Document:

Exhibit 4.1

 

AGNICO EAGLE
MINES LIMITED

 

DIVIDEND
REINVESTMENT

AND SHARE PURCHASE pLAN

 

Introduction

 

This dividend reinvestment plan (the “Plan”)
is being offered to the registered or beneficial holders (the “Shareholders”) of common shares (“Common
Shares”) of Agnico Eagle Mines Limited (the “Corporation”) who reside in Canada or the United States
(or as otherwise set out below under “Eligible Participants”) as an alternative to the receipt of regular cash
dividends. Under the Plan, Shareholders can automatically reinvest cash dividends paid on their Common Shares in additional Common
Shares at 95% of the Average Market Price (as defined below) and invest optional cash payments in additional Common Shares at 100%
of the Average Market Price. Optional cash payments can be made in a minimum amount of U.S.$500 and a maximum amount of U.S.$20,000
per fiscal year, or the Canadian dollar equivalents of such sums, as set out below under “Optional Cash Purchases”.

 

Full investment of cash dividends is possible
under the Plan because the Plan permits fractions of Common Shares as well as whole Common Shares to be purchased and held for
Plan participants. In addition, dividends in respect of whole and fractional Common Shares held in the Plan will be automatically
reinvested in further Common Shares. Common Shares issued under the Plan will be issued directly from the treasury of the Corporation.

 

No Commissions or Administrative Costs

 

No brokerage commissions are payable in connection
with the purchase of Common Shares under the Plan and all administrative costs will be borne by the Corporation.

 

Use of Proceeds

 

Proceeds received by the Corporation upon
the purchase of new Common Shares under the Plan will form part of the working capital of the Corporation and will be used for
general corporate purposes.

 

Administration

 

Computershare Trust Company of Canada (the
 “Agent”) has been retained to act as the Agent for the participants under the Plan pursuant to an agreement
which may be terminated by the Corporation or the Agent at any time. The Corporation will promptly pay over to the Agent, on behalf
of the participants in the Plan, all cash dividends due on their Common Shares and the Agent will purchase new Common Shares for
the participants directly from the treasury of the Corporation on the dividend payment date. New Common Shares purchased under
the Plan will be registered in the name of the Agent, or its nominee, as Agent for the participants in the Plan.

 

Eligible Participants

 

Except as otherwise provided below, any registered
holder of Common Shares who is a resident of Canada or the United States is eligible to join in the Plan at any time.

 

    

     

    

 

Beneficial owners of Common Shares whose Common Shares are not
registered in their own names may participate in the Plan only (1) by transferring such Common Shares into their own name or into
a specific segregated registered account such as a numbered account with a bank, trust company or broker, or (2) if such Common
Shares are held through CDS Clearing and Depository Services or The Depository Trust & Clearing Corporation (collectively,
the “Depositories” or, individually, a “Depository”), by enrolling in the Plan through a
participant in either such Depository (a “Depository Participant”).

 

Beneficial owners of Common Shares whose Common
Shares are held in a numbered nominee account with a bank, trust company or broker may arrange to enrol such account in the Plan.
If a beneficial owner holds Common Shares in more than one such account, or in such an account or accounts as well as in such owner’s
own name, such Common Shares may be dealt with separately with respect to the Plan. For example, an owner can elect to participate
in the Plan in respect of the Common Shares held in one account but not in respect of those held in another. Furthermore, if beneficial
owners of Common Shares hold such shares through the facilities of a Depository, they can arrange to treat each of their Common
Shares separately with respect to the Plan. For example, such beneficial owners can choose to participate in the Plan in respect
of some of the Common Shares but not in respect of others.

 

Shareholders resident outside Canada and the
United States may participate in the Plan unless prohibited by the law of the country in which they reside. Cash dividends to be
reinvested for shareholders resident outside Canada will be reduced by the amount of the applicable Canadian withholding tax as
described below under “Summary of Principal Canadian Federal Income Tax Considerations”.

 

Enrolment

 

General

 

Shareholders may join the Plan by completing
the Reinvestment Enrollment — Participant Declaration Form attached to the Plan, signing it and returning it to the Agent
within the applicable deadlines set out below, or enrolling online through the Agent’s web portal at www.investorcentre.com.
Additional Forms may be obtained from the Agent at any time upon written request addressed to the Agent. The Corporation may deny
the right to participate in the Plan to any person or terminate the participation of any participant in the Plan if the Corporation
deems it advisable under any laws or regulations.

 

The Reinvestment Enrollment — Participant
Declaration Form directs the Corporation to forward to the Agent all of the participating Shareholder’s cash dividends received
on the Common Shares and directs the Agent to invest such dividends in the purchase of new Common Shares on behalf of the shareholder.
If a beneficial owner holds Common Shares in more than one brokerage account, and wishes to participate in the Plan in respect
of Common Shares in all such accounts, a separate Reinvestment Enrollment — Participant Declaration Form must be completed
and returned to the Agent by the registered holder of the Common Shares in respect of each such account.

 

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Depository Participants

 

Beneficial owners of Common Shares whose Common
Shares are held through a Depository may enrol through the Depository Participant that currently holds their Common Shares, provided
they do so in sufficient time for notice to be provided to the Agent within the applicable deadlines set out below.

 

Effective Date of Participation

 

Following receipt by the Agent of a properly
completed Reinvestment Enrolment — Participant Declaration Form, participation in the Plan becomes effective on the next
record date for any dividend declared on the Common Shares provided that the Reinvestment Enrolment — Participant Declaration
Form is received not less than five business days before such record date.

 

Ongoing Enrolment

 

Once a Shareholder has enrolled in the Plan,
participation continues automatically unless terminated in accordance with the terms of the Plan. However, participants are advised
that Common Shares acquired outside of the Plan may not be automatically enrolled in the Plan. Participants should contact the
Agent or the Depository Participant, if applicable, to confirm which of the Common Shares owned by them are enrolled in the Plan.

 

Optional Cash Purchases

 

If participants in the Plan choose to participate
in the optional cash payment feature of the Plan, they must confirm on the Optional Cash Payment (OCP) — Participant Declaration
Form that not more than U.S.$20,000 (or the Canadian dollar equivalent of such sum) in the aggregate per fiscal year is being paid
by, or on behalf of, any registered or beneficial owner in respect of the optional investment of cash under the Plan. For any optional
cash payment in United States dollars, the determination of a Canadian dollar equivalent amount will be based on the indicative
daily exchange rate reported by the Bank of Canada, calculated on the date of bank deposit by the Agent.

 

There is no obligation on a participant to
make optional cash payments nor to make all such payments in the same amount. The aggregate number of Common Shares which may be
purchased by all participants in any fiscal year of the Corporation under the optional cash payments may not exceed two percent
of the outstanding Common Shares at the beginning of the fiscal year. If necessary, available Common Shares will be allocated by
the Agent on a pro rata basis to avoid exceeding this limit.

 

Further Provisions with Respect to Optional
Cash Payments:

 

In order to make optional cash payments under
the Plan, participants must duly complete an Optional Cash Purchase (OCP) — Participant Declaration Form and send it to
the Agent. Thereafter, participants may make the optional cash payments by cheque by using the Combined Pre-Authorized Debit (PAD)
Agreement/Optional Cash Purchase Voucher sent to participants with their respective statements or by enrolling for the pre-authorized
debit (PAD) service using the Agent’s web portal at www.investorcentre.com. Additional Combined Pre-Authorized Debit
(PAD) Agreement/Optional Cash Purchase Vouchers may be obtained at any time by calling 1-800-564-6253, or by sending a written
request addressed to the Agent or by accessing the Agent’s web portal at www.investorcentre.com.

 

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Optional cash payments received from registered
shareholders will be applied by the Agent to invest in Common Shares, provided the payments are received by the Agent no later
than five business day prior to the dividend payment date. Optional cash payments received by the Agent on or after this date will
be returned to the participant. No interest will be paid to participants on any funds held for investment pursuant to the Plan.
A participant may cancel an optional cash payment by written notice received by the Agent on or before the tenth business day preceding
the dividend payment date.

 

The amount of the optional cash payments is
a minimum of U.S.$500 per payment, to a maximum of U.S.$20,000 per year. Non-registered shareholders should contact their intermediaries
to determine the procedures to make optional cash payments.

 

Payments received in United States currency
will be converted to Canadian currency at the indicative daily exchange rate reported by the Bank of Canada on the date of bank
deposit by the Agent. Payment in currencies other than Canadian or United States dollars will not be accepted.

 

The Proceeds of Crime (money laundering
and Terrorist financing Act (Canada) and the regulations made thereunder (the “Anti- Money Laundering Act”)
requires that the Agent collect and record specific information and take other measures regarding new or existing participants
who elect to make optional cash payments under the Plan. In order to participate in the optional cash payment feature of the Plan,
participants must have met the applicable requirements under the Anti-Money Laundering Act, which are contained in each of the
Reinvestment Enrollment — Participant Declaration Form and the Optional Cash Purchase (OCP) — Participant Declaration
Form.

 

Pre-Authorized Debits (PAD)

 

To be eligible to participate in the pre-authorized
debit (PAD) service for the optional cash purchase option of the Plan, you must already be enrolled in the Plan and your Plan account
must already be coded compliant with Canadian Anti-Money Laundering requirements. Also, the bank account you are intending on using
must be held with a Canadian financial institution.

 

You have the option of selecting either a
one-time and/or recurring PAD. Both options can be initiated online through the Agent’s web portal at www.investorcentre.com.
In the case of recurring PAD service only, you may mail your PAD request to the Agent. The Agent must receive the PAD request
no later than 10 business days prior to the dividend payment date for which you wish to apply such debit. If the duly completed
request is received after this date, such debit will be applied on the next dividend payment date. 

 

One-Time Pre-Authorized Debits 

 

One-Time PADs can only be initiated online
through the Agent’s web portal at www.investorcentre.com. If you authorize a one-time debit, your bank account will
be debited within five to ten business days from the time your request is received. Your monies will be applied to purchase Common
Shares on the next available dividend payment date after the funds have been withdrawn from your account. No interest will be
paid for any funds held awaiting investment.

 

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Recurring Pre-Authorized Debits 

 

Recurring PAD can be initiated online
through the Agent’s web portal at www.investorcentre.com or by duly completing and signing a PAD agreement. A PAD
agreement will be enclosed with your Plan account statement once your Plan account has been coded compliant. Return your completed
PAD agreement along with a VOID cheque indicating the name(s) associated the bank account or a letter from your financial institution confirming
your banking details and the names associated with the account. The bank account names must match the name(s) on
your Plan account.

