Document:

EX-10.4

 Exhibit 10.4 

SECOND NOTE AMENDING AGREEMENT 

(SURVIVING NOTES) 
 THIS
AGREEMENT is made as of the 6th day of August, 2021, between ROSALIND OPPORTUNITIES FUND I L.P. (“ROFI”), an Ontario limited partnership, ROSALIND MASTER FUND L.P. (“RMF”, and together with ROFI, the
“Holders”), a Cayman Islands exempted limited partnership, and DELCATH SYSTEMS, INC. (the “Company”), a Delaware corporation. 

WHEREAS the Company issued (i) an 8% Senior Secured Promissory Note on July
15th, 2019 to RMF in the principal amount of $1,000,000 (as amended by that certain Note Amending Agreement dated July 15, 2019 between the Company and the Holders (the “Note Amending
Agreement”), the “RMF Note”), and (ii) an 8% Senior Secured Promissory Note on July 15th, 2019 to ROFI in the principal amount of $1,000,000 (as amended by
the Note Amending Agreement, the “ROFI Note”, and together with the RMF Note, the “Notes”), which Notes have a maturity date of July 15, 2021; 

AND WHEREAS, pursuant to a Loan and Security Agreement dated the 6th day of August, 2021, Avenue Venture Opportunities Fund,
L.P. (“Avenue”) has agreed to provide the Company with a loan in the principal amount of up to $20,000,000.00 (the “Senior Debt”); 

AND WHEREAS, in order to induce Avenue to extend the Senior Debt and other credit accommodations to the Company from time to time, the
Holder, Avenue and the Company entered into that certain subordination agreement dated as of the 6th day of August, 2021, pursuant to which the holder subordinated the Company’s indebtedness and obligations to the Holder under the Notes to the
Senior Debt; 
 AND WHEREAS the Holders and the Company have agreed to further amend the Notes to provide for, among other things, an
extension to the maturity date of the Notes and an adjustment to the conversion price of the Notes, on the terms and conditions set out herein; 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT for good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged by each party), the parties hereby agree as follows: 
  

	1.	 Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Agreement,
capitalized terms not otherwise defined herein shall have the meanings set forth in the Notes. 

  

	2.	 Amendment of Notes. Effective as of the date hereof, each of the Notes is hereby amended as follows:

  

	 	2.1.1	 The references to “July 15, 2021” in the title, recitals and the definition of “Maturity
Date” on the first page of the Note shall be replaced with “October 30, 2024”. 

  

	 	2.1.2	 The definition of “Surviving Note Factor” in Section 1 of the Note shall be deleted in its
entirety and replaced with the following: 

 “Surviving Note Factor” means 1.198. 

 

	3.	 Confirmation of Security. The Company hereby confirms that each of the Transaction Documents which it
has delivered to the Holders (a) remains in full force and effect as 

	 	
general and continuing collateral security over all of the assets, property and undertaking of the Company, whether now or in the future owned or acquired, and the security interests, mortgages,
charges, liens, assignments, transfers and pledges granted in favour of the Holders pursuant to the Transaction Documents continue to secure all of the debts, liabilities and obligations of the Company to the Holders in connection with the
Transaction Documents, now or hereafter arising; and (b) is enforceable against the Company by the Holders in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, liquidation, reorganization, and other
similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court. 

 

	4.	 Effect of Amendment. This Agreement is an amendment to the Notes. Unless the context of this Agreement
otherwise requires, each Note and this Agreement shall be read together and shall have effect as if the provisions of such Note and this Agreement were contained in one agreement. 

 

	5.	 No Merger or Novation. Save as expressly amended by this Agreement, the terms of the Notes remain
unamended and in full force and effect and are hereby ratified and affirmed. All Transaction Documents and obligations of the Company thereunder remain in full force and effect, there being no novation or merger of the Notes, the other Transaction
Documents or such obligations. 

  

	6.	 No Waiver. The execution, delivery and performance of this Agreement shall not constitute a waiver of
any provision of, or operate as a waiver of any right, power or remedy of the Holders under the Notes or any of the other Transaction Documents other than as expressly provided herein. 

 

	7.	 Notices. All notices, requests, demands and other communications hereunder shall be subject to the
notice provision of the Notes. 

  

	8.	 Further Assurances. The parties shall promptly, from time to time, upon the request of the other party,
take all such action, and execute and deliver such further agreements and other documents, as may be necessary or desirable to give effect to the provisions and intent of this Agreement. 

 

	9.	 Miscellaneous. This Agreement (a) shall, for purposes of the Notes, be considered a Transaction
Document; (b) shall be governed by and construed and enforced in accordance with the internal law of the State of New York; (c) may not be amended except by a writing duly executed by the parties; (d) shall be binding upon and shall
inure to the benefit of the parties and their respective successors and assigns; (e) may be executed in any number of counterparts with the same effect as if all of the parties had signed the same document, all of which counterparts shall be
construed together and shall constitute one Agreement; and (f) may be executed by email, .pdf or telecopy transmission of an executed counterpart of or signature page to this Agreement and an email, .pdf, telecopy or photocopy of an executed
counterpart of or signature page to this Agreement shall be given the same effect as the original. 

