Document:

Exhibit 10-13

    

    
      

      
         

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        The York Water Company DEFERRED COMPENSATION PLAN

        FOR EMPLOYEES INELIGIBLE FOR THE DEFINED BENEFIT PENSION PLAN

        (Effective January 1, 2016)

         

        

         

        

         

        

         

        

         

        

         

        

         

        

         

        

         

        

         

        

        
          
            

            

          

          
            

          

        

        

        

        RECITALS

        

        

        THIS

            DEFERRED COMPENSATION PLAN (the “Plan”) is hereby adopted as of the 1st day of January, 2016, by The York Water Company, a corporation organized and existing under the laws of the Commonwealth of Pennsylvania (the “Plan Sponsor”).

        

        

        WHEREAS, the Plan Sponsor adopt and establish a non-tax qualified plan of deferred compensation to provide additional retirement benefits for a select group of management and highly compensated employees; and

        

        

        WHEREAS, the
          Plan Sponsor shall permit otherwise eligible employees who are Participants in any other York Water Company deferred compensation plan to terminate their participation in said plan and become a Participant in this Plan, including Account Balances
          from the prior plan, the Deferred Compensation Plan for Employees not Eligible for a Defined Benefit Pension Plan.

        

        

        WHEREAS,
          effective as of January 1, 2016, the Plan Sponsor intends that the Plan shall at all times be administered and interpreted in such a manner as to constitute an unfunded nonqualified deferred compensation plan for tax purposes and for purposes of
          Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). This Plan is not intended to qualify for favorable tax treatment pursuant to Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), or
          any successor section or statute. This Plan is intended to comply with the requirements of Section 409A of the Code and the Treasury Regulations (as defined below) or any other authoritative guidance issued under that section.

        

        

        NOW, THEREFORE, the Plan Sponsor hereby adopts the following Deferred Compensation Plan.

        

        

        ARTICLE 1.

        Definitions

        

        

        For the purpose of this Plan, unless otherwise clearly apparent from the context, the following
          phrases or terms shall have the following indicated meanings:

        

        

        
          	
                  1.1

                	
                  “Account or Accounts”
                    shall mean a book account reflecting amounts credited to a Participant’s Separation From Service Account, Scheduled Withdrawal Account(s) and Plan Sponsor Contribution Account, as adjusted for deemed investment performance and all
                    distributions or withdrawals made by the Participant or his or her Beneficiary. To the extent that it is considered necessary or appropriate, the Plan Administrator shall maintain separate sub- accounts for each source of contribution
                    under the Plan or shall otherwise provide a means for determining that portion of an Account attributable to each contribution source.

                

        

        

        

        
          	
                  1.2

                	
                  “Affiliate” shall
                    mean any business entity other than the Plan Sponsor that is a member of a controlled group of corporations, within the meaning of Section 414(b) of the Code, of which the Plan Sponsor is a member; all other trade or business (whether
                    or not incorporated) under common control, within the meaning of Section 414(c) of the Code, with the Plan Sponsor; any service organization other than the Plan Sponsor that is a member of an Affiliated service group, within the meaning
                    of Section 414(m) of the Code, of which the Plan

                

        

        
          
            

            

          

          
            

          

        

        

        

        Sponsor is a member; and any other organization that is required to be aggregated with the
          Plan Sponsor under Section 414(o) of the Code and whose Eligible Employees are authorized to participate in this Plan by the Plan Administrator.

        

        

        
          	
                  1.3

                	
                  “Annual Deferral
                      Percentage” shall mean that portion of a Participant’s Base Salary that a Participant elects to defer under the plan during any Plan Year. The Participant may elect to defer between zero (0) and five (5) percent of his or her
                    Base Salary as of January 1 of each Plan Year. The annual deferral percentage may not be changed during the Plan Year.

                

        

        

        

        
          	
                  1.4

                	
                  “Annual Deferral
                      Percentage Election” shall mean that annual percentage, between zero (0) percent and five (5) percent of the Participant’s base salary he or she elects to defer under the Plan in any given year. The Participant may make
                    election changes for any subsequent plan year prior to the beginning of said year. Participant’s initial annual deferral amount election shall continue in each subsequent plan year unless, and until, the Participant changes his or her
                    election.

                

        

        

        

        
          	
                  1.5

                	
                  “Base Salary” shall
                    mean the annual cash compensation relating to services performed during any Plan Year, (excluding bonuses, commissions, overtime, fringe benefits, incentive payments, SERP compensation, non-monetary awards, relocation expenses,
                    retainers, directors fees and other fees, severance allowances, pay in lieu of vacations, insurance premiums paid by the Plan Sponsor, insurance benefits paid to the Participant or his or her Beneficiary, stock options and grants, and
                    car allowances) paid to a Participant for services rendered to the Plan Sponsor or an Affiliate. Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all
                    qualified or non-qualified plans of the Plan Sponsor or an Affiliate and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Sections 125, 402(e)(3), 402(h), or 403(b) of the Code
                    pursuant to plans established by the Plan Sponsor; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amounts would have been payable in cash to the
                    Participant.

                

        

        

        

        
          	
                  1.6

                	
                  “Beneficiary” shall
                    mean one or more persons, trusts, estates or other entities that are entitled to receive benefits under this Plan upon the death of the Participant.

                

        

        

        

        
          	
                  1.7

                	
                  “Board” shall mean the Board of Directors
                    of Plan Sponsor.

                

        

        

        

        
          	
                  1.8

                	
                  “Cause” shall mean any of the following
                    acts or circumstances:

                

        

        

        

        
          	
                  (a)

                	
                  Willful destruction by the Participant of property of the Plan Sponsor or an Affiliate having a material value to the Plan
                    Sponsor or such Affiliate;

                

        

        

        

        
          	
                  (b)

                	
                  fraud, embezzlement, theft, or comparable dishonest activity committed by the Participant (excluding acts involving a de
                    minimis dollar value and not related to the Plan Sponsor or an Affiliate);

                

        

        

        

        
          	
                  (c)

                	
                  the Participant’s conviction of or entering a plea of guilty or nolo contendere to any crime constituting a felony or any
                    misdemeanor involving fraud,

                

        

        
          
            

            

          

          
            

          

        

        

        

        dishonesty or moral turpitude (excluding acts involving a de minimis dollar value and not related to the Plan
          Sponsor or an Affiliate);

        

        

        
          	
                  (d)

                	
                  the Participant’s breach, neglect, refusal, or failure to materially discharge the Participant’s duties (other than due to
                    physical or mental illness) commensurate with the Participant’s title and function or the Participant’s failure to comply with the lawful directions of the Board or a senior managing officer of the Plan Sponsor, or of the Board or a
                    senior managing officer of an Affiliate that employs the Participant, in any such case that is not cured within fifteen (15) days after the Participant has received written notice thereof from such Board or senior managing officer;

                

        

        

        

        
          	
                  (e)

                	
                  any willful misconduct by the Participant which may cause substantial economic or reputation injury to the Plan Sponsor,
                    including, but not limited to, sexual harassment, or;

                

        

        

        

        
          	
                  (f)

                	
                  a willful and knowing material misrepresentation to the Board or a senior managing officer of the Plan Sponsor or to the
                    Board or a senior managing officer of an Affiliate that employs the Participant.

                

        

        

        

        
          	
                  1.9

                	
                  “Claimant” shall
                    mean a person who believes that he or she is being denied a benefit to which he or she is entitled hereunder.

                

        

        

        

        
          	
                  1.10

                	
                  “Code” shall mean
                    the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated thereunder.

                

        

        

        

        
          	
                  1.11

                	
                  “Disability” shall
                    mean a condition of the Participant whereby he or she either: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or
                    can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
                    for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Plan Sponsor.  Items (i) and
                    (ii) of this Section 1.10 are permitted provided they are in compliance with the requirements of Treasury Regulations Section 1.409A-3(g)(4). A Participant will also be deemed disabled if determined to be totally disabled by the Social
                    Security Administration or in accordance with a disability insurance program, provided that the definition of Disability applied under such disability insurance program complies with the requirements of Treasury Regulations Section
                    1.409A- 3(g)(4).

                

        

        

        

        
          	
                  1.12

                	
                  “Effective Date” of the Plan is January
                    1, 2016.

                

        

        

        

        
          	
                  1.13

                	
                  “Election Form”
                    shall mean the form or forms established from time to time by the Plan Administrator on which the Participant elects, prior to the first Plan Year, in which it is earned (except as provided under the special rule for newly Eligible
                    Employees set forth in Section 2.3 below), his or her Annual Deferral Amount for the following Plan Year and the Participant designates his or her Beneficiary, as required on that form and under the terms of the Plan.

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  1.14

                	
                  “Eligible

                      Employee” shall mean for any Plan Year (or applicable portion of a Plan Year), a person who is determined by the Plan Sponsor, or its designee, to be a member of a select group of management or highly compensated employees of
                    the Plan Sponsor or an Affiliate, and who is designated by the Plan Sponsor, or its designee, to be an Eligible Employee under the Plan. If the Plan Sponsor determines that an individual first becomes an Eligible Employee during a Plan
                    Year, the Plan Sponsor shall notify the individual of its determination and of the date during the Plan Year on which the individual shall first become an Eligible Employee, but in no case will an employee become eligible prior to one
                    (1) complete year of service.

                

        

        

        

        
          	
                  1.15

                	
                  “Entry Date” shall
                    mean with respect to an Eligible Employee, the first day of the pay period following the date on which the Eligible Employee becomes a Participant.

