<SEC-DOCUMENT>0001193125-23-296807.txt : 20231215
<SEC-HEADER>0001193125-23-296807.hdr.sgml : 20231215
<ACCEPTANCE-DATETIME>20231215172209
ACCESSION NUMBER:		0001193125-23-296807
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20231215
DATE AS OF CHANGE:		20231215
EFFECTIVENESS DATE:		20231215

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-276090
		FILM NUMBER:		231491424

	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>S-8
<SEQUENCE>1
<FILENAME>d500537ds8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML><HEAD>
<TITLE>S-8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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="center"><B>As filed with the Securities and Exchange Commission on December&nbsp;15, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="font-size:4pt;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> <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, D.C. 20549 </B></P> <P STYLE="font-size:12pt;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:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;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:12pt; margin-bottom:0pt; font-size:22pt; 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:12pt;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: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>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" 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>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&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>(I.R.S. Identification</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of Employer)</B></P></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" ALIGN="center"><B></B><I></I><B>1633 Broadway, Suite 22C</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>New York, NY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>10019</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Addresses of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delcath Systems, Inc. Omnibus 2020 Equity Incentive Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delcath Systems, Inc. 2023 Inducement Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Non-Plan</FONT> Inducement Stock Option Grants </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plans) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gerard Michel </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Executive Officer</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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>1633 Broadway, Suite 22C </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, NY </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name,
address, including zip code, and telephone number, including area code, of agent for service) </B></P> <P STYLE="font-size:12pt;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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B><B><I>Copies to</I></B><B>:</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>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan Sansom</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Christina Roupas</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cooley
LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>500 Boylston Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boston, MA 02116-3736</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(617) 937 2335</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David Hoffman</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General Counsel</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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>1633 Broadway, Suite 22C</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, NY</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company,&#148; and &#147;emerging growth company&#148; in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </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>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;filer</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging growth company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; 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;7(a)(2)(B) of the Securities 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>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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" ALIGN="center"><B>EXPLANATORY NOTE AND GENERAL INSTRUCTION E INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> is being filed by Delcath Systems, Inc. (the &#147;Company&#148;) for the
purpose of registering an additional 3,671,500 shares of the Company&#146;s common stock, par value $0.01 per share (the &#147;Common Stock&#148;) comprising of </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">2,650,000 shares of Common Stock issuable under the Company&#146;s Omnibus 2020 Equity Incentive Plan (the
&#147;2020 Incentive Plan&#148;); </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">650,000 shares of Common Stock issuable under the Company&#146;s 2023 Inducement Award Plan (the &#147;2023
Inducement Plan&#148;); </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">25,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Carol Crooke, which
was granted outside of a plan as an inducement equity award (the &#147;Crooke Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Crooke Inducement Award was approved by the Registrant&#146;s Board of Directors (the
&#147;Board&#148;), as an inducement material to Ms.&nbsp;Crooke entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">15,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Kent Vickerman,
which was granted outside of a plan as an inducement equity award (the &#147;Vickerman Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Vickerman Inducement Award was approved by the Registrant&#146;s Board, as an
inducement material to Mr.&nbsp;Vickerman entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">12,500 shares of Common Stock issuable upon the exercise of an outstanding option granted to Helen Shapiro, which
was granted outside of a plan as an inducement equity award (the &#147;Shapiro Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Shapiro Inducement Award was approved by the Registrant&#146;s Board, as an inducement
material to Ms.&nbsp;Shapiro entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">100,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Sandra Pennell,
which was granted outside of a plan as an inducement equity award (the &#147;Pennell Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Pennell Inducement Award was approved by the Registrant&#146;s Board, as an
inducement material to Ms.&nbsp;Pennell entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">150,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Vojislav Vukovic,
which was granted outside of a plan as an inducement equity award (the &#147;Vukovic Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Vukovic Inducement Award was approved by the Registrant&#146;s Board, as an
inducement material to Mr.&nbsp;Vukovic entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">15,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Michael Cooper,
which was granted outside of a plan as an inducement equity award (the &#147;Cooper Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Cooper Inducement Award was approved by the Registrant&#146;s Board, as an inducement
material to Mr.&nbsp;Cooper entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">10,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Joshua Dannehl,
which was granted outside of a plan as an inducement equity award (the &#147;Dannehl Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Dannehl Inducement Award was approved by the Registrant&#146;s Board, as an
inducement material to Mr.&nbsp;Dannehl entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">15,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Travis Radevski,
which was granted outside of a plan as an inducement equity award (the &#147;Radevski Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Radevski Inducement Award was approved by the Registrant&#146;s Board, as an
inducement material to Mr.&nbsp;Radevski entering into employment with the Registrant; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">17,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Peggy Stephenson,
which was granted outside of a plan as an inducement equity award (the &#147;Stephenson Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Stephenson Inducement Award was approved by the Registrant&#146;s Board, as an
inducement material to Ms.&nbsp;Stephenson entering into employment with the Registrant; and </P></TD></TR></TABLE>
</DIV></Center>


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

<Center><DIV STYLE="width:8.5in" align="left">

<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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">12,000 shares of Common Stock issuable upon the exercise of an outstanding option granted to Amy Wiebe, which was
granted outside of a plan as an inducement equity award (the &#147;Wiebe Inducement Award&#148;) in accordance with Nasdaq Listing Rule 5635(c)(4). The Wiebe Inducement Award was approved by the Registrant&#146;s Board, as an inducement material to
Ms.&nbsp;Wiebe entering into employment with the Registrant. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The shares of the Company&#146;s Common Stock previously reserved for
issuance under the 2020 Incentive Plan were registered on the Registrant&#146;s Registration Statements on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (File nos. <FONT STYLE="white-space:nowrap">333-&nbsp;251385</FONT> and <FONT
STYLE="white-space:nowrap">333-262022)</FONT> filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on January&nbsp;5, 2022 and December&nbsp;16, 2020, respectively (the &#147;Prior Forms
<FONT STYLE="white-space:nowrap">S-8&#148;).</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;5, 2023, the Board of Directors (the &#147;Board&#148;) adopted the 2023 Inducement
Plan (the &#147;Inducement Plan&#148;), pursuant to which the Company reserved 650,000 shares of Common Stock, to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Registrant,
as an inducement material to the individual&#146;s entry into employment with the Registrant within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Inducement Plan provides for the grant of equity-based awards in the form of nonstatutory stock options, stock appreciation rights, restricted stock
awards, restricted stock unit awards, and dividend equivalent rights. The Inducement Plan was adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Registration Statement relates to securities of the same class as those to which the Prior Forms <FONT STYLE="white-space:nowrap">S-8</FONT> relate and
is submitted in accordance with General Instruction E of Form <FONT STYLE="white-space:nowrap">S-8.</FONT> Pursuant to General Instruction E of Form <FONT STYLE="white-space:nowrap">S-8,</FONT> the contents of Prior Forms <FONT
STYLE="white-space:nowrap">S-8</FONT> are incorporated by reference herein. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1. Plan Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not required to be filed
with this Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not required to be filed with this Registration Statement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3. Incorporation of Documents by Reference </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents filed by the Registrant with the Commission are incorporated by reference into this Registration Statement:</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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Registrant&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
December&nbsp;31, 2022, filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/872912/000119312523079836/d449666d10k.htm">March<U></U>&nbsp;27, 2023</A>; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Registrant&#146;s Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly
periods ended March&nbsp;31, 2023, June&nbsp;30, 2023 and September&nbsp;
30, 2023, filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/872912/000119312523150523/d438134d10q.htm">May<U></U>&nbsp;22, 2023</A>,<U></U>&nbsp;
<A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/872912/000162828023028676/dcth-20230630.htm">August<U></U>&nbsp;
9, 2023</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/872912/000162828023038618/dcth-20230930.htm">November&nbsp;13, 2023</A>, respectively; </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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Registrant&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the
Commission on, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000872912/000119312523084121/d377148d8k.htm">March<U></U>&nbsp;
30, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000872912/000119312523166068/d509714d8k.htm">June<U></U>&nbsp;
13, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000872912/000119312523172534/d655594d8k.htm">June<U></U>&nbsp;
22, 2023</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/872912/000119312523212940/d324309d8k.htm">August<U></U>&nbsp;15, 2023</A>; </P></TD></TR></TABLE>
</DIV></Center>


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

<Center><DIV STYLE="width:8.5in" align="left">

<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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the information specifically incorporated by reference into the Registrant&#146;s 2022 Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> referred to above from the Registrant&#146;s definitive proxy statement relating to the Registrant&#146;s 2023 annual meeting of stockholders, filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/872912/000119312523128784/d492745ddef14a.htm">May
<U></U>&nbsp;1, 2023</A>; 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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the description of the Registrant&#146;s common stock set forth in the Registrant&#146;s registration statement
on Form <FONT STYLE="white-space:nowrap">8-A,</FONT> filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/872912/000095011600002385/0000950116-00-002385-0001.txt">September&nbsp;22, 2000</A>, including any amendments or
reports filed for purpose of updating such description. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All reports and other documents filed by the Registrant pursuant to
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), other than Current Reports furnished under Item 2.02 or Item 7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> and
exhibits furnished on such form that relate to such items, after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part of this Registration Statement from the date of filing such reports and documents. Any statement contained in a document incorporated or deemed
to be incorporated herein by reference shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes that statement. Any such statement so modified or superseded shall not constitute a part of this Registration Statement, except as so modified or superseded. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;4. Description of Securities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5. Interests of Named Experts and Counsel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;6. Indemnification of Directors
and Officers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registrant is incorporated under the laws of the State of Delaware. Section&nbsp;102(b)(7) of Delaware&#146;s General Corporation Law
(the &#147;DGCL&#148;) allows a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a
director, except where the director breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of
Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate of incorporation provides for this limitation of liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;145 of the DGCL, or Section&nbsp;145, provides that a Delaware corporation may indemnify any person who was, is or is threatened to be made,
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an
officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he reasonably
believed to be in or not opposed to the corporation&#146;s best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was illegal. A Delaware corporation may indemnify any
persons who are, were or are a party to any threatened, pending or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee or agent of another corporation or
enterprise. The indemnity may include expenses (including attorneys&#146; fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a
manner he reasonably believed to be in or not opposed to the corporation&#146;s best interests, provided that no indemnification is permitted without judicial approval if the officer, director, employee or agent is adjudged to be liable to the
corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably
incurred. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">Section&nbsp;145 further authorizes a corporation to purchase and maintain insurance on behalf of any person
who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against any liability asserted against him
and incurred by him in any such capacity, or arising out of his or her status as such, whether or not the corporation would otherwise have the power to indemnify him under Section&nbsp;145. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article SEVENTH of the Company&#146;s amended and restated certificate of incorporation provides that no person serving as a director of the Company shall be
personally liable to the Company or its stockholders for breach of his or her fiduciary duty as a director, except where the director breached his duty of loyalty, failed to act in good faith, engaged in intentional misconduct or a knowing violation
of law, authorized the payment of a dividend or approved a stock repurchase in violation of the DGCL or obtained an improper personal benefit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article
EIGHTH of the Company&#146;s amended and restated certificate of incorporation requires the Company to indemnify any person who may be indemnified by a Delaware corporation pursuant to Section&nbsp;145 of the DGCL in each situation where the Company
is permitted to indemnify such persons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have entered into indemnification agreements with our executive officers and directors pursuant to which we
have agreed to indemnify such persons against all expenses and liabilities incurred or paid by such person in connection with any proceeding arising from the fact that such person is or was an officer or director of our company, and to advance
expenses as incurred by or on behalf of such person in connection therewith. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The indemnification rights set forth above shall not be exclusive of any
other right which an indemnified person may have or hereafter acquire under any statute, provision of our certificate of incorporation, our bylaws, agreement, vote of stockholders or disinterested directors or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, we maintain standard policies of insurance that provide coverage (1)&nbsp;to our directors and officers against loss rising from claims made by
reason of breach of duty or other wrongful act and (2)&nbsp;to us with respect to indemnification payments that we may make to such directors and officers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7. Exemption from Registration Claimed. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8. Exhibits </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>

<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit&nbsp;No.</B></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>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/872912/000119312519254834/d794638dex31.htm">Amended and Restated Certificate of Incorporation of Delcath Systems, Inc. (incorporated by reference to Exhibit 3.1 to the Company&#146;s Registration
 Statement on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;S-1/A</FONT><U></U>&nbsp;filed with the Commission on September<U></U>&nbsp;25, 2019)</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>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/872912/000119312519272633/d822396dex31.htm">Amendment to the Amended and Restated Certificate of Incorporation of Delcath Systems, Inc. dated October<U></U>&nbsp;
17, 2019 (incorporated by reference to Exhibit 3.1 to the Company&#146;s Current Report on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;8-K</FONT><U></U>&nbsp;filed with the Commission on October<U></U>&nbsp;23, 2019)</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>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/872912/000119312519272633/d822396dex32.htm">Certificate of Correction to Amendment to the Amended and Restated Certificate of Incorporation of Delcath Systems, Inc. dated October<U></U>&nbsp;22,
 2019 (incorporated by reference to Exhibit 3.2 to the Company&#146;s Current Report on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;8-K</FONT><U></U>&nbsp;filed with the Commission on October<U></U>&nbsp;23,
2019)</A></TD></TR></TABLE>
</DIV></Center>


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

<Center><DIV STYLE="width:8.5in" align="left">

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


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/872912/000119312519325987/d821924dex31.htm">Amendment to the Amended and Restated Certificate of Incorporation of Delcath Systems, Inc., effective December<U></U>&nbsp;
24, 2019 (incorporated by reference to Exhibit 3.1 to the Company&#146;s Current Report on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;8-K</FONT><U></U>&nbsp;filed with the Commission on December<U></U>&nbsp;30, 2019)</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>&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/872912/000119312520302715/d81992dex31.htm">Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Delcath Systems, Inc. dated November<U></U>&nbsp;
23, 2020 (incorporated by reference to Exhibit 3.1 to the Company&#146;s Current Report on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;8-K</FONT><U></U>&nbsp;filed with the Commission on November<U></U>&nbsp;24, 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>&nbsp;&nbsp;4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/872912/000095011600002113/0000950116-00-002113-0004.txt">Amended and Restated<U></U><FONT STYLE="white-space:nowrap">&nbsp;By-Laws</FONT><U></U>&nbsp;
of Delcath Systems, Inc. (incorporated by reference to Exhibit 3.2 to Amendment No.<U></U>&nbsp;1 to the Company&#146;s Registration Statement on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;SB-2</FONT><U></U>&nbsp;
filed with the Commission on August<U></U>&nbsp;23, 2000)</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>&nbsp;&nbsp;5.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d500537dex51.htm">Opinion of Cooley LLP </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="d500537dex231.htm">Consent of Independent Registered Public Accounting Firm </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>23.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d500537dex51.htm">Consent of Cooley LLP (included in Exhibit 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>24.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#sig">Power of Attorney (included on the signature page to this Registration Statement) </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="http://www.sec.gov/Archives/edgar/data/872912/000119312522002698/d267846dex49.htm">Delcath Systems, Inc. 2020 Omnibus Equity Incentive Plan, as amended (incorporated by reference to Exhibit 4.9 to the Company&#146;s Registration
 Statement on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;S-8</FONT><U></U>&nbsp;filed with the Commission on January<U></U>&nbsp;5, 2022)</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="d500537dex992.htm">Delcath Systems, Inc. 2023 Inducement Plan </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="d500537dex993.htm">Form of Inducement Awards Stock Option Award Agreement </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>99.4*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d500537dex994.htm">Form of <FONT STYLE="white-space:nowrap">Off-Plan</FONT> Inducement Award Stock Option Award Agreement </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>107*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d500537dexfilingfees.htm">Filing Fee Table </A></TD></TR>
</TABLE> <P STYLE="font-size:12pt;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">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9. Undertakings. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The undersigned
Registrant hereby undertakes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933, as amended (the
&#147;Securities Act&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective Registration Statement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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>Provided, however,</I>&nbsp;that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration
Statement is on <FONT STYLE="white-space:nowrap">Form&nbsp;S-8,&nbsp;and</FONT> the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in the Registration Statement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial<I>&nbsp;bona fide</I>&nbsp;offering thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act,
each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the
Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the
initial<I></I><I>&nbsp;bona fide</I>&nbsp;offering thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York,
on December&nbsp;15, 2023. </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">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>DELCATH SYSTEMS, INC.</B></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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: December&nbsp;15, 2023</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>KNOW ALL PERSONS BY THESE PRESENT</B>, that each person whose signature appears below constitutes and appoints Gerard Michel as his true and lawful
attorney with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and
to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> and each of them, full
power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the same as fully, to all intents and purposes, as he might or could do in person, hereby ratifying and confirming all that
said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> or their or his substitutes or substitute may lawfully do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the
date indicated. </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">


<TR>

<TD WIDTH="38%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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>Signature</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>Title</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:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gerard Michel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Chief Executive Officer and Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Gerard Michel</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>(Principal Executive Officer)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Sandra Pennell</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Senior Vice President of Finance</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Sandra Pennell</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><I>(Principal Accounting Officer)</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John R. Sylvester</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">John R. Sylvester</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Elizabeth Czerepak</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Elizabeth Czerepak</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Steven Salamon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Steven Salamon</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Roger G. Stoll</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Roger G. Stoll</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gilad Aharon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">December&nbsp;15, 2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Gilad Aharon</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d500537dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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 5.1 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g500537g44x95.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ryan Sansom </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1 617 937 2335
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">rsansom@cooley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;15, 2023 </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, Suite 22C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </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">We have acted as counsel to Delcath Systems, Inc., a Delaware corporation (the &#147;<B><I>Company</I></B>&#148;) in connection with the filing of a
Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;) with the U.S. Securities and Exchange Commission covering the offering of up to 3,671,500 shares (the
&#147;<B><I>Shares</I></B>&#148;) of the Company&#146;s common stock, par value $0.01 per share (&#147;<B><I>Common Stock</I></B>&#148;), consisting of (i) 2,650,000 shares of Common Stock issuable pursuant to the Company&#146;s Omnibus 2020 Equity
Incentive Plan (the &#147;<B><I>2020 Incentive Plan</I></B>&#148;), (ii) 650,000 shares of Common Stock issuable pursuant to the Company&#146;s 2023 Inducement Plan (together with the 2020 Incentive Plan, the &#147;<B><I>Plans</I></B>&#148;) and
(iii) 371,500 shares of Common Stock issuable pursuant to inducement grants outside of a plan (the &#147;<B><I>Inducement Grants</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
connection with this opinion, we have examined and relied upon (a)&nbsp;the Registration Statement and related prospectuses, (b)&nbsp;the Plans, (c)&nbsp;the Inducement Grants, (d)&nbsp;the Company&#146;s certificate of incorporation and bylaws,
each as currently in effect and (e)&nbsp;such other records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness
of all signatures, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials, and the due
authorization, execution and delivery of all documents by all persons other than by the Company where authorization, execution and delivery are prerequisites to the effectiveness thereof. As to certain factual matters, we have relied upon a
certificate of an officer of the Company and have not independently verified such matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our opinion is expressed only with respect to the General
Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law,
rule or regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance
with the Plans, the Inducement Grants, the Registration Statement and the related prospectuses, will be validly issued, fully paid, and nonassessable (except as to shares issued pursuant to deferred payment arrangements, which will be fully paid and
nonassessable when such deferred payments are made in full). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion is limited to the matters expressly set forth in this letter, and no opinion
should be implied, or may be inferred, beyond the matters expressly stated. This opinion speaks only as to law and facts in effect or existing as of the date hereof and we undertake no obligation or responsibility to update or supplement this letter
to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may hereafter occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Cooley LLP
500 Boylston Street, 14th Floor, Boston, MA (t) 617 937 2300 (f): 617 937 2400 cooley.com </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">


