Document:

Exhibit 10.3

 

SEPARATION AND TRANSITION AGREEMENT

 

This Separation and
Transition Agreement (“this Agreement”) is made and entered into by and among Lydall, Inc. (the “Company”),
on the one hand, and Dale G. Barnhart (“Barnhart”) on the other hand (collectively, the “Parties”) is dated
October 11, 2019 and effective as of November 18, 2019 (the “Effective Date”).

 

1.                 
Transition of Service. As of the Effective Date, Barnhart resigns as President and Chief Executive Officer of the
Company; however, the Company has asked Barnhart, and Barnhart has agreed, to continue his employment in a new capacity through
the conclusion of a transition period (the “Transition Period”), as described in Section 2 below. Barnhart’s
final day of employment at the conclusion of the Transition Period shall be December 31, 2019 (the “Separation Date”).

 

a.                  
This Agreement confirms Barnhart’s voluntary irrevocable resignation as President and Chief Executive Officer of the
Company and as a member of the Board of Directors, and from any and all other executive and director positions he holds with the
Company and any and all of the Company’s subsidiaries and other affiliates (the “Other Positions”), which resignation
shall become effective on the Effective Date. The Company hereby agrees to waive any requirement of written notice as otherwise
required under the Executive Employment Agreement between Barnhart and the Company dated July 2007 (the “Employment Agreement”).

 

b.                 
Prior to the commencement of the Transition Period, Barnhart shall continue to serve in his positions as President and Chief
Executive Officer of the Company, as well as in the Other Positions, under the terms and conditions of the Employment Agreement.
Notwithstanding the immediately preceding sentence or any other provision hereof, the Board may reassign and delegate any or all
of Barnhart’s responsibilities to one or more other individuals (each, an “Interim Delegate”), to be performed
by him or her in lieu of by Barnhart. For the avoidance of doubt, neither such a reassignment or delegation of a responsibility
to an Interim Delegate, nor any performance thereof by such Interim Delegate, shall constitute a termination for Good Reason (as
defined in Section 1.6 of the Employment Agreement) under Section 4.4 of the Employment Agreement.

 

c.                  
The Company shall reimburse Barnhart his actual attorney fees incurred in negotiation of this Agreement, not to exceed $10,000.

 

2.                 
Transition Period. In exchange for the mutual covenants in this Agreement, the Company agrees to employ Barnhart
during the Transition Period on the following terms and conditions:

 

a.                  
Barnhart shall serve as Senior Advisor to the Board of Directors of the Company (“Senior Advisor”) during the
period starting from the Effective Date through December 31, 2019. The Company will employ Barnhart on an at-will basis during
the Transition Period. Accordingly, Barnhart understands that, during the Transition Period, either the Company or Barnhart may
terminate Barnhart’s employment at any time, for any or no reason, with or without prior notice; provided, however, that
Barnhart will receive in one lump sum the remaining compensation he would have received pursuant to Section 2(c) as if the Transition
Period would have continued to the full term.

 

    	Barnhart – Separation and Transition Agreement (2019)	1

     

    

 

b.                 
During the Transition Period, Barnhart shall report directly to the Board of Directors and perform those services for the
Company as directed by the Chairman of the Board. On or before the Separation Date, Barnhart shall return to the Company all confidential
or proprietary information in his possession, in whatever medium that information exists, and not retain any such information thereafter
except upon permission of the Company’s General Counsel. Additionally, Barnhart shall assist the Company with the transfer
of information, job responsibilities and business strategy, communications with employees and customers, and other transition-related
tasks as requested by the Company.

 

c.                  
The Company will continue to pay Barnhart at his current base salary, less all customary and required taxes and employment-related
deductions, in accordance with the Company’s normal payroll practice, while he is employed during the Transition Period.
The Company will continue Barnhart’s participation in the Company’s benefit plans during the Transition Period, under
the same terms and conditions as he currently is participating, while he is employed during the Transition Period.

 

d.                 
The Company shall pay Barnhart a separation bonus in the amount of $629,300 (which is equal to his target level bonus payout
for 2019 calculated in accordance with the Company’s 2019 Annual Incentive Performance (“AIP”) Program), to be
paid in one (1) lump-sum payment, less applicable withholdings, in the last paycheck of 2019.

 

e.                  
During the Transition Period, all equity currently granted to him shall continue to vest through the Separation Date. Any
shares or options not vested as of the Separation Date will be terminated, and Barnhart hereby confirms said unvested shares/options
will be surrendered, canceled and forfeited to the Company and returned to the Company’s applicable stock incentive plan(s).

 

f.                   
During the Transition Period, the Company will continue to provide all benefits and prerequisites currently provided to
Barnhart (including, but not limited to, an automobile allowance and gas card) in accordance with Company policy. Barnhart will
also have access, during the Transition Period, access to administrative support and office space at one or more of the Company’s
facilities.