                

        

        

        

        
          	
                  1.16

                	
                  “ERISA” shall mean
                    the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

                

        

        

        

        
          	
                  1.17

                	
                  “FICA Amount” shall
                    mean the Participant’s share of the tax imposed on a Participant’s Base Salary and Plan Sponsor Contributions, if any, under the Federal Insurance Contributions Act.

                

        

        

        

        
          	
                  1.18

                	
                  “Participant” shall
                    mean (A) any Eligible Employee (i) who is selected to participate in this Plan, (ii) who elects to participate in this Plan by signing a Participation Agreement, (iii) who completes and signs certain Election Form(s) required by the
                    Plan Administrator, and (iv) whose signed Election Form(s) are accepted by the Plan Administrator or

                

        

        (B) a former Eligible Employee who continues to be entitled to a benefit under this Plan. A spouse or former
          spouse of a Participant shall not be treated as a Participant in this Plan or have an Account balance under this Plan, even if he or she has an interest in the Participant’s benefits under this Plan as a result of applicable law or property
          settlements resulting from legal separation or marital dissolution or divorce.

        

        

        
          	
                  1.19

                	
                  “Participation Agreement”
                    shall mean the document executed by the Eligible Employee and Plan Administrator whereby the Eligible Employee agrees to participate in the Plan.

                

        

        

        

        
          	
                  1.20

                	
                  “Permissible Payment Event”
                    shall mean one or more of the following events upon which payment may be made to a Participant or his or her Beneficiary under the terms of the Plan: (i) the Participant’s Separation from Service, (ii) the Participant’s death, (iii) the
                    Participant’s Disability, (iv) upon the occurrence of an Unforeseeable Emergency, or (v) a time or pursuant to a fixed schedule and/or retirement date specified under the Plan, within the meaning of Treasury Regulations Section
                    1.409A-3(a).

                

        

        

        

        
          	
                  1.21

                	
                  “Plan” shall
                    mean The York Water Company Deferred Compensation Plan For Employees Ineligible for the Defined Benefit Pension Plan, as set forth herein and amended from time to time.

                

        

        

        

        
          	
                  1.22

                	
                  “Plan Administrator”
                    shall be the Board or its designee. A Participant in the Plan should not serve as a singular Plan Administrator. If a Participant is part of a group of Participants designated as a committee or Plan Administrator, then the Participant
                    may not

                

        

        
          
            

            

          

          
            

          

        

        

        

        participate in any activity or decision relating solely to his or her individual benefits
          under the Plan; matters solely affecting the applicable Participant will be resolved by the remaining Plan Administrator members or by the Board.

        

        

        
          	
                  1.23

                	
                  “Plan Sponsor”
                    shall mean The York Water Company, a corporation organized and existing under the laws of the Commonwealth of Pennsylvania.

                

        

        

        

        
          	
                  1.24

                	
                  “Plan Sponsor Contribution”
                    shall mean the amount contributed to a Participant’s Plan Sponsor Contribution Account pursuant to Section 3.1 and 3.2.

                

        

        

        

        
          	
                  1.25

                	
                  “Plan Sponsor Contribution
                      Account” shall mean: (i) the sum of the Participant’s Plan Sponsor Contribution amounts, plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number) pursuant to Section 3.3.

                

        

        

        

        
          	
                  1.26

                	
                  “Plan Year” shall
                    mean the twelve (12) month period beginning January 1 of each calendar year and continuing through December 31 of such calendar year.

                

        

        

        

        
          	
                  1.27

                	
                  “Scheduled Withdrawal
                      Account” shall mean: (i) the sum of the Participant’s Annual Deferral Amount(s) plus (ii) the sum of the Participant’s Plan Sponsor Contribution Amount(s) plus (iii) amounts credited (net of amounts debited, which may result in
                    an aggregate negative number, pursuant to Sections 3.3)[,] less (iv) all distributions made to, or withdrawals by, the Participant or his or her
                    Beneficiary, and tax withholding amounts which may have been deducted from the Scheduled Withdrawal Account(s).

                

        

        

        

        
          	
                  1.28

                	
                  “Section 409A”
                    shall mean Section 409A of the Code and the Treasury Regulations or other authoritative guidance issued under that section.

                

        

        

        

        
          	
                  1.29

                	
                  “Separation from Service”
                    shall mean a Participant’s termination of active employment, whether voluntary or involuntary, other than by death, Disability, or leave of absence with the Plan Sponsor or Affiliate(s), within the meaning of Section 409A(a)(2)(A)(i) of
                    the Code, and the Treasury Regulations thereto.

                

        

        

        

        
          	
                  1.30

                	
                  “Separation From Service
                      Account” shall mean (i) the sum of the Participant Annual Deferral Amount(s) plus (ii) amounts credited (net of amounts debited, which may result in an aggregate negative number) pursuant to Section 3.3 less (iii) all
                    distributions made to or withdrawals by the Participant or his or her Beneficiary that relate to the Participant’s Separation From Service Account, and tax withholdings amounts deducted (if any) from the Participants’ Separation From
                    Service Account.

                

        

        

        

        
          	
                  1.31

                	
                  “Specified Employee”
                    shall mean a key employee (as defined by Section 416(i) of the Code without regard to paragraph (5) thereof), and as further defined in Treasury Regulations Section 1.409A-(1)(i),) of the Plan Sponsor the stock of which is publicly
                    traded on an established securities market or otherwise within the meaning of Section 409A(2)(B)(i). Notwithstanding other provisions of this Plan to the contrary, distributions by the Plan Sponsor to Specified Employees (if any) may
                    not be made before the date which is six (6) months after the date of Separation from Service (or, if earlier, the date of death of the Specified Employee) within the meaning of Treasury Regulations Section 1.409A-3(g)(2). If payments
                    to a Specified Employee are to be made in installments each installment payment to which a Specified

                

        

        
          
            

            

          

          
            

          

        

        

        

        Employee is entitled upon a Separation from Service will be delayed by six (6) months. A
          Participant meeting the definition of Specified Employee on December 31 or during a 12 month period ending December 31 will be treated as a Specified Employee for the 12 month period commencing the following April 1.

        

        

        
          	
                  1.32

                	
                  “Treasury Regulations”
                    shall mean regulations promulgated by the Internal Revenue Service for the U.S. Department of the Treasury, either proposed, or permanent, and as may be amended from time to time.

                

        

        

        

        
          	
                  1.33

                	
                  “Trust” shall
                    mean one or more grantor trusts, of which the Plan Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, subtitle A of the Code, to pay benefits under this Plan, that may be established in accordance with the
                    terms of the Plan.

                

        

        

        

        
          	
                  1.34

                	
                  “Unforeseeable Emergency”
                    shall mean a severe financial hardship of the Participant or Beneficiary resulting from an illness or accident of the Participant or Beneficiary, the Participant or Beneficiary’s spouse, or the Participant or Beneficiary’s dependent(s)
                    (as defined in Section 152(a)) of the Code or loss of the Participant or Beneficiary’s property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
                    Participant or Beneficiary within the meaning of Section 409A.

                

        

        

        

        
          	
                  1.35

                	
                  “Vested Account”
                    shall mean a Participant’s Separation from Service Account balance plus Plan Sponsor Contribution Account balance plus other amounts vested in accordance with Section 4.1 below.

                

        

        

        

        ARTICLE 2.

        Selection, Enrollment, Eligibility

        

        

        
          	
                  2.1

                	
                  Selection by Plan
                        Sponsor. Participation in this Plan shall be limited to a select group of management or highly compensated employees of the Plan Sponsor, as determined by the Plan Sponsor in its sole and absolute discretion. The initial
                    group of Eligible Employees shall become Participants on the Effective Date of the Plan. Any individual selected by the Plan Administrator as an Eligible Employee after the Effective Date, shall become a Participant on the first Entry
                    Date occurring on or after the date on which he or she becomes an Eligible Employee, provided that the Eligible Employee meets the enrollment requirements set forth in Section 2.3 below.

                

        

        

        

        
          	
                  2.2

                	
                  Re-Employment.
                    If a Participant who incurs a Separation from Service with the Plan Sponsor or an Affiliate is subsequently re-employed, he or she may, at the sole and absolute discretion of the Plan Administrator, become a Participant in accordance
                    with the provisions of above Section 2.1.

                

        

        

        

        
          	
                  2.3

                	
                  Enrollment Requirements.
                    As a condition to participation in this Plan, each selected Eligible Employee shall complete, execute, and return to the Plan Administrator a Participation Agreement and Election Form within the time specified by the Plan Administrator,
                    but in no event later than thirty (30) days following the date that an Eligible Employee is first selected by the Plan Sponsor to participate in the Plan in accordance with Section 2.1 above; provided, however, that any Base Salary
                    deferral election shall be effective only with regard to Base Salary earned following submission of the Participation Agreement and Election Form to

                

        

        
          
            

            

          

          
            

          

        

        

        

        the Plan Administrator. In addition, the Plan Administrator shall establish such other enrollment requirements as it
          determines necessary or advisable. All elections to defer Base Salary with respect to a Plan Year shall be irrevocable, except as permitted under Section 5.8 below (Unforeseeable Emergency).

        

        

        
          	
                  2.4

                	
                  Plan Aggregation Rules.
                    This Plan shall constitute an “account balance plan” as defined in Treasury Regulations Section 31.3121(v)(2)-1(c)(1)(ii)(A). For purposes of Section 409A, all amounts deferred by or on behalf of a Participant under this Plan shall be
                    aggregated with deferred amounts under other “account balance plans” currently maintained or adopted in the future by the Plan Sponsor, and all amounts shall be treated as deferred under the rules governing a single plan.

