<SEC-DOCUMENT>0001193125-20-316013.txt : 20201211
<SEC-HEADER>0001193125-20-316013.hdr.sgml : 20201211
<ACCEPTANCE-DATETIME>20201211172628
ACCESSION NUMBER:		0001193125-20-316013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20201209
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201211
DATE AS OF CHANGE:		20201211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELCATH SYSTEMS, INC.
		CENTRAL INDEX KEY:			0000872912
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				061245881
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16133
		FILM NUMBER:		201384482

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		SUITE 22C
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 489-2100

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		SUITE 22C
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELCATH SYSTEMS INC
		DATE OF NAME CHANGE:	19990607
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d64437d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;9, 2020 </B></P>
<P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>DELCATH SYSTEMS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-16133</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">06-1245881</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1633 Broadway, Suite 22C, New York, New York 10019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">489-2100</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pre-commencement communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the
Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pre-commencement communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the
Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the
Act: </P> <P STYLE="font-size:11pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which registered</B></P></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Common Stock, $.01 par value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>DCTH</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The NASDAQ Capital Market</B></TD></TR>
</TABLE> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (17 CFR &#167;230.405) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">&#167;240.12b-2).</FONT> </P>
<P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:11pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 &#151; Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;9, 2020, Delcath Systems,&nbsp;Inc. (the &#147;Company&#148;) entered into an underwriting agreement (the &#147;Underwriting Agreement&#148;)
with Canaccord Genuity LLC and Roth Capital Partners, LLC (the &#147;Underwriters&#148;), pursuant to which the Company agreed to issue and sell to the Underwriters 1,460,027 shares of the Company&#146;s common stock, par value $0.01 per share (the
&#147;Common Stock&#148;), plus up to 219,004 shares of Common Stock pursuant to an option to purchase additional shares (together, the &#147;Shares&#148;), at a price to the public of $13.25 per share (the &#147;Offering&#148;). The Underwriters
exercised their option to purchase additional shares in full on December&nbsp;9, 2020. The Offering closed on December&nbsp;11, 2020. Gross proceeds from the Offering of 1,679,031 Shares were approximately $22.1&nbsp;million, before deducting the
underwriting discounts and commissions and other estimated Offering expenses. Under the terms of the Underwriting Agreement, the Company paid underwriting discounts and commissions of $0.795 per share (for a price to the Underwriters of $12.455 per
share). After the closing of the Offering, the number of shares of Common Stock outstanding was 5,948,864. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the terms of the Underwriting Agreement,
the Company has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Underwriting Agreement contains customary representations,
warranties, covenants, obligations of the parties and termination provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, in connection with the Offering, the Company&#146;s directors
and officers entered into a customary <FONT STYLE="white-space:nowrap">90-day</FONT> <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement with the Underwriters. The foregoing description of the Underwriting Agreement and the <FONT
STYLE="white-space:nowrap">lock-up</FONT> agreement is qualified in its entirety by reference to the Underwriting Agreement (including the form of <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement which is attached as Exhibit B to the
Underwriting Agreement), a copy of which is filed as Exhibit 1.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Offering is being made pursuant to a prospectus supplement dated December&nbsp;9, 2020 and an accompanying prospectus dated December&nbsp;21, 2018,
pursuant to the Company&#146;s effective shelf registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> filed with the U.S. Securities and Exchange Commission and declared effective on December 21, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The legal opinion of McCarter&nbsp;&amp; English, LLP relating to the legality of the issuance and sale of the Shares in the Offering is attached hereto as
Exhibit 5.1 and is incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> shall not constitute an
offer to sell or the solicitation of an offer to buy any Shares, nor shall there be any offer, solicitation or sale of Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 &#151; Other Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;9, 2020, the Company issued a press release announcing the pricing of the Offering and on December&nbsp;11, 2020, the Company
issued a press release announcing the exercise of the Underwriters&#146; option to purchase additional shares in the Offering and the closing of the transaction, copies of which are attached hereto as Exhibits 99.1 and 99.2, respectively. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Offering described in Item 1.01 above, Rosalind Master Fund L.P. and
Rosalind Opportunities Fund I L.P. (together, &#147;Rosalind&#148;) waived, solely with respect to the Offering, Rosalind&#146;s right, pursuant to that certain Support and Conversion Agreement, dated March&nbsp;11, 2020, between Rosalind and the
Company, as amended, to participate in any offer or sale of the Company&#146;s Common Stock by the Company occurring within a <FONT STYLE="white-space:nowrap">two-year</FONT> period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the waiver by Rosalind is attached to this report as Exhibit 99.3 and is incorporated by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;11, 2020, the outstanding Common Stock of the Company had increased to 5,948,864, an increase of more than 5% since the
last reported Common Stock outstanding.</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 &#151; Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex11.htm">Underwriting Agreement, dated December 9, 2020, among the Company, Canaccord Genuity LLC and Roth Capital Partners, LLC.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex51.htm">Opinion of McCarter&nbsp;&amp; English, LLP, dated December&nbsp;11, 2020.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex101.htm">Engagement Letter, dated as of November&nbsp;25, 2020, between the Company and Canaccord Genuity LLC.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex102.htm">Amendment to Engagement Letter, dated as of December&nbsp;8, 2020, between the Company and Canaccord Genuity LLC.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex51.htm">Consent of McCarter&nbsp;&amp; English, LLP (included in Exhibit&nbsp;5.1).</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex991.htm">Press Release of the Company, dated December&nbsp;9, 2020.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex992.htm">Press Release of the Company, dated December&nbsp;11, 2020.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d64437dex993.htm">Limited Waiver, dated December&nbsp;7, 2020, among the Company, Rosalind Master Fund L.P. and Rosalind Opportunities Fund I L.P.</A></TD></TR>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: December&nbsp;11, 2020 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">DELCATH SYSTEMS, INC.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard Michel</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Gerard Michel</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Executive Officer</TD></TR>
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<TYPE>EX-1.1
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<DESCRIPTION>EX-1.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Delcath Systems, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(a Delaware
corporation) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1,460,027 Shares of Common Stock </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERWRITING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;9, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As Representatives of
the several Underwriters </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99 High
Street, 12th Floor, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02110 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Roth
Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">888 San Clemente Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newport Beach,
California 92660 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Delcath Systems, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;), confirms its agreement with Canaccord Genuity LLC
(&#147;<B><I>Canaccord</I></B>&#148;) and Roth Capital Partners, LLC (&#147;<B><I>Roth</I></B>&#148;) and each of the other underwriters named in <U>Schedule A</U> hereto (collectively, the &#147;<B><I>Underwriters</I></B>,&#148; which term shall
also include any underwriter substituted as provided in <U>Section</U><U></U><U>&nbsp;10</U> hereof), for whom Canaccord and Roth are acting as representatives (in such capacity, the &#147;<B><I>Representatives</I></B>&#148;) with respect to
(i)&nbsp;the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of the respective numbers of shares of common stock, par value $0.01 per share, of the Company (the &#147;<B><I>Common Stock</I></B>&#148;) set
forth in <U>Schedule A</U> hereto and (ii)&nbsp;the grant by the Company to the Underwriters, acting severally and not jointly, of the option described in <U>Section</U><U></U><U>&nbsp;2(b)</U> hereof to purchase all or any part of 219,004
additional shares of Common Stock pursuant to this Underwriting Agreement (this &#147;<B><I>Agreement</I></B>&#148;). The aforesaid 1,460,027 shares of Common Stock (the &#147;<B><I>Initial Securities</I></B>&#148;) to be purchased by the
Underwriters and all or any part of the 219,004 shares of Common Stock subject to the option described in <U>Section</U><U></U><U>&nbsp;2(b)</U> hereof (the &#147;<B><I>Option Securities</I></B>&#148;) are herein called, collectively, the
&#147;<B><I>Securities</I></B>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company understands that the Underwriters propose to make a public offering of the Securities
as soon as the Representatives deem advisable after this Agreement has been executed and delivered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has filed with the
Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) a registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (No. <FONT STYLE="white-space:nowrap">333-227970)</FONT> covering the public offering and sale
of certain securities, including the Securities, under the Securities Act of 1933, as amended (the &#147;<B><I>1933 Act</I></B>&#148;), and the rules and regulations promulgated thereunder (the &#147;<B><I>1933 Act Regulations</I></B>&#148;). As
used herein &#147;<B><I>Registration Statement</I></B>,&#148; means such registration statement as amended by any post-effective amendments thereto, including the exhibits and any schedules </P>
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thereto, the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the 1933 Act and the documents
otherwise deemed to be a part thereof pursuant to Rule 430B under the 1933 Act Regulations (the &#147;<B><I>Rule 430B Information</I></B>&#148;). Each preliminary prospectus used in connection with the offering of the Securities, including the
documents incorporated or deemed to be incorporated by reference therein pursuant to Item 12 of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the 1933 Act, are collectively referred to herein as a &#147;preliminary prospectus.&#148;
Promptly after execution and delivery of this Agreement, the Company will prepare and file a final prospectus relating to the Securities in accordance with the provisions of Rule 424(b) (&#147;<B><I>Rule 424(b)</I></B>&#148;) of the 1933 Act
Regulations. Any registration statement filed pursuant to Rule 462(b) of the 1933 Act Regulations is herein called the &#147;<B><I>Rule 462(b) Registration Statement</I></B>&#148; and, after such filing, the term &#147;Registration Statement&#148;
shall include the Rule 462(b) Registration Statement. The final prospectus, in the form first furnished or made available to the Underwriters for use in connection with the offering of the Securities, including the documents incorporated or deemed
to be incorporated by reference therein pursuant to Item 12 of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the 1933 Act, are collectively referred to herein as the &#147;<B><I>Prospectus</I></B>.&#148; For purposes of this Agreement, all
references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering,
Analysis and Retrieval system or any successor system (&#147;<B><I>EDGAR</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Time</I></B>&#148; means 7:30 A.M., New York City time, on December&nbsp;9, 2020 or such other time as agreed by the
Company and the Representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>General Disclosure Package</I></B>&#148; means any Issuer Free Writing Prospectuses issued
at or prior to the Applicable Time, the most recent preliminary prospectus that is distributed to investors prior to the Applicable Time and the information included on <U>Schedule <FONT STYLE="white-space:nowrap">B-1</FONT></U> hereto, all
considered together. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Issuer Free Writing Prospectus</I></B>&#148; means any &#147;issuer free writing prospectus,&#148; as
defined in Rule 433 of the 1933 Act Regulations (&#147;<B><I>Rule 433</I></B>&#148;), including without limitation any &#147;free writing prospectus&#148; (as defined in Rule 405 of the 1933 Act Regulations (&#147;<B><I>Rule 405</I></B>&#148;))
relating to the Securities that is (i)&nbsp;required to be filed with the Commission by the Company, (ii)&nbsp;a &#147;road show that is a written communication&#148; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with
the Commission, or (iii)&nbsp;exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or
required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&#146;s records pursuant to Rule 433(g). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Issuer General Use Free Writing Prospectus</I></B>&#148; means any Issuer Free Writing Prospectus that is intended for general
distribution to prospective investors (other than a &#147;<I>bona fide</I> electronic road show,&#148; as defined in Rule 433), as evidenced by its being specified in <U>Schedule <FONT STYLE="white-space:nowrap">B-2</FONT></U> hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Issuer Limited Use Free Writing Prospectus</I></B>&#148; means any Issuer Free
Writing Prospectus that is not an Issuer General Use Free Writing Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to financial statements
and schedules and other information which is &#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; (or other references of like import) in the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to
include all such financial statements and schedules and other information incorporated or deemed incorporated by reference in the Registration Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution and
delivery of this Agreement; and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to include the filing of any document under the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &#147;<B><I>1934 Act</I></B>&#148;), incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary
prospectus or the Prospectus, as the case may be, at or after the execution and delivery of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.
Representations and Warranties. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Representations and Warranties by the Company</I></B><B>.</B> The Company represents and
warrants to each Underwriter as of the date hereof, the Applicable Time, the Closing Time (as defined below) and any Date of Delivery (as defined below), and agrees with each Underwriter, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Registration Statement and Prospectuses</U>. The Company meets the requirements for and use of Form <FONT
STYLE="white-space:nowrap">S-3</FONT> (including General Instruction I.A and I.B) under the 1933 Act; the aggregate market value of securities sold by or on behalf of the Company, including the Securities, pursuant to General Instruction I.B.6 of
Form <FONT STYLE="white-space:nowrap">S-3</FONT> during the 12 month period immediately prior to, and including, the date of this Agreement is no more than <FONT STYLE="white-space:nowrap">one-third</FONT> of the aggregate market value of the voting
and <FONT STYLE="white-space:nowrap">non-voting</FONT> common equity held by <FONT STYLE="white-space:nowrap">non-affiliates</FONT> of the Company, as determined pursuant to General Instruction I.B.6 of Form
<FONT STYLE="white-space:nowrap">S-3.</FONT> Each of the Registration Statement and any amendment thereto has been declared effective under the 1933 Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to
the Company&#146;s knowledge, contemplated. The Company has complied with each request (if any) from the Commission for additional information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all
material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus and any amendment or supplement thereto, at the time each was filed with the Commission, complied in all material
respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus delivered by the Company to the Underwriters for use in connection with this offering and the Prospectus was or will be identical to the
electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The documents incorporated or deemed to be incorporated by reference in the
Registration Statement, any preliminary prospectus and the Prospectus, when they became effective or at the time they were or hereafter are filed with the Commission, complied and will comply in all material respects with the requirements of the
1934 Act and the rules and regulations of the Commission under the 1934 Act (the &#147;<B><I>1934 Act Regulations</I></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Accurate Disclosure</U>. Neither the Registration Statement nor any amendment thereto, at its effective time, at the
Closing Time or at any Date of Delivery, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading. As of the Applicable Time, neither (A)&nbsp;the General Disclosure Package nor (B)&nbsp;any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, included an untrue statement
of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Neither the Prospectus nor any amendment or supplement thereto
(including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Time or at any Date of Delivery, included, includes or will include an untrue statement of a material
fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The representations and warranties in this Section&nbsp;1(a)(ii) shall not apply to statements in or omissions from the
Registration Statement (or any amendment thereto), the General Disclosure Package, the Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written information
furnished to the Company by any Underwriter through the Representatives expressly for use therein. For purposes of this Agreement, the only information so furnished shall be (i)&nbsp;the first sentence of the first paragraph under &#147;Commission
and Expenses&#148; and (ii)&nbsp;the paragraphs under &#147;Price Stabilization and Short Positions&#148;, in each case under the heading &#147;Underwriting&#148; contained in the Prospectus (collectively, the &#147;<B><I>Underwriter
Information</I></B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Issuer Free Writing Prospectuses</U>. No Issuer Free Writing Prospectus conflicts or
will conflict with the information contained in the Registration Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded
or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives
specifically for use therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Company Not Ineligible Issuer</U>. At the time of filing the
Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or another offering participant made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2) of the 1933 Act Regulations) of the
Securities and at the date hereof, the Company was not and is not an &#147;ineligible issuer,&#148; as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company
be considered an ineligible issuer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) [<U>Reserved</U>] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) <U>Enforceability of Agreements</U>. All agreements between the Company and third parties expressly referenced in the
Prospectus are legal, valid and binding obligations of the Company enforceable in accordance with their respective terms, except to the extent that (i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors&#146; rights generally and by general equitable principles and (ii)&nbsp;the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in
respect thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) <U>Independent Accountant</U>. Marcum LLP, who certified the financial statements and supporting
schedules incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus is an independent registered public accounting firm as required by the 1933 Act, the 1933 Act Regulations and the Public Company
Accounting Oversight Board. To the Company&#146;s knowledge, Marcum LLP is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &#147;<B><I>Sarbanes-Oxley Act</I></B>&#148;) with respect to the Company.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) <U>Financial Statements; <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures</U>. The financial
statements included in the Registration Statement, the General Disclosure Package and the Prospectus, together with the related schedules and notes, present fairly, in all material respects, the financial position of the Company and its consolidated
subsidiaries at the dates indicated and its results of operations, stockholders&#146; equity and cash flows for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles
(&#147;<B><I>GAAP</I></B>&#148;) applied on a consistent basis throughout the periods involved (except as set forth therein and except for any preparation of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures). The supporting schedules, if
any, present fairly in all material respects in accordance with GAAP the information required to be stated therein. The selected financial data and the summary financial information included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus present fairly and accurately, in all material respects, the information shown therein and have been compiled on a basis consistent, in all material respects, with that of the books and
records of the Company and the audited financial statements included or incorporated by reference therein. Except as included therein, no historical or <I>pro forma</I> financial statements or supporting schedules are required to be included in the
Registration Statement, the General Disclosure Package or the Prospectus under the 1933 Act or the 1933 Act Regulations. The Company and its subsidiaries do not have any material liabilities or obligations, direct or contingent