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this page has been intentionally left blank.] 

  
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 IN WITNESS WHEREOF the parties have executed this Agreement. 

 

					
	DELCATH SYSTEMS, INC.
		
	by	 	 /s/ Gerard Michel

		 	Name:	 	Gerard Michel
		 	Title:	 	Chief Executive Officer
	
	ROSALIND OPPORTUNITIES FUND I L.P., by its advisor, ROSALIND ADVISORS, INC. 
		
	by	 	 /s/ Steven Salamon

		 	Name:	 	Steven Salamon
		 	Title:	 	President
	
	ROSALIND MASTER FUND L.P., by its advisor, ROSALIND ADVISORS, INC. 
		
	by	 	 /s/ Steven Salamon

		 	Name:	 	Steven Salamon
		 	Title:	 	President

  
 Signature Page to
Second Note Amending AgreementEX-10.5

 Exhibit 10.5 

NOTE AMENDING AGREEMENT 

(SURVIVING NOTES) 
 THIS
AGREEMENT is made as of the 15th day of July, 2019, between ROSALIND OPPORTUNITIES FUND I L.P. (“ROFI”), an Ontario limited partnership, ROSALIND MASTER FUND L.P.
(“RMF”, and together with ROFI, the “Holders”), a Cayman Islands exempted limited partnership, and DELCATH SYSTEMS, INC. (the “Company”), a Delaware corporation. 

WHEREAS the Company issued (i) an 8% Senior Secured Promissory Note (the “RMF Note”) on July 15th, 2019 to RMF in the principal amount of $1,000,000, and (ii) an 8% Senior Secured Promissory Note (the “ROFI Note”, and together with the RMF Note, the
“Notes”) on July 15th, 2019 to ROFI in the principal amount of $1,000,000, which Notes are due and payable on July 15th, 2021;

 AND WHEREAS the Company has entered into that certain Securities Purchase Agreement dated as of July 15, 2019 (the
“Purchase Agreement”) by and among the Company, the Holders and the other purchasers identified on the signature pages thereto; 

AND WHEREAS the Holders and the Company have agreed that, immediately following the completion of the transactions contemplated by the
Purchase Agreement, the Notes shall be amended so that the outstanding principal amount of the Notes and any accrued and unpaid interest thereon shall be convertible, at the option of the Holder, into shares of Preferred Stock (as defined below) in
the capital of the Company, all on the terms, conditions and price set out in the Purchase Agreement in respect of the Surviving Notes (as defined in the Purchase Agreement); 

AND WHEREAS it is intended that the amendment of the Notes to provide the Holders with the conversion right does not result in a
novation of the Notes and does not give rise to a disposition of the Notes for the purposes of the Income Tax Act (Canada); 
 NOW
THEREFORE THIS AGREEMENT WITNESSES THAT for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each party), the parties hereby agree as follows: 

 

	1.	 Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Agreement,
capitalized terms not otherwise defined herein shall have the meanings set forth in the Notes. 

  

	2.	 Amendment of Notes. Effective as of the date hereof, each of the Notes is hereby amended as follows:

  

	 	2.1.1	 The following definitions are added in alphabetical order to the list of definitions in Section 1 of the
Note: 

 “Common Stock” means the common stock of the Company, par value $0.01 per share, and any other
class of securities into which such securities may hereafter be reclassified or changed; 
 “Conversion Amount” shall have
the meaning set forth in Section 3(a); 

 “Conversion Date” means the effective date of conversion specified in the
Conversion Notice; 
 “Conversion Notice” means a written notice in the form attached hereto as Schedule A; 

“Preferred Stock” means the Series E Convertible Preferred Stock of the Company; 

“Purchase Agreement” means the Securities Purchase Agreement dated July 15, 2019 between the Company, the Holder and the
other purchasers identified on the signature pages thereto; 
 “Stated Value” means $1,000 per share of Preferred Stock;
and 
 “Surviving Note Factor” means 1.5. 
  

	 	2.1.2	 A new Section 3 shall be added to the Note and replace the existing Section 3 of the Note, and will
state as follows: 

 “Section 3.    Conversion Right. 

(a)    The Holder shall be entitled to convert the outstanding principal amount of this Note and any accrued and unpaid
interest thereon at the time of conversion (the “Conversion Amount”) into the appropriate number of shares of Preferred Stock equal to the Conversion Amount divided by the product of the Stated Value and the Surviving Note Factor.

 (b)    The Holder shall exercise its conversion rights under this Section 3 by (i) delivering to the
Company a duly completed Conversion Notice, and (ii) surrendering this Note to the Company with such Conversion Notice. 

(c)    On the Conversion Date the Company shall issue or cause to be issued to the Holder a certificate registered in the
name of the Holder evidencing the number of shares of Preferred Stock issuable upon such conversion, as determined in accordance with Section 3(a). The Holder shall be deemed to have become the holder of record of such shares of Preferred Stock
as of the Conversion Date.” 
  

