Document:

EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT  ("Agreement") is made and entered into as of
the 2nd day of July,  2007 by and  between  Delcath  Systems,  Inc.,  a Delaware
corporation   (hereinafter   called  the   "Company"),   and  Richard  L.  Taney
(hereinafter called the "Executive").

                                    RECITALS

         WHEREAS, the Company desires to employ Executive as the Chief Executive
Officer of the Company; and

         WHEREAS,  Executive  is willing to be employed  as the Chief  Executive
Officer of the Company in the manner  provided  for  herein,  and to perform the
duties  of the  Chief  Executive  Officer  of the  Company  upon the  terms  and
conditions herein set forth;

                                    AGREEMENT

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

         1. EMPLOYMENT.

                  1.1  EMPLOYMENT  AND TERM. The Company hereby agrees to employ
the Executive and the Executive hereby agrees to serve the Company, on the terms
and  conditions set forth herein,  for the period  commencing on the date hereof
and expiring on July 1, 2009 (the "Initial  Term")  unless sooner  terminated as
hereinafter set forth;  provided,  however,  that commencing on July 1, 2009 the
Initial  Term  of  this  Agreement  shall  automatically  be  extended  for  one
additional  year  unless at least  ninety  (90)  days  prior to such  date,  the
Executive  shall have  delivered to the Company  written notice that the term of
the Executive's employment hereunder will not be extended.

                  1.2 DUTIES OF  EXECUTIVE.  The  Executive  shall  serve as the
Chief  Executive  Officer of the  Company  and shall have  powers and  authority
superior to any other officer or employee of the Company or of any subsidiary of
the Company,  including,  without  limitation,  the duties and  responsibilities
customarily  associated  with a chief  executive  (e.g.,  control of  day-to-day
operations,  signing checks,  hiring and firing,  etc.).  The Executive shall be
required to report solely to, and shall be subject solely to the supervision and
direction of the Board of Directors  and no other person or group shall be given
authority to supervise or direct Executive in the performance of his duties.  In
addition,  the Executive shall regularly  consult with the Chairman of the Board
with respect to the Company's  business and affairs.  The Executive shall devote
substantially  all his working time and attention to the business and affairs of
the Company  (excluding  any vacation  and sick leave to which the  Executive is
entitled),  render  such  services  to the  best  of his  ability,  and  use his
reasonable best efforts to promote the interests of the Company. It shall not be
a violation of this Agreement for the Executive to (A) serve on corporate, civic
or charitable  boards or  committees,  (B) deliver  lectures,  fulfill  speaking
engagements  or teach  at  educational  institutions,  and (C)  manage  personal
investments,  so long as such activities do not significantly interfere with the
performance of the Executive's responsibilities as an employee of the Company in
accordance with this Agreement.  The Executive's obligations hereunder shall run
only to the Company, and not to the Company's affiliates, if any.

                  1.3 PLACE OF PERFORMANCE. In connection with his employment by
the Company,  the Executive shall be based at the Company's  principal executive
offices except for travel reasonably  necessary in connection with the Company's
business.

<PAGE>

         2. COMPENSATION.

                  2.1 BASE  SALARY.  Commencing  on the  effective  date of this
Agreement,  the Executive shall receive a base salary at the monthly rate of not
less than $33,000 (the "Base Salary")  during the term of this  Agreement,  with
such Base Salary payable in installments  consistent  with the Company's  normal
payroll  schedule,  subject to applicable  withholding and other taxes. The Base
Salary shall not be decreased for any reason.

                  2.2 INCENTIVE COMPENSATION. The Executive shall be entitled to
receive such bonus  payments or incentive  compensation  as may be determined at
any time or from time to time by the Board (or any authorized committee thereof)
in its discretion.  Such potential bonus payments and/or incentive  compensation
shall be considered at least annually by the Board or committee.

                  2.3 STOCK OPTIONS.

                                    (a)  The  Executive  shall  be  entitled  to
participate in all stock option plans (the "Plans")
in effect during the term of this Agreement.

                                    (b)  The  Company  hereby  agrees  that  the
Executive shall receive stock options to purchase
50,000  shares of common  stock for each six months  that this  Agreement  is in
effect. Such options shall be priced based on the closing price of the Company's
common  stock  on  each   applicable  six  month   anniversary.   The  Company's
compensation  committee shall determine the vesting schedule for such options in
accordance with its policy.

                                    (c) Upon  execution of this  Agreement,  the
Company will issue Executive (i) an option to
purchase  50,000  shares of common  stock at $3.90 per share  (representing  the
closing price on the day that this offer was made to the Executive); and (ii) an
option  to  purchase   100,000  shares  of  common  stock  at  $5.85  per  share
(representing  the same closing price as set forth  immediately above multiplied
by 1.5). Such options shall vest as determined by the Compensation Committee.

