Document:

Exhibit 10.1

 

SEPARATION AGREEMENT

 

This Separation Agreement (this “Agreement”)
by and between Merisant Company 2 Sàrl, a Swiss company (“Merisant”) and Whole Earth Brands, Inc.,
a U.S. corporation (“WEB”), on the one hand, and Albert Manzone, a resident of Dorfstrasse 3, Ch-8802 Kilchberg
(“Executive”), on the other hand, is effective as of the date of the last signature below. As used in this Agreement,
the term “Company” means Merisant when referencing Executive’s employer and WEB and its subsidiaries and
affiliates in all other contexts.

 

WHEREAS,
Executive is currently employed by Merisant pursuant to a written offer letter between Merisant and Executive dated January 25, 2016,
which was amended on July 1, 2017; November 4, 2018; June 10, 2019; July 23, 2019; September 9, 2019; and February 11,
2020 (the “Swiss Employment Contract”);

 

WHEREAS,
Executive currently serves as the Chief Executive Officer and as a member of the Board of Directors of WEB (the “Board”)
and as a chairman of the management of Merisant;

 

WHEREAS,
Company has determined to terminate Executive’s employment with Company, and Executive and Company desire to enter into this agreement
to resolve any issues between them arising from Executive’s employment and the termination of Executive’s employment and to
continue Executive’s employment with Company through February 28, 2023 (the “Separation Date”), subject
to earlier termination as provided below;

 

WHEREAS,
the Parties wish to enter into this Agreement and, following the Separation Date, the Final Release attached hereto as Exhibit A
(the “Final Release”), to set forth the terms and conditions of Executive’s continued employment through
the Separation Date and the Parties’ obligations following the Separation Date.

 

NOW,
THEREFORE, in consideration of the agreements, covenants, promises and releases contained herein and such other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

		1.	Termination. As of January 1, 2023 (the “ Termination Date”), Executive
is not to hold himself out as an officer, employee, agent, director, or authorized representative, or negotiate or enter into any agreements
on behalf of, the Company or otherwise attempt to bind the Company, unless as instructed in writing to do so by the Executive Chairman
of the Board or except as provided for in connection with the Transition Assistance (defined in Section 2 below). Until February 28,
2023, when interviewing for new positions, Executive may hold himself out to prospective employers as a "Transitioning Chief Executive
Officer". By Executive’s signature below, Executive agrees that on the Termination Date and without any further action or notice
on Executive’s part, Executive will be considered to have been terminated from Executive’s position as Chief Executive Officer
of WEB and resigned from any and all other positions as an officer, director or similar positions of the Company. Notwithstanding the
foregoing resignation, Executive is not resigning as an officer or director of the Company that are required by regulation to provide
notice or obtain approval prior to any director and/or officer resignation, or that have other legal requirements with respect to resignation
and replacement of officers and/or directors, and Executive agrees to execute such other documents to effectuate resignations from any
such officer and/or director position as the Company may request; provided, however, that the Company shall continue to indemnify Executive
and provide D&O insurance to Executive for all acts through the Separation Date. For the avoidance of doubt, the D&O insurance
continues to cover Executive for acts prior to the Separation Date even if a claim is raised after the Separation Date.

 

    

     

    

 

		2.	Transition Period. During the period beginning on the Termination Date and ending on the Separation
Date (except as noted below), Executives agrees to make himself available and assist the Company with all reasonable requests with respect
to the business of the Company, including (i) closing the Company’s 2022 fiscal year (“FY2022”), (ii) signing
the Company’s 10-K and other documents required under U.S. securities laws in connection with FY2022 as CEO with respect to such
period (which action(s) may need to occur during the Transition Period), (iii) assisting with the Company’s budgeting
process; and (iv) the transition of the Executive’s successor as Chief Executive Officer. During the period beginning on the
Separation Date and September 1, 2023 (such period, the “Transition Period”), Executive agrees to provide
such assistance as may reasonably be required for the transition to others of matters previously within Executive’s responsibilities
and provide such other information as may be requested from time-to-time by the Executive Chairman of the Board or his designee (the “Transition
Assistance”). Executive will be paid his base salary as in effect as of the Termination Date through the Separation Date.
Executive agrees that, following the Separation Date, no additional compensation shall be payable to Executive with respect to Executive’s
provision of the Transition Assistance. For any activities from March 1, 2023, the Company agrees that it is not anticipated that
they will request Executive to be available more than 30 hours per month.