	 	2.1.3	 The Conversion Notice in the form attached hereto as Schedule A shall be annexed to the Note as a new Schedule
A. 

  

	3.	 Confirmation of Security. The Company hereby confirms that each of the Transaction Documents which it
has delivered to the Holders (a) remains in full force and effect as general and continuing collateral security over all of the assets, property and undertaking of the Company, whether now or in the future owned or acquired, and the security
interests, mortgages, charges, liens, assignments, transfers and pledges granted in favour of the Holders pursuant to the Transaction Documents continue to secure all of the debts, liabilities and obligations of the Company to the Holders in
connection with the Transaction Documents, now or hereafter arising; and (b) is enforceable against the Company by the Holders in accordance with its terms, except as may be limited by

  
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applicable bankruptcy, insolvency, liquidation, reorganization, and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that
equitable remedies such as specific performance and injunction are in the discretion of a court. 

  

	4.	 Holding Period. The Holders hereby acknowledge that, for purposes of calculating the holding period
required under Rule 144 promulgated under the Securities Act of 1933, as amended, with respect to the shares of Preferred Stock issuable on conversion of the Notes, such holding period shall commence on the Conversion Date. 

 

	5.	 Effect of Amendment. This Agreement is an amendment to the Notes. Unless the context of this Agreement
otherwise requires, each Note and this Agreement shall be read together and shall have effect as if the provisions of such Note and this Agreement were contained in one agreement. 

 

	6.	 No Merger or Novation. Save as expressly amended by this Agreement, the terms of the Notes remain
unamended and in full force and effect and are hereby ratified and affirmed. All Transaction Documents and obligations of the Company thereunder remain in full force and effect, there being no novation or merger of the Notes, the other Transaction
Documents or such obligations. 

  

	7.	 No Waiver. The execution, delivery and performance of this Agreement shall not constitute a waiver of
any provision of, or operate as a waiver of any right, power or remedy of the Holders under the Notes or any of the other Transaction Documents other than as expressly provided herein. 

 

	8.	 Notices. All notices, requests, demands and other communications hereunder shall be subject to the
notice provision of the Notes. 

  

	9.	 Further Assurances. The parties shall promptly, from time to time, upon the request of the other party,
take all such action, and execute and deliver such further agreements and other documents, as may be necessary or desirable to give effect to the provisions and intent of this Agreement. 

 

	10.	 Miscellaneous. This Agreement (a) shall, for purposes of the Notes, be considered a Transaction
Document; (b) shall be governed by and construed and enforced in accordance with the internal law of the State of New York; (c) may not be amended except by a writing duly executed by the parties; (d) shall be binding upon and shall
inure to the benefit of the parties and their respective successors and assigns; (e) may be executed in any number of counterparts with the same effect as if all of the parties had signed the same document, all of which counterparts shall be
construed together and shall constitute one Agreement; and (f) may be executed by email, .pdf or telecopy transmission of an executed counterpart of or signature page to this Agreement and an email, .pdf, telecopy or photocopy of an executed
counterpart of or signature page to this Agreement shall be given the same effect as the original. 

 [The remainder of
this page has been intentionally left blank.] 

  
 - 3 - 

 IN WITNESS WHEREOF the parties have executed this Agreement. 

 

					
	DELCATH SYSTEMS, INC.
		
	by	 	 /s/ Jennifer K. Simpson

		 	Name:	 	Jennifer K. Simpson
		 	Title:	 	President & CEO
	
	ROSALIND OPPORTUNITIES FUND I L.P., by its advisor, ROSALIND ADVISORS, INC. 
		
	by	 	 /s/ Steven Salamon

		 	Name:	 	Steven Salamon
		 	Title:	 	President
	
	ROSALIND MASTER FUND L.P., by its advisor, ROSALIND ADVISORS, INC. 
		
	by	 	 /s/ Steven Salamon

		 	Name:	 	Steven Salamon
		 	Title:	 	President

  
 Signature Page to Note
Amending Agreement (Surviving Notes) 

 SCHEDULE A 

CONVERSION NOTICE 
  

	To:	 Delcath Systems, Inc. (the “Company”) 

The undersigned hereby elects to convert all of the principal amount and any accrued and unpaid interest outstanding under the Note issued by the Company as
of July 15, 2019, as amended by a Note Amending Agreement dated as of July 15, 2019, in exchange for delivery of shares of Preferred Stock in the capital of the Company, as of the date written and as specified below. 

 

					
	        	 	Effective date of conversion:	 	  

			
		 	Principal amount of Note owed prior to conversion:	 	  

			
		 	Number of shares of Preferred Stock to be issued on the basis of $1,500 (being the product of the Stated Value and the Surviving Note Factor) of principal amount and accrued and unpaid interest outstanding under the Note per
share:	 	  

  

			
	ROSALIND MASTER FUND L.P., by its advisor, ROSALIND ADVISORS, INC. 
		
	by	 	  

		 	Name:
		 	Title:
	
	ROSALIND OPPORTUNITIES FUND I L.P., by its advisor, ROSALIND ADVISORS, INC. 
		
	by	 	  

		 	Name:
		 	Title:

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