (ii) 20,000,000 shares of Class B common stock, $0.0001 par value
(“Class B common stock”), and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety
by reference to, our second amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is
incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”)
of which this Exhibit 4.5 is a part.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each unit consists of one
share of Class A common stock and one-half of one redeemable warrant. Only whole warrants are exercisable. Each whole warrant entitles
the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement,
a warrantholder may exercise his, her or its warrants only for a whole number of shares of Class A common stock.

 

Class A Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and
holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders,
except as required by law. There is no cumulative voting with respect to the election of directors, with the result that the holders of
more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive
ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.

 

We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. Our sponsor, officers
and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect
to any founder shares and placement shares (along with Cantor Fitzgerald and Co. (“Cantor”) and J.V.B. Financial Group, LLC
on behalf of its Cohen & Company Capital Markets division (“CCM”) with respect to the placement shares) and any public
shares held by them in connection with the completion of our initial business combination.

 

     

     

    

 

If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our second amended and restated certificate of incorporation provides that a public stockholder, together with
any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as
defined under Section 13 of the Exchange Act), is restricted from redeeming its shares with respect to more than an aggregate of
15% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be
restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business
combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our
initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on
the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete
the initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in
order to dispose such shares would be required to sell their stock in open market transactions, potentially at a loss.

 

In the event of a liquidation,
dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all
assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking
fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our
initial business combination, subject to the limitations described in the Report.

 

Redeemable Warrants

 

Each whole warrant entitles
the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as
described herein, at any time commencing on the later of April 19, 2023 or 30 days after the completion of our initial business
combination. Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of Class A
common stock.

 

The warrants will expire five
years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to
deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) with respect
to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject
to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated
to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise
has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of
the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant,
the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no
event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of
Class A common stock underlying such unit.

 

We have registered the shares
of Class A common stock issuable upon exercise of the warrants. In addition, we have agreed that we will use our commercially reasonable
efforts to maintain the effectiveness of the registration statement, and a current prospectus relating thereto, with the U.S. Securities
and Exchange Commission (the “SEC”) for the offer and sale of the Class A common stock issuable upon exercise of the
warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement
covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after
the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and
during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not
available, holders will not be able to exercise their warrants on a cashless basis.

 

     

     

    

 

Once the warrants become
exercisable, we may call the warrants for redemption:

		•	in whole and not in part;

		•	at a price of $0.01 per warrant;

		•	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”)
to each warrantholder; and

		•	if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within
a 30-trading day period commencing once the warrants become exercisable and ending three business days before we send the notice of redemption
to the warrantholders.

 

If and when the warrants become
redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is
not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.
We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those
states in which the warrants were offered by us in our initial public offering.

 

If we call the warrants for
redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so
on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,”
our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If
our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for
that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the
 “fair market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the
average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice
of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon
exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will
reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an
attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call
our warrants for redemption and our management does not take advantage of this option, our sponsor, Cantor, CCM and their permitted transferees
would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described
above that other warrantholders would have been required to use had all warrantholders been required to exercise their warrants on a cashless
basis, as described in more detail below.

 

A holder of a warrant may
notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.9% (or such other amount as a holder may specify) of the shares of Class A
common stock outstanding immediately after giving effect to such exercise.

 

The warrants have certain
anti-dilution and adjustment rights upon certain events.

 

The warrants will be issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You
should review a copy of the warrant agreement, which was filed with the SEC on January 19, 2022 as an exhibit to our Current Report
on Form 8-K, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any mistake, including to
conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in
this prospectus, or defective provision, but requires the approval by the holders of at least a majority of the then outstanding public
warrants to make any change that adversely affects the interests of the registered holders of public warrants.

 

     

     

    

 

The warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrantholders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise
of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue
price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such
issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest
thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination
(net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to
the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption
trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued Price. No fractional shares will be issued upon the exercise of the warrants. If, upon the exercise of the warrants, a holder would
be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A
common stock to be issued to the warrantholders.

 

No fractional shares will
be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to be issued to the
warrantholder.

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