Document:

EX-10.2

 Exhibit 10.2 

SUPPLEMENT 
 to the

 Loan and Security Agreement 

dated as of August 6, 2021 

between 
 DELCATH SYSTEMS,
INC. (“Borrower”) 
 and 

Avenue Venture Opportunities Fund, L.P. (“Lender”) 
  

 
 This is a Supplement identified in the document
entitled Loan and Security Agreement, dated as of August 6, 2021 (as amended, restated, supplemented and modified from time to time, the “Loan and Security Agreement”), by and between Borrower and Lender. All
capitalized terms used in this Supplement and not otherwise defined in this Supplement have the meanings ascribed to them in Article 10 of the Loan and Security Agreement, which is incorporated in its entirety into this Supplement. In the event of
any inconsistency between the provisions of the Loan and Security Agreement and this Supplement, this Supplement is controlling. 
 In addition to the
provisions of the Loan and Security Agreement, the parties agree as follows: 
 Part 1 - Additional Definitions: 

“Amortization Period” means the period commencing on the first day of the first full calendar month following the
Interest-only Period and continuing until the Maturity Date. 
 “Blocked Account” is defined in Part 2, Section 1(b)
hereof. 
 “Commitment” means, subject to the terms and conditions set forth in the Loan and Security Agreement and this
Supplement, Lender’s commitment to make Growth Capital Loans to Borrower in the original principal amount of Fifteen Million Dollars ($15,000,000.00) (“Tranche 1”); provided that, subject to the conditions in Section 1(d)
of Part 2 hereof, from October 1, 2022 through December 31, 2022, Lender shall make available to Borrower an additional original principal amount of Five Million Dollars (“Tranche 2”). 

“Designated Rate” means, for each Growth Capital Loan, a variable rate of interest per annum equal to the sum
of (i) the greater of (A) the Prime Rate and (B) three and one-quarters percent (3.25%), plus (ii) seven and seven-tenths percent (7.70%). Changes to the Designated Rate based on
changes to the Prime Rate shall be effective as of the next scheduled interest payment date immediately following such change. 

“FDA” means the U.S. Food and Drug Administration or any successor thereto. 

“Final Payment” means a payment (in addition to and not a substitution for the regular monthly payments of principal plus
accrued interest) equal to four and one-quarter percent (4.25%) of the funded amount of Tranche 1 and Tranche 2. 

“Growth Capital Loan” means any Loan requested by Borrower and funded by Lender under its Commitment for
general corporate purposes of Borrower. 
 “HEPZATO KIT” means Borrower’s melphalan hydrochloride for
injection/hepatic delivery system, a drug/device combination product. 
 “Interest-only Period” means the period commencing
on the Closing Date and continuing until the fifteenth (15th) month anniversary of the Closing Date; provided, however, that such period shall be extended for three (3) months (the
“First Interest-only Period Extension”) (i.e., a total Interest-only Period of eighteen (18) months from 

 
the Closing Date) if as of the last day of the Interest-only Period then in effect Borrower has (a) achieved the Performance Milestone and (b) submitted the HEPZATO KIT NDA;
provided, further however, that such period shall be extended for an additional six (6) months (i.e., a total Interest-only Period of twenty-four (24) months from the Closing Date) if as of the last day of the Interest-only Period
then in effect, Borrower has (i) achieved the First Interest-only Period Extension, (ii) received FDA approval for HEPZATO KIT and (iii) received net proceeds (including in connection with the Performance Milestone) of at least Forty
Million Dollars ($40,000,000.00) from the sale and issuance of Borrower’s equity securities after the Closing Date; in each case of subject to written evidence of the same, in form and content reasonably acceptable to Lender; provided,
further, however, that the Interest-only Period shall not exceed twenty-four (24) months. 
 “Loan” or
“Loans” mean, as the context may require, individually a Growth Capital Loan, and collectively, the Growth Capital Loans. 

“Loan Commencement Date” means, with respect to each Growth Capital Loan: (a) the first day of the first
full calendar month following the Borrowing Date of such Loan if such Borrowing Date is not the first day of a month; or (b) the same day as the Borrowing Date if the Borrowing Date is the first day of a month. 

“Maturity Date” means August 1, 2024. 

“NDA” means a New Drug Application submitted to the FDA. 

“Performance Milestone” means (1) Borrower (x) demonstrate positive FOCUS trial efficacy per the trial’s predefined
Statistical Analysis Plan (SAP), specifically the Overall Response Rate exceeds the prespecified threshold for success defined in the SAP by a statistically significant amount; and (y) based on data contained within the FOCUS trial database and
appropriate for use with the FDA, safety and tolerability among FOCUS trial participants is within the range of currently approved and commonly used cytotoxic chemotherapeutic agents; and (2) receipt of net proceeds of at least Twenty Million
Dollars ($20,000,000.00) from the sale and issuance of Borrower’s equity securities after the Closing Date (the “Initial Equity Raise Requirement”); with respect to (1) and (2), written evidence of which is provided to,
and reviewed and approved by, Lender. 
 “Prepayment Fee” means, with respect to any prepayment of the Loans: 

(i)    if the prepayment occurs during the period commencing on the Closing Date and ending on (but including) the last
day of the Interest-only Period, an amount equal to the principal amount of such Loans prepaid multiplied by three percent (3.00%); and 

(ii)    if the prepayment occurs during the period commencing on the day immediately following the Interest-only Period
and ending on (but excluding) the Maturity Date, an amount equal to the principal amount of the Loans prepaid multiplied by one percent (1.00%). 

Notwithstanding the foregoing or any other term herein or in any other Loan Document to the contrary, no Prepayment Fee shall be due in
connection with (x) any mandatory prepayment made in accordance with Part 2, Section 1(c) hereof, (y) in respect of any application of insurance proceeds to the Obligations or (z) with respect to Tranche 2 only, any voluntary
prepayment following Lender’s Investment Committee declining to approve the Funding of a Tranche 2 advance requested by Borrower in accordance with the term herein and in the other Loan Documents. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Supplement; and provided
further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Lender, the “Prime Rate” shall mean the rate of interest per
annum announced by Silicon Valley Bank as its prime rate in effect at its principal office in the State of California (such announced Prime Rate not being intended to be the lowest rate of interest charged by such institution in connection with
extensions of credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Supplement. 

  
 2 

 “SEC” means Securities and Exchange Commission or other equivalent
governmental or regulatory authority having similar authority. 
 “Termination Date” means the earlier of: (i) the
date Lender may terminate making Growth Capital Loans or extending other credit pursuant to the rights of Lender under Article 7 of the Loan and Security Agreement; and (ii) December 31, 2022. 

“Threshold Amount” means Two Hundred Fifty Thousand Dollars ($250,000.00). 

“Warrant” is defined in Part 2, Section 3(a) hereof. 

Part 2 - Additional Covenants and Conditions: 

1.    Growth Capital Loan Facility. 

(a)    Additional Condition(s) Precedent Regarding Growth Capital Loan Commitments. In addition to the
satisfaction of all of the other applicable conditions precedent specified in Sections 4.1 and 4.2 of the Loan and Security Agreement and this Supplement, Lender shall fund the aggregate amount of Tranche 1 on the Closing Date as follows:
(x) Eleven Million Dollars ($11,000,000.00) into Borrower’s primary, U.S.-based operating account; and (y) Four Million Dollars ($4,000,000.00) (“Tranche 1(b)”) into a U.S.-based blocked account maintained by Borrower
(the “Blocked Account”); in each case of (x) and (y), subject to a control agreement in form and content reasonably acceptable to, and in favor of, Lender. 

