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watt-ex104_28.htm

EXHIBIT 10.4

ENERGOUS CORPORATION

PERFORMANCE SHARE UNIT PLAN

(as amended and restated June 16, 2021)

Energous Corporation, a Delaware corporation, sets forth herein the terms and conditions of its Performance Share Unit Plan, as follows:

1.PURPOSE

The Plan is intended to enhance the ability of the Company and its Affiliates to attract and retain highly qualified officers, non- employee directors, key employees, consultants, and advisors, and to motivate such officers, directors, key employees, consultants, and advisors to serve the Company and its Affiliates and to expend maximum effort to improve the business results and earnings of the Company, by providing to such persons an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. To this end, the Plan provides for the grant of Performance Share Units.

2.DEFINITIONS

For purposes of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply:

2.1“Acquiror” shall have the meaning set forth in Section 10.2.1.

2.2 “Affiliate” means any company or other trade or business that “controls,” is “controlled by,” or is “under common control” with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary.

2.3 “Award” means a grant under the Plan of Performance Share Units.

2.4 “Award Agreement” means a written agreement between the Company and a Grantee, in substantially the form set forth as Exhibit A (or such other form as the Committee may determine from time to time), that evidences and sets out the terms and conditions of an Award.

2.5 “Board” means the Board of Directors of the Company.

2.6 “Business Combination” shall have the meaning set forth in Section 10.2.2.

2.7 “Cause” shall be defined as that term is defined in the Grantee’s offer letter or other applicable employment or severance agreement; or, if there is no such definition, “Cause” means: (i) the commission of any act by a Grantee constituting financial dishonesty against the Company or its Affiliates (which act would be chargeable as a crime under applicable law); (ii) a Grantee’s engaging in any other act of dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality, or harassment which would (a) materially adversely affect the business or the reputation of the Company or any of its Affiliates with their respective current or prospective customers, suppliers, lenders, or other third parties with whom such entity does or might do business or (b) expose the Company or any of its Affiliates to a risk of civil or criminal legal damages, liabilities, or penalties; (iii) the repeated failure by a Grantee to follow the directives of the chief executive officer of the Company or any of its Affiliates or the Board, or (iv) any material misconduct, violation of the Company’s or Affiliates’ policies, or willful and deliberate non-performance of duty by the Grantee in connection with the business affairs of the Company or its Affiliates.

2.8 “Change in Control” shall have the meaning set forth in Section 10.2.2.

2.9 “Closing Share Price” shall mean the closing or last sale price of one Share, as reported on the Nasdaq Stock Market, or such other stock exchange constituting the principal exchange on which the Shares are traded, for the applicable date, or if the applicable date is not a trading day, the trading day immediately preceding the applicable date.

2.10“Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. References to the Code shall include the valid and binding governmental regulations, court decisions, and other regulatory and judicial authority issued or rendered thereunder.

2.11“Committee” means the Compensation Committee of the Board, or such other committee as determined by the Board. The Compensation Committee of the Board may designate a subcommittee of its members to serve as the Committee (to the extent the Board has not designated another person, committee, or entity as the Committee). The Board shall cause the Committee to satisfy the applicable requirements of any securities exchange on which the Shares may then be listed. For purposes of Awards to Grantees who are subject to Section 16 of the Exchange Act, Committee means all of the members of the Compensation Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under the Exchange Act.

2.12“Company” means Energous Corporation, a Delaware corporation.

2.13“Common Stock” means the common stock of the Company, par value $.00001 per share.

2.14“Consultant” means a consultant or advisor that provides bona fide services to the Company or any Affiliate and who qualifies as a consultant or advisor for purposes of Form S-8.

2.15“Disability” shall be defined as that term is defined in the Grantee’s offer letter or other applicable employment agreement; or, if there is no such definition, “Disability” means the Grantee is unable to perform each of the essential duties of such Grantee’s position by reason of a medically-determinable physical or mental impairment that is potentially permanent in character or that can be expected to last for a continuous period of not less than 12 months.

2.16“Effective Date” means June 16, 2021, the date the Plan was approved by the Stockholders.

2.17“Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. References to the Exchange Act shall include the valid and binding governmental regulations, court decisions, and other regulatory and judicial authority issued or rendered thereunder.

2.18“Fair Market Value” of a Share as of a particular date means (i) if the Shares are listed on a national securities exchange, the closing or last price of a Share on the composite tape or other comparable reporting system for the applicable date, or if the applicable date is not a trading day, the trading day immediately preceding the applicable date, or (ii) if the Shares are not then listed on a national securities exchange, or the value of Shares is not otherwise determinable, such value as determined by the Board.

2.19“Grant Date” means the latest to occur of (i) the date as of which the Board approves an Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6, or (iii) such other date as may be specified by the Board in the Award Agreement.

2.20“Grantee” means a person who receives or holds an Award.

2.21“Incumbent Directors” shall have the meaning set forth in Section 10.2.2.

2.22“Issued Shares” means, collectively, all outstanding Shares issued pursuant to Awards.

2.23“New Shares” shall have the meaning set forth in Section 10.1.

2.24“Performance Metric” means any one or more of the following performance metrics, either individually, alternatively or in any combination, applied on a company-wide, subsidiary, division, business unit or line of business basis:

	
 
	
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cash flow or liquidity measures (including without limitation free cash flow and cash flow from operating, investing or financing activities or any combination thereof);

	
 
	
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assets;

	
 
	
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revenue (whether net or gross, related to any one or more products, services or customers);

	
 
	
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costs or expenses;

	
 
	
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margins (gross margin, operating margin or other), as improvement in margins;

	
 
	
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return on assets, equity, investment, revenue, sales, capital, net capital employed or total shareholder return;

	
 
	
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income (including operating income, pre-tax income, net income or any other measure of income) on an aggregate or per share basis;

	
 
	
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earnings or loss (including measures of adjusted earning and loss such as EBITDA) and per share measure of earnings;

	
 
	
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indebtedness;

	
 
	
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credit rating; 

	
 
	
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profit (gross or net) or sales (before or after taxes);

	
 
	
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ratios (including one or more of price to earnings, debt to assets, debt to net assets and ratios regarding liquidity, solvency, fiscal capacity, productivity or risk);

	
 
	
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economic value added;

	
 
	
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stock price or market capitalization;

	
 
	
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achievement of key corporate initiatives, projects or customer wins;

	
 
	
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regulatory goals or milestones including the advancement of governmental permitting and approval processes;

	
 
	
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research and development milestones, including contract-related milestones;

	
 
	
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product invention or innovation;

	
 
	
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goals related to development, design, fabrication, production or fulfillment;

	
 
	
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backlog, billings or bookings;

	
 
	
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employee retention, productivity and satisfaction metrics;

	
 
	
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any other metric that is capable of measurement as determined by the Committee.

	
 
		

2.25 “Performance Share Unit” means a bookkeeping entry reflecting the right of a Grantee to receive a Share in the future, on the terms and subject to the conditions of Section 8 and the applicable Award Agreement.

2.26“Plan” means this Energous Corporation Performance Share Unit Plan (formerly known as the 2015 Performance Share Unit Plan).

2.27“Prior Amendment Date” means May 26, 2020.

2.28“Section 409A” means Code Section 409A.

2.29“Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended. References to the Securities Act shall include the valid and binding governmental regulations, court decisions, and other regulatory and judicial authority issued or rendered thereunder.

2.30“Separation from Service” means a termination of Service of or by a Service Provider for any reason or no reason; provided, however, that if any Award governed by Section 409A is to be distributed on a Separation from Service, then the definition of Separation from Service for such purposes shall comply with the definition provided in Section 409A.

2.31“Service” means service as a Service Provider to the Company or an Affiliate. A Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to the Company or an Affiliate.

2.32“Service Provider” means an employee, officer, non-employee member of the Board, or Consultant of the Company or an Affiliate.

2.33“Share” means a share of Common Stock.

2.34“Stockholders” means the stockholders of the Company.

2.35“Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Code Section 424(f).

2.36“Termination Date” means May 16, 2028, unless the Plan is earlier terminated by the Board under Section 5.2.

2.37“Voting Securities” shall have the meaning set forth in Section 10.2.2.

3.ADMINISTRATION OF THE PLAN

3.1General

The Board shall have such powers and authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee, which shall have full authority to act in accordance with its charter (as in effect from time to time), and with respect to the power and authority of the Board to act hereunder, all references to the Board shall be deemed to include a reference to the Committee, unless such power or authority is specifically reserved by the Board. Except as specifically provided in Section 9 or as otherwise may be required by applicable law, regulatory requirement, or the certificate of incorporation or the bylaws of the Company, the Board shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award, or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan. The Committee shall administer the Plan; provided, however, the Board shall retain the right to exercise the authority of the 

Committee to the extent consistent with applicable law and the applicable requirements of any securities exchange on which the Shares may then be listed. All decisions and actions by the Board or the Committee under the Plan, including the interpretation or construction of any provision of the Plan, any Award, or any Award Agreement, shall be in the sole discretion of the Board or the Committee, as applicable, and shall be final, binding, and conclusive. Without limitation, the Board shall have full and final power and authority, subject to the other terms and conditions of the Plan, to:

(a)designate Grantees;

(b)determine the number of Shares to be subject to an Award;

(c)establish the terms and conditions of each Award;

(d)prescribe the form of each Award Agreement; and

(e)amend, modify, or supplement the terms of any outstanding Award, including the authority, in order to effectuate the purposes of the Plan, to modify Awards to foreign nationals or individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom.

3.2Forfeitures; Clawbacks

Upon notification of a Separation from Service for Cause, any outstanding Award held by the Grantee, whether vested or unvested, shall terminate immediately, such Award shall be forfeited, and the Grantee shall have no further rights thereunder.

Any Award, amount, or benefit received under the Plan shall be subject to potential cancellation, recoupment, rescission, payback, or other action in accordance with the terms of any applicable Company clawback policy or any applicable law, as may be in effect from time to time, including the requirements of (i) Section 304 of the Sarbanes Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing rules and regulations thereunder; (ii) similar rules under the laws of any other jurisdiction; and (iii) any policies adopted by the Company to implement such requirements, all to the extent determined by the Board to be applicable to the Grantee. By accepting an Award, the Grantee shall be deemed to have acknowledged and consented to the Company’s application, implementation, and enforcement of any applicable Company clawback policy that may apply to the Grantee, whether adopted prior to or following the date of the Award, and any provision of applicable law relating to cancellation, recoupment, rescission, or payback of compensation, and to have agreed that the Company may take such actions as may be necessary to effectuate any such policy or applicable law, without further consideration or action.

If the Grantee breaches a non-competition, non-solicitation, non-disclosure, non-disparagement, or other restrictive covenant set forth in an Award Agreement or any other agreement between the Grantee and the Company or any Affiliate, whether during the Grantee’s Service or after the Grantee’s Separation from Service, in addition to any other penalties or restrictions that may apply under any such agreement, state law, or otherwise, the Grantee shall forfeit or pay to the Company:

(i)any and all outstanding Awards granted to the Grantee, including Awards that have become earned or vested;

(ii)any Shares held by the Grantee in connection with the Plan that were acquired by the Grantee after the Grantee’s Separation from Service and within the 12-month period immediately preceding the Grantee’s Separation from Service; and

(iii)the profit realized by the Grantee from the sale, or other disposition for consideration, of any Shares received by the Grantee in connection with the Plan after the Grantee’s Separation from Service, and within the 12-month period immediately preceding the Grantee’s Separation from Service where such sale or disposition occurs in such similar time period.

3.3Deferral Arrangement

The Board may permit or require the deferral of any Award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish and in accordance with Section 409A, which may include provisions for the payment or crediting of interest or dividend equivalents, including converting such credits into deferred stock units.

3.4No Liability

No member of the Board or of the Committee shall be liable for any action or determination made in good faith with respect to the Plan, any Award, or Award Agreement.

4.SHARES SUBJECT TO THE PLAN

Subject to adjustment under Section 10, the aggregate number of Shares available for the grant of Awards shall be increased by an additional 1,700,000 Shares, for a total of 5,110,104. In the event that Shares previously issued under the Plan on or after the Prior Amendment Date are reacquired by the Company pursuant to a forfeiture provision, or repurchase by the Company, such Shares shall be added to the number of Shares then available for issuance under the Plan. Shares issued under the Plan may consist in whole or in part of authorized but unissued Shares, treasury Shares, or Shares purchased on the open market or otherwise.

5.EFFECTIVE DATE, DURATION AND AMENDMENTS

5.1Term

The Plan shall be effective as of the Effective Date, provided that it has been approved by the Stockholders. The Plan shall terminate automatically on the Termination Date and may be terminated on any earlier date as provided in Section 5.2.

5.2Amendment and Termination of the Plan

The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to any Awards that have not been made. An amendment shall be contingent on approval of the Stockholders to the extent stated by the Board, required by applicable law, or required by applicable securities exchange listing requirements. No Awards shall be made after the Termination Date. The applicable terms and conditions of the Plan, and any terms and conditions applicable to Awards granted prior to the Termination Date, shall survive the termination of the Plan and continue to apply to such Awards. No amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, materially impair rights or obligations under any Award theretofore awarded.

6.AWARD ELIGIBILITY

Awards may be made to any Service Provider as the Committee shall determine and designate from time to time.

7.AWARD AGREEMENT

The grant of any Award may be contingent upon the Grantee executing an Award Agreement. Without limiting the foregoing, an Award Agreement may be provided in the form of a notice which provides that acceptance of the Award constitutes acceptance of all terms of the Plan and the notice. Award Agreements granted from time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan.

8.TERMS AND CONDITIONS OF PERFORMANCE SHARE UNITS

8.1Performance Measures and Terms and Conditions

Performance Share Units shall be eligible to become earned during an applicable performance period based upon the applicable Performance Metric chosen by the Board. At the time of grant, the Board may establish a period of time and any additional terms and conditions applicable to Performance Share Units. Each Award may use different Performance Metrics.

 

8.2Rights of Holders of Performance Share Units

8.2.1Settlement of Performance Share Units

Performance Share Units shall be settled in Shares in accordance with the terms of the applicable Award Agreement.

8.2.2Voting and Dividend Rights

Holders of Performance Share Units shall not have rights as Stockholders, including voting or dividend or dividend equivalent rights.

8.2.3Creditor’s Rights

A holder of Performance Share Units shall have no rights other than those of a general creditor of the Company. Performance Share Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the Plan and the applicable Award Agreement.

8.3Delivery of Shares

Upon the satisfaction of all applicable terms and conditions prescribed by the Board, the restrictions applicable to Performance Share shall lapse, and a stock certificate for such Shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be; provided, however, that the Company may elect to satisfy any requirement for the delivery of stock certificates through the use of book entry.

8.4Maximum number of Performance Share Units

The maximum number of Shares that may be subject to Performance Share Units that are granted to any one Grantee during any calendar year shall be 639,075.

9.REQUIREMENTS OF LAW

9.1General

The Company shall not be required to issue Shares under any Award if the issuance of such Shares would constitute a violation by the Grantee, any other person, or the Company of any provision of any law or regulation of any governmental authority, including any federal or state securities laws or regulations. If at any time the Company determines that the listing, registration, or qualification of any Shares subject to an Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be issued or sold to the Grantee or any other person pursuant to such Award unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of the Award.

Specifically, in connection with the Securities Act, upon the delivery of any Shares underlying an Award, unless a registration statement under such Act is in effect with respect to the Shares covered by such Award, the Company shall not be required to sell or issue such Shares unless the Board has received evidence satisfactory to it that the Grantee or other person may acquire such Shares pursuant to an exemption from registration under the Securities Act. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the issuance of Shares pursuant to the Plan to comply with any law or regulation of any governmental authority.

9.2Rule 16b-3

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards granted to officers and directors will qualify for the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Board or Committee does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law and deemed advisable by the Board, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may modify the Plan in any respect necessary to satisfy the requirements of, or to take advantage of any features of, the revised exemption or its replacement.

10.EFFECT OF CHANGES IN CAPITALIZATION

10.1Adjustments for Changes in Capital Structure

Subject to any required action by the Stockholders, in the event of any change in the Shares effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the Stockholders in a form other than Shares (excepting normal cash dividends) that has a material effect on the Fair Market Value of Shares, appropriate and proportionate adjustments shall be made in the number and class of Shares subject to the Plan and to any outstanding Awards in order to prevent dilution or enlargement of Grantees’ rights under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” If a majority of the Shares that are of the same class as the Shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise become (whether or not pursuant to a Change in Control) shares of another corporation (the “New Shares”), the Board may unilaterally amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment, the number of shares subject to the outstanding Awards and the outstanding Awards shall be adjusted by the Board in a fair and equitable manner. The Board may also make such adjustments in the terms of any Award to reflect, or related to, such changes in the capital structure of the Company or distributions as it deems appropriate. Adjustments determined by the Board pursuant to this Section 10.1 shall be made in accordance with Section 409A to the extent applicable.

10.2Change in Control

10.2.1Consequences of a Change in Control

Subject to the requirements and limitations of Section 409A if applicable, the Board may provide for any one or more of the following in connection with a Change in Control:

(a)Accelerated Vesting. In the event of a Change in Control, all outstanding Awards made to non-employee directors shall be automatically deemed earned based on the applicable transaction price and such Awards shall be payable in full in connection therewith and any portion of any outstanding Award not earned based on the applicable transaction price shall be cancelled and forfeited. In the event of a Change in Control, all other outstanding Awards shall be automatically deemed earned based on the applicable transaction price and such Awards shall be payable as provided in the applicable Award Agreement and any portion of any outstanding Award not earned based on the applicable transaction price shall be cancelled and forfeited.

(b)Assumption, Continuation, or Substitution. In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of any Grantee, either assume or continue the Company’s rights and obligations under each or any Award or portion thereof outstanding immediately prior to the Change in Control or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award with respect to the Acquiror’s stock, as applicable. For purposes of this Section 10.2.1, if so determined by the Board, an Award denominated in Shares shall be deemed assumed if, following the Change in Control, the Award confers the right to receive, subject to the terms and conditions of the Plan and the applicable Award Agreement, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, other securities or property, or a combination thereof) to which a holder of a Shares on the effective date of the Change in Control was entitled; provided, however, that if such consideration is not solely common stock of the Acquiror, the Board may, with the consent of the Acquiror, provide for the consideration to be received upon the settlement of the Award, for each Share subject to the Award, to consist solely of common stock of the Acquiror equal in Fair Market Value to the per Share consideration received by holders of Shares pursuant to the Change in Control. If any portion of such consideration may be received by holders of Shares pursuant to the Change in Control on a contingent or delayed basis, the Board may determine such Fair Market Value per Share as of the time of the Change in Control on the basis of the Board’s good faith estimate of the present value of the probable future payment of such consideration. Any Award or portion thereof which is neither assumed or continued by the Acquiror in connection with the Change in Control nor settled as of the time of consummation of the Change in Control shall terminate and cease to be outstanding effective as of the time of consummation of the Change in Control.

(c)Cash-Out of Awards. The Board may, without the consent of any Grantee, determine that, upon the occurrence of a Change in Control, each or any Award or a portion thereof outstanding immediately prior to the Change in Control and not previously settled shall be canceled in exchange for a payment with respect to each vested Share (and each unvested Share, if so determined by the Board) subject to such canceled Award in (i) cash, (ii) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (iii) other property which, in any such case, shall be in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per Shares in the Change in Control. If any portion of such consideration may be received by holders of Shares pursuant to the Change in Control on a contingent or delayed basis, the Board may determine such Fair Market Value per Share as of the time of the Change in Control on the basis of the Board’s good faith estimate of the present value of the probable future payment of such consideration. In the event such determination is made by the Board, the amount of such payment (reduced by applicable withholding taxes, if any) shall be paid to Grantees in respect of the vested portions of their canceled Awards as soon as practicable following the date of the Change in Control and in respect of the unvested portions of their canceled Awards in accordance with the vesting schedules applicable to such Awards.

10.2.2Change in Control Defined

A “Change in Control” means the consummation of any of the following events:

(a)the acquisition, other than from the Company, by any individual, entity, or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act), other than the Company or any subsidiary, affiliate (within the meaning of Rule 144 promulgated under the Securities Act), or employee benefit plan of the Company, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”); or

(b)a reorganization, merger, consolidation, or recapitalization of the Company (a “Business Combination”), other than a Business Combination in which more than 50% of the combined voting power of the outstanding voting securities of the surviving or resulting entity immediately following the Business Combination is held by the persons who, immediately prior to the Business Combination, were the holders of the Voting Securities; or

(c)a complete liquidation or dissolution of the Company, or a sale of all or substantially all of the assets of the Company; or

(d)during any period of 24 consecutive months, the Incumbent Directors cease to constitute a majority of the Board; “Incumbent Directors” means individuals who were members of the Board at the beginning of such period or individuals whose election or nomination for election to the Board by the Stockholders was approved by a vote of at least a

(e)majority of the then Incumbent Directors (but excluding any individual whose initial election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors).

Notwithstanding the foregoing, if it is determined that an Award is subject to the requirements of Section 409A and payable upon a Change in Control, the Company shall not be deemed to have undergone a Change in Control for purposes of the Plan unless the Company is deemed to have undergone a “change in control event” pursuant to the definition of such term in Section 409A.

10.3Adjustments

Adjustments under this Section 10 related to Shares or other securities of the Company shall be made by the Board. No fractional Shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole Share.

11.NO LIMITATIONS ON COMPANY

The making of Awards shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets.

12.TERMS APPLICABLE GENERALLY TO AWARDS GRANTED UNDER THE PLAN

12.1Disclaimer of Rights

No provision in the Plan or in any Award Agreement shall be construed to confer upon any individual the right to remain in the employ or service of the Company or any Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or any Affiliate either to increase or decrease the compensation or other payments to any individual at any time, or to terminate any employment or other relationship between any individual and the Company or any Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, no Award shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues to be a Service Provider. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan.

12.2Nonexclusivity of the Plan

Neither the adoption of the Plan nor the submission of the Plan to the Stockholders for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals), including the granting of stock options as the Board determines desirable.

12.3Withholding Taxes

The Company or an Affiliate, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law to be withheld (i) with respect to the vesting of or other lapse of restrictions applicable to an Award or (ii) otherwise due in connection with 

an Award. At the time of such vesting or lapse, the Grantee shall pay to the Company or the Affiliate, as the case may be, any amount that the Company or the Affiliate may reasonably determine to be necessary to satisfy such withholding obligation. Subject to the prior approval of the Company or the Affiliate, which may be withheld by the Company or the Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or the Affiliate to withhold the minimum required number of Shares otherwise issuable to the Grantee as may be necessary to satisfy such withholding obligation or (ii) by delivering to the Company or the Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the Shares used to satisfy such withholding obligation shall be determined by the Company or the Affiliate as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this Section 12.3 may satisfy his or her withholding obligation only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

12.4Captions

The use of captions in the Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or any Award Agreement.

12.5Other Provisions

Each Award Agreement may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Board. In the event of any conflict between the terms of an employment agreement and the Plan, the terms of the employment agreement shall govern.

12.6Number and Gender; References

With respect to words used in the Plan, the singular form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. Unless provided otherwise, all references to articles, sections, exhibits, attachments, and the like shall be to articles, sections, exhibits, attachments, and the like in the Plan.

12.7Severability

If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

12.8Governing Law

The Plan shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law.

12.9Section 409A

The Plan is intended to comply with Section 409A to the extent subject thereto and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six- month period immediately following the Grantee’s Separation from Service shall instead be paid on the first payroll date after the six- month anniversary of the Grantee’s Separation from Service (or the Grantee’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Grantee under Section 409A and neither the Company nor the Committee shall have any liability to any Grantee for such tax or penalty.

12.10Transferability of Awards and Issued Shares

12.10.1Transfers in General

No Award shall be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of by the Grantee to whom it is granted, other than by will or the laws of descent and distribution or under a domestic relations order in settlement of marital property rights and, during the lifetime of the Grantee, only the Grantee personally (or the Grantee’s personal representative) may exercise rights under the Plan.

12.10.2Issued Shares

No Issued Shares shall be sold, assigned, transferred, pledged, hypothecated, given away, or in any other manner disposed of or encumbered, whether voluntarily or by operation of law, unless (i) such transfer is in compliance with the terms of the applicable Award, all applicable securities laws, and with the terms and conditions of the Plan and (ii) the transferee consents in writing to be bound by the provisions of the Plan, if so required by the Board. In connection with any proposed transfer, the Board may require the transferor to provide at the transferor’s own expense an opinion of counsel to the transferor, satisfactory to the Board, that such transfer is in compliance with all foreign, federal, and state securities laws. Any attempted disposition of Issued Shares not in accordance with the terms and conditions of this Section 12.10.2 shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Issued Shares as a result of any such disposition, shall otherwise refuse to recognize any such disposition, and shall not in any way give effect to any such disposition of Issued Shares.EX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

Dated as of August 6, 2021 

between 
 DELCATH
SYSTEMS, INC., 
 a Delaware corporation, 

as “Borrower”, 

and 
 AVENUE VENTURE
OPPORTUNITIES FUND, L.P., 
 a Delaware limited partnership, 

as “Lender” 

 LOAN AND SECURITY AGREEMENT 

Borrower and Lender have entered or anticipate entering into one or more transactions pursuant to which Lender agrees to make available to
Borrower a loan facility governed by the terms and conditions set forth in this document and one or more Supplements executed by Borrower and Lender which incorporate this document by reference. Each Supplement constitutes a supplement to and forms
part of this document, and will be read and construed as one with this document, so that this document and the Supplement constitute a single agreement between the parties (collectively referred to as this
“Agreement”). 
 Accordingly, the parties agree as follows: 

 

 ARTICLE 1 - INTERPRETATION 

1.1    Definitions. The terms defined in Article 10 and in the Supplement will have the meanings therein
specified for purposes of this Agreement. 
 1.2    Inconsistency. In the event of any inconsistency
between the provisions of any Supplement and this document, the provisions of the Supplement will be controlling for the purpose of all relevant transactions. 

1.3    Transparency Pledge. For the avoidance of doubt and notwithstanding anything to the contrary
contained in this Agreement or in the other Loan Documents: (a) Lender shall not be entitled to (i) require Borrower’s investors or members of Borrower’s Board of Directors to make any additional written or verbal commitments of
ongoing financial support, or (ii) require Borrower to conduct its banking or hold its deposits at any specific bank or financial institution; and (b) Borrower shall not be required to maintain any minimum tangible net worth, working
capital, current ratio, quick asset ratio, liquidity ratio or debt-to-equity ratio or comply with any similar financial covenant. 

ARTICLE 2 - THE COMMITMENT AND LOANS 

2.1    The Commitment. Subject to the terms and conditions of this Agreement, Lender agrees to make term
loans to Borrower from time to time from the Closing Date and to and including the Termination Date in an aggregate principal amount not exceeding the Commitment. The Commitment is not a revolving credit commitment, and Borrower does not have the
right to repay and reborrow hereunder; provided that Borrower may prepay the Loans as set forth in the Supplement. Each Loan requested by Borrower to be made on a single Business Day shall be for a minimum principal amount set forth in the
Supplement, except to the extent the remaining Commitment is a lesser amount.

 2.2    Notes Evidencing Loans; Repayment. Each Loan shall be
evidenced by a separate Note payable to the order of Lender, in the total principal amount of the Loan. Principal and interest of each Loan shall be payable at the times and in the manner set forth in the Note and regularly scheduled payments
thereof shall be effected by automatic debit of the appropriate funds from Borrower’s Primary Operating Account as specified in the Supplement hereto. Repayment of the Loans and payment of all other amounts owed to Lender will be paid by
Borrower in the currency in which the same has been provided (i.e., United States Dollars). 

2.3    Procedures for Borrowing. 

(a)    At least five (5) Business Days (or, in case of the Loans to be extended on or about the Closing Date,
two (2) Business Days) prior to a proposed Borrowing Date (or such lesser period of time as may be agreed upon by Lender in its sole discretion), Lender shall have received from Borrower a written request for a borrowing hereunder (a
“Borrowing Request”). Each Borrowing Request shall be in substantially the form of Exhibit “B” to the Supplement, shall be executed by a responsible executive or financial officer of Borrower,
and shall state how much is requested, and shall be accompanied by such other information and documentation as Lender may reasonably request, including the executed Note(s) for the Loan(s) covered by the Borrowing Request. 

(b)    No later than 1:00 p.m. Pacific Standard Time on the Borrowing Date, if Borrower has satisfied the
conditions precedent in Article 4 by 9:00 a.m. Pacific Standard Time on such Borrowing Date, Lender shall make the Loan available to Borrower in immediately available funds. 

2.4    Interest. Except as otherwise specified in the applicable Note and/or Supplement, Basic Interest on
the outstanding principal balance of each Loan shall accrue daily at the Designated Rate from the Borrowing

 

  
 1 

 
Date. If the outstanding principal balance of such Loan is not paid at maturity, interest shall accrue at the Default Rate until paid in full, as further set forth herein. 

2.5    Intentionally Omitted. 

2.6    Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any
Loan Document, shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day
year were used. In no event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect. 

2.7    Default Interest. Any unpaid payments in respect of the Obligations shall bear interest from their
respective maturities, whether scheduled or accelerated, at the Default Rate, compounded monthly. Borrower shall pay such interest on demand. 

2.8    Late Charges. If Borrower is late in making any scheduled payment in respect of the Obligations by
more than five (5) days, then Borrower agrees to pay a late charge of five percent (5.00%) of the payment due, but not less than Fifty Dollars ($50.00) for any one such delinquent payment. This late charge may be charged by Lender for the
purpose of defraying the expenses incidental to the handling of such delinquent amounts. Borrower acknowledges that such late charge represents a reasonable sum considering all of the circumstances existing on the date of this Agreement and
represents a fair and reasonable estimate of the costs that will be sustained by Lender due to the failure of Borrower to make timely payments. Borrower further agrees that proof of actual damages would be costly and inconvenient. Such late charge
shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid or to declare a default under this Agreement or any of the other Loan Documents or from exercising any other rights and remedies of Lender. 

2.9    Lender’s Records. Principal, Basic Interest and all other sums owed under any Loan Document
shall be evidenced by entries in records maintained by Lender for such purpose. Each payment on and any other credits with respect to principal, Basic Interest and all other sums outstanding under any Loan Document shall be evidenced by entries in
such records. Absent manifest error, Lender’s records shall be conclusive evidence thereof.

 2.10    Grant of Security Interests; Filing of Financing Statements.

 (a)    To secure the timely payment and performance of all of Borrower’s Obligations, Borrower
hereby grants to Lender continuing security interests in all of the Collateral. In connection with the foregoing, Borrower authorizes Lender to prepare and file any financing statements describing the Collateral without otherwise obtaining
Borrower’s signature or consent with respect to the filing of such financing statements. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect. 

(b)    In furtherance of Borrower’s grant of the security interests in the Collateral pursuant to
Section 2.10(a) above, Borrower hereby pledges and grants to Lender a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe
for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Closing Date or at any time thereafter following Lender’s request,
the certificate or certificates for the Shares will be delivered to the Lender, accompanied by an instrument of assignment duly executed in blank by Borrower, unless such Shares have not been certificated. To the extent required by the terms and
conditions governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default
hereunder, Lender may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Lender and cause new certificates representing such securities to be issued in the name of Lender or
its transferee(s). Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Lender may reasonably request to perfect or continue the perfection of Lender’s security interest in the Shares. Except as
provided in the following sentence, Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or
ratification given or action taken which would constitute a violation of any of the terms of this Agreement. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of
Default and Lender’s written notice to Borrower of Lender’s intent to exercise its rights and remedies under this Agreement, including this Section 2.10(b).

 

  
 2 

 
 (c)    Borrower is and shall remain absolutely and unconditionally
liable for the performance of its Obligations, including, without limitation, any deficiency by reason of the failure of the Collateral to satisfy all amounts due Lender under any of the Loan Documents. 

(d)    All Collateral pledged by Borrower under this Agreement and any Supplement shall secure the timely payment
and performance of all Obligations. Except in connection with Transfers permitted by this Agreement or as otherwise expressly provided in this Agreement (in which case the Lien on the Collateral so transferred shall be automatically deemed
released), no Collateral pledged under this Agreement or any Supplement shall be released until such time as all Obligations (other than inchoate indemnity obligations) have been satisfied and paid in full. 

ARTICLE 3 - REPRESENTATIONS AND WARRANTIES 

Borrower and Guarantor each represents and warrants that, except as set forth in the Supplement or the Disclosure Letter (as the same may be
updated by Borrower as of the date of any Borrowing Date, subject to Lender’s prior written approval in its sole and absolute discretion), if any, as of the Closing Date and each Borrowing Date: 

3.1    Due Organization. Borrower is a corporation duly organized and validly existing in good standing
under the laws of the jurisdiction of its incorporation, and is duly qualified to conduct business and is in good standing in each other jurisdiction in which its business is conducted or its properties are located, except where the failure to be so
qualified would not reasonably be expected to have a Material Adverse Effect. 
 3.2    Authorization,
Validity and Enforceability. The execution, delivery and performance of all Loan Documents executed by Borrower are within Borrower’s powers, have been duly authorized, and are not in conflict with Borrower’s certificate of
incorporation or by-laws, or the terms of any charter or other organizational document of Borrower, as amended from time to time; and all such Loan Documents constitute valid and binding obligations of
Borrower, enforceable against the parties thereto in accordance with their terms (except as may be limited by bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights in general, and subject to general principles
of equity). 

 3.3    Compliance with Applicable Laws. Borrower has
complied with all licensing, permit and fictitious name requirements necessary to lawfully conduct the business in which it is engaged, and to conduct any sales, leases or the furnishing of services by Borrower, including without limitation those
requiring consumer or other disclosures, in each case, the noncompliance with which would have a Material Adverse Effect. 

3.4    No Conflict. The execution, delivery, and performance by Borrower of all Loan Documents are not in
conflict with any law, rule, regulation, order or directive, or any material indenture, agreement, or undertaking to which Borrower is a party or by which Borrower may be bound or affected. Without limiting the generality of the foregoing, the
issuance of the Warrant and the grant of registration rights in connection therewith do not violate any agreement or instrument by which Borrower is bound or require the consent of any holders of Borrower’s securities other than consents which
have been obtained prior to the Closing Date. 
 3.5    No Litigation, Claims or Proceedings. There is
no litigation, tax claim, proceeding or dispute pending, or, to the knowledge of Borrower, threatened in writing against or affecting Borrower, its property or the conduct of its business that, individually or in the aggregate during the term of
this Agreement, could reasonably be expected to result in liability or damages to Borrower in excess of Four Hundred Thousand Dollars ($400,000.00). 

3.6    Correctness of Financial Statements. Borrower’s financial statements which have been delivered
to Lender fairly and accurately, in all material respects, reflect Borrower’s financial condition in accordance with GAAP (except with respect to unaudited financial statements, for the absence of footnotes and subject to normal year-end adjustments) as of the latest date of such financial statements; and, since that date there has been no Material Adverse Change. 

3.7    Subsidiaries. As of the Closing Date, Borrower is not a majority owner of or in a control
relationship with any other business entity, except for Delcath Ireland and the Excluded Subsidiaries. The Borrower, Delcath Ireland and the Excluded Subsidiaries each constitute a “holding company” and a “subsidiary” of each
other (as the case may be, and in accordance with Sections 7 and 8 of the Irish Companies Act) and accordingly the prohibition contained in section 239 of the Irish Companies Act does not apply to the Loan Documents or the transactions contemplated
thereby. 

 

  
 3 

 
 3.8    Environmental Matters. To its knowledge after
reasonable inquiry, Borrower has concluded that Borrower is in compliance with Environmental Laws, except to the extent a failure to be in such compliance would not reasonably be expected to have a Material Adverse Effect. 

3.9    No Event of Default. No Default or Event of Default has occurred and is continuing. 

3.10    Full Disclosure. None of the representations or warranties made by Borrower in the Loan Documents
as of the date such representations and warranties are made or deemed made, and none of the written statements contained in any exhibit, report, statement or certificate furnished by or on behalf of Borrower in connection with the Loan Documents
(including disclosure materials delivered by or on behalf of Borrower to Lender prior to the Closing Date or pursuant to Section 5.2 hereof), taken as a whole, contains any untrue statement of a material fact or omits any material fact required
to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they are made, not materially misleading as of the time when made or delivered (it being recognized by Lender that projections and
estimates as to future events provided by Borrower in good faith are not to be viewed as facts and that the actual results during the period or periods covered by any such projections and estimates may differ from projected or estimated results).

 3.11    Specific Representations Regarding Collateral. 

(a)    Title. Except for the security interests created by this Agreement and Permitted Liens,
(i) Borrower is and will be the unconditional legal and beneficial owner of the Collateral, and (ii) the Collateral is genuine and subject to no Liens. There exist no prior assignments or encumbrances of record with the U.S. Patent and
Trademark Office or U.S. Copyright Office affecting any Collateral in favor of any third party, other than Permitted Liens. 

(b)    Rights to Payment. The names of the obligors, amount owing to Borrower, due dates and all other
information with respect to the Rights to Payment are and will be correctly stated in all material respects in all Records relating to the Rights to Payment. Borrower further represents and warrants, to its knowledge, that each Person appearing to
be obligated on a Right to Payment has authority and capacity to contract and is bound as it appears to be.

 (c)    Location of Collateral. As of the Closing Date,
Borrower’s chief executive office, Inventory, Records, Equipment, and any other offices or places of business are located at the address(es) set out in the Disclosure Letter. 

(d)    Business Names. Other than its full corporate name, within the past five (5) years, Borrower
has not conducted business using any trade names or fictitious business names except as set out in the Disclosure Letter. 

3.12    Copyrights, Patents, Trademarks and Licenses. 

(a)    Borrower owns or is licensed or otherwise has the right to use all of the patents, trademarks, service
marks, trade names, copyrights, contractual franchises, authorizations and other similar rights that are reasonably necessary for the operation of its business, without known conflict with the rights of any other Person, except as could not
reasonably be expected to have a Material Adverse Effect. 
 (b)    To Borrower’s knowledge, no slogan or
other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by Borrower infringes upon any rights held by any other Person, except as could not reasonably be expected to
have a Material Adverse Effect. 
 (c)    No claim or litigation regarding any of the foregoing is pending or,
to Borrower’s knowledge, threatened in writing, and, to Borrower’s knowledge, no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code is pending or proposed which, in either case, could
reasonably be expected to have a Material Adverse Effect. 
 3.13    Regulatory Compliance. Borrower has
met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA, except to the extent a failure to do so could not reasonably be expected to have a Material Adverse Effect. No event has occurred resulting
from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could reasonably be expected to have a Material Adverse Effect. Borrower is not required to be registered as an
“investment company” or a company “controlled” by an “investment company”

 

  
 4 

 
within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act,
except to the extent a failure to so comply could not reasonably be expected to have a Material Adverse Effect. 

3.14    Shares. Borrower has full power and authority to create a first priority Lien on the Shares and no
disability or contractual obligation exists that would prohibit Borrower from pledging the Shares pursuant to this Agreement. To Borrower’s knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on
transfer relative to, or options exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. To Borrower’s
knowledge, the Shares are not the subject of any present or threatened (in writing) suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings. 

3.15    Compliance with Anti-Corruption Laws. Borrower has not taken any action that would cause a
violation of any anti-corruption law, including but not limited to, the Foreign Corrupt Practices Act, the United Kingdom Bribery Act, and all other applicable anti-corruption laws. Borrower, its employees, and, to its knowledge, its agents and
representatives have not, directly or indirectly, offered, paid, given, promised or authorized the payment of any money, gift or anything of value to any person acting in an official capacity for any government department, agency or instrumentality,
including state-owned or controlled companies or entities, and public international organizations, as well as a political party or official thereof or candidate for political office in violation of applicable law. None of Borrower’s principals
or staff are officers, employees or representatives of governments, government agencies, or government-owned or controlled enterprises. 

3.16    External Company. The Borrower is not a relevant external company, as that term is defined in
Section 1301 of the Irish Companies Act. 
 3.17    Survival. The representations and warranties of
Borrower as set forth in this Agreement shall, unless such representation or warranty is with respect to a specified time, survive the execution and delivery of this Agreement to the fullest extent permitted by law.

 ARTICLE 4 - CONDITIONS PRECEDENT 

4.1    Conditions to First Loan. The obligation of Lender to make its first Loan hereunder is, in addition
to the conditions precedent specified in Section 4.2 and in any Supplement or Schedule 2 hereto, subject to the fulfillment of the following conditions and to the receipt by Lender of the documents described below, duly executed and in form and
substance reasonably satisfactory to Lender: 
 (a)    Resolutions. A certified copy of the resolutions
of the Board of Directors of (i) Borrower, authorizing the execution, delivery and performance by Borrower of the Loan Documents; and (ii) each Guarantor, authorizing the execution, delivery and performance by each Guarantor of the
Guaranty Documents. 
 (b)    Incumbency, Signatures and other Certifications. A certificate of the
secretary of Borrower and each Guarantor certifying the names of the officer or officers of Borrower and each Guarantor authorized to sign the Loan Documents, together with a sample of the true signature of each such officer. In respect of Delcath
Ireland, such certificate shall certify (i) that Borrower and Delcath Ireland are members of a group of companies consisting within the meaning of Section 7 of Irish Companies Act and for the purposes of Section 243 of the Irish
Companies Act and (ii) that the entry by Delcath Ireland will not constitute unlawful financial assistance for the purpose of Section 82 of the Irish Companies Act. 

(c)    Legal Opinion. The opinion of legal counsel for Borrower and the Guarantors (or, in respect of
matters of Irish law, Irish counsel for the Lender) as to such matters as Lender may reasonably request, in form and substance reasonably satisfactory to Lender. 

(d)    Charter Documents. Copies of the organizational, constitutional and charter documents of Borrower
and each Guarantor (e.g., Articles or Certificate of Incorporation and Bylaws, or other relevant constitutional documents), as amended through the Closing Date, certified by an officer of Borrower or Guarantor, as applicable, as being true, correct
and complete. 
 (e)    This Agreement and other Loan Documents. (i) Counterparts of this Agreement
and the Supplement, (ii) counterparts of the Mortgage Debenture and the Irish Share Charge, and the (iii) the Disclosure Letter.

 

  
 5 

 
 (f)    Financing Statements. Filing copies (or other
evidence of filing satisfactory to Lender and its counsel) of such UCC financing statements, collateral assignments, account control agreements, and termination statements, with respect to the Collateral as Lender shall request. 

(g)    CRO Documents. An agreed form CRO registration template for the Mortgage Debenture and each other
Guaranty Document creating security, and a letter of authorization enabling Matheson, legal advisors to Lender as to Irish law, to make such registrations. 

(h)    Intellectual Property Security Agreement. An Intellectual Property Security Agreement executed by
Borrower. 
 (i)    Lien Searches. UCC lien, judgment, bankruptcy and tax lien searches of Borrower and
(as applicable) each Guarantor from such jurisdictions or offices as Lender may reasonably request, all as of a date reasonably satisfactory to Lender and its counsel. 

(j)    Good Standing Certificate. A certificate of status or good standing of Borrower and (as applicable)
each Guarantor (other than Delcath Ireland) as of a date acceptable to Lender from the jurisdiction of Borrower’s and each Guarantor’s organization and any foreign jurisdictions where Borrower and any Guarantor is qualified to do business.

 (k)    Warrant. The Warrant issued by Borrower exercisable for such number, type and class of shares
of Borrower’s capital stock, and for an initial exercise price as is specified therein. 

(l)    Insurance Certificates. Insurance certificates showing Lender as loss payee or additional insured.

 (m)    Irish Searches. Up to date searches against Delcath Ireland in the CRO and High Court Central
Office in Ireland and all other appropriate registries or public offices and searches from the High Court register of petitions for liquidation and bankruptcy and confirmation that all acts appearing thereon which Lender requires to be discharged
have been fully discharged to the satisfaction of Lender. 
 (n)    Other Documents. Such other
documents and instruments as Lender may reasonably request to

 
effectuate the intents and purposes of this Agreement, including those items set forth on Schedule 2 hereto within the timeframe set forth therein (or by such other date as Lender may approve in
its sole discretion), in each case, in form and substance reasonably acceptable to Lender. 

4.2    Conditions to All Loans. The obligation of Lender to make its initial Loan and each subsequent Loan
is subject to the following further conditions precedent that: 
 (a)    No Default. No Default or Event
of Default has occurred and is continuing or will result from the making of any such Loan, and the representations and warranties of Borrower contained in Article 3 of this Agreement (subject to the Disclosure Letter, as the same may be updated in
accordance with Article 3) and Part 3 of the Disclosure Letter are true and correct in all material respects as of the Borrowing Date of such Loan, except to the extent such representations and warranties relate solely to an earlier date (in which
case the same are true and correct in all material respects as of such date). 
 (b)    No Material Adverse
Change. No event has occurred that has had or could reasonably be expected to have a Material Adverse Change. 

(c)    Borrowing Request. Borrower shall have delivered to Lender a Borrowing Request for such Loan. 

(d)    Note. Borrower shall have delivered an executed Note evidencing such Loan, substantially in the
form attached to the Supplement as an exhibit. 
 (e)    Supplemental Lien Filings. Borrower and each
Guarantor shall have executed and delivered such amendments or supplements to this Agreement and additional Security Documents, financing statements and third party waivers as Lender may reasonably request in connection with the proposed Loan, in
order to create, protect or perfect or to maintain the perfection of Lender’s Liens on the Collateral. 

(f)    VCOC Limitation. Lender shall not be obligated to make any Loan under its Commitment if at the time
of or after giving effect to the proposed Loan Lender would no longer qualify as: (i) a “venture capital operating company” under U.S. Department of Labor Regulations Section 2510.3-101(d),
Title 29 of the Code of Federal Regulations, as amended; and (ii) a “business development company” under the provisions of federal Investment Company Act of 1940, as amended; and (iii) a “regulated investment company”
under the provisions of the Internal Revenue Code of 1986, as amended. 

 

  
 6 

 
 (g)    Financial Projections. Borrower shall have delivered
to Lender Borrower’s business plan and/or financial projections or forecasts as most recently approved by Borrower’s Board of Directors. 

ARTICLE 5 - AFFIRMATIVE COVENANTS 

During the term of this Agreement and until its performance of all Obligations (other than inchoate indemnity obligations), Borrower will
(and will cause each Guarantor, as applicable): 
 5.1    Notice to Lender. Promptly give written notice
to Lender of: 
 (a)    Any litigation or administrative or regulatory proceeding affecting Borrower or any
Guarantor where the amount claimed against Borrower or any Guarantor is at the Threshold Amount or more, or where the granting of the relief requested could reasonably be expected to have a Material Adverse Effect; or of the acquisition by Borrower
or any Guarantor of any commercial tort claim (in excess of Fifty Thousand Dollars ($50,000.00)), including brief details of such claim and such other information as Lender may reasonably request to enable Lender to better perfect its Lien in such
commercial tort claim as Collateral. 
 (b)    Any dispute where the amount claimed against Borrower or any
Guarantor is at the Threshold Amount or more, or where the granting of the relief requested could reasonably be expected to have a Material Adverse Effect which may exist between Borrower, any Guarantor, and any governmental or regulatory authority.

 (c)    The occurrence of any Default or any Event of Default. 

(d)    Any change in the location of any of Borrower’s or any Guarantor’s principal places of business
or Collateral at least thirty (30) days in advance of such change (except for changes in location of (i) items of movable property such as laptop computers and (ii) other Collateral with a book value less than One Hundred Thousand
Dollars ($100,000)), or of the establishment of any new, or the discontinuance of any existing, principal place of business.

 (e)    Any dispute or default by Borrower, a Subsidiary or any
Guarantor under any joint venture, partnering, distribution, cross-licensing, strategic alliance, collaborative research or manufacturing, license or similar agreement which could reasonably be expected to have a Material Adverse Effect. 

(f)    Any other matter which has resulted or could reasonably be expected to result in a Material Adverse
Change. 
 (g)    Any Subsidiary Borrower or any Guarantor intends to acquire or create. 