                                    (d) The  Options  shall  become  immediately
exercisable as to 100% of the shares of Common
Stock not  otherwise  vested  upon any  termination  of  Executive's  employment
pursuant to Section 4.4 or 4.5 hereof,  it being  agreed that the Company  shall
vest the unvested portion of the Executive's Option shares and cooperate in good
faith to afford the Executive the right to accelerate the exercise of the Option
in full immediately  prior to any "Change in Control" (as hereinafter  defined).
In the event that Executive  terminates or is terminated pursuant to Section 4.4
or 4.5, Executive shall have the greater of (i) five years after termination, or
(ii) the remaining term of the option, in order to exercise his options.

                                    (e)  The  Company   shall  take  all  action
reasonably requested by the Executive to permit any
"cashless" exercise of the Options that is permitted under the Plan.

                                    (f) Upon proper  exercise of an Option,  the
Executive shall be deemed for all purposes the
owner of the shares of Common Stock that are purchasable upon such exercise.

                                     (g) The provisions of the Plan shall not be
adversely modified as to the Executive without
the Executive's prior written consent.

                                    (h)  All  Option   shares   shall  be  fully
adjusted for events such as splits.

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                  2.4 STOCK  ISSUANCES.  Upon execution of this  Agreement,  the
Company will issue  Executive  25,000 shares of common stock as a signing bonus.
Thereafter,  on each successive twelve month anniversary of this Agreement,  the
Company shall issue Executive an additional 25,000 shares of its common stock.

                  2.5 MILESTONE BONUSES.

                                    (a) On  the  date  that  the  first  non-NCI
patient is treated in the Company's ongoing Phase
III  Melphalan  trial,  the Company will issue  Executive  10,000  shares of its
common stock.

                                    (b) On the date  that the  46th  patient  is
enrolled in the Company's ongoing Phase III
Melphalan  trial,  the Company will issue Executive  20,000 shares of its common
stock.

                                    (c) On the date that the Company consummates
any equity-based capital offering which
results in gross  proceeds of in excess of $15 million (over any  consecutive 12
month period) which offering is completed on a post-money  valuation basis of in
excess of $175 million,  the Company will issue the  Executive  25,000 shares of
its common stock.

                                    (d) On the date that the  Company  submits a
PMA to the FDA for the Delcath System the
Company will issue the Executive 50,000 shares of its common stock.

                                    (e) On the date  that the FDA  approves  the
Delcath System, the Company will issue the
Executive 75,000 shares of its common stock.

                                    (f) On the date that the Company enters into
a binding agreement for the sale of more than
50% of its common stock or a sale of substantially  all of its assets at a price
of in excess of $10.00 per share (the "Sale"), the Company shall issue Executive
100,000  shares of its common  stock  plus an  additional  20,000  shares of its
common  stock for each  $1.00  per share  over  $10.00  per share  that the Sale
results in.

         3. EXPENSE REIMBURSEMENT AND OTHER BENEFITS.

                  3.1  EXPENSE  REIMBURSEMENT.  During  the term of  Executive's
employment hereunder,  the Company, upon the submission of reasonable supporting
documentation by the Executive, shall reimburse the Executive for all reasonable
expenses  actually  paid or  incurred  by the  Executive  in the  course  of and
pursuant to the business of the Company,  including expenses for travel, lodging
and entertainment.

                  3.2  INCENTIVE,  SAVINGS  AND  RETIREMENT  PLANS.  During  the
Initial Term,  the Executive  shall be entitled to participate in all incentive,
savings and retirement  plans,  practices,  policies and programs  applicable to
other  key  executives  of the  Company  and  its  subsidiaries,  in  each  case
comparable to those currently in effect or as subsequently  amended. Such plans,
practices,  policies and programs, in the aggregate, shall provide the Executive
with  compensation,  benefits and reward  opportunities at least as favorable as
the most  favorable  of such  compensation,  benefits  and reward  opportunities
provided at any time hereafter with respect to other key executives.

                  3.3  WELFARE  BENEFIT  PLANS.  During the  Initial  Term,  the
Executive and/or the Executive's  family,  as the case may be, shall be eligible
for participation in and shall receive all benefits under welfare benefit plans,
practices,  policies and programs  provided by the Company and its  subsidiaries
(including,  without  limitation,  medical,  prescription,  dental,  disability,
salary  continuance,  employee  life,  group life,  accidental  death and travel
accident  insurance  plans  and  programs),  at least as  favorable  as the most
favorable of such plans, practices,  policies and programs in effect at any time
hereafter with respect to other key executives.