(b)    Borrower may transfer the amount in the Blocked Account to Borrower’s primary, U.S.-based operating
account, which shall be subject to a control agreement in form and content reasonably acceptable to, and in favor of, Lender, upon receipt by Lender of evidence that Borrower has achieved the Performance Milestone, as determined by Lender in its
sole, reasonable discretion. 
 (c)    Borrower shall maintain the full amount, and shall not transfer or
otherwise dispose of any part, of the Tranche 1(b) Loan proceeds in the Blocked Account unless and until Borrower has achieved the Initial Equity Raise Requirement (the “Release Condition”); in the event Borrower does not achieve
the Release Condition by June 30, 2022, Borrower hereby acknowledges and agrees that Lender may immediately exercise control over the Blocked Account and apply so much of the amount in such Blocked Account as is necessary to satisfy in full
Tranche 1(b) as of such date. 
 (d)    In addition to the satisfaction of all of the other applicable conditions
precedent specified in Sections 4.1 and 4.2 of the Loan and Security Agreement and this Supplement, Lender’s obligation to fund Tranche 2 of its Commitment of Growth Capital Loans is subject to receipt by Lender of evidence that the following
conditions precedent have been satisfied, as determined by Lender in its sole discretion: 

(i)    Borrower has made written request therefor, no later than thirty (30) days prior to the
expiration of the availability of Tranche 2; and 
 (ii)    Lender’s Investment Committee review and
approval, in its sole reasonable discretion; provided that, as of the Closing Date, Tranche 2 shall not be considered as, and is not, committed hereunder by Lender. 

(e)    Minimum Funding Amount; Maximum Number of Borrowing Requests. Growth Capital Loans requested by
Borrower to be made on a single Business Day shall be for a minimum aggregate, original principal amount of One Million Dollars ($1,000,000.00); provided, however, that the initial Growth Capital Loan shall be funded on the Closing Date in a minimum
original principal amount of Fifteen Million Dollars ($15,000,000.00). Borrower shall not submit a Borrowing Request more frequently than once per calendar month. 

  
 3 

 (f)    Repayment of Growth Capital Loans. Principal of,
and interest on, each Growth Capital Loan shall be payable as set forth in a Note evidencing such Growth Capital Loan (substantially in the form attached hereto as Exhibit “A”), which Note shall provide substantially as follows:
principal shall be fully amortized over the Amortization Period in equal, monthly principal installments plus, in each case, unpaid interest thereon at the Designated Rate, commencing after the Interest-only Period of interest-only installments at
the Designated Rate. In particular, on the Borrowing Date applicable to such Growth Capital Loan, Borrower shall pay to Lender (i) if the Borrowing Date is earlier than the Loan Commencement Date, interest only at the Designated Rate, in
advance, on the outstanding principal balance of the Growth Capital Loan for the period from the Borrowing Date through the last day of the calendar month in which such Borrowing Date occurs (it being understood that this clause (i) shall not
apply in the case the Borrowing Date is on the same date as the Loan Commencement Date), and (ii) the first (1st) interest-only installment at the Designated Rate, in advance, on the outstanding principal balance of the Note evidencing such
Loan for the ensuing month. Commencing on the first day of the second full month after the Borrowing Date and continuing on the first day of each month during the Interest-only Period thereafter, Borrower shall pay to Lender interest only at the
Designated Rate, in advance, on the outstanding principal balance of the Loan evidenced by such Note for the ensuing month. Commencing on the first day of the first full month after the end of the Interest-only Period, and continuing on the first
day of each consecutive calendar month thereafter, Borrower shall pay to Lender equal consecutive monthly principal installments in advance in an amount sufficient to fully amortize the Loan evidenced by such Note over the Amortization Period, plus
interest at the Designated Rate for such month. On the Maturity Date, all principal and accrued interest then remaining unpaid and the Final Payment shall be due and payable. 

2.    Prepayment. The Growth Capital Loans may be prepaid as provided in this Section 2 only. Borrower
may prepay all, but not less than all, outstanding Growth Capital Loans in whole, but not in part, at any time upon no less than five (5) Business Days’ prior written notice to the Lender, by tendering to Lender a cash payment in respect
of such Loans in an amount determined by Lender equal to the sum of: (i) the aggregate outstanding principal amount of such Loans; (ii) the accrued and unpaid interest on such Loans as of the date of prepayment; (iii) the Prepayment
Fee; and (iv) the Final Payment; provided that, if Lender has not yet exercised its rights under Section 3(c) hereof, Borrower shall provide written notice of prepayment at least ten (10) days in advance of the proposed prepayment
date and Lender shall have the option, with respect to the Conversion Option, to exercise its rights pursuant to Section 3(c) hereof by delivering written notice to Borrower at least two (2) Business Days in advance of the proposed
prepayment date; provided, further, that Lender’s failure to deliver such notice shall be deemed a waiver of Lender’s rights pursuant to Section 3(c) hereof and such conversion right shall terminate. 

3.    Issuance of Warrant; Conversion Right. 

(a)    Warrant. As additional consideration for the making of its Commitment, Lender has earned and is
entitled to receive immediately upon the execution of the Loan and Security Agreement and this Supplement, a warrant instrument issued by Borrower (the “Warrant”). 

(b)    Warrant General. The Warrant shall be in form and substance reasonably satisfactory to Lender. 

(c)    Conversion Right. Lender shall have the right, in its discretion, but not the obligation, at any time
and from time to time, while the Loan is outstanding, to convert an amount of up to Three Million Dollars ($3,000,000.00) of the principal amount of the outstanding Growth Capital Loans (the “Conversion Option”) into Borrower’s
common stock (the “Common Stock”) at a price per share equal to one hundred twenty percent (120.00%) of the Market Price set forth (and defined in clause “(1)” of the definition of such term) in the Warrant (the
“Conversion Price;” the exercise of such Conversion Option, a “Conversion”); provided that the Conversion Option is subject to (i) the closing price of the shares of Common Stock as reported by Bloomberg, L.P.
on the Nasdaq Stock Market for each of the seven (7) consecutive trading days immediately preceding the Conversion being greater than or equal to the Conversion Price; and (ii) the Common Stock issued in connection with any such Conversion
not exceeding twenty percent (20%) of the total trading volume of the Common Stock for the twenty-two (22) consecutive trading days immediately prior to and including the effective date of such
Conversion. The Conversion Option will be exercised by Lender delivering a written, signed conversion notice to Borrower in accordance with this Section 3(c) which will include (i) the date of which the conversion notice is given,
(ii) a statement to the effect that the Lender is exercising the Conversion Option, (iii) the amount in respect of which the Conversion Option is being exercised 

  
 4 

 
and the number of shares issued and (iv) a date on which the allotment and issuance of the shares is to take place. Notwithstanding the foregoing the Lender’s right to exercise the
Conversion Option shall be subject to the Beneficial Ownership Limitation provisions set forth in Section 4.8 of the Warrant. Within sixty (60) days from the Closing Date, Borrower will prepare and file with the SEC a registration
statement on Form S-3 or, if Borrower is not then eligible to register for resale securities on Form S-3, on another appropriate form of registration statement, covering
the resale of all of the shares of Common Stock issuable upon a Conversion and exercise of the Warrant for an offering to be made on a continuous basis pursuant to Rule 415(a)(1)(i). Borrower will use commercially reasonable efforts to cause the
registration statement to be declared effective under the Securities Act of 1933, as amended (the “Securities Act”), as promptly as possible after the filing thereof, and will use its commercially reasonable efforts to keep such
registration statement continuously effective under the Securities Act, and prepare and file prospectus supplements that includes any information previously omitted from the prospectus filed as part of the initial registration statement and pre- and post-effective amendments as necessary, until the date that all of the shares of Common Stock issuable upon a Conversion and the exercise of the Warrant have been sold thereunder or pursuant to SEC Rule
144. The Lender agrees to furnish to Borrower and provide to Borrower such information requested by Borrower in connection with the preparation of the registration statement and understands that such information will be relied upon by Borrower in
connection with the preparation or amendment of the registration statement and the related prospectus and any amendments or supplements thereto. 