 

		3.	Separation. Effective as of the Separation Date, Executive’s employment relationship with
Company will automatically and immediately terminate. Except as set forth below, all Company benefits will terminate automatically upon
the Separation Date (including, for the avoidance of doubt, pension benefits). Company will pay to Executive all earned and unpaid salary
and/or wages and all accrued and unpaid vacation pay (the amount of such vacation pay through December 31, 2022 to be confirmed by
the Company’s Chief Human Resource Officer within five (5) days of the date hereof) in the next regularly scheduled payroll
cycle following his last day of employment with Company (or sooner to the extent legally required). The Company shall issue a reference
letter in accordance with Article 330a Swiss Code of Obligation with language to be mutually agreed by the Parties.

 

		4.	Severance Benefits. Subject to Executive’s full and timely compliance with the Severance
Conditions as defined and set forth in Section 6 below and all other terms and conditions of this Agreement, Company shall
pay or otherwise provide to Executive the severance benefits set forth in this Section 4 (collectively, the “Severance
Benefits”).

 

		a.	Company shall make the following cash payments to Executive (collectively, the “Cash Payments”):

 

		i.	a cash payment in the amount of CHF 282,800, which is an amount equal to 50% of base salary previously
set for Executive for Company’s fiscal year 2022, payable in monthly installments through the Merisant regular payroll over a 6-month
period. In the event Executive starts a new position or a gainful activity within the 6-month period following the Separation Date or
fails to provide the Transition Assistance to the Board’s satisfaction, payout of any remaining installments shall cease on the
day the Executive starts its new activity or upon the Board’s determination that the Transition Assistance is unsatisfactory;

 

		ii.	a cash payout for Company’s fiscal year 2022 bonus award under Company’s annual cash incentive
bonus program (which award, for sake of clarity, has a payout amount of up to CHF 565,600), as determined by and in the sole discretion
of the Board, which amount, if any, shall be paid at the same time as other Company executives receive annual cash incentive bonus payments;

 

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With regard to any Cash Payment that is
calculated or otherwise expressed in a currency other than Swiss francs, such Cash Payment shall be paid to Executive in Swiss francs,
using the currency conversion process and methodology customarily used by Company’s Human Resources in connection with similar payments.
Except as provided otherwise above, all Cash Payments will commence within four weeks following the Separation Date, subject to Executive’s
satisfaction of the Severance Conditions (except that if an earlier payment date is required by applicable law for any Cash Payment, such
Cash Payment shall be paid on or before the payment date required by applicable law).

 

		b.	Equity Acceleration. Company shall accelerate the vesting of 137,463 time-based WEB restricted
stock units (“WEB RSUs”) held by Executive so that such WEB RSUs will be fully vested as of the Separation Date (or
the first such date thereafter as is administratively feasible) and shall be settled under the terms of the applicable grant agreements.
In addition, the Company shall waive the continuous service requirement through the performance period for a pro rata number of the outstanding
performance-based restricted stock units (“WEB PSUs”) which shall become vested and earned, if at all, based on the
actual performance through the end of each WEB PSU award agreement’s applicable performance period as follows:

 

	Grant Date	 	Pro Rata Number of WEB PSUs Subject to 

Performance Vesting	 
	March 18, 2021	 	 	48,416	 
	March 24, 2022	 	 	36,853	 

 

WEB PSUs shall be settled, if at all,
at the same time WEB PSUs are settled for other WEB PSU award holders following the end of the applicable performance period and subject
to the terms of the applicable grant agreement.

 

For the avoidance of doubt, Executive
shall not be entitled to WEB RSUs or WEB PSUs, if any, except as set forth herein.

 

		c.	Car Allowance. Through the Separation Date, the Executive shall receive continuing monthly payments
in respect of Executive’s car allowance. As of the Separation Date, Executive shall (i) pay the Company monthly an amount equivalent
to the leasing cost (and ancillary costs) to the Company until expiry of the relevant lease of the subject vehicle (which debt may be
settled by set-off) or (ii) assume the lease of the subject vehicle in lieu of continuing monthly payments in respect of Executive’s
car allowance following the Separation Date.