 

g.                 
During the Transition Period, upon presentation of appropriate receipts, the Company shall reimburse Barnhart for all documented,
out-of-pocket expenses Barnhart incurs in the performance of Barnhart’s duties as Senior Advisor to the Board of Directors,
including but not limited to expenses Barnhart incurs when traveling on Company business when requested by the Board, the CEO or
an Interim Delegate to do so.

 

h.                 
The Company and Barnhart agree that, as of the Effective Date, the Employment Agreement shall be null and void and that
this Agreement establishes the terms of his employment during the Transition Period and the terms of his transition from the Company.
For the avoidance of doubt, Barnhart shall no longer be eligible to receive any benefits described in Section 3 (Compensation
and Benefits) of the Employment Agreement.

 

i.                   
Following the termination or expiration of the Transition Period (and during the Transition Period as to any responsibility
reassigned and delegated to an Interim Delegate as contemplated by Section 1(c)), Barnhart shall not hold himself out as an officer,
director, executive, employee, leased employee, temporary employee, agent or other representative of the Company.

 

    	Barnhart – Separation and Transition Agreement (2019)	2

     

    

 

Barnhart acknowledges and agrees
that the offer of the Transition Period is not otherwise due to Barnhart under any Company employment agreement (oral or written)
or policy or practice, and is not intended to and shall not constitute a severance plan, and shall confer no benefit on anyone
other than the Parties. Barnhart further acknowledges that, except for the specific financial consideration set forth herein and
benefits to which he is otherwise entitled under the Company’s benefit plans, he is not entitled to any other compensation
including, without limitation, wages, bonuses, vacation pay, holiday pay or any other form of compensation or benefit.

 

3.                 
Consulting Term and Compensation. Following the Separation Date, Barnhart shall serve as Senior Consultant to the
Company for a period of three (3) months after the Separation Date (the “Consulting Term”), ending on March 31, 2020.
The Company will engage Barnhart on an at-will, consultancy basis during the Consulting Term. Accordingly, Barnhart understands
that, during the Consulting Term, either the Company or Barnhart may terminate Barnhart’s engagement as Senior Consultant
at any time, for any or no reason, with or without prior notice.

 

a.                 
As Senior Consultant, and on an as-needed basis upon reasonable notice from the Company, Barnhart shall provide transition
and other related consultancy services to the Company during the Consulting Term in order to assist in providing an effective transition
of Barnhart’s responsibilities to Barnhart’s successor as President and Chief Executive Officer. Barnhart shall advise
the Board, Barnhart’s successor and any Interim Delegate or Interim Delegates on matters involving Company strategy, mergers
and acquisitions, organizational considerations and other matters as are specified by the Board. Barnhart shall diligently and
competently perform such services and use all reasonable efforts in connection with the performance of such services.

 

b.                 
Barnhart and the Company agree that, during the Consulting Term, the anticipated level of all services that Barnhart may
perform for the Company as Senior Consultant shall not be in excess of an average of twenty (20) hours per week.

 

c.                 
During the Consulting Term, upon presentation of appropriate receipts, the Company shall reimburse Barnhart for all documented,
out-of-pocket expenses Barnhart incurs in the performance of Barnhart’s duties as Senior Consultant, including but not limited
to expenses Barnhart incurs when traveling on Company business when requested by the Board, the CEO or an Interim Delegate to do
so.

 

d.                 
During the Consulting Term and following the termination or expiration of the Consulting Term, Barnhart shall not hold himself
out as an officer, director, executive, employee, leased employee, temporary employee, agent or other representative of the Company.

 

e.                 
In consideration of Barnhart’s compliance with the terms hereof, and as compensation for Barnhart’s service
as Senior Consultant within the timeframe provided therein, the Company shall provide Barnhart the following payments (the “Consulting
Term Compensation”). As compensation for Barnhart’s services as Senior Consultant during the Consulting Term, the Company
shall pay Barnhart an advisory fee in the amount of $60,775 per month, less applicable taxes and withholdings (if any). For the
avoidance of doubt, Barnhart shall be entitled to no additional compensation for Barnhart’s services following the Separation
Date except as set forth in this section.