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<PAGE>

                  3.4 VACATION.  During the Initial Term, the Executive shall be
entitled to paid vacation in accordance with the most favorable plans, policies,
programs and practices of the Company and its  subsidiaries  as in effect at any
time  hereafter  with  respect to other key  executives  of the  Company and its
subsidiaries; PROVIDED, HOWEVER, that in no event shall Executive be entitled to
fewer  than four  weeks  paid  vacation  per year,  as well as pay for  holidays
observed by the Company.

         4. TERMINATION.

                  4.1 TERMINATION FOR CAUSE.  Notwithstanding anything contained
to the contrary in this  Agreement,  this  Agreement  may be  terminated  by the
Company for Cause. As used in this Agreement, "Cause" shall only mean (i) an act
or acts of personal  dishonesty taken by the Executive and intended to result in
substantial  personal enrichment of the Executive at the expense of the Company,
(ii) subject to the following sentences,  repeated violation by the Executive of
the Executive's material obligations under this Agreement which are demonstrably
willful and deliberate on the  Executive's  part and which are not remedied in a
reasonable  period of time after  receipt of written  notice from the  Company's
Board of  Directors,  or (iii) the  conviction of the Executive for any criminal
act which is a felony.  Upon any reasonable and good faith  determination by the
Company's Board of Directors that Cause exists under clause (i) of the preceding
sentence and clause (ii) of the preceding  sentence (to the extent the violation
under said clause (ii) has not been cured by the  Executive),  the Company shall
cause a special  meeting of the Board to be called  and held at a time  mutually
convenient  to the  Board and  Executive,  but in no event  later  than ten (10)
business days after  Executive's  receipt of the notice  contemplated by clauses
(i) and (ii).  Executive  shall  have the right to appear  before  such  special
meeting  of  the  Board  with  legal  counsel  of his  choosing  to  refute  any
determination  of  Cause  specified  in  such  notice,  and any  termination  of
Executive's  employment  by  reason  of such  Cause  determination  shall not be
effective  until  Executive  is  afforded  such   opportunity  to  appear.   Any
termination  for Cause  pursuant to clause (i) or (iii) of the first sentence of
this Section 4.1 shall be made in writing to  Executive,  which notice shall set
forth in detail all acts or omissions upon which the Company is relying for such
termination.  Upon any  termination  pursuant to this Section 4.1, the Executive
shall be entitled to be paid his Base Salary to the date of termination  and the
Company shall have no further liability  hereunder (other than for reimbursement
for reasonable business expenses incurred prior to the date of termination).

                  4.2  DISABILITY.  Notwithstanding  anything  contained in this
Agreement to the  contrary,  the Company,  by written  notice to the  Executive,
shall  at all  times  have  the  right  to  terminate  this  Agreement,  and the
Executive's  employment  hereunder,  if the  Executive  shall,  as the result of
mental or physical incapacity, illness or disability, fail to perform his duties
and  responsibilities  provided for herein for a period of more than one hundred
twenty (120)  consecutive  days in any  12-month  period.  Upon any  termination
pursuant to this  Section 4.2,  the  Executive  shall be entitled to be paid his
Base  Salary  for the  remaining  term of the  Agreement.  In the event that the
Agreement has less than six months  remaining at such time,  Executive  shall be
entitled  to a payment  equal to six  months of his Base  Salary.  In  addition,
Executive shall be entitled to reimbursement  for all business expenses incurred
prior to his disability.

                  4.3 DEATH.  In the event of the death of the Executive  during
the term of his employment hereunder, the Company shall pay to the estate of the
deceased  Executive an amount equal to the Base Salary for the remaining term of
this  Agreement.  In the  event  that the  Agreement  has less  than six  months
remaining at such time,  Executive  shall be entitled to a payment  equal to six
months  of his  Base  Salary.  In  addition,  Executive  shall  be  entitled  to
reimbursement for all business expenses incurred prior to his death.

                  4.4 OPTIONAL TERMINATION Notwithstanding anything contained in
this Agreement to the contrary,  the Executive,  by giving thirty days notice to
the Company, shall one year after the date of this Agreement,  have the right to
terminate this Agreement at his sole discretion.  Upon any termination  pursuant
to this Section 4.4, the Executive  shall be entitled to be paid his Base Salary
to the date of  termination  and the  Company  shall have no  further  liability
hereunder  (other  than  for  reimbursement  for

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<PAGE>

reasonable business expenses incurred prior to the date of termination and as to
option  vesting as per Section  2.3(d)),  unless the  Executive  and the Company
agree to a different arrangement.

                  4.5  TERMINATION  WITHOUT CAUSE. At any time the Company shall
have the right to terminate  Executive's  employment hereunder by written notice
to Executive; provided, however, that the Company shall (i) pay to Executive any
unpaid Base Salary accrued  through the effective date of termination  specified
in such  notice,  and any  pro-rata  bonus that would be payable  had  Executive
completed a full year of  employment,  and (ii) pay to the  Executive  in a lump
sum, in cash within 30 days after the date of employment termination,  an amount
equal to the greater of (i) 100% of his annual  Base  Salary then in effect,  or
(ii) the  balance of the  Executive's  Base Salary  from the  effective  date of
termination  through the expiration of the Initial Term or any renewal term then
in effect. In addition, the Company shall continue to pay the Executive's health
and  disability  insurance  for the  longer of a period of twelve  months or the
remaining term of this agreement. The Company shall be deemed to have terminated
the  Executive's  employment  pursuant to this Section 4.4 if such employment is
terminated (i) by the Company without Cause,  (ii) by the Executive  voluntarily
for "Good Reason", or (iii) as a result of a Charge in Control.  For purposes of
this Agreement, "Good Reason" means:

                           (a) the  assignment  to the  Executive  of any duties
inconsistent in any respect with the  Executive's  position  (including  status,
offices,   titles   and   reporting   requirements),    authority,   duties   or
responsibilities as contemplated by Section 1.2 of this Agreement,  or any other
action by the Company which results in a diminution in such position, authority,
duties  or   responsibilities,   excluding   for  this   purpose  an   isolated,
insubstantial  and  inadvertent  action  not  taken in bad  faith  and  which is
remedied by the Company  promptly  after receipt of notice  thereof given by the
Executive;

                           (b) any  failure by the Company to comply with any of
the provisions of Section 2, Section 3, or Section 16 of this  Agreement,  other
than an isolated,  insubstantial  and  inadvertent  failure not occurring in bad
faith and which is  remedied  by the Company  promptly  after  receipt of notice
thereof given by the Executive;

                           (c) the Company's requiring the Executive to be based
at any office or location more than 50 miles from its current executive offices,
except for travel  reasonably  required in the  performance  of the  Executive's
responsibilities;

                           (d) any change in the  designation  of the particular
executive that the Executive is obligated to report to under Section 1.2 hereof;

                           (e) any purported  termination  by the Company of the
Executive's employment otherwise than as expressly permitted by this Agreement;

                           (f) any  failure by the  Company  to comply  with and
satisfy Section 10(c) of this Agreement; or

                           (g) any  termination  by the Executive for any reason
during the  three-month  period  following the effective  date of any "Change in
Control".

         5. CHANGE IN CONTROL.  For  purposes  of this  Agreement,  a "Change in
Control" shall mean:

                  (d) The  acquisition  (other than by or from the Company),  at
any time after the date  hereof,  by any person,  entity or "group",  within the
meaning of Section  13(d)(3) or 14(d)(2) of the Securities  Exchange Act of 1934
(the "Exchange Act"), of beneficial  ownership (within the meaning of Rule 13d-3
promulgated  under  the  Exchange  Act)  of 50%  or  more  of  either  the  then
outstanding shares of common stock or the combined voting power of the Company's
then outstanding voting securities entitled to vote generally in the election of
directors; or

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<PAGE>

                  (e) All or any of the six (6) individuals  who, as of the date
hereof, constitute the Board (as of the date hereof the "Incumbent Board") cease
for any reason to constitute at least a majority of the Board, provided that any
person  becoming a director  subsequent  to the date hereof whose  election,  or
nomination for election by the Company's shareholders, was approved by a vote of
at least a majority of the directors then  comprising the Incumbent Board (other
than an election or  nomination of an  individual  whose  initial  assumption of
office is in connection with an actual or threatened  election  contest relating
to the election of the directors of the Company,  as such terms are used in Rule
14a-11 of  Regulation  14A  promulgated  under the  Exchange  Act) shall be, for
purposes of this  Agreement,  considered  as though such person were a member of
the Incumbent Board; or

                  (f)  Approval  by the  shareholders  of the  Company  of (A) a
reorganization,  merger or consolidation  with respect to which persons who were
the shareholders of the Company immediately prior to such reorganization, merger
or  consolidation  do not,  immediately  thereafter,  own  more  than 75% of the
combined voting power entitled to vote generally in the election of directors of
the  reorganized,  merged or  consolidated  company's  then  outstanding  voting
securities,  (B) a liquidation or dissolution of the Company, or (C) the sale of
all or  substantially  all of the assets of the  Company,  unless  the  approved
reorganization,  merger,  consolidation,  liquidation,  dissolution  or  sale is
subsequently abandoned.

