Document:

Exhibit 10.3

 

 

 

OPGEN, INC.

2020 STOCK OPTION PLAN

ARTICLE 1

ADMINISTRATION

1.1             
Effective Date. The Plan became effective upon approval by the stockholders at the Annual Meeting held on September
30, 2020. The 2020 Stock Options Plan will terminate upon the expiration or termination of the last outstanding award.

1.2             
Administration. The Compensation Committee (“Committee”) of the Board of Directors of OpGen, Inc. (the
“Company”) will administer the 2020 Stock Options Plan (“Plan”), including, whether, for U.S. taxpayer
employees, an option is to be classified as an incentive stock option or non-qualified stock option. To the extent necessary to
comply with Rule 16b-3 of the Exchange Act, the Committee, shall consist solely of two or more nonemployee Directors appointed
by and holding office at the pleasure of the Board, each of whom is intended to qualify as a “non-employee director”
as defined by Rule 16b-3 of the Exchange Act or any successor rule. Additionally, to the extent required by Applicable Law, each
of the individuals constituting the Committee shall be an “independent director” under the rules of any securities
exchange or automated quotation system on which the Shares are listed, quoted or traded. The Committee’s interpretation of
the Plan, any Option granted pursuant to the Plan, all decisions and determinations by the Committee with respect to the Plan are
final, binding and conclusive on all parties.

1.3             
Authorized shares. The aggregate number of shares of common stock of the Company authorized for issuance under the
Plan is 1,300,000 shares of common stock. Shares subject to awards granted under the 2020 Stock Options Plan that are forfeited
or terminated before being exercised will not be available for re-issuance under the 2020 Stock Options Plan. No more than 500,000
shares may be delivered upon the exercise of incentive stock options granted under the Plan.

1.4             
Adjustments. In the event of a recapitalization, stock split or similar capital transaction, the Committee will make
appropriate and equitable adjustments to the number of shares reserved for issuance under the Options Plan, the number of shares
that can be issued as incentive stock options, the number of shares subject to outstanding awards and the exercise price under
each outstanding stock option.

 

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ARTICLE 2  

OPTION TERMS

2.1             
Grant of Options. The following individuals shall be granted stock options under the Plan in the amounts set forth
on the following chart:

	Eligible Holders	 	Number of Stock Options
	Board of Directors	 	 	 	 
	William E. Rhodes, III, Board Chair	 	 	50,000	 
	Mario Crovetto	 	 	50,000	 
	R. Donald Elsey	 	 	50,000	 
	Prabhavathi Fernandes, Ph.D.	 	 	50,000	 
	Evan Jones	 	 	50,000	 
	Executive Officers	 	 	 	 
	Oliver Schacht, Ph.D.	 	 	630,000	 
	Johannes Bacher	 	 	210,000	 
	Timothy C. Dec	 	 	210,000	 
	 	 	 	 	 

Options granted to Officers shall be Incentive
Stock Options, provided, however, that to the extent that the aggregate Fair Market Value of stock with respect to which “incentive
stock options” (within the meaning of Section 422 of the Internal Revenue Code of 1986 (the “Code”) but without
regard to Section 422(d) of the Code) are exercisable for the first time by an Officer during any calendar year under the Plan,
and all other plans of the Company and any parent or subsidiary corporation thereof (each as defined in Section 424(e) and 424(f)
of the Code, respectively), exceeds $100,000, the Options shall be treated as Non-Qualified Stock Options to the extent required
by Section 422 of the Code. The rule set forth in the immediately preceding sentence shall be applied by taking Options and other
“incentive stock options” into account in the order in which they were granted and the Fair Market Value of stock shall
be determined as of the time the respective options were granted. Options granted to members of the Board of Directors shall be
Nonqualified Stock Options, which are options that do not qualify as “incentive stock options” within the meaning of
Section 422 of the Code

2.2             
Exercise Price. All stock Options under the Plan must be granted with an exercise price of at least 100% of the Fair
Market Value of the common stock on the date of grant. Incentive stock options granted to any holder of more than 10% of the voting
shares must have an exercise price of at least 110% of the fair market value of the common stock on the date of grant. All Options
shall have an exercise price of $2.12 per share. The stock option agreement specifies the date when all or any installment of the
option is to become exercisable.

2.3             
Manner of Exercise. For non-employee Directors, payment of the exercise price must be made in cash. For executive
Officers, payment of the exercise price may be made in cash or, if provided for in the stock option agreement evidencing the award,
(1) by surrendering, or attesting to the ownership of, shares which have already been owned by the Holder, (2) by delivery of an
irrevocable direction to a securities broker to sell shares and to deliver all or part of the sale proceeds to us in payment of
the aggregate exercise price, (3) by a “net exercise” arrangement, or (4) by any other form that is consistent with
applicable laws, regulations and rules.[1]

 

 ______________________

[1]
NTD: the Option Agreement will permit all these methods for Officers.