 

If you authorize a quarterly recurring automatic
debit, then your account will be debited on the 6th of March, June, September and December. If the 6th is
not a business day, then the debit shall occur on the next business day.

 

To modify or cancel a recurring PAD service,
you must notify the Agent in writing or online through the Agent’s web portal at www.investorcentre.com. Only
cancellation requests can be taken over the phone by calling the Agent’s Customer Contact Centre toll-free at 1-800-564-6253.
Please allow 10 business days from the date the Agent receives your instructions for the modification or cancellation to take
effect.

 

Price and Valuation of New Common Shares

 

The price at which the Agent will purchase
new Common Shares from the Corporation on the dividend payment dates with cash dividends on Common Shares will be 95% of the weighted
average of the trading prices for a board lot of Common Shares on The Toronto Stock Exchange (the “Exchange”)
for a period of 20 trading days on which at least a board lot was traded immediately preceding a dividend payment date (the “Average
Market Price”). As dividends will be denominated in United States dollars, the Average Market Price will be converted
to United States dollars using the indicative daily exchange rate reported by the Bank of Canada on the dividend payment date.

 

The price at which the Agent will purchase
new Common Shares from the Corporation on the dividend payment dates with eligible funds other than cash dividends on Common Shares
will be 100% of the Average Market Price. For optional cash payments received in United States dollars, the Average Market Price
will be converted to United States dollars at the indicative daily exchange rate reported by the Bank of Canada on the dividend
payment date.

 

There will be no brokerage commission on the
purchase of new Common Shares under the Plan as the Common Shares will be purchased directly from the Corporation.

 

Participants’ Accounts and Statements

 

The Agent will maintain a separate account
for each participant. Where a participating beneficial owner holds his or her Common Shares through a Depository, the Agent will
maintain an account for and in the name of the Depository and the appropriate Depository Participant will provide each such participating
beneficial owner with confirmation of his or her purchase of Common Shares through the Plan.

 

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On each dividend payment date, the Corporation
will advise the Agent of the prices for the new Common Shares to be purchased (whether by way of dividend reinvestment or optional
cash purchase) by the Agent on behalf of the participants and the number of new Common Shares to be issued. Each participant’s
account will be credited by the Agent with that number of Common Shares purchased for the participant, including fractions computed
to six decimal places, which is equal to the cash dividends or optional cash payment to be invested for each participant divided
by the applicable purchase price for such Common Shares (as set out above under “Price and Valuation of New Common Shares”).
In like fashion, the accounts of each participating beneficial owner of Common Shares will be credited with that number of Common
Shares purchased on their behalf through the facilities of the relevant Depository and Depository Participant.

 

As soon as practicable following each dividend
payment date, the Agent (or, where appropriate, the relevant Depository Participant) will send statements of account to participants
setting out the number of whole and fractional Common Shares acquired by reinvestment of cash dividends and, where applicable,
by optional purchases (“Plan Shares”).

 

These statements are a participant’s
only record of the cost of each purchase of Plan Shares, and accordingly, should be retained by such participant for income tax
purposes. In addition, each participant will receive annually the appropriate tax information for reporting dividend income.

 

Generally, Plan Shares will be registered
in the name of the Agent or its nominee and held by the Agent for a participant under the Plan. For participants holding Plan Shares
through a Depository, such Plan Shares will be registered in the name of the relevant Depository and held for the benefit of its
Depository Participants under the Plan. Plan Shares may not be sold, transferred, pledged or otherwise disposed of by the participant
while such Plan Shares remain in the Plan. A participant who wishes to sell, transfer, pledge or dispose of any Plan Shares must
withdraw them from the Plan by instructing the Agent to issue, in the name of the participant, a share certificate representing
such Plan Shares.

 

A participant may, at any time upon written
request to the Agent, have share certificates issued and registered in the participant’s name for any number of whole Plan
Shares owned by such participant without terminating participation in the Plan.

 

Otherwise, share certificates will not be
issued to participants for Plan Shares. No certificate for a fraction of a Plan Share will be issued.

 

Termination of Participation

 

General

 

A participant may terminate participation
in the Plan at any time by written notice to the Agent, or online through the Agent’s web portal at www.investorcentre.com.
The Agent will then settle the participant’s account by issuing a share certificate for the number of whole Plan Shares
standing to the credit of the participant and by purchasing for cash any fraction of a Plan Share. The amount of the payment for
any such fraction will be based on, in the case of a payment in Canadian dollars, the prevailing market price at the time of the
trade on the Exchange, and, in the case of a payment in United States dollars, the prevailing market price at the time of the
trade on the New York Stock Exchange.

 

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Participation in the Plan will also be terminated
upon receipt by the Agent of written notice of the death of a participant. Certificates for Plan Shares will be issued in the name
of the deceased participant and/or in the name of the estate of the deceased participant, as appropriate, and the Agent will send
such certificates and cash payment for any fraction of a Plan Share to the representative of the deceased participant.

 

Upon termination of participation, a participant
may request that all Plan Shares held for the participant’s account be sold. Such sale will be made by the Agent, through
a registered dealer or stockbroker designated by the Agent, as soon as practicable following receipt by the Agent of instructions
to do so. Such instructions may be delivered to the Agent via the Agent’s web portal at www.investorcentre.com. The
proceeds of such sale, less brokerage commissions and transfer taxes, if any, will be paid to the participant by the Agent. Plan
Shares sold pursuant to such a request may be commingled with Plan Shares of other participants, in which case the proceeds to
each participant will be based upon the average sale price of all Plan Shares so commingled. With respect to any fraction of a
Plan Share, the Agent will purchase such fraction for cash at a price determined in the same manner as in the case of whole Plan
Shares sold for the participant.

 

All payments of cash under the Plan will be
made in either Canadian or United States currency. Unless a participant requests otherwise in writing, the Agent will make payments
in Canadian currency where the participant has a Canadian mailing address and in United States currency where the participant has
a non-Canadian mailing address, in each case as such address is shown on the records of the Agent.

 

Depository Participants

 

Where participants hold their Common Shares
or Plan Shares through a Depository Participant and Depository, any notice or actions to be delivered to or performed by the Agent
in this section must be delivered to or performed by the relevant Depository Participant. For greater certainty, if notice or termination
is not received by the relevant Depository at least five business days before a dividend record date, termination will not occur
until after the next dividend record date and after investment has been completed.

 

Rights Offerings, Stock Splits and Stock Dividends

 

In the event that the Corporation makes available
to its Shareholders rights to subscribe for additional shares or other securities, rights certificates will be issued to participants
for their whole Plan Shares. No such rights will be made available in respect of fractions of Plan Shares. Instead, the Agent will
sell any rights relating to such fractions at a time and price determined by the Agent and participants will be paid their proportionate
interests in the proceeds of such sale.

 

Any Common Shares distributed pursuant to
a stock dividend or a stock split on Plan Shares will be retained by the Agent and credited proportionately to the accounts of
participants.

 

In the event of a change, reclassification
or conversion of the Common Shares into other shares or securities or of any further change, reclassification or conversion of
such other shares or securities, into other shares or securities, the Plan will continue to apply to the shares or securities resulting
from that event and references herein to the Common Shares and to Plan Shares will be deemed to be references to the shares or
securities resulting from that event.

 

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Voting of Plan Shares

 

Whole Plan Shares held on the record date
for a vote of Shareholders may be voted in the same manner as the participant’s Common Shares of record may be voted, either
in person or by proxy.

 

Responsibilities of the Corporation and the Agent

 

Neither the Corporation nor the Agent is liable for any act,
or for any good faith omission to act, including, without limitation, for liability:

 

		(a)	arising out of a failure to terminate a participant’s account upon such participant’s death prior to receipt of
notice in writing of such death; or

 

		(b)	relating to the prices at which Common Shares are purchased for the participant’s account and the times at which such
purchases are made.

 

PARTICIPANTS SHOULD RECOGNIZE THAT NEITHER
THE CORPORATION NOR THE AGENT CAN ASSURE A GAIN OR PROTECT AGAINST LOSS AS A RESULT OF THEIR HOLDING PLAN SHARES.

 

Amendment, Suspension or Termination of the Plan

 

The Corporation reserves the right to amend,
suspend or terminate the Plan at any time. The Corporation will send written notice to the participants of any material amendment,
suspension or termination. Any amendment of the Plan which materially affects the rights of participants in the Plan will be subject
to the prior approval of the Exchange. If the Plan is terminated, the Agent will remit to participants certificates registered
in their name for whole Plan Shares, together with the proceeds from the sale of any fractions of Plan Shares. If the Plan is suspended,
subsequent dividends on Plan Shares will be paid in cash as will the amount of any optional cash payments which are not invested
as of the effective date of such suspension.

 

Effective Date

 

The Plan is effective for dividends payable
after June 30, 1999, as updated on July 27, 2011, July 25, 2012, August 20, 2013 and September 29, 2020.

 

Notices

 

All notices required to be given to participants
under the Plan will be mailed to participants at the address shown on the records of the Agent.

 

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Written communications to the Agent should
be addressed to:

 

Computershare Trust Company of Canada

100 University Avenue, 8th Floor

Toronto, Ontario M5J 2Y1

 

Attention:        Dividend Reinvestment Services

Facsimile No.:  416.263.9394

 

CANADIAN
FEDERAL INCOME TAX CONSIDERATIONS

 

Summary of Principal Canadian Federal Income Tax Considerations

 

The following is a general summary of the
principal Canadian federal income tax considerations generally applicable to participants in the Plan. It is assumed for the purposes
of this summary that the participant deals at arm’s length and is not affiliated with the Corporation and holds Common Shares
as capital property. Generally, Common Shares are considered to be capital property to a holder provided that the holder does not
hold the Common Shares in the course of carrying on a business and has not acquired the Common Shares in one or more transactions
considered to be an adventure or concern in the nature of trade. Certain participants resident in Canada whose Common Shares might
not otherwise qualify as capital property may, in certain circumstances, make an irrevocable election in accordance with subsection
39(4) of the Income Tax Act (Canada) (the “Tax Act”) to have their Common Shares and every “Canadian
security” (as defined in the Tax Act) owned by such participant in the taxation year of the election and in all subsequent
taxation years deemed to be capital property.

 

This summary is not applicable to a participant:
(i) that is a “financial institution” (within the meaning of the Tax Act) for the purposes of the “mark-to-market”
rules contained in the Tax Act; (ii) that is a “specified financial institution” (within the meaning of the Tax Act);
(iii) an interest in which would be a “tax shelter investment” (within the meaning of the Tax Act); or (iv) that
has elected to report its “Canadian tax results” (as defined in the Tax Act) in a currency other than Canadian currency.
Any such participant should consult its own tax advisor with respect to an investment in the Common Shares.

 

This summary is based on the current provisions
of the Tax Act, the regulations thereunder (the “Regulations”), all specific proposals to amend the Tax Act
or the Regulations publicly announced by the Minister of Finance (Canada) prior to the date hereof and the current published administrative
practices of the Canada Revenue Agency (the “CRA”). This summary does not otherwise take into account or anticipate
any changes in law, whether by judicial, administrative or legislative decision or action, nor does it take into account provincial,
territorial or foreign income tax legislation or considerations, which may differ from those described. This summary is not exhaustive
of all possible Canadian federal income tax consequences that may affect a participant in the Plan.

 

This summary is of a general nature only
and is not intended to be, nor should it be construed to be, legal or tax advice to any particular participant, and no representation
with respect to the Canadian federal income tax consequences to any particular participant is made. Consequently, prospective participants
are advised to consult their own tax advisors with respect to their particular circumstances.

 

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Foreign Exchange

 

For the purposes of the Tax Act, all amounts
expressed in a currency other than Canadian dollars relating to the acquisition, holding or disposition of a Common Share, including
dividends, adjusted cost base and proceeds of disposition, must be determined in Canadian dollars using the relevant rate of exchange
reported by the Bank of Canada on the day the amount first arose or such other rate of exchange as is acceptable to the CRA.

 

Residents of Canada

 

The following summary is generally applicable
to a participant who, at all relevant times for purposes of the Tax Act, is, or is deemed to be, resident in Canada.

 

Dividends

 

A participant will be subject to tax under
the Tax Act on all dividends paid on Common Shares (including where such shares are held of record by the Agent for the account
of the participant pursuant to the Plan) which are reinvested in Common Shares under the Plan (as well as on any dividends deemed
under the Tax Act to be received on Common Shares) in the same manner as the participant would have been if such dividends had
been received directly by the participant. Such dividends paid to (or deemed to be received by) a participant who is an individual
(including most trusts) will be subject to the gross-up and dividend tax credit rules in the Tax Act normally applicable to dividends
received from taxable Canadian corporations, including the enhanced gross-up and dividend tax credit in respect of dividends designated
by the Corporation as “eligible dividends.” There may be limitations on the ability of the Corporation to designate
dividends as “eligible dividends.”

 

Subject to the potential application of subsection
55(2) of the Tax Act, a participant that is a corporation will include such dividends in computing its income and generally will
be entitled to deduct the amount of such dividends in computing its taxable income. In certain circumstances, subsection 55(2)
of the Tax Act will treat a taxable dividend received by a participant that is a corporation as proceeds of disposition or a capital
gain. Participants that are corporations should consult their own tax advisors having regard to their own circumstances.

 

A participant that is a “private corporation”
or “subject corporation” (as such terms are defined in the Tax Act) may be liable under Part IV of the Tax Act to pay
a refundable tax of 38 1/3% of dividends received or deemed to be received on the Common Shares to the extent that such dividends
are deductible in computing the participant’s taxable income.

 

The cost for tax purposes to a participant
of Common Shares purchased on the reinvestment of dividends or with optional cash payments made by the participant to the Agent
will be the Canadian dollar equivalent of the price paid by the Agent for the Common Shares. The cost of such Common Shares will
be averaged with the adjusted cost base of all other Common Shares held by the participant at the time such Common Shares are acquired
for purposes of subsequently computing the adjusted cost base of each such Common Share owned by the participant.

 

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Dispositions

 

On a disposition or deemed disposition of
a Common Share (including by the Agent on behalf of the participant), the participant will realize a capital gain (or capital loss)
equal to the amount by which the participant’s proceeds of disposition, net of any reasonable costs of disposition, are greater
than (or less than) the participant’s adjusted cost base of the Common Share. Proceeds of disposition will not include an
amount that is otherwise required to be included in the participant’s income. The payment of cash in respect of any fraction
of a Common Share on termination of participation in the Plan will constitute a disposition of such fraction of a Common Share
for proceeds of disposition equal to the cash payment.

 

One-half of any capital gains (or capital
losses) realized by a participant will be required to be included in computing the participant’s income as a taxable capital
gain (or allowable capital loss). An allowable capital loss will be deductible against a taxable capital gain realized in the year
or in any of the three years preceding the year or any year following the year to the extent and under the circumstances described
in the Tax Act. Capital gains realized by an individual (including certain trusts) may be subject to alternative minimum tax. A
 “Canadian-controlled private corporation” (as defined in the Tax Act) may be liable to pay an additional 10 2/3% refundable
tax on certain investment income, including taxable capital gains.

 

Under specific rules in the Tax Act, any capital
loss realized by a corporation on the disposition of a Common Share may be reduced by the amount of certain dividends which were
received or were deemed to have been received on such share. Similar rules may apply where a corporation is a member of a partnership
or a beneficiary of a trust that disposes of such shares or where a trust or partnership of which a corporation is a beneficiary
or member is a member of a partnership or beneficiary of a trust that disposes of such shares. Participants should consult their
own tax advisors for specific advice regarding the application of the relevant “stop-loss” provisions in the Tax Act.

 

Non-Residents of Canada

 

The following summary is generally applicable
to a participant who, for purposes of the Tax Act and any applicable income tax treaty, is not resident, nor is deemed to be resident,
in Canada, and who does not use or hold and is not deemed to use or hold Common Shares in carrying on business in Canada. Special
rules which are not discussed in this summary may apply to a non-resident participant that is an insurer which carries on business
in Canada and elsewhere.

 

Dividends

 

Dividends paid or credited or deemed to be
paid or credited on Common Shares to a non-resident of Canada (including where such shares are held of record by the Agent for
the account of the non-resident pursuant to the Plan) are generally subject to Canadian withholding tax, whether or not such dividends
are reinvested under the terms of the Plan. Under the Tax Act, the rate of withholding tax is 25% of the gross amount of such dividends,
which rate may be subject to reduction under the provisions of an applicable tax treaty. Under the Canada-United States Income
Tax Convention (the “U.S. Treaty”), a participant who is resident in the United States for the purposes
of the U.S. Treaty and who is entitled to the benefits of such treaty will generally be subject to Canadian withholding tax at
a rate of 15% of the amount of such dividends. In addition, under the U.S. Treaty, dividends may be exempt from Canadian withholding
tax if paid to certain participants that are qualifying religious, scientific, literary, educational or charitable tax-exempt organizations,
or are qualifying trusts, companies, organizations or other arrangements operated exclusively to administer or provide pension,
retirement or employee benefits which are exempt from tax in the United States, and that have complied with specific administrative
procedures. Dividends to be reinvested in Common Shares under the Plan for non-resident participants will be reduced by the amount
of any applicable Canadian withholding tax.

 

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Dispositions

 

A non-resident participant will not be subject
to tax under the Tax Act on any capital gain realized on a disposition of Common Shares unless those Common Shares constitute “taxable
Canadian property” at the time of the disposition and the participant is not entitled to relief under an applicable income
tax treaty or convention.

 

Generally, Common Shares will not be taxable
Canadian property to a participant at a particular time provided that either: (i) the Common Shares are listed on a designated
stock exchange (such as the Exchange or the New York Stock Exchange) at that time and at no time during the 60-month period that
ends at that time did one or any combination of (a) the participant, (b) persons with whom the participant did not deal at arm’s
length, and (c) partnerships in which the participant or a person described in (b) holds a partnership interest (directly or indirectly
through one or more partnerships), own 25% or more of the issued shares of any class or series of the Corporation, or (ii) at no
time during such 60-month period did the Common Shares derive more than 50% of their value from any combination of: (a) real or
immovable property situated in Canada, (b) “timber resource property” (within the meaning of the Tax Act), (c) “Canadian
resource property” (within the meaning of the Tax Act) or (d) options in respect of, or interests in, or for civil law, rights
in any of the foregoing, whether or not the property exists. Notwithstanding the foregoing, in certain circumstances set out in
the Tax Act, a Common Share could be deemed to be taxable Canadian property.

 

Even if a Common Share is considered to be
taxable Canadian property of a participant at the time of its disposition, a capital gain realized on the disposition may nevertheless
be exempt from tax under the Tax Act pursuant to the terms of an applicable income tax treaty or convention.

 

Under the U.S. Treaty, a capital gain realized
on the disposition of a Common Share by a participant who is entitled to the benefits of such treaty generally will be exempt from
tax under the Tax Act except where the Common Share at the time of disposition derives its value principally from real property
situated in Canada including rights to explore for or exploit mineral deposits in Canada.

 

Generally, if a Common Share constitutes taxable
Canadian property to a participant at the time of its disposition and any capital gain realized by the participant on the disposition
is not exempt from tax under the Tax Act by virtue of an applicable income tax treaty or convention, the participant will be required
to include one-half of the amount of the capital gain in its income for the year as a taxable capital gain. Subject to and in accordance
with the provisions of the Tax Act, one-half of any capital loss realized by a participant in a taxation year from the disposition
of taxable Canadian property may be deducted as an allowable capital loss from any taxable capital gains realized by the participant
in the year from the disposition of taxable Canadian property. If allowable capital losses for a year exceed taxable capital gain
from the disposition of taxable Canadian property, the excess may be carried back and deducted in any of the three preceding taxation
years or carried forward and deducted in any subsequent taxation year from net taxable capital gains realized in such years from
the disposition of taxable Canadian property to the extent and in the circumstances prescribed by the Tax Act. Non-residents who
dispose of taxable Canadian property are required to file a Canadian income tax return for the year of disposition, including where
any resulting capital gain is not subject to tax under the Tax Act by virtue of an applicable income tax treaty or convention.

 

    12

     

    

 

UNITED STATES
FEDERAL INCOME TAX CONSIDERATIONS

 

The following is a summary of certain United
States federal income tax considerations generally applicable to certain participants in the Plan. The summary is based upon the
Internal Revenue Code of 1986, as amended (the “Code”), existing and proposed regulations promulgated thereunder,
and judicial decisions and administrative interpretations, as in effect on the date of the Plan, all of which are subject to change,
possibly with retroactive effect. These United States federal income tax considerations apply only to a person or entity who, for
United States federal income tax purposes, is: a citizen or resident of the United States; a corporation or other entity organized
under the laws of the United States or of any political subdivision thereof; an estate whose income is subject to United States
federal income taxation regardless of its source; or a trust (i) if a United States court can exercise primary jurisdiction over
the trust’s administration and one or more United States persons have the authority to control all substantial decisions
of the trust, or (ii) that has elected to be treated as a United States person under applicable Treasury regulations.