                

        

        

        

        
          	
                  2.5

                	
                  Termination of
                        Participation. If the Plan Administrator determines that a Participant who has not experienced a Separation from Service no longer qualifies as a member of a select group of management or highly compensated employees or
                    that such a Participant’s participation in the Plan could jeopardize the status of this Plan as “unfunded” and “maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or
                    highly compensated employees,” the Plan Administrator shall have the right to terminate any deferral election the Participant has made for any Plan Year following the Plan Year in which the Participant is determined by the Plan
                    Administrator to no longer qualify as a member of a select group of management or highly compensated employees but only to the extent such termination complies with the requirements of Section 409A, and/or to prevent the Participant
                    from making future deferral elections and receiving Plan Sponsor Contribution Amounts under the Plan.

                

        

        

        

        ARTICLE 3.

        Contributions and Credits

        

        

        
          	
                  3.1

                	
                  Plan Sponsor
                        Discretionary Contributions. The Plan Sponsor may make discretionary contributions to the Participant’s Plan Sponsor Contribution Account as it may determine from time to time and may direct that such contributions be
                    allocated to those Participants that it may select. The amount so credited to a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant for a Plan Year may be
                    zero. No Participant shall have a right to compel the Plan Sponsor to make a Plan Sponsor discretionary contribution under this Article and no Participant shall have the right to share in any such contribution for any Plan Year unless
                    selected by the Plan Sponsor, in its sole and absolute discretion.

                

        

        

        

        
          	
                  3.2

                	
                  Plan Sponsor
                        Non-Discretionary Contributions The Plan Sponsor shall make a non-discretionary contribution/match equal to, but not to exceed, 5% of the Participant’s base salary, Section 1.5.

                

        

        

        

        
          	
                  3.3

                	
                  Account Earnings.
                    From time to time, as appropriate, the Plan Sponsor will also credit the Participant’s Plan Sponsor Contribution Account and the Participant’s Separation from Service Account with interest on the existing credit balance at a rate
                    determined at the sole discretion of the Plan Sponsor, said rate to EQUAL THE DECEMBER 31 RATE OF MOODY’S AAA CORPORATE BOND YIELD FORECAST
                    for the first Plan Year and for

                

        

        
          
            

            

          

          
            

          

        

        

        

        all subsequent periods unless changed by the Plan Sponsor. In no case shall the Plan Sponsor
          credit interest of more than a six (6) percent rate in any plan year to the Participant’s Plan Sponsor Contribution Account and the Participant’s Separation from Service Account. No interest shall be credited to any Participant’s account(s) after
          a Separation from Service.

        

        

        
          	
                  3.4

                	
                  Contributions and
                        Account Earnings after Age 65  The Participant may not make any contributions to any Account after obtaining the age of 65 and actively employed by the Plan Sponsor.  The Plan Sponsor may not make any non-discretionary
                    contributions to any of the Participant’s accounts after the Participant obtains the age of sixty-five (65). The Plan sponsor may not credit any of the Participant’s accounts with any interest after the Participant obtains the age of
                    sixty-five (65).

                

        

        

        

        ARTICLE 4.

        Vesting and Taxes

        

        

        
          	
                  4.1

                	
                  Vesting of Benefits.

                

        

        

        

        
          	
                  (a)

                	
                  A Participant shall be 100% vested in his or her Separation from Service Account, Section 1.30 at all times.

                

        

        

        

        
          	
                  (b)

                	
                  A Participant shall be 100% vested in Plan Sponsor Contribution Account, Section 1.25 after ten (10) complete years of
                    plan participation.

                

        

        

        

        
          	
                  (c)

                	
                  A Participant shall be 100% vested in the Permissible Payment Event Calculation, Section 5.15(b), after fifteen (15)
                    complete years of plan participation.

                

        

        

        

        
          	
                  (d)

                	
                  Notwithstanding Section 4.1, (b), (c), a Participant shall be 100% vested in all accounts (including gross up as set forth
                    in Section 5.15 below) when the Participant attains the age of 60.

                

        

        

        

        
          	
                  (e)

                	
                  In the event the Participant’s employment is terminated for Cause, no benefits of any kind will be due or payable under
                    the terms of this Plan from amounts credited to a Participant’s Plan Sponsor Contribution Account nor shall the Permissible Payment Event Calculation be engaged to determine any Participant benefit and all rights of the Participant, his
                    or her designated Beneficiary, executors, or administrators, or any other person, to receive payments thereof shall be forfeited. This Section 4.1(e) shall apply to a Participant’s Plan Sponsor Contribution Account and Permissible
                    Payment Event Calculation whether or not such amounts or calculations are vested pursuant to Section 4.1 (b), (c), (d).

                

        

        

        

        
          	
                  4.2

                	
                  FICA, Withholding and Other Taxes.

                

        

        

        

        
          	
                  (a)

                	
                  Pre-Distribution Tax
                        Withholdings. The Plan Sponsor, or trustee of the Trust, shall withhold the FICA amount and other employment taxes from the Participant’s Base Salary in a manner determined in the sole discretion of the Plan Sponsor as a
                    Participant becomes vested in his or her accounts and calculation pursuant to Section 4.1 (a), (b), (c) and (d), as applicable.

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  (b)

                	
                  Distributions.
                    The Plan Sponsor, or trustee of the Trust, shall withhold from any payments made to a Participant or Beneficiary under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Plan Sponsor
                    that complies with applicable tax withholding requirements.

                

        

        

        

        ARTICLE 5.

        Permissible Payment Events, Changes in Time and Form of Payments, Method of Payments

        

        

        
          	
                  5.1

                	
                  Payment Following Death
                        While Actively Employed. In the event of the Participant’s death while actively employed, and provided that the Plan Sponsor is first provided a valid death certificate, the Participant’s Beneficiary shall be paid the
                    higher of (a) $150,000 or

                

        

        
          	
                  (b)

                	
                  the Participant’s Vested Account balance (including gross up as set forth in Section 5.15 below) with payment being made
                    in a single lump sum within ninety (90) days following the date of death of the Participant (without regard to whether the Participant was a Specified Employee) to the Participant’s Beneficiary.

                

        

        
          	
                  5.2

                	
                  Payment

                        Following a Separation From Service with Less Than Ten Complete Years in the Plan. If a Participant Separates from Service prior to attaining ten (10) complete years in the Plan, the Participant’s Separation from Service
                    Account balance in accordance with Section 4.1(a) shall be paid in a lump sum within ninety (90) days following the Participant’s
                    Separation from Service.  Notwithstanding the above, if the Participant is a Specified Employee, Section 1.31 such payment shall instead be made or commence six (6) months after the Participant’s Separation from Service.

                

        

        

        

        
          	
                  5.3

                	
                  Payment Following a
                        Separation From Service with Ten Complete Years in the Plan, but Less Than Fifteen Complete Years in the Plan and Less Than Sixty Years of Age. A Participant shall be paid his or her Scheduled Withdrawal Account balance
                    in accordance with Section 4.1 with payments being made or commencing within ninety (90) days following the Participant’s Separation from Service and the attainment of age sixty (60). Notwithstanding the above, if the Participant is a
                    Specified Employee, Section 1.31 such payment shall instead be made or commence six (6) months after the Participant’s Separation from Service.

                

        

        

        

        
          	
                  5.4

                	
                  Payment Following a
                        Separation From Service with Fifteen or More Complete Years in the Plan and Less Than Sixty Years of Age.  A Participant shall be paid his or her Scheduled Withdrawal Account balance in accordance with Section 4.1 with
                    payments being made or commencing within ninety (90) days following the Participant’s Separation from Service and the attainment of age sixty (60). Notwithstanding the above, if the Participant is a Specified Employee, Section 1.31 such
                    payment shall instead be made or commence six (6) months after the Participant’s Separation from Service.

                

        

        

        

        
          	
                  5.5

                	
                  Payment

                        Following a Separation From Service at Age Sixty or More. A Participant shall be paid his or her Vested Account balance in accordance with Section 4.1 with payments being made or commencing within ninety (90) days
                    following the Participant’s Separation from Service at age sixty (60) or more.  Notwithstanding the above, if the Participant

                

        

        
          
            

            

          

          
            

          

        

        

        

        is a Specified Employee, Section 1.31 such payment shall instead be made or commence six (6)
          months after the Participant’s Separation from Service.

        

        

        
          	
                  5.6

                	
                  Payment Following
                        Disability. In the event of a Participant’s Disability, the Participant shall be paid his or her Vested Account balance with payment or payments being made or commencing within ninety (90) days following the determination
                    of a Participant’s Disability. Amounts shall be distributed according to the form of payment set forth in Section 5.9(b) below.

                

        

        

        

        
          	
                  5.7

                	
                  Payment Following Death
                        After Receiving Payments. In the event of the Participant’s death after he or she begins receiving payments pursuant to the terms of the Plan, and provided that the Plan Sponsor is first provided a valid death
                    certificate, the Participant’s designated Beneficiary shall be paid the Participant’s remaining Vested Account balance in a single lump sum within ninety (90) days following the date of death of the Participant (without regard to
                    whether the Participant was treated as a Specified Employee).

                

        

        

        

        
          	
                  5.8

                	
                  Payment in the Event of
                        an Unforeseeable Emergency. If the Participant experiences an Unforeseeable Emergency, the Participant may petition the Plan Administrator for payment of an amount that shall not exceed the lesser of: (i) the
                    Participant’s vested Account(s), or (ii) the amount reasonably needed to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the payment. A Participant may not receive such a
                    payment to the extent that the Unforeseeable Emergency is or may be relieved: (i) through reimbursement or compensation by insurance or otherwise, or (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such
                    assets would not itself cause severe financial hardship. If the Plan Administrator approves a Participant’s petition for a payment then the Participant shall receive said payment, in lump sum, as soon as administratively feasible after
                    such approval.