4.    Commitment Fee. Borrower shall pay to Lender a commitment fee in the amount of one percent (1.00%) of
the Fifteen Million Dollars ($15,000,000.00) Tranche 1 Commitment due and payable on the Closing Date, of which Seventy-Five Thousand Dollars ($75,000.00) has been paid by Borrower to Lender as an advance deposit prior to the date hereof. Borrower
shall pay to Lender an additional commitment fee in the amount of one percent (1.00%) of the Five Million Dollars ($5,000,000.00) Tranche 2 Loan commitment amount, which shall be due and payable, if at all, on the Funding Date (or any portion)
thereof. As an additional condition precedent under Section 4.1 of the Loan and Security Agreement, Lender shall have completed to its satisfaction its due diligence review of Borrower’s business and financial condition and prospects, and
Lender’s Commitment shall have been approved. If this condition is not satisfied, the Seventy-Five Thousand Dollars ($75,000.00) advance deposit previously paid by Borrower shall be refunded. Except as set forth in this Section 4, the
Commitment Fee is not refundable. 
 5.    Documentation Fee Payment. On the Closing Date, Borrower
shall reimburse Lender pursuant to Section 9.8(a) of the Loan and Security Agreement for (i) its reasonable and documented attorneys’ fees, out-of-pocket
costs and expenses incurred in connection with the preparation and negotiation of the Loan Documents and (ii) such Lender’s costs and filing fees related to perfection of its Liens in the Collateral in any jurisdiction in which the same is
located, recording a copy of the Intellectual Property Security Agreement with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and confirming the priority of such Liens. 

6.    Debits to Account for ACH Transfers. For purposes of Sections 2.2 and 5.10 of the Loan and Security
Agreement, the Primary Operating Account shall be the bank account set forth in part 4 of the Disclosure Letter, unless and until such account is changed in accordance with Section 5.10 of the Loan and Security Agreement. Borrower
hereby agrees that the Growth Capital Loans will be advanced to the account specified above and regularly scheduled payments of principal, interest and fees will be automatically debited from the same account. Borrower hereby confirms that the bank
at which the Primary Operating Account is maintained uses that same ABA Number for incoming wires transfers to the Primary Operating Account and outgoing ACH transfers from the Primary Operating Account. 

Part 3 - [Reserved] 

Part 4 - Additional Loan Documents: 
  

					
	 Form of Promissory Note
	  	 	Exhibit “A”	 
	 Form of Borrowing Request
	  	 	Exhibit “B”	 
	 Form of Compliance Certificate
	  	 	Exhibit “C”	 

 [Remainder of this page intentionally left blank; signature page follows] 

  
 5 

 [Signature page to Supplement to Loan and Security Agreement] 

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

 

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

		 		 	Name:	 	Gerard Michel
		 		 	Title:	 	Chief Executive Officer
			
	Address for Notices:	 		 	1633 Broadway, Suite 22C
		 		 	New York, NY 10019
		 		 	Attn: Gerard Michel, CEO
		 		 	Email:gmichel@delcath.com
			
		 		 	LENDER:
			
		 		 	AVENUE VENTURE OPPORTUNITIES FUND, L.P.
				
		 		 	By:	 	Avenue Venture Opportunities Partners, LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 /s/ Sonia Gardner

		 		 	Name:	 	Sonia Gardner
		 		 	Title:	 	Authorized Signatory
			
	Address for Notices:	 		 	11 West 42nd Street, 9th Floor
		 		 	New York, New York 10036
		 		 	Attn: Todd Greenbarg, Senior Managing Director
		 		 	Email: tgreenbarg@avenuecapital.com
		 		 	Phone # 212-878-3523

 EXHIBIT “A” 

FORM OF PROMISSORY NOTE 
  

			
		  	[Note No. X-XXX]
		
	$                     	  	August 6, 2021

 The undersigned (“Borrower”) promises to pay to the order of AVENUE VENTURE OPPORTUNITIES FUND, L.P., a
Delaware limited partnership (“Lender”), at such place as Lender may designate in writing, in lawful money of the United States of America, the principal sum of
                     Dollars ($        ), with interest thereon from the date hereof until maturity, whether
scheduled or accelerated, at a variable rate per annum equal to the sum of (i) the greater of (A) the Prime Rate and (B) three and one-quarters percent (3.25%), plus (ii) seven and
seven-tenths percent (7.70%) (the “Designated Rate”), according to the payment schedule described herein, except as otherwise provided herein. In addition, on the Maturity Date, Borrower promises to pay to the order of Lender
(i) all principal and accrued interest then remaining unpaid and (ii) the Final Payment (as defined in the Loan Agreement (as defined herein)). 

This Note is one of the Notes referred to in, and is entitled to all the benefits of, a Loan and Security Agreement, dated as of August 6, 2021, between
Borrower and Lender (as the same has been and may be amended, restated or supplemented from time to time, the “Loan Agreement”). Each capitalized term not otherwise defined herein shall have the meaning set forth in the Loan
Agreement. The Loan Agreement contains provisions for the acceleration of the maturity of this Note upon the happening of certain stated events. 

Principal of and interest on this Note shall be payable as provided under Section 2 of Part 2 of the Supplement to the Loan Agreement. 

This Note may be prepaid only as permitted under Section 2 of Part 2 of the Supplement to the Loan Agreement. 

Any unpaid payments of principal or interest on this Note shall bear interest from their respective maturities, whether scheduled or accelerated, at a rate
per annum equal to the Default Rate, compounded monthly. Borrower shall pay such interest on demand. 
 Interest, charges and fees shall be calculated for
actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no event shall Borrower
be obligated to pay interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect. 
 If
Borrower is late in making any scheduled payment under this Note by more than five (5) days, Borrower agrees to pay a “late charge” of five percent (5.00%) of the installment due, but not less than Fifty Dollars ($50.00) for any one
such delinquent payment. This late charge may be charged by Lender for the purpose of defraying the expenses incidental to the handling of such delinquent amounts. Borrower acknowledges that such late charge represents a reasonable sum considering
all of the circumstances existing on the date of this Note and represents a fair and reasonable estimate of the costs that will be sustained by Lender due to the failure of Borrower to make timely payments. Borrower further agrees that proof of
actual damages would be costly and inconvenient. Such late charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid or to declare a default under this Note or any of the other Loan Documents or
from exercising any other rights and remedies of Lender. 