<IMG SRC="g500537g44x95.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 15, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit we are in the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder. </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"><B>C<SMALL>OOLEY</SMALL> LLP </B></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="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" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Ryan Sansom </U></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="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Ryan Sansom</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 500 Boylston Street, 14th Floor, Boston, MA (t) 617 937 2300 (f): 617 937 2400 cooley.com </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>d500537dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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 23.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM&#146;S CONSENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in this Registration Statement of Delcath Systems Inc. on Form <FONT STYLE="white-space:nowrap">S-8</FONT> of our
report dated March&nbsp;27, 2023, which includes an explanatory paragraph as to the Company&#146;s ability to continue as a going concern, with respect to our audits of the consolidated financial statements of Delcath Systems Inc. as of
December&nbsp;31, 2022 and 2021 and for the years ended December&nbsp;31, 2022 and 2021 appearing in the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> of Delcath Systems Inc. for the year ended December&nbsp;31, 2022. </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="100%"></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">/s/ Marcum <SMALL>LLP</SMALL></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></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">Marcum <SMALL>LLP</SMALL></P></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">New York, NY</P></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">December&nbsp;15, 2023</P></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>d500537dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DELCATH SYSTEMS, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2023 INDUCEMENT PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(As
adopted by Board of Directors on December&nbsp;5, 2023) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.</B> <B><U>General</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Eligible Award Recipients</U>. The only persons eligible to receive grants of Awards under this Plan are individuals who satisfy
the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) or 5635(c)(3), if applicable, and the related guidance under Nasdaq IM <FONT STYLE="white-space:nowrap">5635-1.</FONT> A person who previously served as an Employee or
Director will not be eligible to receive Awards under the Plan, other than following a bona fide period of <FONT STYLE="white-space:nowrap">non-employment.</FONT> Persons eligible to receive grants of Awards under this Plan are referred to in this
Plan as &#147;<B><I>Eligible Employees</I></B>.&#148; These Awards must be approved by either a majority of the Company&#146;s &#147;Independent Directors&#148; (as such term is defined in Nasdaq Marketplace Rule 5605(a)(2)) (&#147;<B><I>Independent
Directors</I></B>&#148;) or the Company&#146;s compensation committee, provided such committee is comprised solely of Independent Directors of the Company (the &#147;<B><I>Independent Compensation Committee</I></B>&#148;) in order to comply with the
exemption from the stockholder approval requirement for &#147;inducement grants&#148; provided under Rule 5635(c)(4) of the Nasdaq Marketplace Rules. Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM <FONT
STYLE="white-space:nowrap">5635-1</FONT> (together with any analogous rules or guidance effective after the date hereof, the &#147;<B><I>Inducement Award Rules</I></B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Purpose</U>. The purpose of the Plan is to provide (i)&nbsp;an inducement material for certain individuals to enter into
employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Marketplace Rules, (ii)&nbsp;incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and (iii)&nbsp;a means by which such
Eligible Employees may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.</B>
<B><U>Definitions</U></B>. Certain terms used in the Plan have the meanings set forth below (capitalized terms used in the Plan that are not defined below have the meanings set forth elsewhere in the Plan): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliate</I></B>&#148; means any Subsidiary and any other corporation or other entity (including, but not limited to, partnerships and joint
ventures) controlling, controlled by, or under common control with, the Company. For this purpose, &#147;<B><I>control</I></B>&#148; (including, with correlative meaning, the terms &#147;<B><I>controlled by</I></B>&#148; and &#147;<B><I>under common
control with</I></B>&#148;), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other
securities, by contract or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Law</I></B>&#148; means any applicable securities, federal, state, foreign, material local
or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or
otherwise put into effect by or under the authority of any governmental or regulatory body or self-regulatory organization (including the Nasdaq Stock Market, the New York Stock Exchange and the Financial Industry Regulatory Authority). </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">&#147;<B><I>Award</I></B>&#148; means an award under the Plan, including any
<FONT STYLE="white-space:nowrap">Non-Qualified</FONT> Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Performance Award, Other Stock-Based Award or Cash Award. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Award Agreement</I></B>&#148; means the written agreement entered into between the Participant and the Company setting forth the terms and
conditions applicable to an Award, as provided under Section&nbsp;5(d). An Award Agreement may, in the discretion of the Committee, be transmitted electronically to any Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Base Price</I></B>&#148; means the price per share of Common Stock subject to a Stock Appreciation Right at which the Stock Appreciation Right may
be exercised or settled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Board</I></B>&#148; means the Company&#146;s Board of Directors, as constituted from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cash Award</I></B>&#148; means an award denominated in cash that is granted pursuant to Section&nbsp;11. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cause</I></B>&#148;, with respect to any Employee or Consultant, unless the applicable Award Agreement provides otherwise, shall have the meaning
given to such term in any employment or other written agreement between such Participant and the Company or Affiliate, as applicable, or, in the event that such term is not defined in such agreement or in the absence of any such agreement, shall
mean the occurrence of any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Participant&#146;s willful failure to perform his or her duties and responsibilities
to the Company or an Affiliate, or refusal to perform any lawful and reasonable directive of the Company or an Affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The
Participant&#146;s gross negligence or willful misconduct in the performance of his or her duties for the Company or an Affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The
Participant&#146;s commission of any act of fraud, embezzlement, dishonesty, moral turpitude, misappropriation of funds, breach of fiduciary duty, duty of loyalty and fidelity or other willful misconduct with respect to the Company or an Affiliate,
or any act, whether or not related to the performance of the Participant&#146;s Service, that affects the Company&#146;s or any Affiliate&#146;s reputation in a manner that may reasonably be expected to have a material adverse effect on the
business, prospects, assets (including intangible assets), liabilities, financial condition, property or results of operation of the Company or any Affiliate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Participant&#146;s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any Affiliate or
any other party to whom the Participant owes an obligation of nondisclosure as a result of the Participant&#146;s relationship with the Company or any Affiliate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Participant&#146;s breach of any of his or her obligations under any written agreement or covenant with, or any material policy of, the
Company or any Affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Participant&#146;s indictment or conviction of or plea of nolo contendere to a felony or crime of moral
turpitude; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">(g) The Participant&#146;s debarment, exclusion or disqualification by any government
regulator or government agency from participating in the business of the Company or any Affiliate; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Participant&#146;s
exhibition of a standard of behavior within the scope of or related to the Participant&#146;s employment, or is a violation of the Company&#146;s code of conduct, that is disruptive to the orderly conduct of the Company&#146;s or its
Affiliates&#146; business operations (including, without limitation, substance abuse, sexual harassment or sexual misconduct, or other unlawful harassment or retaliation). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cause</I></B>&#148;, with respect to any <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director, unless the applicable Award Agreement
provides otherwise, means a determination by a majority of the disinterested Directors that the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director has engaged in any of the following: (i)&nbsp;malfeasance while in office; (ii)&nbsp;gross
negligence, willful misconduct or neglect with respect to the Company or any Affiliate; (iii)&nbsp;false or fraudulent misrepresentation in connection with the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director&#146;s appointment; or
(iv)&nbsp;conversion of corporate funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, references to the Company and Affiliate in the foregoing definitions of
&#147;<B><I>Cause</I></B>&#148; shall include the successor to either as may be appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change in Control</I></B>&#148; means the date
of the occurrence of any of the following events, provided that the event constitutes a &#147;<B><I>change in control event</I></B>&#148; within the meaning of Section&nbsp;409A of the Code: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The consummation of any consolidation or merger of the Company with any other entity, other than a transaction which would result in the
voting power of the securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the
total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such consolidation or merger; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any one Person, or more than one Person acting as a group, acquires ownership of the stock of the Company that, together with the stock
held by such Person or group, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, (A)&nbsp;the acquisition of additional stock by any one Person or group, who is
considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control, and (B)&nbsp;if the stockholders of the Company immediately before such change in ownership continue to retain
immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company&#146;s voting stock immediately prior to the change in ownership, the direct or indirect beneficial ownership of 50% or more
of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not be considered a Change in Control under this subsection (ii). For this purpose, indirect beneficial ownership will include,
without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or
other business entities; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">(c) A majority of the Directors is replaced during any
<FONT STYLE="white-space:nowrap">12-month</FONT> period by Directors whose appointment or election is not endorsed by a majority of the Directors prior to the date of the appointment or election; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Any one Person, or more than one Person acting as a group, acquires (or has acquired during the
<FONT STYLE="white-space:nowrap">12-month</FONT> period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair
market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iv), the following will not constitute a change in the ownership of a substantial
portion of the Company&#146;s assets: (A)&nbsp;a transfer to an entity that is controlled by the Company&#146;s stockholders immediately after the transfer, or (B)&nbsp;a transfer of assets by the Company to: (1)&nbsp;a stockholder of the Company
(immediately before the asset transfer) in exchange for or with respect to the Company&#146;s stock, (2)&nbsp;an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3)&nbsp;a Person,
that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4)&nbsp;an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a
Person described in subsection (3)&nbsp;above. For purposes of this subsection (iv), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this definition, Persons will be considered to be acting as a group if they are owners of an entity that
enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Code</I></B>&#148;
means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as the same may be amended from time to time and any successor statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Committee</I></B>&#148; means a committee of one or more Independent Directors appointed by the Board to administer the Plan, pursuant to
Section&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Common Stock</I></B>&#148; means the Company&#146;s common stock, par value $0.01 per share, or such other securities of the
Company as may be designated by the Committee in substitution thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Company</I></B>&#148; means Delcath Systems, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Consultant</I></B>&#148; means any Person who provides consulting or other services to the Company or any Affiliate and who is (i)&nbsp;neither an
Employee nor a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director and (ii)&nbsp;may be offered securities registrable pursuant to a registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> under the Securities Act.
Consultants are not eligible to receive Awards under the Plan with respect to their service in such capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Director</I></B>&#148; means a
member of the Board. Directors are not eligible to receive Awards under the Plan with respect to their service in such capacity. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">&#147;<B><I>Disability</I></B>&#148; means, unless the applicable Award Agreement provides otherwise, that
the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment (and considered &#147;<B><I>disabled</I></B>&#148; within the meaning of Section&nbsp;409A of the Code).
The determination of whether an individual has a Disability shall be determined under procedures established by the Committee, which shall be final, conclusive and binding. The Committee may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Dividend Equivalent Right</I></B>&#148; means the right of a Participant, granted pursuant to Section&nbsp;9 in connection with the Restricted
Stock Unit Award, to receive a credit for the account of such Participant in an amount equal to cash or stock dividends or other distributions paid by the Company in respect of one share of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Effective Date</I></B>&#148; means the original date of adoption of the Plan by the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Employee</I></B>&#148; means an individual, including, without limitation, any Officer and Director, who is a common law employee of the Company
or an Affiliate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange Act</I></B>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exercise Price</I></B>&#148; means the price at which a share of Common Stock subject to an Option may be purchased upon the exercise of the
Option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Fair Market Value</I></B>&#148; means, as of any date, the value of the Common Stock determined as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If the Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination
on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in <I>The Wall Street Journal</I> or such other source as the Committee deems reliable (subject to compliance with Applicable Law,
including Section&nbsp;409A of the Code); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Common Stock is publicly traded but is neither listed nor admitted to trading on a
national securities exchange, the average of the closing bid and asked prices on the date of determination as reported in <I>The Wall Street Journal</I> or such other source as the Committee deems reliable; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If none of the foregoing is applicable, by the Board or the Committee in good faith (and in accordance with Section&nbsp;409A of the Code,
as applicable), which such decision shall be final, conclusive and binding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Grant Date</I></B>&#148; means the date on which the Committee
adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution or action, then such date as set forth
in such resolution or action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director</I></B>&#148; means a Director who is not an
Employee, and who satisfies the requirements of a <FONT STYLE="white-space:nowrap">&#147;non-employee</FONT> director&#148; within the meaning of Section&nbsp;16 of the Exchange Act. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">&#147;<B><I><FONT STYLE="white-space:nowrap">Non-Qualified</FONT> Option</I></B>&#148; means an Option that
is not an &#147;incentive stock option&#148; within the meaning of Section&nbsp;422 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Officer</I></B>&#148; means a person who is
an officer of the Company within the meaning of Section&nbsp;16 of the Exchange Act and the rules and regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Option</I></B>&#148; means the right to purchase, at the price and for the term fixed by the Committee in accordance with Section&nbsp;6, and
subject to such other limitations and restrictions in the Plan and the applicable Award Agreement, a number of shares of Common Stock determined by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Stock-Based Award</I></B>&#148; means an Award that is not an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock
Unit Award or Cash Award, and that is granted under Section&nbsp;11 and is payable by delivery of Common Stock and/or which is measured by reference to the value of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Participant</I></B>&#148; means an Eligible Employee to whom an Award has been granted under the Plan (or, if applicable, such other Person who
holds an outstanding Award). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Performance Award</I></B>&#148; means an award that may vest or may become eligible to vest contingent upon the
attainment during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section&nbsp;10 pursuant to such terms as are approved by a majority of the Company&#146;s Independent Directors or the
Independent Compensation Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Performance Goal</I></B>&#148; means one or more goals as may be established by a majority of the
Company&#146;s Independent Directors or the Independent Compensation Committee that must be met by the end of a given Performance Period as a contingency for a given Award to vest and/or become exercisable, settled or payable, or to otherwise
determine the numbers of shares of Common Stock or stock-denominated units that are earned under an Award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Performance Period</I></B>&#148;
means one or more periods of time, as a majority of the Company&#146;s Independent Directors or the Independent Compensation Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of
determining a Participant&#146;s right to vesting, exercisability, settlement or payment of an Award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Person</I></B>&#148; means an
individual, a partnership, a corporation, a limited liability company, an association, a joint share company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Plan</I></B>&#148; means this Delcath Systems, Inc. 2023 Inducement Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Restricted Stock Award</I></B>&#148; means a grant of shares of Common Stock under Section&nbsp;8 that are issued subject to vesting and transfer
restrictions and such other conditions as are set forth in the Plan and the applicable Award Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Restricted Stock Unit
Award</I></B>&#148; means an Award of Restricted Stock Units under Section&nbsp;9. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">&#147;<B><I>Rule <FONT STYLE="white-space:nowrap">16b-3</FONT></I></B>&#148; means Rule <FONT
STYLE="white-space:nowrap">16b-3</FONT> promulgated under the Exchange Act or any successor to Rule <FONT STYLE="white-space:nowrap">16b-3,</FONT> as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securities Act</I></B>&#148; means the Securities Act of 1933, as amended from time to time or any successor statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Service</I></B>&#148; means, as applicable, a Participant&#146;s service with the Company or an Affiliate, as an Employee, <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director or Consultant. For purposes of the Plan, a Participant&#146;s Service shall not be deemed to have been terminated merely because of a change in the capacity in which the Participant renders
service to the Company or an Affiliate as an Employee, Consultant or <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director or merely because of a transfer of the Participant&#146;s Service between the Company and/or Affiliates (except as may
be required for compliance with Section&nbsp;409A of the Code). The Committee, in its sole discretion, may determine whether a Company transaction, such as a sale or <FONT STYLE="white-space:nowrap">spin-off</FONT> of a division or subsidiary that
employs a Participant, shall be deemed to result in a termination of Service for purposes of affected Awards, and such decision shall be final, conclusive and binding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Stock Appreciation Right</I></B>&#148; means a contractual right granted under Section&nbsp;7 entitling the holder of such right to receive,
subject to limitation and restrictions in the Plan and applicable Award Agreement, the appreciation in value of Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Subsidiary</I></B>&#148; means any entity in which the Company owns at least 50% of the combined voting power of all classes of equity entitled to
vote or at least 50% of the combined value of all classes of equity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.</B> <B><U>Administration of the Plan</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>General</U>. The Plan shall be administered by the Committee (or the Board if no Committee has been appointed); provided however,
that Awards may only be granted by either (i)&nbsp;a majority of the Company&#146;s Independent Directors or (ii)&nbsp;the Independent Compensation Committee. Subject to those constraints and the other constraints of the Inducement Award Rules, the
Committee may delegate some of its powers of administration of the Plan to another Committee or Committees, as provided in subsection (d)&nbsp;below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> The Committee shall have the power and authority, subject to, and within the limitations of, the express provisions of the Plan and
the Inducement Award Rules, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> (1) prescribe, amend and rescind rules and procedures governing the administration of the Plan;
(2)&nbsp;determine and designate from time to time each Eligible Employee to whom an Award will be granted and the type of Award to be granted; (3)&nbsp;determine the number of shares of Common Stock subject to each Award and the Grant Date of each
Award; (4)&nbsp;prescribe the terms of each Award, including, without limitation, the time or times when, and the manner and conditions upon which, each Award shall vest, become exercisable, be settled and/or expire, the Exercise Price or Base Price
of each Award (as may be applicable), and the form of payment made in settlement of each Award; (5)&nbsp;specify the terms of the Award Agreement relating to each Award; and (6)&nbsp;determine or impose other conditions to the receipt of shares of
Common Stock subject to an Award, as it may deem appropriate, including but not limited to, cash payments; provided, however, that Awards may only be granted by either (i)&nbsp;a majority of the Company&#146;s Independent Directors or (ii)&nbsp;the
Independent Compensation Committee; </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:9%; font-size:10pt; font-family:Times New Roman"><B>(ii)</B> interpret the terms of the Plan and each Award Agreement and the rules of
procedures established by the Committee under the Plan; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(iii)</B> determine the rights of all Persons under the Plan; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(iv)</B> correct any defect or omission or reconcile any inconsistency in the Plan or in any Award Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(v)</B> make all determinations relating to the Service of a Participant; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(vi)</B> grant waivers of any conditions of the Plan or any Award Agreement, subject to Applicable Law; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(vii)</B> make all other determinations and take all other actions necessary or advisable for the implementation and administration of the
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of any fractional share or unit resulting from the grant, vesting, payment or crediting of dividends under an Award, the Committee
shall have the discretionary authority to round such fractional share or unit to the nearest higher whole share or unit, or convert such fractional share or unit into a right to receive a cash payment (unless determined otherwise by the Committee,
such fractional share or unit shall be rounded to the nearest higher whole share or unit). All actions, decisions and interpretations of the Committee, the Board and any delegate of the Committee or Board under the Plan or any Award Agreement shall
be final, binding, conclusive and <FONT STYLE="white-space:nowrap">non-appealable</FONT> on all Persons, and shall be given the maximum deference permitted by law. The Committee&#146;s and the Board&#146;s determinations under the Plan (including,
without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing such Awards) need not be uniform and may be made by the
Committee or the Board selectively among Persons who receive, or are eligible to receive, Awards under the Plan, whether or not such Persons are similarly situated; provided, however, that Awards may only be granted by either (i)&nbsp;a majority of
the Company&#146;s Independent Directors or (ii)&nbsp;the Independent Compensation Committee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Composition of the
Committee</U>. Except as otherwise determined by the Board, the Committee shall consist of two or more Directors appointed to such committee from time to time by the Board. To the extent deemed necessary or appropriate by the Board, the Committee
shall consist solely of at least two Directors who are <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors and are &#147;independent directors&#148; under any applicable exchange requirements. The Board shall have discretion to determine
