Document:

EX-10.2

 Exhibit 10.2 

DELCATH SYSTEMS, INC. 

INDUCEMENT AWARD STOCK OPTION AWARD AGREEMENT 

THIS INDUCEMENT AWARD STOCK OPTION AWARD AGREEMENT (this “Agreement”) is made as of October 1, 2020 (the
“Grant Date”), by and between Delcath Systems, Inc., a Delaware corporation (the “Company”), and Gerard Michel (the “Optionee”). 

The parties hereto agree as follows: 

1. Inducement Award. The Company hereby grants to the Optionee an Option (the “Option”) to purchase Four
Hundred and Ninety-Eight Thousand (498,000) shares of Common Stock (“Option Shares”). The Option is granted as an employment inducement award pursuant to Listing Rule 5635(c) of the corporate governance rules of the NASDAQ
Stock Market. Accordingly, the Option is being granted outside of the Company’s existing equity compensation plans. However, the Option will be governed in all respects as if issued under the Company’s 2020 Omnibus Equity Incentive Plan
(the “Plan”), as in effect on the date of its adoption by the Board and as may be amended thereafter from time to time. Accordingly, the terms of the Plan are hereby incorporated by reference. Capitalized terms used in this
Agreement and not defined herein shall have the meanings ascribed to such terms in the Plan or in the Optionee’s Employment Agreement with the Company dated August 31, 2020 (the “Employment Agreement”). In the event
that any provision of this Agreement conflicts with any term in the Plan, the term in the Plan shall be deemed controlling. The Option is not intended to be, and shall not be treated as, an incentive stock option, as defined in Section 422 of
the U.S. Internal Revenue Code of 1986, as amended. 
 2. Participation. The Optionee shall be deemed a “Participant”
for purposes of applying the terms of the Plan to this Agreement and the Option awarded hereby. 
 3. Exercise Price. The Exercise
Price to be paid by the Optionee to the Company upon the exercise of the Option shall be: 
  

	 	•	 	 As to the first Three Hundred and Ninety Six Thousand (396,000) Option Shares to vest in accordance with the
schedule set forth in Section 4 below (or otherwise hereunder), $11.67 per share; 

  

	 	•	 	 As to the next Fifty One Thousand (51,000) shares to vest in accordance with the schedule set forth in
Section 4 below (or otherwise hereunder), $17.505 per share; and 

  

	 	•	 	 As to the next Fifty One Thousand (51,000) shares to vest in accordance with the schedule set forth in
Section 4 below (or otherwise hereunder), $23.34 per share. 

 4. Vesting Provisions.
Provided that the Optionee remains in Service as of the applicable vesting date, the Option shall become vested and exercisable in equal monthly installments over the 36-month period beginning on the Grant
Date (i.e., 1/36th will vest on the last day of each month during said 36-month period, with the first vesting date being October 31, 2020, provided
that the Optionee remains in Service as of each such vesting date). 

 5. Option Term 

(a) Maximum Term. The Option, to the extent vested pursuant to Section 4 hereof (or otherwise
hereunder), may be exercised at any time on or after the applicable vesting date and prior to the termination of the Option. The Option shall expire and terminate on October 1, 2030, unless it is earlier terminated in accordance with the terms
of the Plan, as incorporated herein by reference, or this Agreement (including without limitation, Section 5(b) hereof). Upon any such termination of the Option, the Option shall be forfeited and shall no longer be
exercisable. 
 (b) Effect of Termination of Service. 

i. Termination by Reason of Disability. In the event of the Optionee’s termination of Service by reason of
“Disability” (as defined in the Employment Agreement), the Option, to extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A) the
expiration date of the Option set forth in Section 5(a) hereof, and (B) the date that is 12 months following such termination of Service. 

ii. Termination by Reason of Death. In the event of the Optionee’s termination of Service by reason of death, the
Option, to extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A) the expiration date of the Option set forth in Section 5(a)
hereof, and (B) the date that is 12 months following such termination of Service. 
 iii. Termination other than for
Cause. Except as provided in Section 5(b)(i) or (ii) (with respect to death or Disability), in the event of the Optionee’s termination of Service for any reason other than by the Company or an Affiliate for
“Cause” (as defined in the Employment Agreement), the Option, to the extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A) the
expiration date of the Option set forth in Section 5(a) hereof and (B) the 90th day following such termination of Service. 

iv. Termination for Cause. In the event of the Optionee’s termination of Service by the Company or an Affiliate for
Cause, the Option (both the vested and unvested portion) shall terminate and no longer be exercisable upon the date of such termination of Service. If the Optionee’s Service is suspended pending an investigation of whether the Optionee’s
Service will be terminated for Cause, all of the Optionee’s rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period. 

v. Unvested Option. The Option, to the extent unvested as of the date of the Optionee’s termination of Service for
any reason, shall terminate upon the date of such termination of Service (except to the extent necessary to give effect to any acceleration of vesting upon certain terminations of Service within a specific period prior to or following a Change in
Control pursuant to Section 4.5(d) of the Employment Agreement, in which case such accelerated portion shall terminate and no longer be exercisable upon the earlier of (A) the expiration date of the Option set forth in
Section 5(a) hereof and (B) the 90th day following such termination of Service)). 