                

        

        

        

        
          	
                  5.9

                	
                  Method of Payments.

                

        

        

        

        
          	
                  (a)

                	
                  Cash. All
                    distributions under the Plan made under the Plan shall be made in cash.

                

        

        

        

        
          	
                  (b)

                	
                  Form of Payment.
                    Upon the occurrence of a Permissible Payment Event, the Account(s) shall be calculated as of the date of said event. Installment payments made after the first payment shall be paid on or about the applicable modal anniversary of the
                    first payment date until all required installments have been paid. Except as otherwise stated in Sections 5.1, and 5.2 above, which provide for lump sum payments, the amount of each payment shall be determined in accordance with Section
                    5.15 below. Lump sum payment may not be elected by the Participant.

                

        

        

        

        
          	
                  (c)

                	
                  Lump Sum Payment of
                        Minimum Account Balances. Notwithstanding anything else contained herein to the contrary, if the Vested Account balance for a Participant at the due date of the first installment is fity thousand dollars ($50,000.00) or
                    less, payment of the Account(s) shall be made instead in a lump sum on the due date of the first installment, and no installment payments shall be available.

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  5.10

                	
                  No
                        Accelerations. Notwithstanding anything in this Plan to the contrary, no change submitted on a Participant Election Form shall be accepted by the Plan Sponsor. The Plan Sponsor may, however, accelerate certain
                    distributions under the Plan to the extent permitted under Section 409A as follows:

                

        

        

        

        
          	
                  (a)

                	
                  Conflicts of Interest.
                    The Plan will permit such acceleration of the time or schedule of payment under the Plan as may be necessary to comply with a certificate of divesture.

                

        

        

        

        
          	
                  (b)

                	
                  De Minimis and
                        Specified Amounts. The Plan will permit the acceleration of the time or schedule of payment to a Participant, provided that (i) the payment accompanies the termination in the entirety of the Participant’s interest in the
                    Plan; (ii) the payment is made on or before the later of: (A) December 31 of the Plan Year in which occurs the Participant’s Separation from Service from the Plan Sponsor, or

                

        

        (B) the date is 2 1⁄2 months after the Participant’s Separation from Service from the Plan Sponsor; and (iii) the
          payment is not greater than $50,000.

        

        

        
          	
                  (c)

                	
                  Payment of Employment
                        Taxes. The Plan will permit the acceleration of the time or schedule of a payment to pay the FICA Amount. Additionally, the Plan will permit the acceleration of the time or schedule of a payment to pay the income tax on
                    wages imposed as a result of the payment of the FICA amount, and to pay the additional income tax on wages attributable to the pyramiding wages and taxes. However, the total payment under this acceleration provision will not exceed the
                    aggregate of the FICA Amount, and the income tax withholding related to such FICA Amount in accordance with the requirement of Treasury Regulations Section 1.409A-3(j)(4)(vi).

                

        

        

        

        
          	
                  (d)

                	
                  Payment upon Income
                        Inclusion under Section 409A. The Plan will permit the acceleration of the time or schedule of a payment to a Participant at any time the Plan fails to meet the requirements of Section 409A. Such Payment may not exceed
                    the amount required to be included in income as a result of the failure to comply with the requirements of Section 409A.

                

        

        

        

        
          	
                  5.11

                	
                  Unsecured General Creditor Status of
                        Participant.

                

        

        

        

        
          	
                  (a)

                	
                  Payment to the Participant or any Beneficiary hereunder shall be made from assets which shall continue, for all purposes,
                    to be part of the general, unrestricted assets of the Plan Sponsor and no person shall have any interest in any such asset by virtue of any provision of this Plan. The Plan Sponsor’s obligation hereunder shall be an unfunded and
                    unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Plan Sponsor under the provisions hereof, such right shall be no greater than the right of any unsecured general
                    creditor of the Plan Sponsor and no such person shall have or acquire any legal or equitable right, interest or claim in or to any property or assets of the Plan Sponsor.

                

        

        

        

        
          	
                  (b)

                	
                  In the event that the Plan Sponsor purchases an insurance policy or policies insuring the life of a Participant or
                    employee, to allow the Plan Sponsor to recover or meet the cost of providing benefits, in whole or in part, hereunder, no

                

        

        
          
            

            

          

          
            

          

        

        

        

        Participant or Beneficiary shall have any rights whatsoever in said policy or the proceeds
          there from. The Plan Sponsor, or Trustee, shall be the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of ownership therein.

        

        

        
          	
                  (c)

                	
                  In the event that the Plan Sponsor purchases an insurance policy or policies on the life of a Participant as provided for
                    above, then all of such policies shall be subject to the claims of the creditors of the Plan Sponsor.

                

        

        

        

        
          	
                  (d)

                	
                  If the Plan Sponsor chooses to obtain insurance on the life of a Participant in connection with its obligations under this
                    Plan, the Participant hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by the Plan Sponsor or the insurance company designated by the Plan Sponsor.

                

        

        

        

        
          	
                  5.12

                	
                  Facility of Payment.
                    If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may make such distribution:

                

        

        (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her
          residence, or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Plan Sponsor and the Plan Administrator from further liability on account
          thereof.

        

        

        
          	
                  5.13

                	
                  Excise Tax Limitation:
                    In the event that any payment or benefit (within the meaning of Section 280G(b)(2) of the Code) to the Participant or for the Participant’s benefit paid or payable or distributed or distributable (including, but not limited to, the
                    acceleration of the time for the vesting or payment of such benefit or payment) pursuant to the terms of this Plan or otherwise in connection with, or arising out of, the Participant’s employment with the Plan Sponsor or any of its
                    Affiliates or a Change of Control within the meaning of Section 280G of the Code (a “Payment” or “Payments”), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payments shall be reduced
                    (but not below zero) but only to the extent necessary that no portion thereof shall be subject to the Excise Tax (the “Section 4999 Limit”).  The Payments shall be reduced on a nondiscretionary basis in such a way as to minimize the
                    reduction in the economic value deliverable to the Participant. Where more than one payment has the same value for this purpose and they are payable at different times they will be reduced on a pro rata basis.

                

        

        

        

        
          	
                  5.14

                	
                  Delay in Payment by
                        Plan Sponsor. In the case of payments by the Plan Sponsor to a Participant or Participant’s Beneficiary, the deduction for which would be limited or eliminated by the application of Section 162(m) of the Code, payments
                    that would otherwise violate securities laws, or payments that would violate loan covenants or other contractual terms to which the Participant is a party, and where such a violation would result in material harm to the Plan Sponsor,
                    said payments may be delayed. In the case of deduction limitations imposed by Section 162(m) of the Code, payment will be deferred until the earlier of (i) a date in the first year in which the Plan Sponsor reasonably anticipates that a
                    payment of such amount would not result in a limitation under 162(m) or (ii) the year in which the Participant Separates from Service. Payments delayed for other permissible reasons must be made in the first calendar year in which the
                    Plan Sponsor reasonably anticipates that the payment would not violate the loan

                

        

        
          
            

            

          

          
            

          

        

        

        

        contractual terms, the violation would not result in material harm to the Plan Sponsor, or the
          payment would not result in a violation of Federal securities law or other applicable laws.

        

        

        
          	
                  5.15

                	
                  Permissible Payment Event Calculation.

                

        

        

        

        The Plan Sponsor agrees that in determining the benefits payable under Section 5.3, above, that the amount of
          each monthly payment actually made to the Participant or his or her Beneficiary will be determined by dividing his or her Scheduled Withdrawal Account balance prior to the first payment by 240.

        

        

        The Participant may request the benefit be paid over a fifteen (15) year period (180 equal payments) instead of
          the benefit being paid over a twenty (20) year period (240 equal payments) which is the default payment schedule. The Participant must make a written request to the Plan Sponsor no less than three (3) months prior to receiving the first payment
          of the benefit.

        

        

        Example Without Tax Savings:

        

        

        Scheduled Withdrawal Account Value at age 60 = $500,000 (Participant Separated from Service Prior to vesting  of Tax Saving
            Multiplier)

        

        

        Step 1: Actual Benefit to be paid each year: $500,000/20 years = $25,000 Step 2: Actual Benefit to be paid each
          month: $500,000/240 = $2,083.34

        (b) The Plan Sponsor agrees that in determining the benefits payable under Sections 5.1, 5.4, 5.5, and 5.6 above, that the
            amount of each monthly payment actually made to the Participant or his or her Beneficiary will be determined by dividing his or her Scheduled Withdrawal Account balance prior to the first payment by 240 and then increasing the amount by the
            amount of federal and state income tax saved by the Plan Sponsor, if any. The savings will be calculated based on the marginal federal and state income tax bracket for the Plan Sponsor at the time the Participant initially enters the Plan.

        

        

        Example With Tax Savings:

        

        

        Scheduled Withdrawal Account Value at age 60 = $500,000 Corporate Marginal Tax Rate is
          0.4059. Participant Separated at age 60.

        Step 1: Determine Tax Savings Multiplier (1 minus Tax Bracket %, or 1-

        .4059 = .5941)

        	

              	Step 2:	
                Calculate Actual Benefit To Be Paid (Divide Account Value by the Tax Savings Multiplier, or $500,000 divided by .5941 =

              

        $841,609.16)

        Step 3: Actual Benefit to be paid each year: $841,609.16/20 years =

        $42,080.45

        	

              	Step 4:	
                Actual Benefit to be paid each month: $841,609.16/240=$3,506.70 Beneficiary Designation

              

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  5.16

                	
                  Designation of
                        Beneficiaries.