                  (g) The approval by the Board of the sale, distribution and/or
other  transfer or action (and/or  series of sales,  distributions  and/or other
transfers or actions  from time to time or over a period of time),  that results
in the Company's ownership of less than 50% of the Company's current assets.

         6.       RESTRICTIVE COVENANTS.

                  6.1  NONDISCLOSURE.  During his employment and for twelve (12)
months  thereafter,  Executive  shall  not  divulge,  communicate,  use  to  the
detriment of the Company or for the benefit of any other  person or persons,  or
misuse  in any  way,  any  Confidential  Information  (as  hereinafter  defined)
pertaining  to  the  business  of the  Company,  unless  required  to do so by a
governmental agency or court of law. Any Confidential Information or data now or
hereafter  acquired by the Executive with respect to the business of the Company
shall be deemed a  valuable,  special and unique  asset of the  Company  that is
received by the Executive in confidence and as a fiduciary,  and Executive shall
remain a fiduciary to the Company with respect to all of such  information.  For
purposes  of this  Agreement,  "Confidential  Information"  means  all  material
information about the Company's  business disclosed to the Executive or known by
the  Executive  as a  consequence  of or through his  employment  by the Company
(including  information  conceived,  originated,  discovered or developed by the
Executive) after the date hereof, and not generally known.

                  6.2  NONSOLICITATION  OF  EMPLOYEES.  While  employed  by  the
Company and for a period of twelve (12) months  thereafter,  Executive shall not
directly or indirectly,  for himself or for any other person, firm, corporation,
partnership,  association  or other entity,  attempt to employ or enter into any
contractual  arrangement  with any  employee or former  employee of the Company,
unless such employee or former employee has not been employed by the Company for
a period in excess of six months.  Notwithstanding the foregoing,  the Executive
shall not be  restricted  in hiring  any  person  who  responds  to any  general
solicitation  for employees or public  advertising  of employment  opportunities
(including through the use of employment agencies) not specifically  directed at
any such person.

                  6.3 COVENANT NOT TO COMPETE.  Executive will not, at any time,
during  the  term of this  Agreement,  and for one (1) year  thereafter,  either
directly  or  indirectly,  engage in, with or for any  enterprise,  institution,
whether or not for profit,  business, or company,  competitive with the business
(as  identified  herein) of the Company as such business may be conducted on the
date  thereof,  as a creditor,  guarantor,  or  financial  backer,  stockholder,
director,  officer,  consultant,  advisor,  employee, member, or otherwise of or
through any corporation,  partnership, association, sole proprietorship or other
entity;  provided, that an investment by Employee, his spouse or his children is
permitted  if such  investment  is not more than four  percent (4%) of the total
debt or equity capital of any such competitive  enterprise or

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business. As used in this Agreement, the business of Employer shall be deemed to
include any business  which  directly  competes  with the Company in the medical
device  industry.  The  covenant  not to compete for one year after  termination
shall only be effective if the  Executive has received all  compensation  due to
him  pursuant to this  Agreement.  The Company  shall have the right in its sole
discretion to waive the non-compete.

                  6.4  INJUNCTION.  It is recognized and hereby  acknowledged by
the  parties  hereto  that a breach  by the  Executive  of any of the  covenants
contained in Section 6.1, 6.2 or 6.3 of this  Agreement  will cause  irreparable
harm and damage to the Company,  the  monetary  amount of which may be virtually
impossible  to  ascertain.  As a result,  the  Executive  recognizes  and hereby
acknowledges  that the Company shall be entitled to an injunction from any court
of competent  jurisdiction enjoining and restraining any violation of any or all
of the  covenants  contained  in this  Section 6 by the  Executive or any of his
affiliates,  associates,  partners or agents, either directly or indirectly, and
that such right to injunction  shall be  cumulative  and in addition to whatever
other remedies the Company may possess.

         7. GOVERNING LAW. This Agreement  shall be governed by and construed in
accordance with the laws of the State of New York.

         8.  NOTICES:  Any notice  required or  permitted to be given under this
Agreement  shall be in  writing  and shall be deemed  to have  been  given  when
delivered by hand or when  deposited in the United States mail, by registered or
certified mail,  return receipt  requested,  postage  prepaid,  or via overnight
courier addressed as follows:

If to the Company:                       Delcath Systems, Inc.
                                          1100 Summer Street, 3rd Floor
                                          Stamford, CT 06905

                        WITH A COPY TO:  Gersten Savage LLP
                                         600 Lexington Avenue
                                         New York, New York 10022
                                         Attention:  Arthur S. Marcus

If to the Executive:                     Richard L. Taney
                                         5  Twin Ponds
                                         Kings Point, New York 11024

or to such other  addresses  as either  party  hereto may from time to time give
notice of to the other in the aforesaid manner.