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(including any <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet obligations), not described in the Registration Statement (excluding the exhibits thereto) and the Prospectus. All
disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus regarding <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; (as such term is defined by the rules and regulations of
the Commission) comply in all material respects with Regulation G of the 1934 Act, and Item 10 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> of the 1933 Act, to the extent applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) <U>No Material Adverse Change in Business</U>. Except as otherwise stated therein, since the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package or the Prospectus (including the documents incorporated or deemed to be incorporated by reference therein), (A) there has been no material adverse change in the
condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries, taken as a whole, whether or not arising in the ordinary course of business (a &#147;<B><I>Material Adverse
Effect</I></B>&#148;), (B) there have been no transactions entered into by the Company, other than those in the ordinary course of business, which are material to the Company, (C)&nbsp;no obligation or liability, direct or contingent (including any <FONT
STYLE="white-space:nowrap">off-balance</FONT> sheet obligations), has been incurred by the Company or its subsidiaries, which is material to the Company and its subsidiaries taken as a whole, (D)&nbsp;there has not been any material change in the
capital stock or outstanding long-term indebtedness of the Company or its subsidiaries, and (E)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) <U>Good Standing of the Company</U>. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. The Company has requisite corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the
Prospectus and to enter into and perform its obligations under this Agreement; and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is
required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xi) <U>Subsidiaries</U>. The Company does not own or control, directly or indirectly, any corporation, association or other
entity other than the subsidiaries listed in <U>Schedule D</U> hereto (each, a &#147;<B><I>subsidiary</I></B>,&#148; and collectively, the &#147;<B><I>subsidiaries</I></B>&#148;). Each of the Company&#146;s subsidiaries has been duly organized and
is validly existing as a corporation or other entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction of organization, with requisite power and authority to own or lease its properties and conduct its business
as described in the Registration Statement, the General Disclosure Package and the Prospectus. Each of the Company&#146;s subsidiaries is duly qualified to transact business in all jurisdictions in which the conduct of its business requires such
qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. All of the issued shares of capital stock or other ownership interest of each of the subsidiaries have been duly
authorized and validly issued, are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens,
encumbrances, equities or claims as would not reasonably be expected to have a Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xii) <U>Capitalization</U>. The Company has an authorized capitalization as
set forth in the Registration Statement, the General Disclosure Package and the Prospectus as of the date or dates set forth therein. The outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully
paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> None of the outstanding shares of capital stock of the Company were issued in violation of the preemptive or other similar rights of any securityholder of the Company. Except as
described in or expressly contemplated by the Registration Statement, the General Disclosure Package or the Prospectus, there are no outstanding rights (including, without limitation, <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights),
warrants or options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company, or any contract, commitment, agreement, understanding or arrangement of any kind relating to
the issuance of any capital stock of the Company, any such convertible or exchangeable securities or any such rights, warrants or options. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiii) <U>Stock Options</U>. With respect to the outstanding stock options (the &#147;<B><I>Stock Options</I></B>&#148;)
granted pursuant to the stock-based compensation plans of the Company (the &#147;<B><I>Company Stock Plans</I></B>&#148;), (i) each Stock Option intended to qualify as an &#147;incentive stock option&#148; under Section&nbsp;422 of the Internal
Revenue Code of 1986, as amended (the &#147;<B><I>Code</I></B>&#148;), so qualified, (ii)&nbsp;each grant of a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective by all
necessary corporate action, including, as applicable, approval by the board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or written
consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto, (iii)&nbsp;each such grant was made in accordance with the terms of the Company Stock Plans and all other applicable laws and
regulatory rules or requirements, except where the failure to comply with such laws, regulatory rules or requirements would not reasonably be expected to have a Material Adverse Effect, and (iv)&nbsp;each such grant was properly accounted for in
accordance with GAAP in the financial statements (including the related notes) of the Company included in the Registration Statement, the General Disclosure Package and the Prospectus, to the extent required under GAAP to be accounted for in such
financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiv) <U>Authorization of Agreement</U>. This Agreement has been duly authorized, executed and
delivered by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xv) <U>Authorization and Description of Securities</U>. The Securities to be purchased by the
Underwriters from the Company have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth
herein, will be validly issued and fully paid and <FONT STYLE="white-space:nowrap">non-assessable;</FONT> and the issuance of the Securities is not subject to the preemptive or other similar rights of any securityholder of the Company. The capital
stock of the Company conforms in all material respects to all statements relating thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus. No holder of Securities will be subject to personal liability
solely by reason of being such a holder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xvi) <U>No Preferential Rights</U>. Except for those rights that have been
disclosed in the Registration Statement, the General Disclosure Package or the Prospectus and have been waived or satisfied, (A)&nbsp;no person, as such term is defined in Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X</FONT> promulgated under the 1933 Act, has the right, contractual or otherwise, to cause the Company to issue or sell to such person any Common Stock or shares of any other capital stock or other securities of the
Company, (B)&nbsp;no person has any preemptive rights, resale rights, rights of first refusal, rights of <FONT STYLE="white-space:nowrap">co-sale,</FONT> or any other rights (whether pursuant to a &#147;poison pill&#148; provision or otherwise) to
purchase from the Company any Common Stock or shares of any other capital stock or other securities of the Company, (C)&nbsp;no person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and
sale of the Common Stock, and (D)&nbsp;no person has the right, contractual or otherwise, to require the Company to register under the 1933 Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include
any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Common Stock as contemplated thereby or
otherwise, which have not been waived with respect to the offering contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xvii) <U>Absence of
Violations, Defaults and Conflicts</U>. The Company and each of its subsidiaries is not (A)&nbsp;in violation of its charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or equivalent organizational and governing documents), (B) in default in
the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Company or such
subsidiary is a party or by which it may be bound or to which any of the properties or assets of the Company or such subsidiary is subject (collectively, &#147;<B><I>Agreements and Instruments</I></B>&#148;), except for such defaults that would not
reasonably be expected to have a Material Adverse Effect, or (C)&nbsp;in violation of any law, statute, rule, regulation, judgment, order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other
authority, body or agency having jurisdiction over the Company or such subsidiary or any of their respective properties, assets or operations (each, a &#147;<B><I>Governmental Entity</I></B>&#148;), except for such violations that would not
reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein and in the Registration Statement, the General Disclosure Package and
the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from the sale of the Securities as described therein under the caption &#147;Use of Proceeds&#148;) and compliance by the Company with its obligations
hereunder have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as
defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Company or its subsidiaries pursuant to, the Agreements and </P>
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Instruments (except for such conflicts, breaches, defaults or Repayment Events or liens, charges or encumbrances that would not reasonably be expected to have a Material Adverse Effect), nor will
such action result in any violation of (i)&nbsp;the provisions of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> (or equivalent organizational and governing documents) of the Company or such subsidiaries or (ii)&nbsp;any law,
statute, rule, regulation, judgment, order, writ or decree of any Governmental Entity, except with respect to clause (ii), such violations as would not reasonably be expected to have a Material Adverse Effect. As used herein, a &#147;<B><I>Repayment
Event</I></B>&#148; means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#146;s behalf) the right to require the repurchase, redemption or repayment of all
or a portion of such indebtedness by the Company or its subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xviii) <U>Absence of Labor Dispute</U>. No labor
dispute with the employees of the Company or its subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company has no knowledge of any existing or imminent labor dispute by the employees of any of its or its
subsidiaries&#146; principal suppliers, manufacturers, customers or contractors, in each case except as would not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xix) <U>Absence of Proceedings</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, there is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity or other third party, or any arbitration or dispute resolution process with any Governmental Entity or other third party, now
pending or, to the knowledge of the Company, threatened against the Company or its subsidiaries which would reasonably be expected to have a Material Adverse Effect, or which would reasonably be expected to materially and adversely affect the
consummation of the transactions contemplated in this Agreement or the performance by the Company of its obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xx) <U>Accuracy of Exhibits</U>. There are no contracts or documents which are required to be described in the Registration
Statement, the General Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement which have not been so described and filed as required. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxi) <U>Absence of Further Requirements</U>. No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any Governmental Entity is necessary or required for the performance by the Company of its obligations hereunder, in connection with the offering, issuance or sale of the Securities hereunder or the
consummation of the transactions contemplated by this Agreement, except such as have been already obtained or as may be required under the 1933 Act, the 1933 Act Regulations, the 1934 Act, the 1934 Act Regulations, the rules of The Nasdaq Stock
Market LLC (&#147;<B><I>Nasdaq</I></B>&#148;), state securities laws or the rules of the Financial Industry Regulatory Authority, Inc. (&#147;<B><I>FINRA</I></B>&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxii) <U>Possession of Licenses and Permits</U>. The Company and each of
its subsidiaries possesses such permits, licenses, certificates, registrations, orders, approvals, clearances, consents and other authorizations (collectively, &#147;<B><I>Governmental Licenses</I></B>&#148;) issued by the appropriate Governmental
Entities necessary for the ownership or lease of their respective properties or to conduct the business now operated by them in all material respects, including, without limitation, all such Governmental Licenses required by the United States Food
and Drug Administration (the &#147;<B><I>FDA</I></B>&#148;), the United States Drug Enforcement Administration or any other foreign, federal, state, provincial, court or local government or regulatory authorities including self-regulatory
organizations engaged in the regulation of clinical trials, pharmaceuticals, biologics or biohazardous substances or materials), and all such Governmental Licenses are valid and in full force and effect. The Company and each of its subsidiaries is
in compliance in all material respects with the terms and conditions of all Governmental Licenses and, to the Company&#146;s knowledge, no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination
thereof or result in any other material impairment of the rights of the holder of any Governmental License, except where the failure so to comply would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its
subsidiaries (a)&nbsp;has received notice of any ongoing claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Governmental Entity or third
party alleging that any product, operation or activity is in violation of any Health Care Laws (as defined below) or the terms and conditions of any Governmental License and has no knowledge that any such Governmental Entity or third party is
considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (b)&nbsp;has received notice that the FDA or any other Governmental Entity has taken, is taking or intends to take any form of regulatory action
involving the Company or such subsidiary, including, without limitation, any FDA Form 483, warning letter, untitled letter or similar correspondence or notice alleging or asserting noncompliance with any Health Care Laws or comparable foreign laws,
and has no knowledge that the FDA or any other Governmental Entity is considering such action; and (c)&nbsp;has, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued any notice or action
relating to any alleged product defect or violation of Health Care Laws and, to the Company&#146;s knowledge, no third party has initiated or conducted any such notice or action relating to any of the Company&#146;s or such subsidiary&#146;s
products in development; and (d)&nbsp;is a party to any corporate integrity agreement, deferred prosecution agreement, monitoring agreement, consent decree, settlement order, or similar agreements, or has any reporting obligations pursuant to any
such agreement, plan or correction or other remedial measure entered into with any Governmental Entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxiii)
<U>Compliance with Health Care Laws</U>. Except as would not reasonably be expected to have a Material Adverse Effect, the Company and each of its subsidiaries is conducting its business in compliance with all applicable health care laws, rules, and
regulations of each jurisdiction in which it conducts its business (collectively, the &#147;<B><I>Health Care Laws</I></B>&#148;), including, without limitation, (A)&nbsp;the Federal Food, Drug and Cosmetic Act (21 U.S.C. &#167;&#167; 301 et seq.),
and the rules and regulations promulgated thereunder (as amended, collectively, the &#147;<B><I>FFDCA</I></B>&#148;), (B) all applicable federal and state fraud and abuse laws, including, without limitation, the federal Anti-Kickback Statute (42
U.S.C. &#167; <FONT STYLE="white-space:nowrap">1320a-7(b)),</FONT> the Stark Law (42 U.S.C. &#167;1395nn), the civil False Claims Act (31 U.S.C. &#167; 3729 et seq.), the administrative False Claims Law (42 U.S.C. &#167; <FONT
STYLE="white-space:nowrap">1320a-7b(a)),</FONT> Sections <FONT STYLE="white-space:nowrap">1320a-7</FONT> and <FONT STYLE="white-space:nowrap">1320a-7a</FONT> of Title 42 of the United States Code and the regulations
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promulgated pursuant to such statutes, (C)&nbsp;the Health Insurance Portability and Accountability Act of 1996 (18 U.S.C. &#167;&#167;669, 1035, 1347 and 1518; 42 U.S.C. &#167;1320d et seq.) as
amended by the Health Information Technology for Economic and Clinical Health Act of 2009 and the regulations promulgated thereunder, (D)&nbsp;the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (42 U.S.C. <FONT
STYLE="white-space:nowrap">&#167;1395w-101</FONT> et seq.) and the regulations promulgated thereunder, (E)&nbsp;the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act of 2010, (F)
Medicare (Title XVIII of the Social Security Act) and the regulations promulgated thereunder, and (G)&nbsp;Medicaid (Title XIX of the Social Security Act) and the regulations promulgated thereunder, each of such applicable laws, rules and
regulations as may be amended from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxiv) <U>Regulatory Filings</U>. Except as disclosed in the Registration
Statement, the General Disclosure Package or the Prospectus, neither the Company nor any of its subsidiaries has failed to file with the applicable Governmental Entities (including, without limitation, the FDA, or any foreign, federal, state,
provincial or local Governmental Entity performing functions similar to those performed by the FDA) any required filing, declaration, listing, registration, report or submission, except for such failures that, individually or in the aggregate, would
not have a Material Adverse Effect; except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, all such filings, declarations, listings, registrations, reports or submissions were in compliance with
applicable laws when filed and no deficiencies have been asserted by any applicable regulatory authority with respect to any such filings, declarations, listings, registrations, reports or submissions, except for any deficiencies that, individually
or in the aggregate, would not have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxv) <U>Clinical Studies</U>. The clinical, <FONT
STYLE="white-space:nowrap">pre-clinical</FONT> and other studies and tests conducted by or on behalf of the Company or its subsidiaries or in which the Company or its subsidiaries or their respective product candidates have participated, were and,
if still pending, are being conducted in all material respects in accordance with experimental protocols, procedures and controls and with all applicable local, state, federal and foreign laws, rules, regulations and guidances, including, without
limitation, the FFDCA. None of the descriptions of the tests and preclinical and clinical studies, conducted by or on behalf of the Company contained in the Registration Statement, the General Disclosure Package or the Prospectus contains an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Company is not aware of any studies, tests or trials the results of which the Company
believes reasonably call into question the study, test or trial results described or referred to in the Registration Statement, the General Disclosure Package and the Prospectus when viewed in the context in which such results are described and the
clinical state of development. Except to the extent disclosed in the Registration Statement, the General Disclosure Package and the Prospectus or as would not reasonably be expected to have a Material Adverse Effect, no investigational device
exemption filed by or on behalf of the Company or its subsidiaries with the FDA or a comparable foreign Governmental Entity has been terminated or suspended by the FDA or any other Governmental Entity, and neither the FDA nor any other Governmental
Entity has commenced, or, to the knowledge of the Company, threatened to initiate, any action to place a clinical hold order on, or otherwise terminate or suspend any ongoing studies, tests or preclinical or clinical trials or investigations
conducted or proposed to be conducted by or on behalf of the Company or its subsidiaries. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxvi) <U>FFDCA</U>. As to each product subject to the jurisdiction of the
FFDCA that is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its subsidiaries (each such product, a &#147;<B><I>Product</I></B>&#148;), such Product is being manufactured, packaged, labeled,
tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FFDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application
approval, good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not reasonably be
expected to have a Material Adverse Effect. There is no pending, completed or threatened action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any
of its subsidiaries, and none of the Company or any of its subsidiaries has received any written notice, warning letter or other communication from the FDA or any other governmental entity, which (i)&nbsp;contests the premarket clearance, licensure,
registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Product, (ii)&nbsp;withdraws its approval of, requests the recall, suspension, or
seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any Product, (iii)&nbsp;imposes a clinical hold on any clinical investigation by the Company or any of its subsidiaries, (iv)&nbsp;enjoins
production at any facility of the Company or any of its subsidiaries, (v)&nbsp;enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its subsidiaries, or (vi)&nbsp;otherwise alleges any violation of any
laws, rules or regulations by the Company or any of its subsidiaries, in each case that would reasonably be expected to have a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all
material respects in accordance with all applicable laws, rules and regulations of the FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to
be developed, produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxvii) <U>Fraud and Abuse</U>. The Company and each of its subsidiaries is in compliance with all applicable laws, regulations
and statutes in the jurisdictions in which it carries on business except where the failure to be in compliance would not reasonably be expected to have a Material Adverse Effect. The Company has not received a notice of <FONT
STYLE="white-space:nowrap">non-compliance</FONT> and, to the Company&#146;s knowledge, there is no pending change or contemplated change to any such applicable law or regulation or governmental position, except where such failure to be in compliance
or such pending change would not reasonably be expected to have a Material Adverse Effect. Neither the Company, its subsidiaries nor, to the knowledge of the Company, any of their respective officers, directors or employees has been convicted of any
crime or engaged in any conduct that </P>
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could result in a debarment or exclusion (A)&nbsp;under 21 U.S.C. Section&nbsp;335a, or (B)&nbsp;any similar applicable law. Neither the Company, its subsidiaries nor their respective officers,
directors or employees have been or are currently excluded from participation in the U.S. Medicare and Medicaid programs or any other state or federal health care program except as would not reasonably be expected to have a Material Adverse Effect.
As of the date hereof, except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, no claims, actions, proceedings or investigations that would reasonably be expected to result in such a debarment or
exclusion are pending against the Company, its subsidiaries or, to the knowledge of the Company, any of their respective officers, directors or employees, or, to the knowledge of the Company, threatened against the Company, its subsidiaries or any
of their respective officers, directors or employees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxviii) <U>Title to Property</U>. The Company and each of its
subsidiaries has good and marketable title in fee simple to all real property owned by it and good title or valid leases to all personal property owned by it, in each case, free and clear of all mortgages, pledges, liens, security interests, claims,
restrictions or encumbrances (except for customary easements and rights of way) of any kind except such as (A)&nbsp;are described in the Registration Statement, the General Disclosure Package or the Prospectus or (B)&nbsp;do not, singly or in the
aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or such subsidiary; and all of the leases and subleases material to the business of the
Company and its subsidiaries and under which the Company or a subsidiary holds properties described in the Registration Statement, the General Disclosure Package or the Prospectus, are in full force and effect, and neither the Company not any of its
subsidiaries has received any written notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or such subsidiaries under any of the leases or subleases mentioned above, or affecting or
questioning the rights of the Company or its subsidiaries to the continued possession of the leased or subleased premises under any such lease or sublease. None of the Company or its subsidiaries has received from any Governmental Entities any
notice of any condemnation of, or zoning change affecting, the properties of the Company and its subsidiaries, and the Company knows of no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected
to interfere in any material respect with the use made and proposed to be made of such property by the Company and its subsidiaries or otherwise have a Material Adverse Effect, individually or in the aggregate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxix) <U>Possession of Intellectual Property</U>. Except as described in the Registration Statement, the General Disclosure
Package or the Prospectus, the Company and its subsidiaries own, possess, license or have other rights to use all foreign and domestic patents, patent applications, trademarks and service marks, trademark and service mark applications and
registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, Internet domain names, <FONT STYLE="white-space:nowrap">know-how</FONT> and other intellectual property (collectively, the &#147;Intellectual Property&#148;),
necessary for the conduct of their respective businesses as now conducted except to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would not, individually or in the aggregate,
have a Material Adverse Effect. Except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus (i)&nbsp;the </P>
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Company has not received any notice of infringement of or conflict with asserted rights of third parties with respect to any such Intellectual Property owned by the Company and its subsidiaries;
(ii)&nbsp;to the Company&#146;s knowledge, there is no infringement by third parties of any such Intellectual Property; (iii)&nbsp;there is no pending or, to the Company&#146;s knowledge, threatened action, suit, proceeding or claim by others
challenging the Company&#146;s and its subsidiaries&#146; rights in or to any such Intellectual Property, and the Company is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (iv)&nbsp;there is
no pending or, to the Company&#146;s knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property; (v)&nbsp;there is no pending or, to the Company&#146;s knowledge, threatened
action, suit, proceeding or claim by others that the Company and its subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others; (vi)&nbsp;to the Company&#146;s knowledge, there is
no third-party U.S. patent or published U.S. patent application which contains claims for which an Interference Proceeding (as defined in 35 U.S.C. &#167; 135) has been commenced against any patent or patent application described in the Prospectus
as being owned by or licensed to the Company; and (vii)&nbsp;the Company and its subsidiaries have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or such subsidiary, and all such
agreements are in full force and effect, except, in the case of any of clauses (i)-(vii) above, for any such infringement by third parties or any such pending or threatened suit, action, proceeding or claim as would not, individually or in the
aggregate, result in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxx) <U>Environmental Laws</U>. Except as described in the Registration
Statement, the General Disclosure Package or the Prospectus or would not reasonably be expected to have a Material Adverse Effect, (A)&nbsp;neither the Company nor any of its subsidiaries is in violation of any federal, state, local or foreign
statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection
of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened
release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, &#147;<B><I>Hazardous Materials</I></B>&#148;) or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &#147;<B><I>Environmental Laws</I></B>&#148;), (B) the Company and each of its subsidiaries has all material
permits, authorizations and approvals required under any applicable Environmental Laws and is in compliance in all material respects with their requirements, (C)&nbsp;there are no pending or, to the knowledge of the Company, threatened
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Company or any of its subsidiaries and
(D)&nbsp;to the knowledge of the Company, there are no existing events, conditions or facts that would reasonably be expected to form the basis of an order for <FONT STYLE="white-space:nowrap">clean-up</FONT> or remediation, or an action, suit or
proceeding by any private party or Governmental Entity, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxi) <U>Disclosure Controls</U>. Except as described in the Registration
Statement, the General Disclosure Package or the Prospectus, the Company maintains an effective system of &#147;disclosure controls and procedures&#148; (as defined in Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> of the 1934 Act) that
complies in all material respects with the requirements of the 1934 Act and that has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the 1934 Act is recorded, processed,
summarized and reported within the time periods specified in the Commission&#146;s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&#146;s management as
appropriate to allow timely decisions regarding required disclosure. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxii) <U>Accounting Controls</U>. Except as
described in the Registration Statement, the General Disclosure Package or the Prospectus, the Company and each of its subsidiaries maintains effective internal control over financial reporting (as defined under Rule
<FONT STYLE="white-space:nowrap">13a-15</FONT> and <FONT STYLE="white-space:nowrap">15d-15</FONT> of the 1934 Act Regulations) and a system of internal accounting controls sufficient to provide reasonable assurances that (A)&nbsp;transactions are
executed in accordance with management&#146;s general or specific authorization; (B)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets;
(C)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; (D)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences and (E)&nbsp;the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus fairly presents the
information called for in all material respects and is prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. The Company&#146;s internal control over financial reporting is effective and except as described in
the Registration Statement, the General Disclosure Package or the Prospectus, since the end of the Company&#146;s most recent audited fiscal year, there has been (1)&nbsp;no material weakness in the Company&#146;s internal control over financial
reporting (whether or not remediated) and (2)&nbsp;no change in the Company&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over
financial reporting. The Company has designed its disclosure controls and procedures to provide reasonable assurance that material information relating to the Company and each of its subsidiaries is made known to the certifying officers by others
within those entities, particularly during the period in which the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> or Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as the case may be, is
being prepared. The Company&#146;s certifying officers have evaluated the effectiveness of the Company&#146;s disclosure controls and procedures as of a date within 90 days prior to the filing date of the Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year most recently ended (such date, the &#147;<B><I>Evaluation Date</I></B>&#148;). The Company presented in its Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year most
recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and procedures were effective. Since the
Evaluation Date, there have been no significant changes in the Company&#146;s internal controls (as such term is defined in Item 307(b) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> under the Securities Act) or, to the Company&#146;s
knowledge, in other factors that could significantly affect the Company&#146;s internal controls. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxiii) <U>Payment of Taxes</U>. All United States federal income tax
returns of the Company and each of its subsidiaries required by law to be filed have been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been
or will be promptly taken and as to which adequate reserves have been provided other than as would not reasonably be expected to have a Material Adverse Effect. The Company and each of its subsidiaries has filed all other tax returns that are
required to have been filed by them pursuant to applicable foreign, state, local or other law except insofar as the failure to file such returns would not reasonably be expected to have a Material Adverse Effect, and has paid all taxes due pursuant
to such returns or pursuant to any assessment received by the Company or such subsidiary, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been established by the Company, other than as would
not reasonably be expected to have a Material Adverse Effect. Except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, the charges, accruals and reserves on the books of the Company in respect of any
income and corporation tax liability for any years not finally determined are believed to be adequate to meet any assessments or <FONT STYLE="white-space:nowrap">re-assessments</FONT> for additional income tax for any years not finally determined,
except to the extent of any inadequacy that would not reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxiv)
<U>Insurance</U>. The Company and each of its subsidiaries carries or is entitled to the benefits of insurance, with reputable insurers, in such amounts and covering such risks as is reasonably prudent and customary in the businesses in which it is
engaged, and all such insurance is in full force and effect. The Company has no reason to believe that it will not be able (A)&nbsp;to renew its existing insurance coverage as and when such policies expire or (B)&nbsp;to obtain comparable coverage
from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to have a Material Adverse Effect. The Company has not been denied the issuance of any material
insurance policies which it has sought or for which it has applied in the prior three years, except for any applications still pending. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxv) <U>Investment Company Act</U>. Neither the Company nor any of its subsidiaries is required, and upon the issuance and
sale of the Securities as herein contemplated and the application of the net proceeds therefrom as described in the Registration Statement, the General Disclosure Package and the Prospectus will not be required, to register as an &#147;investment
company&#148; under the Investment Company Act of 1940, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxvi) <U>Broker/Dealer Relationships</U>. Neither
the Company nor any of its subsidiaries (i)&nbsp;is required to register as a &#147;broker&#148; or &#147;dealer&#148; in accordance with the provisions of the 1933 Act or (ii)&nbsp;directly or indirectly through one or more intermediaries, controls
or is a &#147;person associated with a member&#148; or &#147;associated person of a member&#148; (within the meaning set forth in the FINRA Manual). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxvii) <U>No Reliance</U>. The Company has not relied upon the
Underwriters or legal counsel for the Underwriters for any legal, tax or accounting advice in connection with the offering of the Common Stock contemplated by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxviii) <U>Absence of Manipulation</U>. Neither the Company nor, to the Company&#146;s knowledge, any affiliate of the
Company has taken, nor will the Company or, to the Company&#146;s knowledge, any affiliate take, directly or indirectly, any action which is designed, or would reasonably be expected, to cause or result in, or which constitutes, the stabilization or
manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xxxix) <U>No
Integration</U>. The Company has not sold or issued any securities that would be integrated with the offering of the Common Stock contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the
interpretations thereof by the Commission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xl) <U>ERISA</U>. Other than as would not reasonably be expected to have a
Material Adverse Effect or except as disclosed in the Registration Statement, the General Disclosure Package or the Prospectus, (i)&nbsp;no &#147;employee benefit plan&#148; (as defined in Section&nbsp;3(3) of ERISA) for which the Company would have
any liability (whether absolute or contingent) (each a &#147;<B><I>Plan</I></B>&#148;) has experienced a failure to satisfy the &#147;minimum funding standard&#148; (as defined in Section&nbsp;302 of the Employee Retirement Income Security Act of
1974, as amended, (&#147;<B><I>ERISA</I></B>&#148;) or Section&nbsp;412 of the Code, or other event of the kind described in Section&nbsp;4043(c) of ERISA (other than events with respect to which the <FONT STYLE="white-space:nowrap">30-day</FONT>
notice requirement under Section&nbsp;4043 of ERISA has been waived) or any similar minimum funding failure event with respect to any Plan (other than a Plan that under applicable law is required to be funded by a trust or funding vehicle maintained
exclusively by a Governmental Entity) that is maintained outside of the United States primarily for the benefit of persons substantially all of whom are nonresident aliens (ii)&nbsp;each Plan is in compliance with applicable law, including, without
limitation, ERISA and the Code; (iii)&nbsp;other than in the ordinary course, neither the Company nor any trade or business, whether or not incorporated, that, together with the Company, would be deemed to be a &#147;single employer&#148; within the
meaning of Section&nbsp;4001(b)(1) of ERISA or Section&nbsp;414(b), 414(c), 414(m) or 414(o) of the Code has incurred or reasonably expects to incur any liability with respect to any Plan (A)&nbsp;under Title IV of ERISA or (B)&nbsp;in respect of
any post-employment health, medical or life insurance benefits for former, current or future employees of the Company, except as required to avoid excise tax under Section&nbsp;4980B of the Code and except, on a case by case basis, limited
extensions of health insurance benefits (for a period of no more than 18 months post-employment) to former employees receiving severance payments from the Company; and (iv)&nbsp;each Plan that is intended to be qualified under Section&nbsp;401(a) of
the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would reasonably be expected to cause the loss of such qualification. The Company is not, nor at any time during the last three years has the Company
been, a </P>
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party to any collective bargaining agreement or other labor agreement with respect to employees of the Company. There are no pending, or, to the Company&#146;s knowledge, threatened, activities
or proceedings by any labor union or similar entity to organize any employees of the Company. No labor dispute with, or labor strike, work stoppage or other material labor disturbance by, the employees of the Company exists or to the Company&#146;s
knowledge is imminent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xli) <U>Foreign Corrupt Practices Act</U>. (i)&nbsp;Neither the Company nor the subsidiaries, nor,
to the Company&#146;s knowledge, any director, officer, or employee of the Company or any subsidiary nor, to the Company&#146;s knowledge, any agent, affiliate, or other person acting on behalf of the Company or any subsidiary has, in the past five
years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of applicable law) or made any contribution or other payment to any official of, or candidate for, any
federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any applicable law or of the character required to be disclosed in the Prospectus; (ii)&nbsp;no relationship, direct or
indirect, exists between or among the Company or any subsidiary or any affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any subsidiary, on the other hand, that is required by the 1933 Act to
be described in the Registration Statement and the Prospectus that is not so described; (iii)&nbsp;no relationship, direct or indirect, exists between or among the Company or any subsidiary or any affiliate of them, on the one hand, and the
directors, officers, or stockholders of the Company or any subsidiary, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv)&nbsp;except as described
in the Registration Statement, the General Disclosure Package or the Prospectus, there are no material outstanding loans or advances or material guarantees of indebtedness by the Company or any subsidiary to or for the benefit of any of their
respective officers or directors or any of the members of the families of any of them; (v)&nbsp;the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A)&nbsp;a
customer or supplier of the Company or any subsidiary to alter the customer&#146;s or supplier&#146;s level or type of business with the Company or any subsidiary or (B)&nbsp;a trade journalist or publication to write or publish favorable
information about the Company or any subsidiary or any of their respective products or services; and (vi)&nbsp;neither the Company nor any subsidiary nor, to the Company&#146;s knowledge, any director, officer, or employee of the Company or any
subsidiary nor, to the Company&#146;s knowledge, any agent, affiliate, or other person acting on behalf of the Company or any subsidiary has (A)&nbsp;violated or is in violation of any applicable provision of the U.S. Foreign Corrupt Practices Act
of 1977, as amended, or any other applicable anti-bribery or anti-corruption law (collectively, &#147;<B><I>Anti-Corruption Laws</I></B>&#148;), (B) promised, offered, provided, attempted to provide, or authorized the provision of anything of value,
directly or indirectly, to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient, or securing any improper advantage; or (C)&nbsp;made any payment of funds of the Company or any subsidiary or
received or retained any funds in violation of any Anti-Corruption Laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xlii) <U>Money Laundering Laws</U>. The operations of the Company and its
subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the &#147;<B><I>Money
Laundering Laws</I></B>&#148;); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company,
threatened. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xliii) <U><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements</U>. There are no
transactions, arrangements and other relationships between and/or among the Company and/or any of its affiliates and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity (each,
an &#147;<B><I><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Transaction</I></B>&#148;) that could reasonably be expected to affect materially the Company&#146;s liquidity or the availability of or requirements for its capital resources,
including those <FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Transactions described in the Commission&#146;s Statement about Management&#146;s Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. <FONT
STYLE="white-space:nowrap">33-8056;</FONT> <FONT STYLE="white-space:nowrap">34-45321;</FONT> <FONT STYLE="white-space:nowrap">FR-61),</FONT> required to be described in the Prospectus which have not been described as required. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xliv) <U>OFAC</U>. Neither the Company, any of its subsidiaries nor, to the knowledge of the Company, its directors, officers,
agents, employees, affiliates or representatives (each, a &#147;<B><I>Person</I></B>&#148;) are currently the subject of sanctions administered or enforced by the United States Government, including, without limitation, the U.S. Department of the
Treasury&#146;s Office of Foreign Assets Control (&#147;<B><I>OFAC</I></B>&#148;), the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury, or other relevant sanctions authority applicable to the Company or such
subsidiary, including, without limitation, designation on OFAC&#146;s Specially Designated Nationals and Blocked Persons List or OFAC&#146;s Foreign Sanctions Evaders List (collectively, &#147;<B><I>Sanctions</I></B>&#148;), nor is the Company or
any of its subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions; and the Company does not intend to, directly or indirectly, use the proceeds of the sale of the Securities, or lend, contribute or
otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions
or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xlv) <U>Lending Relationship</U>. Except as disclosed in the Registration Statement, the General Disclosure Package or the
Prospectus, the Company (A)&nbsp;does not have any material lending or other relationship with any bank or lending affiliate of any Underwriter and (B)&nbsp;does not intend to use any of the proceeds from the sale of the Securities to repay any
outstanding debt owed to any affiliate of any Underwriter. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xlvi) <U>Statistical and Market-Related Data</U>. Any statistical and
market-related data included in the Registration Statement, the General Disclosure Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate in all material
respects and, to the extent required, the Company has obtained the written consent to the use of such data from such sources. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xlvii) <U>Accuracy of Descriptions</U>. The statements set forth in the Registration Statement, the General Disclosure Package
and the Prospectus under the caption &#147;Description of Capital Stock,&#148; insofar as they purport to constitute a summary of the terms of the Common Stock, are accurate, complete and fair summaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xlviii) <U>Stock Exchange Listing</U>. The Common Stock is registered pursuant to Section&nbsp;12(b) or 12(g) of the 1934 Act
and is listed on Nasdaq under the trading symbol &#147;DCTH&#148;; the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under the 1934 Act or delisting the Common Stock from
Nasdaq; the Company has not received any notice that it is out of compliance with the listing or maintenance requirements of Nasdaq and the Company is, and will continue to be, in material compliance with all such listing and maintenance
requirements; and the Company has not received any notification that the Commission or Nasdaq is contemplating terminating the registration of the Common Stock under the 1934 Act or delisting the Common Stock from Nasdaq. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xlix) <U>Maintenance of Rating</U>. Except as contemplated in the Prospectus, or disclosed in the Company&#146;s reports filed
with the Commission, there shall not have been any material adverse change in the authorized capital stock of the Company or any Material Adverse Effect or any development that would reasonably be expected to cause a Material Adverse Effect, or a
downgrading in or withdrawal of the rating assigned to any of the Company&#146;s securities (other than asset backed securities) by any rating organization or a public announcement by any rating organization that it has under surveillance or review
its rating of any of the Company&#146;s securities (other than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in the reasonable judgment of the Underwriters (without relieving
the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Common Stock on the terms and in the manner contemplated in the Prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <U>Related Party Transactions</U>. There are no business relationships or related-party transactions involving the Company,
any of its subsidiaries or any other person required to be described in the Registration Statement, any preliminary prospectus, the Prospectus and the General Disclosure Package which have not been described as required. The General Disclosure
Package contains in all material respects the same description of the matters set forth in the preceding sentence contained in the Prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(li) <U>Brokers</U>. Except for the underwriting discounts, commissions and
fees payable to the Underwriters and other parties as described in the Registration Statement, the General Disclosure Package or the Prospectus, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or
finder&#146;s fee or other fee or commission as a result of any transactions contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(lii) <U>No
Stabilization</U>. The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(liii) <U>Margin Rules</U>. The application of the proceeds received by the Company from the issuance, sale and delivery of the
Securities as described in the Registration Statement, the General Disclosure Package and the Prospectus will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of
Governors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(liv) <U>Forward-Looking Statements</U>. No forward-looking statement (within the meaning of Section&nbsp;27A
of the Securities Act) contained in the Registration Statement, the General Disclosure Package or the Prospectus has been made or reaffirmed by the Company without a reasonable basis or has been disclosed by the Company other than in good faith.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(lv) <U>Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or, to the knowledge of the
Company, any of the Company&#146;s directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act and the rules and regulations promulgated in connection therewith, including Section&nbsp;402
related to loans. Each of the principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has
made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes of the
preceding sentence, &#147;principal executive officer&#148; and &#147;principal financial officer&#148; shall have the meanings given to such terms in the Sarbanes-Oxley Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(lvi) <U>FINRA Affiliations</U>. There are no affiliations or associations between any member of FINRA and any of the
Company&#146;s officers, directors or, to the Company&#146;s knowledge, 5% or greater securityholders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(lvii) <U>Cyber
Security; Data Protection</U>. The Company&#146;s information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &#147;<B>IT Systems</B>&#148;) are adequate for,
and operate and perform in all material respects as required in connection with the operation of the business of the Company as currently conducted, and to the knowledge of the Company are free and clear of all material bugs, errors, defects, Trojan
horses, time bombs, malware and other corruptants. The Company has implemented and maintained or caused to be implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect its material
confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and </P>
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data (including all personal, personally identifiable, sensitive, confidential or regulated data (&#147;<B>Personal Data</B>&#148;)) used in connection with its businesses, and there have been no
breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations
relating to the same. The Company is presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and
contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification. The Company has taken all
necessary actions to comply with the European Union General Data Protection Regulation and all other applicable laws and regulations with respect to Personal Data that have been announced as of the date hereof as becoming effective within 12 months
after the date hereof, and for which any <FONT STYLE="white-space:nowrap">non-compliance</FONT> with same would be reasonably likely to create a material liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Officer&#146;s Certificates</U>. Any certificate signed by any officer of the Company delivered to the Representatives or to counsel
for the Underwriters shall be deemed a representation and warranty by the Company (and not by such officer in his or her personal capacity) to each Underwriter as to the matters covered thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2. Purchase of the Securities by the Underwriters. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Initial Securities</I></B>. On the basis of the representations and warranties herein contained and subject to the terms and
conditions herein set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly, agrees to purchase from the Company, at the price per share set forth in <U>Schedule A</U>
hereto, that number of Initial Securities set forth in <U>Schedule A</U> hereto opposite the name of such Underwriter, plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant to the
provisions of <U>Section</U><U></U><U>&nbsp;10</U> hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><I>Option Securities</I></B>. In addition, on the basis of the
representations and warranties herein contained and subject to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly, to purchase up to an additional 219,004 shares of Common
Stock at the price per share set forth in <U>Schedule A</U> hereto, less an amount per share equal to any dividends or distributions declared by the Company and payable on the Initial Securities but not payable on the Option Securities. The option
hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part at any time upon notice by the Representatives to the Company setting forth the number of Option Securities as to which the several Underwriters are
then exercising the option and the time and date of payment and delivery for such Option Securities. Any such time and date of delivery (a &#147;<B><I>Date of Delivery</I></B>&#148;) shall be determined by the Representatives, but shall not be later
than seven full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any portion of the Option Securities, each of the Underwriters, acting severally and not jointly,
will purchase that proportion of the total number of Option Securities then being purchased which the number of Initial Securities set forth in <U>Schedule A</U> hereto opposite the name of such Underwriter bears to the total number of Initial
Securities, subject, in each case, to such adjustments as the Representatives, in their sole discretion shall make to eliminate any sales or purchases of fractional shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B><I>Payment</I></B>. Payment of the purchase price for, and delivery of, the Initial
Securities shall be made at the offices of Goodwin Procter LLP, The New York Times Building, 620 8th Avenue, New York, NY 10018, or at such other place as shall be agreed upon by the Representatives and the Company, at 10:00 A.M. (New York City
time) on December&nbsp;11, 2020 (unless postponed in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;10</U> hereof), or such other time not later than ten business days after such date as shall be agreed upon by the Representatives
and the Company (such time and date of payment and delivery being herein called &#147;<B><I>Closing Time</I></B>&#148;). Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall
otherwise instruct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the event that any or all of the Option Securities are purchased by the Underwriters, payment of the
purchase price for, and delivery of, such Option Securities shall be made at the above-mentioned offices, or at such other place as shall be agreed upon by the Representatives and the Company, on each Date of Delivery as specified in the notice from
the Representatives to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Payment shall be made to the Company by wire transfer of immediately available funds to bank accounts
designated by the Company against delivery to the Representatives for the respective accounts of the Underwriters of the Securities to be purchased by them. It is understood that each Underwriter has authorized the Representatives, for its account,
to accept delivery of, receipt for, and make payment of the purchase price for, the Initial Securities and the Option Securities, if any, which it has agreed to purchase. The Representatives, individually and not as representatives of the
Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Initial Securities or the Option Securities, if any, to be purchased by any Underwriter whose funds have not been received by the Closing Time or the
relevant Date of Delivery, as the case may be, but such payment shall not relieve such Underwriter from its obligations hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)
<B><I>Denominations; Registration</I></B>. The Initial Securities and the Option Securities, if any, shall be in such denominations and registered in such names as the Representatives may request in writing at least one full business day before the
Closing Time or the relevant Date of Delivery, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;3. Covenants of the Company.</B> The
Company covenants with each Underwriter as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Compliance with Securities Regulations and Commission Requests</I></B>. The
Company, subject to <U>Section</U><U></U><U>&nbsp;3(b)</U> hereof, will comply with the requirements of Rule 430B, and will notify the Representatives promptly, and confirm the notice in writing, (i)&nbsp;when any post-effective amendment to the
Registration Statement shall have been filed or been declared effective or any amendment or supplement to the Prospectus, any Issuer Free Writing Prospectus shall have been filed or distributed, (ii)&nbsp;of the receipt of any comments from the
Commission, (iii)&nbsp;of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus, including any document incorporated by reference
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therein, or for additional information, including, but not limited to, any request for information concerning any oral or written communication with potential investors and undertaken in reliance
on Section&nbsp;5(d) of the Securities Act, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of
any preliminary prospectus, the Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination
pursuant to <U>Section</U><U></U><U>&nbsp;8(d)</U> or <U>8(e)</U> of the 1933 Act concerning the Registration Statement, (v)&nbsp;of the occurrence of any event or development at any time when a prospectus relating to the Securities is (or, but for
the exception afforded by Rule 172 of the 1933 Act Regulations (&#147;<B><I>Rule 172</I></B>&#148;), would be) required by the 1933 Act to be delivered in connection with sales of the Securities (the &#147;<B><I>Prospectus Delivery
Period</I></B>&#148;) as a result of which the Prospectus, the General Disclosure Package, any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the General Disclosure Package, any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; and (vi)&nbsp;if
the Company becomes the subject of a proceeding under Section&nbsp;8A of the 1933 Act in connection with the offering of the Securities. The Company will effect all filings required under Rule 424(b), in the manner and within the time period
required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and,
in the event that it was not, it will promptly file such prospectus. The Company will use commercially reasonable efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending
the use of any preliminary prospectus, the Prospectus or suspending any such qualification of the Securities and, if any such order is issued, will use commercially reasonable efforts to obtain as soon as possible the withdrawal thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><I>Continued Compliance with Securities Laws</I></B>. The Company will comply with the 1933 Act and the 1933 Act Regulations during the
Prospectus Delivery Period so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and in the Registration Statement, the General Disclosure Package and the Prospectus. If at any time during the
Prospectus Delivery Period any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to (i)&nbsp;amend the Registration Statement in order that the
Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii)&nbsp;amend or supplement the General
Disclosure Package or the Prospectus in order that the General Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii)&nbsp;amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus, as the
case may be, in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly (A)&nbsp;give the Representatives notice of such event, (B)&nbsp;prepare any amendment or supplement as may be necessary to
correct such statement or omission or to make the Registration Statement, the General Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any </P>
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proposed filing or use, furnish the Representatives with copies of any such amendment or supplement and (C)&nbsp;file with the Commission any such amendment or supplement; provided that the
Company shall not file or use any such amendment or supplement to which the Representatives or counsel for the Underwriters shall reasonably object unless the Company reasonably believes that the failure to file or use such amendment or supplement
would constitute a violation of law or subject it to liability. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representatives
notice of any filings made pursuant to the 1934 Act or 1934 Act Regulations within 48 hours prior to the Applicable Time; the Company will give the Representatives notice of its intention to make any such filing from the Applicable Time to the
Closing Time and will furnish the Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representatives or counsel for
the Underwriters shall reasonably object unless the Company reasonably believes that the failure to file or use such amendment or supplement would constitute a violation of law or subject it to liability. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B><I>Delivery of Registration Statements</I></B>. The Company has furnished or will deliver to the Representatives and to counsel for the
Underwriters, without charge, conformed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith). The copies of the Registration Statement and each amendment thereto furnished to the
Underwriters are identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <B><I>Delivery of Prospectuses</I></B>. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary
prospectus as the Representatives may reasonably request on behalf of the Underwriters, and the Company hereby consents to the use of such copies for purposes permitted by the 1933 Act. The Company will furnish to each Underwriter, without charge,
during the period when a prospectus relating to the Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number of copies of the Prospectus (as amended or supplemented) as such
Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the
extent permitted by Regulation <FONT STYLE="white-space:nowrap">S-T.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <B><I>Blue Sky Qualifications</I></B>. The Company will
use its commercially reasonable efforts, in cooperation with the Underwriters, to qualify the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representatives
may designate and to maintain such qualifications in effect so long as required to complete the distribution of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to
qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <B><I>Rule 158</I></B>. The Company will timely file such reports pursuant to the 1934
Act as are necessary in order to make generally available to its securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the last paragraph of
Section&nbsp;11(a) of the 1933 Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <B><I>Use of Proceeds</I></B>. The Company will use the net proceeds received by it from the sale
of the Securities in the manner specified in the Prospectus under &#147;Use of Proceeds.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <B><I>Listing</I></B>. The Company will
use its commercially reasonable efforts to cause the Securities to be listed on Nasdaq, subject to notice of issuance, and to maintain the listing of the Common Stock (including the Securities) on Nasdaq. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <B><I>Restriction on Sale of Securities</I></B>. During a period of 90 days from the date of the Prospectus, the Company will not, without
the prior written consent of the Representatives, (i)&nbsp;directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase or otherwise transfer or dispose of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock or file any registration statement under the 1933 Act with respect to any of the
foregoing or (ii)&nbsp;enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of shares of Common Stock, whether any such swap or transaction
described in <U>clause (i)</U>&nbsp;or <U>(ii)</U> above is to be settled by delivery of shares of Common Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A)&nbsp;the Securities to be sold hereunder,
(B)&nbsp;any shares of Common Stock issued by the Company upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof and referred to in the Registration Statement, the General Disclosure Package or the
Prospectus, (C)&nbsp;shares of Common Stock issued by the Company as a result of anti-dilution provisions in the Company&#146;s amended and restated certificate of incorporation, as amended, as then in effect, or (D)&nbsp;any shares of Common Stock
issued or options to purchase Common Stock granted pursuant to employee benefit plans of the Company referred to in the Registration Statement, the General Disclosure Package or the Prospectus or otherwise to prospective employees; provided that, in
each case, if required to do so by the terms of this Agreement, the recipient of such shares of Common Stock or other securities has executed a <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement in the form of Exhibit B. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <B><I>Reporting Requirements</I></B>. The Company, during the period when a Prospectus relating to the Securities is (or, but for the
exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, will file all documents required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and 1934 Act
Regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <B><I>Issuer Free Writing Prospectuses</I></B>. The Company agrees that, unless it obtains the prior written consent of
the Representatives, it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &#147;free writing prospectus,&#148; or a portion thereof, required to be filed
by the Company with the Commission or retained by the Company under Rule 433; provided that the Representatives will be deemed to have consented to the Issuer Free Writing Prospectuses listed on <U>Schedule
<FONT STYLE="white-space:nowrap">B-2</FONT></U> hereto and any &#147;road show that is a written communication&#148; within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representatives. The Company represents that
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it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Representatives as an &#147;issuer free writing prospectus,&#148; as
defined in Rule 433. The Company represents that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any
time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration
Statement, any preliminary prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such
conflict, untrue statement or omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4. Payment of Expenses. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Expenses</I></B>. The Company will pay or cause to be paid all expenses incident to the performance of its obligations under this
Agreement, including (i)&nbsp;the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and each amendment thereto, (ii)&nbsp;the preparation, printing and delivery to the
Underwriters of copies of each preliminary prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Underwriters to
investors, (iii)&nbsp;the preparation, issuance and delivery of the Securities pursuant to this Agreement, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the
Underwriters or the sale of the Securities by the Underwriters, (iv)&nbsp;the fees and disbursements of the Company&#146;s counsel, accountants and other advisors, (v)&nbsp;the qualification of the Securities under securities laws in accordance with
the provisions of <U>Section</U><U></U><U>&nbsp;3(e)</U> hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of a blue sky survey and
any supplement thereto, (vi)&nbsp;the fees and expenses of any transfer agent or registrar for the Securities, (vii)&nbsp;the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses
of the Company relating to investor presentations or any &#147;road show&#148; undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production of road show slides and graphics,
fees and expenses of any consultants engaged by the Company in connection with the road show presentations, travel and lodging expenses of the representatives and employees of the Company and any such consultants, (viii)&nbsp;the filing fees
incident to, and the reasonable fees and disbursements of counsel to the Underwriters in connection with, the review by, and clearance of the offering with, FINRA of the terms of the sale of the Securities, (ix)&nbsp;the fees and expenses incurred
in connection with the listing of the Securities on Nasdaq, (x)&nbsp;the reasonable fees and disbursements of counsel to the Underwriters in an amount not to exceed $75,000 and (xi)&nbsp;the costs and expenses (including, without limitation, any
damages or other amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the Securities made by the Underwriters caused by a breach of the representation contained in the third
sentence of Section&nbsp;1(a)(ii). It is understood and agreed that except as otherwise provided in this Section&nbsp;4(a), the Underwriters shall pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer
taxes payable on their resale of any of the Securities, travel and lodging costs and expenses of the Representatives related to the road show and any advertising expenses connected with any offers made. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><I>Termination of Agreement</I></B>. If this Agreement is terminated by the
Representatives in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;5</U>, <U>Section</U><U></U><U>&nbsp;9(a)(i)</U>, <U>9(a)(iii)</U> or <U>Section</U><U></U><U>&nbsp;11</U> hereof, the Company shall reimburse the Underwriters for
their documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, including the reasonable fees and disbursements of counsel for the Underwriters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5. Conditions of Underwriters&#146; Obligations.</B> The obligations of the several Underwriters hereunder are
subject to the accuracy of the representations and warranties of the Company contained herein or in certificates of any officer of the Company delivered pursuant to the provisions hereof, to the performance by the Company of the covenants and other
obligations hereunder, and to the following further conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Effectiveness of Registration Statement; Rule 430B
Information</I></B>. The Registration Statement, including any Rule 462(b) Registration Statement, has been declared effective and, at the Closing Time, no stop order suspending the effectiveness of the Registration Statement or any post-effective
amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to
the Company&#146;s knowledge, contemplated; and the Company has complied with each request (if any) from the Commission for additional information to the reasonable satisfaction of counsel to the Company and counsel to the Underwriters. A prospectus
containing the Rule 430B Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) without reliance on Rule 424(b)(8) or a post-effective amendment providing such information shall have
been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430B. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><I>Opinion of Counsel
for Company</I></B>. At the Closing Time, the Representatives shall have received the opinion and negative assurance statement, dated as of the Closing Time and relating to the Initial Securities, of McCarter&nbsp;&amp; English, LLP, counsel for the
Company, in the form and substance set forth in <U>Exhibit A</U> hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B><I>Opinion of Counsel for Underwriters</I></B>. At the
Closing Time, the Representatives shall have received the opinion, dated the Closing Time, of Goodwin Procter LLP, counsel for the Underwriters, together with signed or reproduced copies of such letter for each of the other Underwriters, in form and
substance reasonably satisfactory to the Representatives, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <B><I>Officers&#146; Certificate</I></B>. At the Closing Time, there shall not have been, since the date hereof or since the respective
dates as of which information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any Material Adverse Effect, and the Representatives shall have received a certificate of the Chief Executive Officer or the
President of the Company and of the chief financial or chief accounting officer of the Company, dated the Closing Time, to the effect that (i)&nbsp;there has been no such Material Adverse Effect, (ii)
</P>
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the representations and warranties of the Company in this Agreement are true and correct with the same force and effect as though expressly made at and as of the Closing Time, (iii)&nbsp;the
Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Time, and (iv)&nbsp;no stop order suspending the effectiveness of the Registration Statement under the 1933 Act
has been issued, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to their knowledge, contemplated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <B><I>Accountant&#146;s Comfort Letter</I></B>. At the time of the execution of this Agreement, the Representatives shall have received
from Marcum LLP a letter, dated such date, in form and substance satisfactory to the Representatives, together with signed or reproduced copies of such letter for each of the other Underwriters containing statements and information of the type
ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the General Disclosure Package and the
Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) <B><I>Bring-down Comfort Letter</I></B>. At the Closing Time, the Representatives shall have received from Marcum LLP a
letter, dated as of the Closing Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (e)&nbsp;of this <U>Section</U><U></U><U>&nbsp;5</U>, except that the specified date referred to shall be a
date not more than three business days prior to the Closing Time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) <B><I>No Objection</I></B>. FINRA has confirmed that it has not
raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements relating to the offering of the Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) <B><I><FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreements</I></B>. At the date of this Agreement, the Representatives shall have
received an agreement substantially in the form of <U>Exhibit B</U> hereto signed by the persons listed on <U>Schedule C</U> hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)
<B><I>Conditions to Purchase of Option Securities</I></B>. In the event that the Underwriters exercise their option provided in <U>Section</U><U></U><U>&nbsp;2(b)</U> hereof to purchase all or any portion of the Option Securities, the
representations and warranties of the Company contained herein and the statements in any certificates furnished by the Company hereunder shall be true and correct as of each Date of Delivery and, at the relevant Date of Delivery, the Representatives
shall have received: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) <U>Officers&#146; Certificate</U>. A certificate, dated such Date of Delivery, of the Chief
Executive Officer or the President of the Company and of the chief financial or chief accounting officer of the Company confirming that the certificate delivered at the Closing Time pursuant to <U>Section</U><U></U><U>&nbsp;5(e)</U> hereof remains
true and correct as of such Date of Delivery. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) <U>Opinion of Counsel for Company</U>. If requested by the
Representatives, the opinion and negative assurance statement of McCarter&nbsp;&amp; English, LLP, counsel for the Company, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the
same effect as the opinion required by <U>Section</U><U></U><U>&nbsp;5(b)</U> hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) <U>Opinion of Counsel for
Underwriters</U>. If requested by the Representatives, the opinion of Goodwin Procter LLP, counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the
same effect as the opinion required by <U>Section</U><U></U><U>&nbsp;5(c)</U> hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) <U>Bring-down Comfort
Letter</U>. If requested by the Representatives, a letter from Marcum LLP, in form and substance satisfactory to the Representatives and dated such Date of Delivery, substantially in the same form and substance as the letter furnished to the
Representatives pursuant to <U>Section</U><U></U><U>&nbsp;5(e)</U> hereof, except that the &#147;specified date&#148; in the letter furnished pursuant to this paragraph shall be a date not more than three business days prior to such Date of
Delivery. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) <U>Interim Principal Accounting Officer&#146;s Certificate</U>. On such Date of Delivery, the Company shall
have furnished to the Representatives a certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of its interim principal accounting officer with respect to certain financial data contained in the Registration
Statement, the General Disclosure Package and the Prospectus, providing &#147;management comfort&#148; with respect to such information, in form and substance reasonably satisfactory to the Representatives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) <U>Secretary&#146;s Certificate</U>. On such Date of Delivery, the Company shall have furnished to the Representatives a
certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of the Secretary of the Company and attested to by an executive officer of the Company certifying as to (i)&nbsp;the Certificate of Incorporation of the
Company, (ii)&nbsp;the <FONT STYLE="white-space:nowrap">By-laws</FONT> of the Company, (iii)&nbsp;the resolutions of the Board of Directors of the Company and/or an authorized committee thereof authorizing the execution, delivery and performance of
this Agreement and (iv)&nbsp;the incumbency of the officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) <B><I>Additional Documents</I></B>. At the Closing Time and at each Date of Delivery (if any), the Representatives and counsel for the
Underwriters shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy
of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated shall be
reasonably satisfactory in form and substance to the Representatives and counsel for the Underwriters. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) <B><I>Termination of
Agreement</I></B>. If any condition specified in this <U>Section</U><U></U><U>&nbsp;5</U> shall not have been fulfilled when and as required to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Securities on a
Date of Delivery which is after the Closing Time, the obligations of the several Underwriters to purchase the relevant Option Securities, may </P>
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be terminated by the Representatives by notice to the Company at any time at or prior to the Closing Time or such Date of Delivery, as the case may be, and such termination shall be without
liability of any party to any other party except as provided in <U>Section</U><U></U><U>&nbsp;4</U> hereof and except that <U>Sections 1</U>, <U>6</U>, <U>7</U>, <U>8</U>, <U>15</U> and <U>16</U> shall survive any such termination and remain in full
force and effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) <B><I>Delivery of Prospectuses</I></B>. The Company shall have complied with the provisions of Section&nbsp;3(d)
hereof with respect to the furnishing of prospectuses on the business day next succeeding the date hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) <B><I>Approval of
Listing</I></B>. At the Closing Time, the Securities shall have been approved for listing on Nasdaq, subject only to official notice of issuance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) <B>Interim Principal Accounting Officer&#146;s</B> <B><I>Certificate.</I></B> On the date of this Agreement and at the Closing Time, the
Company shall have furnished to the Representatives a certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of its interim principal accounting officer with respect to certain financial data contained in the
Registration Statement, the General Disclosure Package and the Prospectus, providing &#147;management comfort&#148; with respect to such information, in form and substance reasonably satisfactory to the Representatives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) <B><I>Secretary&#146;s Certificate</I></B>. At the Closing Time, the Company shall have furnished to the Representatives a certificate,
dated the Date of Delivery and addressed to the Underwriters, of the Secretary of the Company and attested to by an executive officer of the Company certifying as to (i)&nbsp;the Certificate of Incorporation of the Company, (ii)&nbsp;the <FONT
STYLE="white-space:nowrap">By-laws</FONT> of the Company, (iii)&nbsp;the resolutions of the Board of Directors of the Company and/or an authorized committee thereof authorizing the execution, delivery and performance of this Agreement and
(iv)&nbsp;the incumbency of the officers duly authorized to execute this Agreement and the other documents contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6. Indemnification. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Indemnification of Underwriters</I></B>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such
term is defined in Rule 501(b) under the 1933 Act (each, an &#147;<B><I>Affiliate</I></B>&#148;)), its selling agents and each person, if any, who controls any Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of
the 1934 Act as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information, or the omission or alleged omission therefrom of a material
fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included (A)&nbsp;in any preliminary prospectus, any Issuer Free
Writing Prospectus, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) or (B)&nbsp;in any materials or information provided to investors by, or </P>
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with the prior written approval of, the Company in connection with the marketing of the offering of the Securities (&#147;<B><I>Marketing Materials</I></B>&#148;), including any roadshow or
investor presentations made to investors by the Company (whether in person or electronically), or the omission or alleged omission in any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package, the Prospectus or
in any Marketing Materials of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; <I>provided</I> that (subject to <U>Section</U><U></U><U>&nbsp;6(d)</U> below) any such settlement is effected with the written consent of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of one counsel (in addition to
any relevant local counsel) chosen by the Representatives), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under <U>(i)</U>&nbsp;or <U>(ii)</U> above; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of
any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including the Rule 430B Information, any preliminary prospectus, any Issuer Free Writing Prospectus, the General
Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with the Underwriter Information. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><I>Indemnification of Company, Directors and Officers</I></B>. Each Underwriter severally and not jointly agrees to indemnify and hold
harmless the Company, its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act against any
and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a)&nbsp;of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in
the Registration Statement (or any amendment thereto), including the Rule 430B Information, any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with the Underwriter Information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B><I>Actions against Parties; Notification</I></B>. Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not
relieve such indemnifying party from any liability </P>
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hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. In the case of parties indemnified pursuant to <U>Section</U><U></U><U>&nbsp;6(a)</U> above, counsel to the indemnified parties shall be selected by the Representatives, and, in the case of parties indemnified pursuant to
<U>Section</U><U></U><U>&nbsp;6(b)</U> above, counsel to the indemnified parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; <I>provided</I>, <I>however</I>, that
counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition
to any relevant local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this <U>Section</U><U></U><U>&nbsp;6</U> or <U>Section</U><U></U><U>&nbsp;7</U> hereof (whether
or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <B><I>Settlement without Consent if Failure to Reimburse</I></B>. If at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <U>Section</U><U></U><U>&nbsp;6(a)(ii)</U> hereof effected without its
written consent if (i)&nbsp;such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such settlement at least 30
days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7. Contribution.</B> If the indemnification provided for in <U>Section</U><U></U><U>&nbsp;6</U> hereof is for
any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such
losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the
other hand, from the offering of the Securities pursuant to this Agreement or (ii)&nbsp;if the allocation provided by <U>clause (i)</U>&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in <U>clause (i)</U>&nbsp;above but also the relative fault of the Company, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such losses,
liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The relative benefits received by the Company, on the one hand, and the Underwriters, on the
other hand, in connection with the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities pursuant to this Agreement (before
deducting expenses) received by the Company, on the one hand, and the total underwriting discount received by the Underwriters, on the other hand, in each case as set forth on the cover of the Prospectus, bear to the aggregate public offering price
of the Securities as set forth on the cover of the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The relative fault of the Company, on the one hand, and the Underwriters,
on the other hand, shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the
Company or by the Underwriters and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this
<U>Section</U><U></U><U>&nbsp;7</U> were determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this <U>Section</U><U></U><U>&nbsp;7</U>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <U>Section</U><U></U><U>&nbsp;7</U> shall be
deemed to include any reasonable legal or other expenses incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the provisions of this <U>Section</U><U></U><U>&nbsp;7</U>, no Underwriter shall be required to contribute any amount in
excess of the underwriting commissions received by such Underwriter in connection with the Securities underwritten by it and distributed to the public. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the 1933 Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this <U>Section</U><U></U><U>&nbsp;7</U>, each
person, if any, who controls an Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934 Act and each Underwriter&#146;s Affiliates and selling agents shall have the same rights to contribution as such
Underwriter, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the 1933 Act or Section&nbsp;20 of the 1934
Act shall have the same rights to contribution as the Company. The Underwriters&#146; respective obligations to contribute pursuant to this <U>Section</U><U></U><U>&nbsp;7</U> are several in proportion to the number of Initial Securities set forth
opposite their respective names in <U>Schedule A</U> hereto and not joint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;8. Representations, Warranties
and Agreements to Survive.</B> All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of
(i)&nbsp;any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers and directors, or any person controlling the Company and (ii)&nbsp;delivery of and payment
for the Securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;9. Termination of Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B><I>Termination</I></B>. The Representatives may terminate this Agreement, by notice to the Company, at any time at or prior to the
Closing Time (i)&nbsp;if there has been, in the judgment of the Representatives, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration Statement, the General Disclosure
Package and the Prospectus, a Material Adverse Effect, or (ii)&nbsp;if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the
Representatives, impracticable or inadvisable to proceed with the completion of the offering or to enforce contracts for the sale of the Securities, or (iii)&nbsp;if trading in any securities of the Company has been suspended or materially limited
by the Commission or Nasdaq, or (iv)&nbsp;if trading generally on the New York Stock Exchange or on Nasdaq has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been
required, by any of said exchanges or by order of the Commission, FINRA or any other Governmental Entity, or (v)&nbsp;a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or
with respect to Clearstream or Euroclear systems in Europe, or (vi)&nbsp;if a banking moratorium has been declared by either federal or New York authorities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B><I>Liabilities</I></B>. If this Agreement is terminated pursuant to this <U>Section</U><U></U><U>&nbsp;9</U>, such termination shall be
without liability of any party to any other party except as provided in <U>Section</U><U></U><U>&nbsp;4</U> hereof, and provided further that <U>Sections 1</U>, <U>6</U>, <U>7</U>, <U>8</U>, <U>9(b)</U>, <U>15</U> and <U>16</U> shall survive such
termination and remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;10. Default by One or More of the Underwriters.</B> If one
or more of the Underwriters shall fail at the Closing Time or a Date of Delivery to purchase the Securities which it or they are obligated to purchase under this Agreement (the &#147;<B><I>Defaulted Securities</I></B>&#148;), the Representatives
shall have the right, within 24 hours thereafter, to make arrangements for one or more of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or any other underwriters reasonably satisfactory to the Company, to purchase all, but
not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such
<FONT STYLE="white-space:nowrap">24-hour</FONT> period, then: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) if the number of Defaulted Securities does not exceed
10% of the number of Securities to be purchased on such date, each of the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that
their respective underwriting obligations hereunder bear to the underwriting obligations of all <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriters, or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) if the number of Defaulted Securities equals or exceeds 10% of the
number of Securities to be purchased on such date, this Agreement or, with respect to any Date of Delivery which occurs after the Closing Time, the obligation of the Underwriters to purchase, and the Company to sell, the Option Securities to be
purchased and sold on such Date of Delivery shall terminate without liability on the part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter. Any termination of this Agreement pursuant to this Section&nbsp;10 shall be without
liability on the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section&nbsp;4 hereof and provided further that <U>Sections 1</U>, <U>6</U>, <U>7</U>, <U>8</U>, <U>9(b)</U>,
<U>15</U> and <U>16</U> shall survive such termination and remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No action taken pursuant to this
<U>Section</U><U></U><U>&nbsp;10</U> shall relieve any defaulting Underwriter from liability in respect of its default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of
any such default which does not result in a termination of this Agreement or, in the case of a Date of Delivery which is after the Closing Time, which does not result in a termination of the obligation of the Underwriters to purchase and the Company
to sell the relevant Option Securities, as the case may be, either (i)&nbsp;the Representatives or (ii)&nbsp;the Company shall have the right to postpone the Closing Time or the relevant Date of Delivery, as the case may be, for a period not
exceeding seven days in order to effect any required changes in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;11. Default by the Company.</B> If the Company shall fail at the Closing Time or a Date of Delivery, as the case
may be, to sell the number of Securities that it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of any nondefaulting party; provided, however, that the provisions of <U>Sections 1</U>, <U>4</U>,
<U>6</U>, <U>7</U>, <U>8</U>, <U>9(b)</U>, <U>15</U> and <U>16</U> shall remain in full force and effect. No action taken pursuant to this Section shall relieve the Company from liability, if any, in respect of such default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;12. Notices.</B> All notices and other communications hereunder shall be in writing and shall be deemed to have
been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters shall be directed to the Representatives c/o Canaccord Genuity LLC, 99 High Street, 12th floor, Boston, MA 02110, Attention: Syndicate
Department and c/o Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, CA 92660, Attention: Syndicate Department; and notices to the Company shall be directed to it at Delcath Systems, Inc., 1633 Broadway, Suite 22C, New York, NY
10019, Attention: Chief Executive Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. <FONT
STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include
the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;13. No Advisory or Fiduciary Relationship.</B> The Company acknowledges and agrees that (a)&nbsp;the purchase
and sale of the Securities pursuant to this Agreement, including the determination of the public offering price of the Securities and any related discounts and commissions, is an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial
transaction between the Company, on the one hand, </P>
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and the several Underwriters, on the other hand, (b)&nbsp;in connection with the offering of the Securities and the process leading thereto, each Underwriter is and has been acting solely as a
principal and is not the agent or fiduciary of the Company or its respective stockholders, creditors, employees or any other party, (c)&nbsp;no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company
with respect to the offering of the Securities or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with
respect to the offering of the Securities except the obligations expressly set forth in this Agreement, (d)&nbsp;the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Company, and (e)&nbsp;the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Securities and the Company has consulted its own respective legal, accounting, regulatory and
tax advisors to the extent it deemed appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;14. Parties.</B> This Agreement shall each inure to the
benefit of and be binding upon the Underwriters, the Company and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters,
the Company and their respective successors and the controlling persons and officers and directors referred to in <U>Sections 6</U> and <U>7</U> and their successors, heirs and legal representatives, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters, the Company and their respective successors,
and said controlling persons and officers and directors and their successors, heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be deemed to be a
successor by reason merely of such purchase. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on
behalf of any Underwriter made or given by the Representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;15. Recognition of the U.S. Special
Resolution Regimes. </B>In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or
under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state
of the United States. In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be
exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of
the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this Section&nbsp;15, a &#147;<B>BHC Act Affiliate</B>&#148; has the meaning assigned to the term
&#147;affiliate&#148; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k). &#147;<B>Covered Entity</B>&#148; means any of the following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and interpreted in
accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#147;covered bank&#148; as that term is </P>
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defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
382.2(b). &#147;<B>Default Right</B>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. &#147;<B>U.S. Special Resolution Regime</B>&#148; means
each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;16. Trial by Jury.</B> The Company (on its behalf and, to the extent permitted by applicable law, on behalf of
its stockholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;17. GOVERNING LAW.</B> THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;18. TIME.</B> TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED
TIMES OF DAY REFER TO NEW YORK CITY TIME. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;19. Partial Unenforceability.</B> The invalidity or
unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;20. Counterparts.</B> This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;21. Effect of Headings.</B> The Section headings herein are for convenience only and shall not affect the
construction hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;22. Entire Agreement.</B> This Agreement supersedes all prior agreements and
understandings (whether written or oral) between the Company and the Underwriters with respect to the subject matter hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<B><I>Remainder of the page intentionally left blank; signature page follows</I></B>] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance with its terms. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DELCATH SYSTEMS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard Michel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Gerard Michel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Chief Executive Officer</TD></TR>
</TABLE></DIV>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONFIRMED AND ACCEPTED,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as of the
date first above written:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CANACCORD GENUITY LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eugene Rozelman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Eugene Rozelman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp; Manager Director</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For itself and as Representative of the other Underwriters named in Schedule A hereto. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3">ROTH CAPITAL PARTNERS, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Aaron M. Gurewitz</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Aaron M. Gurewitz</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp; Head of Equity Markets</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For itself and as Representative of the other Underwriters named in Schedule A hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Schedule A </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name of Underwriter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B><br><B>of Initial<BR>Securities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">905,217</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">554,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,460,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Price per share: $12.455</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Schedule <FONT STYLE="white-space:nowrap">B-1</FONT> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERMS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Issuer: Delcath Systems,