  
 1 

 [Signature page to Promissory Note] 

This Note shall be governed by, and construed in accordance with, the laws of the State of California, excluding those laws that direct the application of the
laws of another jurisdiction. 
  

			
	DELCATH SYSTEMS, INC.
		
	By:	 	
                     

	Name:	 	  

	Its:	 	  

  
 2 

 EXHIBIT “B” 

FORM OF BORROWING REQUEST 
 August 6,
2021 
 Avenue Venture Opportunities Fund, L.P. 
 11 West 42nd
Street, 9th Floor 
 New York, New York 10036 
  

	Re:	 DELCATH SYSTEMS, INC. 

Ladies and Gentlemen: 
 Reference is made to the Loan and
Security Agreement, dated as of August 6, 2021 (as amended, restated or supplemented from time to time, the “Loan Agreement”; the capitalized terms used herein as defined therein), between Avenue Venture Opportunities Fund,
L.P. (“Lender”) and DELCATH SYSTEMS, INC. (“Borrower”). 
 The undersigned is the
                     of Borrower and hereby requests on behalf of Borrower a Loan under the Loan Agreement, and in that connection certifies as
follows: 
 1.    The amount of the proposed Loan is
                     Dollars ($        ). The Borrowing Date of the proposed Loan is
                     (the “Borrowing Date”). 

(a)    [On the Borrowing Date, the Lender will wire $[        ] less fees and expenses to be
deducted on the Borrowing Date of (a) $150,000.00 in respect to the Commitment Fee, of which $75,000.00 has been paid to the Lender prior to the date hereof, (b) $[        ] in respect to the interest fee, and
(c) $[        ] in respect to the legal fees for net proceeds of $[        ] to Borrower pursuant to the following wire instructions]1: 
 [On the Borrowing Date, the Lender will wire
$[        ] less fees and expenses to be deducted on the Borrowing Date of (a) $         in respect to the Commitment Fee, (b)
$[        ] in respect to the interest fee, and (c) $[        ] in respect to the legal fees for net proceeds of $[        ] to
Borrower pursuant to the following wire instructions]2: 
  

			
	Institution Name:	  	
	Address:	  	
	ABA No.:	  	
	Contact Name:	  	
	Phone No.:	  	
	E-mail:	  	
	Account Title:	  	
	Account No.:	  	

  

	1 	 Effective Date only. 

	2 	 Trance 2 Loan advance date only. 

  
 1 

 (b)    On the Borrowing Date, the Lender will wire $4,000,000.00 (representing Tranche
1(b)) into the following Blocked Account pursuant to the following wire instructions:3 
  

			
	Institution Name:	  	
	Address:	  	
	ABA No.:	  	
	Contact Name:	  	
	Phone No.:	  	
	E-mail:	  	
	Account Title:	  	
	Account No.:	  	

 (c)    On the Borrowing Date, the Lender will wire $[        ] to
Barnes & Thornburg LLP, and $[        ] to Matheson, for fees and expenses pursuant to the following respective wire instructions.4 

 

			
	Institution Name:	  	Fifth Third Bank, Indianapolis, IN
	ABA No.:	  	042000314
	Account Title:	  	Barnes & Thornburg LLP Attorney Operating Account
	Account No.:	  	7653510706
	Reference:	  	82485-9
	Confirm remittance:	  	wireconfirmations@btlaw.com

  

			
	Institution Name:	  	AIB International Banking Services Ashford House
	Matheson	  	Matheson
	IBAN Number:	  	IE74AIBK93006728440178
	Swift Code:	  	AIBKIE2D
	Vat Registration	  	IE 4611143 0
	Reference:	  	Delcath
	Confirm remittance:	  	remittances.mailbox@matheson.com

 2.    As of this date, no Default or Event of Default has occurred and is continuing, or will result from
the making of the proposed Loan, the representations and warranties of Borrower contained in Article 3 of the Loan Agreement and in the Disclosure Letter are true and correct in all material respects other than those representations and warranties
expressly referring to a specific date which are true and correct in all material respects as of such date, and the conditions precedent described in Sections 4.1 and/or 4.2 of the Loan Agreement and Part 2 of the Supplement, as applicable, have
been met. 
  
  

	3 	 To be included in the Borrowing Request on the Closing Date. The executed Borrowing Request must be delivered 2
Business Days prior to the Closing Date. 

	4 	 To be included in the Borrowing Request on the Closing Date. 

  
 2 

 3.    No event has occurred that has had or could reasonably be expected to have a
Material Adverse Change. 
 4.    Borrower’s most recent financial statements, financial projections or business plan dated
                    , as reviewed by Borrower’s Board of Directors, are enclosed herewith in the event such financial statements, financial
projections or business plan have not been previously provided to Lender. 
 Remainder of this page intentionally left blank; signature
page follows 

  
 3 

 [Signature page to Borrowing Request] 

Borrower shall notify you promptly before the funding of the Loan if any of the matters to which I have certified above shall not be true and
correct on the Borrowing Date. 
  

			
	Very truly yours,
	
	DELCATH SYSTEMS, INC.
		
	By:	 	
                     

	Name:	 	  

	Title:*	 	  

  
  

	* 	 Must be executed by Borrower’s Chief Financial Officer or other executive officer. 

 EXHIBIT “C” 

FORM OF 
 COMPLIANCE
CERTIFICATE 
 Avenue Venture Opportunities Fund, L.P. 
 11
West 42nd Street, 9th Floor 
 New York, New York 10036 
  

	Re:	 DELCATH SYSTEMS, INC. 

Ladies and Gentlemen: 
 Reference is made to the
Loan and Security Agreement, dated as of August 6, 2021 (as the same has been and may be supplemented, amended and modified from time to time, the “Loan Agreement,” the capitalized terms used herein as defined therein), between
Avenue Venture Opportunities Fund, L.P. (“Lender”) and DELCATH SYSTEMS, INC. (“Borrower”). 
 The
undersigned authorized representative of Borrower hereby certifies in such capacity that in accordance with the terms and conditions of the Loan Agreement, (i) no Default or Event of Default has occurred and is continuing, except as noted
below, and (ii) Borrower is in compliance for the financial reporting period ending                      with all required financial reporting
under the Loan Agreement, except as noted below. Attached herewith are the required documents supporting the foregoing certification. The undersigned authorized representative of Borrower further certifies in such capacity that: (a) the
accompanying financial statements have been prepared in accordance with Borrower’s past practices applied on a consistent basis, or in such manner as otherwise disclosed in writing to Lender, throughout the periods indicated; and (b) the
financial statements fairly present in all material respects the financial condition and operating results of Borrower and its Subsidiaries, if any, as of the dates, and for the periods, indicated therein, subject to the absence of footnotes and
normal year-end audit adjustments (in the case of interim monthly financial statements), except as explained below. 