                

        

        

        

        
          	
                  (a)

                	
                  Each Participant may designate any person or persons (who may be named contingently or successively) to receive any
                    benefits payable under the Plan upon the Participant’s death, and the designation may be changed from time to time by the Participant by filing a new designation. Each designation will revoke all prior designations by the same
                    Participant, shall be in the form prescribed by the Plan Administrator, and shall be effective only when filed in writing with the Plan Administrator during the Participant’s lifetime.

                

        

        

        

        
          	
                  (b)

                	
                  In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there
                    is no living Beneficiary validly named by the Participant, the Plan Sponsor shall pay the benefit payment to the Participant’s spouse, if then living, and if the spouse is not then living to the Participant’s then living descendants, if
                    any, per stirpes, and if there are no living descendants, to the Participant’s estate. In determining the existence or identity of anyone entitled to a benefit payment, the Plan Sponsor may rely conclusively upon information supplied by
                    the Participant’s personal representative, executor or administrator.

                

        

        

        

        
          	
                  (c)

                	
                  If a question arises as to the existence or identity of anyone entitled to receive a death benefit payment under the Plan,
                    or if a dispute arises with respect to any death benefit payment under the Plan, the Plan Sponsor may distribute the payment to the Participant’s estate without liability for any tax or other consequences, or may take any other action
                    which the Plan Sponsor deems to be appropriate.

                

        

        

        

        
          	
                  5.17

                	
                  Information to be
                        Furnished by Participants and Beneficiaries; Inability to Locate Participants or Beneficiaries. Any communication, statement or notice addressed to a Participant or to a Beneficiary at his or her last post office address
                    as shown on the Plan Sponsor’s records shall be binding on the Participant or Beneficiary for all purposes of this Plan. The Plan Sponsor shall not be obligated to search for any Participant or Beneficiary beyond the sending of a
                    registered letter to the last known address.

                

        

        

        

        ARTICLE 6.

        Termination, Amendment or Modification

        

        

        
          	
                  6.1

                	
                  Plan Termination.
                    The Plan Sponsor reserves the right to terminate the Plan in accordance with one of the following, subject to the restrictions imposed by Section 409A:

                

        

        

        

        
          	
                  (a)

                	
                  Corporate

                        Dissolution or Bankruptcy. Distributions will be made if the Plan is terminated within twelve (12) months of a corporate dissolution taxed under Section 331 of the Code, or with the approval of a bankruptcy court pursuant
                    to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of:

                

        

        

        

        
          	
                  (i)

                	
                  The calendar year in which the Plan termination occurs;

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  (ii)

                	
                  The calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or

                

        

        

        

        
          	
                  (iii)

                	
                  The first calendar year in which the payment is administratively practicable.

                

        

        

        

        
          	
                  (b)

                	
                  Discretionary
                        Termination. The Plan Sponsor may also terminate the Plan and make distributions provided that:

                

        

        

        

        
          	
                  (i)

                	
                  All plans sponsored by the Plan Sponsor that would be aggregated with any terminated arrangements under Treasury
                    Regulations Section 1.409A- 1(c) are terminated;

                

        

        

        

        
          	
                  (ii)

                	
                  No payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are
                    made within twelve (12) months of the Plan termination;

                

        

        

        

        
          	
                  (iii)

                	
                  All payments are made within twenty-four (24) months of the Plan termination;

                

        

        

        

        
          	
                  (iv)

                	
                  Termination of the Plan does not occur proximate to a downturn in the financial health of the Plan Sponsor; and

                

        

        

        

        
          	
                  (v)

                	
                  The Plan Sponsor does not adopt a new plan that would be aggregated with any terminated plan if the same Participant
                    participated in both arrangements, at any time within three (3) years following the date of termination of the Plan.

                

        

        

        

        The Plan Sponsor also reserves the right to suspend the operation of the Plan for a fixed or indeterminate
          period of time.

        

        

        
          	
                  (c)

                	
                  [Change in Control. The Plan Sponsor may also terminate the Plan and make distributions provided that:

                

        

        

        

        
          	
                  (i)

                	
                  All plans sponsored by the Plan Sponsor that would be aggregated with any terminated arrangements under Treasury
                    Regulations Section 1.409A- 1(c) are liquidated and terminated;

                

        

        

        

        
          	
                  (ii)

                	
                  The Plan is terminated within thirty (30) days preceding or twelve

                

        

        (12) months following a change in control that constitutes a “change in control event” within the meaning of
          such term under Treasury Regulations Section 1.409A-3(i)(5); and

        

        

        
          	
                  (iii)

                	
                  Participants receive all amounts of deferred compensation from the plans identified in Section 7.1(c)(i) above within
                    twelve (12) months of the date the Plan Sponsor takes all steps to terminate and liquidate the plans identified in Section 7.1(c)(i) above.]

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  6.2

                	
                  Amendment. 

                    The Plan Sponsor may, at any time, amend or modify this Plan in whole or in part; provided, however, that, except to the extent necessary to bring the Plan into compliance with Section 409A: (i) no amendment or modification shall be
                    effective to decrease the value or vested percentage of a Participant’s Account(s), in existence at the time an amendment or modification is made, and (ii) no amendment or modification shall materially and adversely affect the
                    Participant’s rights to be credited with additional amounts on such Account(s), or otherwise materially and adversely affect the Participant’s rights with respect to such Account(s). The amendment or modification of this Plan shall have
                    no effect on any Participant or Beneficiary who has become entitled to the payment of benefits under this Plan as of the date of the amendment or modification.

                

        

        

        

        ARTICLE 7.

        Administration

        

        

        
          	
                  7.1

                	
                  Plan Administrator
                        Duties. The Plan Administrator shall be responsible for the management, operation and administration of the Plan. The Plan Administrator shall act at meetings by affirmative vote of a majority of its members. Any action
                    permitted to be taken at a meeting may be taken without a meeting if, prior to such action, a unanimous written consent to the action is signed by all members and such written consent is filed with the minutes of the proceedings of the
                    Plan Administrator. A member shall not vote or act upon any matter which relates solely to himself or herself as a Participant. The Chair or any other member or members of the Plan Administrator designated by the Chair may execute any
                    certificate or other written direction on behalf of the Plan Administrator. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant or the Plan Sponsor. No
                    provision of this Plan shall be construed as imposing on the Plan Administrator any fiduciary duty under ERISA or other law, or any duty similar to any fiduciary duty under ERISA or other law.

                

        

        

        

        
          	
                  7.2

                	
                  Plan Administrator
                        Authority. The Plan Administrator shall enforce this Plan in accordance with its terms, shall be charged with the general administration of this Plan, and shall have all powers necessary to accomplish its purposes,
                    including, but not by way of limitation, the following:

                

        

        

        

        
          	
                  (a)

                	
                  To construe and interpret the terms and provisions of this Plan;

                

        

        

        

        
          	
                  (b)

                	
                  To compute and certify the amount and kind of benefits payable to Participants and their Beneficiaries; to determine the
                    time and manner in which such benefits are paid; and to determine the amount of any withholding taxes to be deducted;

                

        

        

        

        
          	
                  (c)

                	
                  To maintain all records that may be necessary for the administration of this Plan;

                

        

        

        

        
          	
                  (d)

                	
                  To provide for the disclosure of all information and the filing or provision of all reports and statements to
                    Participants, Beneficiaries or governmental agencies as shall be required by law;

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  (e)

                	
                  To make and publish such rules for the regulation of this Plan and procedures for the administration of
                    this Plan as are not inconsistent with the terms hereof;

                

        

        

        

        
          	
                  (f)

                	
                  To administer this Plan’s claims procedures;

                

        

        

        

        
          	
                  (g)

                	
                  To approve election forms and procedures for use under this Plan; and

                

        

        

        

        
          	
                  (h)

                	
                  To appoint a plan record keeper or any other agent, and to delegate to them such powers and duties in connection with the
                    administration of this Plan as the Plan Administrator may from time to time prescribe.

                

        

        

        

        
          	
                  7.3

                	
                  Binding Effect of
                        Decision. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of this Plan and the rules and regulations
                    promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Plan.

                

        

        

        

        
          	
                  7.4

                	
                  Compensation, Expenses
                        and Indemnity. The Plan Administrator shall serve without compensation for services rendered hereunder. The Plan Administrator is authorized at the expense of the Plan Sponsor to employ such legal counsel and/or Plan
                    record keeper as it may deem advisable to assist in the performance of its duties hereunder. Expense and fees in connection with the administration of this Plan shall be paid by the Plan Sponsor.

                

        

        

        

        
          	
                  7.5

                	
                  Plan Sponsor
                        Information. To enable the Plan Administrator to perform its functions, the Plan Sponsor shall supply full and timely information to the Plan Administrator, on all matters relating to the Base Salary of its Participants,
                    the date and circumstances of the Disability, death, or Separation from Service of its employees who are Participants, and such other pertinent information as the Plan Administrator may reasonably require.

                

        

        

        

        
          	
                  7.6

                	
                  Periodic Statements.
                    Under procedures established by the Plan Administrator, a Participant shall be provided a statement of account on an annual basis (or more frequently as the Plan Administrator shall determine) with respect to such Participant’s
                    Accounts.

                

        

        

        

        ARTICLE 8.

        Claims Procedures

        

        

        
          	
                  8.1

                	
                  Claims Procedure.
                    This Article is based on final regulations issued by the Department of Labor and published in the Federal Register on November 21, 2000 and codified in Section 2560.503-1 of the Department of Labor Regulations. If any provision of this
                    Article conflicts with the requirements of those regulations, the requirements of those regulations will prevail.

