OpGen Reports Officer Compensatory Arrangement Changes

TL;DR

**OpGen just changed exec pay, watch for impact on financials.**

AI Summary

OpGen, Inc. filed an 8-K on January 9, 2024, reporting an event that occurred on January 4, 2024, related to changes in compensatory arrangements for certain officers. This filing is important for investors because it signals potential shifts in executive compensation, which can impact the company's financial health and executive incentives, ultimately affecting shareholder value. The specific details of these arrangements, while not fully disclosed in this summary, are crucial for understanding the company's future financial commitments.

Why It Matters

Changes in executive compensation can influence management's motivation and the company's operational costs, directly impacting OpGen's financial performance and investor confidence.

Risk Assessment

Risk Level: medium — Changes in compensatory arrangements can be a double-edged sword, potentially motivating executives or increasing financial burden, thus presenting a medium risk.

Analyst Insight

Investors should seek further details on the specific compensatory arrangements to assess their financial impact and implications for executive performance and retention at OpGen, Inc.

Key Players & Entities

• OpGen, Inc. (company) — the registrant filing the 8-K
• January 4, 2024 (date) — date of the earliest event reported
• January 9, 2024 (date) — date the 8-K was filed
• 001-37367 (other) — Commission File Number for OpGen, Inc.
• OPGN (other) — Trading Symbol for OpGen, Inc. Common Stock
• The Nasdaq Capital Market (other) — exchange where OpGen, Inc. Common Stock is registered

FAQ

Key Financial Figures

• $300,000 — Chief Executive Officer, base salary to $300,000 from $244,800. In addition, on January
• $244,800 — e Officer, base salary to $300,000 from $244,800. In addition, on January 8, 2024, the
• $25,000 — Mr. Bacher will receive compensation of $25,000 per month (or $300,000 on an annualized
• $14,200 — f Mr. Weber and Mr. Bacher an amount of $14,200 for the months of November and December
• $180,000 — een their then-current base salaries of $180,000 and the amounts permitted to be paid to

Filing Documents

• opgen_8k.htm (8-K) — 26KB
• ex10x1.htm (EX-10.1) — 54KB
• ex10x2.htm (EX-10.2) — 55KB
• image_001.jpg (GRAPHIC) — 4KB
• image_002.gif (GRAPHIC) — 3KB
• 0001079973-24-000043.txt ( ) — 342KB
• opgn-20240104.xsd (EX-101.SCH) — 3KB
• opgn-20240104_lab.xml (EX-101.LAB) — 33KB
• opgn-20240104_pre.xml (EX-101.PRE) — 22KB
• opgen_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. In light of OpGen, Inc.'s (the "Company") focus on pursuing strategic alternatives and recent actions taken by its Board of Directors (the "Board") to reduce the Company's executives' base salaries by forty percent (40%), on January 4, 2024, the Board approved certain changes to its executives' compensation in order to ensure the retention of key members of management while the Company continues to pursue a potential strategic transaction or, in the absence of such a transaction, to enable the Company to seek bankruptcy protection. In furtherance of the foregoing, the Board approved an increase in Oliver Schacht's, the Company's Chief Executive Officer, base salary to $300,000 from $244,800. In addition, on January 8, 2024, the Company entered into consulting agreements (each, a "Consulting Agreement") with each of Albert Weber and Johannes Bacher, pursuant to which Mr. Weber and Mr. Bacher will continue to serve as the Chief Financial Officer and Chief Operating Officer of the Company, respectively. While Mr. Weber and Mr. Bacher are currently employed by the Company's subsidiary Curetis GmbH ("Curetis"), as a result of Curetis' previously disclosed insolvency proceedings, the Company agreed to enter into the Consulting Agreements in order to ensure Mr. Weber and Mr. Bacher continue to be compensated at the currently contemplated amounts. The Consulting Agreements provide that each of Mr. Weber and Mr. Bacher will receive compensation of $25,000 per month (or $300,000 on an annualized basis) commencing in January 2024. Under the Consulting Agreements, the Company also agreed to pay each of Mr. Weber and Mr. Bacher an amount of $14,200 for the months of November and December 2023, which amount reflects the difference between their then-current base salaries of $180,000 and the amounts permitted to be paid to

01. Financial Statements

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Consulting Agreement, dated January 8, 2024, by and between OpGen, Inc. and Albert Weber. 10.2 Consulting Agreement, dated January 8, 2024, by and between OpGen, Inc. and Johannes Bacher. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: January 9, 2024 OpGen, Inc. By: /s/ Oliver Schacht Name: Oliver Schacht, Ph.D. Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR