SEC Contract Filing

Filing Date: 2018-03-26

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d559213dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE SECURITY AGREEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Parties:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath Systems, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1633 Broadway, Suite
22C</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019</P></TD>
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<TD VALIGN="top">(&#147;Company&#148;)</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jennifer K. Simpson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Delcath Systems,
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1633 Broadway, Suite 22C</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York
10019</P></TD>
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<TD VALIGN="top">(&#147;Executive&#148;)</TD></TR>
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<TD VALIGN="top">Date:</TD>
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<TD VALIGN="top">March&nbsp;20, 2018 (&#147;Effective Date&#148;)</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RECITALS: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
Executive is employed by the Company, currently serves Chief Executive Officer and President, and has extensive knowledge and experience relating to the Company&#146;s business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The parties recognize that it is in the best interests of the Company and its stockholders to provide certain benefits payable in the event
of a &#147;Qualifying Termination&#148; (as defined below) of Executive to encourage Executive to continue in Executive&#146;s position, although no such termination is now contemplated or foreseen, and to ensure that Executive continues to be bound
by reasonable confidentiality, noncompetition, and nonsolicitation restrictions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The parties further acknowledge and agree that this
Agreement supersedes any and all prior agreements and policies relating to severance or termination pay or benefits payable upon Executive&#146;s termination of employment, including but not limited to any severance or termination pay or benefits
provisions contained in any employment agreement, executive security agreement, offer letter, or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AGREEMENTS: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B>Term of Agreement</B>. This Agreement will commence on the Effective Date and will terminate upon the earlier of: (i)&nbsp;the date that
all obligations of the parties under this Agreement have been satisfied; or (ii)&nbsp;the date of termination by the mutual written agreement of the parties. This Agreement may be renewed upon the written consent of the parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B>&#147;Qualifying Termination.&#148;</B> For purposes of this Agreement, &#147;Qualifying Termination&#148; will mean only the events
described in Section&nbsp;2(a) or 2(b): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The involuntary termination of Executive&#146;s employment by the Company for any reason,
except for termination by the Company for &#147;Cause.&#148; For purposes of this Agreement, &#147;Cause&#148; will mean, as reasonably determined by the Company&#146;s Board of Directors (the &#147;Board&#148;) based on information then known to
it, that one or more of the following has occurred: (i)&nbsp;Executive has committed a felony under the laws of the United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction;
(ii)&nbsp;Executive has committed an act or acts of fraud, material dishonesty, gross </P>

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