Document:

opgn-ex1093_993.htm

Exhibit 10.9.3

Non-Employee Directors
Annual Stock Option Award Agreement

Granted Under OpGen, Inc. 2015 Equity Incentive Plan

 

1.Grant of Option.  This certificate evidences a non-qualified stock option (this “Stock Option”) granted by OpGen, Inc., a Delaware corporation (the “Company”), on ______________ (the “Grant Date”), to ____________ (the “Participant”), pursuant to the Company’s 2015 Equity Incentive Plan (as from time to time in effect, the “Plan”).  Under this Stock Option, the Participant may purchase, in whole or in part, on the terms herein provided, a total of twelve thousand five hundred (12,500) shares of common stock of the Company (the “Shares”) at $___ per Share, which is equal to the fair market value of the Shares on the Grant Date.  The latest date on which this Stock Option, or any part thereof, may be exercised is __________ [ten year anniversary of the Grant Date] (the “Final Exercise Date”).  The Stock Option evidenced by this certificate is intended to be, and is hereby designated, as a nonstatutory option, that is, an option that does not qualify as an incentive stock option as defined in section 422 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Defined terms used in this Award Agreement without definition have the meanings set forth in the Plan.

This Stock Option is exercisable in the following installments prior to the Final Exercise Date:  twenty-five percent (25%) of the Stock Option will vest and become exercisable on the first business day of the next four calendar quarters or ____, 1,  20__, ____ 1, 20__, _____ 1, 20__ and _____ 1, 20__.  

 

2.Exercise of Stock Option.  

(a)Each election to exercise this Stock Option shall be in writing, signed by the Participant or the Participant’s executor, administrator, or legally appointed representative (in the event of the Participant’s incapacity) or the person or persons to whom this Stock Option is transferred by will or the applicable laws of descent and distribution (collectively, the “Option Holder”), and received by the Company at its principal office, accompanied by this certificate and payment in full as provided in the Plan.  Subject to the further terms and conditions provided in the Plan, the purchase price may be paid as follows:  (i) cash or check, or (ii) delivery of a written or electronic notice that the Option Holder has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required; provided that payment of such proceeds is then made to the Company upon settlement of such sale.  In the event that this Stock Option is exercised by an Option Holder other than the Participant, the Company will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise this Stock Option.

(b)The provisions of Section 5.4(b) of the Plan apply with respect to the term of the Award following a Termination of Service.  Without limiting the foregoing, if the Participant has a Termination of Service prior to the expiration of this Stock Option Award, unless varied by the Administrator in advance of the Termination of Service date, any unvested portion of this Award shall be forfeited and the Participant shall have one (1) year to exercise the vested portion of this Award.  Any such exercise shall be transacted in accordance with this Agreement and the Plan.  

 

 

 

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

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

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

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

 

7.Provisions of the Plan.  This Stock Option is subject to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the date of the grant of this Stock Option has been furnished to the Participant.  By exercising all or any part of this Stock Option, the Participant agrees to be bound by the terms of the Plan and this certificate.  All initially capitalized terms used herein will have the meaning specified in the Plan, unless another meaning is specified herein.

 

 

 

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

 

OpGen, Inc.

 

 

Dated:  _________________________________

By:  Timothy C. Dec

Title:  Chief Financial Officer

 

 

 

Acknowledged and agreed:

Participant

 

 

Dated:  _________________________________

Name:  

[Stock Option Award Agreement Signature Page]opgn-ex1010_995.htm

Exhibit 10.10

OPGEN, INC.
RESTRICTED STOCK UNIT AWARD AGREEMENT

This RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) dated as of [_______] (the “Date of Grant”), is made by OpGen, Inc., a Delaware corporation, (the “Company”), to [__________] (the “Participant”).

RECITALS

The 2015 Equity Incentive Plan of the Company (the “Plan”) provides for the issuance of equity awards to “Eligible Individuals” of the Company, and the Participant is an Eligible Individual under the Plan.  

The Board of Directors has determined that it is in the best interests of the Company and its stockholders to grant the restricted stock unit award provided for herein to the Participant pursuant to the terms set forth herein as an incentive for the Participant to contribute to the Company’s future success and prosperity.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:

1.Award of the Restricted Stock Units

.  

(a)The Company hereby grants to the Participant [_______] restricted stock units (“Restricted Stock Units”), representing the right to receive an equal number of shares of common stock of the Company (the “Shares”), upon the lapse of forfeiture restrictions (“vesting”) of some or all of such Restricted Stock Units, subject to the terms and conditions set forth in this Agreement.  

(b)The Restricted Stock Units are awarded to the Participant under the Plan and are subject to the terms and conditions set forth in the Plan, including the discretion of the Committee under the Plan, subject to any specific provisions set forth in this Agreement.  A copy of the Plan is attached to this Agreement and made a part hereof.  Capitalized terms not defined in this Agreement shall have the meanings set forth in the Plan.  

(c)Upon vesting of the Restricted Stock Units, the Restricted Stock Units will be settled by a delivery of Shares.  No dividend equivalents are authorized as part of the award of these Restricted Stock Units.

