Document:

Exhibit 10.5

 

 

Stock Option Award Agreement

 

1.Grant of Option. This certificate
evidences a stock option (this “Stock Option”) granted by OpGen, Inc., a Delaware corporation (the “Company”),
on April 28, 2016 (the “Grant Date”), to Evan Jones (the “Participant”), pursuant
to Board approval and outside of the Company’s 2015 Equity Incentive Plan (as from time to time in effect, the “Plan”).
Under this Stock Option, the Participant may purchase, in whole or in part, on the terms herein provided, a total of seven hundred
sixty-six thousand, five hundred (766,500) shares of common stock of the Company (the “Shares”) at $1.35 per
Share, which is equal to the fair market value of the Shares on the Grant Date. The latest date on which this Stock Option, or
any part thereof, may be exercised is April 28, 2026 (the “Final Exercise Date”). The Stock Option evidenced
by this certificate is intended to be, and is hereby designated, as a non-qualified stock option (i.e., not an incentive stock
option as defined in section 422 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)).

 

This Stock
Option is exercisable in the following installments prior to the Final Exercise Date: twenty-five percent (25%) of the shares underlying
this Stock Option on the first anniversary of the Grant Date (the “Vesting Commencement Date”), and six and
one-quarter percent (6.25%) 6.25% of the total award per quarter thereafter on the quarterly anniversary of the Vesting
Commencement Date over three years, with vesting as to whole shares with rounding up and down as applicable to vest 25% of the
award in each year of such three-year vesting cycle.

 

2.Exercise of Stock Option. Each
election to exercise this Stock Option shall be in writing, signed by the Participant or the Participant’s executor, administrator,
or legally appointed representative (in the event of the Participant’s incapacity) or the person or persons to whom this
Stock Option is transferred by will or the applicable laws of descent and distribution (collectively, the “Option Holder”),
and received by the Company at its principal office, accompanied by this certificate and payment in full. The payment alternatives
set forth in the Plan shall apply to this Stock Option. Subject to the further terms and conditions provided in the Plan, the purchase
price may be paid as follows: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award,
Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required by the Administrator
in order to avoid adverse accounting consequences, in each case, having a Fair Market Value on the date of delivery equal to the
aggregate payments required, (c) delivery of a written or electronic notice that the Option Holder has placed a market sell order
with a broker acceptable to the Company with respect to Shares then issuable upon exercise or vesting of an Award, and that the
broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate
payments required; provided that payment of such proceeds is then made to the Company upon settlement of such sale. In the
event that this Stock Option is exercised by a person other than the Participant, the Company will be under no obligation to deliver
Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise this Stock Option.

 

3.Notice of Disposition. The
person exercising this Stock Option shall notify the Company when making any disposition of the Shares acquired upon exercise of
this Stock Option, whether by sale, gift or otherwise.

 

     

     

    

 

4.Restrictions on Transfer of Shares.
If at the time this Stock Option is exercised, the Company and any of its stockholders is a party to any agreement restricting
the transfer of any outstanding shares of the Company’s common stock, the Administrator may provide that this Stock Option
may be exercised only if the Shares so acquired are made subject to the transfer restrictions set forth in that agreement (or if
more than one such agreement is then in effect, the agreement or agreements specified by the Administrator).

 

5.Withholding; Agreement to Provide
Security. If at the time this Stock Option is exercised the Company determines that under applicable law and regulations it
could be liable for the withholding of any federal or state tax upon exercise or with respect to a disposition of any Shares acquired
upon exercise of this Stock Option, this Stock Option may not be exercised unless the person exercising this Stock Option remits
to the Company any amounts determined by the Company to be required to be withheld upon exercise (or makes other arrangements satisfactory
to the Company for the payment of such taxes) and gives such security as the Company deems adequate to meet its potential liability
for the withholding of tax upon a disposition of the Shares and agrees to augment such security from time to time in any amount
reasonably determined by the Company to be necessary to preserve the adequacy of such security.

 

6.Nontransferability of Stock Option.
This Stock Option is not transferable by the Participant otherwise than by will or the laws of descent and distribution and
is exercisable during the Participant’s lifetime only by the Participant (or in the event of the Participant’s incapacity,
the person or persons legally appointed to act on the Participant’s behalf).