  
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 (c) No Notice of Option Expiration. The Optionee is responsible for
keeping track of the expiration date of the Option and the post-termination exercise periods following the Optionee’s termination of Service for any reason. The Company is not obligated to provide further notice of such periods. 

6. Procedure for Exercise. 

(a) Notice of Exercise. The Option, to the extent vested and outstanding, may be exercised by delivering written notice
of exercise to the Company, in the form required by the Committee. The notice must state the number of Option Shares to be purchased and must be accompanied by payment in full of the Exercise Price. 

(b) Payment of Exercise Price. The Exercise Price may be paid by cash or a certified or bank cashier’s check or
wire transfer. The Committee may also allow any other method of payment permitted by Section 6(f) of the Plan in its discretion at the time of exercise, subject to any restrictions deemed necessary or appropriate by the Committee to facilitate
compliance with Applicable Law. The Option may be exercised to purchase less than the total number of Option Shares subject to the Option. 

(c) Delivery of Stock Certificates Upon Exercise. Subject to Section 8 hereof, upon the
exercise of the Option, the Company shall mail or deliver to the Optionee (or beneficiary in the case of exercise by a beneficiary), as promptly as practicable, a stock certificate or certificates representing the Option Shares then purchased (or
take such other action its deems advisable to evidence the issuance of the Option Shares then purchased). 
 7. Restrictions on
Transfer. The Optionee acknowledges and agrees that the Option, and any right or interest therein, may not be sold, transferred, gifted, donated, pledged, hypothecated, disposed of or assigned by the Optionee, and may be exercised during the
lifetime of the Optionee only by the Optionee (or during the period the Optionee is under a legal disability, by the Optionee’s guardian or legal representative). However, in the event of the death of the Optionee, the Option may be transferred
by will or the laws of descent or distribution. 
 8. Registration, Listing and Qualification of Shares. Upon the exercise of the
Option at a time when there is not in effect a registration statement under the Securities Act relating to the Option Shares, by virtue of such exercise, the Optionee shall be deemed to represent and warrant to the Company that the Option Shares
shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same. The Optionee shall provide the Company with such additional or other representations and warranties as the
Company may require in order to ensure compliance with applicable Federal and state securities, blue sky and all other Applicable Laws. No Option Shares shall be issued unless and until the Company and/or the Optionee shall have complied with all
applicable Federal or state registration, listing and/or qualification requirements and all other requirements of Applicable Law. 

  
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 9. Certain Plan Provisions. Without limiting any other provision of this Agreement,
the Option shall be subject to the same terms as provided in Plan Sections 4(d) (Adjustments for Change in Common Stock, Etc.), Section 12 (Forfeiture Events) and Section 13 (Change in Control). 

10. Optionee’s Representations. The Optionee hereby represents and warrants to the Company that (i) the execution, delivery
and performance of this Agreement by the Optionee does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Optionee is a party or by which the Optionee
is bound and (ii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Optionee, enforceable against the Optionee in accordance with its terms. The Optionee hereby
acknowledges and represents that the Optionee has consulted with (or has had an opportunity to consult with) independent legal counsel regarding the Optionee’s rights and obligations under this Agreement and that the Optionee fully understands
the terms and conditions contained herein and therein. 
 11. Rights of Optionee. Nothing in this Agreement shall interfere or limit
in any way the right of the Company or any Affiliate to terminate the Optionee’s Service at any time for any reason (with or without Cause). Nothing in this Agreement shall confer upon the Optionee any right to future equity-based or other
incentive awards and nothing in this Agreement shall provide for any adjustment to the number of Option Shares issued or issuable pursuant to the exercise the Option upon the occurrence of subsequent events except as provided in the Plan. 

12. No Rights as a Stockholder. The Optionee shall not have any of the rights of a stockholder with respect to the Option Shares until
the Option Shares have been issued to the Optionee upon the due exercise of the Option. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such Option Shares are issued. 