 

This summary does not address the United States
federal income tax consequences for participants that are subject to special provisions under the Code, including the following
participants: (i) participants that are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or
other tax-deferred accounts; (ii) participants that are financial institutions, insurance companies, real estate investment trusts,
or regulated investment companies or that are broker-dealers, dealers, or traders in securities or currencies that elect to apply
a mark-to-market accounting method; (iii) participants that have a “functional currency” other than the United States
dollar; (iv) participants that are liable for the alternative minimum tax under the Code; (v) participants that own Common Shares
as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than
one position; (vi) participants that hold the Common Shares other than as a capital asset within the meaning of Section 1221 of
the Code; (vii) participants that own, directly or indirectly, 5% or more, by voting power or value, of the Corporation; (viii)
S corporations, partnerships or other entities classified as partnerships for United States federal income tax purposes; (ix) investors
in pass-through entities; and (x) certain former citizens or residents of the United States. Participants that are subject to special
provisions under the Code, including participants described immediately above, should consult their own tax advisors regarding
the tax consequences of reinvesting cash dividends in additional Common Shares under the Plan. This summary does not include any
discussion of tax consequences to participants in the Plan other than United States federal income tax consequences. Participants
are urged to consult their own tax advisors regarding any United States estate and gift, United States state and local, and foreign
tax consequences of participating in the Plan.

 

Partners of entities that are classified as
partnerships for United States federal income tax purposes should consult their own tax advisors regarding the United States federal
income tax consequences of reinvesting cash dividends in additional Common Shares or making optional cash purchases under the Plan.

 

    13

     

    

 

Subject to the “passive foreign investment
company” (“PFIC”) discussion below, the gross amount of any distribution (including any Canadian taxes
withheld therefrom) paid on Common Shares generally should be included in the gross income of a participant as foreign source dividend
income to the extent such distribution is paid out of current or accumulated earnings and profits of the Corporation, as determined
under United States federal income tax principles. To the extent that the amount of any distribution exceeds the Corporation’s
current and accumulated earnings and profits for a taxable year, the distribution is treated as a tax-free return of capital to
the extent of the participant’s adjusted tax basis in the Common Shares. Then, to the extent that such distribution exceeds
the participant’s adjusted tax basis, it is treated as a sale or exchange and taxed as a capital gain.

 

Subject to certain limitations under the Code,
participants who are subject to United States federal income tax will be entitled to a credit or deduction for Canadian income
taxes withheld from any distributions.

 

Dividends received by non-corporate participants
may be subject to United States federal income tax at lower rates (generally 20% plus the 3.8% unearned income Medicare contribution
tax, if applicable) than other types of ordinary income if certain conditions are met. These conditions include the Corporation
not being classified as a PFIC for the taxable year in which the dividend is paid or for the immediately preceding taxable year,
the Corporation being a “qualified foreign corporation”, the participant’s satisfaction of a holding period requirement,
and the participant not treating the distribution as “investment income” for purposes of the investment interest deduction
rules.

 

In the case of participants that are domestic
corporations, distributions from the Corporation generally are not eligible for the dividends received deduction.

 

The amount of any cash distribution paid in
Canadian dollars will be equal to the U.S. dollar value of the Canadian dollars on the date of distribution regardless of whether
the payment is in fact converted into U.S. dollars at that time. Gain or loss, if any, realized on the sale or disposition of Canadian
dollars will generally be United States source ordinary income or loss.

 

A participant will be treated for United States
federal income tax purposes as having received a distribution in an amount equal to the fair market value of the Common Shares
acquired with reinvested dividends pursuant to the Plan plus the amount of any Canadian income tax withheld therefrom. The fair
market value of the Common Shares so acquired will be equal to the average of the high and low sale prices of Common Shares on
the dividend payment date, which amount may be higher or lower than the Average Market Price used to determine the number of Common
Shares acquired under the Plan. A participant’s tax basis per share for Common Shares purchased pursuant to the Plan will
be equal to the amount of such distribution. A participant’s holding period for Common Shares purchased with dividends will
begin on the day following the dividend payment date. A participant who makes optional cash purchases of Common Shares under the
Plan will have a tax basis in those Common Shares equal to the cash used to purchase those Common Shares and the participant’s
holding period will begin on the day of the purchase.

 

    14

     

    

 

Participants generally will recognize a taxable
gain or loss when they sell or exchange Common Shares and when they receive cash payments for fractional shares credited to their
accounts upon withdrawal from or termination of the Plan or otherwise. The amount of this gain or loss will be equal to the difference
between the amount a participant receives for his or her Common Shares or fraction thereof and the participant’s adjusted
tax basis in these Common Shares or fraction thereof. The gain or loss will be a capital gain or loss and will be a long-term capital
gain or loss if the holding period for such Common Shares exceeds one year. Capital gain of a non-corporate United States holder
is generally taxed at a maximum rate of 20% (plus the 3.8% unearned income Medicare contribution tax, if applicable) if the property
has been held for more than one year. The deductibility of capital losses is subject to limitations. The gain or loss realized
by participants who are United States persons will generally be gain or loss from sources within the United States for foreign
tax credit limitation purposes.

 

The Corporation will be a PFIC for United
States federal income tax purposes in any taxable year if 75% or more of its gross income (including the pro rata share of the
gross income of any corporation in which it is considered to own, directly or indirectly, 25% or more of the shares by value) is
passive income, or on average at least 50% of the gross value of its assets is held for the production of, or produces, passive
income.

 

PFIC status is determined on an annual basis.
The Corporation does not expect to be a PFIC for the taxable year ending December 31, 2020, or thereafter. However, because the
Corporation’s income and assets and the nature of its activities may vary from time to time, no assurance can be given that
the Corporation will not be considered a PFIC for any taxable year. If a participant owns Common Shares during a taxable year in
which the Corporation is a PFIC, the PFIC rules generally will apply to a participant thereafter, even if in subsequent taxable
years the Corporation no longer meets the test described above to be treated as a PFIC. No ruling will be sought from the United
States Internal Revenue Service (the “IRS”) regarding whether the Corporation is a PFIC.

 

In general, if the Corporation were to be
treated as a PFIC, certain adverse rules would apply to dividends received from the Corporation and to dispositions of Common Shares
(potentially including dispositions that would not otherwise be taxable). Participants are urged to consult their tax advisors
about the PFIC rules in connection with their holding of Common Shares.

 

Under current United States law, if the Corporation
is a PFIC in any year, a participant must file an annual return on IRS Form 8621, which describes the income received (or deemed
to be received pursuant to a “Qualified Electing Fund” Election) from the Corporation, any gain realized on a disposition
of Common Shares and certain other information.

 

Dividends on and proceeds arising from a sale
of Common Shares generally will be subject to information reporting and backup withholding tax, currently at the rate of 24%, if
(a) a participant fails to furnish its correct United States taxpayer identification number (generally on IRS Form W-9), (b) the
withholding agent is advised the participant furnished an incorrect United States taxpayer identification number, (c) the withholding
agent is notified by the IRS that the participant has previously failed to properly report items subject to backup withholding
tax, or (d) a participant fails to certify, under penalty of perjury, that the participant has furnished its correct United States
taxpayer identification number and that the IRS has not notified the participant that it is subject to backup withholding tax.
However, participants that are corporations generally are excluded from these information reporting and backup withholding tax
rules. Amounts withheld as backup withholding may be credited against a participant’s United States federal income tax liability,
and a participant may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate
claim for refund with the IRS and furnishing any required information.

 

    15

     

    

 

United States individuals who hold an interest
in certain “specified foreign financial assets” with value in excess of certain dollar thresholds are required to report
such assets on IRS Form 8938 with their United States federal income tax return, subject to certain exceptions (including an exception
for foreign assets held in accounts maintained by United States financial institutions). Stock issued by a foreign corporation,
such as the Corporation, is treated as a specified foreign financial asset for this purpose. Penalties apply for failure to properly
complete and file IRS Form 8938. Each participant is urged to consult with his or her tax advisor regarding the filing of this
form.

 

    16EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into this 31st
day of August, 2020 (the “Effective Date”), by and between Delcath Systems, Inc., a Delaware corporation (the “Company”), and Gerard Michel (the “Executive”). The Executive and the Company are collectively referred to
as the “Parties.” 
 WHEREAS, the Company desires to employ the Executive on the terms and conditions set forth herein; and 

WHEREAS, the Executive desires to be employed by the Company on such terms and conditions. 

NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the Parties agree as follows: 

1. Employment and Duties. 

1.1 Employment. The Company agrees to employ Executive, and Executive hereby accepts employment with the Company,
to serve as the Company’s Chief Executive Officer, upon the terms and subject to the conditions set forth in this Agreement. The date on which Executive’s employment will commence is referred to herein as the “Start Date” and the
period during which Executive is employed by the Company is referred to herein as the “Employment Period.” The Company acknowledges and agrees that, as a result of Executive’s pre-existing
obligations and scheduling conflicts, the Parties shall mutually agree to the Start Date, but it shall not be later than October 1, 2020. The effective date on which the Executive’s Employment Period ends for any reason or no reason is
referred to herein as the “Termination Date.” 
 1.2 At-Will
Employment. Notwithstanding anything in this Agreement to the contrary (but without limiting the Executive’s rights under Section 4 hereof), the Company and the Executive understand and agree that the Executive is employed at-will, and either the Executive or the Company can terminate their employment relationship at any time, for any reason or no reason, with or without cause, and with or without notice. 

1.3 Position and Duties. During the Employment Period, Executive shall serve as the Company’s Chief Executive
Officer and shall report directly to the Board of Directors. Executive shall have the duties, responsibilities, and authority customary for such a position in an organization of the size and nature of the Company, subject to the Company’s Board
of Directors’ or its designee’s (collectively, the “Board”) ability to expand, change or limit such duties, responsibilities, and authority in their sole discretion. In addition, upon the Start Date, the Executive shall be
appointed, and Executive agrees to serve, as a member of the Board for no additional compensation. Thereafter, during the Employment Period and provided that the Company’s common stock is publicly traded, the Company shall cause the Nominating
and Corporate Governance Committee of the Board to nominate Executive to serve as a member of the Board each year that Executive’s term of Board service is to be slated for reelection to the Board. If, during the Employment Period, the
Company’s common stock becomes no longer publicly traded, Executive shall be a member of the Board while Executive is serving as Chief Executive Officer. For the avoidance of doubt, it is agreed that it shall not be “Good Reason”
within the meaning of Section 4.2(b) below in the event the Board’s Nominating and Corporate Governance Committee (or equivalent committee), in the exercise of its fiduciary duties, determines not to nominate Executive for election or
reelection as a director of the Company while Executive is serving as Chief Executive Officer. 