Inc. (Nasdaq: DCTH) (the &#147;Company&#148;) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shares offered by the Company: 1,460,027 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shares offered by the Company included in Underwriters&#146; option to purchase additional shares: 219,004 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Price to Public: $13.25 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Schedule <FONT STYLE="white-space:nowrap">B-2</FONT> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FREE WRITING PROSPECTUSES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Schedule C </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIST OF PERSONS AND ENTITIES SUBJECT TO <FONT STYLE="white-space:nowrap">LOCK-UP</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gerard Michel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Purpura </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christine Padula </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dr.&nbsp;Roger&nbsp;G. Stoll </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Sylvester </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Elizabeth Czerepak </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven Salamon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gil Aharon </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Schedule D </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Subsidiaries </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath Holdings Limited*
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath Systems, B.V. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath Systems GmbH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath Systems Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath Systems UK Limited* </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subsidiary is inactive; dissolution in process. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g64437g1212002912723.jpg" ALT="LOGO">
</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">McCarter&nbsp;&amp;&nbsp;English,&nbsp;LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Four
Gateway Center</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Mulberry Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newark, NJ 07102-4056</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.mccarter.com</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;11, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representatives of the several
Underwriters </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99 High Street,
12th Floor, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02110 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Roth Capital
Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">888 San Clemente Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newport Beach,
California 92660 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Delcath Systems, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please be advised that this firm is counsel to Delcath Systems, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;). We have been
requested to furnish you our opinion with respect to the issuance of 1,679,031 shares (the &#147;<U>Shares</U>&#148;) of the Company&#146;s common stock, par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;) currently registered pursuant
to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (the &#147;Registration Statement&#148;), which was declared effective by the Securities and Exchange Commission on December&nbsp;21, 2018 (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-227970).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shares are to be issued by the Company to Canaccord Genuity LLC and Roth Capital Partners,
LLC (collectively, the &#147;<U>Underwriters</U>&#148;), pursuant to that certain Underwriting Agreement, dated December&nbsp;9, 2020, between the Company and the Underwriters (the &#147;<U>Underwriting Agreement</U>&#148;). All terms not otherwise
defined herein shall have the meanings ascribed to them in the Underwriting Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this letter, we have examined (i)&nbsp;the
Registration Statement, (ii)&nbsp;the Underwriting Agreement and (iii)&nbsp;the prospectus supplement, dated December&nbsp;9, 2020 (the &#147;<U>Prospectus Supplement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our capacity as counsel to the Company in connection with the matters referred to above, we have also examined copies of the following: (i)&nbsp;the
Amended and Restated Certificate of Incorporation of the Company, as amended, (ii)&nbsp;the Amended and Restated <FONT STYLE="white-space:nowrap">By-laws</FONT> of the Company and (iii)&nbsp;records of certain of the Company&#146;s corporate
proceedings as reflected in its minute books. We have also examined such other documents and records, instruments and certificates of public officials, officers and representatives of the Company, and have made such other investigations as we have
deemed necessary or appropriate under the circumstances. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 11, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies, and the authenticity of the originals of such documents. As to
certain facts material to this opinion, we have relied upon oral or written statements and representations of officers and other representatives of the Company and public officials, and such other documents and information as we have deemed
necessary or appropriate to enable us to render the opinions expressed below. We have not undertaken any independent investigation to determine the accuracy of any such facts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon, assuming and subject to the validity of the information provided to us and the representations set forth in the Registration Statement, the
Prospectus Supplement and the Underwriting Agreement (and in this regard we have assumed that such information and representations given or dated earlier than this opinion letter have remained accurate from such earlier date to the date of this
opinion letter), it is our opinion that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Delaware. The Company has the corporate power and authority to own, lease and operate its properties and assets and to carry on its business as now conducted (as described in the Registration Statement and the
Prospectus Supplement). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Underwriting Agreement has been duly and validly authorized, executed and delivered by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Shares have been duly authorized and, when issued and paid for pursuant to the terms of the Underwriting Agreement, will be validly
issued, fully paid and nonassessable and free of any preemptive rights arising by operation of the General Corporation Law of the State of Delaware (the &#147;<U>DGCL</U>&#148;) or rights of first refusal or other similar rights to subscribe for the
Shares pursuant to the Company&#146;s amended and restated certificate of incorporation, as amended, amended and restated bylaws or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 11, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the DGCL, or under any material agreement listed in the exhibit index to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for its fiscal year ended
December&nbsp;31, 2019 filed with the Commission on March&nbsp;25, 2020 and any quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> of the Company subsequently
filed with the Commission (each, a &#147;<U>Material Agreement</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Registration Statement is currently effective under the
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and no stop order suspending the effectiveness of the Registration Statement under the Securities Act has been issued and no proceedings for that purpose have been
instituted or, to our knowledge, threatened. Any required filing of the Prospectus pursuant to Rule 424(b) under the Securities Act has been made in the manner and within the time required by Rule 424(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Registration Statement and the Prospectus Supplement (other than the financial statements and schedules and other financial data
included or incorporated by reference therein, as to which we express no opinion), complied as of their respective effective or filing dates in all material respects as to form with the requirements of the Securities Act and the rules and
regulations of the Commission promulgated thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The Registration Statement, when it was filed with the Commission, complied as to
form in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. The execution, delivery and performance by the Company of, and the compliance by the Company with the terms of, the Underwriting Agreement
and the issuance, sale and delivery of the Shares pursuant to the Underwriting Agreement do not (a)&nbsp;conflict with or result in a violation of any provision of law, rule or regulation or any rule or regulation of any securities exchange
applicable to the Company or of the amended and restated certificate of incorporation, as amended, or amended and restated bylaws of the Company, (b)&nbsp;conflict with, result in a breach of or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or result in or permit the termination or modification of, a Material Agreement, (c)&nbsp;conflict with or result in any breach or violation of or constitute a default under any order, writ,
judgment or decree known to us to which the Company is a party or is subject, or (d)&nbsp;to our knowledge, result in the creation or imposition of any lien, claim or encumbrance on any of the assets or properties of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 11, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. To our knowledge, except as set forth in the Company&#146;s filings with the Commission,
there is (i)&nbsp;no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened, before any Governmental Entity against the Company, or any of its officers, directors or employees (in connection with the discharge
of their duties as officers, directors and employees), of the Company, or affecting any of its properties or assets and (ii)&nbsp;no indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a
character required to be filed as an exhibit to the Registration Statement, which is not filed as required by the Securities Act and the rules thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. In connection with the valid execution, delivery and performance by the Company of the Underwriting Agreement, or the offer, sale, issuance
or delivery of the Shares or the consummation of the transactions contemplated thereby, no consent, license, permit, waiver, approval or authorization of, or designation, declaration, registration or filing with, any Governmental Entity is required,
other than (a)&nbsp;registration pursuant to the Securities Act, (b)&nbsp;approval for listing of the Shares on Nasdaq and (c)&nbsp;review and no objection from FINRA with respect to the terms of the sale of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described
in the Prospectus Supplement will not be, required to register as an Investment Company within the meaning of the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. The information included in the Registration Statement and the Prospectus Supplement under the caption &#147;Description of Capital
Stock,&#148; as such information has been revised and updated, to the extent that each of them constitutes matters of law, summaries of legal matters, documents referred to therein or legal conclusions, have been reviewed by us and fairly summarize
the matters set forth therein in all material respects. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Except as set forth in the Registration Statement and the Prospectus
Supplement, no holders of securities of the Company have rights to require the registration under the Securities Act of resales of such securities under any Material Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 11, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are qualified to practice law in the State of New York and do not purport to be experts on any law other
than the laws of the State of New York, the General Corporation Law of the State of Delaware and the Federal law of the United States. We express no opinion regarding any state securities laws or regulations. This opinion letter is limited to the
specific legal matters expressly set forth herein and is limited to present statutes, regulations and administrative and judicial interpretations as of the date hereof. We assume no obligation to revise or supplement this opinion in the event of
future changes in such laws or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion is rendered solely for your benefit and may not be relied upon by any person or entity other
than the addressee hereof. Without our prior written consent, except in a legal proceeding regarding the contents hereof, this opinion may not be quoted in whole or in part or otherwise referred to in any report or document furnished to any person
or entity. This opinion is limited to the matters expressly set forth herein, and no opinion is to be implied or may be inferred beyond the matters expressly so stated. We disclaim any requirement to update this opinion subsequent to the date hereof
or to advise you of any change in any matter set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">McCARTER&nbsp;&amp; ENGLISH, LLP </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit B </I></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">LOCK-UP</FONT> AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December ___, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CANACCORD GENUITY LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ROTH CAPITAL PARTNERS, LLC </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As Representatives of
the Several Underwriters </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99 High
Street, 12th Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, Massachusetts 02110 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Roth
Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">888 San Clemente Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newport Beach,
California 92660 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that Canaccord Genuity LLC (&#147;<U>Canaccord</U>&#148;) and Roth Capital Partners, LLC (&#147;<U>Roth</U>&#148;
and together with Canaccord, the &#147;<U>Representatives</U>&#148;), as representatives of the several underwriters (the &#147;<U>Underwriters</U>&#148;), propose to enter into an Underwriting Agreement (the &#147;<U>Underwriting
Agreement</U>&#148;) with Delcath Systems, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), providing for the public offering (the &#147;<U>Public Offering</U>&#148;) by the Underwriters of shares of the Company&#146;s common stock,
par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To induce the Underwriters to continue their efforts in connection with
the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representatives, it will not, during the period commencing on the date hereof and ending 90 days after the date of the final prospectus supplement
relating to the Public Offering (the &#147;<U><FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period</U>&#148;), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, or (2)&nbsp;enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (1)&nbsp;or (2) above is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a)&nbsp;the sale of shares of Common Stock to the Underwriters pursuant to the Underwriting Agreement; (b)&nbsp;transactions relating to shares of
Common Stock or other securities acquired in open market transactions after the completion of the Public Offering; (c)&nbsp;transfers of shares of Common Stock or any security convertible into Common Stock as a bona fide gift, by will or intestacy
or to a family member, trust, family limited partnership or limited liability company for the benefit of the undersigned or a family member of the undersigned; (d)&nbsp;the establishment of a trading plan pursuant to Rule <FONT
STYLE="white-space:nowrap">10b5-1</FONT> under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), for the transfer of shares of Common Stock, <I>provided</I> that (i)&nbsp;such plan does not provide for the
transfer of Common Stock during the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period and (ii)&nbsp;no public announcement or filing under the Exchange Act is required of or voluntarily made by or on behalf of the undersigned or the Company
regarding the establishment of such plan; and (e)&nbsp;transfers to Affiliates (as defined in the Underwriting Agreement); <I>provided</I> that in the case of any transfer or distribution pursuant to clauses&nbsp;(c) and (e), each donee, distributee
or other transferee shall sign and deliver a <FONT STYLE="white-space:nowrap">lock-up</FONT> letter substantially in the form of this letter agreement. In addition, the </P>
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undersigned agrees that, without the prior written consent of the Representatives, it will not, during the <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Period, make any demand for or exercise
any right with respect to, the registration of any shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company&#146;s transfer agent and registrar against the transfer of the undersigned&#146;s shares of Common Stock except in compliance with the foregoing restrictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No provision in this letter agreement shall be deemed to restrict or prohibit the exercise or exchange by the undersigned of any option or
warrant to acquire shares of Common Stock, or securities exchangeable or exercisable for or convertible into Common Stock, <I>provided that</I> the undersigned does not transfer the Common Stock acquired on such exercise or exchange during the <FONT
STYLE="white-space:nowrap">Lock-Up</FONT> Period, unless otherwise permitted pursuant to the terms of this letter agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
undersigned understands that the Company and the Underwriters are relying upon this letter agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this letter agreement is irrevocable and shall be
binding upon the undersigned&#146;s heirs, legal representatives, successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that, if
(i)&nbsp;the Underwriting Agreement is not executed by January&nbsp;31, 2021, (ii) the Company notifies the Underwriters in writing that it does not intend to proceed with the Public Offering or (iii)&nbsp;the Underwriting Agreement (other than the
provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Common Stock to be sold thereunder, the undersigned shall be released from all obligations under this letter agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whether or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only
be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter agreement shall be governed by, and construed in accordance with, the laws of
the State of New York. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">(Name)</TD></TR>
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<TD VALIGN="top">(Address)</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">McCarter&nbsp;&amp; English, LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Four Gateway
Center</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Mulberry Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newark, NJ 07102-4056</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.mccarter.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;11, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Representatives of the several Underwriters </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Canaccord
Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">99 High Street, 12th Floor, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston,
Massachusetts 02110 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Roth Capital Partners, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">888 San
Clemente Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Delcath
Systems, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please be advised that
this firm is counsel to Delcath Systems, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;). We have been requested to furnish you our opinion with respect to the issuance of 1,679,031 shares (the &#147;<U>Shares</U>&#148;) of the
Company&#146;s common stock, par value $0.01 per share (the &#147;<U>Common Stock</U>&#148;) currently registered pursuant to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (the &#147;Registration Statement&#148;),
which was declared effective by the Securities and Exchange Commission on December&nbsp;21, 2018 (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-227970).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shares are to be issued by the Company to Canaccord Genuity LLC and Roth Capital Partners, LLC (collectively, the &#147;<U>Underwriters</U>&#148;),
pursuant to that certain Underwriting Agreement, dated December&nbsp;9, 2020, between the Company and the Underwriters (the &#147;<U>Underwriting Agreement</U>&#148;). All terms not otherwise defined herein shall have the meanings ascribed to them
in the Underwriting Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this letter, we have examined (i)&nbsp;the Registration Statement, (ii)&nbsp;the Underwriting Agreement
and (iii)&nbsp;the prospectus supplement, dated December&nbsp;9, 2020 (the &#147;<U>Prospectus Supplement</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our capacity as counsel to the
Company in connection with the matters referred to above, we have also examined copies of the following: (i)&nbsp;the Amended and Restated Certificate of Incorporation of the Company, as amended, (ii)&nbsp;the Amended and Restated <FONT
STYLE="white-space:nowrap">By-laws</FONT> of the Company and (iii)&nbsp;records of certain of the Company&#146;s corporate proceedings as reflected in its minute books. We have also examined such other documents and records, instruments and
certificates of public officials, officers and representatives of the Company, and have made such other investigations as we have deemed necessary or appropriate under the circumstances. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;11, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies, and the authenticity of the originals of such documents. As to
certain facts material to this opinion, we have relied upon oral or written statements and representations of officers and other representatives of the Company and public officials, and such other documents and information as we have deemed
necessary or appropriate to enable us to render the opinions expressed below. We have not undertaken any independent investigation to determine the accuracy of any such facts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon, assuming and subject to the validity of the information provided to us and the representations set forth in the Registration Statement, the
Prospectus Supplement and the Underwriting Agreement (and in this regard we have assumed that such information and representations given or dated earlier than this opinion letter have remained accurate from such earlier date to the date of this
opinion letter), it is our opinion that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Delaware. The Company has the corporate power and authority to own, lease and operate its properties and assets and to carry on its business as now conducted (as described in the Registration Statement and the
Prospectus Supplement). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Underwriting Agreement has been duly and validly authorized, executed and delivered by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Shares have been duly authorized and, when issued and paid for pursuant to the terms of the Underwriting Agreement, will be validly
issued, fully paid and nonassessable and free of any preemptive rights arising by operation of the General Corporation Law of the State of Delaware (the &#147;<U>DGCL</U>&#148;) or rights of first refusal or other similar rights to subscribe for the
Shares pursuant to the Company&#146;s amended and restated certificate of incorporation, as amended, amended and restated bylaws or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;11, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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the DGCL, or under any material agreement listed in the exhibit index to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for its fiscal year ended
December&nbsp;31, 2019 filed with the Commission on March&nbsp;25, 2020 and any quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> of the Company subsequently
filed with the Commission (each, a &#147;<U>Material Agreement</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Registration Statement is currently effective under the
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and no stop order suspending the effectiveness of the Registration Statement under the Securities Act has been issued and no proceedings for that purpose have been
instituted or, to our knowledge, threatened. Any required filing of the Prospectus pursuant to Rule 424(b) under the Securities Act has been made in the manner and within the time required by Rule 424(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Registration Statement and the Prospectus Supplement (other than the financial statements and schedules and other financial data
included or incorporated by reference therein, as to which we express no opinion), complied as of their respective effective or filing dates in all material respects as to form with the requirements of the Securities Act and the rules and
regulations of the Commission promulgated thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The Registration Statement, when it was filed with the Commission, complied as to