13. Withholding of Taxes. The Option (including the issuance of Option Shares pursuant to the exercise of the Option) shall be subject
to applicable tax withholding. The Company shall be entitled, as it deems necessary or desirable, to withhold from any amounts due and payable by the Company or any Affiliate to the Optionee (or secure payment from the Optionee in lieu of
withholding) the amount of any withholding or other tax due with respect to the exercise of the Option, and, subject to Applicable Law, the Company may defer the issuance of any Option Shares in connection with the exercise of the Option unless
indemnified by the Optionee (including by way of payment to the Company of an amount required to be withheld as a condition of Option exercise), to the Company’s satisfaction, with respect to liabilities relating to tax withholdings. In this
regard, the Optionee authorizes the Company or any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all applicable tax withholdings by one or a combination of the following: 

(a) withholding from the Optionee’s wages or other cash compensation paid to the Optionee by the Company and/or any
Affiliate; 

  
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 (b) withholding from proceeds of the sale of Option Shares acquired at
exercise of this Option either through a voluntary sale or through a mandatory sale arranged by the Company (on the Optionee’s behalf pursuant to this authorization and without further consent); 

(c) withholding Option Shares to be issued upon exercise of the Option, provided the Company only withholds a number of Option
Shares necessary to satisfy no more than the withholding amounts determined based on the maximum permitted statutory rate applicable in the Optionee’s jurisdiction; 

(d) the Optionee’s payment of a cash amount (including by check representing readily available funds or a wire transfer);
or 
 (e) any other arrangement approved by the Committee and permitted under Applicable Law. 

14. Personal Data. For the purpose of implementing, administering and managing the Plan, this Agreement and Option granted hereunder,
the Optionee, by execution hereof, consents to the collection, receipt, use, retention and transfer, in electronic or other form, of the Optionee’s personal data by and among the Company and its third party vendors or any potential party to any
Change in Control transaction or capital raising transaction involving the Company. The Optionee understands that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security
number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties assisting in the
implementation, administration and management of this Agreement and Option and the Plan and the Optionee expressly authorizes such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). The Optionee
understands that these recipients may be located in the Optionee’s country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Optionee’s country. The Optionee understands that
data will be held only as long as is necessary to implement, administer and manage this Option. The Optionee understands that he may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view
data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary. The
Optionee understands, however, that refusing or withdrawing the Optionee’s consent may affect the Optionee’s ability to accept or exercise this Option. 

15. Consent to Electronic Delivery and Participation. By accepting this Option, the Optionee agrees to participate hereunder through an on-line or electronic system established and maintained by the Company or a third party designated by the Company, and consents to the electronic delivery of the Agreement, the Plan,
account statements, prospectuses, and all other documents, communications, or information related to the Option. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in
administering the Agreement, the delivery of the document via e-mail, or such other delivery determined at the Company’s discretion. The Optionee may receive from the Company a paper
copy of any documents delivered electronically at no cost if the Optionee contacts the Company by telephone, through a postal service, or electronic mail to the appropriate Person designated by the Committee. 

  
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 16. No Future Entitlement. By execution of this Agreement, the Optionee acknowledges
and agrees that: (i) the grant of this Option is a one-time benefit which does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock
options, even if stock options have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable,
the maximum number of shares subject to each stock option, and the purchase price, will be at the sole discretion of the Committee; (iii) the value of this Option is not part of normal or expected compensation or salary for any purpose,
including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of this Option ceases
upon termination of employment with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement or the Plan; (vi) if the underlying
Common Stock does not increase in value, this Option will have no value, nor does the Company guarantee any future value; and (vii) no claim or entitlement to compensation or damages arises if the Common Stock does not increase in value, and
the Optionee irrevocably releases the Company from any such claim that does arise. 
 17. General Provisions. 

(a) Transfers in Violation of Agreement. Any transfer or attempted transfer of the Option in violation of any provision
of this Agreement or the Plan shall be null and void and of no force and effect and the purported transferee shall have no rights or privileges in or with respect to the Option or the Option Shares. 

(b) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under Applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or the enforceability of this Agreement in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 (c) Complete Agreement. This Agreement (including the terms of the Plan as incorporated herein by
reference), the Employment Agreement and the other documents expressly referred to herein and therein, embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements and
representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Optionee acknowledges and agrees that this Agreement shall be in full, final and complete
satisfaction of any obligation of the Company to grant to the Optionee the stock option contemplated by Section 2.3 of the Employment Agreement. 