 1.4 Outside Activities. Executive shall report directly to the Board,
and Executive shall devote substantially all of Executive’s business time and attention to the performance of the Executive’s duties hereunder and will not engage in any other business, profession, or occupation for compensation or
otherwise which would conflict or interfere with the performance of such duties hereunder either directly or indirectly without the prior written consent of the Board. Notwithstanding the foregoing, the Executive will be permitted to serve on the
board of directors of one public, private or non-profit entity so long as that board service does not conflict or interfere with the Executive’s duties owed to the Company and is disclosed in writing and
in advance to the Company’s Board. For the avoidance of doubt, Executive shall not serve as a member of a board of directors of a for-profit company which is a competitor of the Company as determined by
the Board. Executive shall also comply with all written and disseminated policies, rules and regulations of the Company, including without limitation the Company’s Code of Business Conduct and Ethics. 

1.5 Place of Performance. During the Employment Period, Executive’s principal place of employment shall be the
Company’s principal corporate office as it may be located from time to time. As of the Start Date, the Company’s principal corporate office is located at 1633 Broadway, Suite 22C, New York, New York 10019, and any relocation
shall require the approval of the Board. For the first eighteen (18) months of the Employment Period and provided that the Company’s principal corporate office remains in New York throughout such
18-month period, Executive agrees that he will be regularly present and working onsite at the Company’s principal corporate office in New York for at least four business days per workweek, excluding
business-related travel and permitted paid time off, subject to any prohibition of onsite work at the Company’s principal corporate office in New York as may be mandated by applicable law or executive order in furtherance of public health and
safety (including due to the COVID-19 pandemic). Provided that onsite work at the Company’s principal corporate office in New York is not prohibited by applicable law or executive order due to the COVID-19 pandemic or other public health or safety emergency, Executive shall be expected to fulfill the obligation of regularly working onsite at the Company’s principal corporate office so long as at least
one or more other executive employees of the Company is working onsite at the principal corporate office. The Executive acknowledges that he may be required to travel from time to time in the course of performing his duties for the Company.

 1.6 No Breach of Contract. Executive represents to the Company that: (i) the Executive is not bound by any
employment, consulting, non-compete, confidentiality, trade secret, or similar agreement or any judgment, order, or decree that would prevent, or be violated by, the Executive entering into this Agreement or
carrying out his duties hereunder; and (ii) the Executive understands the Company will rely upon the accuracy and truth of the representations and warranties of the Executive set forth herein and the Executive consents to such reliance. 

  
 2 

 2. Compensation. 

2.1 Base Salary. During the Employment Period, the Company shall pay the Executive a base salary (the “Base
Salary”), which shall be paid in accordance with the Company’s regular payroll practices in effect from time to time, but not less frequently than monthly. The Executive’s Base Salary shall be at an annualized rate of Four
Hundred Fifty Thousand and 00/100 Dollars ($450,000) and shall be subject to an annual review by the Board’s Compensation and Stock Option Committee (the “Compensation Committee”). 

2.2 Incentive Bonus. During the Employment Period, Executive will be eligible to participate in the Company’s
Annual Incentive Plan (AIP), as such plan may be amended from time to time; provided, however, that participation in the AIP is not a guarantee that a bonus award will be paid. For each fiscal year of the Employment Period (and pro-rated for the 2020 fiscal year based upon Executive’s period of employment for the year), Executive will be considered for an annual incentive bonus (the “Annual Incentive”) with an annual target
bonus opportunity equal to fifty percent (50%) of Executive’s then current Base Salary. The actual award, if any, of an Annual Incentive will be determined based on the performance of the Company and Executive and will be determined at the
discretion of the Board or the Compensation Committee. Any Annual Incentive payable hereunder shall be paid during the fiscal year following the year to which the Annual Incentive relates (but no later than sixty (60) days after the
Company’s filing per SEC Guidelines of the Company’s 10K Annual Report for the completed fiscal year to which the Annual Incentive relates), provided, however, that except under the limited circumstances set forth in Section 4.5
below, Executive must be (i) employed by the Company and (ii) not have received notice from the Company that Executive’s employment is being terminated for Cause (as defined below) as of the date the Annual Incentive is paid in order
to be eligible for and earn any Annual Incentive. 
 2.3 Stock Option Grant. As of the Start Date, the Company
will deliver to Executive a Stock Option Award Agreement (the “Award Agreement”) to purchase 498,000 shares of the Company’s common stock (the “Initial Stock Option Grant”). The Initial Stock Option Grant will be subject to
the terms of the Company’s 2020 Omnibus Equity Incentive Plan and to the terms and conditions specified in the Award Agreement (in the form determined by the Compensation Committee or the Board in its absolute and sole discretion); provided
that such Award Agreement will reflect that (i) the Initial Stock Option Grant will vest ratably over the 36-month period beginning on the Start Date (i.e., 1/36th will vest at the end of each month during said 36-month period), subject to Executive’s continued service with the Company on each respective
vesting date; (ii) the exercise price of the Initial Stock Option Grant as to the first 396,000 shares to vest shall be equal to the closing trading price per share of the Company’s common stock on the Start Date; (iii) the exercise
price of the Initial Stock Option Grant as to the next 51,000 shares to vest shall be equal to 1.5 times the closing trading price per share of the Company’s common stock on the Start Date; and (iv) the exercise price of the Initial Stock
Option Grant as to the remaining 51,000 shares to vest shall be equal to 2.0 times the closing trading price per share of the Company’s common stock on the Start Date. Thereafter, during the Employment Period, Executive shall be eligible to
participate in the Company’s 2020 Omnibus Equity Incentive Plan or any successor plan, subject to the terms, conditions and vesting provisions of the 2020 Omnibus Equity Incentive Plan and any applicable award agreement as and to the extent
determined by the Compensation Committee or the Board in its sole and absolute discretion. For the avoidance of doubt, the type and amounts and any awards granted to Executive under the 2020 Omnibus Equity Incentive Plan (other than the Initial
Stock Option Grant) shall be determined by the Compensation Committee or the Board in its absolute and sole discretion. 

  
 3 

 3. Benefits. 

3.1 Retirement, Welfare and Fringe Benefits. During the Employment Period, Executive shall be entitled to
participate in all retirement and welfare benefit plans and programs (which currently include medical, dental and vision coverage and a 401(k) plan), and fringe benefit plans and programs, made available by the Company to the Company’s
executive officers generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time. Notwithstanding the foregoing, the Company may modify or terminate any
employee benefit plan for its executives and its employees generally at any time to the extent consistent with applicable law and the terms of the applicable benefit plans. 

3.2 Paid Time Off. During the Employment Period, Executive will participate in the Company’s paid time off
(“PTO”) programs, which shall entitle him to take up to four weeks of paid time off per year (inclusive of vacation time, personal time, and paid sick time off as mandated by state or local paid sick leave laws, and prorated for partial
years) in accordance with the Company’s current PTO policy. Executive shall also be entitled to all paid holidays given by the Company to its employees. 

3.3 Reimbursement of Business Expenses. Executive shall be entitled to reimbursement for all reasonable and
necessary out-of-pocket business, entertainment, and travel expenses incurred by Executive in connection with the performance of the Executive’s duties hereunder in
accordance with the Company’s expense reimbursement and pre-approval policies and procedures in effect from time to time. The manner of travel shall be according to Company policy. 

3.4 Reimbursement of Temporary Living Expenses. For no longer than the first eighteen (18) months of the Employment
Period, the Company will reimburse Executive up to $6,500 per month to cover Executive’s temporary expenses incurred in connection with traveling to and living in the New York City tristate area to work onsite at the Company’s principal
corporate office, including but not limited to temporary housing or a longer term lease, commuting expenses and other reasonable temporary living-related items (collectively “Temporary Living Expenses”). Appropriate supporting
documentation (i.e. itemized receipts) of the Temporary Living Expenses must be submitted within forty-five (45) days after the Temporary Living Expenses were incurred and prior to reimbursement. The Company will determine in its reasonable
judgment what, if any, of the Executive’s reimbursed Temporary Living Expenses are for nondeductible expenses in accordance with applicable law and will comply with associated withholding and tax reporting obligations. For the avoidance of
doubt, in no event shall Executive be entitled to receive more than $120,000 for Temporary Living Expenses in the 18-month period following the Start Date. 

  
 4 

 4. Termination. Notwithstanding Section 1.2 of this Agreement and without
modifying the at-will nature of the employment relationship between Executive and the Company, Executive’s at-will employment and the Employment Period shall
terminate on the first of the following to occur: 
 4.1 Termination as a Result of Executive’s Death or
Disability. Executive’s at-will employment and the Employment Period hereunder shall terminate automatically upon Executive’s death and may be terminated by the Company upon Executive’s
“Disability” (as hereinafter defined). If Executive’s employment hereunder is terminated by reason of Executive’s death or Disability, Executive’s (or Executive’s estate’s) right to benefits under this Agreement
will terminate as of the date of such termination and all of the Company’s obligations hereunder shall immediately cease and terminate, except that Executive or Executive’s estate, as the case may be, will be entitled to receive
(i) payment of any unpaid Salary through the Termination Date, (ii) reimbursement for any unreimbursed business expenses and Temporary Living Expenses incurred through the Termination Date as are reimbursable pursuant to this Agreement and
Company policy, (iii) payment of any accrued but unused paid time off in accordance with the Company’s policy in effect at such time, and (iv) all other payments, benefits and rights to which the Executive shall be entitled as of the
Termination Date under the terms of any applicable benefit, incentive, equity or fringe benefit plan, program or arrangement or grant or this Agreement (collectively, the “Accrued Benefits”). For the avoidance of doubt, in the event of
Executive’s termination as a result of death or Disability, the treatment of (x) the Initial Stock Option Grant shall be in accordance with the Award Agreement and 2020 Omnibus Equity Incentive Plan; and (y) any other equity-based
award that may be granted to Executive shall be in accordance with the 2020 Omnibus Equity Incentive Plan (or any successor thereto) and any applicable award agreement. As used herein, Executive’s “Disability” shall have the meaning
set forth in any long-term disability plan in which Executive participates, and in the absence thereof shall mean the determination in good faith by the Board that, due to physical or mental illness, Executive is unable to perform the essential
functions of Executive’s employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 90 days in any 180-day period, unless a longer
period is required by federal or state law, in which case such longer period shall apply. If Disability has occurred, termination of Executive’s employment hereunder shall occur within thirty (30) days after written notice of such
termination is given (which notice may be given before the end of the 90-day period described above so as to cause termination of employment to occur as early as the last day of such period). 