form in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. The execution, delivery and performance by the Company of, and the compliance by the Company with the terms of, the Underwriting Agreement
and the issuance, sale and delivery of the Shares pursuant to the Underwriting Agreement do not (a)&nbsp;conflict with or result in a violation of any provision of law, rule or regulation or any rule or regulation of any securities exchange
applicable to the Company or of the amended and restated certificate of incorporation, as amended, or amended and restated bylaws of the Company, (b)&nbsp;conflict with, result in a breach of or constitute a default (or an event which with notice or
lapse of time or both would become a default) under, or result in or permit the termination or modification of, a Material Agreement, (c)&nbsp;conflict with or result in any breach or violation of or constitute a default under any order, writ,
judgment or decree known to us to which the Company is a party or is subject, or (d)&nbsp;to our knowledge, result in the creation or imposition of any lien, claim or encumbrance on any of the assets or properties of the Company. </P>
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Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;11, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. To our knowledge, except as set forth in the Company&#146;s filings with the Commission,
there is (i)&nbsp;no claim, action, suit, proceeding, arbitration, investigation or inquiry, pending or threatened, before any Governmental Entity against the Company, or any of its officers, directors or employees (in connection with the discharge
of their duties as officers, directors and employees), of the Company, or affecting any of its properties or assets and (ii)&nbsp;no indenture, contract, lease, mortgage, deed of trust, note agreement, loan or other agreement or instrument of a
character required to be filed as an exhibit to the Registration Statement, which is not filed as required by the Securities Act and the rules thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. In connection with the valid execution, delivery and performance by the Company of the Underwriting Agreement, or the offer, sale, issuance
or delivery of the Shares or the consummation of the transactions contemplated thereby, no consent, license, permit, waiver, approval or authorization of, or designation, declaration, registration or filing with, any Governmental Entity is required,
other than (a)&nbsp;registration pursuant to the Securities Act, (b)&nbsp;approval for listing of the Shares on Nasdaq and (c)&nbsp;review and no objection from FINRA with respect to the terms of the sale of the Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. The Company is not, and after giving effect to the offering and sale of the Shares and the application of the proceeds thereof as described
in the Prospectus Supplement will not be, required to register as an Investment Company within the meaning of the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. The information included in the Registration Statement and the Prospectus Supplement under the caption &#147;Description of Capital
Stock,&#148; as such information has been revised and updated, to the extent that each of them constitutes matters of law, summaries of legal matters, documents referred to therein or legal conclusions, have been reviewed by us and fairly summarize
the matters set forth therein in all material respects. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Except as set forth in the Registration Statement and the Prospectus
Supplement, no holders of securities of the Company have rights to require the registration under the Securities Act of resales of such securities under any Material Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Canaccord Genuity LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roth Capital Partners, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;11, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are qualified to practice law in the State of New York and do not purport to be experts on any law other
than the laws of the State of New York, the General Corporation Law of the State of Delaware and the Federal law of the United States. We express no opinion regarding any state securities laws or regulations. This opinion letter is limited to the
specific legal matters expressly set forth herein and is limited to present statutes, regulations and administrative and judicial interpretations as of the date hereof. We assume no obligation to revise or supplement this opinion in the event of
future changes in such laws or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion is rendered solely for your benefit and may not be relied upon by any person or entity other
than the addressee hereof. Without our prior written consent, except in a legal proceeding regarding the contents hereof, this opinion may not be quoted in whole or in part or otherwise referred to in any report or document furnished to any person
or entity. This opinion is limited to the matters expressly set forth herein, and no opinion is to be implied or may be inferred beyond the matters expressly so stated. We disclaim any requirement to update this opinion subsequent to the date hereof
or to advise you of any change in any matter set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g64437g1211184711810.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">McCARTER&nbsp;&amp; ENGLISH, LLP </P>
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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="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Canaccord Genuity LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">99 High Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Suite 1200</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Boston, MA</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">USA 02110</P></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"><B><I>CONFIDENTIAL </I></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">November&nbsp;25, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">T1: 1.617.371.3900</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">T2: 1.800.225.6201</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>cgf.com</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; 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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor, Suite C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Gerard Michel </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Chief Executive Officer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Michel,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter (the &#147;Agreement&#148;) will confirm the basis upon which Delcath Systems, Inc. (&#147;Client&#148;) has engaged Canaccord Genuity LLC
(together with its affiliates, control persons, directors, officers, employees and agents, &#147;CG&#148;) to act as Client&#146;s exclusive agent and financial advisor in connection with a registered public offering, on a best efforts basis or in a
firm commitment underwriting, of one or more classes or series of securities of Client (the &#147;Securities&#148;). The Securities may take the form of common stock or other equity-related securities, including warrants and convertible debt. The
offering of the Securities shall be referred to as the &#147;Offering.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the date of this Agreement, Client intends to sell approximately
$20&nbsp;million in Securities. The number or amount and price of the Securities Client shall ultimately agree to sell is entirely within Client&#146;s sole discretion. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Services to be Rendered</U>. In performing its services hereunder, CG will: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">familiarize itself with the business, operations, properties, financial condition and prospects of Client;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">assist Client in the development of descriptive textual and financial materials for filing with the SEC and
other applicable regulatory authorities and distribution to potential investors; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">coordinate the marketing and distribution of the Securities to potential investors, including determination of
the terms and pricing of the Securities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Type of Offering</U>. It is understood that the form of the Offering undertaken by Client and CG shall be
subject to the mutual agreement of Client and CG, and that the consummation of any Offering will be subject to, among other things, market conditions. The Offering will be subject to the execution of an underwriting or placement agency agreement
between Client and CG in a form customary for such transactions and mutually satisfactory to each party. It is understood that neither Client nor CG shall have any obligation to undertake an Offering </P></TD></TR></TABLE>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <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">November&nbsp;25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 7 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">except pursuant to such an agreement. Any Offering undertaken not as a firm commitment
underwriting will be undertaken strictly on a best efforts basis. Any Offering hereunder shall further be subject to the approval of CG&#146;s internal committee, in its sole discretion, in accordance with its usual practices. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">CG will act as a lead left bookrunner of the Offering and will be entitled to a minimum of 62% of the aggregate underwriting discounts,
commissions or other fees (collectively, the &#147;Underwriting Fees&#148;). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>3.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U></U><U>Fees</U>. In consideration for its services hereunder, Client shall pay to CG the following fees with
such Cash amounts payable by wire transfer of immediately available funds, upon and subject to the closing of the Offering, a placement fee or underwriting discount (the &#147;Offering Fee&#148;) equal to (A) 6.0% of (i)&nbsp;Gross Proceeds, in the
case of a best efforts offering or (ii)&nbsp;the aggregate price to the public, in the case of a firm commitment underwriting, in each case of (i)&nbsp;and (ii) from sales of common stock or other equity-related securities, including warrants;
<U>plus</U> (B) 4.0% of the aggregate principal amount of convertible debt securities sold in the Offering. For purposes hereof, the term &#147;Gross Proceeds&#148; shall mean the aggregate proceeds received by Client at the closing (or closings if
there shall be more than one) of the Offering. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>4.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Expenses</U>. In addition to any fees that may be payable to CG hereunder and regardless of whether any
Offering is proposed or closed, the Company hereby agrees, from time to time upon request, to reimburse CGfor all of its reasonable expenses arising out of the engagement hereunder (including travel and related expenses, the costs of document
preparation, production and distribution (such as printing and binding, and photocopies), and third party research and database services). In addition, the Company agrees to reimburse the reasonable fees and disbursements of independent counsel
retained by CG in connection with this Agreement, which shall include, without limitation, legal expenses incurred to initially set up the Offering, provided that such expenses shall not exceed $75,000. In the event that the Company advances payment
for expenses to CG pursuant to this Section&nbsp;4, and such expenses are not ultimately incurred by CG, CG agrees to reimburse the Company for such unincurred expenses upon the earlier of (a)&nbsp;the closing of the Offering, or (b)&nbsp;the date
CG&#146;s engagement terminates pursuant to Section&nbsp;8 hereof. Nothing herein will be deemed to limit in any manner the indemnification, expense reimbursement, and other obligations of the Company pursuant to the provisions set forth in Annexes
A, which is incorporated by reference into this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>5.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. Client acknowledges that this Agreement and all opinions and advice (whether written or
oral) given by CG to Client in connection with CG&#146;s engagement are confidential and are intended solely for the benefit and use of Client. Client further acknowledges that neither the terms of this Agreement nor CG&#146;s engagement hereunder
nor any of CG&#146;s opinions or financial advice will be disclosed to any third party, without the prior written consent of CG, except as required by law. CG agrees that any <FONT STYLE="white-space:nowrap">non-public</FONT> information relating to
Client or any potential Investor received by CG from or at the direction of Client will be used by CG solely for the purpose of performing its agency and </P></TD></TR></TABLE>
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 <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">November&nbsp;25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 7 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">advisory roles and that CG will maintain the confidentiality thereof. Notwithstanding the
foregoing, CG may disclose confidential information hereunder (i)&nbsp;to such of its employees and advisors as CG determines have a need to know and who are bound to hold such information confidential, and (ii)&nbsp;to the extent necessary to
comply with any order or other action of a court or administrative agency of competent jurisdiction. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>6.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Due Diligence</U>. It is understood that CG&#146;s role in the Offering will be subject to the satisfactory
completion of investigation and inquiry into the affairs of Client as CG deems appropriate and necessary under the circumstances (&#147;Due Diligence&#148;). CG shall have the right, in its sole discretion, to terminate its involvement in the
Offering if the outcome of the Due Diligence is not to its satisfaction or if approval of its internal committee is not obtained (&#147;Early Termination&#148;). In the event of an Early Termination by CG, the Client shall not be required to
reimburse CG for its expenses incurred pursuant to Section&nbsp;4 of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>7.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Exclusivity</U>. During the term of this Agreement Client will not, and will not permit its representatives,
to: (i)&nbsp;contact or solicit institutions, corporations or other entities as potential purchasers of the Securities; or (ii)&nbsp;pursue any financing transaction which would be in lieu of the contemplated Offering. Furthermore, Client agrees
that during the term of this Agreement, all inquiries, whether direct or indirect, from prospective Investors will be referred to CG and will be deemed to have been contacted by CG in connection with the Offering. Client may reject any potential
Investor if, in its discretion, Client believes that the inclusion of such Investor as a purchaser of the Securities would be incompatible with the best interests of Client. Client shall not be obligated to sell the Securities or to accept any offer
thereof, and the terms of such Securities and the final decision to issue the same shall be subject to the discretionary approval of Client. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>8.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Term and Termination of Engagement</U>. The term of this Agreement shall extend from the date hereof until
terminated under this Section&nbsp;8. CG&#146;s engagement hereunder shall terminate upon the earliest to occur of: (i)&nbsp;Early Terminaton; (ii)&nbsp;the closing of the Offering; (iii)&nbsp;the termination of this Agreement by either Client or CG
at any time for any reason, upon ten (10)&nbsp;days written notice to the other party. In the event this Agreement expires or is terminated prior to the closing of the Offering, the rights and obligations of the parties shall cease except as set
forth in Sections 8(a) and 8(b) below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless terminated by CG for any reason, or unless terminated by the Company for Cause, (i)&nbsp;CG will be
entitled to its full fee under Section&nbsp;3 hereof in the event that at any time prior to the expiration of six (6)&nbsp;months after the termination or expiration of this Agreement a Client completes an Offering of Securities for cash; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the provisions of this Section&nbsp;8 and of Sections 3, 4, 5, 9, 10, and 11 hereof shall survive such
termination. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon any termination of this Agreement by the Company for Cause, the Company shall have no further
obligation to CG with respect to the payment of termination fees or future Offerings under this Section&nbsp;8. </P>
</DIV></Center>


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 <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">November&nbsp;25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 of 7 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, &#147;Cause&#148; shall mean CG&#146;s material failure to
provide the underwriting services contemplated by this Agreement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>9.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Indemnification; Contribution</U>. In consideration of and as a condition precedent to CG undertaking the
engagement contemplated by this letter, Client agrees to the indemnification provisions and other matters set forth in <U>Annex A</U>, which is incorporated by reference into this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>10.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Reliance on Others</U>. Client confirms that it will rely on its own counsel and accountants for legal, tax
and accounting advice. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>11.</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Miscellaneous</U>. Nothing in this Agreement is intended to obligate or commit CG to provide any services
other than as set forth above. This Agreement may be executed in counterparts, each of which shall be deemed an original, but which together shall be considered a single instrument. This Agreement constitutes the entire agreement between the parties
hereto, and supersedes all prior agreements and understandings (both written and oral) of the parties hereto with respect to the subject matter hereof, and cannot be amended or otherwise modified except in writing executed by the parties hereto.
Neither party may assign its rights or delegate its obligations hereunder without the prior written consent of the other party. Client and CG represent and warrant that each has the requisite power and authority to enter into and carry out the terms
and provisions of this Agreement and that the execution, delivery and performance of this Agreement does not breach or conflict with any agreement, document or instrument to which it is a party or bound. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are in agreement with the foregoing, please sign where indicated below, whereupon this Agreement shall become effective as of the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CANACCORD GENUITY LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eugene Rozelman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eugene Rozelman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Head</FONT> of Healthcare, Head of U.S. Biotech&nbsp;&amp; Spec Pharma</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DELCATH SYSTEMS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard Michel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gerard Michel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE>
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 <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">November&nbsp;25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 of 7 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ANNEX A </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
the event that Canaccord Genuity LLC or any of its affiliates (&#147;Canaccord Genuity&#148;), the respective shareholders, directors, officers, agents or employees of Canaccord Genuity, or any other person controlling Canaccord Genuity
(collectively, together with Canaccord Genuity, &#147;Indemnified Persons&#148;) becomes involved in any capacity in any action, claim, suit, investigation or proceeding, actual or threatened, brought by or against any person, including stockholders
of Delcath Systems, Inc. (the &#147;Company&#148;), in connection with or as a result of (i)&nbsp;the engagement contemplated by the letter agreement to which this Annex A is attached (the &#147;engagement&#148;), or (ii)&nbsp;any untrue statement
or alleged untrue statement of a material fact contained in any offering materials, including but not limited to any registration statement, prospectus and any prospectus supplement used to offer securities of the Company in a transaction subject to
the engagement as such materials may be amended or supplemented (and including but not limited to any documents deemed to be incorporated therein by reference) (collectively, the &#147;Offering Materials&#148;), or any omission or alleged omission
to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Company will reimburse such Indemnified Person for its legal and other expenses
(including without limitation the costs and expenses incurred in connection with investigating, preparing for and responding to third party subpoenas or enforcing the engagement) incurred in connection therewith as such expenses are incurred;
<U>provided</U>,<U> however</U>, that with respect to clause (i)&nbsp;above if it is finally determined by a court or arbitral tribunal in any such action, claim, suit, investigation or proceeding that any loss, claim damage or liability of
Canaccord Genuity or any other Indemnified Person has resulted primarily and directly from the gross negligence or willful misconduct of Canaccord Genuity in performing the services that are the subject of the engagement, then Canaccord Genuity will
repay such portion of reimbursed amounts that is attributable to expenses incurred in relation to the act or omission of Canaccord Genuity which is the subject of such determination. The Company will also indemnify and hold harmless each Indemnified
Person from and against any losses, claims, damages or liabilities (including actions or proceedings in respect thereof) (collectively, &#147;Losses&#148;) related to or arising out of (i)&nbsp;the engagement, or (ii)&nbsp;any untrue statement or
alleged untrue statement of a material fact contained in the Offering Materials, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, except, with respect to clause (i)&nbsp;above, to the extent any such Losses are finally determined by a court or arbitral tribunal to have resulted primarily and directly from the willful misconduct or gross
negligence of Canaccord Genuity in performing the services that are the subject of the engagement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If such indemnification is for any reason not
available or insufficient to hold an Indemnified Person harmless (except by reason of the gross negligence or willful misconduct of Canaccord Genuity as described above), the Company and Canaccord Genuity shall contribute to the Losses involved in
such proportion as is appropriate to reflect the relative benefits received (or anticipated to be received) by the Company, on the one hand, and by Canaccord Genuity, on the other hand, with respect to the engagement or, if such allocation is
determined by a court or arbitral tribunal to be unavailable, in such proportion as is appropriate to reflect other </P>
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 <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">November&nbsp;25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 of 7 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">equitable considerations such as the relative fault of the Company on the one hand and of Canaccord Genuity
on the other hand; provided, however, that in no event shall the amounts to be contributed by Canaccord Genuity exceed the fees actually received by Canaccord Genuity in the engagement. Relative benefits to the Company, on the one hand, and
Canaccord Genuity, on the other hand, shall be deemed to be in the same proportion as (i)&nbsp;the total value paid or proposed to be paid or received or proposed to be received by the Company or its security holders, as the case may be, pursuant to
the transaction(s), whether or not consummated, contemplated by the engagement, bears to (ii)&nbsp;all fees actually received by Canaccord Genuity in the engagement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also agrees that neither Canaccord Genuity nor any other Indemnified Person shall have any liability to the Company or any person asserting claims
on behalf or in right of the Company in connection with or as a result of the engagement or any matter referred to in the engagement, except to the extent that any Losses incurred by the Company are finally determined by a court or arbitral tribunal
to have resulted primarily and directly from the willful misconduct or gross negligence of Canaccord Genuity in performing the services that are the subject of the engagement. In no event shall Canaccord Genuity or any other Indemnified Person be
responsible for any indirect, special or consequential damages, even if advised of the possibility thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that an Indemnified Person is
requested or required to appear as a witness in any action brought by or on behalf of or against the Company relating to the engagement in which such Indemnified Person is not named as a defendant, the Company agrees to promptly reimburse Canaccord
on a monthly basis for all expenses incurred by it in connection with such Indemnified Person&#146;s appearing and preparing to appear as such a witness, including, without limitation, the reasonable fees and disbursements of its legal counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s obligations hereunder shall be in addition to any rights that any Indemnified Person may have at common law or otherwise. The letter to