  
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 (d) Counterparts. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

(e) Successors and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of,
and be enforceable by, the Optionee and the Company and their respective successors and assigns; provided, that the rights and obligations of the Optionee under this Agreement shall not be assignable except as may otherwise be expressly permitted in
this Agreement or in the Plan. 
 (f) Choice of Law. This Agreement shall be construed, interpreted and the rights of
the parties determined in accordance with the laws of the State of Delaware (without reference to any choice of law rules that would require the application of the laws of any other jurisdiction). Each of the Company and the Optionee waives the
necessity for personal service of any and all process upon such party and consents that all such service of process may be made by registered or certified mail (return receipt requested), in each case directed to such party at the address set forth
in the Company’s records, and service so made will be deemed to be completed on the date of actual receipt. Each of the Company and the Optionee consents to service of process as aforesaid. Nothing in this Agreement will prohibit personal
service in lieu of the service by mail contemplated herein. 
 (g) Amendment. The provisions of this Agreement may be
amended by the Committee at any time; provided, however, that the Committee may not change any term of this Agreement in a manner which would have a materially adverse effect on the Optionee without the Optionee’s approval, unless such an
amendment is required by Applicable Law or otherwise expressly permitted by the terms of the Plan. 
 (h)
Interpretation. All questions of interpretation concerning this Agreement shall be determined by the Committee. All determinations by the Committee shall be final and binding upon all persons having an interest in the Option as provided by
the Plan. Any officer (other than the Optionee) shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein or in the
Plan, provided that the officer has apparent authority with respect to such matter, right, obligation, or election. 
 (i)
Further Instruments. The Committee may require that the Optionee execute any agreements (or the Committee may otherwise impose other requirements) with such terms as the Committee deems appropriate, with respect to the Option or the Option
Shares. The Optionee shall execute any additional documents the Committee deems necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the terms of this Agreement.

 (j) Section 409A. The Option is intended to be exempt from Section 409A of the Code, and this Agreement
(including the Plan, as incorporated by reference herein) shall be administered and interpreted consistent with such intent. Notwithstanding the foregoing, the Company makes no representations that the Option or the vesting and payments provided by
this Agreement are exempt from or comply with Section 409A of the Code, and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Optionee
on account of non-compliance with Section 409A of the Code. 
 [Remainder of Page
Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first
written above. 
  

					
	DELCATH SYSTEMS, INC.
		
	By:	 	 /s/ Roger G. Stoll

		 	Name:	 	Roger G. Stoll
		 	Title:	 	Chairman of the Board

  

			
	OPTIONEE
		
	Signature:	 	 /s/ Gerard Michel

	Name:	 	Gerard Michel

 (Signature Page to October 1, 2020 Inducement Award Stock Option Award Agreement)EX-10.3

 Exhibit 10.3 

Delcath Systems, Inc. 

EMPLOYEE CONFIDENTIALITY, INVENTION ASSIGNMENT 

AND RESTRICTIVE COVENANTS AGREEMENT 

This EMPLOYEE CONFIDENTIALITY, INVENTION ASSIGNMENT AND RESTRICTIVE COVENANTS AGREEMENT (“Agreement”) is made and entered into this
31st day of August, 2020, between Delcath Systems, Inc., on behalf of itself and its predecessors, divisions, affiliates, successors, and assigns (collectively, the “Company”), and
Gerard Michel (“Employee”). 
 WHEREAS, the Company wishes to obtain reasonable protection of its trade secrets and confidential
and proprietary business and technical information which it has developed or acquired and will develop or acquire at substantial expense and effort and which the Company takes reasonable measures under the circumstances to protect from unauthorized
use, disclosure and/or appropriation, and 
 WHEREAS, the Company wishes to obtain reasonable protection against unfair competition during
the Employees employment by the Company and following termination of the Employee’s employment by the Company and, to further protect against unfair use of its trade secrets and confidential and proprietary business and technical information,
the Company desires to have Employee execute this Agreement, and 
 WHEREAS, the Company wishes to obtain reasonable protection of its
customer relationships, good will and relationships with its well-trained and stable workforce, for which the Company has invested and will invest substantial money and effort to develop and maintain, and 

WHEREAS, by virtue of Employee’s employment with the Company, Employee will learn of, have access to, and/or develop confidential and
proprietary information and trade secrets of the Company and will have contacts with the Company’s valuable customer base and its workforce, all of which the Company has a legitimate business interest in protecting, and 

WHEREAS, the Employee is willing to execute this Agreement and grant the Company the benefits of the duties and restrictive covenants
contained herein, which Employee agrees are material and necessary for the Company’s protection. 