         9. SUCCESSORS.

                  (h) 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.

                  (i)  This  Agreement  shall  inure  to the  benefit  of and be
binding upon the Company and its successors and assigns.

                  (j) The Company will require any successor  (whether direct or
indirect,   by  purchase,   merger,   consolidation  or  otherwise)  to  all  or
substantially  all of the  business  and/or  assets of the Company to  expressly
assume and agree to perform  this  Agreement  in the same manner and to the same
extent

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that the Company would be required to perform it if no such succession had taken
place.  As  used  in  this  Agreement,  "Company"  shall  mean  the  Company  as
hereinbefore  defined and any  successor  to its  business  and/or  assets which
assumes and agrees to perform this Agreement by operation of law or otherwise.

         10.  SEVERABILITY.  The  invalidity  of any one or  more of the  words,
phrases,  sentences,  clauses or sections  contained in this Agreement shall not
affect the  enforceability  of the remaining  portions of this  Agreement or any
part thereof,  all of which are inserted  conditionally  on their being valid in
law,  and, in the event that any one or more of the words,  phrases,  sentences,
clauses or sections contained in this Agreement shall be declared invalid,  this
Agreement  shall be  construed  as if such  invalid  word or  words,  phrase  or
phrases,  sentence or sentences,  clause or clauses,  or section or sections had
not been  inserted.  If such  invalidity  is caused by length of time or size of
area, or both, the otherwise  invalid provision will be considered to be reduced
to a period or area which would cure such invalidity.

         11. WAIVERS. The waiver by either party hereto of a breach or violation
of any term or provision of this Agreement shall not operate nor be construed as
a waiver of any subsequent breach or violation.

         12. DAMAGES. Nothing contained herein shall be construed to prevent the
Company or the  Executive  from seeking and  recovering  from the other  damages
sustained by either or both of them as a result of its or his breach of any term
or provision of this Agreement.

         13. NO THIRD PARTY  BENEFICIARY.  Nothing  expressed or implied in this
Agreement is intended, or shall be construed,  to confer upon or give any person
(other  than the  parties  hereto  and,  in the case of  Executive,  his  heirs,
personal  representative(s)  and/or legal representative) any rights or remedies
under or by reason of this Agreement.

         14. FULL  SETTLEMENT.  The  Company's  obligation  to make the payments
provided  for in  this  Agreement  and  otherwise  to  perform  its  obligations
hereunder  shall  not be  affected  by any  set-off,  counterclaim,  recoupment,
defense or other  claim,  right or action which the Company may have against the
Executive or others.  In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts  payable
to the  Executive  under any of the  provisions of this  Agreement.  The Company
agrees to pay, to the full extent  permitted by law, all legal fees and expenses
which the Executive may reasonably incur as a result of any contest  (regardless
of  the  outcome   thereof)  by  the  Company  or  others  of  the  validity  or
enforceability  of, or liability  under,  any provision of this Agreement or any
guarantee of  performance  thereof  (including as a result of any contest by the
Executive  about the  amount  of any  payment  pursuant  to  Section  15 of this
Agreement),  plus in each case interest at the applicable  Federal rate provided
for in Section 7872(f)(2) of the Code.

                                       8
<PAGE>

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

                                 DELCATH SYSTEMS, INC

                                 BY:  /S/ HAROLD KOPLEWICZ
                                      ----------------------------------------
                                      HAROLD KOPLEWICZ - CHAIRMAN OF THE BOARD

                                      /S/ RICHARD L. TANEY
                                      ----------------------------------------
                                      RICHARD L. TANEYExhibit
      4.1

     

    83⁄4%
      Senior
      Notes due 2013

     

    of

     

    IPSCO
      INC.

     

    __________________

     

    FOURTH
      SUPPLEMENTAL INDENTURE

    Dated
      as
      of July 5, 2007

     

    to
      the

     

    INDENTURE

    Dated
      as
      of June 18, 2003

     

    ___________________

     

    WELLS
      FARGO BANK, N.A.,

     

    as
      Trustee

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
      FOURTH SUPPLEMENTAL INDENTURE, dated as of July 5, 2007 (this “Fourth
      Supplemental Indenture”), to the Indenture dated as of June 18, 2003 (as
      amended on February 13, 2006, December 1, 2006 and December 29, 2006, the
“Indenture”), among IPSCO INC., a company incorporated under the laws of
      Canada (the “Company”), the Guarantors party thereto (the
“Guarantors”) and Wells Fargo Bank, N.A. (as successor by merger with
      Wells Fargo Bank Minnesota N.A.), as Trustee (the
“Trustee”).