 

7.Provisions of the Plan. All
of the provisions of the Plan related to stock options, and administration of stock option awards are incorporated by reference
into and made a part of this Stock Option Award Agreement. A copy of the Plan as in effect on the Grant Date has been furnished
to the Participant. By exercising all or any part of this Stock Option, the Participant agrees to be bound by the terms of the
Plan incorporated herein and by this certificate. All initially capitalized terms used herein will have the meaning specified in
the Plan, unless another meaning is specified herein.

  

[The remainder of this page is intentionally
left blank]

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be executed by its duly authorized officer.

 

	 	OpGen, Inc.
	 	 
	 	 
	Dated:  April
    28, 2016	/s/ Timothy C. Dec
	 	By:  Timothy C. Dec
	 	Title:  Chief Financial Officer
	 	 
	 	 
	 	 
	 	Acknowledged and agreed:
	 	Participant
	 	 
	 	 
	Dated:  July
    29, 2016	/s/ Evan Jones
	 	Name:  Evan JonesEX-4.1

 Exhibit 4.1 

CHASE ISSUANCE TRUST 
 as
Issuing Entity 
 CLASS A(2016-5) TERMS DOCUMENT 

dated as of August 11, 2016 

to 
 SECOND AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of January 20, 2016 

to 
 FOURTH AMENDED AND
RESTATED 
 INDENTURE 

dated as of January 20, 2016 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Indenture Trustee and Collateral Agent

 TABLE OF CONTENTS 
  

							
	 	  	 	  	PAGE	 
	ARTICLE I	  
	
	 Definitions and Other Provisions of General
Application
	   

			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Governing Law	  	 	3	  
	 Section 1.03
	  	Counterparts	  	 	3	  
	 Section 1.04
	  	Ratification of Indenture and Indenture Supplement	  	 	4	  
	
	ARTICLE II	  
	
	 The Class A(2016-5) Notes
	   

			
	 Section 2.01
	  	Creation and Designation	  	 	5	  
	 Section 2.02
	  	Specification of Required Subordinated Amount and Other Terms	  	 	5	  
	 Section 2.03
	  	Interest Payment	  	 	5	  
	 Section 2.04
	  	Payments of Interest and Principal	  	 	6	  
	 Section 2.05
	  	Form of Delivery of Class A(2016-5) Notes; Depository; Denominations	  	 	6	  
	 Section 2.06
	  	Delivery and Payment for the Class A(2016-5) Notes	  	 	6	  
	 Section 2.07
	  	Supplemental Indenture	  	 	7	  
	 Section 2.08
	  	No Ratings Confirmation Required for Class A(2016-5) Notes	  	 	7	  

 THIS CLASS A(2016-5) TERMS DOCUMENT (this “Terms Document”), among the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of August 11, 2016. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and
shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool
Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and
in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any
such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other
document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 

(4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall
refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to
this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor
law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture Supplement, the 

 
Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

(6) each capitalized term defined herein shall relate only to the Class A(2016-5) Notes and no other Tranche of CHASEseries Notes issued by
the Issuing Entity. 
 “Asset Pool Supplement” means the Third Amended and Restated Asset Pool One Supplement to the
Indenture, dated as of January 20, 2016, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Card Funding LLC, in its capacity as beneficial owner of the Issuing Entity. 

“Class A(2016-5) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to
the Class A(2016-5) Notes, (b) an Event of Default and acceleration of the Class A(2016-5) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2016-5) Notes becomes greater than zero or (d) the Class A Usage of
the Class C Required Subordinated Amount for the Class A(2016-5) Notes becomes greater than zero. 
 “Class A(2016-5) Note”
means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2016-5) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2016-5) Noteholder” means a Person in whose name a Class A(2016-5) Note is registered in the Note Register. 

“Class A(2016-5) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding
Dollar Principal Amount of the Class A(2016-5) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 

“Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 

“Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 

“Controlled Accumulation Amount” means $112,500,000.00 provided, however, if the Accumulation Period Length is determined to
be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2016-5) Notes will be the amount specified in the definition of
“Controlled Accumulation Amount” in the Indenture Supplement.
 “Indenture” means the Fourth Amended and Restated
Indenture, dated as of January 20, 2016, as amended, between the Issuing Entity and the Indenture Trustee. 