 THEREFORE, in consideration of, and as a condition of, Employee’s initial and
continuing employment by the Company and in consideration of the compensation and benefits paid to Employee and hereafter to be paid to Employee by the Company (including, for example, base salary, bonus opportunities and a grant of
stock options) and the Confidential Information that will be entrusted to Employee in Employee’s capacity as an employee or agent of the Company, Employee agrees as follows: 

1. NO PRIOR CONFLICTING CONTRACTS. 

Employee represents that Employee’s employment or potential employment by the Company is not in violation of any contract or covenants
(including any confidentiality, non-competition or non-solicitation agreement) to which Employee is a party with any employer, entity, or person, nor will
Employee’s employment violate any decree, judgment or order to which Employment may be subject. Employee agrees not to use or disclose in Employee’s work with the Company any secret or confidential information of others, including prior
employers, unless such information is rightfully possessed by the Company. 
 2. DEFINITIONS 

(a) Confidential Information. For purposes of this Agreement, “Confidential Information” is to be broadly defined as any
information of a confidential, non-public or proprietary nature pertaining to the Company or to the business, operations, activities, products or services of the Company and that is used, developed, or
obtained by the Company in connection with its business, including information obtained by Employee while employed by the Company and information developed by Employee in the course of employment by the Company as if the Company furnished the same
Confidential Information to the Employee in the first instance. Confidential Information includes, but is not limited to, information, observations, and data concerning (i) the business or affairs of the Company; (ii) products or services;
(iii) fees, costs, compensation, and pricing structures; (iv) designs; (v) chemical compositions, equipment, materials, designs, procedures, processes, and techniques used in, or related to, the development, manufacture, assembly,
fabrication or other production and quality control of the Company’s products; (vi) proprietary technical information, strategies and/or specifications (including, but not limited to, supplier specifications); (vii) clinical trial data, as
well as pre-clinical and clinical testing data and strategies, laboratory notes and laboratory notebooks and any protected health information that is created, received or maintained by the Company related
to an individual’s health care that directly or indirectly identifies the individual; (viii) analyses; (ix) drawings, photographs and reports; (x) computer software, including operating systems, applications, and program listings;
(xi) flow charts, manuals, and documentation; (xii) data or data bases; (xiii) accounting and business methods; (xiv) inventions, devices, new developments, research, methods and processes, whether patentable or unpatentable and
whether or not reduced to practice; (xv) customers and clients and customer or client lists; (xvi) other copyrightable works; (xvii) all production methods, processes, technology, trade secrets, copyrights, derivative works, mask
works, know-how, and other intellectual property; (xviii) information about Company products already developed or that will be developed in the field of cancer treatment, including interventional oncology
for the treatment of primary and metastatic liver cancers; (xix) expansion plans (including existing and entry into new geographic and/or product markets); (xx) information received in confidence by the Company from its customers, clients,
suppliers, distributers, business partners or other third parties; and (xxi) all similar and related information in whatever form, such as files, letters, notes, analysis, emails, memoranda, reports, records, computer disks or other computer
storage medium, data, models or any photographic or other tangible materials containing or derived from such information. Confidential Information will not include any information that has been published (other than a disclosure by Employee in
breach of this Agreement) in a form generally available to the public prior to the date Employee proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because individual portions of
the information have been separately published, but only if all material features comprising such information have been published in combination. 

  
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 (b) Work Product. For purposes of this Agreement, the term “Work Product”
means all inventions, innovations, improvements, technical information, systems, software developments, discoveries, methods, designs, processes, analyses, drawings, reports, service marks, trademarks, trade names, logos, and all similar or related
information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise) that relates to the Company’s actual or anticipated business, research and development, or existing or future
products or services and which are conceived, developed, or made by Employee (whether or not during usual business hours, whether or not by the use of the facilities of the Company, and whether or not alone or in conjunction with any other person)
while employed by the Company (including those conceived, developed, or made as a Company employee prior to the effective date of this Agreement) together with all patent applications, letters patent, trademark, trade name and service mark
applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. 
 3.
CONFIDENTIALITY REQUIREMENTS. 
 (a) Employee acknowledges and agrees that, as a result of the nature of the Company’s business
and the nature of Employee’s position with the Company, Employee will come into contact with, have access to and/or develop in the course of employment Confidential Information (as defined above) belonging to the Company. Employee acknowledges
that the aforementioned Confidential Information is unique and not generally known to the public and has been developed, acquired and compiled by the Company at its great effort and expense. Employee further acknowledges that the Confidential
Information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and is the
subject of reasonable efforts to maintain its secrecy. 
 (b) Employee further acknowledges and agrees that any disclosure or use of the
Company’s Confidential Information by Employee, other than in connection with the Company’s business or as specifically authorized by the Company, will be or may become highly detrimental to the business of the Company, and serious loss of
business and damage to the Company will or may result. 
 (c) Accordingly, Employee agrees to hold all Confidential Information in the
strictest confidence and agrees to safeguard and not use, disclose, divulge or reveal the Company’s Confidential Information to any person, either during Employee’s employment or at any time after the termination of Employee’s
employment with the Company, without specific prior written authorization from an executive officer of the Company. If Employee is an executive officer of the Company, Employee must obtain prior written authorization from the Chief Executive
Officer. If Employee is the Chief Executive Officer of the Company, Employee must obtain prior written authorization from the Company’s Board of Directors. Employee further agrees to take all reasonable precautions necessary to ensure that the
Confidential Information shall not be, or be permitted to be, shown, copied or disclosed to third parties, without the prior written consent of the Company, and to observe all security policies implemented by the Company from time to time with
respect to the Confidential Information. 