 

    	Barnhart – Separation and Transition Agreement (2019)	3

     

    

 

4.                 
Waiver and Release.

 

a.                  
Barnhart expressly acknowledges and agrees that: (a) neither this Agreement nor the Parties’ performance hereunder
constitutes a termination without “Cause” by the Company or “Good Reason” by Barnhart under any agreement
between Barnhart and the Company (including but not limited to Section 5.3 or Section 6(a) of the Employment Agreement) or any
Company policy or plan applicable to Barnhart; (b) Barnhart expressly waives and releases any right or claim by Barnhart or on
Barnhart’s behalf that this Agreement or the Parties’ performance hereunder: (i) constitutes a termination without
 “Cause” by the Company or “Good Reason” by Barnhart under any agreement between Barnhart and the Company
or any other Company policy or plan, or (ii) entitles Barnhart to any form of severance payment or benefit under any agreement
between Barnhart and the Company (including but not limited to the payments and benefits described in Sections 8 or 9 of the
Employment Agreement) or any other Company policy or plan (collectively, “Severance Compensation”); and (c) Barnhart’s
waiver and release described in the preceding subsection (b) constitutes an appropriate waiver and/or modification by the Party
entitled to the benefits of the waived term or provision, as permitted by Section 13.7 of the Employment Agreement. This release
includes waivable claims relating to the Severance Compensation under state or federal law relating to wage payments, and under
state or federal common law (e.g., breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant
of good faith and fair dealing, violation of public policy, misrepresentation, deceit or fraud), but excludes any claims that Barnhart
cannot waive by operation of law, and any claims related to a breach of this Agreement.

 

b.                 
The Company’s obligation to provide the payments set forth in Section 2(d), is subject to the Barnhart’s
execution without revocation of a valid release in substantially the form attached to this Agreement as Exhibit A (the “Release”).

 

5.                 
Restrictive Covenants. In connection with Barnhart’s continued employment with the Company and his transition
to the Senior Advisor role and in exchange for the benefits described herein, and for other good and valuable consideration, receipt
of which is hereby acknowledged, Barnhart expressly acknowledges and agrees that certain restrictions on his activities are necessary
to protect the goodwill, confidential information and other legitimate interests of the Company and its affiliates. Accordingly,
as of the Effective Date, Barnhart agrees as follows:

 

a.                  
During Executive’s employment, the Consultancy Term and for a period of one (1) year following the end of the Consultancy
Term (the “Restricted Period”), Barnhart shall not, directly or indirectly, whether as owner, partner, investor, consultant,
agent, employee, coventurer or otherwise, compete with the business of the Company or any of its affiliates anywhere in the world
where the Company or any of its affiliates is doing business or undertake any planning for competition with the Company or any
of its affiliates. Specifically, but without limiting the foregoing, Barnhart agrees not to engage in any manner in any activity
that is directly or indirectly competitive or potentially competitive with the business of the Company or any of its affiliates
as conducted or under consideration at any time during Barnhart’s employment (including, but not limited, the Transition
Period and the Consultancy Term) or to provide services in any capacity to a competitor of the Company or any of its affiliates.
The business of the Company and its affiliates is the business of the Products. The foregoing condition, however, shall not fail
to be met solely due to Barnhart’s passive ownership of less than five (5%) percent of the equity securities of any publicly
traded company. For purposes of this Agreement, “Products” means all products planned, researched, developed, tested,
manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its affiliates, together
with all services provided or planned by the Company or any of its affiliates, during Barnhart’s employment (including, but
not limited, the Transition Period and the Consultancy Term).

 

    	Barnhart – Separation and Transition Agreement (2019)	4

     

    

 

b.                 
During the Restricted Period, and excluding any activities undertaken on behalf of the Company or any of its affiliates
in the course of his duties, he will not directly or indirectly solicit or encourage any customer of the Company or any of its
affiliates to terminate or diminish its relationship with the Company or any of its affiliates; or directly or indirectly
solicit or encourage any customer or potential customer of the Company or any of its affiliates to conduct with any person any
business or activity which such customer or potential customer conducts or could conduct with the Company or any of its affiliates.

 

c.                  
During the Restricted Period, and excluding any activities undertaken on behalf of the Company or any of its affiliates
in the course of his duties, he will not, directly or indirectly, solicit, induce, encourage or attempt to solicit, induce, or
encourage, any such employee, independent contractor or agent to terminate or diminish his/her/its relationship with the Company
or any of its affiliates.

 

d.                 
Barnhart acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including
the restraints imposed upon him pursuant to this Section 5. Barnhart agrees that those restraints are necessary for the reasonable
and proper protection of the Company and its affiliates and that each and every one of the restraints is reasonable in respect
to subject matter, length of time and geographic area.

 

e.                  
Barnhart acknowledges that, were he to breach any of the covenants contained in this Section 5, the damage to the Company
and its affiliates would be irreparable. Barnhart therefore agrees that the Company, in addition to any other remedies available
to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by Barnhart of
any of said covenants, without having to post bond. The prevailing party in any such action for injunctive relief shall be entitled
to an award of his or its reasonable attorneys’ fees incurred in enforcing his or its rights under this Agreement. Should
the court find or hold that Barnhart has violated any of such covenants, then within ten (10) business days of his receipt of a
written demand by the Board, Barnhart shall be required to repay the Company one hundred (100%) percent of the monetary value of
the amounts paid pursuant to Section 2(d) of this Agreement.

