Document:

Exhibit
10.1

 

“FORM
OF”

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (the “Agreement”) is entered into as of April 1, 2020 (“Effective Date”),
by and between Taronis Technologies, Inc. (the “Company”) and the investor(s) listed on the signature page
attached hereto (the “Buyer”). The Buyer and Company may be collectively referred to herein as the “Parties”
and individually as a “Party.”

 

RECITALS

 

WHEREAS,
the Company and the Buyer desire to enter into this transaction to purchase the Securities (as defined below) pursuant to the
Registration Statement (as defined below), which is currently effective and has been declared effective in accordance with the
Securities Act of 1933, as amended (the “1933 Act”), by the United States Securities and Exchange Commission
(the “SEC”).

 

WHEREAS,
the common stock of Seller is listed for trading on NASDAQ under the stock symbol ‘TRNX’; and

 

WHEREAS,
Seller desires to sell to Buyer, and Buyer wishes to purchase from Seller, Eleven Million (11,000,000) shares of common stock
of Seller (“Securities”), subject to the terms and conditions set forth herein.

 

SECTION
1. PURCHASE AND SALE

 

Section
1.01 Purchase and Sale. Subject to the terms and conditions of this Agreement, at Closing, Seller shall sell, grant, assign,
convey, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Seller, the Securities, free and clear of all
“Liens” (as defined below).

 

Section
1.02 Purchase Price. The purchase price for the Securities shall be [                            
]  United States Dollars ($________________) (“Purchase Price”). The Securities have been priced
at $0.[   ] per share, which price is the closing price of the Company’s common stock as reported by The
Nasdaq Capital Market on the Effective Date.

 

Section
1.03 Deliverables. On April 2, 2020 (the “Closing Date”), (i) the Buyer shall acquire the Securities
by paying the Purchase Price to the Company by wire transfer of immediately available funds and (ii) the Company shall deliver
the Securities to the Buyer via The Depository Trust Company Deposit / Withdrawal at Custodian system (“DWAC”).

 

Section
1.04 Closing. On the terms set forth herein, the closing of the transaction (“Closing”) shall take place
by the exchange of electronic communication (i.e., emails/pdf) of a fully executed version of this Agreement and completion of
the Deliverables in Section 1.03.

 

SECTION
2. REPRESENTATIONS AND WARRANTIES

 

Section
2.01 Buyer’s Representations and Warranties. Buyer represents and warrants to the Company with respect to only itself
that, as of the date hereof and the Closing:

 

(a)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of Buyer and
shall constitute the legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except
as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.

 

    	 	 	 

     

    

 

(b)
No Conflicts. The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transaction
contemplated hereby will not (i) result in a violation of the organizational documents of Buyer or (ii) conflict with any agreement
to which Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal
and state securities laws) applicable to Buyer, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults,
rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the ability of Buyer to perform its obligations hereunder.

 

Section
2.02 Representations and Warranties of the Company. The Company represents and warrants to Buyer that, as of the date hereof
and the Closing:

 