5.2    Financial Statements. Deliver to Lender or cause to be delivered to Lender, in form and detail
reasonably satisfactory to Lender the following financial and other information, which Borrower warrants shall be accurate and complete in all material respects as of the date delivered: 

(a)    Monthly Financial Statements. No later than thirty (30) days after the end of each month,
Borrower’s unaudited, consolidated balance sheet as of the end of such period, and Borrower’s unaudited, consolidated income statement and cash flow statement for such period and for that portion of Borrower’s financial reporting year
ending with such period, prepared in accordance with GAAP (except for the absence of footnotes and subject to normal year-end audit adjustments) and attested by a responsible financial officer of Borrower as
being complete and correct in all material respects and fairly presenting Borrower’s and its Subsidiaries consolidated financial condition and the results of Borrower’s and its Subsidiaries consolidated operations as of the date(s) and for
the period(s) covered thereby. 
 (b)    Year-End Financial
Statements. No later than ninety (90) days after the end of each financial reporting year (unless the SEC has promulgated an extension to the annual filing deadline applicable to the Borrower, in which case the deadline shall be such date),
a complete copy of Borrower’s audit report for Borrower and its Subsidiaries, on a consolidated basis, which shall include balance sheet, income statement, statement of changes in equity and statement of cash flows for such year, prepared in
accordance with GAAP and certified by an independent certified public accountant selected by Borrower and reasonably satisfactory to Lender (the “Accountant”). The Accountant’s certification shall not be
qualified or limited due to a restricted or limited examination by the Accountant of any material portion of Borrower’s or its Subsidiaries’ records.

 

  
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 (c)    Compliance Certificates. Simultaneously with the
delivery of each set of financial statements referred to in paragraphs (a) and (b) above, a certificate of the chief financial officer of Borrower (or other executive officer) substantially in the form of Exhibit “C” to the
Supplement (a “Compliance Certificate”) stating, among other things, whether any Default or Event of Default exists on the date of such certificate, and if so, setting forth the details thereof and the action
which Borrower is taking or proposes to take with respect thereto. If requested by Lender, a Compliance Certificate also shall be delivered to Lender on the Closing Date. 

(d)    Government Required Reports. Promptly after sending, issuing, making available, or filing, copies
of all material reports, proxy statements, and financial statements that Borrower sends or makes available generally to its stockholders, and, not later than five (5) days after actual filing or the date such filing was first due, all
registration statements and reports that Borrower files or is required to file with the Securities and Exchange Commission, or any other governmental or regulatory authority having similar authority. 

(e)    Other Information. Such other statements, lists of property and accounts, budgets (as updated),
sales projections, forecasts, reports, operating plans, financial exhibits, capitalization tables (as updated) and information relating to equity and debt financings consummated after the Closing Date (including post-closing capitalization
table(s)), or other information as Lender may from time to time reasonably request and as prepared by Borrower in the ordinary course of business. 

Documents required to be delivered pursuant to the terms of this Section 5.2 (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the internet at Borrower’s
website address. 
 (f)    Board Packages. In addition to the information described in
Section 5.2(e), Borrower will promptly provide Lender with copies of all notices, minutes, consents and other materials, financial or otherwise, which Borrower provides to its Board of Directors (collectively, “Board
Packages”); provided, however, that Borrower need not provide Lender with copies of routine Board actions, such as option and stock grants under Borrower’s equity incentive plan in the normal course of business; and
provided, further, 

 
however, that such Board Packages may be redacted to the extent that (i) based on the advice of counsel, Borrower’s Board of Directors determines such redaction is reasonably
necessary to preserve the attorney-client privilege, to protect highly confidential proprietary information, or for other similar reasons, (ii) such redacted material relates to Lender (or Borrower’s strategy regarding the Loans or Lender)
or (iii) such redacted material relates to “closed-door” executive sessions of the Board. 

5.3    [Reserved]. 

5.4    Existence. Maintain and preserve Borrower’s and each Guarantor’s existence, present form
of business, and all rights and privileges necessary in the normal course of its business; and keep all Borrower’s property in good working order and condition, ordinary wear and tear and obsolescence excepted. 

5.5    Insurance. Obtain and keep in force insurance in such amounts and types as is usual in the type of
business conducted by Borrower and each Guarantor, with insurance carriers having a policyholder rating of not less than “A” and financial category rating of Class VII in “Best’s Insurance Guide,” unless otherwise
approved by Lender. Such insurance policies must be in form and substance reasonably satisfactory to Lender, and shall list Lender as an additional insured or loss payee, as applicable, on endorsement(s) in form reasonably acceptable to Lender.
Borrower and each Guarantor shall furnish to Lender such endorsements, and upon Lender’s request, copies of any or all such policies. So long as no Event of Default exists, Lender agrees to remit proceeds of insurance to Borrower and Borrower
shall use such proceeds for the purchase or replacement of the damaged or destroyed Collateral or acquisition of other assets to be used or useful for the business which shall be Collateral. 

5.6    Accounting Records. Maintain adequate books, accounts and records, and prepare all financial
statements in accordance with GAAP (except with respect to unaudited financial statements, for the absence of footnotes and subject to normal year-end audit adjustments), and in compliance with the regulations
of any governmental or regulatory authority having jurisdiction over Borrower or Borrower’s (or any Guarantor or Guarantor’s) business where noncompliance could reasonably be expected to have a Material Adverse Effect; and permit employees
or agents of Lender upon reasonable prior notice and at such reasonable times as Lender may request, at Borrower’s expense (not to exceed Two Thousand Five

 

  
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Hundred Dollars ($2,500.00) in any 12-month period unless an Event of Default has occurred and is continuing), to inspect Borrower’s properties, and
to examine, review and audit, and make copies and memoranda of Borrower’s and each Guarantor’s books, accounts and records. The exercise of inspection rights pursuant to this Article 5 shall be limited to once in any 12-month period unless an Event of Default has occurred and is continuing. 

5.7    Compliance with Laws. Comply in all material respects with all laws (including Environmental Laws),
rules, regulations applicable to, and all orders and directives of any governmental or regulatory authority having jurisdiction over, Borrower or Borrower’s (or Guarantor or Guarantor’s) business, and with all material agreements to which
Borrower or any Guarantor is a party, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect. 

5.8    Taxes and Other Liabilities. Pay all Borrower’s Indebtedness when due; pay all material taxes
and other governmental or regulatory assessments before delinquency or before any penalty attaches thereto, except as may be contested in good faith by the appropriate procedures and for which Borrower shall maintain appropriate reserves; and timely
file all federal and other material required tax returns (subject to any applicable extensions); where “material” means, individually or in the aggregate, in excess of Ten Thousand Dollars ($10,000.00). 

5.9    Special Collateral Covenants. 

(a)    Maintenance of Collateral; Inspection. Do all things reasonably necessary to maintain, preserve,
protect and keep all Collateral in good working order and salable condition, ordinary wear and tear excepted, deal with the Collateral in all commercially reasonable ways as are considered good practice by owners of like property, and use the
Collateral lawfully and, to the extent applicable, only as permitted by Borrower’s or Guarantors’ insurance policies. Maintain, or cause to be maintained, complete and accurate Records, in all material respects, relating to the Collateral.
Upon reasonable prior notice at reasonable times during normal business hours, Borrower and each Guarantor hereby authorizes Lender’s officers, employees, representatives and agents to inspect the Collateral and to discuss the Collateral and
the Records relating thereto with Borrower’s and each Guarantors’ officers and employees, and, in the case of any Right to Payment, after consultation with Borrower, with any Person which is or may be obligated thereon. The exercise of

 
inspection rights pursuant to this Article 5 shall be limited to once in any 12-month period unless an Event of Default has occurred and is continuing.

 (b)    Documents of Title. Not sign or authorize the signing of any financing statement or other
document naming Borrower or any Guarantor as debtor or obligor, or acquiesce or cooperate in the issuance of any bill of lading, warehouse receipt or other document or instrument of title with respect to any Collateral, except those negotiated to
Lender, or those naming Lender as secured party, or if solely to create, perfect or maintain a Permitted Lien. 

(c)    Change in Location or Name. Without at least thirty (30) days’ prior written notice to
Lender: (a) not relocate any Collateral (other than (i) moveable property such as laptop computers and (ii) other Collateral with a book value less than One Hundred Thousand Dollars ($100,000)) or Records, its chief executive office,
or establish a place of business at a location other than as specified in the Disclosure Letter; and (b) not change its name, mailing address, location of Collateral (other than (i) moveable property such as laptop computers and
(ii) other Collateral with a book value less than One Hundred Thousand Dollars ($100,000)), jurisdiction of incorporation or its legal structure. 

(d)    Decals, Markings. At the request of Lender, following the occurrence and during the continuation of
an Event of Default, firmly affix a decal, stencil or other marking to designated items of Equipment, indicating thereon the security interest of Lender. 

(e)    Agreement with Persons in Possession of Collateral. Use its commercially reasonable efforts to
obtain and maintain such acknowledgments, consents, waivers and agreements (each a “Waiver”) from the owner, operator, lienholder, mortgagee, landlord or any Person in possession of tangible Collateral (other
than (i) moveable property such as laptop computers and (ii) other Collateral with a book value less than One Hundred Thousand Dollars ($100,000) per location within the United States of America as Lender may require, all in form and
substance reasonably satisfactory to Lender. In addition, Lender shall have the right to require Borrower to use its commercially reasonable efforts to provide Lender with a Waiver for any Collateral that is located in the United States of America
in a jurisdiction that provides for statutory landlord’s Liens and for any location at which the Person in possession of such Collateral (other than (i) moveable property such as laptop computers and (ii) other Collateral with a book
value less than One 

 

  
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Hundred Thousand Dollars ($100,000)) has a Lien thereon. Notwithstanding anything to the contrary in this Section 5.9(e), Borrower, each Guarantor and Lender acknowledge and agree that all
material Intellectual Property and Records that are maintained on items of Collateral for which Borrower or any Guarantor is unable to provide a Waiver also shall be maintained or backed up in a manner sufficient that Lender shall be able to have
access to such Intellectual Property and Records in accordance with the exercise of Lender’s rights hereunder. 

(f)    Certain Agreements on Rights to Payment. Other than in its commercially reasonable judgement, not
make any material discount, credit, rebate or other reduction in the original amount owing on a Right to Payment or accept in satisfaction of a Right to Payment less than the original amount thereof. 

5.10    Authorization for Automated Clearinghouse Funds Transfer. (i) Authorize Lender to initiate
debit entries to the Deposit Account specified by Borrower in the Disclosure Letter, through Automated Clearinghouse (“ACH”) transfers, in order to satisfy the regularly scheduled payments of principal and
interest; (ii) provide Lender at least thirty (30) days’ notice of any change in such account; and (iii) grant Lender any additional authorizations necessary to begin ACH debits from a new account which becomes the Primary
Operating Account. 
 5.11    Anti-Corruption Laws. Provide true, accurate and complete information, in
all material respects, in all product orders, reimbursement requests and other communications relating to Borrower and each Guarantor and their respective products. 

ARTICLE 6 - NEGATIVE COVENANTS 
 During
the term of this Agreement and until the performance of all Obligations (other than inchoate indemnity obligations), Borrower will not, and will not permit any Subsidiary to: 

6.1    Indebtedness. Be indebted for borrowed money, the deferred purchase price of property, or leases
which would be capitalized in accordance with GAAP (other than operating leases); or become liable as a surety, guarantor, accommodation party or otherwise for or upon the obligation of any other Person, except: 

(a)    Indebtedness incurred for the acquisition of supplies, inventory or other property or services on normal
trade credit; 

 (b)    Indebtedness incurred pursuant to one or more transactions
permitted under Section 6.4; 
 (c)    Indebtedness of Borrower under this Agreement;

 (d)    Subordinated Debt; 

(e)    any Indebtedness approved by Lender prior to the Closing Date as shown on Schedule 6.1; 

(f)    Indebtedness secured by a lien described in clause (c) of the defined term “Permitted
Liens” not to exceed One Hundred Thousand Dollars ($100,000.00) in aggregate principal amount outstanding at any time: 

(g)    Indebtedness incurred under corporate credit cards not to exceed One Hundred Thousand Dollars
($100,000.00) in aggregate principal amount outstanding at any time; 
 (h)    guaranties and similar surety
obligations in respect of Indebtedness permitted under this Section 6.1; and 
 (i)    letters of credit
securing performance of operating leases, real estate leases or appeal bonds and other obligations permitted under this Agreement, provided that such Indebtedness does not exceed One Hundred Thousand Dollars ($100,000.00) in the aggregate amount
outstanding at any time; 
 (j)    Indebtedness incurred to finance insurance premiums; extensions,
refinancings and renewals of any of the foregoing; provided that the principal amount thereof is not increased; and 

(k)    other Indebtedness in an amount not to exceed One Hundred Fifty Thousand Dollars ($150,000.00) outstanding
at any time. 
 6.2    Liens. Create, incur, assume or permit to exist any Lien, or grant any other
Person a negative pledge that limits, restricts or prohibits the granting of any lien on Borrower’s property in favor of Lender, on any of Borrower’s property, except Permitted Liens and any negative pledge in respect of any asset subject
to a Lien permitted by clause (c) of the definition of Permitted Liens. Borrower and Lender agree that this covenant is not intended to constitute a lien, deed of trust, equitable mortgage, or security interest of any kind on any of
Borrower’s real property, and this Agreement shall not be recorded or recordable. Notwithstanding the foregoing, however, violation of this covenant by Borrower shall constitute an Event of Default.

 

  
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 6.3    Dividends. Pay any dividends or purchase, redeem or
otherwise acquire or make any other distribution with respect to any of Borrower’s capital stock, except (a) dividends or other distributions solely of capital stock of Borrower, (b) so long as no Event of Default has occurred and is
continuing, repurchases of stock from employees or contractors upon termination of employment or services under reverse vesting or similar repurchase plans not to exceed One Hundred Thousand Dollars ($100,000) in any calendar year, (c) the
conversion of Borrower’s convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, and may make payments in cash for any fractional units upon such conversion or in
connection with the exercise or conversion of warrants or other securities, and (d) the purchase, redemption or other acquisition of shares of Borrower’s capital stock with the proceeds received from a substantially concurrent issue of new
shares of its capital stock. 
 6.4    Fundamental Changes. (a) Liquidate or dissolve;
(b) enter into, or permit any of Borrower’s Subsidiaries to enter into, any Change of Control; or (c) acquire, or permit any of Borrower’s Subsidiaries to acquire, all or substantially all of the capital stock or property of
another Person. Notwithstanding anything to the contrary in this Section 6.4, Borrower may enter into a transaction that will constitute a Change of Control so long as: (i) the Person that results from such Change of Control (the
“Surviving Entity”) shall have executed and delivered to Lender an agreement in form and substance reasonably satisfactory to Lender, containing an assumption by the Surviving Entity of the due and punctual
payment and performance of all Obligations and performance and observance of each covenant and condition of Borrower in the Loan Documents; (ii) all such obligations of the Surviving Entity to Lender shall be guaranteed by any Person that
directly or indirectly owns or controls fifty percent (50.00%) or more of the voting stock of the Surviving Entity; (iii) immediately after giving effect to such Change of Control, no Event of Default or, event which with the lapse of time or
giving of notice or both, would result in an Event of Default shall have occurred and be continuing; and (iv) the credit risk to Lender, in its sole discretion, with respect to the Obligations and the Collateral shall not be increased. In
determining whether the proposed Change of Control would result in an increased credit risk, Lender may consider, among other things, changes in Borrower’s management team, employee base, access to equity markets, venture capital support,
financial position and/or disposition of

 
intellectual property rights which may reasonably be anticipated as a result of the Change of Control. In addition, (i) a Subsidiary may merge or consolidate into another Subsidiary,
(ii) Borrower may consolidate or merge with any of Borrower’s Subsidiaries provided that Borrower is the continuing or surviving Person, (iii) Delcath Holdings and any other Excluded Subsidiary may be dissolved. 

6.5    Sales of Assets. Sell, transfer, lease, license or otherwise dispose of (a
“Transfer”) any of Borrower’s assets except (i) licenses of Intellectual Property in the ordinary course of business consistent with industry practice, on a
non-exclusive basis, or which may be exclusive as to geographic territory outside the United States or field of use, provided that such licenses of Intellectual Property neither result in a legal transfer of
title of the licensed Intellectual Property nor have the same effect as a sale of such Intellectual Property; (ii) Transfers of worn-out, obsolete or surplus property (each as determined by Borrower in
its reasonable judgment); (iii) Transfers of Inventory in the ordinary course of business; (iv) Transfers constituting Permitted Liens; (v) Transfers permitted in Section 6.3, 6.4, 6.6 or 6.7 hereunder; (vi) Transfers of assets
(other than Intellectual Property) for fair consideration and in the ordinary course of its business and (vii) other Transfers in an aggregate amount not to exceed Three Hundred Fifty Thousand Dollars ($350,000.00) in any fiscal year. 

6.6    Loans/Investments. Make or suffer to exist any loans, guaranties, advances, or investments
(“Investments”), except: 
 (a)    accounts receivable in the ordinary
course of Borrower’s business; 
 (b)    Investments in domestic certificates of deposit issued by, and
other domestic investments with, financial institutions organized under the laws of the United States or a state thereof, having at least One Hundred Million Dollars ($100,000,000.00) in capital and a rating of at least “investment grade”
or “A” by Moody’s or any successor rating agency; 
 (c)    Investments in marketable
obligations of the United States of America and in open market commercial paper given the highest credit rating by a national credit agency and maturing not more than one year from the creation thereof; 

(d)    temporary advances to cover incidental expenses to be incurred in the ordinary course of business;

 

  
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 (e)    Investments in joint ventures, strategic alliances,
licensing and similar arrangements customary in Borrower’s industry and which do not require Borrower to assume or otherwise become liable for the obligations of any third party not directly related to or arising out of such arrangement or,
without the prior written consent of Lender, require Borrower to transfer ownership of non-cash assets to such joint venture or other entity; 

(f)    Investments in (i) one or more wholly-owned Subsidiaries of Borrower, so long as in accordance with
Section 6.14(a) of this Agreement, each such Person has been made a co-borrower hereunder or has executed and delivered to Lender an agreement, in form and substance reasonably satisfactory to Lender,
containing a guaranty of the Obligations (including the guaranty delivered by Delcath Ireland on the Closing Date), (ii) Investments by a Borrower or a Guarantor in the Excluded Subsidiaries (other than Delcath Holdings or Delcath Germany) not to
exceed Five Hundred Thousand Dollars ($500,000.00) US in the aggregate outstanding at any time, (iii) Investments by or among Excluded Subsidiaries (other than Delcath Holdings or Delcath Germany) and (iv) Investments in Delcath Germany
not to exceed Five Hundred Thousand Dollars ($500,000.00) US in the aggregate outstanding at any time; 

(g)    Investments approved by Lender prior to the Closing Date as set forth in the Disclosure Letter; 

(h)    Investments accepted in connection with transactions permitted under Section 6.4 or investments
accepted in connection with Transfers permitted by Section 6.5; 

(i)    non-cash loans approved by Borrower’s Board of Directors to
employees, officers or directors relating to the purchase of equity securities of Borrower pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors, limited to an aggregate total of One Hundred Thousand
Dollars ($100,000.00) at any time outstanding; 
 (j)    Investments (including debt obligations) received in
connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

(k)    Investments permitted under Section 6.11;

 (l)    Investments consisting of notes receivable of, or prepaid
royalties and other credit extensions to, customers and suppliers in the ordinary course of business; 

(m)    Investments by wholly owned Subsidiaries in other wholly owned Subsidiaries or in Borrower; 

(n)    Investments consisting of deposit accounts; provided Lender has a perfected security interest therein to
the extent required by 6.11; 
 (o)    Investments consisting of the endorsement of negotiable instruments for
deposit or collection or similar transactions in the ordinary course of business; 
 (p)    other Investments
in an amount not to exceed One Hundred Fifty Thousand Dollars ($150,000.00) in any Fiscal Year. 

6.7    Transactions with Related Persons. Directly or indirectly enter into any transaction with or for
the benefit of a Related Person on terms more favorable to the Related Person than would have been obtainable in an “arms’ length” dealing, except (a) sales of equity securities by Borrower and incurrence of Subordinated Debt for
capital raising purposes, (b) Investments permitted under clauses (d), (f), (i) or (m) of Section 6.6, (c) employment and consulting arrangements, including stock options, employee compensation, and severance arrangements in the
ordinary course of business, and (d) customary reimbursement and indemnity arrangements in the ordinary course of business, and. 

6.8    Other Business. Engage in any material line of business other than the business Borrower conducts
as of the Closing Date and any business substantially similar or related or incidental thereto. 

6.9    Financing Statements and Other Actions. Fail to execute and deliver to Lender all financing
statements, notices and other documents (including, without limitation, any filings with the United States Patent and Trademark Office and the United States Copyright Office) from time to time reasonably requested by Lender to maintain a perfected
first priority security interest in the Collateral in favor of Lender, subject to Permitted Liens; fail to perform such other acts, and execute and deliver to Lender such additional conveyances, assignments, agreements and instruments, as Lender may
at any time reasonably request in connection with the administration and enforcement of this Agreement or Lender’s rights, powers and remedies hereunder.

 

  
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 6.10    Compliance. Become required to be registered as an
“investment company” or controlled by an “investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending
credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Loan for such purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to
occur, fail to comply in all material respects with the Federal Fair Labor Standards Act or violate any law or regulation, which violation could reasonably be expected to have a Material Adverse Effect or a material adverse effect on the Collateral
or the priority of Lender’s Lien on the Collateral, or permit any of its subsidiaries to do any of the foregoing. 

6.11    Other Deposit and Securities Accounts. Maintain any Deposit Accounts or accounts holding
securities owned by Borrower or any Guarantor except (i) Deposit Accounts and investment/securities accounts as set forth in the Disclosure Letter, and (ii) other Deposit Accounts and securities/investment accounts, in each case, with
respect to which Borrower (and such Guarantor) and Lender shall have taken such action as Lender reasonably deems necessary to obtain a perfected first priority security interest therein, subject to Permitted Liens. The provisions of the previous
sentence shall not apply to Deposit Accounts (i) exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Lender as such or (ii) Excluded
Accounts. 
 6.12    Prepayment of Indebtedness. Prepay, redeem or otherwise satisfy in any manner prior
to the scheduled repayment thereof any Indebtedness (other than the Loans and Indebtedness permitted by Section 6.1 hereof). Notwithstanding the foregoing, Lender agrees that the conversion or exchange into Borrower’s
equity securities of any Indebtedness (other than the Loans) and the payment of cash in lieu of the issuance of fractional shares upon such conversion or exchange shall not be prohibited by this Section 6.12. 

6.13    Repayment of Subordinated Debt. Repay, prepay, redeem or otherwise satisfy in any manner any
Subordinated Debt, except in accordance with the terms of any subordination agreement among Borrower or any Guarantor, Lender and the holder(s) of such Subordinated Debt. Notwithstanding the foregoing, Lender agrees that the conversion or exchange
into Borrower’s or any Guarantor’s equity securities of any Subordinated Debt and the payment of cash in lieu of fractional shares shall not be prohibited by this Section 6.13.

 6.14    Subsidiaries. 

(a)    Acquire or create any Subsidiary, unless any such Domestic Subsidiary becomes, at Lender’s option,
either a co-borrower hereunder or executes and delivers to Lender one or more agreements, in form and substance reasonably satisfactory to Lender, containing a guaranty of the Obligations that is secured by
first priority Liens on such Person’s assets, subject to Permitted Liens. For clarity, the parties acknowledge and agree that Lender shall have the exclusive right, acting reasonably, to determine whether any such Subsidiary will be made a co-borrower hereunder or a Guarantor. Prior to the acquisition or creation of any such Subsidiary, Borrower shall notify Lender thereof in writing, which notice shall contain the jurisdiction of such Person’s
formation and include a description of such Person’s fully diluted capitalization and Borrower’s purpose for its acquisition or creation of such Subsidiary. 

(b)    Sell, transfer, encumber or otherwise dispose of Borrower’s ownership interest in any Subsidiary
other than Permitted Liens or in a manner permitted by Section 6.4. 
 (c)    Cause or permit a Subsidiary
to do any of the following: (i) grant Liens on such Subsidiary’s assets, except for Liens that would constitute Permitted Liens if incurred by Borrower and Liens on any property held or acquired by such Subsidiary in the ordinary course of
its business securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such property; provided, that such Lien attaches solely to the property acquired with such Indebtedness and that the
principal amount of such Indebtedness does not exceed one hundred percent (100.00%) of the cost of such property; and (ii) issue any additional Shares, except to Borrower or a wholly owned Subsidiary of Borrower. 

(d)    Notwithstanding any other provision of this Agreement or the Supplement to the contrary, Borrower shall
not (x) invest in or loan to, directly or indirectly, cash or other assets of a value in excess of such amounts as are expressly permitted under Section 6.6(f) during the term of this Agreement; or (y) cause or permit Delcath Holdings
to maintain cash or other assets of a value in excess of Ten Thousand Dollars ($10,000.00) in the aggregate at any time during the term of this Agreement.

 

  
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 6.15    Leases. Create, incur, assume, or suffer to exist
any obligation as lessee for the rental or hire of any personal property (“Personal Property Leases”), except for Personal Property Leases of Equipment in the ordinary course of business that do not in the aggregate require Borrower
to make payments (including taxes, insurance, maintenance and similar expenses which Borrower is required to pay under the terms of any such lease) in any calendar year in excess of One Hundred Thousand Dollars ($100,000.00) in aggregate amount. For
the avoidance of doubt, this Section 6.15 will not be applicable to Indebtedness otherwise permitted under Section 6.1(f) of this Agreement. 

6.16    Anti-Corruption Laws. 

(a)    Take any action that would cause a violation of any anti-corruption law, including but not limited to, the
Foreign Corrupt Practices Act, the United Kingdom Bribery Act, and all other applicable anti-corruption laws. 

(b)    Directly or indirectly, offer, pay, give, promise or authorize the payment of any money, gift, or anything
of value to any person acting in an official capacity for any government department, agency, or instrumentality, including state-owned or controlled companies or entities, and public international organizations, as well as a political party or
official thereof or candidates for political office, except in compliance with applicable law. 

6.17    Financial Assistance. Use any Loan directly or indirectly for the purposes of providing financial
assistance within the meaning of section 82 of the Irish Companies Act. 
 ARTICLE 7 - EVENTS OF DEFAULT 

7.1    Events of Default; Acceleration. Upon the occurrence and during the continuation of any Event of
Default, the obligation of Lender to make any additional Loan shall be suspended. The occurrence and continuation of any of the following (each, an “Event of Default”) shall at the option of Lender (1) make
all sums of Basic Interest and principal, as well as any other Obligations and amounts owing under any Loan Documents, immediately due and payable without notice of default, presentment or demand for payment, protest or notice of nonpayment or
dishonor or any other notices or demands, and (2) give Lender

 
the right to exercise any other right or remedy provided by contract or applicable law: 

(a)    Borrower shall fail to pay any principal or interest under this Agreement or any Note, or fail to pay any
fees or other charges when due under any Loan Document, and such failure continues for three (3) Business Days or more after the same first becomes due; or an Event of Default as defined in any other Loan Document shall have occurred. 

(b)    Any representation or warranty made, or financial statement, certificate or other written document
provided, by Borrower or any Guarantor under any Loan Document, taken together with all such representations, warranties, statements, certificates and documents, shall prove to have been false or misleading in any material respect when made or
deemed made herein. 
 (c)    If there occurs any circumstance or circumstances that could reasonably be
expected to have a Material Adverse Effect; it being acknowledged and agreed by Lender that a CMC CRL, in and of itself, will not trigger an Event of Default under this Section 7.1(c). 

(d)    (i) Borrower or any Guarantor shall fail to pay its debts generally as they become due; or
(ii) Borrower or any Guarantor shall commence any Insolvency Proceeding with respect to itself, an involuntary Insolvency Proceeding shall be filed against Borrower or any Guarantor, or a custodian, receiver, trustee, assignee for the benefit
of creditors, or other similar official, shall be appointed to take possession, custody or control of the properties of Borrower or any Guarantor, and such involuntary Insolvency Proceeding, petition or appointment is acquiesced to by Borrower or
such Guarantor or is not dismissed within forty-five (45) days; or (iii) the dissolution, winding up, or termination of the business or cessation of operations of Borrower or any Guarantor (including any transaction or series of related
transactions deemed to be a liquidation, dissolution or winding up of Borrower or any Guarantor pursuant to the provisions of Borrower’s or such Guarantor’s charter documents); or (iv) Borrower or any Guarantor shall take any
corporate action for the purpose of effecting, approving, or consenting to any of the foregoing. 

(e)    Borrower or any Guarantor shall be in default beyond any applicable period of grace or cure under any
other agreement involving the borrowing of money, the purchase of property, the advance of credit or any other monetary liability of any kind to Lender or to any Person in an amount in excess of the Threshold Amount.

 

  
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 (f)    Any governmental or regulatory authority shall take any
final and non-appealable judicial or administrative action, or any defined benefit pension plan maintained by Borrower or any Guarantor shall have any unfunded liabilities, any of which, in the reasonable
judgment of Lender, could reasonably be expected to have a Material Adverse Effect. 
 (g)    Any sale,
transfer or other disposition of all or a substantial or material part of the assets of Borrower or any Guarantor, including without limitation to any trust or similar entity, shall occur. 

(h)    Any judgment(s) singly or in the aggregate in excess of the Threshold Amount (not covered by independent
third party insurance as to which liability has been accepted by such insurance carrier) shall be entered against Borrower or any Guarantor which remain unsatisfied, unvacated or unstayed pending appeal for ten (10) or more days after entry
thereof. 
 (i)    Borrower or any Guarantor shall fail to perform or observe any covenant contained in Article
6 of this Agreement. 
 (j)    Borrower or any Guarantor shall fail to perform or observe any covenant
contained in Article 5 or elsewhere in this Agreement or any other Loan Document (other than a covenant which is dealt with specifically elsewhere in this Article 7) and, if capable of being cured, the breach of such covenant is not cured within ten
(10) days after the sooner to occur of Borrower’s or such Guarantor’s receipt of notice of such breach from Lender or the date on which such breach first becomes known to any officer of Borrower or such Guarantor (the “Notice
Date”); provided, however that if such breach is not capable of being cured within such 10-day period and Borrower timely notifies Lender of such fact and Borrower diligently pursues
such cure, then the cure period shall be extended to the date requested in Borrower’s notice but in no event more than thirty (30) days from the Notice Date; provided, further, that such
30-day opportunity to cure shall not apply in the case of any failure to perform or observe any covenant which has been the subject of a prior failure within the preceding one hundred eighty (180) days or
which is a willful and knowing breach by Borrower. 
 7.2    Remedies upon Default. Upon the occurrence
and during the continuance of an Event of Default, Lender shall be entitled to, at its option, exercise any or all of the rights and remedies available to a secured party under the UCC or any other applicable law, and exercise any or all of its
rights and remedies provided for in this Agreement and in any

 
other Loan Document. The obligations of Borrower under this Agreement, and each Guarantor under the Guaranty Documents, shall continue to be effective or be reinstated, as the case may be, if at
any time any payment of any Obligations is rescinded or must otherwise be returned by Lender upon, on account of, or in connection with, the insolvency, bankruptcy or reorganization of Borrower or any Guarantor or otherwise, all as though such
payment had not been made. 
 7.3    Sale of Collateral. Upon the occurrence and during the continuance
of an Event of Default, Lender may sell all or any part of the Collateral, at public or private sales, to itself, a wholesaler, retailer or investor, for cash, upon credit or for future delivery, and at such price or prices as Lender may deem
commercially reasonable. To the extent permitted by law, Borrower and each Guarantor hereby specifically waives all rights of redemption and any rights of stay or appraisal which it has or may have under any applicable law in effect from time to
time. Subject to applicable law, any such public or private sales shall be held at such times and at such place(s) as Lender may determine. In case of the sale of all or any part of the Collateral on credit or for future delivery, the Collateral so
sold may be retained by Lender until the selling price is paid by the purchaser, but Lender shall not incur any liability in case of the failure of such purchaser to pay for the Collateral and, in case of any such failure, such Collateral may be
resold. Subject to applicable law, Lender may, instead of exercising its power of sale, proceed to enforce its security interest in the Collateral by seeking a judgment or decree of a court of competent jurisdiction. Without limiting the generality
of the foregoing, if an Event of Default is in existence, 
 (1)    Subject to the rights of any third parties, Lender
may license, or sublicense, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any Copyrights, Patents or Trademarks included in the Collateral throughout the world for
such term or terms, on such conditions and in such manner as Lender shall in its sole discretion determine; 

(2)    Lender may (without assuming any obligations or liability thereunder), at any time and from time to time, enforce
(and shall have the exclusive right to enforce) against any licensee or sublicensee all rights and remedies of Borrower and each Guarantor in, to and under any Copyright Licenses, Patent Licenses or Trademark Licenses and take or refrain from taking
any action under any thereof, and Borrower and each Guarantor hereby releases Lender from, and agrees to hold Lender free and harmless from and against any

 

  
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claims arising out of, any lawful action so taken or omitted to be taken with respect thereto other than claims arising out of Lender’s gross negligence or willful misconduct; and 

(3)    Upon request by Lender, Borrower and each Guarantor will execute and deliver to Lender a power of attorney, in
form and substance reasonably satisfactory to Lender for the implementation of any lease, assignment, license, sublicense, grant of option, sale or other disposition of a Copyright, Patent or Trademark. In the event of any such disposition pursuant
to this clause 3, Borrower and each Guarantor shall supply its know-how and expertise relating to the products or services made or rendered in connection with Patents, the manufacture and sale of the
products bearing Trademarks, and its customer lists and other records relating to such Copyrights, Patents or Trademarks and to the distribution of said products, to Lender. 