which this Annex A is attached, including this Annex A, and any other agreements relating to the engagement shall be governed by and construed in accordance with the laws of the State of New York, applicable to contracts made and to be performed
therein and, in connection therewith, the parties hereto consent to the exclusive jurisdiction of the state and federal courts of the State of New York, located in Manhattan. Notwithstanding the foregoing, solely for purposes of enforcing the
Company&#146;s obligations hereunder, the Company consents to personal jurisdiction, service and venue in any court proceeding in which any claim subject to this Annex A is brought by or against any Indemnified Person. CANACCORD GENUITY HEREBY
AGREES, AND THE COMPANY HEREBY AGREES ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS SECURITY HOLDERS, TO WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, COUNTER-CLAIM OR ACTION ARISING OUT OF THE
ENGAGEMENT OR CANACCORD GENUITY&#146;S PERFORMANCE OF SERVICES THAT ARE THE SUBJECT THEREOF. </P>
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 <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">November&nbsp;25, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 of 7 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provisions of this Annex A shall apply to the engagement (including related activities prior to the date
hereof) and any modification thereof and shall remain in full force and effect regardless of the completion or termination of the engagement. If any term, provision, covenant or restriction herein is held by a court of competent jurisdiction to be
invalid, void or unenforceable or against public policy, the remainder of the terms, provisions and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. </P>
</DIV></Center>

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<DESCRIPTION>EX-10.2
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


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<IMG SRC="g64437g1211194344207.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Canaccord Genuity LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">99 High Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Suite 1200</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Boston, MA</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">USA 02110</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">T1: 1.617.371.3900</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">T2: 1.800.225.6201</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">cgf.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>CONFIDENTIAL </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;8, 2020 </P> <P STYLE="margin-top:12pt; 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 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor, Suite C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Gerard Michel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">&nbsp;Chief Executive Officer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Mr.&nbsp;Michel: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is made to that certain letter agreement dated November&nbsp;25, 2020 (the &#147;Agreement&#148;) between Canaccord Genuity LLC
(together with its affiliates, control persons, directors, officers, employees, and agents, &#147;CG&#148;) and Delcath Systems, Inc. (the &#147;Client&#148;), pursuant to which the Client engaged CG to act as its exclusive agent and financial
advisor in connection with a registered public Offering of Securities of the Client. Capitalized terms used and not defined in this letter shall have the respective meanings ascribed to them in the Agreement. The parties desire to amend the
Agreement (this &#147;Amendment&#148;) as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Section&nbsp;3 of the Agreement (Fees) shall be amended to add the following paragraph after the last sentence
of the Section: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In consideration of CG&#146;s entering into this Agreement, the Client hereby grants CG a right of first
offer under which CG shall have the right until May&nbsp;1, 2021 (a) to act as managing or lead underwriter of any public offerings of any form of security, and/or (b)&nbsp;to act as a financial advisor for any private placements of any form of
security. As used herein, a right of first offer shall mean, prior to offering any party other than CG the right to provide the foregoing services during the period provided above, the Client shall be obligated to make an offer to CG under which CG
would provide such services, which offer shall clearly identify its terms and conditions, and CG shall have thirty (30)&nbsp;days to accept such offer; provided that such offer shall specify that, and CG shall be entitled to, a minimum of 62% of the
aggregate underwriting discounts, commissions, or other fees in connection with such offering or placement of securities. If CG does not accept such offer, then the Client shall be free to negotiate and contract with any other party with respect to
such rights. Any engagement of CG to provide services arising from any such circumstances is subject to the negotiation and execution by CG and the Client of a separate letter agreement setting forth the terms and conditions with respect to
CG&#146;s engagement for that transaction. However, unless specifically covered by a separate agreement setting forth such arrangement, the indemnification provisions contained in Section&nbsp;9 hereof shall apply to each such engagement. The
foregoing right of first offer shall not apply in the event that the Client terminates CG&#146;s engagement for Cause (as defined below) or CG terminates its engagement for any reason. For purposes of this </P>
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 <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">December&nbsp;8, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Agreement, &#147;Cause&#148; shall mean CG&#146;s material failure to provide the underwriting services contemplated by this Agreement. CG acknowledges that it has been provided copies of those
certain Engagement Letters dated August&nbsp;14, 2019 and January&nbsp;13, 2020 (the &#147;ROTH Engagement Letters&#148;), as extended by the Underwriting Agreement dated May&nbsp;1 2020 (the &#147;ROTH Underwriting Agreement&#148;), between Client
and ROTH Capital Partners, LLC (&#147;ROTH&#148;), that such Engagement Letters require the Client to offer to ROTH the opportunity to act as placement agent or underwriter with respect to any additional Financing (as defined therein), and to
receive a minimum of 35% of the fees paid to the agents or underwriters for such Financing, and that the provisions of this Agreement shall be interpreted in a manner which is in conformity with the obligations of the Client pursuant to the ROTH
Engagement Letters . </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as amended hereby, all terms and conditions of the Agreement shall remain in full force and effect and shall continue in
accordance with their respective terms. The Agreement, together with this Amendment, shall constitute the entire agreement among the parties with respect to the subject matter hereof and thereof. Please indicate your acceptance of the foregoing
amendment to the Agreement by signing a copy of the letter in the space provided and returning the same to CG. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="43%"></TD>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">CANACCORD GENUITY LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">DELCATH SYSTEMS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eugene Rozelman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard Michel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Eugene Rozelman</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Gerard Michel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer</TD></TR>
</TABLE>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>d64437dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
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<TITLE>EX-99.1</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Delcath Systems Announces Pricing of Public Offering of Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, December&nbsp;9, 2020 (GLOBE NEWSWIRE) &#150; Delcath Systems, Inc. (Nasdaq: <U>DCTH</U>), an interventional oncology company
focused on the treatment of rare primary and metastatic cancers of the liver, today announced the pricing of an underwritten public offering of 1,460,027 shares of its common stock at a public offering price of $13.25 per share. The gross proceeds
of the offering to the Company are expected to be approximately $19.3&nbsp;million, before deducting the underwriting discounts and commissions and other estimated offering expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The closing of the offering is expected to occur on or about December&nbsp;11, 2020, subject to the satisfaction of customary closing
conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Delcath intends to use the net proceeds from this offering for (i)&nbsp;the completion of its FOCUS Clinical Trial for
Patients with Hepatic Dominant Ocular Melanoma (the &#147;Focus Trial&#148;), a global registration clinical trial that is investigating the primary endpoint of objective response rate, as well as other secondary and exploratory endpoints, in
metastatic ocular melanoma, or mOM; (ii)&nbsp;preparation of the federal regulatory application for the HEPZATO<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> KIT (melphalan hydrochloride for injection/hepatic delivery system), or
HEPZATO<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a drug/device combination product regulated as a drug, designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects;
(iii)&nbsp;preparation for the commercial launch of HEPZATO; (iv)&nbsp;continued clinical development, including additional indications and expanded access trials in metastatic ocular melanoma; and (v)&nbsp;general corporate purposes, which may
include capital expenditures and other operating expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Canaccord Genuity and Roth Capital Partners are acting as joint book-running
managers for the proposed offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A shelf registration statement relating to these securities has been filed with the U.S. Securities
and Exchange Commission (SEC) and became effective on December&nbsp;21, 2018. A preliminary prospectus supplement relating to the offering was filed with the SEC on December&nbsp;8, 2020 and is available on the SEC&#146;s website at
<U>http://www.sec.gov</U>. The final prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and also will be available on the SEC&#146;s website. Before investing in the offering, you should read the
prospectus supplement and the accompanying prospectus in their entirety as well as the other documents that the Company has filed with the SEC that are incorporated by reference in the prospectus supplement and the accompanying prospectus, which
provide more information about the Company and the offering. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, by contacting Canaccord Genuity LLC, Attention:
Syndicate Department, 99 High Street, Suite 1200, Boston, MA 02110, by telephone at (617) <FONT STYLE="white-space:nowrap">371-3900</FONT> or by email at <U>prospectus@cgf.com</U> or Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA
92660, Attention: Prospectus Department, or by telephone at (800) <FONT STYLE="white-space:nowrap">678-9147.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This press release
shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Delcath Systems, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. Our
investigational product, HEPZATO KIT (melphalan hydrochloride for injection/hepatic delivery system), is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. HEPZATO KIT has not
been approved by the U.S. Food&nbsp;&amp; Drug Administration (FDA) for sale in the U.S. In Europe, our system is marketed under the trade name Delcath CHEMOSAT<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hepatic Delivery System for
Melphalan (CHEMOSAT) and has been CE Marked and used at major medical centers to treat a wide range of cancers of the liver. CHEMOSAT is being marketed under an exclusive licensing agreement with medac GmbH, a privately held multi-national
pharmaceutical company headquartered in Germany that specializes in the treatment and diagnosis of oncological, urological and autoimmune diseases. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Safe Harbor / Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its
behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not
limited to, uncertainties relating to: the timing and results of the Company&#146;s&nbsp;clinical trials, including without limitation the mOM and ICC clinical trial programs, our determination whether to continue the ICC clinical trial program or
to focus on other alternative indications, and timely monitoring and treatment of patients in the global Phase 3 mOM clinical trial and the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the completion of our clinical
trials; the impact of the presentations at major medical conferences and future clinical results consistent with the data presented; approval of Individual Funding Requests for reimbursement of the CHEMOSAT product; the impact, if any, of ZE
reimbursement on potential CHEMOSAT product use and sales in&nbsp;Germany; clinical adoption, use and resulting sales, if any, for the CHEMOSAT system to deliver and filter melphalan in Europe including the key markets of Germany and the UK; the
Company&#146;s ability to successfully commercialize the HEPZATO KIT/CHEMOSAT system and the potential of the HEPZATO KIT/CHEMOSAT system as a treatment for patients with primary and metastatic disease in the liver; our ability to obtain
reimbursement for the CHEMOSAT system in various markets; approval of the current or future HEPZATO KIT/CHEMOSAT system for delivery and filtration of melphalan or other chemotherapeutic agents for various indications in the U.S. and/or in foreign
markets; actions by the FDA or foreign regulatory agencies; the Company&#146;s ability to successfully enter into strategic partnership and distribution arrangements in foreign markets and the timing and revenue, if any, of the same; uncertainties
relating to the timing and results of research and development projects; and uncertainties regarding the Company&#146;s ability to obtain financial and other resources for any research, development, clinical trials and commercialization activities.
These factors, and others, are discussed from time to time in our filings with the&nbsp;Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We
undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contact: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Delcath Investor Relations </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:<U>&nbsp;investorrelations@delcath.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Hayden IR
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James Carbonara </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(646)-755-7412</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>james@haydenir.com </U></P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>7
<FILENAME>d64437dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Delcath Systems Announces Completion of Underwritten Public Offering </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, December&nbsp;11, 2020 (GLOBE NEWSWIRE) &#150; Delcath Systems, Inc. (Nasdaq: <U>DCTH</U>), an interventional oncology company
focused on the treatment of rare primary and metastatic cancers of the liver, today announced the completion of an underwritten public offering of 1,679,031 shares of its common stock, including 219,004 shares sold pursuant to the full exercise of
an option previously granted to the underwriters to purchase additional shares of common stock. All of the shares were offered by Delcath at a price to the public of $13.25 per share. The Company now estimates that the gross proceeds of the offering
to the Company are expected to be approximately $22.2&nbsp;million, before deducting the underwriting discounts and commissions and other estimated offering expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Delcath intends to use the net proceeds from this offering for (i)&nbsp;the completion of its FOCUS Clinical Trial for Patients with Hepatic
Dominant Ocular Melanoma (the &#147;Focus Trial&#148;), a global registration clinical trial that is investigating the primary endpoint of objective response rate, as well as other secondary and exploratory endpoints, in metastatic ocular melanoma,
or mOM; (ii)&nbsp;preparation of the federal regulatory application for the HEPZATO<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> KIT (melphalan hydrochloride for injection/hepatic delivery system), or HEPZATO<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP>, a drug/device combination product regulated as a drug, designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects;
(iii)&nbsp;preparation for the commercial launch of HEPZATO; (iv)&nbsp;continued clinical development, including additional indications and expanded access trials in metastatic ocular melanoma; and (v)&nbsp;general corporate purposes, which may
include capital expenditures and other operating expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Canaccord Genuity and Roth Capital Partners acted as joint book-running
managers for the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A shelf registration statement relating to these securities has been filed with the U.S. Securities and
Exchange Commission (SEC) and became effective on December&nbsp;21, 2018. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC on December&nbsp;9, 2020 and is available on the SEC&#146;s website
at <U>http://www.sec.gov</U>. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting Canaccord Genuity LLC, Attention: Syndicate Department, 99 High Street, Suite 1200,
Boston, MA 02110, by telephone at (617) <FONT STYLE="white-space:nowrap">371-3900</FONT> or by email at <U>prospectus@cgf.com</U> or Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, Attention: Prospectus Department, or by
telephone at (800) <FONT STYLE="white-space:nowrap">678-9147.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or jurisdiction. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Delcath Systems, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Delcath Systems, Inc. is an interventional oncology company focused on the treatment of primary and metastatic liver cancers. Our
investigational product, HEPZATO KIT (melphalan hydrochloride for injection/hepatic delivery system), is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. HEPZATO KIT has not
been approved by the U.S. Food&nbsp;&amp; Drug Administration (FDA) for sale in the U.S. In Europe, our system is marketed under the trade name Delcath CHEMOSAT<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hepatic Delivery System for
Melphalan (CHEMOSAT) and has been CE Marked and used at major medical centers to treat a wide range of cancers of the liver. CHEMOSAT is being marketed under an exclusive licensing agreement with medac GmbH, a privately held multi-national
pharmaceutical company headquartered in Germany that specializes in the treatment and diagnosis of oncological, urological and autoimmune diseases. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Safe Harbor / Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its
behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not
limited to, uncertainties relating to: the timing and results of the Company&#146;s&nbsp;clinical trials, including without limitation the mOM and ICC clinical trial programs, our determination whether to continue the ICC clinical trial program or
to focus on other alternative indications, and timely monitoring and treatment of patients in the global Phase 3 mOM clinical trial and the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the completion of our clinical
trials; the impact of the presentations at major medical conferences and future clinical results consistent with the data presented; approval of Individual Funding Requests for reimbursement of the CHEMOSAT product; the impact, if any, of ZE
reimbursement on potential CHEMOSAT product use and sales in&nbsp;Germany; clinical adoption, use and resulting sales, if any, for the CHEMOSAT system to deliver and filter melphalan in Europe including the key markets of Germany and the UK; the
Company&#146;s ability to successfully commercialize the HEPZATO KIT/CHEMOSAT system and the potential of the HEPZATO KIT/CHEMOSAT system as a treatment for patients with primary and metastatic disease in the liver; our ability to obtain
reimbursement for the CHEMOSAT system in various markets; approval of the current or future HEPZATO KIT/CHEMOSAT system for delivery and filtration of melphalan or other chemotherapeutic agents for various indications in the U.S. and/or in foreign
markets; actions by the FDA or foreign regulatory agencies; the Company&#146;s ability to successfully enter into strategic partnership and distribution arrangements in foreign markets and the timing and revenue, if any, of the same; uncertainties
relating to the timing and results of research and development projects; and uncertainties regarding the Company&#146;s ability to obtain financial and other resources for any research, development, clinical trials and commercialization activities.
These factors, and others, are discussed from time to time in our filings with the&nbsp;Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We
undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contact: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Delcath Investor Relations </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Email:&nbsp;<U>investorrelations@delcath.com</U> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Hayden IR </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James Carbonara </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(646)-755-7412</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>james@haydenir.com </U></P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>8
<FILENAME>d64437dex993.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>IMITED</SMALL> W<SMALL>AIVER</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Limited Waiver, dated December&nbsp;7, 2020 (this &#147;<B><I>Agreement</I></B>&#148;), is to provide for a limited waiver of certain provisions of that
certain Support and Conversion Agreement dated March&nbsp;11, 2020, as amended by the Amendment dated April&nbsp;8 2020 (the &#147;<B><I>Support and Conversion Agreement</I></B>&#148;), by and among Delcath Systems, Inc.
(&#147;<B><I>Delcath</I></B>&#148;), certain executives of Delcath, and Rosalind Master Fund L.P. and Rosalind Opportunities Fund I L.P. (collectively, &#147;<B><I>Rosalind</I></B>&#148;). Delcath and Rosalind may be referred to herein individually
or collectively as the &#147;<B><I>Parties</I></B>&#148;. Capitalized terms used but not defined herein shall have the meaning given such terms in the Support and Conversion Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;5 of the Support and Conversion Agreement, the Parties agreed that, among other things, during the period ending on the second
anniversary of the Closing of the Offering (the &#147;<B><I>Tail Period</I></B>&#148;), Delcath shall offer to Rosalind the opportunity to participate in any Financing (the &#147;<B><I>Participation Provisions</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delcath now proposes to engage Canaccord Genuity LLC and ROTH Capital Partners LLC to serve as joint bookrunners in connection with a Confidentially Marketed
Public Offering (the &#147;<B><I>Proposed Financing</I></B>&#148;), and seeks to have Rosalind waive the Participation Provisions in the Support and Conversion Agreement solely with respect to the Proposed Financing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1: Limited Waiver </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rosalind hereby waives
the Participation Provisions in connection with the Proposed Financing during the Tail Period. The Parties hereto acknowledge and agree that, except with respect to the foregoing waiver, the Participation Provisions set forth in the Support and
Conversion Agreement remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2: Amendment and Modification </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement may not be amended or modified except by a written agreement executed by the Parties and specifically referencing the provisions hereof to be so
amended or modified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3: Counterparts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same
instrument. Delivery of such counterpart signature pages by facsimile or other electronic transmission shall be effective as delivery of an original executed copy of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I<SMALL>N</SMALL> W<SMALL>ITNESS</SMALL> W<SMALL>HEREOF</SMALL>, the undersigned have
executed this Limited Waiver as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>R<SMALL>OSALIND</SMALL> M<SMALL>ASTER</SMALL> F<SMALL>UND</SMALL> L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>B<SMALL>Y</SMALL>: R<SMALL>OSALIND</SMALL> A<SMALL>DVISORS</SMALL>, I<SMALL>NC</SMALL>. - A<SMALL>DVISOR</SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Steven Salamon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Steven Salamon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>R<SMALL>OSALIND</SMALL> O<SMALL>PPORTUNITIES</SMALL> F<SMALL>UND</SMALL> I L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>B<SMALL>Y</SMALL>: R<SMALL>OSALIND</SMALL> A<SMALL>DVISORS</SMALL>, I<SMALL>NC</SMALL>. - A<SMALL>DVISOR</SMALL></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Steven Salamon</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Steven Salamon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>D<SMALL>ELCATH</SMALL> <SMALL>SYSTEMS</SMALL>, I<SMALL>NC</SMALL>. </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard Michel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Gerard Michel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