(a)
Shelf Registration Statement. The Company has prepared and filed in conformity with the requirements of the 1933 Act and
the published rules and regulations thereunder (the “Rules and Regulations”) adopted by the SEC a “shelf”
registration statement on Form S-3 (No. 333-230854), which became effective on April 24, 2019, including a base prospectus (the
“Base Prospectus”) relating to common stock, preferred stock, warrants, rights or units of the Company that
may be sold from time to time by the Company, in accordance with Rule 415 of the 1933 Act, and such amendments, including post-effective
amendments, thereof as may have been required to the date of this Agreement. The term “Registration Statement”
as used in this Agreement means such registration statement, including all exhibits, financial schedules and all documents and
information deemed to be part of the Registration Statement by incorporation by reference or otherwise, as amended from time to
time, including the information (if any) contained in the form of final prospectus filed with the SEC pursuant to Rule 424(b)
of the Rules and Regulations and deemed to be part thereof at the time of effectiveness pursuant to Rules 430A and 430B of the
Rules and Regulations. The term “Preliminary Prospectus” means the Base Prospectus, together with any preliminary
prospectus supplement used or filed with the SEC pursuant to Rule 424 of the Rules and Regulations. The term “Prospectus”
means the Base Prospectus, any Preliminary Prospectus and any amendments or further supplements to such prospectus filed with
the SEC, and including, without limitation, the final prospectus supplement (the “Prospectus Supplement”),
filed pursuant to and within the limits described in Rule 424(b) with the SEC in connection with the proposed sale of the Securities
contemplated by this Agreement through the date of such Prospectus Supplement. Unless otherwise stated herein, any reference herein
to the Registration Statement, any Preliminary Prospectus, the Statutory Prospectus (as defined below) and the Prospectus shall
be deemed to refer to and include the documents incorporated by reference therein, including pursuant to Item 12 of Form S-3 under
the 1933 Act, which were filed under the Securities Exchange Act of 1934, as amended (the “1934 Act”), on or
before the date hereof or are so filed hereafter. Any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement any Preliminary Prospectus, the Statutory Prospectus or
the Prospectus shall be deemed to refer to and include any such document filed or to be filed under the 1934 Act after the date
of the Registration Statement, any such Preliminary Prospectus, the Statutory Prospectus or Prospectus, as the case may be, and
deemed to be incorporated therein by reference.

 

    	 	2	 

     

    

 

(b)
Authorization; Enforcement; Validity. The Company is a corporation, duly authorized and in good standing under the laws
of the State of Delaware has the requisite power and authority to enter into and perform its obligations under this Agreement
and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement by the
Company, and the consummation by the Company of the transaction contemplated hereby (including, without limitation, the issuance
of the Securities) has been duly authorized by the Company’s board of directors and (other than (x) the filing with the
SEC of the Prospectus Supplement to the Registration Statement, which shall occur on the Closing Date hereof and (y) any other
filings as may be required by any state securities agencies (collectively, the “Required Filings”) no further
filing, consent or authorization is required by the Company, its subsidiaries, their respective boards of directors or their stockholders
or other governing body. This Agreement has been duly executed and delivered by the Company, and constitutes the legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except
as rights to indemnification and to contribution may be limited by federal or state securities law.

 

(c)
Issuance of Securities. The issuance of the Securities is duly authorized by the Company and the Securities, when issued,
shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims,
liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances (collectively
“Liens”) with respect to the issuance thereof.

 

(d)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transaction contemplated hereby (including, without limitation, the issuance of the Securities and the registration of
the Securities pursuant to the Registration Statement) will not (i) result in a violation of the Company’s Certificate of
Incorporation (including, without limitation, any certificate of designation contained therein), Bylaws, certificate of formation,
memorandum of association, articles of association, or other organizational documents of the Company or any of its subsidiaries,
or any capital stock or other securities of the Company or any of its subsidiaries, (ii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including,
without limitation, foreign, federal and state securities laws and regulations applicable to the Company or any of its subsidiaries
or by which any property or asset of the Company or any of its subsidiaries is bound or affected, which violation, conflict, breach
or default, individually or in the aggregate, would have a material adverse effect on the Company.

 

    	 	3	 

     

    

 

SECTION
3. COVENANTS

 

Section
3.01 From and after the Closing:

 

(a)
the Company shall issue irrevocable instructions its transfer agent, and to any subsequent transfer agent (as applicable, “Transfer
Agent”) in a form acceptable to Buyer (“Irrevocable Transfer Agent Instructions”) to issue certificates
or credit shares to the applicable balance accounts at DTC, registered in the name of Buyer or its respective nominees, assigns
or successors for/of the Securities;

 

(b)
the Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in
this Section 3.01 will be given by the Company to its Transfer Agent with respect to the Securities, and that the Securities shall
otherwise be freely transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement;
and

 

(c)
if Buyer effects a sale, nomination, assignment or transfer of the Securities, the Company shall permit the transfer and shall
promptly instruct the Transfer Agent to issue one or more certificates or credit shares to the applicable balance accounts at
DTC in such name and in such denominations as specified by Buyer to effect such sale, transfer or assignment.

 

(d)
Certificates and any other instruments evidencing the Securities shall not bear any restrictive or other legend.