(4)    If, at any time when Lender shall determine to exercise its right to sell the whole or any part of the Shares
hereunder, such Shares or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act (or any similar statute), then Lender may, in its discretion (subject only to applicable requirements of
law), sell such Shares or part thereof by private sale in such manner and under such circumstances as Lender may deem necessary or advisable, but subject to the other requirements of this Article 7, and shall not be required to effect such
registration or to cause the same to be effected. Without limiting the generality of the foregoing, in any such event, Lender in its discretion may (i) in accordance with applicable securities laws proceed to make such private sale
notwithstanding that a registration statement for the purpose of registering such Shares or part thereof could be or shall have been filed under the Securities Act (or similar statute), (ii) approach and negotiate with a single possible purchaser to
effect such sale, and (iii) restrict such sale to a purchaser who is an accredited investor under the Securities Act and who will represent and agree that such purchaser is purchasing for its own account, for investment and not with a view to
the distribution or sale of such Shares or any part thereof. In addition to a private sale as provided above in this Article 7, if any of the Shares shall not be freely distributable to the public without registration under the Securities Act
(or similar statute) at the time of any proposed sale pursuant to this Article 7, then Lender shall not be required to effect such registration or cause the same to be effected but, in its discretion (subject only to applicable requirements
of law), may require that any

 
sale hereunder (including a sale at auction) be conducted subject to restrictions: 

(A)    as to the financial sophistication and ability of any Person permitted to bid or purchase at any such sale; 

(B)    as to the content of legends to be placed upon any certificates representing the Shares sold in such sale,
including restrictions on future transfer thereof; 
 (C)    as to the representations required to be made by each
Person bidding or purchasing at such sale relating to such Person’s access to financial information about Borrower or any of its Subsidiaries and such Person’s intentions as to the holding of the Shares so sold for investment for its own
account and not with a view to the distribution thereof; and 
 (D)    as to such other matters as Lender may, in its
discretion, deem necessary or appropriate in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’ rights and the
Securities Act and all applicable state securities laws. 
 (5)    Borrower and each Guarantor recognizes that Lender
may be unable to effect a public sale of any or all the Shares and may be compelled to resort to one or more private sales thereof in accordance with clause (4) above. Borrower and each Guarantor also acknowledges that any such private
sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially
unreasonable manner solely by virtue of such sale being private. Lender shall be under no obligation to delay a sale of any of the Shares for the period of time necessary to permit the applicable Subsidiary to register such securities for public
sale under the Securities Act, or under applicable state securities laws, even if Borrower and/or the Subsidiary would agree to do so.

 

  
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 7.4    Borrower’s/Guarantors’ Obligations upon
Default. Upon the request of Lender after the occurrence and during the continuance of an Event of Default, Borrower and each Guarantor will: 

(a)    Assemble and make available to Lender the Collateral at such place(s) as Lender shall reasonably
designate, segregating all Collateral so that each item is capable of identification; and 
 (b)    Subject to
the rights of any lessor, permit Lender, by Lender’s officers, employees, agents and representatives, to enter any premises where any Collateral is located, to take possession of the Collateral, to complete the processing, manufacture or repair
of any Collateral, and to remove the Collateral, or to conduct any public or private sale of the Collateral, all without any liability of Lender for rent or other compensation for the use of Borrower’s premises. 

ARTICLE 8 - SPECIAL COLLATERAL PROVISIONS 

8.1    Compromise and Collection. Borrower, each Guarantor and Lender recognize that setoffs,
counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Rights to Payment; that certain of the Rights to Payment may be or become uncollectible in whole or in part; and that the expense and probability of
success of litigating a disputed Right to Payment may exceed the amount that reasonably may be expected to be recovered with respect to such Right to Payment. Borrower and each Guarantor hereby authorizes Lender, after and during the continuance of
an Event of Default, to compromise with the obligor, accept in full payment of any Right to Payment such amount as Lender shall negotiate with the obligor, or abandon any Right to Payment. Any such action by Lender shall be considered commercially
reasonable so long as Lender acts in good faith based on information known to it at the time it takes any such action. 

8.2    Performance of Borrower’s/Guarantors’ Obligations. Without having any obligation to do
so, upon reasonable prior notice to Borrower, Lender may perform or pay any obligation which Borrower or any Guarantor has agreed to perform or pay under this Agreement the performance or payment of which, as applicable is due, including, without
limitation, the payment or discharge of taxes or Liens levied or placed on or threatened against the Collateral. In so performing or paying, Lender shall determine the action to be taken and the amount necessary to discharge such obligations.
Borrower shall reimburse Lender on demand for any amounts paid by Lender pursuant to this Section, which amounts shall constitute Obligations secured by the Collateral and shall bear interest from the date of demand at the Default Rate.

 8.3    Power of Attorney. For the purpose of protecting and
preserving the Collateral and Lender’s rights under this Agreement, Borrower and each Guarantor hereby irrevocably appoints Lender, with full power of substitution, as its
attorney-in-fact with full power and authority, after the occurrence and during the continuance of an Event of Default, to do any act which Borrower or any Guarantor is
obligated to do hereunder; to exercise such rights with respect to the Collateral as Borrower or any Guarantor might exercise; to use such Inventory, Equipment, Fixtures or other property as Borrower or any Guarantor might use; to enter
Borrower’s and each Guarantors’ premises; to give notice of Lender’s security interest in, and to collect the Collateral; and before or after Default, to the extent that Borrower has failed to do so after Lender’s request (unless
an Event of Default has occurred), execute and file in Borrower’s and each Guarantors’ name any financing statements, amendments and continuation statements, account control agreements or other Security Documents necessary or desirable to
create, maintain, perfect or continue the perfection of Lender’s security interests in the Collateral. Borrower and each Guarantor hereby ratifies all that Lender shall lawfully do or cause to be done by virtue of this appointment. 

8.4    Authorization for Lender to Take Certain Action. The power of attorney created in Section 8.3
is a power coupled with an interest and shall be irrevocable. The powers conferred on Lender hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon Lender to exercise such powers. Lender shall be
accountable only for amounts that it actually receives as a result of the exercise of such powers and in no event shall Lender or any of its directors, officers, employees, agents or representatives be responsible to Borrower or any Guarantor for
any act or failure to act, except for gross negligence or willful misconduct. After the occurrence and during the continuance of an Event of Default, Lender may exercise this power of attorney without notice to or assent of Borrower or any
Guarantor, in the name of Borrower and any Guarantor, or in Lender’s own name, from time to time in Lender’s sole discretion and at Borrower’s and Guarantors’ expense. To further carry out the terms of this Agreement, after the
occurrence and during the continuance of an Event of Default, Lender may: 
 (a)    Execute any statements or
documents or take possession of, and endorse and collect and receive delivery or payment of, any checks, drafts, notes, acceptances or other instruments and documents constituting Collateral, or constituting the payment of amounts due and to become
due or any performance to be rendered with respect to the Collateral. 

 

  
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 (b)    Sign and endorse any invoices, freight or express bills,
bills of lading, storage or warehouse receipts; drafts, certificates and statements under any commercial or standby letter of credit relating to Collateral; assignments, verifications and notices in connection with Accounts; or any other documents
relating to the Collateral, including without limitation the Records. 
 (c)    Use or operate Collateral or
any other property of Borrower for the purpose of preserving or liquidating Collateral. 
 (d)    File any
claim or take any other action or proceeding in any court of law or equity or as otherwise deemed appropriate by Lender for the purpose of collecting any and all monies due or securing any performance to be rendered with respect to the Collateral.

 (e)    Commence, prosecute or defend any suits, actions or proceedings or as otherwise deemed appropriate by
Lender for the purpose of protecting or collecting the Collateral. In furtherance of this right, upon the occurrence and during the continuance of an Event of Default, Lender may apply for the appointment of a receiver or similar official to operate
Borrower’s business. 
 (f)    Prepare, adjust, execute, deliver and receive payment under insurance
claims, and collect and receive payment of and endorse any instrument in payment of loss or returned premiums or any other insurance refund or return, and apply such amounts at Lender’s sole discretion, toward repayment of the Obligations or
replacement of the Collateral. 
 8.5    Application of Proceeds. Any Proceeds and other monies or
property received by Lender pursuant to the terms of this Agreement or any Loan Document may be applied by Lender first to the payment of expenses of collection, including without limitation reasonable attorneys’ fees, and then to the payment
of the Obligations in such order of application as Lender may elect. 
 8.6    Deficiency. If the
Proceeds of any disposition of the Collateral are insufficient to cover all costs and expenses of such sale and the payment in full of all the Obligations, plus all other sums required to be expended or distributed by Lender, then Borrower and each
Guarantor shall be liable for any such deficiency. 

 8.7    Lender Transfer. Upon the transfer of all or any part
of the Obligations, Lender may transfer all or part of the Collateral and shall be fully discharged thereafter from all liability and responsibility with respect to such Collateral so transferred, and the transferee shall be vested with all the
rights and powers of Lender hereunder with respect to such Collateral so transferred, but with respect to any Collateral not so transferred, Lender shall retain all rights and powers hereby given. 

8.8    Lender’s Duties. 

(a)    Lender shall use reasonable care in the custody and preservation of any Collateral in its possession.
Without limitation on other conduct which may be considered the exercise of reasonable care, Lender shall be deemed to have exercised reasonable care in the custody and preservation of such Collateral if such Collateral is accorded treatment
substantially equal to that which Lender accords its own property, it being understood that Lender shall not have any responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities, declining value,
tenders or other matters relative to any Collateral, regardless of whether Lender has or is deemed to have knowledge of such matters; or taking any necessary steps to preserve any rights against any Person with respect to any Collateral. Under no
circumstances shall Lender be responsible for any injury or loss to the Collateral, or any part thereof, arising from any cause beyond the reasonable control of Lender. 

(b)    Lender may at any time deliver the Collateral or any part thereof to Borrower and the receipt of Borrower
shall be a complete and full acquittance for the Collateral so delivered, and Lender shall thereafter be discharged from any liability or responsibility therefor. 

(c)    Neither Lender, nor any of its directors, officers, employees, agents, attorneys or any other person
affiliated with or representing Lender shall be liable for any claims, demands, losses or damages, of any kind whatsoever, made, claimed, incurred or suffered by Borrower or any other party through the ordinary negligence of Lender, or any of its
directors, officers, employees, agents, attorneys or any other person affiliated with or representing Lender. 

8.9    Termination of Security Interests and Loan Documents. Upon the payment in full of the Obligations
(other than inchoate indemnity obligations) and satisfaction of all Borrower’s obligations under this Agreement and the other Loan Documents (other than

 

  
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inchoate indemnity obligations), and if Lender has no further obligations under its Commitment, the security interest granted hereby shall automatically terminate, all rights to the Collateral
shall automatically revert to Borrower and this Agreement and the other Loan Documents shall terminate; provided that (i) those obligations, liabilities, covenants and terms that are expressly specified herein and in any other Loan Document as
surviving that respective agreement’s termination, including without limitation, Borrower’s indemnity obligations set forth in this Agreement, shall continue to survive notwithstanding anything to the contrary set forth herein, and
(ii) nothing set forth herein shall affect or be deemed to affect those obligations, liabilities, covenants and terms set forth in any warrant instrument issued to Lender’s parent company or set forth in any other equity securities or
convertible debt securities of Borrower acquired by Lender in connection with this Agreement. Upon any such termination, Lender shall return all Collateral in its possession or control to Borrower and, at Borrower’s expense, execute and deliver
to Borrower such documents as Borrower shall reasonably request to evidence such termination. In connection therewith, Borrower agrees to provide Lender with such information as may be reasonably requested by Lender as to whether the securities
issuable upon the exercise of any Warrant issued in connection with this Agreement constitute “qualified small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and Section 18152.5 of the California
Revenue and Taxation Code. 
 ARTICLE 9 - GENERAL PROVISIONS 

9.1    Notices. Any notice given by any party under any Loan Document shall be in writing and personally
delivered, sent by overnight courier, or United States mail, postage prepaid, or sent by facsimile, or other authenticated message, charges prepaid, to the other party’s or parties’ addresses set out in the Disclosure Letter. Each party
may change the address or facsimile number to which notices, requests and other communications are to be sent by giving written notice of such change to each other party. Notice given by hand delivery shall be deemed received on the date delivered;
if sent by overnight courier, on the next Business Day after delivery to the courier service; if by first class mail, on the third Business Day after deposit in the U.S. Mail; and if by facsimile, on the date of transmission. 

9.2    Binding Effect. The Loan Documents shall be binding upon and inure to the benefit of Borrower and
Lender and their respective successors and assigns; provided, however, that Borrower may not assign or

 
transfer Borrower’s rights or obligations under any Loan Document. Lender reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any
interest in, Lender’s rights and obligations under the Loan Documents provided that, so long as no Event of Default has occurred and is continuing, Lender shall not assign any of such rights or obligations to any competitor of Borrower. In
connection with any of the foregoing, Lender may disclose all documents and information which Lender now or hereafter may have relating to the Loans, Borrower, or its business, provided that any Person who receives such information shall have agreed
in writing in advance to maintain the confidentiality of such information on terms no less favorable to Borrower than are set forth in Section 9.13 hereof. 

9.3    No Waiver. Any waiver, consent or approval by Lender of any Event of Default or breach of any
provision, condition, or covenant of any Loan Document must be in writing and shall be effective only to the extent set forth in writing. To the fullest extent permitted by law, no waiver of any breach or default shall be deemed a waiver of any
later breach or default of the same or any other provision of any Loan Document. To the fullest extent permitted by law, no failure or delay on the part of Lender in exercising any power, right, or privilege under any Loan Document shall operate as
a waiver thereof, and no single or partial exercise of any such power, right, or privilege shall preclude any further exercise thereof or the exercise of any other power, right or privilege. Lender has the right at its sole option to continue to
accept interest and/or principal payments due under the Loan Documents after default, and such acceptance shall not constitute a waiver of said default or an extension of the maturity of any Loan unless Lender agrees otherwise in writing. 

9.4    Rights Cumulative. All rights and remedies existing under the Loan Documents are cumulative to, and
not exclusive of, any other rights or remedies available under contract or applicable law. 

9.5    Unenforceable Provisions. Any provision of any Loan Document executed by Borrower which is
prohibited or unenforceable in any jurisdiction, shall be so only as to such jurisdiction and only to the extent of such prohibition or unenforceability, but all the remaining provisions of any such Loan Document shall remain valid and enforceable.

 9.6    Accounting Terms. Except as otherwise provided in this Agreement, accounting terms and
financial covenants and information shall be determined and prepared in accordance with GAAP (except for the absence of footnotes and subject to normal year-end adjustments).