 

		d.	The Severance Benefits will be paid or otherwise provided net of all applicable tax and social security
withholdings. In particular, Executive acknowledges and agrees that the Cash Payments will be reduced by and paid net of all tax and social
security withholdings applicable to such Cash Payments and the Car Allowance (collectively, the “Severance-Related Withholdings”).
In case of an underwithholding or where withholding is not practicable, the Executive will reimburse the Company for the employee's share
of social security contributions and withholding tax. The WEB RSUs and WEB PSUs will be subject to applicable tax and social security
withholdings pursuant to the terms of the applicable grant agreements.

 

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		5.	Continuing Obligations. Executive acknowledges and agrees that Executive’s obligations contained
in his Swiss Employment Contract, including those related to confidentiality and non-competition, each remain in full force and effect
(collectively, referred to herein as the “Restrictive Covenants”). The terms of this Agreement are in addition to and
do not supersede the Restrictive Covenants.

 

		6.	Severance Conditions. Executive acknowledges and agrees that the Severance Benefits are in addition
to any other compensation to which Executive would be entitled absent his execution of this Agreement and the Final Release and that absent
signing and not revoking this Agreement and the Final Release, Employee will not be eligible for, nor shall Employee have a right to receive,
any Severance Benefits other than accrued but unpaid salary and employee benefits through the Separation Date (which Final Release, for
avoidance of doubt, shall supplement and is in addition to the general release of claims set forth in Section 10 below) (collectively,
the “Severance Conditions”). Executive’s strict compliance with the Severance Conditions is essential to this
Agreement.

 

		7.	Termination of Prior Agreements; Exclusion of Extension Periods. This Separation Agreement supersedes
and replaces all prior agreements between Executive and Company relating to the rights and obligations of the parties in connection with
or in any way relating to Executive’s employment with Company and/or the termination of Executive’s employment, including,
without limitation, the Swiss Employment Contract, which agreement shall have no further or continuing force or effect. Without limiting
the preceding sentence, Executive acknowledges and agrees that he is not entitled to any severance, payments or other benefits relating
to or arising from the termination of his employment. Executive knowingly and voluntarily agrees that the termination date of his employment
with Company shall be the Separation Date and he hereby waives and disclaims any right, claim and/or entitlement to any additional notice
period, whether arising under contract, applicable law or otherwise. Any extension of the notice period or the end date of employment
due to sickness, accident, military service or any other reason listed in art. 336c of the Swiss Code of Obligations is expressly excluded.

 

		8.	Certain Acknowledgements. Executive acknowledges and agrees that, owing to his separation from
employment with Company as of the Separation Date and except only to the extent expressly included in the Severance Benefits, (i) all
of Executive’s rights to participate in and receive payouts under any Company benefits (whether providing for annual or multi-year
awards or otherwise) will terminate effective on the Separation Date, and accordingly he will not be eligible to receive a payout under
any such plan for Company’s 2023 fiscal year, or for any subsequent fiscal year; (ii) all unvested WEB RSUs (after acceleration
as provided in Section 4) held by Executive on the Separation Date will be forfeited in accordance with their terms. Executive further
acknowledges that except for the WEB RSUs and WEB PSUs awarded to him by Company and reflected in Executive’s Company-related electronic
stock plan account, he holds no other options or rights to purchase or otherwise acquire WEB Common Stock from the Company. By the Separation
Date, the Company will provide Executive information on insurance matters for departing employees, including information on end of insurance
cover under the Company's collective accident insurance policy and, as the case may be, daily sickness allowance insurance, and any right
of transfer to an individual accident and/or daily sickness allowance insurance and the applicable time limits.

 

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		9.	Return of Company Property. Executive agrees and warrants that on or before the Separation Date,
or earlier at Company’s direction, Executive will return to Company all keys, files, records (and copies thereof), equipment (including,
but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Company
identification, and any other Company-owned or Company-leased property in his possession or control and will leave intact all electronic
Company documents, records and files, including but not limited to those that Executive developed or helped to develop during his employment
with Company. Executive further agrees that any retention right is excluded. Executive further agrees and warrants that on or before the
Separation Date, he will have cancelled all accounts for his benefit, if any, in Company’s name, including but not limited to, credit
cards, cellular phone and/or computer accounts. In addition, Executive agrees and warrants that on or before the Separation Date, Executive
will have transferred to Company all rights in and control over (including all logins, passwords and the like) any and all accounts, social
media accounts, subscriptions and/or registrations, electronic or otherwise, that Executive opened and/or maintained in his own name,
but on behalf of or for the benefit of Company, during the course of his employment and not to access or do anything that may directly
or indirectly inhibit or prevent Company from accessing any and all of the accounts, social media accounts, subscriptions and registrations.
Executive agrees that, in the event that any such transfers have not been fully effected as of the Separation Date, Executive will execute
such instruments and other documents and take such other steps as Company may reasonably request from time to time in order to complete
the transfer of any such accounts, subscriptions and/or registrations.