Please provide the following requested information and 

indicate compliance status by circling (or otherwise indicating) Yes/No under “Included/Complies”: 

 

					
	 REPORTING REQUIREMENT
	  	 REQUIRED
	  	 INCLUDED/COMPLIES

	Balance Sheet, Income Statement & Cash Flow Statement	  	Monthly, within 30 days	  	YES / NO / N/A
			
	Operating Budgets, 409(A) Valuations & Updated Capitalization Tables	  	As modified	  	YES / NO / N/A
			
	Annual Financial Statements	  	Annually, within 90 day of fiscal year-end	  	YES / NO / N/A
			
	Board Packages	  	As modified	  	YES / NO / N/A
			
	Date of most recent Board-approved budget/plan                     	  		  	
			
	 Any change in budget/plan since version most recently delivered to Lender
	  		  	YES / NO / N/A
	 If Yes, please attach
	  		  	

  
 1 

 EQUITY & CONVERTIBLE NOTE FINANCINGS 

Please provide the following information (if applicable) regarding Borrower’s most-recent equity and/or convertible note financing each time this
Certificate is delivered to Lender 
  

			
	Date of Last Round Raised:                     	  	
	Has there been any new financing since the last Compliance Certificate submitted?	  	YES / NO
	If “YES” please attach a copy of the Capitalization Table	  	
		
	Date Closed:                      Series:
                     Per Share Price: $        	  	
	Amount Raised:                     Post Money Valuation:
                    	  	
		
	Any stock splits since date of last report?	  	YES / NO
	If yes, please provide any information on stock splits which would affect valuation:	  	
	  
	  	
		
	Any dividends since date of last report?	  	YES / NO
	If yes, please provide any information on dividends which would affect valuation:	  	
	  
	  	
		
	Any unusual terms? (i.e., Anti-dilution, multiple preference, etc.)	  	YES / NO
	If yes, please explain:	  	
	  
	  	

 ACCOUNT CONTROL AGREEMENTS 

Pursuant to Section 6.11 of the Loan Agreement, Borrower represents and warrants that: (i) as of the date hereof, it maintains only those deposit and
investment accounts set forth below; and (ii) to the extent required by Section 6.11 of the Loan Agreement, a control agreement has been executed and delivered to Lender with respect to each such account [Note: If Borrower has
established any new account(s) since the date of the last compliance certificate, please so indicate]. 
 Deposit Accounts5 
  

											
	 	  	 Name of Institution
	  	 Account Number
	  	Control Agt.
In place?	  	Complies	  	New
Account
	1.)	  	[                    ]	  	[                    ]	  	YES / NO	  	YES / NO	  	YES / NO
						
	2.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO

  

	5 	 Company: Please complete with existing accounts. 

  
 2 

 Investment Accounts 
  

											
	 	  	 Name of Institution
	  	 Account Number
	  	 Control Agt.

In place?
	  	 Complies
	  	 New

Account

	1.)	  	None	  		  	YES / NO	  	YES / NO	  	YES / NO
						
	2.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO
						
	3.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO
						
	4.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO

 AGREEMENTS WITH PERSONS IN POSSESSION OF TANGIBLE COLLATERAL 

Pursuant to Section 5.9(e) of the Loan Agreement, Borrower represents and warrants that: (i) as of the date hereof, tangible Collateral is located
at the addresses set forth below; and (ii) to the extent required by Section 5.9(e) of the Loan Agreement, a Waiver has been executed and delivered to Lender, or such Waiver has been waived by Lender, [Note: If Borrower has located
Collateral at any new location since the date of the last compliance certificate, please so indicate]. 
  

											
	 	  	 Location of Collateral
	  	 Value of Collateral at such

Locations
	  	 Waiver

In place?
	  	 Complies?
	  	 New

Location?

	1.)	  		  	$        	  	YES / NO	  	YES / NO	  	YES / NO
						
	2.)	  		  	$        	  	YES / NO	  	YES / NO	  	YES / NO
						
	3.)	  		  	$        	  	YES / NO	  	YES / NO	  	YES / NO
						
	4.)	  		  	$        	  	YES / NO	  	YES / NO	  	YES / NO

 SUBSIDIARIES AND OTHER PERSONS 

Pursuant to Section 6.14(a) of the Loan Agreement, Borrower represents and warrants that: (i) as of the date hereof, it has directly or indirectly
acquired or created, or it intends to directly or indirectly acquire or create, each Subsidiary or other Person described below; and (ii) such Subsidiary or Person has been made a co-borrower under the
Loan Agreement or a guarantor of the Obligations [Note: If Borrower has acquired or created any Subsidiary since the date of the last compliance certificate, please so indicate]. 

 

											
	 	  	 Name:
	  	 Jurisdiction of

formation or organization:6
	  	 Co-borrower

or guarantor?
	  	 Complies?
	  	 New

Subsidiary
 or Person?

	1.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO
						
	2.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO
						
	3.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO
						
	4.)	  		  		  	YES / NO	  	YES / NO	  	YES / NO

  

	6 	 Under the “Explanations” heading (see below) please include a description of such Subsidiary’s
or Person’s fully diluted capitalization and Borrower’s purpose for its acquisition or creation of such Subsidiary if such information has not been previously furnished to Lender. 

  
 3 

 EXPLANATIONS 
  

 
  

 
  

 
  

 
 [Remainder of this page
intentionally left blank; signature page follows] 

  
 4 

 [Signature page to Compliance Certificate] 

 

			
	 Very truly yours,

	
	 DELCATH SYSTEMS, INC.

		
	By:	 	
                     
                                         
                   

	Name:	 	  

	Title:*	 	  

  
  

	* 	 Must be executed by Borrower’s Chief Financial Officer or other executive officer.EX-10.3

 Exhibit 10.3 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION
THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION,
(B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (C) DELCATH SYSTEMS, INC. OTHERWISE
SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS. 
 Date of Issuance: August 6, 2021 

WARRANT TO PURCHASE 
 SHARES OF
STOCK OF 
 DELCATH SYSTEMS, INC. 

(Void after August 31, 2026) 

This certifies that AVENUE VENTURE OPPORTUNITIES FUND, LP, a Delaware limited partnership, or permitted assigns (“Holder”),
for value received, is entitled to purchase from DELCATH SYSTEMS, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter defined) of fully paid and nonassessable shares of the Company’s Common Stock (the
“Common Stock”), for cash, at a purchase price per share equal to the Stock Purchase Price (hereinafter defined). Holder may also exercise this Warrant on a cashless or “net issuance” basis as described in
Section 1(b) below, and this Warrant shall be deemed to have been exercised in full on such basis on the Expiration Date (hereinafter defined), to the extent not fully exercised prior to such date. This Warrant is issued in connection with that
certain Loan and Security Agreement and Supplement thereto, both of even date herewith (as amended, restated and supplemented from time to time, the “Loan Agreement” and the “Supplement”, respectively), between
Company, as borrower, and Holder, as lender (“Lender”). Capitalized terms used herein and not otherwise defined in this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement, unless the context
would otherwise require. 
 “Applicable Number” means (x) 127,755 shares of Common Stock, as of the Date of Issuance,
plus, without any further action of Holder or Company, (y) as of the Funding Date of any of Tranche 2 under (and as defined in) the Supplement, if at all, (A) eight and one-half percent
(8.50%) of such funded Tranche 2 by (B) the Market Price. 
 “Market Price” means (1) with respect to the
Applicable Number to be determined as of the Date of Issuance, the five-day volume weighted average price per share, determined as of the end of trading on the last trading day before the Date of Issuance,
which the parties agree is: $9.98; and (2) with respect to the Applicable Number to be determined as of the Funding Date of Tranche 2, if at all, the five-day volume weighted average price per share,
determined as of the end of trading on the last trading day before the Funding Date of Tranche 2. 
 “Stock Purchase Price”
means $0.01. 
 Subject to Sections 4.3 and 4.8, this Warrant may be exercised at any time or from time to time up to and including 5:00
p.m. (Pacific time) on August 31, 2026 (the “Expiration Date”), upon surrender to Company at its principal office at 1633 Broadway, Suite 22C, New York, NY 10019 (or at such other location as Company may

 
advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and signed and upon payment in cash or by check of the aggregate Stock
Purchase Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock Purchase Price and the number of shares purchasable hereunder are subject to further adjustment as
provided in Section 4 of this Warrant. 
 This Warrant is subject to the following terms and conditions: 