whether or not it intends to comply with the exemption requirements of Rule <FONT STYLE="white-space:nowrap">16b-3;</FONT> however, if the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section&nbsp;16
of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors. Nothing herein shall create an inference that an Award
is not validly granted under the Plan in the event Awards are granted under the Plan by a committee of the Board that does not at all times consist solely of two or more <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(d)</B> <U>Limited Liability; Indemnification</U>. In addition to such other rights of
indemnification as they may have as Directors or members of the Committee, and to the maximum extent allowed by the Company&#146;s charter, <FONT STYLE="white-space:nowrap">by-laws</FONT> and Applicable Laws, the Committee shall be indemnified by
the Company against the reasonable expenses, including attorney&#146;s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may be party by reason of any action
taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof (<I>provided, however</I>, that the settlement has been approved by the Company,
which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that
such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful;
<I>provided, however</I>, that within 60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.</B> <B><U>Shares Subject to the Plan</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Aggregate Limit</U>. Subject to adjustment as set forth in <U>Section</U><U></U><U>&nbsp;4(c)</U>, the total number of shares of
Common Stock reserved and available for grant and issuance pursuant to Awards under the Plan is equal to 650,000 shares (the &#147;<B><I><U>Share Reserve</U></I></B>&#148;). For purposes of counting shares against the Share Reserve, Awards
denominated in shares of Common Stock and other Awards that may be exercised for, settled in or convertible into shares of Common Stock will be counted against the Plan reserve on the date of grant of the Award based on the maximum number of shares
that may be issued pursuant to the Award, as determined by the Committee. Shares of Common Stock delivered under the Plan shall consist of authorized and unissued shares, treasury shares, forfeited shares and/or shares reacquired by the Company in
any manner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Returned Shares</U>. Any shares of Common Stock subject to an outstanding Award or any portion thereof granted
under the Plan will be returned to the Share Reserve and will be available for issuance in connection with subsequent Awards under the Plan to the extent such shares (or the Awards covering such shares)&nbsp;(i) are cancelled, forfeited or settled
in cash; (ii)&nbsp;expire by their terms at any time; or (iii)&nbsp;are reacquired by the Company pursuant to a forfeiture provision. Notwithstanding the foregoing, shares subject to an Award shall not again be made available for issuance under the
Plan if such shares are surrendered or tendered to pay the Exercise Price or Base Price of such Award or any tax withholding obligation arising in connection with vesting, exercise or settlement of such Award. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Adjustments for Changes in Common Stock, Etc</U>. In the event of any change with respect to the outstanding shares of Common
Stock by reason of any recapitalization, reclassification, stock dividend, extraordinary dividend, stock split, reverse stock split or other distribution with respect to the shares of Common Stock, or any merger, reorganization, consolidation,
combination, <FONT STYLE="white-space:nowrap">spin-off,</FONT> or other similar corporate change, or any other any relevant change affecting the capitalization of the Company, the Committee shall, in the manner that it, in its sole discretion,
determines is appropriate, cause an equitable adjustment or substitution to be made to (i)&nbsp;the maximum number of shares (or other securities or rights) reserved for issuance and </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
future grant from the Share Reserve, (ii)&nbsp;the number and kind of shares (or other securities or rights) subject to then outstanding Awards, (iii)&nbsp;the Exercise Price or Base Price with
respect to any Option or Stock Appreciation Right, (iv)&nbsp;the Performance Goals applicable to any Award and (v)&nbsp;any other terms of an Award that are affected by the event. Any such actions shall be taken by the Company in good faith so as to
substantially preserve the value, rights and benefits of any affected Awards. In the case of adjustments made pursuant to this <U>Section</U><U></U><U>&nbsp;4(c)</U>, unless the Committee specifically determines that such adjustment is in the best
interests of the Company or Affiliates, the Committee shall, in the case of Options and Stock Appreciation Rights, ensure that any adjustments under this <U>Section</U><U></U><U>&nbsp;4(c)</U> will not constitute a modification of such Options
within the meaning of Section&nbsp;409A of the Code. Any adjustments made under this <U>Section</U><U></U><U>&nbsp;4(c)</U> shall be made in a manner which does not adversely affect the exemption provided pursuant to Rule <FONT
STYLE="white-space:nowrap">16b-3</FONT> under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. In addition, in connection
with any of the events described above, the Committee, in its sole discretion, and subject to compliance with Section&nbsp;409A of the Code may provide that each Award then-outstanding shall terminate in exchange for an equitable payment as
determined by the Committee in good faith, which, in the case of Options and Stock Appreciation Rights, may include a cash payment to the extent of the excess, if any, of the then-Fair Market Value of a share of Common Stock subject to the Award,
over the Exercise Price or Base Price per share of Common Stock subject to the Award, and in the event that there is no such excess, a payment of zero. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.</B> <B><U>Eligibility and Awards</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Designation of Participants</U>. Awards may only be granted to Eligible Employees described in
<U>Section</U><U></U><U>&nbsp;1(a)</U>, where the Award is an inducement material to the individual&#146;s entering into employment with the Company or an Affiliate within the meaning of Rule 5635(c)(4) of the Nasdaq Marketplace Rules or is
otherwise permitted pursuant to Rule 5635(c) of the Nasdaq Marketplace Rules. In selecting Eligible Employees to be Participants, and in determining the type and amount of Awards to be granted under the Plan, the Committee shall consider any and all
factors that it deems relevant or appropriate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Approval Requirements</U>. All Awards must be granted either by a majority of
the Company&#146;s Independent Directors or the Independent Compensation Committee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Determination of Awards</U>. Subject to
<U>Section</U><U></U><U>&nbsp;5(b)</U>, the Committee shall determine the terms and conditions of all Awards granted to Participants in accordance with its authority under <U>Section</U><U></U><U>&nbsp;3</U> and other terms of the Plan. An Award may
consist of one type of right or benefit hereunder or of two or more such rights or benefits granted in tandem. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> <U>Award
Agreements</U>. Each Award under the Plan shall be evidenced by an Award Agreement in a written or electronic form approved by the Committee setting forth (as applicable) the number of shares of Common Stock, units or other rights subject to the
Award, the Exercise Price, Base Price, or purchase price of the Award, the time or times at which an Award will become vested, exercisable, settled or payable, the term of the Award and any Performance Goals applicable to the Award. The Award
Agreement may also set forth the effect on an Award of a Change in Control or a termination of Service under certain circumstances. The Award Agreement shall be subject to and incorporate, by reference or otherwise, all of the applicable terms and
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
conditions of the Plan, and may also set forth other terms and conditions applicable to the Award as determined by the Committee consistent with the limitations of the Plan. The grant of an Award
under the Plan shall not confer any rights upon the Participant holding such Award other than such terms, and subject to such conditions, as are specified in the Plan as being applicable to such type of Award (or to all Awards) or as are expressly
set forth in the Award Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.</B> <B><U>Option Awards</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Grant of Options</U>. An Award of an Option may be granted to any Eligible Employee selected by the Committee and shall be
evidenced by an Award Agreement setting forth the Exercise Price, the term of the Option, the number of shares of Common Stock to which the Option relates, any conditions to the exercise or vesting of all or a portion of the Option and such other
terms and conditions as the Committee, in its sole discretion, shall determine. All Options will be <FONT STYLE="white-space:nowrap">Non-Qualified</FONT> Options at the time of grant. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Exercise Price</U>. The Exercise Price with respect to shares of Common Stock subject to an Option shall be determined by the
Committee in its sole discretion, provided, however, that the Exercise Price per share shall not be less than 100% of the Fair Market Value of a share of Common Stock on the Grant Date of such Option. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Term of Option</U>. The Committee shall determine and set forth in an Award Agreement the term during which an Option may be
exercised, provided that in no event shall any Option have a maximum term greater than ten years from the Grant Date, or such shorter period as set forth in the Award Agreement. Each Option shall terminate, cease to be exercisable and be forfeited
not later than the end of the maximum term specified in the Award Agreement pertaining to the Option. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> <U>Vesting and
Exercisability of Options</U>. The Committee shall, in its sole discretion, provide in an Award Agreement the time or times at which, or the conditions upon which, an Option or portion thereof shall become vested and/or exercisable. The Committee
may condition the vesting and/or exercisability upon the passage of time (e.g., subject to the Participant&#146;s continued Service for specified period) and/or the occurrence of any other event or condition that is established by the Committee and
set forth in the Award Agreement. The Committee may, in its sole discretion, provide, in an Award Agreement or other agreement between a Participant and the Company, for the acceleration of vesting and/or exercisability of any Option upon a
Participant&#146;s termination of Service under specified circumstances or upon the occurrence of other specified events or conditions. To the extent the vesting requirements of an Option are not satisfied, the Option shall be forfeited. In no event
may any Option be exercised for a fraction of a share of Common Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)</B> <U>Termination of Service</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> <U>General</U>. Except as otherwise provided in the applicable Award Agreement or other individual written agreement between the
Participant and the Company, if a Participant&#146;s Service terminates (other than for Cause and other than upon the Participant&#146;s death or Disability), the Participant may exercise his or her Option (to the extent that the Option was vested
and the Participant was entitled to exercise such Option as of the date of the termination of Service) within </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
the period of time ending on the earlier of (A) 90 days following the termination of the Participant&#146;s Service, and (B)&nbsp;the expiration of the term of the Option as set forth in the Plan
or Award Agreement. If, after termination of Service, the Participant does not exercise his or her Option within the applicable time frame, the Option will terminate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(ii)</B> <U>Disability of Participant</U>. Except as otherwise provided in the applicable Award Agreement or other individual written
agreement between the Participant and the Company, if a Participant&#146;s Service terminates as a result of the Participant&#146;s Disability, the Participant may exercise his or her Option (to the extent that the Option was vested and the
Participant was entitled to exercise such Option as of the date of termination of Service), but only within such period of time ending on the earlier of (A)&nbsp;the date 12 months following such termination of Service, and (B)&nbsp;the expiration
of the term of the Option as set forth in the Award Agreement. If, after termination of Service, the Participant does not exercise his or her Option within the applicable time frame, the Option will terminate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(iii)</B> <U>Death of Participant</U>. Except as otherwise provided in the applicable Award Agreement or other individual written agreement
between the Participant and the Company, if (A)&nbsp;a Participant&#146;s Service terminates as a result of the Participant&#146;s death, or (B)&nbsp;the Participant dies within the period (if any) specified in the Award Agreement for exercisability
after the termination of the Participant&#146;s Service for a reason other than death, then the Option may be exercised (to the extent the Option was vested and the Participant was entitled to exercise such Option as of the date of death) by the
Participant&#146;s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Participant&#146;s death, but only within the period ending on the earlier of
(A)&nbsp;the date 12 months following the date of death, and (B)&nbsp;the expiration of the term of such Option as set forth in the Award Agreement. If, after the Participant&#146;s death, the Option is not exercised within the applicable time
frame, the Option will terminate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(iv)</B> <U>Termination for Cause</U>. Except as provided otherwise in a Participant&#146;s Award
Agreement or other individual written agreement between the Company and a Participant, if a Participant&#146;s Service is terminated by the Company or any Affiliate for Cause, each Option, whether vested or unvested, that is held by such Participant
shall terminate, cease to be exercisable/payable and be forfeited as of the date of such termination of Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(f)</B> <U>Exercise of
Options; Payment</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> <U>Notice of Exercise</U>. Subject to vesting, exercisability and other restrictions provided for
hereunder or otherwise imposed in accordance herewith, an Option may be exercised, in whole or in part, by a Participant only by delivery of written notice (in the form prescribed by the Committee) to the Company specifying the number of shares of
Common Stock to be purchased. An Option may not be exercised after it is forfeited or otherwise terminated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(ii)</B> <U>Payment of
Exercise Price</U>. The aggregate Exercise Price shall be paid in full upon the exercise of the Option. Payment must be made by one of the following methods: (A)&nbsp;cash or a certified or bank cashier&#146;s check; (B)&nbsp;if and upon the terms
approved by the Committee in its sole discretion, by delivery to the Company of previously owned and vested shares of Common Stock, duly endorsed for transfer to the Company, having an aggregate Fair Market
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
Value on the date of exercise equal to the aggregate Exercise Price due for the number of shares being acquired pursuant to such exercise, (C)&nbsp;if and upon the terms approved by the Committee
in its sole discretion, through the withholding by the Company of shares of Common Stock otherwise to be received, with such withheld shares of Common Stock having an aggregate Fair Market Value on the date of exercise equal to the aggregate
Exercise Price due for the number of shares being acquired; (D)&nbsp;a &#147;cashless&#148; exercise program established with a broker; (E)&nbsp;by any combination of such methods of payment, or (F)&nbsp;any other method approved by the Committee in
its sole discretion. Unless otherwise specifically provided in the Option, the Exercise Price that is paid by delivery to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by shares of the Common
Stock that have been held for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period the Common Stock is publicly
traded, an exercise by a Director or Officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section&nbsp;402(a) of the
Sarbanes-Oxley Act of 2002 shall be prohibited. The Committee may impose limitations and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition designed to avoid accounting
consequences which may result from the use of shares of Common Stock as payment of the aggregate Exercise Price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. <U>Stock Appreciation Rights</U>
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Grant of Stock Appreciation Rights</U>. An Award of a Stock Appreciation Right may be granted to any Eligible Employee
selected by the Committee and shall be evidenced by an Award Agreement setting forth the Base Price, the term of the Stock Appreciation Right, the number of shares of Common Stock to which the Stock Appreciation Right relates, any conditions to the
exercise of all or a portion of the Stock Appreciation Right and such other terms and conditions as the Committee, in its sole discretion, shall determine. A Stock Appreciation Right may, in the sole discretion of the Committee, be granted in tandem
with an Option, and in such event, shall (i)&nbsp;have a Base Price per share equal to the per share Exercise Price of the Option, (ii)&nbsp;be vested and exercisable at the same time or times that a related Option is vested and exercisable, and
(iii)&nbsp;expire no later than the time at which the related Option expires. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Benefits Upon Exercise</U>. Subject to such
terms and conditions as specified in an Award Agreement, a Stock Appreciation Right shall entitle the Participant to receive a payment, upon exercise or other settlement of the Stock Appreciation Right, of an amount determined by multiplying
(i)&nbsp;the excess of the Fair Market Value of each share of Common Stock covered by the Stock Appreciation Right on the date of exercise or settlement of the Stock Appreciation Right over the Base Price per share of Common Stock covered by the
Stock Appreciation Right, by (ii)&nbsp;the number of shares of Common Stock as to which such Stock Appreciation Right is exercised or settled. Such payment may be in cash, in shares of Common Stock (with or without restriction as to substantial risk
of forfeiture and transferability, as determined by the Company in its sole discretion) valued at their Fair Market Value on the date of exercise or other settlement, or in any combination, as the Committee shall determine in the Award Agreement.
Upon exercise of a tandem Stock Appreciation Right, the number of shares of Common Stock for which any related Option shall be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number
of shares of Common Stock for which a tandem Stock Appreciation Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of Shares of Common Stock for which such Option has been exercised. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(c)</B> <U>Base Price</U>. The Base Price per share of Common Stock subject to a Stock
Appreciation Right shall be determined by the Committee in its sole discretion, provided, however, that the Base Price per share shall not be less than 100% of the Fair Market Value of a share of Common Stock on the Grant Date of such Stock
Appreciation Right. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> <U>Term of Stock Appreciation Right</U>. The Committee shall determine and set forth in an Award Agreement
the term during which a vested Stock Appreciation Right may be exercised or settled, provided that in no event shall any Stock Appreciation Right have a maximum term greater than 10 years from the Grant Date, or such shorter period as set forth in
the Award Agreement. Each Stock Appreciation Right shall terminate, cease to be exercisable/payable and be forfeited, not later than the end of the maximum term specified in the Agreement pertaining to the Stock Appreciation Right. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)</B> <U>Vesting and Exercisability of Stock Appreciation Rights</U>. The Committee shall, in its sole discretion, provide in an Award
Agreement the time or times at which, or the conditions upon which, a Stock Appreciation Right or portion thereof shall become vested, exercisable and/or settled. The Committee may condition the vesting and/or exercisability upon the passage of time
(e.g., subject to the Participant&#146;s continued Service for a specified period) and/or the occurrence of any other event or condition that is established by the Committee and set forth in the Award Agreement. The Committee may, in its sole
discretion, provide, in an Award Agreement or other written agreement between a Participant and the Company, for the acceleration of vesting and/or exercisability of any Stock Appreciation Right upon a Participant&#146;s termination of Service under
specified circumstances or upon the occurrence of other specified events or conditions. To the extent the vesting requirements of a Stock Appreciation Right are not satisfied, the Stock Appreciation Right shall be forfeited. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(f)</B> <U>Notice of Exercise</U>. Subject to vesting, exercisability and other restrictions provided for hereunder or otherwise imposed in
accordance herewith, a Stock Appreciation Right may be exercised, in whole or in part, by a Participant only by delivery of written notice (in the form prescribed by the Committee) to the Company specifying the number of shares of Common Stock with
respect to which the exercise applies. A Stock Appreciation Right may not be exercised after it is forfeited or otherwise terminated. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(g)</B> <U>Termination of Service</U>. The same rules of <U>Section</U><U></U><U>&nbsp;6(e)</U> that apply to Options regarding termination
of Service shall also apply to Stock Appreciation Rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.</B> <B><U>Restricted Stock Awards</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Grant of Restricted Stock</U>. A Restricted Stock Award may be granted to any Eligible Employee selected by the Committee and
shall be evidenced by an Award Agreement setting forth the number of shares of Common Stock subject to the Restricted Stock Award, the payment (if any) required for such shares, the vesting restrictions applicable to such shares and such other terms
and conditions as the Committee, in its sole discretion, shall determine. The Committee may </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
require that certificates representing the shares of Common Stock issued pursuant to a Restricted Stock Award bear a legend making appropriate reference to the restrictions imposed, and that
certificates representing such shares will remain in the physical custody of the Company or an escrow holder until all restrictions are removed or have expired. The Committee may also require the Participant to execute and deliver to the Company
(i)&nbsp;an escrow agreement satisfactory to the Committee, if applicable, and (ii)&nbsp;the appropriate blank stock power with respect to the shares of Common Stock covered by such agreement. If a Participant fails to execute an agreement
evidencing a Restricted Stock Award and, if applicable, an escrow agreement and stock power, the Award shall be null and void. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B>
<U>Vesting of Restricted Stock Awards</U>. The Committee shall, in its sole discretion, provide in an Award Agreement the time or times at which, or the conditions upon which, a Restricted Stock Award shall vest. The restrictions imposed on shares
of Common Stock granted under a Restricted Stock Award shall lapse in accordance with the vesting requirements specified by the Committee in the Award Agreement. The Committee may condition the vesting upon the passage of time (e.g., subject to the
Participant&#146;s continued Service for a specified period) and/or the occurrence of any other event or condition that is established by the Committee and set forth in the Award Agreement. The Committee may, in its sole discretion, provide, in an
Award Agreement or other agreement between a Participant and the Company, for the acceleration of vesting of a Restricted Stock Award upon a Participant&#146;s termination of Service under specified circumstances or upon the occurrence of other
specified events or conditions. If the vesting requirements applicable to a Restricted Stock Award are not satisfied, the shares subject to the Award shall automatically be forfeited, the Participant shall assign, transfer, and deliver any
certificates evidencing ownership of such shares to the Company, and the Participant shall cease for all purposes to be a stockholder with respect to such shares. If the Participant paid for such forfeited shares in cash or other tangible
consideration, then, unless otherwise provided by the Committee in an Award Agreement, the Company will refund to the Participant the lesser of (i)&nbsp;the amount originally paid by the Participant for such shares and (ii)&nbsp;the Fair Market
Value of such shares on the date of forfeiture. Without limiting <U>Section</U><U></U><U>&nbsp;8(a)</U>, by acceptance of a Restricted Stock Award, the Participant shall be deemed to appoint, and does so appoint by execution of the Award Agreement,
the Company and each of its authorized representatives as the Participant&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> to effect the transfer of forfeited shares subject to the Restricted
Stock Award. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Nontransferability</U>. Shares granted under any Restricted Stock Award may not be transferred, assigned or
subject to any encumbrance, pledge, or charge unless and until (i)&nbsp;the vesting conditions applicable to the Award have been achieved, and (ii)&nbsp;the other restrictions on transferability applicable to Common Stock set forth in the Plan, the
Award Agreement or otherwise have been satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> <U>Rights as a Stockholder</U>. Subject to the foregoing provisions of this
<U>Section</U><U></U><U>&nbsp;8</U> and, unless otherwise stated in the applicable Award Agreement, a Participant generally shall have the rights and privileges of a stockholder with respect to shares of Common Stock granted to the Participant under
a Restricted Stock Award, including the right to vote such shares and the right to receive dividends and distributions with respect such shares. However, unless provided otherwise in an Award Agreement, all cash and stock dividends and distributions
shall be held back by the Company for the Participant&#146;s account until such time as the related portion of the Restricted Stock Award vests (at which time such dividends or distributions, as applicable, shall be released and paid) and if such
related portion of the Restricted Stock Award is forfeited, such dividends or distributions, as applicable, will be forfeited. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(e)</B> <U>Section 83(b) Election</U>. If a Participant makes an election pursuant to
Section&nbsp;83(b) of the Code with respect to a Restricted Stock Award, the Participant shall file, within 30 days following the date of grant of the Award, a copy of such election with the Company and with the Internal Revenue Service, in
accordance with the regulations under Section&nbsp;83 of the Code. The Committee may provide in an Award Agreement that the Restricted Stock Award is conditioned upon the Participant&#146;s making or refraining from making an election with respect