                

        

        

        

        
          	
                  (a)

                	
                  Claim.
                    A Participant or Beneficiary (hereinafter referred to as a “Claimant”) who believes he or she is entitled to any Plan benefit under this Plan may file a claim with the Plan Administrator. The Plan Administrator shall review the claim
                    itself or appoint an individual or entity to review the claim.

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  (b)

                	
                  Claim

                        Decision. The Claimant shall be notified within ninety (90) days after the claim is filed whether the claim is allowed or denied (forty-five (45) days in the case of a claim involving Disability benefits), unless, for
                    claims not involving Disability benefits, the Claimant receives written notice from the Plan Administrator or appointee of the Plan Administrator prior to the end of the ninety (90) day period stating that special circumstances require
                    an extension of the time for decision. Such extension is not to extend beyond the day which is one hundred eighty (180) days after the day the claim is filed. In the case of a claim involving Disability benefits, the Plan Administrator
                    will notify the Claimant within the initial forty-five (45) day period that the Plan Administrator needs up to an additional thirty (30) days to review the Claimant’s claim. If the Plan Administrator determines that the additional
                    thirty (30) day period is not sufficient and that additional time is necessary to review the Claimant’s claim for Disability benefits, the Plan Administrator may notify the Claimant of an additional thirty

                

        

        
          	
                  (30)

                	
                  day extension. If the Plan Administrator denies the claim, it must provide to the Claimant, in writing or by electronic
                    communication:

                

        

        

        

        
          	
                  (i)

                	
                  The specific reasons for such denial;

                

        

        

        

        
          	
                  (ii)

                	
                  Specific reference to pertinent provisions of this Plan on which such denial is based;

                

        

        

        

        
          	
                  (iii)

                	
                  A description of any additional material or information necessary for the Claimant to perfect his or her claim and an
                    explanation why such material or such information is necessary;

                

        

        

        

        
          	
                  (iv)

                	
                  In the case of any claim involving Disability benefits, a copy of any internal rule, guideline, protocol, or other similar
                    criterion relied upon in making the initial determination or a statement that such a rule, guideline, protocol, or other criterion was relied upon in making the determination and that a copy of such rule will be provided to the Claimant
                    free of charge at the Claimant’s request; and

                

        

        

        

        
          	
                  (v)

                	
                  A description of the Plan’s appeal procedures and the time limits applicable to such procedures, including a statement of
                    the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the appeal of the denial of the benefits claim.

                

        

        

        

        
          	
                  (c)

                	
                  Review Procedures. 

                    A request for review of a denied claim must be made in writing to the Plan Administrator within sixty (60) days after receiving notice of denial (one hundred eighty (180) days in the case of a claim involving Disability benefits). The
                    decision upon review will be made within sixty (60) days after the Plan Administrator’s receipt of a request for review (forty-five (45) days in the case of a claim involving Disability benefits), unless special circumstances require an
                    extension of time for processing, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of a request for review (ninety (90) days in the case of a claim for Disability benefits). A notice
                    of such an extension must be provided to the Claimant within the initial sixty (60) day period (the initial forty-five (45) day period in

                

        

        
          
            

            

          

          
            

          

        

        

        

        the case of a claim for Disability benefits) and must explain the special circumstances and
          provide an expected date of decision. The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all relevant documents, information and records and to submit issues and comments in writing to the Plan
          Administrator. The reviewer shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim regardless of whether the information was submitted or considered in the benefit
          determination.  Upon completion of its review of an adverse initial claim determination, the Plan Administrator will give the Claimant, in writing or by electronic notification, a notice containing:

        

        

        
          	
                  (i)

                	
                  its decision;

                

        

        

        

        
          	
                  (ii)

                	
                  the specific reasons for the decision;

                

        

        

        

        
          	
                  (iii)

                	
                  the relevant Plan provisions on which its decision is based;

                

        

        

        

        
          	
                  (iv)

                	
                  a statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies
                    of, all documents, records and other information in the Plan’s files which is relevant to the Claimant’s claim for benefit;

                

        

        

        

        
          	
                  (v)

                	
                  a statement describing the Claimant’s right to bring an action for judicial review under Section 502(a) of ERISA; and

                

        

        

        

        
          	
                  (vi)

                	
                  In the case of any claim involving Disability benefits, a copy of any internal rule, guideline, protocol, or other similar
                    criterion that was relied upon in making the adverse determination on review or a statement that a copy of the rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination on review and that a
                    copy of such rule, guideline, protocol, or similar criterion will be provided without charge to the Claimant upon request.

                

        

        

        

        Unless a Claimant voluntarily avails himself or herself of the procedures set forth in Section 9.2 below, all
          interpretations, determinations and decisions of the Plan Administrator in respect of any claim shall be made in its sole discretion based on the applicable Plan documents and shall be final, conclusive and binding on all parties.

        

        

        
          	
                  (d)

                	
                  Calculation of Time
                        Periods. For purposes of the time periods specified in this Article, the period of time during which a benefit determination is required to be made begins at the time a claim is filed in accordance with the Plan
                    procedures without regard to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s failure to submit all information necessary, the period for making the
                    determination shall be tolled from the date the notification is sent to the Claimant until the date the Claimant responds.

                

        

        

        

        
          	
                  (e)

                	
                  Failure of Plan to
                        Follow Procedures. If the Plan fails to follow the claims procedure required by this Article, a Claimant shall be entitled to pursue any available remedy under Section 502(a) of ERISA on the basis that the Plan has failed
                    to

                

        

        
          
            

            

          

          
            

          

        

        

        

        provide reasonable claims procedure that would yield a decision on the merits of the claim.

        

        

        
          	
                  (f)

                	
                  Failure

                        of Claimant to Follow Procedures. A Claimant’s compliance with the foregoing provisions of this Article is a mandatory prerequisite to the Claimant’s right to commence any legal action with respect to any claim for
                    benefits under the Plan.

                

        

        

        

        
          	
                  8.2

                	
                  Arbitration of Claims.
                    Instead of pursuing his or her claim in court, a Participant may voluntarily agree that all claims or controversies arising out of or in connection with this Plan shall, subject to the initial review provided for in the foregoing
                    provisions of this Article, be resolved through arbitration as provided in this Article. Except as otherwise provided or by mutual agreement of the parties, any arbitration shall be administered under and by the Judicial Arbitration
                    & Mediation Services, Inc. (“JAMS”), in accordance with the JAMS procedure then in effect. The arbitration shall be held in the JAMS office nearest to where the Claimant is or was last employed by the Plan Sponsor or at a mutually
                    agreeable location. The prevailing party in the arbitration shall have the right to recover its reasonable attorney’s fees, disbursements and costs of the arbitration (including enforcement of the arbitration decision), subject to any
                    contrary determination by the arbitrator. If the Claimant voluntarily avails himself or herself of the procedures set forth in this Section 9.2, all determinations of the arbitrators in respect of any claim shall be final, conclusive
                    and binding on all parties.

                

        

        

        

        ARTICLE 9.

        The Trust

        

        

        
          	
                  9.1

                	
                  Establishment of Trust. 

                    The Plan Sponsor may establish a Trust. If the Plan Sponsor establishes a Trust, all benefits payable under this Plan to a Participant shall be paid directly by the Plan Sponsor from the Trust. To the extent such benefits are not paid
                    from the Trust, the benefits shall be paid from the general assets of the Plan Sponsor.  The Trust, if any, shall be an irrevocable grantor trust which conforms to the terms of the model trust as described in IRS Revenue Procedure
                    92-64, I.R.B. 1992-33. If the Plan Sponsor establishes a Trust, the assets of the Trust will be subject to the claims of the Plan Sponsor’s creditors in the event of its insolvency. Except as may otherwise be provided under the Trust,
                    the Plan Sponsor shall not be obligated to set aside, earmark or escrow any funds or other assets to satisfy its obligations under this Plan, and the Participant and/or his or her designated Beneficiaries shall not have any property
                    interest in any specific assets of the Plan Sponsor other than the unsecured right to receive payments from the Plan Sponsor, as provided in this Plan.

                

        

        

        

        
          	
                  9.2

                	
                  Interrelationship of
                        the Plan and the Trust. The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust (if established) shall govern the rights of the
                    Participant and the creditors of the Plan Sponsor to the assets transferred to the Trust. Each shall at all times remain liable to carry out its obligations under the Plan. The Plan Sponsor’s obligations under the Plan may be satisfied
                    with Trust assets distributed pursuant to the terms of the Trust.

                

        

        

        

        
          	
                  9.3

                	
                  Contribution to the
                        Trust. Amounts may be contributed by the Plan Sponsor to the Trust at the sole discretion of the Plan Sponsor.

                

        

        
          
            

            

          

          
            

          

        

        

        

        ARTICLE 10.

        Miscellaneous

        

        

        
          	
                  10.1

                	
                  Validity. In
                    case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision
                    had never been inserted herein. To the extent any provision of the Plan is determined by the Plan Administrator (acting in good faith), the Internal Revenue Service, the United States Department of the Treasury or a court of competent
                    jurisdiction to fail to comply with Section 409A with respect to any Participant or Participants, such provision shall have no force or effect with respect to such Participant or Participants.

                

        

        

        

        
          	
                  10.2

                	
                  Nonassignability.
                    Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts,
                    if any, payable hereunder, or any part hereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure,
                    attachment, garnishment (except to the extent the Plan Sponsor may be required to garnish amounts from payments due under this Plan pursuant to applicable law) or sequestration for the payment of any debts, judgments, alimony or
                    separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participants’ or any other persons’ bankruptcy or insolvency or be transferable to a spouse as a result of a property
                    settlement or otherwise. If any Participant, Beneficiary or successor in interest is adjudicated bankrupt or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer, hypothecate, alienate
                    or convey in advance of actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such
                    Participant, Beneficiary or successor in interest in such manner as the Plan Administrator shall direct.