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2.4             
Awards to Non-Employee Directors. The Options granted to the members of the Board of Directors will have a one-year
vesting schedule, vesting quarterly in equal installments on the first day of each three month period as long as the Director is
providing services to the Company on each such vesting date. The term of such stock options are ten (10) years after the date of
grant; provided, however, that any unvested stock options will expire if the Director ceases providing services to the Company,
and a departing Director will have ninety (90) days to exercise vested stock options after the Director ceases providing services
to the Company.

2.5             
Awards to Executive Officers. The Options granted to the Officers will have a four year vesting schedule, vesting
25% on the first anniversary of the date of grant and the remaining options vesting 6.25% on the quarterly anniversary of the first
vesting date for a period of three years, as long as the Officer continues providing services to the Company on each such vesting
date. The term of such stock options are ten (10) years after the date of grant; provided, however, that any unvested stock options
will expire if the Officer ceases providing services to the Company, and a departing Officer will have ninety (90) days to exercise
vested stock options after the Officer ceases providing services to the Company.

ARTICLE 3  

GENERAL TERMS

3.1             
No Transfer. No award granted under the 2020 Stock Options Plan may be transferred in any manner, other than by will
or the laws of descent and distribution, provided, however, that an incentive stock option may be transferred or assigned only
to the extent consistent with Section 422 of the Code.

3.2             
Change in Control. In the event of a merger or other reorganization involving the Company, outstanding awards will
be subject to the agreement of merger or reorganization. Such agreement will provide for (1) the continuation of the outstanding
awards by the Company if it is the surviving corporation, (2) the assumption or substitution of the outstanding awards by the surviving
corporation or its parent or subsidiary, (3) immediate vesting, exercisability and settlement of the outstanding awards followed
by their cancellation, or (4) settlement of the intrinsic value of the outstanding awards (whether or not vested or exercisable)
in cash, cash equivalents, or equity (including cash or equity subject to deferred vesting and delivery consistent with the vesting
restrictions applicable to such award or the underlying shares) followed by cancellation of such awards.

3.3             
Termination or Amendment. The Plan can be terminated by the Board of Directors or the Committee at any time, and,
subject to stockholder approval where required by applicable law, can be amended. Any amendment or termination may not materially
impair the rights of holders of outstanding awards without their consent.

3.4             
Compliance with Laws. The Plan and the Options awarded under the Plan and the issuance and delivery of Shares are
subject to compliance with all Applicable Law (including but not limited to state, federal and foreign securities law and margin
requirements), and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for
the Company, be necessary or advisable in connection therewith.

3.5             
Governing Law. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal
laws of the State of Delaware without regard to conflicts of laws thereof or of any other jurisdiction.

 

    	3Exhibit 10.4

 

 

Non-employee Director Stock Option Award Agreement

Granted Under OpGen, Inc. 2020 Stock Options
Plan

 

1.       Grant
of Option. This certificate evidences a stock option (this “Stock Option”) granted by OpGen, Inc., a Delaware
corporation (the “Company”), on September 30, 2020 (the “Grant Date”), to ___________________
 (the “Holder”), pursuant to the Company’s 2020 Stock Options Plan (as from time to time in effect,
the “Plan”). Under this Stock Option, the Holder may purchase, in whole or in part, on the terms herein provided,
a total of ______________ (_______) shares of common stock of the Company (the “Shares”) at $2.12 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 September 30, 2030 (the “Final Exercise Date”) subject to earlier termination
as provided in the Plan.

This Stock Option
will have a one-year vesting schedule, vesting quarterly in equal installments on the first day of each three-month period
as long as the Director is providing services to the Company on each such vesting date.

 

2.       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 Holder. By exercising all or any
part of this Stock Option, the Holder 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.

1.1             
Partial Exercise. An exercisable Option may be exercised in whole or in part. However,
an Option shall not be exercisable with respect to fractional Shares and the Administrator may require that, by the terms of the
Option, a partial exercise must be with respect to a minimum number of Shares.

1.2             
Manner of Exercise. All or a portion of an exercisable Option shall be deemed exercised
upon delivery of all of the following to the Secretary of the Company, the stock plan administrator of the Company or such other
person or entity designated by the Administrator, or his, her or its office, as applicable:

(a)              
A written or electronic notice complying with the applicable rules established by the Administrator
stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled
to exercise the Option or such portion of the Option;

(b)              
Such representations and documents as the Administrator, in its sole discretion, deems necessary
or advisable to effect compliance with Applicable Law. The Administrator, in its sole discretion, may also take whatever additional
actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and
issuing stop-transfer notices to agents and registrars;

(c)              
In the event that the Option shall be exercised pursuant to Section 11.3 by any person or
persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option, as determined in
the sole discretion of the Administrator; and

(d)              
Full payment of the exercise price and applicable withholding taxes to the stock plan administrator
of the Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Sections
11.1 and 11.2.

    	1  

    	 

    

 

1.3             
Payment. If the Holder is an executive Officer, the exercise price may be paid by one
or more of the following methods: (a) cash or check, (b) Shares (including Shares issuable pursuant to the exercise of the Option)
or Shares held for such period of time as may be required by the Committee in order to avoid adverse accounting consequences, in
each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) delivery of a written
or electronic notice that the Holder has placed a market sell order with a broker acceptable to the Company with respect to Shares
then issuable upon exercise of the Option, 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, or (d) other form of legal consideration acceptable to the Committee in
its sole discretion. The Committee shall also determine the methods by which Shares shall be delivered or deemed to be delivered
to Holders. 