4.2 Termination by Executive for Good Reason; Termination by the Company other than for Cause. 

(a) Executive may terminate Executive’s at-will employment and the Employment Period hereunder
for “Good Reason” (as hereinafter defined), if Good Reason exists, upon at least five (5) days’ prior written notice to the Company, subject to the notice and cure period specified in Section 4.2(b) below, and the Company
may terminate Executive’s at-will employment and the Employment Period hereunder other than for “Cause” (as hereinafter defined), upon at least five (5) days’ prior written notice to
the Executive, in each case with the consequences set forth in this Section 4.2. For the avoidance of doubt, a termination due to Executive’s death or Disability is not a termination by the Company other than for Cause. 

  
 5 

 (b) If Executive’s at-will employment and the
Employment Period hereunder are terminated by Executive for Good Reason or by the Company other than for Cause, then Executive shall be entitled to the Accrued Benefits and, subject to Executive entering into and not revoking a general release of
claims in favor of the Company pursuant to Section 4.6 below, and Executive fully complying with the Restrictive Covenants Agreement, Executive shall also be entitled to: 

(i) A severance payment equal in the aggregate to twelve (12) months of Executive’s annual Base Salary at the time of
termination, payable in twelve (12) equal monthly installments (and subject to applicable withholdings and deductions) beginning on the last Company payroll date of the first full month following termination of employment; and 

(ii) If Executive timely and properly elects health plan (medical, dental and/or vision) continuation coverage under COBRA, the
Company shall reimburse Executive in an amount equal to the difference between the monthly COBRA premium paid by the Executive for Executive and the Executive’s dependents and the monthly premium amount paid by similarly situated active
executives under the Company’s group health plans. Such reimbursement shall be paid to the Executive on or by the last day of the month immediately following the month in which the Executive timely remits the premium payment. Executive shall be
eligible to receive such COBRA premium reimbursement until the earliest of: (x) the twelve-month anniversary of the Termination Date; (y) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (z) the
date on which the Executive becomes eligible to receive substantially similar coverage from another employer. 
 For purposes of this Agreement, “Good
Reason” shall mean a termination of the Executive’s employment by means of resignation by the Executive after the occurrence (without the Executive’s consent) of any one or more of the following conditions: (i) a material
reduction in the Executive’s rate of Base Salary other than as part of an across-the-board salary reduction that applies in the same manner to all senior
executives; (ii) a material diminution in the Executive’s authority, duties, or responsibilities; or (iii) a material breach by the Company of this Agreement; provided, however, that any such condition or conditions, as applicable,
shall not constitute grounds for a termination with Good Reason unless (x) the Executive provides written notice to the Company of the condition claimed to constitute grounds for a termination with Good Reason within thirty (30) days after
the initial existence of such condition(s); and (y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and (z) the Executive terminates the Executive’s employment
within sixty (60) days after the end of the Company’s time to cure. If the Company cures the Good Reason condition during the 30-day cure period, Good Reason shall be deemed not to have occurred.

 (c) In the event Executive terminates his employment for Good Reason or the Company terminates Executive’s employment other than for
Cause, the treatment of the Initial Stock Option Grant and any other equity-based award that may be granted to Executive shall be in accordance with the applicable Award Agreement and the 2020 Omnibus Equity Incentive Plan (or any successor
thereto). 

  
 6 

 4.3 Termination by the Executive without Good Reason. 

(a) The Executive’s at-will employment by the Company and the Employment Period may be terminated
by the Executive without Good Reason with no less than sixty (60) days’ advance written notice to the Company (such notice to be delivered in accordance with Section 18). In such event, the Company will make no further payments to
Executive other than the Accrued Benefits through the Termination Date, provided, however, that for the avoidance of doubt, Executive’s salary shall continue to be earned through the Termination Date. In the event Executive terminates his
employment without Good Reason, the treatment of the Initial Stock Option Grant and any other equity-based award that may be granted shall be in accordance with the applicable Award Agreement and the 2020 Omnibus Equity Incentive Plan (or any
successor thereto). 
 (b) During the 60-day notice period for a resignation without Good Reason,
the Company may relieve Executive of day-to-day duties and/or require Executive to work from home or, in the Company’s sole discretion, accelerate such notice
period and the Termination Date and accept Executive’s resignation with immediate or earlier effect (which shall not be deemed a termination without Cause by the Company). 

4.4 Termination by the Company for Cause. The Company may terminate Executive’s
at-will employment by the Company and the Employment Period hereunder at any time for “Cause” (as hereinafter defined) whereupon the Company shall have no further obligation hereunder to Executive,
except for payment of the Accrued Benefits. For purpose of this Agreement, “Cause” shall mean, as reasonably determined by the Board based on the information then known to it, that one or more of the following has occurred: (a) the
Executive has committed a felony under the laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction; (b) the Executive has engaged in acts of fraud,
dishonesty, gross negligence, or gross misconduct, including abuse of controlled substances, that is materially injurious to the Company, its affiliates or any of their business partners, customers, clients or employees; (c) the Executive
willfully fails to perform or uphold his material duties under this Agreement and/or fails to comply with reasonable and lawful directives of the Board; (d) any material breach by the Executive of any provision of this Agreement (including
Exhibit A as referenced in Section 5) or of any other contract to which Executive is a party with the Company or any affiliate, including any containing confidentiality, trade secret, noncompetition, nonsolicitation, inventions, and/or similar
provisions; (e) any material violation of the Company’s Code of Business Conduct and Ethics or another material written policy; or (f) any material breach by Executive of Executive’s fiduciary duties to the Company or any
affiliate; provided, that with respect to any breach or violation relating to (c), (d), (e) or (f) that is curable by Executive, as determined by the Board in good faith, the Company has provided Executive written notice of the material breach
and Executive has not cured such breach, as determined by the Board in good faith, within fifteen (15) days following the date the Company provides such notice. In the event the Company terminates Executive’s employment for Cause, the
treatment of the Initial Stock Option Grant and any other equity-based award that may be granted to Executive shall be in accordance with the applicable Award Agreement and the 2020 Omnibus Equity Incentive Plan (or any successor thereto). 

  
 7 

 4.5 Change in Control Termination. Notwithstanding any other provision
contained herein, if the Executive’s at-will employment and the Employment Period hereunder are terminated by the Executive for Good Reason or by the Company without Cause (other than on account of the
Executive’s death or Disability), in each case within three (3) months before or twelve (12) months following a “Change in Control” (as defined in the 2020 Omnibus Equity Incentive Plan), the Executive shall be entitled to
receive the Accrued Amounts and, subject to Executive entering into and not revoking a general release of claims in favor of the Company pursuant to Section 4.6 below, and Executive fully complying with the Restrictive Covenants Agreement, the
Executive shall be entitled to receive the following: 
 (a) A severance payment equal in the aggregate to twelve
(12) months of Executive’s annual Base Salary at the time of termination, payable in twelve (12) equal monthly installments (and subject to applicable withholdings and deductions) beginning on the last Company payroll date of the
first full month following termination of employment; 
 (b) If Executive timely and properly elects health plan (medical,
dental and/or vision) continuation coverage under COBRA, the Company shall reimburse Executive in an amount equal to the difference between the monthly COBRA premium paid by the Executive for Executive and the Executive’s dependents and the
monthly premium amount paid by similarly situated active executives under the Company’s group health plans. Such reimbursement shall be paid to the Executive on or by the last day of the month immediately following the month in which the
Executive timely remits the premium payment. Executive shall be eligible to receive such COBRA premium reimbursement until the earliest of: (x) the twelve-month anniversary of the Termination Date; (y) the date the Executive is no longer
eligible to receive COBRA continuation coverage; and (z) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer; 

(c) The Company will pay Executive a prorated Annual Incentive for the fiscal year in which the Termination Date occurs, as
determined by the Board or Compensation in its discretion based on its assessment of the actual performance of the Company and Executive, subject and according to the terms of the discretionary AIP, following completion of the fiscal year of the
termination. The amount of any such Annual Incentive shall be prorated based on the number of days of Executive’s employment during the fiscal year of termination and will be payable in a lump sum within the time described in Section 2.2
as if Executive’s employment had continued; and 
 (d) All then-outstanding unvested stock options granted to the
Executive during the Employment Period shall become fully vested and exercisable upon the Termination Date, subject to the otherwise applicable terms of the Award Agreement, 2020 Omnibus Equity Incentive Plan and any other applicable equity
incentive plan and award agreement(s). 
 For the avoidance of doubt, the foregoing provisions of this Section 4.5(a)-(d) shall be in lieu of any
amounts set forth in Section 4.2(b). 

  
 8 

 4.6 Waiver and Release. In consideration for and as a condition to the
payments and benefits provided and to be provided under Sections 4.2(b) and 4.5 of this Agreement, Executive agrees that Executive will, within forty-five (45) days after the termination of Executive’s employment hereunder, deliver to the
Company, and not revoke, a fully executed general release agreement in a form that is acceptable to the Company and reasonably agreeable to Executive (which agreement by Executive shall not be unreasonably delayed or withheld) and which shall fully
and irrevocably release and discharge the Company, its directors, officers, and employees from any and all claims, charges, complaints, liabilities of any kind, known or unknown, owed to Executive, other than any rights Executive may have under the
terms of this Agreement that survive such termination of employment and other than any vested rights of Executive under any of the Company’s employee benefit plans or programs that, by their terms, survive or are unaffected by such termination
of employment. Executive agrees that the payments and benefits contemplated by Sections 4.2(b) and 4.5 (and any applicable acceleration of any equity based award in connection with a termination within the temporal proximity to a Change of Control
specified in Section 4.5) shall constitute the exclusive and sole remedy for any termination of Executive’s employment and the Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any
termination of employment. The foregoing provisions of this Section 4.6 shall not affect: (i) the Executive’s receipt of any benefits otherwise due terminated employees under group insurance coverage consistent with the terms of
an applicable Company welfare benefit plan; (ii) the Executive’s rights to continued health coverage under COBRA; (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms of the Company’s 401(k)
plan (if any); or (iv) Executive’s right to seek government-provided unemployment benefits and workers’ compensation benefits. 