 

(e)
While any Securities are outstanding, the Company shall maintain a transfer agent that participates in the at The Depository Trust
Company Fast Automated Securities Transfer Program (“FAST”).

 

    	 	4	 

     

    

 

SECTION
4. MISCELLANEOUS

 

Section
4.01 Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of Arizona, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Arizona or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Arizona. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in Phoenix, Arizona, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each Party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such Party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude Buyer from bringing suit
or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to Buyer
or to enforce a judgment or other court ruling in favor of Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT
OF THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

Section
4.02 Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each Party and delivered to the other
Party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the Party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

Section
4.03 Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to
include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

Section
4.04 Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the Parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the Parties or the practical realization of the benefits that would otherwise be conferred
upon the Parties. The Parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

    	 	5	 

     

    

 

Section
4.05 Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Company
and Buyer and contains the entire understanding of the Parties solely with respect to the matters covered herein. For clarification
purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended or waived other than by an instrument
in writing signed by the Company and Buyer.

 

Section
4.06 Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms
of this Agreement must be in writing and will be deemed to have been given and delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending Party) or electronic mail; or (iii) one (1) Business Day after deposit with an overnight courier service
with next day delivery specified, in each case, properly addressed to the Party to receive the same. As used herein “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to remain closed. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If
to Taronis:

 

Taronis
Technologies, Inc.

24980
N. 83rd Avenue, Ste. 100

Peoria,
AZ 85383

Telephone:
(866) 370-3835

Attention:
Legal Department

E-Mail:
notices@taronistech.com

 

If
to the Transfer Agent:

 

EQ

3200
Cherry Creek Drive South, #430

Denver,
CO 80209

Telephone:
(303) 282-4800

Facsimile:
(303) 282-5800

Attention:
Karen Naughton

E-Mail:
knaughton@corporatestock.com

 

If
to a Buyer, to its address, facsimile number and e-mail address set forth on the signature page hereto.

 

or
to such other address, e-mail address and/or facsimile number and/or to the attention of such other person as the recipient Party
has specified by written notice given to each other Party five (5) days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or e-mail containing the time, date, recipient facsimile number and, with respect
to each facsimile transmission, an image of the first page of such transmission or (C) provided by an overnight courier service
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

    	 	6	 

     

    

 

Section
4.07 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
nominees, assigns, and successors including any purchasers of any of the Securities. The Company shall not assign this Agreement
or any rights or obligations hereunder without the prior written consent of Buyer. Buyer may assign some or all of its rights
hereunder in connection with any transfer of any of its Securities without the consent of the Company.

 

Section
4.08 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the Parties hereto and their respective
permitted nominees, assigns and successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other
person or entity.

 

Section
4.09 Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing. The
Company and Buyer shall be respectively responsible only for its own representations, warranties, agreements and covenants hereunder.

 

Section
4.10 Further Assurances. Each Party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other Party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transaction contemplated hereby.

 

Section
4.11 Construction. The language used in this Agreement will be deemed to be the language chosen by the Parties to express
their mutual intent, and no rules of strict construction will be applied against any Party. No specific representation or warranty
shall limit the generality or applicability of a more general representation or warranty. Each and every reference to Securities,
common stock share price, and any other numbers in this Agreement that relate to the Securities or common stock shall be automatically
adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that occur
with respect to the common stock from the Parties’ signing of this Agreement through Closing.

 

Section
4.12 Remedies. Buyer, and in the event of nomination, assignment or succession by/of Buyer of its rights and obligations
hereunder, each holder of Securities, shall have all rights and remedies set forth in this Agreement and all of the rights which
such holders have under the law. Any person having any rights under any provision of this Agreement shall be entitled to enforce
such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision
of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes that in the event that
it fails to perform, observe, or discharge any or all of its obligations under this Agreement, any remedy at law would inadequate
relief to Buyer. The Company therefore agrees that Buyer shall be entitled to specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity
of proving actual damages and without posting a bond or other security. The remedies provided in this Agreement shall be cumulative
and in addition to all other remedies available under this Agreement, at law or in equity (including a decree of specific performance
and/or other injunctive relief).

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, Taronis and Buyer have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	TARONIS
    TECHNOLOGIES, INC.
	 	 	 