 

f.                   
The restrictions and covenants set forth in this Section 5 shall be in addition to, and not in lieu of, any confidentiality,
proprietary information, inventions or other agreements which Barnhart has entered into, or hereafter enters into, in connection
with his employment or service as a director or advisor of the Company, which are incorporated herein by reference and shall survive
the execution and delivery of this Agreement. Notwithstanding the above, Barnhart acknowledges and agrees that, upon the Effective
Date, this Section 5 supersedes and replaces the restrictions in of the Employment Agreement. To the extent applicable, Barnhart
further acknowledges and agrees that this Section 5 constitutes an appropriate modification and notice thereof as permitted
by Sections 13.3 and 13.7 of the Employment Agreement.

 

    	Barnhart – Separation and Transition Agreement (2019)	5

     

    

 

6.                 
Return of Company Property. Prior to the conclusion of the Transition Period (or earlier as requested by the Company),
Barnhart shall return to the Company, and shall not retain in his possession without the express permission of the General Counsel,
any Company property, including business records, business documents, or any other materials or property relating to the Company,
whether on computer or hard copy, and all copies thereof. Barnhart acknowledges that all such Company property is and shall remain
the exclusive property of the Company. Barnhart will be permitted to retain his personal computer and mobile devices, provided
that he first makes them available to the Company so that confidential and proprietary information can be removed.

 

7.                 
Cooperation. Barnhart agrees to cooperate fully with the Company in connection with any matter or event relating
to Barnhart’s employment or events that occurred during Barnhart’s employment or other engagement to provide advisory
services (including but not limited to the Transition Period and the Consultancy Term), including but not limited to (a) cooperating
in the defense or prosecution of any claims or actions now in existence or which may be brought or threatened in the future against
or on behalf of the Company, including any claims or actions against its affiliates and its and their officers and employees; (b)
being available, upon reasonable notice to meet with the Company regarding matters in which Barnhart has been involved, including
any contract matters or audits; (c) preparing for, attending and participating in any legal proceeding including, without limitation,
depositions, consultation, discovery or trial; (d) providing affidavits and/or acting as a witness in connection with respect to
any litigation or other legal proceeding affecting the Company; (e) assisting with any audit, inspection, proceeding or other inquiry.
The Company will reimburse Barnhart for all reasonable documented, out-of-pocket expenses he incurs in providing such cooperation
to the Company. Barnhart agrees that should Barnhart be contacted (directly or indirectly) by any person or entity (for example,
by any party representing an individual or entity) adverse to the Company, Barnhart shall promptly notify the Chairman of the Board
prior to the Separation Date. In the event that Barnhart receives an order, subpoena, request, or demand for disclosure of the
Company’s trade secrets and/or confidential and proprietary documents and information from any court or governmental agency,
or from a party to any litigation or administrative proceeding, Barnhart shall notify the Company of same as soon as reasonably
possible and prior to disclosure, in order to provide the Company with the opportunity to assert its respective interests in addressing
or opposing such order, subpoena, request, or demand. Notwithstanding anything in this agreement to the contrary, Barnhart and
the Company agree that the obligations imposed upon him under this section shall survive the termination or expiration of the Transition
Period and the Consultancy Term.

 

8.                 
Acknowledgments. The Parties expressly acknowledge and agree to the following: (a) the payment made under Section 2(d)
above represents material consideration for Barnhart’s undertakings and obligations under this Agreement; (b) except as set
forth herein, Barnhart is not entitled to and shall not receive any additional payments or benefits of any kind from the Company,
and shall not accrue additional benefits under any of the Company’s applicable employee benefit plans; and (c) Barnhart has
been or will be paid all compensation to which he was otherwise entitled by the Company prior to or simultaneously with the Separation
Date, and there are no additional wages or other compensation due and owing to Barnhart after the Separation Date, except as expressly
provided in this Agreement (including the Consultancy Term Compensation).

 

9.                 
Non-Disparagement. Neither Barnhart nor the Company (via any authorized public statement) shall and the Company’s
officers or directors shall not, during the Transition Period with the Company, nor following the Transition Period for any reason,
publish or communicate to any person or entity any Disparaging (as defined below) remarks, comments or statements concerning (i) by
Barnhart: the Company, or any of its subsidiaries or affiliates or any of their shareholders, directors, officers, employees or
agents or (ii) by the Company, any officer or director: Barnhart. “Disparaging” remarks, comments or statements are
those that impugn the character, honesty, integrity or morality or business acumen or abilities in connection with any aspect of
the operation of business of the individual or entity being disparaged. The parties agree that the terms of this Section 9
shall survive the term of this Agreement and the Termination Period.