                

        

        

        

        
          	
                  10.3

                	
                  Not a Contract of
                        Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Plan Sponsor and the Participant. Nothing in this Plan shall be deemed to give a Participant the
                    right to be retained in the service of the Plan Sponsor as an employee or to interfere with the right of the Plan Sponsor to discipline or discharge the Participant at any time.

                

        

        

        

        
          	
                  10.4

                	
                  Governing Law.
                    Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the Commonwealth of Pennsylvania, without regard to its conflicts of laws principles.

                

        

        

        

        
          	
                  10.5

                	
                  Notice. Any
                    notice, consent or demand required or permitted to be given under the provisions of this Plan shall be in writing and shall be signed by the party giving or making the same. If such notice, consent or demand is mailed, it shall be sent
                    by United States certified mail, postage prepaid, addressed to the addressee’s last known address as shown on the records of the Plan Sponsor. The date of such mailing shall be deemed the date of notice consent or demand. Any person may
                    change the address to which notice is to be sent by giving notice of the change of address in the manner aforesaid.

                

        

        
          
            

            

          

          
            

          

        

        

        

        
          	
                  10.6

                	
                  Coordination

                        with Other Benefits. The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for Employees
                    of the Plan Sponsor. The Plan shall supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

                

        

        

        

        
          	
                  10.7

                	
                  Compliance.
                    A Participant shall have no right to receive payment with respect to the Participant’s Account balance until all legal and contractual obligations of the Plan Sponsor relating to establishment of the Plan and the making of such payments
                    shall have been complied with in full.

                

        

        

        

        
          	
                  10.8

                	
                  Successor Company.
                    The Plan will be continued after a sale of assets of the Plan Sponsor, or a merger or consolidation of the Plan Sponsor into another corporation or entity.

                

        

        

        

        
          	
                  10.9

                	
                  Section

                        409A Compliance. The Plan is intended to comply with the applicable requirements of Section 409A, and shall be administered in accordance with Section 409A to the extent Section 409A applies to the Plan. Notwithstanding
                    anything in the Plan to the contrary, distributions from the Plan may only be made in a manner, and upon an event, permitted by Section 409A. If a payment is not made by the designated payment date under the Plan, the payment shall be
                    made by December 31 of the calendar year in which the designated payment date occurs. Each installment payment shall be treated as a separate payment for purposes of Section 409A. To the extent that any provision of the Plan would cause
                    a conflict with the applicable requirements of Section 409A, or would cause the administration of the Plan to fail to satisfy the applicable requirements of Section 409A, such provision shall be deemed null and void.  In no event shall
                    a Participant, directly or indirectly, designate the calendar year of payment. Notwithstanding anything in the Plan to the contrary, this Plan may be amended by the Plan Sponsor at any time, retroactively if required, to the extent
                    required to conform the Plan to Section 409A. No election made by a Participant hereunder, and no change made by a Participant to a previous election shall be accepted by the Plan Sponsor if the Plan Sponsor determines that acceptance
                    of such election or change could violate any of the requirements of Section 409A, resulting in early taxation and penalties.

                

        

        

        

        [Signature Page Follows]

        
          
            

            

          

          
            

          

        

        

        

        IN WITNESS WHEREOF,
          the Plan Sponsor has signed this Plan document as of

         , 20 .

        

        

        	
                ATTEST/WITNESS

              	 	
                For: Participant

              
	
                (Signature)

              	 	
                (Signature)

              
	
                (Print Name)

              	 	
                (Print Name)

              
	 	 	
                (Title)

              
	 	 	
                (Date)

              
	
                ATTEST/WITNESS

              	 	
                For:  The York Water Company

              
	
                (Signature)

              	 	
                (Signature)

              
	
                (Print Name)

              	 	
                (Print Name)

              
	 	 	
                (Title)

              
	 	 	
                (Date)

              

        
          
            

            

          

          
            

          

        

        

        

        PLAN ENROLLMENT KIT

        

        

        for the

        

        

        The York Water Company

        Deferred Compensation Plan For Employees Ineligible For A Defined
          Benefit Pension Plan

        

        

        

        

        

        

        

        

        

        

        

        

        Contents:

        

        

        Participant Data Participation Agreement

        Plan Year Initial Enrollment Form

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        	
                 

                PLEASE COMPLETE EACH FORM INCLUDED IN THIS KIT. PLEASE PRINT IN INK. UPON COMPLETION OF THIS PLAN
                  ENROLLMENT KIT, PLEASE REVIEW TO ENSURE THAT EACH FORM IS COMPLETELY FILLED OUT AND THAT YOU HAVE SIGNED WHERE APPLICABLE.

                 

                RETURN ALL FORMS TO YOUR PLAN ADMINISTRATOR

              

        

        

        
          
            

            

          

          
            

          

        

        

        

        The York Water Company

        

        

        Deferred Compensation Plan For Employees Ineligible For A Defined Benefit Pension Plan

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        	
                PARTICIPANT DATA

              

        

        

        

        

        

        

        INSTRUCTIONS:  Please complete all information below.

        

        

        (Please print)

        

        

        

        

        

        

        	
                Last Name

              	
                First Name

              	
                Middle Initial

              
	
                Address

              	
                City

              	 	
                State

              	
                Zip Code

              
	
                Date of Birth (mm/dd/yyyy)

              	 	
                Date of Hire (mm/dd/yyyy)

              

        
          
            

            

          

          
            

          

        

        

        

        DEFERRED COMPENSATION PLAN FOR EMPLOYEES
          INELIGIBLE FOR A DEFINED BENEFIT PLAN ”

        

        

        	
                PARTICIPATION AGREEMENT

              
	
                (Please print)

              	 	 
	
                Last Name

              	
                First Name

              	
                Middle Initial

              

        

        

        The Plan Sponsor and the Plan Administrator designate the above named
          Eligible Employee as a Plan Participant. All capitalized terms used herein are defined in the The York Water Company Deferred Compensation Plan For Employees Not Eligible For A Defined Benefit Pension Plan..

        

        

        In consideration of his or her designation as a Participant, the undersigned Eligible
          Employee hereby agrees and acknowledges as follows:

        

        

        
          	
                  1.

                	
                  I have received a
                    copy of The York Water Company Deferred Compensation Plan For Employees Not Eligible For A Defined Benefit Pension Plan, as currently in effect.

                

        

        

        

        
          	
                  2.

                	
                  I agree to be bound by all of the terms
                    and conditions of the Plan, including the determinations of the Plan Administrator, and to perform any and all acts required by me hereunder.

                

        

        

        

        
          	
                  3.

                	
                  I have the right to designate the
                    Beneficiary or Beneficiaries, and thereafter to change the Beneficiary or Beneficiaries, of any death benefit payable under the Plan, by completing and delivering to the Plan Administrator a form designating his or her Beneficiary.

                

        

        

        

        
          	
                  4.

                	
                  I understand that the Plan may have to
                    be amended to comply with Section 409A, and I hereby agree to execute any documents necessary to make such amendments.

                

        

        

        

        
          	
                  5.

                	
                  I understand that my participation in
                    the Plan can have tax and financial consequences for my Beneficiaries and me. I have had the opportunity to consult with my own tax, financial and legal advisors before deciding to participate in the Plan.

                

        

        

        

        
          	
                  6.

                	
                  I understand that my Plan benefits are
                    subject to the claims of my Plan Sponsor’s creditors should my Plan Sponsor become bankrupt or insolvent.

                

        

        

        

        
          	
                  7.

                	
                  I understand that the Plan Sponsor
                    Contributions, Account Earnings and Tax Savings (if any) shall vest based on Section 4.1 of the Plan.

                

        

        

        

        
          	
                  8.

                	
                  I understand that the Plan Agreement and
                    any accompanying forms shall be interpreted in accordance with, and incorporate the terms and conditions required by Section 409A. I further understand that the Plan Administrator may, in its discretion, adopt such amendments to the
                    Plan and any accompanying forms or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Plan Administrator determines are necessary or appropriate
                    to comply with the requirements of Section 409A. Finally, I understand that the time or form of distributions that I may be allowed to elect (if any) may not be accelerated except as otherwise permitted by Section 409A.

                

        

        

        

        	
                AGREED AND ACCEPTED BY THE PARTICIPANT

              
	
                Signature of Participant

              	 	
                Date

              
	
                AGREED AND ACCEPTED BY THE PLAN SPONSOR

              
	
                For the Plan Sponsor

              	 	
                Date

              

        
          
            

            

          

          
            

          

        

        

        

        The York Water Company
          Deferred Compensation Plan For Employees Not Eligible For a Defined Benefit Pension Plan

        	
                ENROLLMENT FORM

              

         

        (Please print)

        

        

        

        

        

        

        	
                Last Name

              	
                First Name

              	
                Middle Initial

              
	
                SECTION I:  DEFERRAL ELECTIONS

              	 

        I hereby elect to defer my Base Salary as indicated below. I understand that this deferral election is subject to all of the applicable terms of the Plan, including the requirement that I may not change my election
            once made during a Plan Year.  I understand that my election will continue until, and unless, I change my election in accordance to the provisions of the Plan. All capitalized terms used herein are defined in the The York Water Company Deferred
            Compensation Plan For Employees Not Eligible For a Defined Benefit Pension Plan, unless otherwise indicated by the context.

        

        

        
          	
                  ◻

                	
                  I elect to defer percent of my Base
                      Salary as of the beginning of each Plan Year until I elect a different deferral percentage in accordance with the provisions of the Plan.