 

  
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 9.7    Indemnification; Exculpation. Borrower and each
Guarantor shall pay and protect, defend and indemnify Lender and Lender’s employees, officers, directors, shareholders, affiliates, correspondents, agents and representatives (other than Lender, collectively
“Agents”) against, and hold Lender and each such Agent harmless from, all claims, actions, proceedings, liabilities, damages, losses, expenses (including, without limitation, attorneys’ fees and costs) and
other amounts incurred by Lender and each such Agent, arising from (i) the matters contemplated by this Agreement or any other Loan Documents, (ii) any dispute between Borrower and a third party, or (iii) any contention that Borrower
has failed to comply with any law, rule, regulation, order or directive applicable to Borrower’s business; provided, however, that this indemnification shall not apply to any of the foregoing to the extent incurred as the result of
Lender’s or any Agent’s gross negligence or willful misconduct. This indemnification shall survive the payment and satisfaction of all of Borrower’s Obligations to Lender. 

9.8    Reimbursement. Borrower and each Guarantor shall reimburse Lender for all reasonable and documented
costs and out-of-pocket expenses, including without limitation reasonable attorneys’ fees and disbursements expended or incurred by Lender in any arbitration,
mediation, judicial reference, legal action or otherwise in connection with (a) the preparation and negotiation of the Loan Documents, (b) the amendment and enforcement of the Loan Documents, including without limitation during any
workout, attempted workout, and/or in connection with the rendering of legal advice as to Lender’s rights, remedies and obligations under the Loan Documents, (c) collecting any sum which becomes due Lender under any Loan Document,
(d) any proceeding for declaratory relief, any counterclaim to any proceeding, or any appeal, or (e) the protection, preservation or enforcement of any rights of Lender. For the purposes of this section, attorneys’ fees shall include,
without limitation, fees incurred in connection with the following: (1) contempt proceedings; (2) discovery; (3) any motion, proceeding or other activity of any kind in connection with an Insolvency Proceeding; (4) garnishment, levy,
and debtor and third party examinations; and (5) postjudgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment. All of the foregoing costs and expenses shall be payable upon
demand by Lender, and if not paid within forty-five (45) days of presentation of invoices shall bear interest at the Default Rate.

 9.9    Execution in Counterparts; Electronic Signatures.
This Agreement and the other Loan Documents may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Agreement and each of the other Loan
Documents may be executed by electronic signatures. Borrower and Lender expressly agree to conduct the transactions contemplated by this Agreement and the other Loan Documents by electronic means (including, without limitation, with respect to the
execution, delivery, storage and transfer of this Agreement and each of the other Loan Documents by electronic means and to the enforceability of electronic Loan Documents). Delivery of an executed signature page to this Agreement and each of the
other Loan Documents by facsimile or other electronic mail transmission (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall be effective as delivery of a manually executed
counterpart hereof and thereof, as applicable. The words “execution,” “signed,” “signature” and words of like import herein shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act. 
 9.10    Entire
Agreement. The Loan Documents are intended by the parties as the final expression of their agreement and therefore contain the entire agreement between the parties and supersede all prior understandings or agreements concerning the subject
matter hereof. This Agreement may be amended only in a writing signed by Borrower and Lender. 

9.11    Governing Law and Jurisdiction. 

(a)    THIS AGREEMENT AND THE LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL
LAWS OF THE STATE OF CALIFORNIA. 
 (b)    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF CALIFORNIA, AND BY

 

  
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EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF BORROWER AND LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS. EACH OF BORROWER AND LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. BORROWER AND LENDER EACH WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY
CALIFORNIA LAW. 
 9.12    Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW,
BORROWER AND LENDER EACH WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY
ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. BORROWER AND LENDER EACH AGREES THAT ANY
SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEMS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

9.13    Confidentiality. Lender agrees to hold in confidence all confidential information that it receives
from Borrower pursuant to the Loan Documents,

 
except for disclosure as shall be reasonably required and, in each case, subject to the same confidentiality obligations set forth herein: (a) to legal counsel and accountants for Lender (to
the extent that such professional advisors are subject to the same obligations of confidentiality as set forth herein); (b) to other professional advisors to Lender (to the extent that such professional advisors are subject to the same obligations
of confidentiality as set forth herein); (c) to regulatory officials having jurisdiction over Lender to the extent required by law; (d) to Lender’s investors and prospective investors (to the extent that such investors or prospective
investors are subject to the same confidentiality obligation set forth herein), and in Lender’s SEC filings as required by law, but only to the extent such disclosure is required under applicable law; (e) as required by law or legal
process or in connection with any legal proceeding to which Lender and Borrower are adverse parties; (f) in connection with a disposition or proposed disposition of any or all of Lender’s rights hereunder to any assignee or participant (to
the extent that any transferee or proposed transferee is subject to the same confidentiality obligation set forth herein); (g) to Lender’s subsidiaries or Affiliates in connection with their business with Borrower (subject to the same
confidentiality obligation set forth herein); (h) as required by valid order of a court of competent jurisdiction, administrative agency or governmental body, or by any applicable law, rule, regulation, subpoena, or any other administrative or legal
process, or by applicable regulatory or professional standards, including in connection with any judicial or other proceeding involving Lender relating to this Agreement and the transactions contemplated hereby; and (i) as required in
connection with Lender’s examination or audit. For purposes of this section, Lender and Borrower agree that “confidential information” shall mean any information regarding or relating to Borrower other than: (i) information which
is or becomes generally available to the public other than as result of a disclosure by Lender in violation of this section, (ii) information which becomes available to Lender from any other source (other than Borrower) which Lender does not
know is bound by a confidentiality agreement with respect to the information made available, and (iii) information that Lender knows on a non-confidential basis prior to Borrower disclosing it to Lender.
In addition, Borrower agrees that Lender may use Borrower’s name, logo and/or trademark in connection with certain promotional materials that Lender may disseminate to the public, including, but are not limited to, brochures, internet website,
press releases and any other materials relating to the fact that Lender has a financing relationship with Borrower. 

 

  
 21 

 ARTICLE 10 — DEFINITIONS 

The definitions appearing in this Agreement or any Supplement shall be applicable to both the singular and plural forms of the defined terms:

 “Account” means any “account,” as such term is defined in the UCC, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all accounts receivable, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel
Paper, Documents or Instruments) now owned or hereafter received or acquired by or belonging or owing to Borrower (including, without limitation, under any trade name, style or division thereof) whether arising out of goods sold or services rendered
by Borrower or from any other transaction, whether or not the same involves the sale of goods or services by Borrower (including, without limitation, any such obligation that may be characterized as an account or contract right under the UCC) and
all of Borrower’s rights in, to and under all purchase orders or receipts now owned or hereafter acquired by it for goods or services, and all of Borrower’s rights to any goods represented by any of the foregoing (including, without
limitation, unpaid seller’s rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods), and all monies due or to become due to Borrower under all purchase orders and contracts for
the sale of goods or the performance of services or both by Borrower or in connection with any other transaction (whether or not yet earned by performance on the part of Borrower), now in existence or hereafter occurring, including, without
limitation, the right to receive the proceeds of said purchase orders and contracts, and all collateral security and guarantees of any kind given by any Person with respect to any of the foregoing. 

“Affiliate” means any Person which directly or indirectly controls, is controlled by, or is under common control with
Borrower. “Control,” “controlled by” and “under common control with” mean direct or indirect possession of the power to direct or cause the direction of management or policies (whether through ownership of voting
securities, by contract or otherwise); provided, that control shall be conclusively presumed when any Person or affiliated group directly or indirectly owns ten percent (10.00%) or more of the securities having ordinary voting power for the election
of directors of a corporation. 

 “Agreement” means this Loan and Security Agreement and each Supplement
thereto, as each may be amended or supplemented from time to time. 
 “Bankruptcy Code” means the Federal Bankruptcy
Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended. 
 “Basic Interest” means the rate of
interest payable on the outstanding balance of each Loan at the applicable Designated Rate. 
 “Borrowing Date” means
the Business Day on which the proceeds of a Loan are disbursed by Lender. 
 “Borrowing Request” means a written
request from Borrower in substantially the form of Exhibit “B” to the Supplement, requesting the funding of one or more Loans on a particular Borrowing Date. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City, San
Francisco or Dublin are authorized or required by law to close. 
 “Change of Control” means: (a) any sale,
license, or other disposition of all or substantially all of the assets of Borrower; (b) any reorganization, consolidation, merger or other transaction involving Borrower; or (c) any transaction or series of related transactions in which
any Person or two or more Persons acting in concert shall have acquired by contract or otherwise, the power to control the management of Borrower, or to control the equity interests of Borrower entitled to vote for members of the Board of Directors
or equivalent governing body of Borrower on a fully-diluted basis (and taking into account all such securities that such Person or Persons have the right to acquire pursuant to any option right) representing fifty percent (50.00%) or more of the
combined voting power of such securities. 
 “Chattel Paper” means any “chattel paper,” as such term is
defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Closing Date” means the date of this Agreement. 

“CMC CRL” means a Complete Response Letter issued by the FDA to the Borrower (each, a
“CRL”) based solely upon information requested from the FDA with respect to Borrower’s Chemistry, Manufacturing and Control (“CMC”) data; provided that
(1) Borrower immediately upon receipt thereof provides to Lender the 

 

  
 22 

 
CRL and any response (and all subsequent communications related) thereto and (2) the CMC CRL does not result in the cessation (temporary or permanent) of any program or trial of Borrower
then in progress (whether related to the HEPZATO KIT or otherwise). 
 “Collateral” means all of Borrower’s
right, title and interest in and to the following property, whether now owned or hereafter acquired and wherever located: (a) all Receivables; (b) all Equipment; (c) all Fixtures; (d) all General Intangibles; (e) all
Inventory; (f) all Investment Property; (g) all Deposit Accounts; (h) all Shares; (i) all other Goods and personal property of Borrower, whether tangible or intangible and whether now or hereafter owned or existing, leased,
consigned by or to, or acquired by, Borrower and wherever located; (j) all Records; and (k) all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the
foregoing. 
 Notwithstanding the foregoing the term “Collateral” shall not include: (i) more than sixty-five percent (65.00%) of the issued
and outstanding capital stock, membership units or other securities entitled to vote owned or held of record by Borrower in any Subsidiary that is a controlled foreign corporation (as defined in the Internal Revenue Code), provided that the
Collateral shall include one hundred percent (100.00%) of the issued and outstanding non-voting capital stock of such Subsidiary; (ii)
“intent-to-use” trademarks at all times prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use with
the United States Patent and Trademark Office or otherwise, but only to the extent the granting of a security interest in such “intent to use” trademarks would be contrary to applicable law; (iii) any contract, Instrument or Chattel
Paper in which Borrower has any right, title or interest if and to the extent such contract, Instrument or Chattel Paper includes a provision containing a restriction on assignment such that the creation of a security interest in the right, title or
interest of Borrower therein would be prohibited and would, in and of itself, cause or result in a default thereunder enabling another person party to such contract, Instrument or Chattel Paper to enforce any remedy with respect thereto;
provided, however, that the foregoing exclusion shall not apply if (A) such prohibition has been waived or such other person has otherwise consented to the creation hereunder of a security interest in such contract, Instrument or Chattel
Paper, or (B) such prohibition would be rendered ineffective pursuant to Sections 9-407(a) or 9-408(a) of the UCC, as applicable and as then in effect in any
relevant jurisdiction, or any other applicable law (including the Bankruptcy Code or principles of equity); provided,

 further, that immediately upon the ineffectiveness, lapse or termination of any such provision, the term
“Collateral” shall include, and Borrower shall be deemed to have granted a security interest in, all its rights, title and interests in and to such contract, Instrument or Chattel Paper as if such provision had never been in effect; and
provided further that the foregoing exclusion shall in no way be construed so as to limit, impair or otherwise affect Lender’s unconditional continuing security interest in and to all rights, title and interests of Borrower in or to any
payment obligations or other rights to receive monies due or to become due under any such contract, Instrument or Chattel Paper and in any such monies and other proceeds of such contract, Instrument or Chattel Paper; (iv) any motor vehicles
subject to certificates of title, except to the extent a security interest therein can be perfected by the filing of a Uniform Commercial Code financing statement or (v) any real property. 

“Commitment” means the obligation of Lender to make Loans to Borrower up to the aggregate principal amount set forth in
the Supplement. 
 “Copyright License” means any written agreement granting any right to use any Copyright or
Copyright registration now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Copyrights” means all of the following now owned or hereafter acquired by Borrower or in which Borrower now holds or
hereafter acquires any interest: (i) all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof or of any other country; (ii) all registrations, applications and recordings in the
United States Copyright Office or in any similar office or agency of the United States, any State thereof or any other country; (iii) all continuations, renewals or extensions thereof; and (iv) any registrations to be issued under any
pending applications. 
 “CRO” means the Companies Registration Office of Ireland. 

“Default” means an event which with the giving of notice, passage of time, or both would constitute an Event of Default.

 “Default Rate” means the applicable Designated Rate plus five percent (5.00%) per annum.

 

  
 23 

 
 “Delcath Germany” means Delcath Systems GmbH, an entity organized under
the laws of Germany and a wholly-owned Subsidiary of Delcath Ireland. 
 “Delcath Holdings” means Delcath Holdings
Limited, an entity incorporated under the laws of Ireland and an Affiliate of Borrower. 
 “Delcath Ireland” means
Delcath Systems Limited, an entity incorporated under the laws of Ireland (with registered number 498524 and having its registered office at 10 Earlsfort Terrace, Dublin 2, Dublin, Ireland) and a wholly-owned Subsidiary of Borrower. 

“Delcath Netherlands” means Delcath Systems B.V., an entity organized under the laws of the Netherlands and a
wholly-owned Subsidiary of Delcath Ireland. 
 “Delcath UK” means Delcath UK Systems Limited, an entity organized
under the laws of England and Wales and a wholly-owned Subsidiary of Delcath Ireland. 
 “Deposit Accounts” means any
“deposit accounts,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Designated Rate” means the rate of interest per annum described in the Supplement as being applicable to an outstanding
Loan from time to time. 
 “Disclosure Letter” means that certain Confidential Disclosure Letter delivered by the Borrower to the
Lender of even date herewith. 
 “Documents” means any “documents,” as such term is defined in the UCC, now
owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Dollars” or “$” means lawful currency of the United States. 

“Domestic Subsidiary” means a Subsidiary organized under the laws of the United States or any state or territory thereof or the
District of Columbia. 
 “Environmental Laws” means all federal, state or local laws, statutes, common law duties,
rules, regulations, ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any governmental authorities, in each case relating to environmental, health,
or safety matters. 

 “Equipment” means any “equipment,” as such term is defined in
the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and any and all additions, substitutions and replacements of any of the foregoing, wherever located, together with all
attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 
 “Event of Default”
means any event described in Section 7.1. 
 “Excluded Account” means any account used exclusively for payroll or
payroll taxes, or cash collateral permitted hereunder, and identified as such by Borrower in writing to Lender. 
 “Excluded
Subsidiary” means each, and “Excluded Subsidiaries” means all, of Delcath Germany, Delcath Netherlands, Delcath UK and Delcath Holdings and each Foreign Subsidiary formed after the Closing
Date. 
 “Fixtures” means any “fixtures,” as such term is defined in the UCC, now owned or hereafter
acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Foreign Subsidiary” means any
(i) Subsidiary that is not a Domestic Subsidiary and (ii) any Domestic Subsidiary whose assets consist exclusively of Equity Interests Subsidiaries that are not Domestic Subsidiaries. 

“GAAP” means generally accepted accounting principles and practices consistent with those principles and practices
promulgated or adopted by the Financial Accounting Standards Board and the Board of the American Institute of Certified Public Accountants, their respective predecessors and successors. Each accounting term used but not otherwise expressly defined
herein shall have the meaning given it by GAAP. 
 “General Intangibles” means any “general intangibles,” as
such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all right, title and interest that Borrower may now
or hereafter have in or under any contract, all customer lists, Copyrights, Trademarks, Patents, websites, domain names, and all applications therefor and reissues, extensions, or renewals thereof, other items of, and rights to, Intellectual
Property, interests in partnerships, joint ventures and other business associations, Licenses, permits, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures,
designs, knowledge, 

 

  
 24 

 
know-how, software, data bases, data, skill, expertise, recipes, experience, processes, models, drawings, materials and records, goodwill (including,
without limitation, the goodwill associated with any Trademark, Trademark registration or Trademark licensed under any Trademark License), claims in or under insurance policies, including unearned premiums, uncertificated securities, money, cash or
cash equivalents, deposit, checking and other bank accounts, rights to sue for past, present and future infringement of Copyrights, Trademarks and Patents, rights to receive tax refunds and other payments and rights of indemnification. 