 

    	Barnhart – Separation and Transition Agreement (2019)	6

     

    

 

10.              
Confidentiality; No Disclosures. Barnhart agrees not to disclose to anyone, other than his immediate family, accountant
and attorney, the circumstances surrounding this Agreement or its terms, conditions or negotiation, and then only upon their express
agreement not to disclose such subject matter to another person, except as required or permitted by law (in which case, Barnhart
shall, to the extent practicable, notify the Company of such before making any such disclosure).

 

11.              
Non-Admission of Liability. This Agreement is not, and shall not in any way be construed as an admission by either
Party that it has acted wrongfully with respect to the other or any other person, or that such has any rights whatsoever against
the other, except as set forth herein.

 

12.              
No Modification. No waiver or modification of this Agreement or any term hereof shall be binding unless it is in
writing and signed by the Parties hereto or their expressly authorized representatives. In the event that one or more of the provisions
of this Agreement shall become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby.

 

13.              
Rule of Ambiguities; Severability. It is agreed and understood that the general rule that ambiguities are to be construed
against the drafter shall not apply to this Agreement. In the event that any language in this Agreement is found or claimed to
be ambiguous, each Party shall have the same opportunity to present evidence as to the actual intent of the Parties with respect
to any such purportedly ambiguous language, without any inference or presumption being drawn against the purported drafter. In
the event that one or more of the provisions of this Agreement shall become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein shall not be affected. In the event that any
of the provisions with respect to confidentiality, non-competition and/or non-solicitation as set forth in this Agreement are not
enforceable in accordance with their terms, Barnhart and the Company agree that such provisions shall be reformed to make them
enforceable in the manner which provides the Company with the maximum rights and protections permitted by law.

 

14.              
Governing Law; Venue and Jurisdiction. This Agreement shall be construed in accordance with the laws of the State
of Connecticut, without giving effect to conflict of law principles. Any claims or legal actions by one party against the other
shall be commenced and maintained in any state or federal court located in the State of Connecticut, and the parties hereby expressly
submit to the jurisdiction and venue of any such court and hereby waive any defense based on a lack of jurisdiction.

 

15.              
Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, both Parties and their
respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may
succeed to its assets or business, provided, however, that the obligations of Barnhart are personal and shall not be assigned by
Barnhart.

 

    	Barnhart – Separation and Transition Agreement (2019)	7

     

    

 

16.              
Entire Agreement. This Agreement, along with the other specific agreements that are expressly incorporated herein
by reference and stated as surviving the signing of this Agreement, supersedes any and all prior or contemporaneous oral and written
agreements between Barnhart and the Company, and set forth the entire agreement between the Parties with regard to the matters
described herein.

 

17.              
Captions. The captions of the paragraphs of this Agreement are for convenience of reference only and in no way define,
limit or affect the scope or substance of any section of this Agreement.

 

18.              
Voluntary Execution. The Parties hereby acknowledge that they have read and understand this Agreement, that they
have affixed their signature hereto voluntarily and without coercion, and that their agreement to the terms contained herein is
knowing, conscious and with full appreciation of the meaning of such terms. Barnhart shall have the Review Period to consider whether
to execute this Agreement. If Barnhart does not sign and return this Agreement to the Company within the Review Period, this Agreement
automatically shall terminate and be withdrawn.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	Barnhart – Separation and Transition Agreement (2019)	8

     

    

 

This Agreement may
be executed in counterparts, which together shall be effective as if they were a single document. Signatures of this Agreement
transmitted by e-mail or facsimile copy shall have the same force and effect as original signatures.

 

	 	LYDALL,
    INC.	 	 
	 	 	 	 
	          		 	 
	 	By:	/S/
    Marc T. Giles	 	October
    11, 2019
	 	 	Marc
    T. Giles	 	Date
	 	 	Chairman
    of the Board	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	/S/
                                         Dale G. Barnhart

	 	October
    11, 2019
	 	 	DALE
                                         G. BARNHART	 	Date

 

    	Barnhart – Separation and Transition Agreement (2019)	9

     

    

 

EXHIBIT A

 

 

TERMINATION, VOLUNTARY RELEASE AND WAIVER
OF RIGHTS AGREEMENT

 

I, Dale G. Barnhart, unqualifiedly accept
and agree to the relinquishment of my title, responsibilities and obligations as an employee of Lydall, Inc. (“the Company”),
and concurrently and unconditionally agree to sever my relationship as an employee of the Company, in consideration for the voluntary
payment to me by the Company of the separation benefits set forth in the Separation and Termination Agreement dated as of October
11, 2019 and effective as of November 18, 2019, by and between me and the Company (the “Separation Agreement”), which
is made a part hereof.