 

		10.	General Release and Waiver of All Claims. In consideration of the compensation and other benefits
provided for in this Agreement, which Executive acknowledges he would not otherwise be entitled to receive, Executive herewith waives
any and all claims and rights of action (whether under statute, contract, common law or otherwise) that the Executive has or might have
in connection with his employment and its termination (including, but not limited to, claims for or in relation to salary, bonus or other
remuneration, contractual or statutory overtime, work on Sundays, on public holidays and at night, vacation, expenses, severance and termination)
or any other matter against Company and all of its subsidiaries and affiliates and/or Company’s shareholders, whether direct or
indirect, its joint venturers (including their respective directors, officers, employees, shareholders, partners and agents, past, present
and future) and each of its and their respective successors and assigns (the “Company Releasees”). However, except
where otherwise prohibited by law, the consideration provided to Executive in this Agreement shall be the sole relief provided to him
for the claims that are released by him, and he will not be entitled to recover, and agrees to waive any monetary benefits or recovery
against, the Company Releasees in connection with any such claim, charge or proceeding (excluding an SEC monetary award) without regard
to who has brought such claim or charge. Further, this Agreement shall not apply to rights or claims that may arise after the effective
date of this Agreement.

 

		11.	Non-Disparagement. To the extent permitted by law, Executive understands and agrees that as a condition
of his receipt of the compensation and other benefits provided to Executive under this Agreement, he shall not make any false, disparaging
or derogatory statement to any person or entity, including any media outlet, regarding Company or any of its directors, officers, employees,
agents or representatives or about Company’s business affairs or financial condition. For the avoidance of doubt, this Section 11
applies to any statement that has or reasonably could be expected to have an adverse effect on Company’s business, reputation, or
share price. The Company shall not and shall undertake best effort to ensure that any present or former parent corporation, affiliates,
subsidiaries, divisions, joint ventures, insurers, attorneys, successors and assigns and the current and former employees, officers, directors,
representatives and agents thereof shall not, in each case, disparage Executive in any manner likely to be harmful to his business reputation
or personal reputation.

 

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		12.	Cooperation. For a period of one (1) year following the Separation Date, Executive agrees
that he will reasonably cooperate with Company and its counsel, at Company’s expense, in connection with any investigation, administrative
proceeding or litigation conducted or defended by Company. Executive agrees that, in the event that he is subpoenaed or otherwise required
by any person or entity (including, but not limited to, any government agency) to give testimony (in a deposition, court proceeding or
otherwise) that in any way relates to his employment with Company, Executive will give prompt notice of such request to Company’s
Vice President, General Counsel & Secretary and will make no disclosure until Company has had a reasonable opportunity to contest
the right of the requesting person or entity to such disclosure.

 

		13.	Coordination of Communications. Company and Executive agree any communications, and in particular
any SEC filing, and statement indicating that Executive will be transitioning out of the role as CEO by Termination Date will be jointly
agreed. It is anticipated that any SEC communication will be released pre-NASDAQ market open on Monday, December 12, 2022.

 

		14.	Reference Letter. Company shall issue a reference letter according to article 330a Swiss
Code of Obligation whereby its language to be mutually agreed by the Company and Executive.

 

		15.	Confidentiality. Executive understands and agrees that, to fullest extent permitted by applicable
law, the contents of the negotiations and discussions resulting in this Agreement, shall be maintained as strictly confidential by Executive
and his agents and representatives and shall not be disclosed except to his immediate family, financial advisors, accountants, taxing
authorities, unemployment office, mortgage lenders/bank personnel and/or attorney provided that their disclosure would be imputed on the
Executive, and to the extent required by federal or state law, including a subpoena, or as otherwise agreed to in writing by Company.