1.    Exercise; Issuance of Certificates; Payment for Shares. 

(a)    Unless an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at
the option of Holder, at any time or from time to time, on or before the Expiration Date for all or any portion of the shares of Common Stock (but not for a fraction of a share) which may be purchased hereunder for the Stock Purchase Price
multiplied by the number of shares to be purchased. Company agrees that the shares of Common Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the record owner of such shares as of the close of business on the date
on which the form of subscription shall have been delivered and payment made for such shares. Subject to the provisions of Section 2, certificates for the shares of Common Stock so purchased, together with any other securities or property to
which Holder is entitled upon such exercise, shall be delivered to Holder by Company at Company’s expense within a reasonable time after the rights represented by this Warrant have been so exercised. Except as provided in clause (b) of
this Section 1, in case of a purchase of less than all the shares which may be purchased under this Warrant, Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the shares
purchasable under this Warrant surrendered upon such purchase to Holder within a reasonable time. Each stock certificate so delivered shall be in such denominations of Common Stock as may be requested by Holder and shall be registered in the name of
such Holder or such other name as shall be designated by such Holder, subject to the limitations contained in Section 2. 

(b)    Holder, in lieu of exercising this Warrant by the cash payment of the Stock Purchase Price pursuant to clause
(a) of this Section 1, may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Common Stock computed using the following formula: 

 
 

 
  

							
	Where:	  	X	  	=	  	the number of shares of Common Stock to be issued to Holder.
				
		  	Y	  	=	  	the number of shares of Common Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1(a) (or such lesser number of shares as Holder may designate in the case of a partial exercise of
this Warrant).
				
		  	A	  	=	  	the Closing Price.
				
		  	B	  	=	  	the Stock Purchase Price then in effect.

 Election to exercise under this Section 1(b) may be made by delivering a signed form of subscription to Company via
facsimile, to be followed by delivery of this Warrant. Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the last business day preceding the Expiration Date this Warrant remains unexercised as to
all or a portion of the shares of Common Stock purchasable hereunder, then effective as 9:00 a.m. (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without need for notice to Company, to have elected to exercise this
Warrant in full pursuant to the provisions of this Section 1(b), and upon surrender of this Warrant shall be entitled to receive that number of shares of Common Stock computed using the above formula, provided that the application of such
formula as of the Expiration Date yields a positive number for “X”. 

  
 2 

 2.    Limitation on Transfer. 

(a)    This Warrant and the Common Stock shall not be transferable except upon the conditions specified in this
Section 2, which conditions are intended to ensure compliance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”). Each holder of this Warrant or the Common Stock issuable hereunder will cause
any proposed transferee of the Warrant or Common Stock to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Section 2. Notwithstanding the foregoing and any other provision of this
Section 2 but subject to the last sentence of Section 2(c), Holder may freely transfer all or part of this Warrant or the shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of
the shares, if any) at any time to any affiliate of Lender under the Loan Agreement, by giving Company notice of the portion of the Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and
surrendering this Warrant to Company for reissuance to the transferees(s) (and Holder, if applicable). 
 (b)    Each
certificate representing (i) this Warrant, (ii) the Common Stock, and (iii) any other securities issued in respect to the Common Stock issued upon any stock split, stock dividend, recapitalization, merger, consolidation or similar
event, shall (unless otherwise permitted by the provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be stamped or otherwise imprinted with a legend substantially in the
following form (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
(C) DELCATH SYSTEMS, INC. OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS. 

(c)    Holder of this Warrant and each person to whom this Warrant is subsequently transferred represents and warrants to
Company and agrees (by acceptance of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration statement under the Securities Act was in effect with respect to such securities at the
time of issuance thereof) unless (i) there is an effective registration statement under the Securities Act and applicable state securities laws covering any such transaction, (ii) pursuant to Rule 144 under the Securities Act (or any other
rule under the Securities Act relating to the disposition of securities), (iii) Company receives an opinion of counsel, reasonably satisfactory to Company, that an exemption from such registration is available or (iv) the Company otherwise
satisfies itself that such transaction is exempt from registration. Notwithstanding the foregoing or any other provision of this Section 2, Holder shall not transfer this Warrant (or securities issuable upon exercise hereof, or securities
issuable, directly or indirectly, upon conversion of such securities, if any) to any competitor of Company, as determined in good faith by the Board of Directors of Company (the “Board”), without the prior written consent of
Company. 
 3.    Shares to be Fully Paid; Reservation of Shares. Company covenants and agrees that all shares of
Common Stock which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any stockholder and free of all
taxes, liens and charges with respect to the issue thereof. Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, Company will at all times have authorized and reserved, for
the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Common Stock, or other securities and property, when and as required to provide for the
exercise of the rights represented by this Warrant. Company will take all such action as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any
requirements of any domestic 

  
 3 

 
securities exchange upon which the Common Stock may be listed. Company will not take any action which would result in any adjustment of the Stock Purchase Price (as described in Section 4
hereof) (i) if the total number of shares of Common Stock issuable after such action upon exercise of all outstanding warrants, together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon exercise
of all options and upon the conversion of all convertible securities then outstanding, would exceed the total number of shares of Common Stock then authorized by Company’s Certificate of Incorporation, as amended and restated from time to time
(the “Charter”) or (ii) if the par value per share of the Common Stock would exceed the Stock Purchase Price. 

4.    Adjustment of Stock Purchase Price and Number of Shares. The Stock Purchase Price and the number of shares
purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each adjustment of the Stock Purchase Price, Holder of this Warrant shall
thereafter be entitled to purchase, at the Stock Purchase Price resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to such adjustment by the number of shares purchasable
pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock Purchase Price resulting from such adjustment. 

4.1    Subdivision or Combination of Stock. In case Company shall at any time subdivide its outstanding shares of
Common Stock into a greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares of Common Stock of Company shall be combined into
a smaller number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased. 

4.2    Dividends. If at any time or from time to time the holders of Common Stock (or any shares of stock or other
securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, 

(a)    Common Stock, or any shares of stock or other securities whether or not such securities are at any time directly or
indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution, 

(b)    any cash paid or payable including as a cash dividend, or 

(c)    Common Stock or other or additional stock or other securities or property (including cash) by way of spin off, split-up, reclassification, combination of shares or similar corporate rearrangement, (other than shares of Common Stock issued as a stock split, adjustments in respect of which shall be covered by the terms of
Section 4.1 above), 
 then and in each such case, Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the
number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to in clauses (b) and (c) above)
which such Holder would hold on the date of such exercise had it been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares and/or all other additional stock and
other securities and property. 
 4.3    Change of Control. In the event of a Change of Control (as hereinafter
defined), this Warrant shall be automatically exchanged for a number of shares of Company’s securities, such number of shares being equal to the maximum number of shares issuable pursuant to the terms hereof (after taking into account all
adjustments described herein) had Holder elected to exercise this Warrant immediately prior to the closing of such Change of Control and purchased all such shares pursuant to the cash exercise provision set forth in Section 1(a) hereof (as
opposed to the cashless exercise provision set forth in Section 1(b)). Company acknowledges and agrees that Holder shall not be required to make any payment (cash or otherwise) for such shares as further consideration

  
 4 

 
for their issuance pursuant to the terms of the preceding sentence. “Change of Control” shall mean any sale, license, or other disposition of all or substantially all of the
assets of Company, any reorganization, consolidation, merger or other transaction involving Company where the holders of Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the
surviving entity after the transaction; provided that an issuance of equity securities for the primary purpose of raising capital shall not be considered a Change of Control under this Warrant. This Warrant shall terminate upon Holder’s receipt
of the number of shares of Company’s equity securities described in this Section 4.3. 