	 	By:
    	                              
	 	Name:	 
	 	Title:	 

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, Taronis and Buyer have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	BUYER:
	 	 	 
	 	By:
    	            
	 	Name:	 
	 	Title:	 
	 	 	 
	Contact
    Information:	 	 
	 	 	 
	[ADDRESS]	 	 
	 	 	 
	Phone:	 	 
	Facsimile:	 	 
	Email:	 	 

 

    	 	9Exhibit 10.1

 

 

 

OPGEN, INC.

AMENDED AND RESTATED STOCK OPTION PLAN, AS ASSUMED AND ADOPTED

April
1, 2020

 

 

 

 

 

 

 

 

    	  

    	 

    

		1.	INTRODUCTION

		1.1	This Amended and Restated Stock Option Plan, as assumed and adopted as of April 1, 2020 (this “Plan”)
was originally referred to as the “Curetis Stock Option Plan 2016”, as amended on July 19, 2018, of Curetis N.V., a
public company with limited liability under the laws of the Netherlands (“Curetis”) and is being assumed, adopted and
amended and restated by OpGen, Inc., a Delaware corporation (“OpGen”), as required by the Implementation Agreement.
Under the Implementation Agreement, OpGen, through Crystal, will acquire all of the issued and outstanding capital stock of Curetis
GmbH, a private limited liability company organized under the laws of the Federal Republic of Germany (“Curetis GmbH”)
and OpGen and/or Crystal will assume certain plans and indebtedness of Curetis, including adoption and assumption of this Plan.

		1.2	OpGen is assuming and adopting this Plan as approved by its Board. Stockholder approval of the assumption
and adoption of this Plan is not required as set forth in Nasdaq Marketplace Rule 5635(c)(3) and the provisions of IM-5635-1 related
thereto.

		2.	DEFINITIONS

		2.1	The definitions and other provisions in Schedule 1 shall apply throughout this Plan, unless provided
otherwise.

		3.	Purpose of the STOCK OPTION PLAN

		3.1	This Plan is designed in order to replace outstanding Options to acquire ordinary shares in the capital
of Curetis N.V. with equivalent non-qualified stock Options of OpGen to acquire Shares of its Common Stock.

		3.2	The purpose of the Plan is the retention of key employees with Option grants, spare liquidity, diminish
employee turnover and the alignment of stockholders’ interests with such employees.

		4.	term

		4.1	This Plan became effective on June 16, 2016, and, unless extended by the Board and approved by stockholders,
its term shall extend for ten (10) years from such date and expire on June 16, 2026. Options granted during the term of this Plan
shall no longer Vest and be exercisable as set forth in the relevant Option Agreement after the expiration of such ten (10) year
term.

		5.	Administration

		5.1	The Compensation Committee of the Board shall administer this Plan. The Compensation Committee shall
have the authority to:

		5.1.1	take all actions required or advisable for the administration and proper implementation of this Plan;

		5.1.2	interpret the Plan unless specifically provided otherwise in this Plan; and

		5.1.3	make all other decisions necessary or advisable to enable the administration and proper implementation
of this Plan.

 

    	  

    	 

    

 

		6.	Grant of Options

		6.1	To the extent any additional Options are granted the grants shall be made by the Compensation Committee
or its delegate.

		6.2	The Compensation Committee shall act in accordance with the rules under the Insider Trading Policy
and any applicable securities regulations as regards the granting, Vesting and settlement of any Options.

		6.3	The number of Shares in respect of which Options have been granted under this Plan shall not exceed
134,356 Shares.

		6.4	Shares in respect of which Options are granted will be retired and will not be available for future
grants to the extent that the relevant Options lapse or are forfeited, without having been exercised in full.

		6.5	A grant of an Option is a one-time benefit which does not create any contractual or other rights to
receive future grants of Options, or any benefit in lieu of such Options.

		6.6	An Optionee is not under any obligation to pay any amount to the Company in respect of the grant of
Options.

		7.	Transfer of Options

		7.1	Except as provided for under this Plan, the Options may not be sold, assigned, transferred, pledged,
mortgaged or otherwise disposed of.