  
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 (d) Employee further agrees to promptly deliver to the Company, upon the termination of
Employee’s employment with the Company, or at any other time as the Company may so request, all Company property, including but not limited to laptops, personal digital assistants (PDAs), tablet devices, cell phones, digital storage media, and
all documentation, memoranda, notes, customer lists, records, reports, blueprints, software, drawings, computer disks, programs, and any other documents (and all copies thereof) containing Confidential Information or Work Product or relating to the
Company’s business and any property associated therewith, which Employee may then possess or have under Employee’s control. Following the termination of the employment relationship, Employee shall not retain any written or other tangible
material containing any information concerning or disclosing any of the Confidential Information or Work Product of the Company. 
 (e)
Notice Pursuant to the Defend Trade Secrets Act of 2016. Notwithstanding any other provision of this Agreement: 

(i) Employee will not be held criminally or civilly liable under any federal or state trade secret law for any
disclosure of a trade secret that: 
 (A) is made: (1) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or 

(B) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. 

(ii) If Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may
disclose the Company’s trade secrets to the Employee’s attorney and use the trade secret information in the court proceeding if the Employee: 

(A) files any document containing the trade secret under seal; and 

(B) does not disclose the trade secret, except pursuant to court order. 

4. THE COMPANY’S OWNERSHIP OF WORK PRODUCT.  

(a) Employee acknowledges and agrees that all Work Product, including all inventions (whether patentable or not and whether new developments
or improvements) and all business ideas (including copyrightable works), that relates directly to any business of the Company or its actual or demonstrably anticipated research or development, or results from Employee’s work for the Company, or
uses the Company’s equipment, supplies, facilities or information (including trade secret information), and which Employee (alone or in conjunction with others) conceives or develops on the job or elsewhere while employed by the Company
(including those that Employee conceived or developed as an employee prior to signing this Agreement) or within one year after the termination of the Employee’s employment, are and shall be the exclusive property of the Company, and Employee
hereby assigns all right, title and interest in and to such Work Product to the Company, including all intellectual property rights therein. 

  
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 (b) Without limiting the Company’s rights under subsection (a) above, Employee
acknowledges that, by reason of being employed by the Company at the relevant times, to the extent permitted by law, all of Employee’s Work Product consisting of copyrightable subject matter is “work made for hire” as defined in the
United States Copyright Act, 17 U.S.C. § 101 et seq., and such copyrights are therefore owned by the Company. 
 (c) Employee shall
promptly disclose all Work Product to the Company, shall execute at the request of the Company any written assignments or other documents the Company may deem necessary to protect or perfect its rights therein, and shall assist the Company, at the
Company’s expense, in obtaining, defending, and enforcing the Company’s rights therein. Employee, if and whenever required to do so (whether during or after the termination of his or her employment), shall at the expense of the Company
apply or join in in applying for copyrights, patents or trademarks or other equivalent protection for the Company in the United States or in other parts of the world for any Work Product. Employee hereby appoints the Company as Employee’s attorney-in-fact to execute on Employee’s behalf any assignments or other documents deemed necessary by the Company to protect or perfect the Company’s rights to any
Work Product worldwide. 
 5. NON-COMPETITION. 

(a) Employee acknowledges and agrees that the Company has invested and will invest substantial time, effort, resources and finances in the
research, development and commercialization of the Company’s product(s) and is engaged in a highly competitive business and that, by virtue of the position in which Employee is employed, he or she will help create and will be given access to
Confidential Information. If the Employee engages in any business that is competitive with the Company it will cause great and irreparable harm to the Company, the monetary loss from which would be difficult, if not impossible, to measure. 