1.4             
Tax Withholding. The Company or any Subsidiary shall have the authority and the right
to deduct or withhold, or require a Holder to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign
taxes (including the Holder’s FICA, employment tax or other social security contribution obligation) required by law to be
withheld with respect to any taxable event concerning a Holder arising as a result of the Plan. The Administrator, in its sole
discretion and in satisfaction of the foregoing requirement, may withhold, or allow a Holder to elect to have the Company withhold,
Shares otherwise issuable under an Option (or allow the surrender of Shares). The number of Shares which may be so withheld or
surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal
to the aggregate amount of such liabilities based on the applicable statutory withholding rates for federal, state, local and foreign
income tax and payroll tax purposes that are applicable to such supplemental taxable income without leading to any avoid adverse
accounting consequences. The Administrator shall determine the Fair Market Value of the Shares, consistent with applicable provisions
of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option exercise involving the sale
of Shares to pay the Option exercise price or any tax withholding obligation.

1.5             
Conditions to Issuance of Shares.

(a)        
Notwithstanding anything herein to the contrary, the Company shall not be required to issue
or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until
the Board or the Committee has determined, with advice of counsel, that the issuance of such Shares is in compliance with Applicable
Law and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to
the terms and conditions provided herein, the Board or the Committee may require that a Holder make such reasonable covenants,
agreements and representations as the Board or the Committee, in its sole discretion, deems advisable in order to comply with Applicable
Law.

(b)        
All share certificates delivered pursuant to the Plan and all Shares issued pursuant to book
entry procedures may be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable
to comply with Applicable Law. The Administrator may place legends on any share certificate or book entry to reference restrictions
applicable to the Shares.

(c)        
The Administrator shall have the right to require any Holder to comply with any timing or
other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation,
as may be imposed in the sole discretion of the Administrator.

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(d)        
Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator
or required by Applicable Law, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection
with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, its transfer agent or
stock plan administrator).

(e)        
Any securities delivered under the Plan shall be subject to such restrictions, and the person
acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the
Company may deem necessary or desirable to assure compliance with all Applicable Law. To the extent permitted by Applicable Law,
the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to Applicable Law.

1.6             
Notification Regarding Disposition. The Holder shall give the Company prompt written
or electronic notice of any disposition of Shares acquired by exercise of an Incentive Stock Option which occurs within (a) two
years from the date of grant (including the date the Option is modified, extended or renewed for purposes of Section 424(h) of
the Code) of such Option to such Holder, or (b) one year after the transfer of such Shares to such Holder.

1.7             
At-Will Employment; Voluntary Participation. Nothing in the Plan or in any Program
or Award Agreement hereunder shall confer upon any Holder any right to continue in the employ of, or as a Director for, the Company
or any Subsidiary, or shall interfere with or restrict in any way the rights of the Company and any Subsidiary, which rights are
hereby expressly reserved, to discharge any Holder at any time for any reason whatsoever, with or without cause, and with or without
notice, or to terminate or change all other terms and conditions of employment or engagement, except to the extent expressly provided
otherwise in a written agreement between the Holder and the Company or any Subsidiary. Participation by each Holder in the Plan
shall be voluntary and nothing in the Plan shall be construed as mandating that any Eligible Individual shall participate in the
Plan. 

1.8             
No Stockholders Rights. Except as otherwise provided herein, a Holder shall have none
of the rights of a stockholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares.

1.9             
Paperless Administration. In the event that the Company establishes, for itself or
using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system
using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a
Holder may be permitted through the use of such an automated system.

1.10         
“Termination of Service” means:

(a)              
As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases
to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death or retirement,
but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any
Subsidiary.

(b)              
As to an Employee, the time when the employee-employer relationship between a Holder and the
Company or any Subsidiary is terminated for any reason, including, without limitation, a termination by resignation, discharge,
death, disability or retirement; but excluding terminations where the Holder simultaneously commences or remains in employment
or service as a Consultant or Non-Employee Director with the Company or any Subsidiary.

 

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The Administrator, in its sole discretion,
shall determine the effect of all matters and questions relating to any Termination of Service, including, without limitation,
the question of whether a Termination of Service resulted from a discharge for “cause” and all questions of whether
particular leaves of absence constitute a Termination of Service; provided, however, that, with respect to Incentive
Stock Options, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer
relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status
or other change interrupts employment for the purposes of Section 422(a)(2) of the Code and the then-applicable regulations and
revenue rulings under said Section. For purposes of the Plan, a Holder’s employee-employer relationship or consultancy relations
shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Holder ceases to remain a
Subsidiary following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off).

 

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

 

OpGen, Inc.

 

 

Dated:  

_________________________________

By:

Title:

 

 

 

Acknowledged and agreed:

Holder

 

 

Dated:  

_________________________________

Name:

 

 

 

    	4

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