		8.	Vesting of Options

		8.1	Each Option will Vest over a period of three (3) years whereby the first third (1/3) of any such Option
will Vest at the first anniversary of the Date of Grant and the remaining two thirds (2/3) of each Option will Vest in monthly
increments over the following twenty-four (24) months.

		8.2	The Options that have not Vested in accordance with Clause 8.1 are, unless otherwise agreed by the
Compensation Committee, forfeited upon a Termination of Employment Event with OpGen or any of its Subsidiaries, subject to the
following.

		8.2.1	Upon the occurrence of a Termination of Employment Event after the first anniversary of the Date of
Grant, the Optionee’s Options shall either be forfeited, lapse or continue to be exercisable as set forth below:

		(a)	In case of Termination for Cause, both the Options of such Optionee that have Vested (to the extent
not exercised) and the Options of such Optionee that have not yet Vested shall be forfeited at the date of Termination for Cause,
unless agreed otherwise by the Compensation Committee;

		(b)	in case of a Termination Without Cause, the Options of such Optionee that have Vested (to the extent
not exercised) shall not be forfeited and the remaining part of the Options of such Optionee that have not yet Vested shall be
forfeited at the date of Termination Without Cause.

		8.3	No Optionee shall have any right whatsoever to damages in respect of the lapse, annulment or the forfeiture
of any Option pursuant to this Plan.

 

 

    	2  

    	 

    

 

		9.	Option Price

		9.1	The Option Price will be set out in the relevant Option Agreement. Subject to the provisions of Clauses
10.6, 11.2 and 16.1, an Optionee is obliged to pay the Option Price upon exercise of Vested Options.

		10.	Exercise of Options

		10.1	Vested Options may not be exercised prior to the third anniversary of the Date of Grant and may be
exercised, subject to the provisions of this Clause 10, until ten (10) years from the Date of Grant or such shorter period of time
remaining under the Plan. Options which have not been exercised prior to the end of the aforementioned exercise period shall lapse
automatically without any compensation whatsoever being due to the Optionee.

		10.2	Options may only be exercised outside Closed Periods, unless exercise is allowed during a Closed Period
under the Insider Trading Policy. An Optionee who possesses or could reasonably be suspected to possess Inside Information relating
to OpGen shall always be prohibited from making use of that Inside Information by exercising an Option both during and outside
a Closed Period.

		10.3	An Optionee is required to notify OpGen in writing of the exercise of Options. Subject to Clauses
10.2 and 10.4 Options, to the extent Vested, can be exercised partially or all at once.

		10.4	An Optionee shall not be entitled to any fractional Shares upon exercise of an Option. If any exercise
of an Option would result in the issuance of fractional Shares, the number of Shares issued upon such exercise shall be rounded
down to the nearest whole number.

		10.5	Within one (1) month after an irrevocable written notice by an Optionee of his or her exercise of
Vested Options, the Shares in respect of which the Vested Option has been exercised will be issued or transferred to the Optionee,
against prior payment of the Option Price in cash or in such other manner as is agreed in the Option Agreement or as is set forth
herein.

		10.6	All the provisions in this Plan relating to exercise of Options and the sale of Shares are subject
to restrictions regarding the exercise of Options laid down in any applicable law and the Insider Trading Policy.

		11.	Change In Control

		11.1	In the event of a Change In Control, all the outstanding Options will Vest fully at the date of the
Change In Control, unless provided otherwise in Clause 11.2.

		11.2	In the event of a Change In Control due to a sale, merger, demerger, sale of substantially all of
the assets or consolidation of the Company, all the outstanding Options will be addressed in the applicable acquisition agreement.
Such agreement may at the sole discretion of the Compensation Committee and without the approval or the advice of the Optionees
being required, provide the following:

		11.2.1	the continuation of the outstanding Options by the Company (if the Company is the company that continues
to exist);

		11.2.2	the take-over of the Plan and the outstanding Options by the acquiring company or the company that
continues to exist, or its parent company;

 

 

    	3  

    	 

    

 

		11.2.3	the replacement of the outstanding Options by new option rights with conditions that are equivalent
to the conditions of the outstanding Options by the acquiring company or the company that continues to exist, or its parent company;
or

		11.2.4	the cancellation of each outstanding Option in return for payment to the Optionee of an amount per
Option equal to the difference between the Fair Market Value of the Common Stock at the time of the closing under the purchase,
merger, demerger or consolidation agreement less the Option Price.