“Goods” means any “goods,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or
in which Borrower now holds or hereafter acquires any interest. 
 “Guarantor” means each guarantor delivering to
Lender the Guaranty Documents; provided that, as of the Closing Date, the Guarantor is Delcath Ireland. 
 “Guaranty
Documents” means that certain Unconditional Guaranty and that certain Mortgage Debenture, each in form and content reasonably acceptable to Lender, executed by each Guarantor; provided that the Mortgage Debenture grants to the
Lender, and the Unconditional Guaranty is secured by, first priority Liens on each Guarantor’s assets. 

“Indebtedness” of any Person means at any date, without duplication and without regard to whether matured or unmatured,
absolute or contingent: (i) all obligations of such Person for borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments; (iii) all obligations of such Person to pay the
deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; (iv) all obligations of such Person as lessee under capital leases; (v) all obligations of such Person to reimburse
or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance, or similar instrument, whether drawn or undrawn; (vi) all obligations of such Person to purchase securities which arise out of or
in connection with the sale of the same or substantially similar securities; (vii) all obligations of such Person to purchase, redeem, exchange, convert or otherwise acquire for value any capital stock of such Person or any warrants, rights or
options to acquire such capital stock, now or hereafter outstanding, except to the extent that such obligations remain performable solely at the option of such Person; (viii) all obligations to repurchase assets previously sold (including any
obligation to repurchase any accounts or chattel paper under any factoring, receivables purchase, or similar

 
arrangement); (ix) obligations of such Person under interest rate swap, cap, collar or similar hedging arrangements; and (x) all obligations of others of any type described in clause
(i) through clause (ix) above guaranteed by such Person. 
 “Insolvency Proceeding” means with respect to a
Person (a) any case, action or proceeding before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief
of debtors with respect to such Person, (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any
substantial portion of its creditors, undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code, but in each case, excluding any avoidance or similar action against such Person commenced by an assignee for the benefit of
creditors, bankruptcy trustee, debtor in possession, or other representative of another Person or such other Person’s estate, or (c) in the case of any Person incorporated in Ireland, an Irish Insolvency Proceeding occurs. 

“Instruments” means any “instrument,” as such term is defined in the UCC, now owned or hereafter acquired by
Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Intellectual Property” means all of
Borrower’s Copyrights, Trademarks, Patents, Licenses, trade secrets, source codes, customer lists, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs,
knowledge, know-how, software, data bases, skill, expertise, experience, processes, models, drawings, materials, records and goodwill associated with the foregoing. 

“Intellectual Property Security Agreement” means any Intellectual Property Security Agreement executed and delivered by
Borrower in favor of Lender, as the same may be amended, supplemented, or restated from time to time. 

“Inventory” means any “inventory,” as such term is defined in the UCC, wherever located, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest, and, in any event, shall include, without limitation, all inventory, goods and other personal property that are held by or on behalf of Borrower for
sale or lease or are furnished or are to be furnished under a contract of service or that constitute raw materials, work in process or materials used or consumed or to be used or consumed in

 

  
 25 

 
Borrower’s business, or the processing, packaging, promotion, delivery or shipping of the same, and all finished goods, whether or not the same is in transit or in the constructive, actual
or exclusive possession of Borrower or is held by others for Borrower’s account, including, without limitation, all goods covered by purchase orders and contracts with suppliers and all goods billed and held by suppliers and all such property
that may be in the possession or custody of any carriers, forwarding agents, truckers, warehousemen, vendors, selling agents or other Persons. 

“Investment Property” means any “investment property,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Irish Companies Act”
means the Companies Act 2014 (as amended) of Ireland. 
 “Irish Insolvency Proceeding” means (a) any step is
taken with a view to a moratorium or a composition, assignment or similar arrangement with any of its creditors; (b) a meeting of its shareholders, directors or other officers is convened for the purpose of considering any resolution for, to
petition for or to make an application to or to file documents with a court or any registrar for, its winding-up, administration, examinership or dissolution or any such resolution is passed; (c) an order
is made for its winding-up, administration, examinership or dissolution, or any Person presents a petition, or makes an application to or files documents with a court or any registrar, for its winding-up, administration, examinership or dissolution, or gives notice of an intention to appoint an administrator, examiner or receiver; (d) any liquidator, receiver, administrative receiver, administrator,
examiner or similar officer is appointed in respect of it or any of its assets; or (e) its shareholders, directors or other officers request the appointment of, or give notice of their intention to appoint, a liquidator, receiver,
administrator, examiner or similar officer. 
 “Irish Share Charge” means the Irish law governed share charge dated on
or about the date hereof between the Lender and the Borrower in respect of the shares in Delcath Ireland. 
 “Letter of Credit
Rights” means any “letter of credit rights,” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest, including any right to
payment under any letter of credit. 

 “License” means any Copyright License, Patent License, Trademark License
or other license of rights or interests now held or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and any renewals or extensions thereof. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest,
encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, any lease in the nature of a security interest,
and the filing of any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the UCC or comparable law of any jurisdiction. 

“Loan” means an extension of credit by Lender under this Agreement. 

“Loan Documents” means, individually and collectively, this Loan and Security Agreement, each Supplement, the Disclosure
Letter, each Note, the Guaranty Documents, the Intellectual Property Security Agreement, the Security Documents and any other security or pledge agreement(s), any Warrant issued by Borrower in connection with this Agreement, and all other contracts,
instruments, addenda and documents executed in connection with this Agreement or the extensions of credit which are the subject of this Agreement. 

“Material Adverse Effect” or “Material Adverse Change” means (a) a material adverse change
in, or a material adverse effect upon, the operations, business, properties, or financial condition of Borrower; (b) a material impairment of the ability of Borrower to perform under any Loan Document; or (c) a material adverse effect upon
the legality, validity, binding effect or enforceability against Borrower of any Loan Document. 
 “Mortgage Debenture”
means the Irish law governed debenture dated on or about the date hereof between the Lender and Delcath Ireland. 

“Note” means a promissory note substantially in the form attached to the Supplement as Exhibit “A”,
executed by Borrower evidencing each Loan. 
 “Obligations” means all debts, obligations and liabilities of Borrower
and each Guarantor to Lender now or hereafter made, incurred or created under, pursuant to or in connection with this Agreement or any other Loan Document (other than the Warrant), whether

 

  
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voluntary or involuntary and however arising or evidenced, whether direct or acquired by Lender by assignment or succession, whether due or not due, absolute or contingent, liquidated or
unliquidated, determined or undetermined, and whether Borrower or any Guarantor may be liable individually or jointly, or whether recovery upon such debt may be or become barred by any statute of limitations or otherwise unenforceable; and all
renewals, extensions and modifications thereof; and all reasonable and invoiced attorneys’ fees and out-of-pocket costs incurred by Lender in connection with the
collection and enforcement thereof as provided for in any such Loan Document. Notwithstanding the foregoing, Borrower’s obligations under any warrants (including the Warrants) issued to Lender or its designated affiliate shall not be
“Obligations” hereunder. 
 “Patent License” means any written agreement granting any right with respect to
any invention on which a Patent is in existence now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Patents” means all of the following property now owned or hereafter acquired by Borrower or in which Borrower now holds
or hereafter acquires any interest: (a) all letters patent of, or rights corresponding thereto in, the United States or any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights
corresponding thereto in, the United States or any other country, including, without limitation, registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any
State thereof or any other country; (b) all reissues, continuations, continuations-in-part or extensions thereof; (c) all petty patents, divisionals, and
patents of addition; and (d) all patents to be issued under any such applications. 
 “Permitted Lien” means:

 (a)    involuntary Liens which, in the aggregate, would not have a Material Adverse Effect and which in any
event would not exceed, in the aggregate, the Threshold Amount; 
 (b)    Liens for current taxes or other
governmental or regulatory assessments which are not delinquent, or which are contested in good faith by the appropriate procedures and for which appropriate reserves are maintained; 

(c)    security interests on any property held or acquired by Borrower in the ordinary course of business
securing Indebtedness incurred or assumed for

 
the purpose of financing all or any part of the cost of acquiring such property; provided, that such Lien attaches solely to the property acquired with such Indebtedness and that the
principal amount of such Indebtedness does not exceed one hundred percent (100.00%) of the cost of such property; 

(d)    Liens in favor of Lender; 

(e)    bankers’ liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course
of business as long as an account control agreement (or equivalent) for each account in which such deposits are held in a form reasonably acceptable to Lender has been executed and delivered to Lender to the extent required under Section 6.11;

 (f)    materialmen’s, mechanics’, repairmen’s, warehousemen’s, carriers’,
landlord’s (subject to Section 5.9(e) hereof), employees’ or other like Liens arising in the ordinary course of business and which are not delinquent for more than forty-five (45) days or are being contested in good faith by
appropriate proceedings; 
 (g)    any judgment, attachment or similar Lien, unless the judgment it secures
exceeds the Threshold Amount and has not been discharged or execution thereof effectively stayed and bonded against pending appeal within thirty (30) days of the entry thereof; 

(h)    licenses or sublicenses of Intellectual Property in accordance with the terms of Section 6.5 hereof;

 (i)    Liens securing Subordinated Debt; 

(j)    Liens which have been approved by Lender in writing prior to the Closing Date, as shown on Schedule
6.2 hereto; 
 (k)    the interests of licensors under inbound licenses to Borrower; 

(l)    the interests of sub-lessees under subleases of real property;

 (m)    Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(n)    deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases

 

  
 27 

 
(other than capital lease obligations), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature arising as a matter of law and incurred in the
ordinary course of business; 
 (o)    zoning restrictions, easements, rights of way, restrictions on use of
real property and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the
ordinary conduct of the business of the Borrower or any of its Subsidiaries. 
 (p)    Liens on cash and cash
equivalents securing reimbursement obligations for letters of credit or credit cards; and 
 (q)    Liens on
insurance proceeds to the extent financed. 
 “Person” means any individual, sole proprietorship, partnership, joint
venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise,
including any instrumentality, division, agency, body or department thereof). 
 “Proceeds” means
“proceeds,” as such term is defined in the UCC and, in any event, shall include, without limitation, (a) any and all Accounts, Chattel Paper, Instruments, cash or other forms of money or currency or other proceeds payable to Borrower
from time to time in respect of the Collateral, (b) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to Borrower from time to time with respect to any of the Collateral, (c) any and all payments (in any form
whatsoever) made or due and payable to Borrower from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under
color of governmental authority), (d) any claim of Borrower against third parties (i) for past, present or future infringement of any Copyright, Patent or Patent License or (ii) for past, present or future infringement or dilution of any
Trademark or Trademark License or for injury to the goodwill associated with any Trademark, Trademark registration or Trademark licensed under any Trademark License and (e) any and all other amounts from time to time paid or payable under or in
connection with any of the Collateral. 

 “Receivables” means all of Borrower’s Accounts, Instruments,
Documents, Chattel Paper, Supporting Obligations, and letters of credit and Letter of Credit Rights. 
 “Records”
means all Borrower’s computer programs, software, hardware, source codes and data processing information, all written documents, books, invoices, ledger sheets, financial information and statements, and all other writings concerning
Borrower’s business. 
 “Related Person” means any Affiliate of Borrower, or any officer, employee, director or
equity security holder of Borrower or any Affiliate. 
 “Rights to Payment” means all Borrower’s accounts,
instruments, contract rights, documents, chattel paper and all other rights to payment, including, without limitation, the Accounts, all negotiable certificates of deposit and all rights to payment under any Patent License, any Trademark License, or
any commercial or standby letter of credit. 
 “Security Documents” means this Loan and Security Agreement, the
Supplement hereto, the Intellectual Property Security Agreement, the security agreement(s) (including but not limited to the Mortgage Debenture and the Irish Share Charge) executed in connection with the Guaranty Documents, and any and all account
control agreements, collateral assignments, chattel mortgages, financing statements, amendments to any of the foregoing and other documents from time to time executed or filed to create, perfect or maintain the perfection of Lender’s Liens on
the Collateral. 
 “Shares” means one hundred percent (100.00%) of the issued and outstanding capital stock,
membership units or other securities owned or held of record by Borrower in any Subsidiary; provided that, except with respect to Delcath Ireland, in the event Borrower demonstrates to Lender’s reasonable satisfaction with respect to any
controlled foreign corporation (as defined in the Internal Revenue Code), that the pledge of in excess of 65% of such capital stock, membership units or securities having ordinary voting rights would reasonably be expected to have a material adverse
tax consequence, then with respect to such controlled foreign corporations, the pledge shall be limited to 65% of the issued and outstanding capital stock, membership units or other securities entitled to ordinary voting rights. For sake of clarity,
with respect to Delcath Ireland, “Shares” means one hundred percent (100.00%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by Borrower in Delcath Ireland.

 

  
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 “Subordinated Debt” means Indebtedness (i) approved by Lender; and
(ii) where the holder’s right to payment of such Indebtedness, the priority of any Lien securing the same, and the rights of the holder thereof to enforce remedies against Borrower following default have been made subordinate to the Liens
of Lender and to the prior payment to Lender of the Obligations, either (A) pursuant to a written subordination agreement approved by Lender in its sole but reasonable discretion or (B) on terms otherwise approved by Lender in its sole but
reasonable discretion. 
 “Subsidiary” means any Person a majority of the equity ownership or voting stock of which is
directly or indirectly now owned or hereafter acquired by Borrower or by one or more other Subsidiaries. 

“Supplement” means that certain supplement to the Loan and Security Agreement, as the same may be amended or restated
from time to time, and any other supplements entered into between Borrower and Lender, as the same may be amended or restated from time to time. 

“Supporting Obligations” means any “supporting obligations,” as such term is defined in the UCC, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Termination
Date” has the meaning specified in the Supplement. 
 “Threshold Amount” has the meaning specified
in the Supplement. 
 “Trademark License” means any written agreement granting any right to use any Trademark or
Trademark registration now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

“Trademarks” means all of the following property now owned or hereafter acquired by Borrower or in which Borrower now
holds or hereafter acquires any interest: (a) all trademarks, tradenames, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have appeared
or appear, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and any applications in connection therewith, including, without limitation, registrations,
recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof and (b) reissues, extensions or
renewals thereof. 

 “UCC” means the Uniform Commercial Code as the same may, from time to
time, be in effect in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Lender’s Lien on any
Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of California, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. Unless otherwise defined herein, terms that are defined in the UCC and used
herein shall have the meanings given to them in the UCC. 
 “Warrant” has the meaning specified in the Supplement.

 [Signature page follows]

 

  
 29 

 [Signature page to Loan and Security Agreement] 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

 

			
	BORROWER:
	
	DELCATH SYSTEMS, INC.
		
	By:	 	 /s/ Gerard Michel

	Name:	 	Gerard Michel
	Title:	 	Chief Executive Officer
	
	GUARANTOR:
	
	DELCATH SYSTEMS LIMITED
		
	By:	 	 /s/ Michael Leen

	Name:	 	Michael Leen
	Title:	 	Director
	
	LENDER:
	
	AVENUE VENTURE OPPORTUNITIES FUND, L.P.
		
	By:	 	Avenue Venture Opportunities Partners, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Sonia Gardner

	Name:	 	Sonia Gardner
	Title:	 	Authorized Signatory

 SCHEDULE 2 

POST-CLOSING DELIVERIES 
  

	1.	 Within ten (10) Business Days of the Closing Date or such other date as Lender may agree in its sole
discretion, a fully executed Waiver covering Borrower’s leased location at 1633 Broadway, Suite 22C, New York, New York 10019, in form and substance satisfactory to Lender. 

 

	2.	 Within three (3) Business Days of the Closing Date, a fully executed copy of that certain amendment to the
8% Senior Secured Promissory Notes. 

  

	3.	 Within ten (10) Business Days of the Closing Date or such other date as Lender may agree in its sole
discretion, the fully executed (i) Unconditional Guaranty; (ii) Mortgage Debenture and related schedules and security notices; and (ii) Share Mortgage and related schedules and deliverables thereto.

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