4.4    Reserved. 

4.5    Notice of Adjustment. Upon any adjustment of the Stock Purchase Price, and/or any increase or decrease in
the number of shares purchasable upon the exercise of this Warrant, Company shall give written notice thereof to Holder pursuant to Section 12. The notice, which may be substantially in the form of Exhibit “A” attached hereto, shall
be signed by Company’s chief financial officer and shall state the Stock Purchase Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 

4.6    Other Notices. If at any time: 

(a)    Company shall declare any cash dividend upon its Common Stock; 

(b)    Company shall declare any dividend upon its Common Stock payable in stock or make any special dividend or other
distribution to the holders of its Common Stock; 
 (c)    Company shall offer for subscription pro rata to the holders
of its Common Stock any additional shares of stock of any class or other rights; 
 (d)    there shall be any capital
reorganization or reclassification of the capital stock of Company, or consolidation or merger of Company with, or sale of all or substantially all of its assets to, another entity; 

(e)    there shall be a voluntary or involuntary dissolution, liquidation or
winding-up of Company; or 
 (f)    Company shall take or propose to take any
other action, notice of which is actually provided to holders of the Common Stock; 
 then, in any one or more of said cases, Company shall give Holder,
pursuant to Section 12, (i) at least 20 days’ prior written notice of the date on which the books of Company shall close or a record shall be taken for such dividend, distribution or subscription rights or for determining rights to vote in
respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action and (ii) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action, at least 20 days’ written notice of the date when the same shall take place. Any notice given in
accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Common Stock shall be entitled thereto. Any notice given in accordance with the
foregoing clause (ii) shall also specify the date on which the holders of Common Stock shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up, or other action as the case may be. 

  
 5 

 4.7    Certain Events. If any change in the outstanding Common
Stock of Company or any other event occurs as to which the other provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly effect the adjustments to this Warrant in accordance with the essential intent
and principles of such provisions, then the Board shall make in good faith an adjustment in the number and class of shares issuable under this Warrant, the Stock Purchase Price and/or the application of such provisions, in accordance with such
essential intent and principles, so as to protect such purchase rights as aforesaid. The adjustment shall be such as will give Holder of this Warrant upon exercise for the same aggregate Stock Purchase Price the total number, class and kind of
shares as Holder would have owned had this Warrant been exercised prior to the event and had Holder continued to hold such shares until after the event requiring adjustment. 

4.8    Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable notice of exercise, the Holder (together
with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, the
Conversion Option set forth in the Supplement) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in
the preceding sentence, for purposes of this Section 4.8, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the
extent that the limitation contained in this Section 4.8 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which
portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a notice of exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify
or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 4.8, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent
periodic or annual report filed with the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the transfer agent setting forth the number of shares of Common
Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one trading day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of
outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon written election by Holder which is delivered to the Company prior to the issuance of any Warrant Shares to such Holder, 9.99%)
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 4.8, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 4.8 shall continue to apply. Any increase in the Beneficial Ownership Limitation will not 

  
 6 

 
be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 4.8 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

5.    Issue Tax. The issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be
made without charge to Holder of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than that of the then Holder of this Warrant being exercised. 
 6.    Closing of
Books.    Company will at no time close its transfer books against the transfer of this Warrant or of any shares of Warrant Stock issued or issuable upon the exercise of this Warrant in any manner which interferes with the
timely exercise of this Warrant. 
 7.    No Voting Rights; Limitation of Liability. Nothing contained in this
Warrant shall be construed as conferring upon Holder hereof the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other matters or any rights whatsoever as a
stockholder of Company. No dividends or interest shall be payable in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised; provided,
however, that if any dividends are due or paid at any time on the underlying securities for which this Warrant is exercisable, then upon exercise, the securities issued to Holder shall be deemed to have accrued dividends and be paid identical
dividends from the same time as the outstanding shares for which this Warrant is exercisable were first issued (or, if later, the date of this Warrant). No provisions hereof, in the absence of affirmative action by Holder to purchase shares of
Common Stock, and no mere enumeration herein of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder for the Stock Purchase Price or as a stockholder of Company, whether such liability is asserted by Company or
by its creditors. 
 8.    Amendment of Charter. Unless Holder consents thereto in writing, Company shall not
amend its Charter prior to the exercise of this Warrant if the Common Stock would be adversely affected by such amendment in a manner that would be more adverse to Holder with respect to the shares of Common Stock issuable upon the exercise of this
Warrant than, and substantially dissimilar to, such amendment’s effect on the other holders of Common Stock. 

9.    Registration Rights. Holder shall be entitled, with respect to the shares of Common Stock issued upon
exercise hereof, to the registration rights set forth in Section 3(c) of the Supplement. 
 10.    Rights and
Obligations Survive Exercise of Warrant. The rights and obligations of Company, of Holder of this Warrant and of the holder of shares of Common Stock issued upon exercise of this Warrant, contained in Sections 6, 8, 9 and 18 shall survive the
exercise of this Warrant. 
 11.    Modification and Waiver. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought. 

12.    Notices. Any notice, request or other document required or permitted to be given or delivered to Holder or
Company shall be deemed to have been given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of receipt if by telecopy or (iii) three business days after deposit in the US mail, with postage prepaid and
certified or registered, to each such Holder at its address as shown on the books of Company or to Company at the address indicated therefor in the opening paragraphs of this Warrant (or at such other location as Company may advise Holder in
writing). 

  
 7 

 13.    Survival of Certain Obligations. All of the obligations of
Company relating to the Common Stock issuable upon the exercise of this Warrant shall survive the exercise and termination of this Warrant. All of the covenants and agreements of Company shall inure to the benefit of and be binding upon the
successors and permitted assigns of Holder. Company will, at the time of the exercise of this Warrant, in whole or in part, upon request of Holder but at Company’s expense, acknowledge in writing its continuing obligation to Holder in respect
of any rights (including, without limitation, any right to registration of the shares of Common Stock) to which Holder shall continue to be entitled after such exercise in accordance with this Warrant; provided, that the failure of Holder to make
any such request shall not affect the continuing obligation of Company to Holder in respect of such rights. 

14.    Descriptive Headings and Governing Law. The descriptive headings of the several sections and paragraphs of
this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware. 

15.    Lost Warrants or Stock Certificates. Company agrees that upon receipt of evidence reasonably satisfactory to
Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to Company, or in the case of any such
mutilation upon surrender and cancellation of such Warrant or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock
certificate. 
 16.    Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant.
Company shall, in lieu of issuing any fractional share, pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Stock Purchase Price. 