		12.	Adjustment and claw back

		12.1	OpGen may recover from an Optionee all or part of the Options granted and Shares or cash, as the case
may be, transferred to the Optionee pursuant to this Plan, if the grant was made on the basis of incorrect financial or other data.
If Vesting of the Options would in the opinion of the Compensation Committee produce an unfair result due to extraordinary circumstances,
the Compensation Committee has the power to adjust the value of the award downwards or upwards.

		13.	Taxes

		13.1	The Company and/or its Subsidiaries shall have the right to withhold from any salary, severance or
other amounts payable by the Company, or a Subsidiary to an Optionee, or to otherwise require payment by the Optionee of, any taxes
and/or social security contributions payable by the Optionee in connection with his participation in the Plan as well as any taxes
and/or social security contributions payable by the Optionee in connection with any grant, Vesting or exercise of Options.

		13.2	An Optionee is and remains at all times fully responsible for the payment of any taxes and/or social
security contributions payable by the Optionee in connection with his or her participation in the Plan.

		14.	Reporting obligations

		14.1	An Optionee is obliged to fully cooperate with notification obligations towards regulators that result
from or are connected with a grant or exercise of Options or otherwise connected to this Plan or the Option Agreement.

		15.	No employment condition

		15.1	The participation of an Optionee in the Plan does not constitute remuneration for any employment activity.
The Options are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating
any severance, resignation, redundancy, and/or service payments, bonuses, long service awards, pension or retirement benefits or
similar payments.

 

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		16.	Recapitalization

		16.1.1	In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation
or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the Shares
of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the Compensation
Committee shall make equitable adjustments, if any, to reflect such change with respect to: (i) the aggregate number and kind of
Shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Clause 6.3 on the maximum
number and kind of Shares which may be issued under the Plan); (ii) the number and kind of Shares (or other securities or property)
subject to outstanding Options; (iii) the terms and conditions of any outstanding Options (including, without limitation, any applicable
performance targets or criteria with respect thereto); and (v) the exercise price per Share for any outstanding Options under the
Plan.

		16.1.2	In the event of any transaction or event described in Clause 16.1.1 or any unusual or nonrecurring
transactions or events affecting the Company, any Subsidiary of the Company, or the financial statements of the Company or any
Subsidiary, or of changes in applicable law or accounting principles, the Compensation Committee, in its sole discretion, and on
such terms and conditions as it deems appropriate, either by the terms of the Option or by action taken prior to the occurrence
of such transaction or event and either automatically or upon the Optionee’s request, is hereby authorized to take any one
or more of the following actions whenever the Compensation Committee determines that such action is appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any
Option under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles:

		(a)	To provide for either (1) termination of any such Option in exchange for an amount of cash, if any,
equal to the amount that would have been attained upon the exercise of such Option or realization of the Optionee’s rights
(and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Clause 16.1.2,
the Compensation Committee determines in good faith that no amount would have been attained upon the exercise of such Option or
realization of the Optionee’s rights, then such Option may be terminated by the Company without payment) or (2) the replacement
of such Option with other rights or property selected by the Compensation Committee, in its sole discretion, having an aggregate
value not exceeding the amount that could have been attained upon the exercise of such Option or realization of the Optionee’s
rights had such Option been currently exercisable or payable or fully vested;

		(b)	To provide that such Option be assumed by the successor or survivor corporation, or a parent or Subsidiary
thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation,
or a parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;

 

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		(c)	To make adjustments in the number and type of Shares of the Company’s stock (or other securities
or property) subject to outstanding Options and/or in the terms and conditions of (including the exercise price), and the criteria
included in, outstanding Options and Options which may be granted in the future;

		(d)	To provide that such Option shall be exercisable or payable or fully vested with respect to all Shares
covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Option Agreement; and

		(e)	To provide that the Option cannot Vest, be exercised or become payable after such event.