4.7 Notice of Termination; Resignation from Board. Any termination of the Executive’s employment under this
Agreement shall be communicated by written notice of termination from the terminating party to the other party. This notice of termination must be delivered in accordance with Section 18 and must indicate the specific provision(s) of this
Agreement relied upon in effecting the termination. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from all positions that Executive holds as an officer or member of the Board of Directors
(or any committee thereof) of the Company or any of its affiliates. Executive agrees to promptly execute and provide to the Company any further documentation, as requested by the Company, to confirm such resignation. 

4.8 Section 280G; Section 409A; and Sarbanes-Oxley. The following provisions of this
Section 4.8 shall apply notwithstanding anything to the contrary contained herein. 

  
 9 

 (a) If any of the payments or benefits received or to be received by the Executive
(including, without limitation, any payment or benefits received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms of this Agreement or otherwise) (all such payments collectively
referred to herein as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986 (the “Code”) and would, but for this Section 4.8, be subject
to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then prior to making the 280G Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the 280G
Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than
the amount under (ii) above will the 280G Payments be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise Tax. “Net Benefit” shall mean the present value of the 280G Payments
net of all federal, state, local, foreign income, employment, and excise taxes. In the event it is determined that a reduction of payments or benefits will be made pursuant to this Section 4.8, such reduction shall be made in the following
order: (i) cash severance payments under this Agreement; (ii) accelerated vesting of any equity-based awards; (iii) non-cash benefits under this Agreement; and (iv) any other payments or
benefits under this Agreement or otherwise. Any payments and benefits hereunder that constitute deferred compensation under Section 409A of the Code and that are payable based upon the occurrence of Executive’s termination of employment
shall not be paid unless and until such termination of employment constitutes a “separation from service” within the meaning of Section 409A of the Code. If the Executive is a “specified employee” within the meaning of
Treasury Regulation Section 1.409A-1(i) as of the date of the Executive’s Termination Date, the Executive shall not be entitled to any portion of the severance payments and benefits that constitute
deferred compensation under Section 409A of the Code until the earlier of (i) the date which is six (6) months after his Termination Date for any reason other than death, or (ii) the date of the Executive’s death. The
provisions of this subsection shall apply only if, and to the extent, required to avoid the imposition of any tax, penalty or interest pursuant to Section 409A of the Code. Any amounts otherwise payable to the Executive upon or in the six
(6) month period following the Executive’s Termination Date that are not so paid by reason of this Section shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six
(6) months after the Executive’s termination from employment (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Executive’s death). Each payment in a series of installments
hereunder shall be considered a separate payment for purposes of Section 409A of the Code. payment and benefit hereunder shall constitute a “separately identified amount” within the meaning of Treasury regulation §1.409A-2(b)(2). Any payment that is deferred compensation subject to Section 409A of the Code which is conditioned upon Executive’s execution of a release and which is to be paid during a designated
period for execution and effectiveness of the release that begins in one taxable year and ends in a second taxable year shall be paid as soon as practicable in the second taxable year. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a taxable year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other taxable
year. Any reimbursement shall be made no later than the last day of the taxable year following the taxable year in which the expenses to be reimbursed were incurred. The right to any reimbursement or in-kind
benefit pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit. 
 (b) It is intended that any
amounts payable under this Agreement and the Company’s and the Executive’s exercise of authority or discretion hereunder shall comply with (or be exempt from) and avoid the imposition of any tax, penalty or interest under Section 409A
of the Code. This Agreement shall be construed and interpreted consistent with that intent. Nothing contained herein is intended to provide a guarantee of tax treatment to the Executive, and the Company shall have no liability whatsoever
to Executive with respect to any tax, interest or penalties imposed with respect to amounts paid or payable hereunder by reason of Section 409A or Section 4999. 

  
 10 

 (c) To the extent required under Section 304 of the Sarbanes-Oxley Act of 2002, as
amended, or other applicable law or rule, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities
laws, the Executive shall reimburse the issuer to the extent required by such authority, including for (i) any bonus or other incentive-based or equity-based compensation received by the Executive from the Company during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever first occurs) of the financial document embodying such financial reporting requirement; and
(ii) any profits realized from the sale of securities of the issuer during that 12-month period. 
 5.
Protective Covenants. As a condition of Executive’s employment, the Executive shall enter into the Employee Confidentiality and Restrictive Covenants Agreement between the Company and the Executive, attached hereto as
Exhibit A (the “Restrictive Covenants Agreement”), which may be amended by the Parties from time to time without regard to this Agreement, including as may be required in the event of a relocation of the Company’s principal corporate
office. The Restrictive Covenants Agreement contains provisions that are intended by the Parties to survive and do survive termination of this Agreement. In the interest of clarity, in the event of a breach of the Restrictive Covenants
Agreement by Executive, the Company may discontinue any post-employment payments made pursuant to this Agreement. 
 6. Non-Disparagement. Executive agrees and covenants that the Executive will not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory or disparaging remarks,
comments, or statements concerning the Company or its businesses, or any of its employees, officers, and existing and prospective customers, suppliers, investors and other associated third parties. Notwithstanding the foregoing, nothing in this
Agreement is intended to or will be used in any way to prevent Executive from testifying truthfully under oath in a judicial proceeding, to limit Executive’s right to communicate with a government agency or legislative body (including any
committee thereof), as provided for, protected under or warranted by applicable law, or to impede Executive from exercising protected rights to the extent that such rights cannot be waived by agreement. 

7. Return of Company Property. Executive agrees that upon the termination of his employment for any reason, or upon the
Company’s request at any time, Executive shall (i) immediately deliver to the Company all tangible and intangible property owned by the Company and within the possession or control of Executive, including, without limitation, access cards,
keys, computers, computing devices, cell phones, memory devices, computer files, notes, documents, records and any other tangible item, together with all copies of any of the foregoing, and any other material containing, summarizing, referencing, or
incorporating in any way or otherwise disclosing any Confidential Information (as defined in the Restrictive Covenants Agreement) or Work Product (as defined in the Restrictive Covenants Agreement), and (ii) immediately delete and erase from
any tangible and intangible property not owned by the Company and within the possession or control of Executive any material containing, summarizing, referencing, or incorporating in any way or otherwise disclosing any Confidential Information or
Work Product. 

  
 11 

 8. Executive’s Cooperation. During the Employment Period and for the six-year period thereafter, the Executive shall cooperate with the Company in any internal investigation, any administrative, regulatory or judicial proceeding or any dispute with a third party (each, an
“Action”) as reasonably requested by the Company including, without limitation, the Executive using reasonable efforts to be available to the Company upon reasonable notice for interviews and factual investigations, to appear at the
Company’s request to give testimony without requiring service of a subpoena or other legal process, to volunteer to the Company all pertinent information and turn over to the Company all relevant documents which are or may come into
Executive’s possession during the Employment Period in connection with the performance of the Executive’s duties hereunder. In connection with requesting the Executive’s cooperation after the Employment Period, the Company shall
(a) make reasonable efforts to minimize disruption of the Executive’s other activities; (b) reimburse the Executive for reasonable expenses incurred in connection with such cooperation; and (c) to the extent that the Executive is
required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on the Executive’s Salary as of the date of his termination. For the avoidance of doubt, this Section shall not apply with
respect to any Action (other than an internal investigation) where the Company is adverse to the Executive.
 9. Withholding Taxes;
Clawback. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal,
state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. Notwithstanding any other provision in this Agreement to the contrary, any incentive-based compensation or any other
compensation paid to Executive pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such
deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing
requirement). 
 10. Successors and Assigns. This Agreement is personal to the Executive and without the prior written consent of
the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. The Company
may assign this Agreement (including its exhibit) to any to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company. This Agreement
(including its exhibit) shall inure to the benefit of and be binding upon the Company and permitted successors and assigns. 
 11. Rules of
Construction. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders. Where specific language is used to clarify by example a general
statement contained herein, such specific language shall not be deemed to modify, limit, or restrict in any manner the construction of the general statement to which it relates. Unless otherwise expressly provided herein, all determinations to
be made by the Compensation Committee or the Board under this Agreement shall be made in their sole discretion. 

  
 12 

 12. Section Headings. The section headings of, and titles of sections, paragraphs,
subsections and subparagraphs contained in, this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof. 

13. Governing Law; Arbitration; Waiver of Jury Trial. 

13.1 Except as provided in Section 13.2 below regarding the Federal Arbitration Act, THIS AGREEMENT WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION
OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW
OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 
 13.2 Except for the limited
purpose provided in subsection 13.2(c) below, any Claim (as defined below) between the Parties shall, in lieu of being submitted to a court of law, be submitted to binding arbitration in accordance with the then-current Employment Arbitration Rules
of the American Arbitration Association (the “AAA”). A copy of the AAA Rules is available for review and downloading at: https://www.adr.org/employment. 

(a) The Parties hereto agree that (i) one arbitrator, who shall be a retired judge, shall be selected pursuant to the rules and
procedures of the AAA; (ii) the arbitrator shall have the power to award injunctive relief or to direct specific performance; (iii) the arbitration hearing shall be conducted within twenty-five (25) miles of the Company’s
then-principal place of operations; (iv) because the Company has valuable trade secrets and proprietary and confidential information, the arbitration proceedings hereunder shall be treated by the Parties and the arbitrator as strictly
confidential, to the fullest extent permitted by the AAA’s rules; (v) the decision of the arbitrator shall be set forth in writing, shall set forth the essential findings and conclusions upon which the decision is based, and shall be final
and binding upon the Parties; (vi) each of the Parties, unless otherwise required by applicable law, shall bear its own attorneys’ fees, costs and expenses; and (vii) payment of arbitrator compensation and administrative fees,
including any allocation or reallocation of such payment as directed by the arbitrator, shall be determined by the AAA’s rules for negotiated employment agreements. Nothing in this Section 13.2 shall be construed as providing the
Executive a cause of action, remedy or procedure that the Executive would not otherwise have under this Agreement or the law. 
 (b)
Executive and the Company mutually consent to the final resolution by binding arbitration of any and all claims between them arising out of or in any way related to this Agreement, the termination of this Agreement, the terms and conditions of
Executive’s employment or compensation, or the termination of Executive’s employment, including any federal, state or local statutory claims (the “Claims”). Executive understands this means that the
Company and Executive are agreeing to waive the Parties’ respective rights to sue in court and have a judge and jury decide any Claims, and instead are agreeing to have their Claims decided exclusively by an arbitrator, which is
different than a court action. 