17.    Representations of Holder. With respect to this Warrant, Holder represents and warrants to Company as
follows: 
 17.1    Experience. It is experienced in evaluating and investing in companies engaged in businesses
similar to that of Company; it understands that investment in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers and its personnel; the officers of Company have made
available to Holder any and all written information it has requested; the officers of Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has relied upon information made available to it by
Company; and it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in Company and it is able to bear the economic risk of that investment. 

17.2    Investment. It is acquiring this Warrant for investment for its own account and not with a view to, or for
resale in connection with, any distribution thereof. It understands that this Warrant and the shares of Common Stock issuable upon exercise of this Warrant, have not been registered under the Securities Act, nor qualified under applicable state
securities laws. 
 17.3    Rule 144. It acknowledges that this Warrant and the Common Stock issuable upon
exercise of this Warrant must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions of Rule 144 promulgated under
the Securities Act. 

  
 8 

 17.4    Access to Data. It has had an opportunity to discuss
Company’s business, management and financial affairs with Company’s management and has had the opportunity to inspect Company’s facilities. 

17.5    Accredited Investor. It is an “accredited investor” within the meaning of Regulation D
promulgated under the Securities Act. 
 18.    Additional Representations and Covenants of Company. Company
hereby represents, warrants and agrees as follows: 
 18.1    Corporate Power. Company has all requisite
corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations hereunder. 

18.2    Authorization. All corporate action on the part of Company, its directors and stockholders necessary for
the authorization, execution, delivery and performance by Company of this Warrant has been taken. This Warrant is a valid and binding obligation of Company, enforceable in accordance with its terms. 

18.3    Offering. Subject in part to the truth and accuracy of Holder’s representations set forth in
Section 17 hereof, the offer, issuance and sale of this Warrant is, and the Common Stock issuable upon exercise of this Warrant will be, exempt from the registration requirements of the Securities Act, and are exempt from the qualification
requirements of any applicable state securities laws; and neither Company nor anyone acting on its behalf will take any action hereafter that would cause the loss of such exemptions. 

18.4    Listing; Stock Issuance. Company shall use its best efforts to secure and maintain the listing of the
Common Stock or other securities issuable upon exercise of this Warrant, upon each securities exchange or over-the-counter market upon which securities of the same class
or series issued by Company are listed, if any. Upon exercise of this Warrant, Company will use commercially reasonable efforts to cause the issuance of the shares of Common Stock purchased pursuant to the exercise to be issued in book-entry form in
the names of Holder, its nominees or assignees, as appropriate at the time of such exercise. 
 18.5    Charter
Documents. Company has provided Holder with true and complete copies of Company’s Charter, By-Laws, and each Certificate of Designation or other charter document setting, forth any rights, preferences
and privileges of Company’s capital stock, each as amended and in effect on the date of issuance of this Warrant. 

18.6    Reserved. 

18.7    Financial and Other Reports. Until the earlier of (a) the Expiration Date, and (b) the
termination of this Warrant pursuant to Section 4.3, Company agrees to provide Holder at any time and from time to time with such information as Holder may reasonably request for purposes of Holder’s compliance (as determined by Holder in
its reasonable discretion) with regulatory, accounting and reporting requirements applicable to Holder (e.g., Fair Value Accounting Standard 157), including any 409A valuation reports (or equivalent reports) and budgets. Notwithstanding the
foregoing, Company shall not be required to furnish to Holder the financial information described in this Section 18.7 in the event such financial information has been previously delivered to Lender pursuant to the Loan Agreement. 

19.    Counterparts; Facsimile. Holder’s execution and delivery of Holder’s counterpart signature page to
this Warrant via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall constitute Holder’s effective execution and delivery of this Warrant and
agreement to and acceptance of the terms hereof for all purposes. 
 [Remainder of this page intentionally left blank; signature page
follows] 

  
 9 

 [Signature Page to Warrant] 

IN WITNESS WHEREOF, Company has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance
set forth on the first page hereof. 
  

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

	Name:	 	Gerard Michel
	Title:	 	Chief Executive Officer
	
	AGREED AND ACCEPTED:
	
	HOLDER:
	
	AVENUE VENTURE OPPORTUNITIES FUND, LP
		
	By:	 	Avenue Venture Opportunities Partners, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Sonia Gardner

	Name:	 	Sonia Gardner
	Title:	 	Authorized Signatory

 FORM OF SUBSCRIPTION 

(To be signed only upon exercise of Warrant) 
  

	To:	
                       
                                      

 

	☐	 The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right
represented by such Warrant for, and to purchase thereunder, (1)                     (        ) shares1 (the “Shares”) of Stock of                     and herewith makes payment of
                     Dollars ($        ) therefor, and requests that the certificates for such shares be
issued in the name of, and delivered to,                     , whose address is
                    . 

  

	☐	 The undersigned hereby elects to
convert                     percent (    %) of the value of the Warrant pursuant to the provisions of Section 1(b) of the
Warrant. 

 The undersigned acknowledges that it has reviewed the representations and warranties contained in Section 17 of this
Warrant and by its signature below hereby makes such representations and warranties to Company. 
  

							
		  	Dated	 	
                     
                    
	  	
				
		  	Holder:	 	
                     
                    
	  	
				
		  	By:	 	
                     
                    
	  	
				
		  	Its:	 	  
	  	
		
		  	(Address)
			
		  	  
	  	
			
		  	  
	  	

  
  

	1 	 Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise,
the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment for additional Warrant Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of the
Warrant, may be issuable upon exercise. 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned, the holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the
within Warrant, with respect to the number of shares of Common Stock covered thereby set forth herein below, unto: 
  

					
	 Name of Assignee
	  	 Address
	  	 No. of Shares

		  		  	
		  		  	
		  		  	

  

							
		  	Dated	 	
                     
                    
	  	
				
		  	Holder:	 	
                     
                    
	  	
				
		  	By:	 	  
	  	
				
		  	Its:	 	  
	  	

 EXHIBIT “A” 

[On letterhead of Company] 

Reference is hereby made to that certain Warrant dated August 6, 2021 issued by DELCATH SYSTEMS, INC., a Delaware corporation (the
“Company”), to AVENUE VENTURE OPPORTUNITIES FUND, LP, a Delaware limited partnership (the “Holder”). 

[IF APPLICABLE] The Warrant provides that the actual number and type of shares of Company’s capital stock issuable upon exercise of the
Warrant and the initial exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant. Such events or conditions have now occurred or lapsed, and Company wishes to confirm
the actual number of shares issuable and the initial exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control the interpretation and exercise of the Warrant. 

[IF APPLICABLE] Notice is hereby given pursuant to Section 4.5 of the Warrant that the following adjustment(s) have been made to the
Warrant: [describe adjustments, setting forth details regarding method of calculation and facts upon which calculation is based]. 
 This
certifies that Holder is entitled to purchase from Company                 , at the Holder’s option, either (i)
(                ) fully paid and nonassessable shares of Company’s                
Stock at a price of                 Dollars ($        ) per share or (ii)
(                ) fully paid and nonassessable shares of Company’s                
Stock at a price of                     Dollars ($        ) per share. The applicable Stock Purchase Price
and the number of shares purchasable under the Warrant remain subject to adjustment as provided in Section 4 of the Warrant. 

Executed this     day of             ,
20    . 
  

			
	DELCATH SYSTEMS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:

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