 

		16.	DTSA Notice.Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally
or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence
to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose
of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. Further, an individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the
court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose
the trade secret, except pursuant to court order.

 

		17.	Nature of Agreement. Executive understands and agrees that this Agreement is a severance agreement
and does not constitute an admission by Company of liability or wrongdoing of any kind on its part.

 

		18.	Amendment. This Agreement shall be binding upon the parties and may not be modified in any manner,
except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto. This
Agreement is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors
and administrators.

 

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		19.	No Waiver. No delay or omission by either party in exercising any right under this Agreement shall
operate as a waiver of that or any other right. A waiver or consent given by a party on any one occasion shall be effective only in that
instance and shall not be construed as a bar or waiver of any right on any other occasion.

 

		20.	Validity. Should any provision of this Agreement be declared or be determined by any court of competent
jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said
illegal and/or invalid part, term or provision shall be deemed not to be a part of this Agreement; provided, however, that
if the Executive’s waiver and release under Section 10 were held to be illegal or invalid, the Executive shall not be
entitled to any payments in excess of his statutory entitlements and he shall promptly restitute to the Company the value of any payment
or benefit received beyond his statutory entitlements.

 

		21.	Voluntary Assent. Executive affirms that no other promises or agreements of any kind have been
made to or with him by any person or entity whatsoever to cause him to sign this Agreement, and that Executive fully understand the meaning
and intent of this agreement. Executive affirms that he has had the opportunity to fully discuss and review the terms of this Agreement
with legal counsel of his own choosing and that he availed himself of this opportunity to the full extent that he desired to do so.

 

		22.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
New York.

 

		23.	Entire Agreement. This Agreement contains and constitutes the entire understanding and agreement
between the parties hereto with respect to the subject matter hereof and, without limiting and in addition to Section 5 above,
supersedes all previous oral and written negotiations, agreements, commitments and writings in connection therewith, including, without
limitation, any such negotiations, agreements, commitments or writings relating to severance or other potential payments or benefits to
Executive in the event of the termination of his employment with Company.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties
have executed this Separation Agreement under seal effective as of the date of the last signature below.

 

	WEB	 	 
	 	 	 	 
	By:	/s/ Irwin Simon	 	/s/ Albert Manzone
	Name: 	Irwin Simon	 	Albert Manzone
	Title:	Executive Chairman of the Board of Directors	 	 
	 	 	 	 
	Date: December 11, 2022	 	Date: December 11, 2022
	 	 	 	 
	 	 	 
	Merisant Company 2 Sàrl:	 	 
	 	 	 	 
	By:	/s/ Ira Schlussel	 	 
	Name: 	Ira Schlussel	 	 
	Title:	Vice President, General Counsel & Secretary	 	 
	 	 	 	 
	Date: December 11, 2022	 	 

 

Company
Contact Person:

 

Ira W. Schlussel 

Vice President, General
Counsel & Secretary

 

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Exhibit A

 

GENERAL RELEASE OF CLAIMS and CERTIFICATION

 

The undersigned, Albert Manzone
(the “Executive”), agrees for good and valuable consideration, hereby waives any and all legal, equitable or other
claims, demands, setoffs, defenses, contracts, accounts, suits, debts, agreements, actions, causes of action, sums of money, judgments,
findings, controversies, disputes, or past, present and future duties, responsibilities, obligations, or suits at law and/or equity of
whatsoever kind, from the beginning of the world to the date hereof, including, without limitation, any and all actions, causes of action,
claims, counterclaims, third party claims, and claims under any and all federal, state, local and/or municipality statutes, laws and/or
regulations and any ordinance and/or common law pertaining to employment or otherwise and any and all other claims which have been or
which could have been asserted against any party in any forum, in each case to the maximum extent permitted by applicable law against
WEB and/or any of its affiliated companies, including Merisant (together all referred to as the “Company”) and/or any
and all the Company’s past, present and future directors, officers, employees, agents or representatives, assigns and successors
in any jurisdiction in the world (collectively “Releasees”).