 

1.       In
exchange for this consideration, which I understand that the Company is not otherwise obligated to provide to me, I voluntarily
agree to waive and forego any and all claims, rights, interests, covenants, contracts, warranties, promises, undertakings, actions,
suits, causes of action, obligations, debts, attorneys’ fees or other expenses, accounts, judgments, fines, fees, losses
and liabilities, of any kind, nature or description, in law, equity or otherwise (collectively, “Claims”) that I may
have against the Company and to release the Company and their respective affiliates, subsidiaries, officers, directors, employees,
representatives, agents, successors and assigns (hereinafter collectively referred to as “Releasees”) from any obligations
any of them may owe to me, accepting the aforestated consideration as full settlement of any monies or obligations owed to me by
Releasees that may have arisen at any time prior to the date of my execution of this Termination, Voluntary Release and Waiver
of Rights Agreement (the “Agreement”), except as specifically provided below in the following paragraph number 2.

 

2.       I
do not waive, nor has the Company asked me to waive, any rights arising exclusively under the Fair Labor Standards Act, except
as such waiver may henceforth be made in a manner provided by law. I do not waive, nor has the Company asked me to waive, any vested
benefits that I may have or that I may have derived from the course of my employment with the Company. I understand that such vested
benefits will be subject to and administered in accordance with the established and usual terms governing same. I do not waive
any rights which may in the future, after the execution of this Agreement, arise exclusively from a substantial breach by the Company
of a material obligation of the Company expressly undertaken in consideration of my entering into this Agreement.

 

3.       Except
as set forth in paragraph 2, I do fully, irrevocably and forever waive, relinquish and agree to forego any and all Claims whatsoever,
whether known or unknown, that I may have or may hereafter have against the Releasees or any of them arising out of or by reason
of any cause, matter or thing whatsoever from the beginning of the world to the date hereof, including without limitation any and
all matters relating to my employment with the Company and the cessation thereof and all matters arising under Title VII of the
Civil Rights Act of 1964, 42 U.S.C. § 2000 et seq., the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101
et seq., the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Age Discrimination in
Employment Act of 1967, 29 U.S.C. § 621 et seq., the Employee Retirement Income Security Act of 1974, 29 U.S.C.
 § 1001 et seq., all as amended, or under any other laws, ordinances, executive orders, regulations or administrative
or judicial case law arising under the statutory or common laws of the United States, the State of Connecticut or any other applicable
county or municipal ordinance.

 

4.       As
a material inducement to the Company to enter into this Agreement, I, the undersigned, recognize that I may have been privy to
certain confidential, proprietary and trade secret information of the Company which, if known to third parties, could be used in
a manner that would reduce the value of the Company for its shareholders. In order to reduce the risk of that happening, I, the
undersigned, agree that for a period of one (1) year after termination of employment, I, the undersigned, will not, directly or
indirectly, assist, or be part of or have any involvement in, any effort to acquire control of the Company through the acquisition
of its stock or substantially all of its assets, without the prior consent of the Board of Directors of the Company. This provision
shall not prevent the undersigned from owning up to not more than one percent (1%) of the outstanding publicly traded stock of
any company.

 

    	Barnhart – Separation and Transition Agreement (2019)	10

     

    

 

5.       I
further acknowledge pursuant to the Older Worker’s Benefit Protection Act (29 U.S.C. § 626(f)), I expressly agree that
the following statements are true:

 

a.       The
payment of the consideration described in Section 2 of the Separation Agreement is in addition to the standard employee benefits
and anything else of value which the Company owes me in connection with my employment with the Company or the separation of employment.

 

b.       I
have twenty-one days days from date of receipt to consider and sign this agreement. If I choose to sign this Agreement before the
end of the twenty-one day period, that decision is completely voluntary and has not been forced on me by the Company.

 

c.       I
will have seven (7) days after signing the Agreement in which to revoke it, and the Agreement will not become effective or enforceable
until the end of those seven (7) days.

 

d.       I
am now being advised in writing to consult an attorney before signing this Agreement.

 

I acknowledge that I have been given sufficient
time to freely consult with an attorney or counselor of my own choosing and that I knowingly and voluntarily execute this Agreement,
after bargaining over the terms hereof, with knowledge of the consequences made clear, and with the genuine intent to release claims
without threats, duress, or coercion on the part of the Company. I do so understanding and acknowledging the significance of such
waiver.