(d)Prior to vesting of the Restricted Stock Units pursuant to Sections 2 or 3 of this Agreement:  (i) the Participant shall not be treated as a stockholder as to Shares issuable to the Participant with respect to such Restricted Stock Units, and shall only have a contractual right to receive such Shares following such vesting, unsecured by any assets of the Company or its Subsidiaries; (ii) the Participant shall not be permitted to vote the Restricted Stock Units or the Shares issuable with respect to such Restricted Stock Units; and (iii) the Participant’s right to receive such Shares following vesting of the Restricted Stock Units shall be subject to the adjustment provisions set forth in Section 10(c) of the Plan.  The Restricted Stock Units shall be subject to all of the restrictions hereinafter set forth.  

 

 

2.Vesting; Lapse of Forfeiture.

(a)Except as otherwise provided in this Section 2 and in Section 3 hereof, the forfeiture restrictions shall lapse and the Restricted Stock Units shall vest in accordance with the following schedule: [_______].

(b)Notwithstanding any other provision of the Plan or this Agreement to the contrary, until the restrictions set forth in this Section 2 have lapsed, the Restricted Stock Units may not be transferred, assigned or otherwise encumbered other than in accordance with the applicable provisions of Section 6 hereof.  

3.Change in Control and other Corporation Changes

.  The provisions of Section 13.2 of the Plan shall apply to the Restricted Stock Units under this Agreement.  

4.Issuance of Certificates

.  Following the applicable vesting date with respect to the Restricted Stock Units, and subject to the terms and conditions of the Plan, the Company will issue a stock certificate for the Shares issuable with respect to such vested Restricted Stock Units.  Such issuance shall take place as soon as practicable following the applicable vesting date (but in no event later than two and one-half months following the end of the calendar year in which the vesting date occurs).  The certificates representing the Shares issued in respect of the Restricted Stock Units shall be subject to such stop transfer orders and other restrictions as the Committee may determine is required by the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed, any applicable federal or state laws and the Company’s Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

5.No Right to Continued Employment

.  Neither the Plan nor this Agreement shall confer on the Participant any right to be retained, in any position, as an employee, consultant or director of the Company.

6.Transferability.

(a)The Restricted Stock Units are not transferable and may not be sold, assigned, transferred, disposed of, pledged or otherwise encumbered by the Participant, other than by will or the laws of descent and distribution.  Upon such transfer (by will or the laws of descent and distribution), such transferee in interest shall take the rights granted herein subject to all the terms and conditions hereof.

(b)Subject to Section 6(a) hereof, in order to comply with any applicable securities laws, the Participant agrees that the Shares issued to the Participant with respect to vested Restricted Stock Units shall only be sold by the Participant following registration of such Shares under the Securities Act of 1933, as amended, or pursuant to an exemption therefrom.

7.Withholding

.  The Participant shall pay to the Company promptly upon request, and in any event at the time the Participant recognizes taxable income in respect of the Restricted Stock Units, an amount equal to the federal, state or local taxes the Company determines it is required to withhold with respect to the Restricted Stock Units.  Such payment shall be made in the form 

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of cash.  The net settlement of the Shares underlying the vested Restricted Stock Units and the delivery of Shares previously owned in satisfaction of any withholding obligation are hereby specifically [not] authorized alternatives for the satisfaction of the foregoing withholding obligation.  

8.Governing Law

.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions thereof.

9.Amendments

.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto, except as otherwise provided in Section 12 of this Agreement regarding permitted unilateral action by the Committee or in Section 12.2 of the Plan related to amendments or alterations that do not adversely affect the rights of the Participant in this Award.

10.Administration

.  This Agreement shall at all times be interpreted in accordance with the terms and conditions of the Plan as if set forth herein.  The Committee shall have sole and complete discretion under this Agreement with respect to all matters reserved to it by the Plan and decisions of the Committee with respect thereto and this Agreement shall be final and binding upon the Participant and the Company.  In the event of any conflict between the terms and conditions of this Agreement and the Plan, the provisions of this Agreement shall control.  The Committee has the authority and discretion to determine any questions which arise in connection with the award of the Restricted Share Units hereunder.

11.Compliance with Code Section 409A

.  It is the intention of the Company and Participant that this Agreement not result in an unfavorable tax consequences to Participant under Code Section 409A.  Accordingly, Participant consents to any amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall make available to the Participant a copy of such amendment.  Any such amendments shall be made in a manner that preserves to the maximum extent possible the intended benefits to Participant.  This paragraph does not create an obligation on the part of Company to modify this Agreement and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under Code Section 409A.

12.Imposition of Other Requirements

.  The Company reserves the right to impose other requirements on the Restricted Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Award, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. The Participant agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement.

13.Notices

.  Any notice, request, instruction or other document given under this Agreement shall be in writing and may be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the Company and, in the case of the Participant, to the 

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Participant’s address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method approved by the Company) by either party.

14.Severability

.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable to the extent permitted by law.

 

[Signatures on the following page.]

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IN WITNESS WHEREOF, the Company and the Participant hereby execute this Agreement.  

OPGEN, INC.

 

 

By:  
Name:  
Title:  

Date:  

 

 

Accepted:

 

PARTICIPANT

 

 

 

By:  
Name:  

Date:  

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