(b) Consequently, Employee covenants and agrees that so long as Employee is employed by the Company, and for a period of one (1) year
following termination of Employee’s employment with the Company, whether such termination is voluntary or involuntary, Employee will not, directly or indirectly (whether as an individual for Employee’s own account, or as a partner, joint
venturer, employee, agent, consultant or sales representative, officer, director or shareholder of any entity or otherwise), engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the financing,
operation, management or control of, any Competing Business, or in any manner compete with the Company, in any country in which the Company does business, without the Company’s specific written consent to do so. “Competing Business”
shall mean any business that competes with the Company in the research, design, development, identification, manufacture, marketing, or sales of any drug, device or combination of drug and device for the treatment of any liver cancers or any
targeted regional cancer or infectious disease drug delivery systems. 
 The restrictions contained in this section shall not prevent Employee from
accepting employment with a large diversified organization with separate and distinct divisions that do not compete, directly or indirectly, with the Company, as long as prior to accepting such employment the Company receives separate written
assurances from the prospective employer and from Employee, satisfactory to the Company, to the effect that Employee will not render any services, directly or indirectly, to any division or business unit that competes, directly or indirectly, with
the Company. During the restrictive period set forth in this section, Employee will inform any new employer, prior to accepting employment, of the existence of this Agreement and provide such employer with a copy of this Agreement. 

  
 5 

 Nothing in this Agreement shall be construed to prevent or otherwise restrict or limit the Employee from
owning shares and investing (as a passive investor), directly or indirectly, in the stock of any publicly traded competing corporation whose shares are listed on a national securities exchange or traded in the over-the-counter market, but only if Employee does not own more than an aggregate of one percent (1%) of the outstanding stock of such corporation provided that such ownership represents a passive investment
and that Employee is not a controlling person of, or a member of a group that controls, such corporation. 
 6. NON-SOLICITATION OF CUSTOMERS AND EMPLOYEES. 
 (a) Employee acknowledges and agrees that, during the
course of Employee’s employment by the Company, Employee may come into contact with and become aware of some, most, or all of the Company’s customers and employees, past, present, and prospective, and their names and addresses, as well as
other information about the customers and employees not publicly available. Employee further acknowledges and agrees that the loss of such customers and employees may cause the Company great and irreparable harm. 

(b) Consequently, Employee covenants and agrees that, if Employee’s employment with the Company terminates, whether such termination is
voluntary or involuntary, Employee will not, for a period of one (1) year following such termination, directly or indirectly (whether as an individual for Employee’s own account, or as a partner, joint venturer, employee, agent, consultant
or sales representative, officer, director or shareholder of any entity or otherwise), solicit or attempt to solicit to do business that would compete with the Company in any of its or their material businesses, including, without limitation, the
research, design, development, identification, manufacture, marketing, or sales of targeted regional cancer or infectious disease drug delivery systems. As part of this covenant, Employee shall not directly or indirectly solicit or attempt to
solicit any business from, render services to, or accept business from any of the Company’s customers with whom/which Employee had material contact during the twenty four (24) months immediately preceding the termination of Employee’s
employment with the Company, for the purpose of providing products or services competitive with the Company. As used in this Section, “material contact” shall mean the contact between Employee and each customer (i) with whom or which
Employee dealt on behalf of the Company; (ii) whose dealings with the Company were coordinated or supervised by Employee; or (iii) about whom or which Employee obtained confidential information in the ordinary course of business as a
result of the Employee’s association with the Company. 
 (c) Employee also agrees that, for a period of one (1) year following
termination of Employee’s employment with the Company, whether such termination is voluntary or involuntary, Employee will not, directly or indirectly (whether as an individual for Employee’s own account, or as a partner, joint venturer,
employee, agent, consultant or sales representative, officer, director or shareholder of any entity or otherwise), solicit, induce or attempt to solicit or induce any (i) then current employee of the Company to leave employee’s employment
with the Company to become employed by any person, firm, corporation, or other entity; or (ii) consultant, distributor, supplier, representative or agent of the Company to terminate or curtail its relationship with the Company. 

  
 6 

 7. ENFORCEMENT OF COVENANTS. 

(a) Employee acknowledges and agrees that the obligations and restrictions, including their duration and scope, in Sections “3”,
“4”, “5” and “6” are reasonably required for the protection of the legitimate interests of the Company in view of: the highly competitive nature of the businesses in which the Company is engaged; the fact that a
business competitive with that of the Company may be carried on anywhere in the United States or elsewhere; and Employee’s exposure to the Company’s Confidential Information, Work Product, customers, suppliers, employees and other service
providers by virtue of the employment retention relationship. Employee acknowledges and agrees that the post-employment covenants in Sections 5 and 6 would not prevent Employee from earning a living given his/her education, skills, experience and
ability. 
 (b) Employee acknowledges that a breach by Employee of any of the terms of this Agreement will result in material, irreparable
injury to the Company for which any remedy at law will not be adequate. Moreover, it will not be possible to measure damages for such injuries precisely and, in the event of such a breach or threat of breach, the Company shall be entitled to obtain
a temporary restraining order and/or a preliminary or permanent injunction restraining Employee from engaging in activities prohibited by this Agreement, together with such other relief as may be required to enforce specifically any of the terms of
this Agreement. Employee consents to such temporary, preliminary, or permanent injunctive relief. Nothing in this Agreement shall be construed as prohibiting the Company from pursuing any other available remedies for breach or threatened breach of
this Agreement, including recovery of damages, court costs, and attorneys’ fees. 
 (c) If the Company is required to enforce any of
its rights hereunder through legal proceedings, Employee shall reimburse the Company for all reasonable costs, expenses, and attorneys’ fees incurred by the Company in connection with the enforcement of its rights hereunder. 