  
 2 

 “Indenture Supplement” means the Second Amended and Restated CHASEseries
Indenture Supplement, dated as of January 20, 2016, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Initial Dollar Principal Amount” means $1,350,000,000. 

“Interest Payment Date” means September 15, 2016 and the 15th day of each month thereafter, or if such
15th day is not a Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any
Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 

“Issuance Date” means August 11, 2016. 

“Legal Maturity Date” means July 15, 2021. 

“Note Interest Rate” means a rate per annum equal to 1.27%. 

“Paying Agent” means Wells Fargo Bank, National Association. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date” means, for any Note Transfer Date, the
last Business Day of the preceding Monthly Period. 
 “Scheduled Principal Payment Date” means July 15, 2019. 

“Stated Principal Amount” means $1,350,000,000. 

Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be
deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

  
 3 

 Section 1.04 Ratification of Indenture and Indenture Supplement. As supplemented by
this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so
supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

  
 4 

 ARTICLE II 

The Class A(2016-5) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant to the
Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2016-5) Notes.” 
 Section 2.02 Specification of
Required Subordinated Amount and Other Terms. 
 (a) For the Class A(2016-5) Notes for any date of determination, the Class A Required
Subordinated Amount of Class B Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2016-5) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-5) Notes on such date of determination
or (ii) on and after the date on which a Class A(2016-5) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-5) Notes on such date of determination and (2) the Adjusted
Outstanding Dollar Principal Amount of the Class A(2016-5) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-5) Adverse Event shall have occurred. 

(b) For the Class A(2016-5) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount
equal to 8.13953% of (i) prior to the occurrence of a Class A(2016-5) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-5) Notes on such date or (ii) on and after the date on which a Class A(2016-5) Adverse Event
shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-5) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2016-5) Notes as of the close of
business on the day immediately preceding the date on which such Class A(2016-5) Adverse Event shall have occurred. 
 (c) The Issuing
Entity may change the percentages or the formulas set forth in either clause (a) or (b) above without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any
Outstanding Notes that the change in either of such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master
Trust Tax Opinion and an Issuing Entity Tax Opinion. 
 Section 2.03 Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2016-5) Notes shall be an amount equal to
one-twelfth of the product of (i) the Note Interest Rate, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2016-5) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date
for the Class A(2016-5) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2016-5) Notes 

  
 5 

 
shall be $1,619,250. Interest on the Class A(2016-5) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

(b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class
A(2016-5) Notes, the Indenture Trustee shall deposit into the Class A(2016-5) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2016-5)
Notes. 
 Section 2.04 Payments of Interest and Principal. 

(a) Any installment of interest or principal payable on any Class A(2016-5) Note which is punctually paid or duly provided for by the Issuing
Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2016-5) Note (or one or more Predecessor Notes) is registered on the Record
Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding
the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(b) The right of the Class A(2016-5) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day
following the Class A(2016-5) Termination Date. 
 Section 2.05 Form of Delivery of Class A(2016-5) Notes; Depository; Denominations.

 (a) The Class A(2016-5) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the
Indenture, respectively. 
 (b) The Depository for the Class A(2016-5) Notes shall be The Depository Trust Company, and the Class A(2016-5)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2016-5) Notes will be issued in minimum
denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.06 Delivery and Payment for the Class
A(2016-5) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2016-5) Notes to the Indenture Trustee for authentication,
and the Indenture Trustee shall deliver the Class A(2016-5) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

  
 6 

 Section 2.07 Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2016-5) Notes as provided in Section 9.01 of the
Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2016-5) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture,
require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 

Section 2.08 No Ratings Confirmation Required for Class A(2016-5) Notes. 

Notwithstanding Section 3.10(a)(iv) of the Indenture, the Issuing Entity will not be required to obtain written confirmation from each Note
Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2016-5) Notes. 
 [END OF ARTICLE II]

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all
as of the day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
		
	By:	 	 CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as
Administrator on behalf of the Trust

		
	By: 	 	 /s/ Todd Lehner

	Name:	 	Todd Lehner
	Title:	 	Managing Director
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Sue Larson

	Name:	 	Sue Larson
	Title:	 	Vice President

 Chase Issuance Trust 

CHASEseries Class A(2016-5) Terms Document

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