     

    RECITALS

     

    A.           The
      Company, the Guarantors and the Trustee have entered into the Indenture,
      pursuant to which the Company’s 83⁄4% Senior Notes due 2013 (the “Notes”)
      were originally issued.

     

    B.           Section
      8.02 of the Indenture provides that, with the consent of at least a majority
      in
      principal amount of the outstanding Notes, the Company and the Guarantors may
      direct the Trustee to amend certain provisions of the Indenture as set forth
      below and, with the consent of two-thirds in principal amount of the outstanding
      Notes, may direct the Trustee to amend Section 4.15 (“Change of Control Offer”)
      of the Indenture.

     

    C.           The
      Company has offered to purchase any and all of the Notes for cash, upon the
      terms and subject to the conditions set forth in that certain Offer to Purchase
      and Consent Solicitation Statement dated June 18, 2007 (the “Offer to
      Purchase”).

     

    D.           Under
      the terms of the Offer to Purchase, holders that tender their Notes in
      accordance with the terms of the Offer to Purchase are deemed to consent to
      certain amendments to the Indenture which would permanently delete or amend
      certain of the covenants, events of default and other related provisions of
      the
      Indenture (the “Proposed Amendments”).

     

    E.           In
      accordance with the terms of the Indenture, holders representing in excess
      of
      two-thirds in principal amount of the Notes have tendered their Notes and
      consented to the Proposed Amendments to be effected by this Fourth Supplemental
      Indenture.

     

    F.           All
      other conditions precedent and requirements necessary to make this Fourth
      Supplemental Indenture, when duly executed and delivered, a valid and binding
      agreement, enforceable in accordance with its terms (subject to the provisions
      of this Fourth Supplemental Indenture becoming operative as provided in Section
      2 below), have been performed and fulfilled.

     

    NOW,
      THEREFORE, the parties hereto agree as follows (defined terms used herein and
      not otherwise defined herein shall have the meanings ascribed to them in the
      Indenture):

     

    1.           Amendments
      to the Indenture.

     

    1.1           Deletions.

     

    (a)           Subject
      to Section 2 hereof, the text contained in each of the following Sections of
      the
      Indenture is hereby deleted in its entirety and replaced, in each case, with
      “[Intentionally omitted]:”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              ·

            	
              Section
                4.02 “Reports to Holders;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.03 “Waiver of Stay, Extension or Usury
                Laws;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.04 “Compliance Certificate;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.05 “Taxes;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.06 “Limitations on Additional
                Indebtedness;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.07 “Limitations on Restricted
                Payments;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.08 “Limitations on Liens;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.09 “Limitations on Transactions with
                Affiliates;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.10 “Limitations on Asset Sales;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.11 “Limitations on the Issuance or Sale of Equity Interests of
                Restricted Subsidiaries;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.12 “Limitations on Dividend and Other Restrictions Affecting Restricted
                Subsidiaries;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.14 “Legal Existence;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.15 “Change of Control Offer;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.18 “Limitations on Layering
                Indebtedness;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.19 “Limitations on Designation of Unrestricted
                Subsidiaries;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.20 “Limitations on Sale and Leaseback
                Transactions;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                4.21 “Conduct of Business;”

            

    

     

    
      	
               

            	
              ·

            	
              Section
                5.01 (2) and (3) “Limitation on Mergers, Amalgamations, Consolidations,
                Etc.;” and

            

    

     

    
      	
               

            	
              ·

            	
              Section
                6.01 (3), (4), (5) and (6) “Certain Events of
                Default.”

            

    

     

    (b)           All
      definitions set forth in Section 1.01 of the Indenture that relate to defined
      terms used solely in the Article, Sections and Subsections of the Indenture
      deleted as set forth above in this Section 1.1 of this Fourth Supplemental
      Indenture are hereby deleted in their entirety.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.           Confirmations:
      Effectiveness.  As
      amended by this Fourth Supplemental Indenture, the Indenture and the Notes
      are
      ratified and confirmed in all respects, and the Indenture as so amended shall
      be
      read, taken and construed as one and the same instrument.  The
      provisions of this Fourth Supplemental Indenture shall become effective as
      of
      the date hereof, but the Proposed Amendments will become operative only upon
      the
      Settlement Date (as defined in the Offer to Purchase).

     

    3.           Corresponding
      Amendments to Notes.  Each
      Note is hereby amended to make the terms of such Note consistent with the terms
      of the Indenture, as amended by this Fourth Supplemental
      Indenture.  To the extent of any conflict between the terms of the
      Notes and the terms of the Indenture, as supplemented by this Fourth
      Supplemental Indenture, the terms of the Indenture, as supplemented by this
      Fourth Supplemental Indenture, shall govern and be controlling.