 

By signing this Agreement,
Executive acknowledges and agrees that Executive knowingly and voluntarily fully releases and forever discharges Releasees of and from
all claims, demands and liability of any kind arising under any statute, law or ordinance, including, without limitation, Swiss employment
law, Title VII of the Civil Rights Act of 1964, the Fair Labor Standards Act, the National Labor Relations Act, the Americans with Disabilities
Act, any state Human Rights Act, or any facts or claims arising under the Age Discrimination in Employment Act (“ADEA”), in
each case to the maximum extent permitted by applicable law. This release is intended to cover all actions, causes of action, claims and
demands for damages, loss or injury arising from the beginning of time until the date of this Agreement, whether presently known or unknown
to Executive. However, Executive does not waive Executive’s rights to claims which may arise after this Agreement becomes effective.

 

In addition, Executive is
hereby advised to consult with an attorney prior to executing this Agreement. Executive agrees that Executive has been given a reasonable
time in which to consider the Agreement and seek such consultation. Executive further warrants that Executive has consulted with knowledgeable
persons concerning the effect of this Agreement and all rights which Executive might have under any and all state and federal laws relating
to employment and employment discrimination and otherwise. Executive fully understands these rights and that by signing this Agreement
Executive forfeits all rights to sue Releasees for matters relating to or arising out of employment, separation, or otherwise.

 

In accordance with provisions
of the ADEA, as amended, 29 U.S.C. §601-634, Executive is hereby provided a period of twenty-one (21) days from the date Executive
receives this Agreement to review the waiver of rights under the ADEA and sign this Agreement (and any changes made to this Agreement
by the parties during such 21-day period shall not restart the 21-day period). Furthermore, Executive has seven (7) days after the
date Executive signs the Agreement (“Revocation Period”) to revoke Executive’s consent. This Agreement shall not become
effective or enforceable until the Revocation Period has expired. If Executive does not deliver a written revocation to the General Counsel
before the Revocation Period expires, this Agreement will become effective.

 

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Notwithstanding anything in
the Agreement to the contrary, releases contained in this Agreement shall not apply to (i) any rights or claims under the Agreement
or that may arise as a result of events occurring after the date this Agreement is executed, (ii) any indemnification rights Executive
may have as a former officer or director of the Company or its subsidiaries or affiliated companies, (iii) any claims for benefits
under any directors’ and officers’ liability policy maintained by the Company or its subsidiaries or affiliated companies
in accordance with the terms of such policy, (iv) any rights or claims for vested benefits under any Company pension benefit plan
or welfare benefit plan in which Executive and Executive’s dependents participate, (v) any rights or claims that cannot be
released as a matter of law (including without limitation any right to workers’ compensation or unemployment insurance benefits),
and/or (vi) any rights as a holder of equity securities of the Company.

 

The undersigned, Albert Manzone,
also confirms that he has fully complied with all his obligations under the Agreement and that he has, in particular, returned all company
property and transferred all accounts, subscriptions and/or registrations to the Company.

 

	 	/s/ Albert Manzone
	Date: December 11, 2022	Albert Manzone

 

    10EX-4.1

 Exhibit 4.1 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN
COMPLIANCE WITH THE SECURITIES ACT. 
 FORM OF PRE-FUNDED COMMON STOCK PURCHASE WARRANT 

DELCATH SYSTEMS, INC. 
  

			
	Warrant Shares: [___]	  	Issue Date: [ ], 2022
		
		  	Initial Exercise Date: [ ], 2022

 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”) and UNTIL THIS Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe for and purchase from Delcath Systems, Inc., a Delaware
corporation (the “Company”), up to [___] shares of 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). 
 Section 1. Definitions. Capitalized terms used and not
otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”), dated December 7, 2022, among the Company and the purchasers signatory thereto. 

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 submitted by e-mail (or 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 aggregate Exercise Price for the Warrant Shares

  
 1 

 
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank, in either case in immediately available funds, 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. The Company shall have no obligation to inquire with respect to or otherwise confirm the authenticity of the signature(s) contained on any Notice of Exercise nor the authority of
the person so executing such Notice of Exercise. 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) Trading 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. 

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 remaining unpaid exercise price per share of Common Stock under this Warrant shall be
$0.01, subject to adjustment hereunder (the “Exercise Price”). 
 c) Cashless Exercise. 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

  
 2 

 
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 of this Warrant, 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.