  
 13 

 (c) Executive and the Company understand that this agreement to arbitrate does not preclude
either party from seeking declaratory relief or injunctive relief from a court in aid of an arbitration proceeding for claims relating to the obligations and restrictive covenants in Exhibit A hereto (including the enforceability or breach of the
obligations and restrictive covenants in Exhibit A). Any such court action for declaratory relief or injunctive relief in aid of arbitration shall be brought exclusively in a state or federal court located in the state in which the Company’s
principal corporate office is then located. 
 (d) This agreement to arbitrate provides for arbitration of Claims between Executive,
individually, and the Company. To the maximum extent permitted by law, no arbitration shall include any disputes, claims, or controversies against the Company on behalf of any other employees of the Company (or any of its affiliates), such as
class actions or collective actions. The arbitrator shall not have the authority to hear or issue any award concerning the claims of a class or collective action or to consolidate the claims of more than one individual or the claims of a class
of employees into a single arbitration proceeding, to the maximum extent permitted by law. 
 (e) Executive and the Company agree, unless
otherwise required by applicable law, to the exclusive jurisdiction of the state or federal courts located in the state in which the Company’s principal corporate office is then located for (i) seeking to compel arbitration;
(ii) seeking interim declaratory relief or interim injunctive relief in aid of arbitration; (iii) seeking entry of judgment on, and/or enforcement of, the award rendered by the arbitrator; and/or (iv) seeking to vacate or modify the
arbitrator’s award, which vacatur or modification of the arbitration award may only be granted on the grounds specified in the Federal Arbitration Act or other applicable law. 

(f) The agreement to arbitrate in this Section 13.2 shall be governed by the Federal Arbitration Act. The Parties agree that this
agreement to arbitrate Claims shall survive the termination of this Agreement and Executive’s employment with the Company for any reason. 

13.3 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR INVOLVING THE CLAIMS. 
 14.
Severability. The parties desire that the provisions of this Agreement (including its exhibit) be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is
sought. Accordingly, if any particular provision of this Agreement (including Exhibit A hereto) is found to be invalid, prohibited, or unenforceable under any present or future law, and if the rights and obligations of any party under this
Agreement will not be materially and adversely affected thereby, such provision shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. To this end, the provisions of this Agreement (including Exhibit A) are declared to be severable. Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or
otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement (including Exhibit A) or affecting the
validity or enforceability of such provision in any other jurisdiction. 

  
 14 

 15. Entire Agreement. This Agreement embodies the entire agreement of the parties
hereto respecting the matters within its scope. This Agreement supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bears upon the subject matter hereof, including, without limitation, any term
sheet or offer letter prepared in connection herewith. Notwithstanding the foregoing, the parties acknowledge and agree that any Award Agreement or Restrictive Covenants Agreements that may be executed prior to or simultaneously with the
Effective Date are not superseded by this Agreement. Any prior negotiations, correspondence, agreements, proposals, or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the
extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral
or written, with respect to the subject matter hereof, except as expressly set forth herein. Notwithstanding the foregoing integration provisions, the Executive acknowledges having received and read the Company’s Code of Business Conduct
and Ethics and agrees to conduct himself in accordance therewith as in effect from time to time. 
 16. Modifications. This
Agreement may not be amended, modified, or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto. 

17. Waiver. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such
waiver. Failure or delay on the part of a party to exercise fully any right, remedy, power or privilege under this Agreement shall not operate as a waiver thereof. Any single or partial exercise of any right, remedy, power, or privilege
shall not preclude any other or further exercise of the same or of any right, remedy, power or privilege. Waiver of any right, remedy, power or privilege with respect to any occurrence shall not be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrence. 

  
 15 

 18. Notices. Any notice provided for in this Agreement must be in writing and must
be either personally delivered, transmitted via telecopier, mailed by first class mail (postage prepaid and return receipt requested), or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated
or at such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally,
when received if transmitted via telecopier, five days after deposit in the U.S. mail, and one day after deposit on a weekday with a reputable overnight courier service. 

If to the Company: 
 Delcath
Systems, Inc. 
 1633 Broadway, 22nd Floor, Suite C 

New York, NY 10019 
 810 Seventh
Avenue, FL 35 
 New York, NY 10019 

Facsimile: (212)     -     

Attn: Chair of the Board of Directors 

with a copy to: 
 David
Broderick, Esq. 
 McCarter & English, LLP 

Four Gateway Center 
 100
Mulberry Street 
 Newark, New Jersey 07102 

Facsimile: (973) 624-7070 

If to the Executive, to the address most recently on file in the payroll records of the Company. 

19. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against
any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. Transmission of a signature page via PDF or facsimile transmission
shall have the same effect as transmission of an original signature. 
 20. Legal Counsel. Each party recognizes that this is a
legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice. In any construction to be made of this Agreement, the parties agree the Agreement shall not be construed
against either party on the basis of that party being the drafter of such language. The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek
counsel prior to entering into this Agreement and has had ample opportunity to do so. 

  
 16 

 IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of
August 31, 2020. 
  

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

	Name:	 	Dr. Roger G. Stoll, Ph.D.
	Title:	 	Chair, Board of Directors

  

	
	“EXECUTIVE”
	
	 /s/ Gerard Michel

	Gerard Michel

  
 17 

 EXHIBIT A 

Employee Confidentiality and Restrictive Covenants Agreement 

  
 1 

 Delcath Systems, Inc. 

EMPLOYEE CONFIDENTIALITY, INVENTION ASSIGNMENT 

AND RESTRICTIVE COVENANTS AGREEMENT 

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

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

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

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

1. NO PRIOR CONFLICTING CONTRACTS.  

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

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

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

  
 3 

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

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

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

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

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

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

4. THE COMPANY’S OWNERSHIP OF WORK PRODUCT. 

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

  
 4 

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

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

(b) Consequently, Employee covenants and agrees that so long as Employee is employed by the Company, and for a period of one (1) year
following termination of Employee’s employment with the Company, whether such termination is voluntary or involuntary, Employee will not, directly or indirectly (whether as an individual for Employee’s own account, or as a partner, joint
venturer, employee, agent, consultant or sales representative, officer, director or shareholder of any entity or otherwise), engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the financing,
operation, management or control of, any Competing Business, or in any manner compete with the Company, in any country in which the Company does business, without the Company’s specific written consent to do so. “Competing Business”
shall mean any business that competes with the Company in the research, design, development, identification, manufacture, marketing, or sales of any drug, device or combination of drug and device for the treatment of any liver cancers or any
targeted regional cancer or infectious disease drug delivery systems. 

  
 5 

 The restrictions contained in this section shall not prevent Employee from accepting employment with a large
diversified organization with separate and distinct divisions that do not compete, directly or indirectly, with the Company, as long as prior to accepting such employment the Company receives separate written assurances from the prospective employer
and from Employee, satisfactory to the Company, to the effect that Employee will not render any services, directly or indirectly, to any division or business unit that competes, directly or indirectly, with the Company. During the restrictive period
set forth in this section, Employee will inform any new employer, prior to accepting employment, of the existence of this Agreement and provide such employer with a copy of this Agreement. 

Nothing in this Agreement shall be construed to prevent or otherwise restrict or limit the Employee from owning shares and investing (as a passive investor),
directly or indirectly, in the stock of any publicly traded competing corporation whose shares are listed on a national securities exchange or traded in the
over-the-counter market, but only if Employee does not own more than an aggregate of one percent (1%) of the outstanding stock of such corporation provided that such
ownership represents a passive investment and that Employee is not a controlling person of, or a member of a group that controls, such corporation. 

6. NON-SOLICITATION OF CUSTOMERS AND EMPLOYEES. 

(a) Employee acknowledges and agrees that, during the course of Employee’s employment by the Company, Employee may come into contact with
and become aware of some, most, or all of the Company’s customers and employees, past, present, and prospective, and their names and addresses, as well as other information about the customers and employees not publicly available. Employee
further acknowledges and agrees that the loss of such customers and employees may cause the Company great and irreparable harm. 
 (b)
Consequently, Employee covenants and agrees that, if Employee’s employment with the Company terminates, whether such termination is voluntary or involuntary, Employee will not, for a period of one (1) year following such termination,
directly or indirectly (whether as an individual for Employee’s own account, or as a partner, joint venturer, employee, agent, consultant or sales representative, officer, director or shareholder of any entity or otherwise), solicit or attempt
to solicit to do business that would compete with the Company in any of its or their material businesses, including, without limitation, the research, design, development, identification, manufacture, marketing, or sales of targeted regional cancer
or infectious disease drug delivery systems. As part of this covenant, Employee shall not directly or indirectly solicit or attempt to solicit any business from, render services to, or accept business from any of the Company’s customers with
whom/which Employee had material contact during the twenty four (24) months immediately preceding the termination of Employee’s employment with the Company, for the purpose of providing products or services competitive with the Company. As
used in this Section, “material contact” shall mean the contact between Employee and each customer (i) with whom or which Employee dealt on behalf of the Company; (ii) whose dealings with the Company were coordinated or
supervised by Employee; or (iii) about whom or which Employee obtained confidential information in the ordinary course of business as a result of the Employee’s association with the Company. 

  
 6 

 (c) Employee also agrees that, for a period of one (1) year following termination of
Employee’s employment with the Company, whether such termination is voluntary or involuntary, Employee will not, directly or indirectly (whether as an individual for Employee’s own account, or as a partner, joint venturer, employee, agent,
consultant or sales representative, officer, director or shareholder of any entity or otherwise), solicit, induce or attempt to solicit or induce any (i) then current employee of the Company to leave employee’s employment with the Company
to become employed by any person, firm, corporation, or other entity; or (ii) consultant, distributor, supplier, representative or agent of the Company to terminate or curtail its relationship with the Company. 

7. ENFORCEMENT OF COVENANTS. 

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

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

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

  
 7 

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

8. WAIVER OF BREACH. 

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

9. AGREEMENT BINDING. 

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

10. APPLICABLE LAW AND CHOICE OF FORUM. 

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

  
 8 

 11. MODIFICATION. 

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

12. ENTIRE AGREEMENT. 

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

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

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

		 		 		 		 	Name
				
	 /s/ Shuree Harrison
	 		 		 	 Chairman

	Witness	 		 		 	Title
		 		 		 		 	 8/31/20

		 		 		 		 	Date

  
 9

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