to the Award under Section&nbsp;83(b) of the Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.</B> <B><U>Restricted Stock Unit Awards</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Grant of Restricted Stock Units</U>. An Award of hypothetical Common Stock units (&#147;<B><I>Restricted Stock
Units</I></B>&#148;) having a value equal to the Fair Market Value of an identical number of shares of Common Stock may be granted to any Eligible Employee selected by the Committee and shall be evidenced by an Award Agreement setting forth the
number of shares of Restricted Stock Units subject to the Award, the vesting and/or earnings conditions applicable to the Restricted Stock Units, the timing for settlement of the Restricted Stock Units and such other terms and conditions as the
Committee, in its sole discretion, shall determine. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment of any such Award. A Participant
shall have no voting rights with respect to any Restricted Stock Units granted hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Vesting of Restricted Stock
Units</U>. The Committee shall, in its sole discretion, provide in an Award Agreement the time or times at which, or the conditions upon which, Restricted Stock Units shall vest and/or be settled. The Committee may condition the vesting upon the
passage of time (e.g., subject to the Participant&#146;s continued Service as of a specified date) and/or the occurrence of any other event or condition that is established by the Committee and set forth in the Award Agreement. The Committee may, in
its sole discretion, provide, in an Award Agreement or other agreement between a Participant and the Company, for the acceleration of vesting of any Restricted Stock Units upon a Participant&#146;s termination of Service under specified
circumstances or upon the occurrence of other specified events or conditions. If the vesting requirements applicable to Restricted Stock Units are not satisfied, such units shall automatically be forfeited. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Dividend Equivalent Rights</U>. The Committee may permit Participants holding Restricted Stock Units to receive Dividend
Equivalent Rights on outstanding Restricted Stock Units if dividends are paid to stockholders on shares of Common Stock. If so permitted by the Committee, such Dividend Equivalent Rights may be paid in cash or shares of Common Stock (in the sole
discretion of the Committee), and will be payable to the Participant upon settlement of the Restricted Stock Units to which the Dividend Equivalent Rights relate and, to the extent such Restricted Stock Units are forfeited, the Participant shall
have no right to payment in respect of the Dividend Equivalent Rights. If the Committee permits Dividend Equivalent Rights to be made on Restricted Stock Units, the terms and conditions for such Dividend Equivalent Rights will be set forth in the
applicable Award Agreement. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(d)</B> <U>Settlement</U>. At the time of settlement of a vested Restricted Stock Unit
(which may be upon or following vesting of the Award, as set forth in the Award Agreement), the Company shall deliver to the Participant, or his or her beneficiary, without charge, one share of Common Stock for each such outstanding vested
Restricted Stock Unit and cash equal to any Dividend Equivalents credited with respect to each such vested Restricted Stock Unit and any interest thereon (or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value
equal to such Dividend Equivalents and the interest thereon, if any); <I>provided, however</I>, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common
Stock in lieu of delivering only shares of Common Stock for vested Restricted Stock Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the Common Stock
as of the date on which the Restricted Stock Unit vested (or specified deferred settlement date, if later). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.</B> <B><U>Performance Awards</U></B>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Types of Performance Awards</U>. In the discretion of the Committee, a Performance Award may be granted to any Eligible
Employee as an Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit Award, Other Stock-Based Award or Cash Award. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Terms of Performance Awards</U>. Performance Awards will be based on the attainment of Performance Goals that are established by
the Committee for the relevant Performance Period. Prior to the grant of any Performance Award, the Committee will determine and each Award Agreement shall set forth the terms of each Performance Award, including, without limitation: (i)&nbsp;the
nature, length and starting date of any Performance Period; (ii)&nbsp;the Performance Goals that shall be used to determine the time and extent to which a Performance Award has been earned; (iii)&nbsp;amount of any cash bonus, or the number of
shares of Common Stock deemed subject to a Performance Award, and (iv)&nbsp;the effect of a termination of Participant&#146;s Service on a Performance Award. Participants may participate simultaneously with respect to Performance Awards that are
subject to different Performance Periods and Performance Goals. A Performance Award may but need not require the Participant&#146;s completion of a specified period of Service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Determination of Achievement</U>. The Committee shall determine the extent to which a Performance Award has been earned in its
sole discretion, including the extent to which Performance Goals have been attained, and the degree of achievement between minimum and maximum levels. The Committee may reduce or waive any criteria with respect to a Performance Goal, or adjust a
Performance Goal (or method of calculating the attainment of a Performance Goal) to take into account unanticipated events, including changes in law and accounting or tax rules, as the Committee deems necessary or appropriate, or to reflect the
impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships. The Committee may also adjust or eliminate the compensation or economic benefit due upon attainment of Performance Goals in its sole discretion,
subject to any limitations contained in the Award Agreement and compliance with Applicable Law. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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>11.</B> <B><U>Other Stock-Based Awards and Cash Awards</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Other Stock-Based Awards</U>. The Committee may grant, either alone or in tandem with other Awards, to any Eligible Employee an
Other Stock-Based Award that is payable in, valued in whole or in part by reference to, or otherwise based or related to shares of Common Stock, including, but not limited to, shares of Common Stock awarded as a bonus or other compensation which are
issued without restrictions on transfer and other incidents of ownership and free from forfeiture conditions (other than those that generally apply to shares of Common Stock under the Plan). An Other Stock-Based Award shall be evidenced by an Award
Agreement setting forth the number of shares of Common Stock subject to the Award, any payment required for such Award, any vesting conditions applicable to the Award and such other terms and conditions as the Committee, in its sole discretion,
shall determine. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Cash Awards</U>. The Committee may grant, to any Eligible Employee, a Cash Award that is payable contingent
upon the attainment during a Performance Period of certain Performance Goals and/or such other terms as the Committee may determine (&#147;<B><I><U>Cash Award</U></I></B>&#148;). A Cash Award may also require the completion of a specified period of
Service. The degree to which Performance Goals applicable to a Cash Award have been attained will be conclusively determined by the Committee, in its sole discretion. The Committee may specify the form of payment of Cash Awards, which may be cash or
other property, or may provide for a Participant to have the option for his or her Cash Award, or such portion thereof as the Committee may specify, to be paid in whole or in part in cash or other property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. <U>Forfeiture Events</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B>
<U>General</U>. The Committee may specify in an Award Agreement that the Participant&#146;s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain
specified events. Such events may include, without limitation, a termination of Service for Cause and/or breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant
that is materially detrimental to the business or reputation of the Company. The Committee shall have the power to determine whether the Participant has been terminated for Cause and the date upon which such termination for Cause occurs. Any such
determination shall be final, conclusive and binding upon the Participant. In addition, if the Company shall reasonably determine that a Participant has committed or may have committed any act which could constitute the basis for a termination of
such Participant&#146;s Service for Cause, the Committee may, subject to compliance with Applicable Law, suspend the Participant&#146;s rights to exercise any Option or Stock Appreciation Right, receive any payment or vest in any right with respect
to any Award pending a determination by the Company of whether an act has been committed which could constitute the basis for a termination for Cause. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Right of Recapture</U>. Unless otherwise provided in an Award Agreement, if at any time within 1 year after the date on which a
Participant exercises an Option or Stock Appreciation Right or on which an another Award vests or becomes payable, or on which income otherwise is realized by a Participant in connection with an Award, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> a Participant&#146;s Service is terminated for Cause, or </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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:9%; font-size:10pt; font-family:Times New Roman"><B>(ii)</B> the Committee determines in its sole discretion either that, (A)&nbsp;while in
Service, the Participant had engaged in an act which would have warranted termination for Cause, or (B)&nbsp;after termination of Service for any reason, the Participant has engaged in conduct that violates any continuing obligation or duty of the
Participant in respect of the Company, or any Affiliate, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then any gain realized by the Participant from the exercise, vesting, payment or other
realization of income by the Participant in connection with an Award, shall be paid by the Participant to the Company upon notice from the Committee. Such gain shall be determined as of the date on which the gain is realized by the Participant,
without regard to any subsequent change in the Fair Market Value of a share of Common Stock. The Company shall have the right to offset such gain against any amounts otherwise owed to the Participant by the Company (whether as wages, vacation pay or
pursuant to any benefit plan or other compensatory arrangement), subject to compliance with Section&nbsp;409A of the Code and other Applicable Law. The foregoing shall apply in addition to any other relief available to the Company or any of its
Affiliates at law or otherwise and without limiting the ability of the Company or any of its Affiliates to pursue the same. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B>
<U>Clawback/Recovery</U>. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or
association on which the Company&#146;s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law. In addition, the Board may impose such other clawback, recovery or
recoupment provisions in an Award Agreement or compensation clawback policy as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash
or property upon the occurrence of an event constituting Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntarily terminate employment upon a &#147;<B><I>resignation for good
reason,</I></B>&#148; or for a &#147;constructive termination&#148; or any similar term under any plan of or agreement with the Company or any Affiliate. Without limiting the generality of the foregoing, any such clawback policy of the Company,
whether required by applicable listing standards or law, or otherwise adopted by the Board in its discretion, may provide that if a Participant, regardless of his or her position with the Company, receives compensation pursuant to an Award under the
Plan based on financial statements that are subsequently required to be restated in a way that would decrease the value of such compensation, the Participant will forfeit and repay to the Company the difference between what the Participant received
and what the Participant should have received based on the accounting restatement. By accepting an Award hereunder, the Participant acknowledges and agrees that any such policy shall apply to such Award, and all compensation payable pursuant to such
Award shall be subject to forfeiture and repayment pursuant to the terms of such policy. Although not required to give effect to the provisions of this <U>Section</U><U></U><U>&nbsp;12(c)</U>, the Committee may, as it deems appropriate, amend the
Plan to reflect the terms of any such policy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.</B> <B><U>Change in Control</U></B>. Notwithstanding any provision of the Plan to the contrary, in
the event of a Change in Control, except as set forth in <U>Section</U><U></U><U>&nbsp;14(j)</U>, outstanding Awards under the Plan shall be subject to the agreement pursuant to which the Change in Control takes place (or to such treatment as the
Committee otherwise determines), which need not treat all outstanding Awards or Participants in an identical manner. Such agreement (or other treatment), without the Participant&#146;s consent, may provide for one or more of the following with
respect to Awards outstanding as of or immediately prior to the effective date of the Change in Control: </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(a)</B> The continuation of any outstanding Awards by the Company (if the Company is the
surviving entity); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> The assumption of any outstanding Awards by the acquirer or surviving entity or its parent or subsidiary in
a manner that complies with Section&nbsp;409A of the Code (as applicable), or the substitution by the successor or acquiring entity or its parent or subsidiary of equivalent awards with substantially the same terms for such outstanding Award in a
manner that complies with Section&nbsp;409A of the Code (as applicable); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> Full or partial acceleration of vesting and/or, if
applicable, exercisability, of any Awards, and, in the case of Options or Stock Appreciation Rights, followed by the cancellation of such Options or Stock Appreciation Rights, if not exercised within a time period prior to the Change in Control, as
specified by the Committee. The full or partial exercisability of such Awards and full or partial vesting of any Awards may be contingent on the closing of such Change in Control. Any exercise of Options or Stock Appreciation Rights during such
period may be contingent on the closing of such Change in Control; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> With respect to Performance Awards, the cessation, upon the
date of the Change in Control, of any incomplete Performance Periods applicable to such Awards, with the Committee determining the extent to which the Performance Goals applicable to such Awards have been attained as of the date of the Change in
Control based on such audited or unaudited financial information then available as the Committee deems appropriate, and partial or full payment to the Participant in respect of such Awards based on such determination by the Committee, or, if not
determinable, with the assumption that the applicable &#147;<B><I>target</I></B>&#148; level of performance has been attained, or on such other basis determined by the Committee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)</B> The settlement of Awards (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor
entity (or its parent, if any) with a fair market value (as determined by the Committee) equal to the required amount provided in the agreement pursuant to which the Change in Control occurs, followed by the cancellation of such Awards; provided
however, that such Award may be cancelled without consideration if such Award has no value, as determined by the Committee in its sole discretion. Subject to compliance with Section&nbsp;409A of the Code, such payment may be made in installments and
may be deferred until the date or dates the Award would have become exercisable or vested. Such payment may be subject to vesting based on the Participant&#146;s continuous Service, provided that the vesting schedule shall not be less favorable to
the Participant than the schedule under which the Award would have become vested or exercisable. For purposes of this paragraph, the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to
such security. Further, subject to compliance with Section&nbsp;409A of the Code, the Participant may be required to bear his or her pro rata share of any post-closing indemnity obligations with respect to the Award and settlement of the Award may
be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the holders of Common Stock. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">Without limitation of the foregoing, in the case of Options and/or Stock Appreciation Rights, such
settlement may, at the discretion of the Committee, include payment to one or more Participants holding such Options or Stock Appreciation Rights equal to the excess, if any, of (i)&nbsp;the Fair Market Value of the shares subject to each such
Option or Stock Appreciation Right (whether or not such Option or Stock Appreciation Right is then vested or exercisable) as of the closing date of such Change in Control over (ii)&nbsp;aggregate Exercise Price or Base Price of such Option or Stock
Appreciation Right. With respect to any or every Option or Stock Appreciation Right that has a per share Exercise Price or Base Price that equals or exceeds the Fair Market Value per share of Common Stock as of the closing of the Change in Control,
the Committee, in its discretion, may provide for the cancellation of such Option or Stock Appreciation Right without any payment to the Participant therefor; and/or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(f)</B> The cancellation of unvested Awards (or portion thereof) in exchange for no consideration. Unless otherwise determined by the
Committee and evidenced in an Award Agreement (or as otherwise determined by the Committee), in the event of a Change in Control and either (i)&nbsp;an outstanding Award is not assumed or substituted in connection with the Change in Control, or
(ii)&nbsp;an outstanding Award is assumed or substituted in connection therewith but the Participant&#146;s Service is terminated by the Company (or its successor or affiliate) without Cause within twelve (12)&nbsp;months after the Change in
Control, then: (A)&nbsp;any unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable, and (B)&nbsp;the restrictions (including exercise restrictions), deferral limitations, payment
conditions and forfeiture conditions applicable to an Award granted will lapse and such Award will be deemed fully vested, and any performance conditions on the Award will be deemed achieved based on actual performance levels as determined by the
Committee. For purposes of the preceding sentence, an Award shall be considered to be assumed or substituted for if, following the Change in Control, the Award remains subject to the same terms and conditions that were applicable to the Award
immediately prior to the Change in Control except that, if the Award related to shares of Common Stock, the award instead confers the right to receive, or otherwise relates to, common stock of the acquiring or surviving entity (with adjustment to
such number of shares subject to the Award as determined by the Committee). For the avoidance of doubt, the Committee may accelerate the vesting of or waive restrictions on awards in whole or in part at any time, for any reason (subject to
compliance with Section&nbsp;409A of the Code, to the extent applicable to the Award). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14. <U>General Provisions</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Additional Documentation</U>. The Company may, at any time, require a Participant to execute any additional documents or
instruments necessary or desirable, as determined by the Committee, to carry out the purposes or intent of any Award and/or to facilitate compliance with securities, tax and/or other regulatory requirements. Any such additional documents or
instructions may, but need not be, appended to an Award Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Restrictions on Transfer of Awards</U>. Except as
expressly provided in the Plan or an applicable Award Agreement, or otherwise determined by the Committee, no Participant may sell, transfer, assign, pledge, donate or otherwise dispose of (including any transfer by operation of law or involuntary
transfer) Awards or any interest therein for any reason during the Participant&#146;s lifetime, and any attempt to do so shall be void and shall result in the relevant Award being </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
forfeited. The Committee may grant Awards that are transferable by the Participant during his or her lifetime, but such Awards shall be transferable only to the extent specifically provided in
such Participant&#146;s Award Agreement. In the event of the death of a Participant, an Award may be transferred by will or the laws of descent or distribution. The transferee of the Participant shall, in all cases, be subject to the provisions of
the Award Agreement and the terms and conditions of this Plan. Unless otherwise determined by the Committee, an Option or Stock Appreciation Right may be exercised during the lifetime of the Participant, only by the Participant or, during the period
the Participant is under a legal disability, by the Participant&#146;s guardian or legal representative. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>Rights as a
Stockholder</U>. A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued securities covered by an Award until the date the Participant becomes the holder of record of such securities (except for any
Dividend Equivalent Rights permitted by an applicable Award Agreement). Except as otherwise provided for in the Plan or an Award Agreement, after shares of Common Stock are issued to the Participant, the Participant will be a stockholder and have
all the rights of a stockholder with respect to such shares, including the right to vote and receive dividends or other distributions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> <U>Prohibition Against Exchange and Buyout of Awards</U>. Notwithstanding any provision of the Plan to the contrary, except in
connection with a corporate transaction involving the Company (including, without limitation, a Change in Control or any transaction or event described in <U>Section</U><U></U><U>&nbsp;4(c)</U>), the Committee shall not, without the approval of the
Company&#146;s stockholders, (i)&nbsp;reduce the Exercise Price of an Option or reduce the Base Price of a Stock Appreciation Right after it is granted, (ii)&nbsp;cancel any outstanding Option or Stock Appreciation Right in exchange for another
Award, or Option or Stock Appreciation Right with an Exercise Price or Base Price, as applicable, that is less than the Exercise Price or Base Price of the original Option or Stock Appreciation Right, (iii)&nbsp;cancel an outstanding Option or Stock
Appreciation Right when the Exercise Price or Base Price, as applicable, exceeds the Fair Market Value of a share of the Common Stock in exchange for cash or other securities, or (iv)&nbsp;take any other action with respect to an Option or Stock
Appreciation Right that would be treated as a repricing under the rules and regulations of the principal securities market on which the Common Stock is traded. Any amendment or repeal of this <U>Section</U><U></U><U>&nbsp;14(d)</U> shall require the
approval of the stockholders of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(e)</B> <U>Deferrals of Payment</U>. To the extent permitted by Applicable Law, the
Committee, in its sole discretion, may determine that the delivery of shares of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award shall or may be deferred and may establish programs and
procedures for deferral elections to be made by Participants. Deferrals by Participants (or deferred settlement or payment required by the Committee) will be made in accordance with Section&nbsp;409A of the Code, if applicable, and any other
Applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(f)</B> <U>Acceleration of Exercisability and Vesting</U>. The Committee shall have the power and authority to
accelerate the time at which an Award or any part thereof may be exercised or the time at which an Award or any part thereof will vest, notwithstanding the provisions in the Award stating the time at which an award may be exercised or the time at
which it will vest. Any such acceleration shall be subject to compliance with Section&nbsp;409A of the Code, to the extent applicable to the Award. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(g)</B> <U>Corporate Action Constituting Grant of Awards</U>. Corporate action
constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the
Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action approving the grant contain terms (e.g., Exercise
Price, Base Price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the
corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(h)</B> <U>Securities Law Compliance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> <U>General</U>. No shares of Common Stock shall be purchased, sold or otherwise issued pursuant to any Award unless and until
(A)&nbsp;any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Committee and its counsel and (B)&nbsp;if required to do so by the Committee, the Participant has
executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require in its sole discretion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(ii)</B> <U>Section 16</U>. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the
applicable requirements of Rule <FONT STYLE="white-space:nowrap">16b-3</FONT> as promulgated under Section&nbsp;16 of the Exchange Act so that Participants will be entitled to the benefit of Rule <FONT STYLE="white-space:nowrap">16b-3,</FONT> or any
other rule promulgated under Section&nbsp;16 of the Exchange Act, and will not be subject to short-swing liability under Section&nbsp;16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent
expressed in this subsection, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> <U>Tax Withholding</U>. All Awards (including the issuance or vesting of shares or payment of cash pursuant to an Award) shall be
subject to all applicable tax withholding. Prior to the delivery of any shares of Common Stock or cash pursuant to an Award (or exercise thereof) or such earlier time as any tax withholdings are due, the Company will have the power and right to
deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy U.S. federal, state, or local taxes, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxes, or other taxes (including the Participant&#146;s FICA
obligation) required to be withheld with respect to such Award. The Committee, or its delegate(s), as permitted by Applicable Law, in its sole discretion and pursuant to such procedures as it may specify from time to time and subject to limitations
of Applicable Law, may require or permit a Participant to satisfy any applicable tax withholding obligations, in whole or in part by (without limitation)&nbsp;(A) requiring the Participant to make a cash payment, (B)&nbsp;withholding from the
Participant&#146;s wages or other cash compensation paid to the Participant by the Company or any Affiliate; (C)&nbsp;withholding from the shares of Common Stock otherwise issuable pursuant to an Award; (D)&nbsp;permitting the Participant to deliver