                

        

        

        

        I understand that the Company will contribute a percentage equal to my deferral election, not to exceed 5.0%, in
          accordance pursuant to section 3.2.

        	
                SECTION II: MARGINAL FEDERAL AND STATE TAX RATE

              

        

        

        

        

        The marginal federal and state tax rate for the term of this contract shall be .

        	
                SECTION III:  DISTRIBUTION ELECTION

              

        

        

        

        

        
          	
                  ◻

                	
                  I hereby elect that following my Separation From Service my
                    vested benefit be paid to me, unless prohibited by 409a regulations, in one hundred and eighty (180) equal monthly payments beginning at the later of age 60 or my Separation From Service date.

                

        

        

        

        
          	
                  ◻

                	
                  I hereby elect that following my Separation From Service my
                    vested benefit be paid to me, unless prohibited by 409a regulations, in two-hundred and forty (240) equal monthly payments beginning at the later of age 60 or my Separation From Service date.

                

        

        

        

        I understand that distribution election changes must be made more than twelve (12) months in advance of the
          initial distribution date.

        

        

        

        

        

        

        	
                AGREED AND ACCEPTED BY THE PARTICIPANT

              
	
                Signature of Participant

              	 	
                Date

              
	
                AGREED AND ACCEPTED BY THE PLAN SPONSOR

              
	
                For the Plan Sponsor

              	 	
                Date

              

        
          
            

            

          

          
            

          

        

        	
                SECTION IV:  BENEFICIARY DESIGNATION

              

         

        

        

        I designate the Beneficiary(ies) below to receive any benefits payable under this Plan on account of my death:

        

        

        	
                PRIMARY BENEFICIARY(IES):

                Name

              	 	
                Percentage of Benefits

              	 	
                Relationship to Participant

              	 	
                Social Security Number

              

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        

        CONTINGENT BENEFICIARY(IES) (Will receive indicated portions of my Vested Account balance if no primary Beneficiaries survive the
            Participant.)

        

        

        	
                 

                Name

              	 	
                Percentage of Benefits

              	 	
                Relationship to Participant

              	 	
                Social Security Number

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
                 

                AGREED AND ACCEPTED BY THE PARTICIPANT

              	 	 	 	 
	
                Signature of Participant

              	 	
                Date

              	 	 	 	 
	
                AGREED AND ACCEPTED BY THE PLAN SPONSOR

              	 	 	 	 
	
                For the Plan Sponsor

              	 	
                Date

              	 	 	 	 

        

        

        
          
            

            

          

          
            

          

        

        

        

        Schedule 10.13

        

        

        

        

        	
                Name

              	
                Marginal Federal and State Tax Rate

              
	
                Natalee Colón

              	
                0.4059

              
	
                Mark A. Wheeler

              	
                0.2889Exhibit 4.1

 

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR
WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

OPGEN,
INC.

 

	Warrant Shares: _______	Initial
    Exercise Date: March [___], 2021
	 	 
	 	Issue Date: March [___],
    2021

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [_________________] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after March 9, 2021 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on March
9, 2026 (the “Termination Date”), but not thereafter, to subscribe for and purchase from OpGen, Inc.,
a Delaware corporation (the “Company”), up to [______] shares of common stock, par value $0.01 per share (the
“Common Stock”) (as subject to adjustment hereunder, the “Warrant Shares”). This Warrant
was issued pursuant to Section 2.2 of that certain Warrant Exercise Agreement, dated as of March 9, 2021 (the “Agreement
Date”), by and between the Company and the Holder (as may be amended, amended and restated, supplemented or otherwise
modified from time to time in accordance with its terms, the “Warrant Exercise Agreement”) and is one of the
several Warrants to purchase Common Stock (together with this Warrant, the “New Warrants”) issued pursuant
to Section 2.2 of such Warrant Exercise Agreement.

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Warrant Exercise Agreement.

 

Section 2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s
check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the
applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to
the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the
Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1)
Business Day of receipt of such notice. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or
prior to 4:00 p.m. (New York City time) on the Trading Date prior to the Initial Exercise Date, which may be delivered at any time
after the time of execution of the Warrant Exercise Agreement, the Company agrees to deliver the Warrant Shares subject to such
notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share
Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless
exercise) is received by such Warrant Share Delivery Date. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof. “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in The City of New York are authorized or required by law to remain closed; provided, however, for
clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at
home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or
the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer
systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such
day.

 

    	  

    	 

    

 

 

b) Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $3.56 subject to adjustment hereunder
(the “Exercise Price”).

 

c) Cashless
Exercise. If after the six month anniversary of the Issue Date there is no effective registration statement registering, or
the prospectus contained therein is not available for the resale of the Warrant Shares, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares determined according to the following formula:

 

Net Number
= (A x B) - (A x C)

                       B

 

For purposes
of the foregoing formula:

 

(A) = the total number of Warrant Shares
with respect to which this Warrant is then being exercised if such exercise were by means of a cash exercise rather than a cashless
exercise.

 

(B) = as applicable: (i) the VWAP on
the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed
and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to
Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the
applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of “regular trading hours” on such Trading Day; and

 

(C) = the Exercise
Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

If Warrant Shares
are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant
Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary
to this Section 2(c). Notwithstanding anything to the contrary, without limiting the rights of the Holder to receive cash payments
pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in the event the Company does not have or maintain an effective registration
statement, there are no circumstances that would require the Company to make any cash payments or net cash settle the purchase
warrants to the holders.

 

    	  

    	 

    

 

 

 “Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the
date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, provided that
payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company by such
date, and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice
of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii)
the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company
fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
Date, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by
the Company on or prior to the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the
date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after
such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares
are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST
program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with
respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

    	  

    	 

    

 

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause Philadelphia Stock Transfer, Inc., located
2320 Haverford Rd., Suite 230, Ardmore, PA 19003, or the then current transfer agent of the Company (the “Transfer
Agent”) to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then
the Holder will have the right to rescind such exercise.

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery, and if after such date the Holder is
required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

v. No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

    	  

    	 

    

 

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon
the written or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to
the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of the shares of Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

 

    	  

    	 

    

 

 

Section 3. Certain
Adjustments.

 

a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b) [RESERVED.]

 

c) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

    	  

    	 

    

 

 

d) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other
than cash) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of
return of capital or otherwise (including, without limitation, any distribution of stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock
are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder's
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of
Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for
the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

e) Fundamental
Transaction. Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of shares of Common Stock are permitted
to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or
more of the outstanding shares of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the shares of Common Stock or any compulsory share exchange pursuant
to which the shares of Common Stock are effectively converted into or exchanged for other securities, cash or property, or (v)
the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common
Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to
receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the
number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount
of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of shares of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary,
in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or,
if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion
of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction
is not within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled
to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type
or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that
is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether
that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the
choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction. “Black Scholes
Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined
utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction
and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and
(E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds
within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for
this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

    	  

    	 

    

 

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

  

g) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
shares of Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the shares of
Common Stock, (C) the Company shall authorize the granting to all holders of the shares of Common Stock rights or warrants to subscribe
for or purchase any capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the shares of Common Stock, any consolidation or merger to which the Company is a party,
any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the shares
of Common Stock are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered
by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register
of the Company, at least 5 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating
(x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or
if a record is not to be taken, the date as of which the holders of the shares of Common Stock of record to be entitled to such
dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or stock exchange is expected to become effective or close, and the date as of which it is expected that
holders of the shares of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash
or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or stock exchange; provided that
the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
action required to be specified in such notice and provided, further that no notice shall be required if the information is disseminated
in a press release or document filed with the Securities and Exchange Commission . To the extent that any notice provided in this
Warrant constitutes, or contains, material, non-public information regarding the Company, the Company shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant
during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may
otherwise be expressly set forth herein.

 

iii. Voluntary
Adjustments by the Company. The Company may, subject to the rules and regulations of the Trading Market, at any time during
the term of this Warrant, reduce the then current Exercise Price to any amount and extend the term of this Warrant for any period
of time deemed appropriate by the Board of Directors of the Company, with the prior written consent of the Holder.

 

    	  

    	 

    

 

 

Section 4. Transfer of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 2.3 of the Warrant Exercise Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 2.3 of the Warrant Exercise
Agreement.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

    	  

    	 

    

 

 

Section 5. Miscellaneous.

 

a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the
generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof.

 

    	  

    	 

    

 

 

e) Jurisdiction. Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all legal Proceedings (as defined below) concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant and the Warrant Exercise Agreement (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of the Warrant Exercise Agreement), and hereby irrevocably waives, and agrees not to assert in any Action or
Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is
improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for 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 other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of this Warrant or the Warrant Exercise Agreement, then, in addition to any indemnification
obligations of the Company, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for
its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such Action or Proceeding.

 

“Action”
means any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign).

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal
investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Warrant Exercise Agreement, if the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

 

h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provision in Section 4.2 of the Warrant Exercise Agreement.

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

    	  

    	 

    

 

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

  

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand,
and the Holder, on the other hand.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

  

 

 

 

    	  

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	OPGEN, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

    	  

    	 

    

 

NOTICE OF EXERCISE

 

	 	TO:	OPGEN, INC.

 

(1)   The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the
form of (check applicable box):

 

☐
in lawful money of the United States; or

 

☐
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3) Please issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The Warrant Shares shall be delivered to the
following DWAC Account Number:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 _____________________

_____________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

 

 

    	  

    	 

    

 

Exhibit B 

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature:______________________	 	 
	 	 	 
	Holder’s Address:______________________

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