 

6.       Further,
in view of the above-referenced consideration voluntarily provided to me by the Company, after due deliberation, I agree to waive
any right to further litigation or claim against any or all of the Releasees except as specifically provided in paragraph number
2 above. I hereby agree to indemnify and hold harmless the Releasees and their respective agents or representatives from and against
any and all losses, costs, damages or expenses, including, without limitation, attorneys fees incurred by said parties, or any
of them, arising out of any breach of this Agreement by me or by any person acting on my behalf, or the fact that any representation
made herein by the undersigned was false when made.

 

7.       As
a material inducement to the Company to enter into this Agreement, I, the undersigned, understand and agree that if I should fail
to comply with the conditions hereof or to carry out the agreement set forth herein, all amounts previously paid under this Agreement
shall be immediately forfeited to the Company and that the right or claim to further payments and/or benefits hereunder would likewise
be forfeited.

 

8.       As
a further material inducement to the Company to enter into this Agreement, the undersigned provides as follows:

 

First. I represent that I have not
filed any complaints or charges against the Company, or any of the Releasees relating to the relinquishment of my former titles
and responsibilities at the Company or the terms of my employment with the Company and that if any agency or court assumes jurisdiction
of any complaint or charge against the Company or any of the Releasees on behalf of me concerning my employment with the Company,
I understand and agrees that I have, by my knowing and willing execution of this Agreement waived my rights to any form of recovery
or relief against the Company, or any of the Releasees, including but not limited to, attorney’s fees. Provided, however,
that this provision shall not preclude the undersigned from pursuing appropriate legal relief against the Company for redress of
a substantial breach of a material obligation of the Company expressly undertaken in consideration of my entering into this Agreement.

 

    	Barnhart – Separation and Transition Agreement (2019)	11

     

    

 

Second. I acknowledge and understand
that the consideration for this release shall not be in any way construed as an admission by the Company or any of the Releasees
of any improper acts or any improper employment decisions, and that the Company, specifically disclaims any liability on the part
of itself, the Releasees, and their respective agents, employees, representatives, successors or assigns in this regard.

 

Third. I acknowledge and agree that
this Agreement shall be binding upon me, upon the Company, and upon our respective administrators, representatives, executives,
successors, heirs and assigns and shall inure to the benefit of said parties and each of them.

 

Fourth. I represent, understand and
agree that this Agreement sets forth the entire agreement between the parties hereto, and fully supersedes any and all prior agreements
or understandings between the parties pertaining to the subject matter hereof, except for the confidentiality and non-competition
agreement previously executed by me, the terms of which retain their full force and effect, and which are in no way limited or
curtailed by this Agreement.

 

Fifth. Modification. This Agreement
may not be altered or changed except by an agreement in writing that has been properly executed by the party against whom any waiver,
change, modification or discharge is sought.

 

Sixth. Severability. All provisions
and terms of this Agreement are severable. The invalidity or unenforceability of any particular provision(s) or term(s) of this
Agreement shall not affect the validity or enforceability of the other provisions and such other provisions shall be enforceable
in law or equity in all respects as if such particular invalid or unenforceable provision(s) or term(s) were omitted. Notwithstanding
the foregoing, the language of all parts of this Agreement shall, in all cases, be construed as a whole, according to its fair
meaning, and not strictly for or against any of the parties.

 

Seventh. Mutual No Disparagement.
The Company and undersigned affirm their respective rights and obligations pursuant to Section 9 of the Separation Agreement.

 

Eighth. Confidentiality. The
Company and the undersigned agree to refrain from disclosing to third parties and to keep strictly confidential all details of
this Agreement and any and all information relating to its negotiation, except as necessary to each party’s accountants or
attorneys.

 

Ninth. Termination
of Agreement. Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated by the Company and
all further payment obligations of the Company will cease, if: (a) the undersigned is terminated for “Cause” prior
to the undersigned’s separation date; or (b) facts are discovered after the undersigned’s separation date that would
have supported a termination for “Cause” had such facts been discovered prior to the undersigned’s separation
date.

 

    	Barnhart – Separation and Transition Agreement (2019)	12

     

    

 

AFFIRMATION OF RELEASOR

 

I, Dale G. Barnhart, warrant that I am competent
to execute this Termination, Voluntary Release and Waiver of Rights Agreement and that I accept full responsibility thereof.

 

I, Dale G. Barnhart, warrant that I have
had the opportunity to consult with an attorney of my choosing with respect to this matter and the consequences of my executing
this Termination, Voluntary Release and Waiver of Rights Agreement.

 

I, Dale G. Barnhart, have read this Termination,
Voluntary Release and Waiver of Rights Agreement carefully and I fully understand its terms. I execute this document voluntarily
with full and complete knowledge of its significance.

 

Executed this       day
of             , 2020 at                      
.

 

	 	 
		DALE G. BARNHART

 

	STATE OF 	 	 	)	 

 

	 	 	 	)	SS:
	COUNTY OF 	 	 	)	 

 

Subscribed and sworn
to before me, a Notary Public in and for said County and State, this day of             , 2020 under the pains and penalties of perjury.