to the Company already-owned shares of Common Stock, (E)&nbsp;withholding from the proceeds of the sale of otherwise deliverable shares of Common Stock acquired pursuant to an Award either through a voluntary sale or through a mandatory sale
arranged by the Company or (F)&nbsp;such other means as the Committee shall deem appropriate. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(j)</B> <U>Section 409A Compliance</U>. It is intended that this Plan and any Awards will
comply with, or avoid application of, the provisions of Section&nbsp;409A of the Code, and they shall be interpreted and construed on a basis consistent with that intent. Notwithstanding anything to the contrary in this Plan (and unless the Award
Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes &#147;nonqualified deferred compensation&#148; under Section&nbsp;409A of the Code is a
&#147;specified employee&#148; for purposes of Section&nbsp;409A of the Code, no distribution or payment of any amount that is due because of a &#147;separation from service&#148; (as defined in Section&nbsp;409A of the Code without regard to
alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant&#146;s &#147;separation from service&#148; or, if earlier, the date of the Participant&#146;s death, unless such
distribution or payment can be made in a manner that complies with Section&nbsp;409A of the Code, and any amounts so deferred will be paid in a lump sum (without interest) on the day after such six month period elapses, with the balance paid
thereafter on the original schedule. Notwithstanding the foregoing, the Company and its Affiliates and their respective employees, officers and directors shall have no liability whatsoever to a Participant nor any other Person (i)&nbsp;if an Award
that is intended to be exempt from, or compliant with, Section&nbsp;409A of the Code is not so exempt or compliant, or (ii)&nbsp;in respect of any decision to take action to attempt to comply with Section&nbsp;409A of the Code, any omission to take
such action or for the failure of any action taken by the Company to so comply. Notwithstanding the foregoing, in the sole discretion of the Committee, the Company may, but is under no obligation to, agree to pay all or a portion of the individual
tax liability of one or more Participants whose awards do not satisfy the conditions for exemption under Section&nbsp;409A of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(k)</B> <U>No Obligation to Notify or Minimize Taxes</U>. The Company shall have no duty or obligation to any Participant to advise such
holder as to the time or manner of exercising an Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise any Participant of a pending termination or expiration of any Award or a possible period in which the Award
may not be exercised. The Company has no duty or obligation to minimize the tax consequences of any Award. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(l)</B> <U>Unfunded
Plan</U>. The adoption of the Plan and any reservation of shares of Common Stock or cash amounts by the Company to discharge its obligations hereunder shall not be deemed to create a trust or other funded arrangement. Except upon the issuance of
Common Stock pursuant to an Award, any rights of a Participant under the Plan shall be those of a general unsecured creditor of the Company, and neither a Participant nor the Participant&#146;s permitted transferees or estate shall have any other
interest in any assets of the Company by virtue of the Plan. The Plan is not intended to be a plan that is subject to the Employee Retirement Income Security Act of 1974, as amended, and shall be interpreted accordingly. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(m)</B> <U>Stop Transfer Orders</U>. All certificates for shares of Common Stock delivered under the Plan pursuant to any Award shall be
subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(n)</B> <U>Other Compensation and Benefit Plans</U>. The adoption of the Plan shall not
affect any other share incentive or other compensation plans in effect for the Company or any of its Affiliates, nor shall the Plan preclude the Company from establishing any other forms of share incentive or other compensation or benefit program
for employees of the Company or any of its Affiliates. The amount of any compensation deemed to be received by a Participant pursuant to an Award shall not constitute includable compensation for purposes of determining the amount of benefits to
which a Participant is entitled under any other compensation or benefit plan or program of the Company or an Affiliate, including, without limitation, under any pension or severance benefits plan, except to the extent specifically provided by the
terms of any such plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(o)</B> <U>Plan Binding on Transferees</U>. The Plan shall be binding upon the Company, its successors,
transferees and assigns, and the Participant, the Participant&#146;s executor, administrator and permitted transferees and beneficiaries. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(p)</B> <U>Severability</U>. Whenever possible, each provision of this Plan will be interpreted in such manner as to be effective and valid
under Applicable Law, but if any provision of this Plan is held to be invalid, illegal or unenforceable in any respect under any Applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or the enforceability of this Plan in any other jurisdiction, but this Plan will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(q)</B> <U>Foreign Award Recipients</U>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws and
practices in other countries in which the Company and its Affiliates operate or have Eligible Employees, the Committee, in its sole discretion, will have the power and authority to: (i)&nbsp;determine which Affiliates will be covered by the Plan;
(ii)&nbsp;determine which individuals outside the United States are eligible to participate in the Plan; (iii)&nbsp;modify the terms and conditions of any Award granted to individuals outside the United States or foreign nationals to comply with
applicable foreign laws, policies, customs and practices; (iv)&nbsp;establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable (and such subplans
and/or modifications will be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications will increase the share limitations contained in <U>Section</U><U></U><U>&nbsp;4(a)</U>; and (v)&nbsp;take any action,
before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Committee may not take any
actions under the Plan, and no Awards will be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(r)</B> <U>No Continued Service Rights</U>. Neither the Plan nor any Award granted hereunder shall confer on any Participant any right to
continuation of the Participant&#146;s employment or other service relationship with the Company or its Affiliates, nor shall it interfere in any way with such Participant&#146;s right or the right of the Company or its Affiliates to terminate such
relationship, with or without Cause. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(s)</B> <U>Governing Law</U>. All issues concerning this Plan will be governed by, and construed
in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any
jurisdiction other than the State of Delaware. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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"><B>(t)</B> <U>Captions</U>. The captions in the Plan are for convenience of reference only,
and are not intended to narrow, limit or affect the substance or interpretation of the provisions contained herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.</B> <B><U>Amendment and
Termination</U></B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> <U>Amendment</U>. The Board at any time, and from time to time, may amend the Plan in any respect that it
deems necessary or advisable, subject to the limitations of Applicable Law and this <U>Section</U><U></U><U>&nbsp;15</U>; provided, however, that stockholder approval will be required for any amendment to the extent required by Applicable Law. The
Committee at any time, and from time to time, may amend the terms of any one or more Awards, subject to the limitations of this <U>Section</U><U></U><U>&nbsp;15</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> <U>Termination</U>. The Board may suspend or terminate the Plan at any time. No Awards may be granted under the Plan while the Plan
is suspended or after it is terminated, but Awards previously granted may extend beyond suspension or termination of the Plan. Termination of the Plan shall not affect the Board&#146;s or the Committee&#146;s ability to exercise the powers granted
to it under the Plan with respect to Awards granted or awarded under the Plan prior to the date of such termination. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> <U>No
Impairment</U>. No amendment, suspension or termination of the Plan or any Award pursuant to this <U>Section</U><U></U><U>&nbsp;15</U> may materially impair a Participant&#146;s rights under any outstanding Award, except with the written consent of
the affected Participant or as may otherwise be expressly permitted in the Plan. Notwithstanding the foregoing, subject to the limitations of Applicable Law, if any, the Committee may amend the terms of any one or more Awards without the affected
Participant&#146;s consent (i)&nbsp;to clarify the manner of exemption from, or to bring the Award into compliance with, Section&nbsp;409A of the Code or (iii)&nbsp;to facilitate compliance with other Applicable Laws. </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>d500537dex993.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DELCATH SYSTEMS, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2023 INDUCEMENT PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCK OPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS STOCK OPTION AGREEMENT</B> is made as of the Date of Grant<B> </B>(the &#147;<B><U>Grant Date</U></B>&#148;), as defined under the
Stock Option Grant Notice (the &#147;<B><U>Grant Notice</U></B>&#148;), by and between Delcath Systems, Inc., a Delaware corporation (the&nbsp;&#147;<B><U>Company</U></B>&#148;), and the Participant (the &#147;<B><U>Optionee</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.
<U>Inducement Award</U>. As reflected in the Grant Notice, the Company, pursuant to its 2023 Inducement Plan (the &#147;<B><U>Plan</U></B>&#148;), hereby grants to the Optionee an Option (the &#147;<B><U>Option</U></B>&#148;) to purchase the Number
of Shares of Common Stock Subject to the Option (&#147;<B><U>Option Shares</U></B>&#148;), as set forth in the Grant Notice. The Option is granted as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c). The Option is subject to
all of the terms and conditions as set forth herein and in the Plan, which is attached to the Grant Notice as <B>Attachment II</B> and is hereby incorporated by reference. Capitalized terms used in this Stock Option Agreement and not explicitly
defined herein shall have the meanings ascribed to such terms in the Grant Notice or the Plan, as applicable. The terms of the Option as specified in the Grant Notice and this Stock Option Agreement constitute the Option Agreement. In the event that
any provision of this Option Agreement conflicts with any term in the Plan, the term in the Plan shall be deemed controlling. The Option is not intended to be, and shall not be treated as, an incentive stock option, as defined in Section&nbsp;422 of
the U.S.&nbsp;Internal Revenue Code of 1986, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Participation</U>. The Optionee shall be deemed a &#147;Participant&#148; for purposes of
applying the terms of the Plan to this Option Agreement and the Option awarded hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Exercise Price</U>. The Exercise Price to be paid by the
Optionee to the Company upon the exercise of the Option shall be the Exercise Price per Option Share, which is not less than the Fair Market Value of a share of Common Stock as of the Grant Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Vesting Provisions</U>. This Option shall become vested and exercisable as set forth in the Grant Notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Option Term</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<U>Maximum Term</U>. The Option, to the extent vested pursuant to <U>Section</U><U></U><U>&nbsp;4</U> hereof (or otherwise hereunder), may be exercised at any time on or after the applicable vesting date and prior to the Expiration Date indicated in
the Grant Notice. The Option shall expire and terminate on the Expiration Date, unless it is earlier terminated in accordance with the terms of the Plan, as incorporated herein by reference, or this Option Agreement (including without limitation,
<U>Section</U><U></U><U>&nbsp;5(b)</U> hereof). Upon any such termination of the Option, the Option shall be forfeited and shall no longer be exercisable. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>(b)</U> <U>Effect of Termination of Service</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">i. <U>Termination by Reason of Disability</U>. In the event of the Optionee&#146;s termination of Service by reason of &#147;<B><U>Disability</U></B>&#148;,
the Option, to extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A)&nbsp;the Expiration Date set forth in the Grant Notice, and (B)&nbsp;the date that is 12
months following such termination of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ii. <U>Termination by Reason of Death</U>. In the event of the Optionee&#146;s termination of Service by
reason of death, the Option, to extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A)&nbsp;the expiration date of the Option set forth in
<U>Section</U><U></U><U>&nbsp;5(a)</U> hereof, and (B)&nbsp;the date that is 12 months following such termination of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">iii. <U>Termination other
than for Cause</U>. Except as provided in <U>Section</U><U></U><U>&nbsp;5(b)(i)</U> or <U>(ii)</U> (with respect to death or Disability), in the event of the Optionee&#146;s termination of Service for any reason other than by the Company or an
Affiliate for &#147;<B><U>Cause</U></B>&#148;, the Option, to the extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A)&nbsp;Expiration Date set forth in the
Grant Notice and (B)&nbsp;the 90<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day following such termination of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">iv. <U>Termination for
Cause</U>. In the event of the Optionee&#146;s termination of Service by the Company or an Affiliate for Cause, the Option (both the vested and unvested portion) shall terminate and no longer be exercisable upon the date of such termination of
Service. If the Optionee&#146;s Service is suspended pending an investigation of whether the Optionee&#146;s Service will be terminated for Cause, all of the Optionee&#146;s rights under the Option, including the right to exercise the Option, shall
be suspended during the investigation period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">v. <U>Unvested Option</U>. The Option, to the extent unvested as of the date of the Optionee&#146;s
termination of Service for any reason, shall terminate upon the date of such termination of Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>No Notice of
Option Expiration</U>. The Optionee is responsible for keeping track of the Expiration Date of the Option and the post-termination exercise periods following the Optionee&#146;s termination of Service for any reason. The Company is not obligated to
provide further notice of such periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Procedure for Exercise</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Notice of Exercise</U>. The Option, to the extent vested and outstanding, may be exercised by delivering written or
electronic notice of exercise to the Company, in the form required by the Committee. The notice must state the number of Option Shares to be purchased and must be accompanied by payment in full of the Exercise Price. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment of Exercise Price</U>. The Exercise Price may be paid by cash or a certified or bank cashier&#146;s check or
wire transfer. The Committee may also allow any other method of payment permitted by Section&nbsp;6(f) of the Plan in its discretion at the time of exercise, subject to any restrictions deemed necessary or appropriate by the Committee to facilitate
compliance with Applicable Law. The Option may be exercised to purchase less than the total number of Option Shares subject to the Option. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Delivery of Shares Upon Exercise</U>. Subject to
<U>Section</U><U></U><U>&nbsp;8</U> hereof, upon the exercise of the Option, the Company shall deliver electronically to the Optionee (or beneficiary in the case of exercise by a beneficiary), as promptly as practicable, the Option Shares then
purchased (or take such other action it deems advisable to evidence the issuance of the Option Shares then purchased). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Restrictions on
Transfer.</U> The Optionee acknowledges and agrees that the Option, and any right or interest therein, may not be sold, transferred, gifted, donated, pledged, hypothecated, disposed of or assigned by the Optionee, and may be exercised during the
lifetime of the Optionee only by the Optionee (or during the period the Optionee is under a legal disability, by the Optionee&#146;s guardian or legal representative). However, in the event of the death of the Optionee, the Option may be transferred
by will or the laws of descent or distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Registration, Listing and Qualification of Shares</U>. Upon the exercise of the Option at a time
when there is not in effect a registration statement under the Securities Act relating to the Option Shares, by virtue of such exercise, the Optionee shall be deemed to represent and warrant to the Company that the Option Shares shall be acquired
for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same. The Optionee shall provide the Company with such additional or other representations and warranties as the Company may
require in order to ensure compliance with applicable Federal and state securities, blue sky and all other Applicable Laws. No Option Shares shall be issued unless and until the Company and/or the Optionee shall have complied with all applicable
Federal or state registration, listing and/or qualification requirements and all other requirements of Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Certain Plan Provisions</U>.
Without limiting any other provision of the Option Agreement, the Option shall be subject to the same terms as provided in Sections 4(c) (Adjustments for Change in Common Stock, Etc.), 12 (Forfeiture Events) and 13 (Change in Control) of the Plan.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Optionee&#146;s Representations</U>. The Optionee hereby represents and warrants to the Company that (i)&nbsp;the execution, delivery and
performance of this Option Agreement by the Optionee does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Optionee is a party or by which the
Optionee is bound and (ii)&nbsp;upon the execution and delivery of this Option Agreement by the Company, this Option Agreement shall be the valid and binding obligation of the Optionee, enforceable against the Optionee in accordance with its terms.
The Optionee hereby acknowledges and represents that the Optionee has consulted with (or has had an opportunity to consult with) independent legal counsel regarding the Optionee&#146;s rights and obligations under this Option Agreement and that the
Optionee fully understands the terms and conditions contained herein and therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <U>Rights of Optionee.</U> Nothing in this Option Agreement shall
interfere or limit in any way the right of the Company or any Affiliate to terminate the Optionee&#146;s Service at any time for any reason (with or without Cause). Nothing in this Option Agreement shall confer upon the Optionee any right to future
equity-based or other incentive awards and nothing in this Option Agreement shall provide for any adjustment to the number of Option Shares issued or issuable pursuant to the exercise the Option upon the occurrence of subsequent events except as
provided in the Plan. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">12. <U>No Rights as a Stockholder</U>. The Optionee shall not have any of the rights of a stockholder with
respect to the Option Shares until the Option Shares have been issued to the Optionee upon the due exercise of the Option. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such
Option Shares are issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Withholding of Taxes</U>. The Option (including the issuance of Option Shares pursuant to the exercise of the Option)
shall be subject to applicable tax withholding. The Company shall be entitled, as it deems necessary or desirable, to withhold from any amounts due and payable by the Company or any Affiliate to the Optionee (or secure payment from the Optionee in
lieu of withholding) the amount of any withholding or other tax due with respect to the exercise of the Option, and, subject to Applicable Law, the Company may defer the issuance of any Option Shares in connection with the exercise of the Option
unless indemnified by the Optionee (including by way of payment to the Company of an amount required to be withheld as a condition of Option exercise), to the Company&#146;s satisfaction, with respect to liabilities relating to tax withholdings. In
this regard, the Optionee authorizes the Company or any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all applicable tax withholdings by one or a combination of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) withholding from the Optionee&#146;s wages or other cash compensation paid to the Optionee by the Company and/or any
Affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) withholding from proceeds of the sale of Option Shares acquired at exercise of this Option either through a
voluntary sale or through a mandatory sale arranged by the Company (on the Optionee&#146;s behalf pursuant to this authorization and without further consent); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) withholding Option Shares to be issued upon exercise of the Option, provided the Company only withholds a number of Option
Shares necessary to satisfy no more than the withholding amounts determined based on the maximum permitted statutory rate applicable in the Optionee&#146;s jurisdiction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Optionee&#146;s payment of a cash amount (including by check representing readily available funds or a wire transfer);
or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) any other arrangement approved by the Committee and permitted under Applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. <U>Personal Data</U>. For the purpose of implementing, administering and managing the Plan, this Option Agreement and Option granted hereunder, the
Optionee, by execution hereof, consents to the collection, receipt, use, retention and transfer, in electronic or other form, of the Optionee&#146;s personal data by and among the Company and its third party vendors or any potential party to any
Change in Control transaction or capital raising transaction involving the Company. The Optionee understands that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security
number, tax identification number, </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties
assisting in the implementation, administration and management of this Option Agreement and Option and the Plan and the Optionee expressly authorizes such transfer as well as the retention, use, and the subsequent transfer of the data by the
recipient(s). The Optionee understands that these recipients may be located in the Optionee&#146;s country or elsewhere, and that the recipient&#146;s country may have different data privacy laws and protections than the Optionee&#146;s country. The
Optionee understands that data will be held only as long as is necessary to implement, administer and manage this Option. The Optionee understands that he may, at any time, request a list with the names and addresses of any potential recipients of
the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the
Company&#146;s Secretary. The Optionee understands, however, that refusing or withdrawing the Optionee&#146;s consent may affect the Optionee&#146;s ability to accept or exercise this Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. <U>Consent to Electronic Delivery and Participation</U>.&nbsp;By accepting this Option, the Optionee agrees to participate hereunder <FONT
STYLE="white-space:nowrap">through&nbsp;an&nbsp;on-line&nbsp;or&nbsp;electronic</FONT> system established and maintained by the Company or a third party designated by the Company, and consents to the electronic delivery of the Option Agreement, the
Plan, account statements, prospectuses, and all other documents, communications, or information related to the Option. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in
administering the Option Agreement, the delivery of the <FONT STYLE="white-space:nowrap">document&nbsp;via&nbsp;e-mail,&nbsp;or&nbsp;such</FONT> other delivery determined at the Company&#146;s discretion. The Optionee may receive from the Company a
paper copy of any documents delivered electronically at no cost if the Optionee contacts the Company by telephone, through a postal service, or electronic mail to the appropriate Person designated by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. <U>No Future Entitlement</U>. By execution of this Option Agreement, the Optionee acknowledges and agrees that: (i)&nbsp;the grant of this Option is a <FONT
STYLE="white-space:nowrap">one-time</FONT> benefit which does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock options, even if stock options have been granted repeatedly in the
past; (ii)&nbsp;all determinations with respect to any such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable, the maximum number of shares subject to each stock option, and the
purchase price, will be at the sole discretion of the Committee; (iii)&nbsp;the value of this Option is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance,
resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v)&nbsp;the vesting of this Option ceases upon termination of employment with the Company or transfer of
employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Option Agreement or the Plan; (vi)&nbsp;if the underlying Common Stock does not increase in value, this Option will
have no value, nor does the Company guarantee any future value; and (vii)&nbsp;no claim or entitlement to compensation or damages arises if the Common Stock does not increase in value, and the Optionee irrevocably releases the Company from any such
claim that does arise. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">17. <U>General Provisions</U><I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Transfers in Violation of Option Agreement</U>. Any transfer or attempted transfer of the Option in violation of any
provision of this Option Agreement or the Plan shall be null and void and of no force and effect and the purported transferee shall have no rights or privileges in or with respect to the Option or the Option Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Severability</U>. Whenever possible, each provision of this Option Agreement shall be interpreted in such manner as to
be effective and valid under Applicable Law, but if any provision of this Option Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or the enforceability of this Option Agreement in any other jurisdiction, but this Option Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Complete Agreement</U>. This Option Agreement (including the terms of
the Plan as incorporated herein by reference) embodies the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements and representations by or among the parties, written or oral, which may
have related to the subject matter hereof in any way. For the avoidance of doubt, the Optionee acknowledges and agrees that this Option Agreement shall be in full, final and complete satisfaction of any obligation of the Company to grant to the
