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OPGN > SEC Filings for OPGN > Form 8-K on 2-May-2016All Recent SEC Filings

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Form 8-K for OPGEN INC


2-May-2016

Change in Directors or Principal Officers


Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 28, 2016, the Board of Directors of, OpGen, Inc. (the "Company") made a stock option award to Evan Jones, the Company's Chief Executive Officer and Chair of the Board. The Compensation Committee of the Board of Directors and the Board of Directors made this retentive incentive stock option award because they believe it is appropriate to compensate Mr. Jones for his current and future services to the Company in the role of CEO. The non-qualified stock option award to acquire 766,500 shares of common stock represents approximately 6% of outstanding shares of common stock as of the record date. The stock option grant has an exercise price of $1.35 per share, which is the fair market value of the common stock on the date of grant, a ten year term and a vesting schedule of 25% vesting of the award on the first annual anniversary of the date of grant and then 6.25% vesting each quarter thereafter over three additional years. The plan under which the award was made incorporates by reference the provisions of the Company's 2015 Equity Incentive Plan applicable to stock option awards.
The stock option award is contingent on receipt of stockholder approval, as the award was made outside of the Company's stockholder-approved incentive plans. If the stockholders do not approve the award, the stock option award will terminate. No vesting of the award will occur under any circumstance prior to receipt of stockholder approval. The Company submitted a proposal to stockholders to approve the award at the Company's Annual Meeting to be held on June 22, 2016.
Item 9.01 - Financial Statements and Exhibits.

Exhibit  No.  Description
10.1          OpGen, Inc. 2015 Equity Incentive Plan (incorporated by reference
              to Exhibit 10.13 to the Company's Registration Statement on Form
              S-1, Amendment No. 2, filed with the SEC on April 6, 2015).


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