 

, Notary Public

My Commission Expires:

County of Residence:

 

    	Barnhart – Separation and Transition Agreement (2019)	13Exhibit 4.9

 

 

 

PRE-FUNDED COMMON STOCK PURCHASE WARRANT

 

OPGEN,
Inc. 

	Warrant Shares: _______	Issue Date: _________, 2019

 

THIS PRE-FUNDED 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 the date hereof (the “Initial Exercise Date”) until this Warrant is exercised
in full (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”). The purchase price of one share
of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is issued pursuant
to the Registration Statement which Registration Statement also registers the Warrant Shares issuable upon exercise of this Warrant.

Section 1.Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

“Commission”
means the United States Securities and Exchange Commission.

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or
other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock.

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

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-233775).

    	1 

    	 

    

 

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

“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 or
the New York Stock Exchange (or any successors to any of the foregoing).

“Transfer
Agent” means _____________________, the current transfer agent of the Company, with a mailing address of ___________________
and a facsimile number of _______________, and any successor transfer agent of the Company.

“Underwriting
Agreement” means that certain underwriting agreement entered into by and between H.C. Wainwright & Co., LLC
and the Company, dated as of [__________], 2019.

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 via 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 unpaid portion of the aggregate Exercise Price for the Warrant 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. 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.

 

    	2 

    	 

    

 

b)                 
Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant
Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other
than the nominal exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any Person to effect
any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid
aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have
been exercised prior to the Termination Date. The exercise price per Warrant Share under this Warrant shall be $_.__, subject to
adjustment hereunder. The remaining unpaid exercise price per Warrant Share shall be $0.01, subject to adjustment hereunder (the
“Exercise Price”).

c)                 
Cashless Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering,
or no current prospectus available for, the issuance of the Warrant Shares to the Holder, 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 equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = 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)(68) 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;

 

(B) = the Exercise
Price, which is initially $0.01, as adjusted hereunder; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

    	3 

    	 

    

 

 

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 registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c).

 

“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 Open Market (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.

 

“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 Open Market (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.

 

    	4 

    	 

    

 

 

		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 Holder or (B) this Warrant is being exercised via cashless exercise,
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 earlier of (i) two (2) Trading Days 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, 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. Notwithstanding
the foregoing, with respect to any Notice(s) of Exercise delivered by 12:00 p.m. (New York City time) on the Initial Exercise Date,
which may be delivered at any time after the time of execution of the Underwriting 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.

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.

 

    	5 

    	 

    

 

iii.                 
Rescission Rights. If the Company fails to cause 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 Date, 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.

 

    	6 

    	 

    

 

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),

 

 

    	7 

    	 

    

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 [9.99%/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.

 

    	8 

    	 

    

 

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 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).

 

    	9 

    	 

    

 

d)                
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend 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 cash, 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. 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, merger, 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

 

    	10 

    	 

    

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. 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
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) 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 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
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.

    	11 

    	 

    

 

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 20 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. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, 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.

 

    	12 

    	 

    

 

Section 4.Transfer
of Warrant.

a)                 
Transferability. 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 Issue Date of this Warrant 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.

Section 5.Miscellaneous.

a)                 
No Rights as Stockholder Until Exercise; No Settlement in Cash. 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. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in
no event shall the Company be required to net cash settle an exercise of this Warrant.

 

    	13 

    	 

    

 

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 shares of 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 shares of 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.

 

    	14 

    	 

    

 

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. 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 concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates,
directors, officers, stockholders, 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, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is 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 suit, 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 either
party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

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.

 

    	15 

    	 

    

 

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, notwithstanding
the fact that the Holder’s right to exercise this Warrant terminates on the Termination Date. 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 notices, consents, waivers or other document or communications required or permitted to be given or
delivered under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered
personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether
electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from
the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier
service, one (1) Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall
be:

 

If to the Company:

 

OpGen, Inc.

[ADDRESS]

Facsimile:

E-mail:

Attention:

 

With a copy (for informational purposes
only) to:

 

[NAME]

[ADDRESS]

Facsimile:

E-mail:

Attention:

 

If to a Holder, to its
address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

 

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 shares of Common Stock or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company.

    	16 

    	 

    

 

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 and the Holder.

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)

    	17 

    	 

    

 

 

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:

         

 

 

 

 

 

 

    	 

    	 

    

 

 

 

 

 

EXHIBIT A

 

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:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[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:	                                                  
	
         

        Phone Number:

        Email Address:
	
        (Please Print)

        ______________________________________

        ______________________________________

	Dated: _______________ __, ______	 
	Holder’s Signature:                                    	 
	Holder’s Address:

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