Optionee the stock option contemplated by the Optionee&#146;s offer letter from the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Counterparts</U>. This
Option Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Successors and Assigns</U>. Except as otherwise provided herein, this Option Agreement shall bind and inure to the
benefit of, and be enforceable by, the Optionee and the Company and their respective successors and assigns; provided, that the rights and obligations of the Optionee under this Option Agreement shall not be assignable except as may otherwise be
expressly permitted in this Option Agreement or in the Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Choice of Law</U>. This Option Agreement shall be
construed, interpreted and the rights of the parties determined in accordance with the laws of the State of Delaware (without reference to any choice of law rules that would require the application of the laws of any other jurisdiction). Each of the
Company and the Optionee waives the necessity for personal service of any and all process upon such party and consents that all such service of process may be made by registered or certified mail (return receipt requested), in each case directed to
such party at the address set forth in the Company&#146;s records, and service so made will be deemed to be completed on the date of actual receipt. Each of the Company and the Optionee consents to service of process as aforesaid. Nothing in this
Option Agreement will prohibit personal service in lieu of the service by mail contemplated herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Amendment</U>.
The provisions of this Option Agreement may be amended by the Committee at any time; provided, however, that the Committee may not change any term of this Option Agreement in a manner which would have a materially adverse effect on the Optionee
without the Optionee&#146;s approval, unless such an amendment is required by Applicable Law or otherwise expressly permitted by the terms of the Plan. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Interpretation</U>. All questions of interpretation concerning this
Option Agreement shall be determined by the Committee. All determinations by the Committee shall be final and binding upon all persons having an interest in the Option as provided by the Plan. Any officer (other than the Optionee) shall have the
authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein or in the Plan, provided that the officer has apparent authority with
respect to such matter, right, obligation, or election. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Further Instruments</U>. The Committee may require that the
Optionee execute any agreements (or the Committee may otherwise impose other requirements) with such terms as the Committee deems appropriate, with respect to the Option or the Option Shares. The Optionee shall execute any additional documents the
Committee deems necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the terms of this Option Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Section 409A.</U> The Option is intended to be exempt from Section&nbsp;409A of the Code, and this Option Agreement
(including the Plan, as incorporated by reference herein) shall be administered and interpreted consistent with such intent. Notwithstanding the foregoing, the Company makes no representations that the Option or the vesting and payments provided by
this Option Agreement are exempt from or comply with Section&nbsp;409A of the Code, and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the
Optionee on account of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Section&nbsp;409A of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of Page
Intentionally Left Blank</I>] </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>d500537dex994.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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 99.4 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DELCATH SYSTEMS, INC. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDUCEMENT AWARD STOCK OPTION AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(Non-Qualified</FONT> Stock Option) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS INDUCEMENT AWARD STOCK OPTION AWARD AGREEMENT</B> (this &#147;<B><U>Agreement</U></B>&#148;) is made as of the Date of Award<B>
</B>(the &#147;<B><U>Grant Date</U></B>&#148;), as defined under the Notice of Inducement Award, by and between Delcath Systems, Inc., a Delaware corporation (the&nbsp;&#147;<B><U>Company</U></B>&#148;), and the Recipient (the
&#147;<B><U>Optionee</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Inducement Award</U>. The Company hereby grants to the Optionee an Option (the &#147;<B><U>Option</U></B>&#148;) to purchase the Number of Options
Granted in shares of Common Stock (&#147;<B><U>Option Shares</U></B>&#148;). The Option is granted as an employment inducement award pursuant to Listing Rule 5635(c) of the corporate governance rules of the NASDAQ Stock Market. Accordingly, the
Option is being granted outside of the Company&#146;s existing equity compensation plans. However, the Option will be governed in all respects as if issued under the Company&#146;s 2020 Omnibus Equity Incentive Plan (the
&#147;<B><U>Plan</U></B>&#148;), as in effect on the date of its adoption by the Board and as may be amended thereafter from time to time. Accordingly, the terms of the Plan are hereby incorporated by reference. Capitalized terms used in this
Agreement and not defined herein shall have the meanings ascribed to such terms in the Plan. In the event that any provision of this Agreement conflicts with any term in the Plan, the term in the Plan shall be deemed controlling. The Option is not
intended to be, and shall not be treated as, an incentive stock option, as defined in Section&nbsp;422 of the U.S.&nbsp;Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Participation</U>. The Optionee shall be deemed a &#147;Participant&#148; for purposes of applying the terms of the Plan to this Agreement and the
Option awarded hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Exercise Price</U>. The Exercise Price to be paid by the Optionee to the Company upon the exercise of the Option shall be
the Exercise Price per Option Share, which is not less than the Fair Market Value of a share of Common Stock as of the Grant Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Vesting
Provisions</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>General</U>. Provided that the Optionee remains in Service as of the applicable vesting date, this
Option shall become vested and exercisable as follows: <FONT STYLE="white-space:nowrap">(A)&nbsp;one-third</FONT> of the Option Shares shall vest on the first anniversary of the Grant Date and (B)&nbsp;the remaining two thirds of the Option Shares
shall vest in equal monthly installments over the <FONT STYLE="white-space:nowrap">24-month</FONT> period that commences on the first anniversary of the Grant Date (1/24th will vest on the first day of each month during said <FONT
STYLE="white-space:nowrap">24-month</FONT> period, provided that the Optionee remains in Service as of each such vesting date). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Acceleration upon Change in Control</U>. Provided that the Optionee remains in Service as of the consummation date of a
Change in Control, any unvested portion of the Option that has not previously been forfeited or otherwise terminated will become vested and exercisable in full upon such consummation date. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">5. <U>Option Term</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Maximum Term</U>. The Option, to the extent vested pursuant to <U>Section</U><U></U><U>&nbsp;4</U> hereof (or otherwise
hereunder), may be exercised at any time on or after the applicable vesting date and prior to the termination of the Option. The Option shall expire and terminate on the tenth anniversary of the Grant Date, unless it is earlier terminated in
accordance with the terms of the Plan, as incorporated herein by reference, or this Agreement (including without limitation, <U>Section</U><U></U><U>&nbsp;5(b)</U> hereof). Upon any such termination of the Option, the Option shall be forfeited and
shall no longer be exercisable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Effect of Termination of Service</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">i. <U>Termination by Reason of Disability</U>. In the event of the Optionee&#146;s termination of Service by reason of &#147;<B><U>Disability</U></B>&#148;),
the Option, to extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A)&nbsp;the expiration date of the Option set forth in <U>Section</U><U></U><U>&nbsp;5(a)</U>
hereof, and (B)&nbsp;the date that is 12 months following such termination of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ii. <U>Termination by Reason of Death</U>. In the event of the
Optionee&#146;s termination of Service by reason of death, the Option, to extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A)&nbsp;the expiration date of the
Option set forth in <U>Section</U><U></U><U>&nbsp;5(a)</U> hereof, and (B)&nbsp;the date that is 12 months following such termination of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">iii.
<U>Termination other than for Cause</U>. Except as provided in <U>Section</U><U></U><U>&nbsp;5(b)(i)</U> or <U>(ii)</U> (with respect to death or Disability), in the event of the Optionee&#146;s termination of Service for any reason other than by
the Company or an Affiliate for &#147;<B><U>Cause</U></B>&#148;), the Option, to the extent vested and exercisable at the time of such termination of Service, shall terminate and no longer be exercisable upon the earlier of (A)&nbsp;the expiration
date of the Option set forth in <U>Section</U><U></U><U>&nbsp;5(a)</U> hereof and (B)&nbsp;the 90<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day following such termination of Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">iv. <U>Termination for Cause</U>. In the event of the Optionee&#146;s termination of Service by the Company or an Affiliate for Cause, the Option (both the
vested and unvested portion) shall terminate and no longer be exercisable upon the date of such termination of Service. If the Optionee&#146;s Service is suspended pending an investigation of whether the Optionee&#146;s Service will be terminated
for Cause, all of the Optionee&#146;s rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">v. <U>Unvested Option</U>. The Option, to the extent unvested as of the date of the Optionee&#146;s termination of Service for any reason, shall terminate
upon the date of such termination of Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>No Notice of Option Expiration</U>. The Optionee is responsible for
keeping track of the expiration date of the Option and the post-termination exercise periods following the Optionee&#146;s termination of Service for any reason. The Company is not obligated to provide further notice of such periods. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">6. <U>Procedure for Exercise</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Notice of Exercise</U>. The Option, to the extent vested and outstanding, may be exercised by delivering written or
electronic notice of exercise to the Company, in the form required by the Committee. The notice must state the number of Option Shares to be purchased and must be accompanied by payment in full of the Exercise Price. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment of Exercise Price</U>. The Exercise Price may be paid by cash or a certified or bank cashier&#146;s check or
wire transfer. The Committee may also allow any other method of payment permitted by Section&nbsp;6(f) of the Plan in its discretion at the time of exercise, subject to any restrictions deemed necessary or appropriate by the Committee to facilitate
compliance with Applicable Law. The Option may be exercised to purchase less than the total number of Option Shares subject to the Option. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Delivery of Shares Upon Exercise</U>. Subject to <U>Section</U><U></U><U>&nbsp;8</U> hereof, upon the exercise of the
Option, the Company shall deliver electronically to the Optionee (or beneficiary in the case of exercise by a beneficiary), as promptly as practicable, the Option Shares then purchased (or take such other action it deems advisable to evidence the
issuance of the Option Shares then purchased). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Restrictions on Transfer.</U> The Optionee acknowledges and agrees that the Option, and any right or
interest therein, may not be sold, transferred, gifted, donated, pledged, hypothecated, disposed of or assigned by the Optionee, and may be exercised during the lifetime of the Optionee only by the Optionee (or during the period the Optionee is
under a legal disability, by the Optionee&#146;s guardian or legal representative). However, in the event of the death of the Optionee, the Option may be transferred by will or the laws of descent or distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Registration, Listing and Qualification of Shares</U>. Upon the exercise of the Option at a time when there is not in effect a registration statement
under the Securities Act relating to the Option Shares, by virtue of such exercise, the Optionee shall be deemed to represent and warrant to the Company that the Option Shares shall be acquired for investment and not with a view to the distribution
thereof, and not with any present intention of distributing the same. The Optionee shall provide the Company with such additional or other representations and warranties as the Company may require in order to ensure compliance with applicable
Federal and state securities, blue sky and all other Applicable Laws. No Option Shares shall be issued unless and until the Company and/or the Optionee shall have complied with all applicable Federal or state registration, listing and/or
qualification requirements and all other requirements of Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Certain Plan Provisions</U>. Without limiting any other provision of this
Agreement, the Option shall be subject to the same terms as provided in Plan Sections 4(d) (Adjustments for Change in Common Stock, Etc.), Section&nbsp;12 (Forfeiture Events) and Section&nbsp;13 (Change in Control). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Optionee&#146;s Representations</U>. The Optionee hereby represents and warrants to the Company that (i)&nbsp;the execution, delivery and performance
of this Agreement by the Optionee does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Optionee is a party or by which the Optionee is bound and
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
(ii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Optionee, enforceable against the Optionee in accordance
with its terms. The Optionee hereby acknowledges and represents that the Optionee has consulted with (or has had an opportunity to consult with) independent legal counsel regarding the Optionee&#146;s rights and obligations under this Agreement and
that the Optionee fully understands the terms and conditions contained herein and therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <U>Rights of Optionee.</U> Nothing in this Agreement shall
interfere or limit in any way the right of the Company or any Affiliate to terminate the Optionee&#146;s Service at any time for any reason (with or without Cause). Nothing in this Agreement shall confer upon the Optionee any right to future
equity-based or other incentive awards and nothing in this Agreement shall provide for any adjustment to the number of Option Shares issued or issuable pursuant to the exercise the Option upon the occurrence of subsequent events except as provided
in the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <U>No Rights as a Stockholder</U>. The Optionee shall not have any of the rights of a stockholder with respect to the Option Shares
until the Option Shares have been issued to the Optionee upon the due exercise of the Option. No adjustment will be made for dividends or distributions or other rights for which the record date is prior to the date such Option Shares are issued.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Withholding of Taxes</U>. The Option (including the issuance of Option Shares pursuant to the exercise of the Option) shall be subject to
applicable tax withholding. The Company shall be entitled, as it deems necessary or desirable, to withhold from any amounts due and payable by the Company or any Affiliate to the Optionee (or secure payment from the Optionee in lieu of withholding)
the amount of any withholding or other tax due with respect to the exercise of the Option, and, subject to Applicable Law, the Company may defer the issuance of any Option Shares in connection with the exercise of the Option unless indemnified by
the Optionee (including by way of payment to the Company of an amount required to be withheld as a condition of Option exercise), to the Company&#146;s satisfaction, with respect to liabilities relating to tax withholdings. In this regard, the
Optionee authorizes the Company or any Affiliate, or their respective agents, at their discretion, to satisfy the obligations with regard to all applicable tax withholdings by one or a combination of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) withholding from the Optionee&#146;s wages or other cash compensation paid to the Optionee by the Company and/or any
Affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) withholding from proceeds of the sale of Option Shares acquired at exercise of this Option either through a
voluntary sale or through a mandatory sale arranged by the Company (on the Optionee&#146;s behalf pursuant to this authorization and without further consent); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) withholding Option Shares to be issued upon exercise of the Option, provided the Company only withholds a number of Option
Shares necessary to satisfy no more than the withholding amounts determined based on the maximum permitted statutory rate applicable in the Optionee&#146;s jurisdiction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Optionee&#146;s payment of a cash amount (including by check representing readily available funds or a wire transfer);
or </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) any other arrangement approved by the Committee and permitted under
Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. <U>Personal Data</U>. For the purpose of implementing, administering and managing the Plan, this Agreement and Option granted
hereunder, the Optionee, by execution hereof, consents to the collection, receipt, use, retention and transfer, in electronic or other form, of the Optionee&#146;s personal data by and among the Company and its third party vendors or any potential
party to any Change in Control transaction or capital raising transaction involving the Company. The Optionee understands that personal data (including but not limited to, name, home address, telephone number, employee number, employment status,
social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and shares awarded, cancelled, exercised, vested and unvested) may be transferred to third parties assisting
in the implementation, administration and management of this Agreement and Option and the Plan and the Optionee expressly authorizes such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). The
Optionee understands that these recipients may be located in the Optionee&#146;s country or elsewhere, and that the recipient&#146;s country may have different data privacy laws and protections than the Optionee&#146;s country. The Optionee
understands that data will be held only as long as is necessary to implement, administer and manage this Option. The Optionee understands that he may, at any time, request a list with the names and addresses of any potential recipients of the
personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the
Company&#146;s Secretary. The Optionee understands, however, that refusing or withdrawing the Optionee&#146;s consent may affect the Optionee&#146;s ability to accept or exercise this Option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. <U>Consent to Electronic Delivery and Participation</U>.&nbsp;By accepting this Option, the Optionee agrees to participate hereunder through an <FONT
STYLE="white-space:nowrap">on-line</FONT> or electronic system established and maintained by the Company or a third party designated by the Company, and consents to the electronic delivery of the Agreement, the Plan, account statements,
prospectuses, and all other documents, communications, or information related to the Option. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in administering the
Agreement, the delivery of the document via <FONT STYLE="white-space:nowrap">e-mail,</FONT> or such other delivery determined at the Company&#146;s discretion. The Optionee may receive from the Company a paper copy of any documents delivered
electronically at no cost if the Optionee contacts the Company by telephone, through a postal service, or electronic mail to the appropriate Person designated by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. <U>No Future Entitlement</U>. By execution of this Agreement, the Optionee acknowledges and agrees that: (i)&nbsp;the grant of this Option is a <FONT
STYLE="white-space:nowrap">one-time</FONT> benefit which does not create any contractual or other right to receive future grants of stock options, or compensation in lieu of stock options, even if stock options have been granted repeatedly in the
past; (ii)&nbsp;all determinations with respect to any such future grants, including, but not limited to, the times when stock options shall be granted or shall become exercisable, the maximum number of shares subject to each stock option, and the
purchase price, will be at the sole discretion of the Committee; (iii)&nbsp;the value of this Option is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance,
resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v)&nbsp;the vesting </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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">
of this Option ceases upon termination of employment with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be
explicitly provided in this Agreement or the Plan; (vi)&nbsp;if the underlying Common Stock does not increase in value, this Option will have no value, nor does the Company guarantee any future value; and (vii)&nbsp;no claim or entitlement to
compensation or damages arises if the Common Stock does not increase in value, and the Optionee irrevocably releases the Company from any such claim that does arise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17. <U>General Provisions</U><I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Transfers in Violation of Agreement</U>. Any transfer or attempted transfer of the Option in violation of any provision
of this Agreement or the Plan shall be null and void and of no force and effect and the purported transferee shall have no rights or privileges in or with respect to the Option or the Option Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Severability</U>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under Applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or the enforceability of this Agreement in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Complete Agreement</U>. This Agreement (including the terms of the Plan as incorporated herein by
reference) embodies the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements and representations by or among the parties, written or oral, which may have related to the subject matter
hereof in any way. For the avoidance of doubt, the Optionee acknowledges and agrees that this Agreement shall be in full, final and complete satisfaction of any obligation of the Company to grant to the Optionee the stock option contemplated by the
Optionee&#146;s offer letter from the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Counterparts</U>. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Successors and Assigns</U>. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of,
and be enforceable by, the Optionee and the Company and their respective successors and assigns; provided, that the rights and obligations of the Optionee under this Agreement shall not be assignable except as may otherwise be expressly permitted in
this Agreement or in the Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Choice of Law</U>. This Agreement shall be construed, interpreted and the rights of
the parties determined in accordance with the laws of the State of Delaware (without reference to any choice of law rules that would require the application of the laws of any other jurisdiction). Each of the Company and the Optionee waives the
necessity for </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<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; margin-left:4%; font-size:10pt; font-family:Times New Roman">
personal service of any and all process upon such party and consents that all such service of process may be made by registered or certified mail (return receipt requested), in each case directed
to such party at the address set forth in the Company&#146;s records, and service so made will be deemed to be completed on the date of actual receipt. Each of the Company and the Optionee consents to service of process as aforesaid. Nothing in this
Agreement will prohibit personal service in lieu of the service by mail contemplated herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Amendment</U>. The
provisions of this Agreement may be amended by the Committee at any time; provided, however, that the Committee may not change any term of this Agreement in a manner which would have a materially adverse effect on the Optionee without the
Optionee&#146;s approval, unless such an amendment is required by Applicable Law or otherwise expressly permitted by the terms of the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Interpretation</U>. All questions of interpretation concerning this Agreement shall be determined by the Committee. All
determinations by the Committee shall be final and binding upon all persons having an interest in the Option as provided by the Plan. Any officer (other than the Optionee) shall have the authority to act on behalf of the Company with respect to any
matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein or in the Plan, provided that the officer has apparent authority with respect to such matter, right, obligation, or election. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Further Instruments</U>. The Committee may require that the Optionee execute any agreements (or the Committee may
otherwise impose other requirements) with such terms as the Committee deems appropriate, with respect to the Option or the Option Shares. The Optionee shall execute any additional documents the Committee deems necessary or advisable in order to
carry out or effect one or more of the obligations or restrictions imposed on the Optionee pursuant to the terms of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>Section 409A.</U> The Option is intended to be exempt from Section&nbsp;409A of the Code, and this Agreement (including
the Plan, as incorporated by reference herein) shall be administered and interpreted consistent with such intent. Notwithstanding the foregoing, the Company makes no representations that the Option or the vesting and payments provided by this
Agreement are exempt from or comply with Section&nbsp;409A of the Code, and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Optionee on
account of <FONT STYLE="white-space:nowrap">non-compliance</FONT> with Section&nbsp;409A of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of Page Intentionally
Left Blank</I>] </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>d500537dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML><HEAD>
<TITLE>EX-FILING FEES</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<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 107 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF FILING FEE TABLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT STYLE="white-space:nowrap">S-8</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; 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>Table 1 &#150; Newly Registered Securities </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