 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 characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding
period of this Warrant. 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 4:00 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 is then reported on 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 Warrants then outstanding and reasonably acceptable to the Company, the
reasonable 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

  
 3 

 
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 is then reported on 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 Warrants then outstanding and
reasonably acceptable to the Company, the reasonable fees and expenses of which shall be paid by the Company. 
 d)
Mechanics of Exercise. 
 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’s transfer agent 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 the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming
cashless exercise of the Warrants), 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 earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day
after delivery of the aggregate Exercise Price to the Company and (iii) 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 the Company shall have received 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, beginning one Trading Day after the Warrant Share Delivery Date, 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 

  
 4 

 
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 the delivery of the Notice of Exercise. 
 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, 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 remaining available under this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

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 by delivering written notice to the Company at any time prior to the delivery of such Warrant Shares (in which case any
liquidated damages payable under Section 2(d)(i) shall no longer be payable. 
 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 for the Holder, 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 reasonable and customary brokerage commissions, if
any) for the 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 

  
 5 

 
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 shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with
respect to an attempted exercise 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 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 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. 

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. 

  
 6 

 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 such shares 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), 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 and the calculations required under this Section 2(e). 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 or filing 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 request of a Holder, the Company shall within one 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 

  
 7 

 
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 4.99 % of the number of shares of Common Stock outstanding
immediately after giving effect to the issuance 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 shares of Common Stock outstanding immediately after giving effect to the issuance 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 Section 2(e) shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this Section 2(e) (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. 
 Section 3. Certain Adjustments. 

a) Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share
dividend or otherwise makes a distribution or distributions in respect of the Company’s Common Stock (which, for avoidance of doubt, shall not include any 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 share split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification 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] 

  
 8 

 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 shares, warrants, securities or other property pro rata to the record holders 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 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 Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, 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); provided, that such Purchase Right shall terminate on, and shall not be held in abeyance for any period subsequent to the Termination Date. 

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 Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of shares 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 Common Stock are to be determined for the participation in such Distribution (provided, however, that, 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); provided, that the Holder’s right
to receive such Distribution shall terminate on, and shall not be held in abeyance for any period subsequent to the Termination Date. 

e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company (and all of its
Subsidiaries, taken as a whole), directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person (other than for the purpose of changing the Company’s name and/or the
jurisdiction of incorporation of the Company or a holding company for the Company), (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 

  
 9 

 
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 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 Common Stock or any compulsory share exchange pursuant to which the Common Stock is 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 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 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 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 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 require 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 and the other Transaction Documents 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 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 

  
 10 

 
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 and the other Transaction Documents 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 and the other Transaction Documents 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. 
 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 Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to
all holders of Common Stock rights or warrants to subscribe for or purchase any shares of 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 Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) 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 Common Stock is 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) 

  
 11 

 
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 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 share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share 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. 
 Section 4. Transfer
of Warrant. 
 a) Transferability. Subject to compliance with any applicable securities laws and the conditions
set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, 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 

  
 12 

 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. 
 d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the
Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public
information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase
Agreement. 
 e) Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it
is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of
the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act. 

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. 
 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 share 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 share certificate, if mutilated, the Company will make and deliver a new Warrant or share
certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate. 

  
 13 

 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 Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day. 

d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
share capital 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 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 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 articles of association 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 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. 

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. 

  
 14 

 e) Jurisdiction. All questions concerning the construction, validity,
enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement. 

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. 

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. Without limiting any other provision of this Warrant or the Purchase Agreement, 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 notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 
 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 Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

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 such Holder. 

  
 15 

 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. 
 o) Facsimile and Electronic Signatures. Facsimile and other electronically
scanned and transmitted signatures, including by email attachment, shall be deemed originals for all purposes of this Warrant. 

******************** 

[Signature page follows.] 

  
 16 

 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. 
  

			
	DELCATH SYSTEMS, INC.
		
	By:	 	  

		 	Name: Gerard Michel
		 	Title: Chief Executive Officer

  
 1 

 NOTICE OF EXERCISE 

TO: DELCATH SYSTEMS, 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: 

 

                       
                                         
     
  

                       
                                         
     
  

                       
                                         
     
 (4) Accredited Investor. The undersigned is an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as amended. 
 [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 exercise the Warrant to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

 

					
	Name:	 		  	  

		 		  	(Please Print)
			
	Address:	 		  	  

		 		  	(Please Print)
			
	Phone Number:	 		  	  

			
	Email Address:	 		  	  

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

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