     

    4.           Trustee.  The
      Trustee shall not be responsible in any manner whatsoever for or in respect
      of
      the validity or sufficiency of this Fourth Supplemental Indenture or for or
      in
      respect of the recitals contained herein, all of which recitals are made solely
      by the Company and the Guarantors.

     

    5.           Trust
      Indenture Act.  If
      and to the extent that any provision of this Fourth Supplemental Indenture
      limits, qualifies or conflicts with another provision included in this Fourth
      Supplemental Indenture or in the Indenture, which is required to be included
      in
      this Fourth Supplemental Indenture or the Indenture by the Trust Indenture
      Act
      of 1939, as amended (the “TIA”), such required provision of the TIA shall
      control.

     

    6.           Governing
      Law.  This
      Fourth  Supplemental Indenture shall be deemed governed by, and
      construed in accordance with, the internal laws of the State of New York, but
      without giving effect to applicable principles of conflicts of law thereof
      to
      the extent that the application of the laws of another jurisdiction would be
      required thereby.

     

    7.           Conflicts.  To
      the extent of any inconsistency between the terms of the Indenture and this
      Fourth Supplemental Indenture, the terms of this Fourth Supplemental Indenture
      will control.

     

    8.           Counterparts.  This
      Fourth Supplemental Indenture may be executed in any number of counterparts,
      each of which counterparts together shall constitute but one and the same
      instrument.

     

    9.           Entire
      Agreement.  This
      Fourth Supplemental Indenture constitutes the entire agreement of the parties
      hereto with respect to the amendments to the Indenture set forth
      herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS
      WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly
      executed as of the date first written above.

     

    
      	 	
              IPSCO
                INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                ENTERPRISES INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 
	 	 
	 	
              ULTRA
                PREMIUM OILFIELD SERVICES LTD. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 
	 	 
	 	
              UPOS,
                L.L.C. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 
	 	 
	 	
              UPOS
                GP, L.L.C. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              NS
                GROUP, INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                TUBULARS (KY) INCORPORATED 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                KOPPEL TUBULARS CORPORATION 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                TUBULARS (OK) INCORPORATED 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                TUBULARS INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              IPSCO
                TEXAS INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                STEEL INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                AFC INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                STEEL (ALABAMA) INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                RECYCLING INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              IPSCO
                PREFERRED LLC 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                MINNESOTA INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                INVESTMENTS (CANADA) COMPANY 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                FINANCE (US) CORPORATION LLC 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                FINANCE GP 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              IPSCO
                CANADA INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                FINANCE (CANADA) CORPORATION 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                DIRECT INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              GENERAL
                SCRAP PARTNERSHIP 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Greg Maindonald

            
	 	
              Name:

            	
              Greg
                Maindonald

            
	 	
              Title:

            	
              Chairman

            
	 	 	 
	 	 	 
	 	
              PACIFIC
                WESTERN STEEL INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Greg Maindonald

            
	 	
              Name:

            	
              Greg
                Maindonald

            
	 	
              Title:

            	
              Vice
                President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              SAMETCO
                AUTO INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Greg Maindonald

            
	 	
              Name: 
                

            	
              Greg
                Maindonald

            
	 	
              Title:

            	
              Chairman

            
	 	 	 
	 	 	 
	 	
              NEW
                GENSUBCO INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Greg Maindonald

            
	 	
              Name:

            	
              Greg
                Maindonald

            
	 	
              Title:

            	
              President

            
	 	 	 
	 	 	 
	 	
              KAR
                BASHER OF ALBERTA LTD. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Greg Maindonald

            
	 	
              Name:

            	
              Greg
                Maindonald

            
	 	
              Title:

            	
              Chairman

            
	 	 	 
	 	 	 
	 	
              GENERAL
                SCRAP INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              IPSCO
                SALES INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              IPSCO
                SALES INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name: 
                

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              GENLANDCO
                INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Greg Maindonald

            
	 	
              Name:

            	
              Greg
                Maindonald

            
	 	
              Title:

            	
              President

            
	 	 	 
	 	 	 
	 	
              IPSCO
                CONSTRUCTION INC. 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              WESTERN
                STEEL LIMITED 

            
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Leslie T. Lederer

            
	 	
              Name:

            	
              Leslie
                T. Lederer

            
	 	
              Title:

            	
              Secretary

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              WELLS
                FARGO BANK, N.A., 

            
	
               

            	as
              Trustee 
	 	 	 
	 	 	 
	 	
              By:

            	
               /s/
                Lynn M. Steiner

            
	 	
              Name: 
                

            	
              Lynn
                M. Steiner

            
	 	
              Title:

            	
              Vice
                President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]