(d) Employee understands and agrees that nothing in this Agreement creates a contract, express or implied, of employment for any specified
period. Employee’s employment may be terminated by Employee or the Company at any time and for any reason or no reason, unless expressly limited by a separate writing executed by both the Company and Employee. 

(e) Employee is hereby advised that he has the right to consult with counsel of his choosing prior to signing this Agreement, and Employee
hereby acknowledges having consulted with counsel of his choosing prior to signing this Agreement. Employee further acknowledges and agrees that Executive received a copy of this Agreement with the Company’s offer of employment and that
Executive had in excess of ten (10) days to review and consider this Agreement prior to commencing employment with the Company. 

  
 7 

 (f) If one or more provisions of this Agreement is determined by a court of competent
jurisdiction to be invalid, illegal, or unenforceable, Employee agrees the validity, legality, and enforcement of the remaining provisions of the Agreement shall not in any way be affected or impaired. Employee also agrees that the language
contained in Sections “3”, “4”, “5” and “6” of the Agreement is reasonable in scope and that Employee will not raise any issue regarding the reasonableness of the Agreement as a defense in any proceeding to
enforce the Agreement. If a court determines that the language contained in Sections “3”, “4”, “5” and “6” of the Agreement is not reasonable, the parties agree that the court may modify and reform such
provisions to the maximum period of restriction, activities, term, or geographic scope that the court deems reasonable, whether by rewriting the provision, deleting any or all of the provision, adding additional language to this Agreement, or by
making such other modification as the court deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. 

8. WAIVER OF BREACH. 

The waiver by the Company of a breach of any provision of this Agreement by Employee shall not operate or be construed as a waiver of any
subsequent breach by Employee, and the failure of the Company to take action against any other employee(s) for similar breach(es) on their part, shall not be construed as a waiver of a breach by Employee. 

9. AGREEMENT BINDING. 

This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company, and the heirs, executors, and
administrators of Employee. The Company shall have the right to transfer and assign all or any portion of its rights and obligations hereunder to any third party. 

10. APPLICABLE LAW AND CHOICE OF FORUM. 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, where the Company’s principal
corporate office and Employee’s principal place of employment are located. The parties, being desirous of having any disputes resolved in a forum having a substantial body of law and experience with matters contained herein, and the parties
having a substantial connection with the State of New York, agree that any action or proceeding with respect to this Agreement shall be brought in a state or federal court located within the State of New York. The parties consent to the personal
jurisdiction of the state and federal courts of New York should a legal action to enforce this Agreement be necessary. In the event the Company may relocate its principal corporate office to a state other than New York during the period of
Employee’s employment, the parties mutually agree to amend this Agreement as may be necessary to (a) conform to the laws of the state of the Company’s new principal corporate office and carry out the intent and agreement of the
parties as embodied herein to the maximum extent permitted by such state’s laws; and (b) reflect that any action or proceeding with respect to this Agreement shall then be brought in a state or federal court located within the state of the
Company’s new principal corporate office and that the parties consent to the personal jurisdiction of such state and federal courts should a legal action to enforce this Agreement be necessary. 

  
 8 

 11. MODIFICATION. 

This Agreement may only be modified by the express written consent of both parties. 

12. ENTIRE AGREEMENT.  

This Agreement constitutes the entire understanding between Company and Employee with respect to the subject matter hereof and supersedes and
replaces all prior contracts, agreements and understandings related to the same subject matter between the parties. 
 13. SECTION
HEADINGS 
 The section headings appearing in this Agreement are inserted only as a matter of convenience and in no way define, limit,
construe or describe the scope or extent of such section or in any way affect such section. 
 I have read and understand this Agreement and
I agree to abide by its terms. 
  

									
	GERARD MICHEL	 		 		 	DELCATH SYSTEMS, INC.
				
	 /s/ Gerard Michel
	 		 		 	 /s/ Roger G. Stoll

	(Signature)	 		 		 	(Signature)
					
	Date	 	 8/30/2020
	 		 		 	 Roger G. Stoll

		 		 		 		 	Name
				
	 /s/ Shuree Harrison
	 		 		 	 Chairman

	Witness	 		 		 	Title
		 		 		 		 	 8/31/20

		 		 		 		 	Date

  
 9

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