		16.1.3	In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the
contrary in Clauses 16.1.1 and 16.1.2, the Compensation Committee shall equitably adjust each outstanding Option, which adjustments
may include adjustments to the number and type of securities subject to each outstanding Option and/or the exercise price or grant
price thereof, if applicable, the grant of new Options, and/or the making of a cash payment. The Compensation Committee shall make
such equitable adjustments, if any, as the Compensation Committee, in its sole discretion, may deem appropriate to reflect such
Equity Restructuring with respect to the aggregate number and kind of Shares that may be issued under the Plan (including, but
not limited to, adjustments of the limitations in Clause 6.3 on the maximum number and kind of Shares which may be issued under
the Plan). The adjustments provided under this Clause 16.1.3 shall be nondiscretionary and shall be final and binding on the affected
Optionee and the Company.

		17.	Confidentiality

		17.1	By executing an Option Agreement, the Optionee accepts an obligation not to disclose any information
regarding the Plan, or any information in connection therewith, unless such Optionee is legally obliged to disclose such information
by law or exchange regulations.

		18.	Governing Law

		18.1	This Plan is governed by the laws of the State of Delaware.

		19.	Amendment and Revocation

		19.1	The Compensation Committee and the Board shall have the right to alter,
amend or terminate the Plan or any part thereof at any time and from time to time, provided, however, that no such alteration or
amendment shall adversely affect the rights relating to any Options granted or Shares acquired upon exercise of Options prior to
that time.

 

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Schedule
1

Definitions

		1.	In this Plan, unless the context otherwise requires or unless otherwise specified hereinafter, the
following words shall have the following meaning:

	Board	means the Board of Directors of OpGen, Inc.
	Change in Control 	
        

        means and includes each of the following:

        (a) A transaction or series of transactions
        (other than an offering of Common Stock to the general public through a registration statement filed with the Securities and Exchange
        Commission) whereby any “person” or related “group” of “persons” (as such terms are used in
        Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, an employee benefit plan maintained
        by the Company or any of its Subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls,
        is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the
        meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting
        power of the Company’s securities outstanding immediately after such acquisition; or

        (b) The consummation by the Company (whether
        directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation,
        reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets
        in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each
        case other than a transaction:

        (i) which results in the Company’s
        voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by
        being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or
        indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds
        to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least
        a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction,
        and

        

 

 

 

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        (ii) after which no person or group
        beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however,
        that no person or group shall be treated for purposes of this definition as beneficially owning 50% or more of the combined voting
        power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction;
        or

        (c) The Company’s stockholders approve
        a liquidation or dissolution of the Company.

        In addition, if a Change in Control constitutes
        a payment event with respect to any portion of an Option that provides for the deferral of compensation and is subject to Section
        409A of the Code, the transaction or event described in subclause (a), (b) or (c) with respect to such Option (or portion thereof)
        must also constitute a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent
        required by Section 409A.

        The Board shall have full and final authority,
        which shall be exercised in its sole discretion, to determine conclusively whether a Change in Control has occurred pursuant to
        the above definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
        that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control
        event” as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation;

	Closed Period 	means a closed period of the Company within the meaning of the OpGen Insider Trading Policy;
	Common Stock	means the common stock, par value $0.01 per share, of OpGen;
	Company or OpGen	means (i) OpGen, Inc., a Delaware corporation and (ii) its legal successor(s);
	Compensation Committee	means the Compensation Committee of the Board;

 

 

 

 

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	Compliance Officer 	means an officer with such title, appointed in accordance with the terms of the Insider Trading Policy;
	Control 	means, in relation to a Person, the power to exercise, directly or indirectly, more than fifty per cent (50%) of the controlling rights of that Person or the possibility to appoint or designate more than fifty per cent (50%) of the total number of directors or any other similar managerial body, through ownership of the Shares or other securities, by means of agreement, power of attorney or otherwise; 
	Date of Grant 	means the day that an Option is granted as set out in the relevant Option Agreement;
	Equity Restructuring	means a nonreciprocal transaction between the Company and all of its then-current stockholders, such as a stock dividend, stock split, spin-off, or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of Shares (or other securities of the Company) or the share price of Common Stock (or other securities) and causes a change in the per-share value of the Common Stock underlying outstanding Options;
	Exchange Act	means the Securities Exchange Act of 1934, as amended from time to time;
	Fair Market Value	
        means, as of any given date, the value
        of a Share determined as follows:

        (a) If the Common Stock is listed on
        any (i) established securities exchange (such as the New York Stock Exchange, the NASDAQ Global Market, the NASDAQ Global Select
        Market and the NASDAQ Capital Market), (ii) national market system or (iii) automated quotation system on which the Shares are
        listed, quoted or traded, its Fair Market Value shall be the closing sales price for a Share as quoted on such exchange or system
        for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on
        the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source as the Compensation
        Committee deems reliable;

        

 

 
 
 

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        (b) If the Common Stock is not
listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly
quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such
date or, if there are no high bid and low asked prices for a Share on such date, the high bid and low asked prices for a Share
on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the
Compensation Committee deems reliable; or

        (c) If the Common Stock is neither listed
        on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized
        securities dealer, its Fair Market Value shall be established by the Board or Compensation Committee in good faith;

	Implementation Agreement	means that certain Implementation Agreement, dated September 4, 2019 (the “Implementation Agreement”), by and among Curetis, OpGen, and Crystal GmbH, a private limited liability company organized under the laws of the Federal Republic of Germany and wholly owned Subsidiary of OpGen (“Crystal”);  
	Inside Information 	means material nonpublic information as defined in the Insider Trading Policy;
	Insider Trading Policy	means the OpGen Insider Trading Policy, as amended from time to time;
	Option Agreement 	means an agreement between a Optionee and the Company in relation to the grant of Options specifying, amongst others, the Date of Grant, the number of Options, the Option Price, the applicable Vesting schedule as referred to in Clause 8.1, the applicable exercise period and a brief description of the performance condition(s) as a condition of Vesting, if any;

 

 

 

 

 

 

 

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	Option Price 	means the exercise price as of the date of adoption of this Plan by OpGen, as adjusted in accordance with the Implementation Agreement, or, otherwise, the Fair Market Value on the Date of Grant;
	Optionee 	means a Person who has accepted Options offered under an Option Agreement;
	Option	means a right to purchase Shares at the Option Price subject to the terms of the Plan and the Option Agreement;
	Person 	means a natural person, body, company, legal person, association, foundation, special-purpose fund and other entities;
	Plan 	means this Amended and Restated Stock Option Plan, as assumed and adopted as of March 31, 2020, as amended from time to time;
	Shares 	means shares of Common Stock of the Company;
	Subsidiary	means and any and all entities or persons with respect to which now or hereafter the Company, directly or indirectly, holds more than fifty per cent (50%) of the issued capital stock, or more than fifty per cent (50%) of the voting power, or has the power to appoint and to dismiss a majority of the directors or otherwise to direct the activities of such Person;
	Termination for Cause 	means the occurrence of a Termination of Employment Event (i) at the initiative of the Company or any Subsidiary on the basis of an urgent cause or a serious cause in a situation where (serious) blame can be attributed to the Optionee including dishonesty, fraud, willful misfeasance, gross negligence or other gross misconduct by the Optionee or (ii) at the initiative of the Optionee in a situation where the Company or any Subsidiary could terminate the employment, management or other relevant business relationship, between an Optionee and the Company or any Subsidiary on the basis of an urgent cause or a serious cause in a situation where (serious) blame can be attributed to the Optionee as set out above, unless determined otherwise by the Compensation Committee;

 

 

 

 

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	Termination of Employment Event	means the termination of the employment between an Optionee and the Company or any Subsidiary for any reason, including but not limited to the death of an Optionee or long term illness or disability;
	Termination Without Cause 	means the occurrence of a Termination of Employment Event with respect to an Optionee that is not a Termination for Cause; and
	Vest, Vested, Vesting 	means the event of an Option vested as described in Clause 8.

		2.	A reference to any statute or statutory provision shall be construed as a reference to the same as
it may have been, or may from time to time be, amended, modified or re-enacted.

		3.	The singular includes the plural and vice versa.

		4.	Headings to clauses and schedules are for convenience only and do not affect in any way the interpretation
thereof.

 

 

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