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

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

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Type</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security
Class</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Title</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Calculation</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Rule</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;Registered&nbsp;(1)&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Proposed</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;Maximum&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offering</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Price Per</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Unit</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Maximum</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Aggregate</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offering Price</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Rate</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Amount of</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Registration</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;Equity&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share to be issued pursuant to the Delcath Systems, Inc. Omnibus 2020 Equity Incentive
Plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">2,650,000<BR>shares (2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$2.97&nbsp;(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$7,857,250</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,159.73</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share to be issued pursuant to the Delcath Systems, Inc. 2023 Inducement Plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">650,000<BR>shares (4)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$2.97&nbsp;(5)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,927,250</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$284.46</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">25,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$2.91&nbsp;(6)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$72,750</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$10.74</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">15,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.00&nbsp;(7)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$45,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$6.64</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">12,500<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$2.83&nbsp;(8)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$35,375</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$5.22</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">100,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$7.25&nbsp;(9)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$725,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$107.01</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">150,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$5.93&nbsp;(10)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$889,500</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$131.29</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">15,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.20&nbsp;(11)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$48,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$7.08</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">10,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.20&nbsp;(12)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$32,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$4.72</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">15,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.20&nbsp;(13)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$48,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$7.08</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule&nbsp;457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">17,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.20&nbsp;(14)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$54,400</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$8.03</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock, par value $0.01 per share, reserved for issuance pursuant upon the exercise of an outstanding inducement option
granted outside of any plan</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule 457(c) and (h)(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">12,000<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.20&nbsp;(15)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$38,400</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0.0001476</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$5.67</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Total Offering Amounts</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">3,671,500<BR>shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$11,772,925</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,737.68</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Total Fee Offsets</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="1" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="1" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Net Fee Due</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:1pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,737.68</TD></TR>
</TABLE>
</DIV></Center>


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

<Center><DIV STYLE="width:8.5in" align="left">

<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">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), this
Registration Statement shall also cover any additional shares of common stock of Delcath Systems, Inc. (the &#147;Registrant&#148;), par value $0.01 per share (&#147;Common Stock&#148;), that become issuable under the Registrant&#146;s Omnibus 2020
Equity Incentive Plan (the &#147;2020 Plan&#148;) and Registrant&#146;s 2023 Inducement Plan (the &#147;Inducement Plan&#148;), as well as any outstanding stock options granted outside of any plan, by reason of any stock dividend, stock split,
recapitalization or other similar transaction. </P></TD></TR></TABLE>
<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">Represents shares of Common Stock reserved for issuance upon the exercise of outstanding stock options granted
under the 2020 Plan. </P></TD></TR></TABLE>
<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">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This estimate is made pursuant to Rule 457(h)(1) and Rule 457(c) of the Securities Act solely for purposes of
calculating the registration fee. The price per share and aggregate offering price are based upon the average of the high and low prices of the Common Stock on December&nbsp;11, 2023, as reported on The Nasdaq Stock Market, which date is within five
business days prior to the filing of this Registration Statement. </P></TD></TR></TABLE>
<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">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares of Common Stock reserved for issuance upon the exercise of outstanding stock options granted
and future grants under the Inducement Plan. </P></TD></TR></TABLE>
<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">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This estimate is made pursuant to Rule 457(h)(1) and Rule 457(c) of the Securities Act solely for purposes of
calculating the registration fee. The price per share and aggregate offering price are based upon the average of the high and low prices of the Common Stock on December&nbsp;11, 2023, as reported on The Nasdaq Stock Market, which date is within five
business days prior to the filing of this Registration Statement. </P></TD></TR></TABLE>
<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">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $2.91, which is the exercise price for the options to purchase 25,000 shares of Common Stock granted to Carol Crooke, which were granted outside of a plan
as an inducement material to Ms.&nbsp;Crooke entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $3.00, which is the exercise price for the options to purchase 15,000 shares of Common Stock granted to Kent Vickerman, which were granted outside of a
plan as an inducement material to Mr.&nbsp;Vickerman entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $2.83, which is the exercise price for the options to purchase 12,500 shares of Common Stock granted to Helen Shapiro, which were granted outside of a plan
as an inducement material to Ms.&nbsp;Shapiro entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $7.25, which is the exercise price for the options to purchase 100,000 shares of Common Stock granted to Sandra Pennell, which were granted outside of a
plan as an inducement material to Ms.&nbsp;Pennell entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $5.93, which is the exercise price for the options to purchase 150,000 shares of Common Stock granted to Vojislav Vukovic, which were granted outside of a
plan as an inducement material to Mr.&nbsp;Vukovic entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $3.20, which is the exercise price for the options to purchase 15,000 shares of Common Stock granted to Michael Cooper, which were granted outside of a
plan as an inducement material to Mr.&nbsp;Cooper entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $3.20, which is the exercise price for the options to purchase 10,000 shares of Common Stock granted to Joshua Dannehl, which were granted outside of a
plan as an inducement material to Mr.&nbsp;Dannehl entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(13)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $3.20, which is the exercise price for the options to purchase 15,000 shares of Common Stock granted to Travis Radevski, which were granted outside of a
plan as an inducement material to Mr.&nbsp;Radevski entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(14)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $3.20, which is the exercise price for the options to purchase 17,000 shares of Common Stock granted to Peggy Stephenson, which were granted outside of a
plan as an inducement material to Ms.&nbsp;Stephenson entering into employment with the Registrant. </P></TD></TR></TABLE>
<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">(15)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of calculating the proposed maximum aggregate offering price and the
registration fee in accordance with Rules 457(c) and 457(h) of the Securities Act, based upon $3.20, which is the exercise price for the options to purchase 12,000 shares of Common Stock granted to Amy Wiebe, which were granted outside of a plan as
an inducement material to Ms.&nbsp;Wiebe entering into employment with the Registrant. </P></TD></TR></TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g500537g44x95.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g500537g44x95.jpg
M_]C_X03&17AI9@  34T *@    @ " $2  ,    !  $   $:  4    !
M;@$;  4    !    =@$H  ,    !  (   $Q  (    ?    ?@$R  (    4
M    G0$[  (    )    L8=I  0    !    O    .@ +<;    G$  MQL
M "<0061O8F4@4&AO=&]S:&]P(#(T+C<@*%=I;F1O=W,I #(P,C,Z,3(Z,3,@
M,#DZ,S,Z-3D <G(T,34S,S,      Z !  ,    !  $  * "  0    !
ME: #  0    !    -          & 0,  P    $ !@   1H !0    $   $V
M 1L !0    $   $^ 2@  P    $  @   @$ !     $   %& @( !     $
M  -X         $@    !    2     '_V/_M  Q!9&]B95]#30 !_^X #D%D
M;V)E &2      ?_; (0 # @(" D(# D)#!$+"@L1%0\,# \5&!,3%1,3&!$,
M# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,# P,# $-"PL-#@T0#@X0
M% X.#A04#@X.#A01# P,# P1$0P,# P,#!$,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,_\  $0@ #  B P$B  (1 0,1 ?_=  0  __$ 3\   $% 0$!
M 0$!          ,  0($!08'" D*"P$  04! 0$! 0$          0 " P0%
M!@<("0H+$  !! $# @0"!0<&" 4###,!  (1 P0A$C$%05%A$R)Q@3(&%)&A
ML4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D1<*C=#87TE7B9?*S
MA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='5V=WAY>GM\?7
MY_<1  (" 0($! ,$!08'!P8%-0$  A$#(3$2!$%187$B$P4R@9$4H;%"(\%2
MT? S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D154V=&7B\K.$P]-U
MX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=79W>'EZ>WQ__:  P#
M 0 "$0,1 #\ [;'N%^1=F9?4+:+\?)?2W!K<UC0UKW,QZ'8[P[[19G5;+?4_
MG+/6_5/206?6G)&,R^YF-.52S(QPRTQ4VRVG$8W/>6>QK79.]US&_P" RJ_3
M_0K9N_9'[0J]?[/^T=OZ#?L]?;[OYK=^FV?3^@FI_8WZYZ'V;Z3OM^S9]+W>
MI]LV_G?3W^LHP)=)5]&]*>(4<F+BL1,1Q0 C#K"'M_H_UG"R>NY564+K]C[.
MFC+9;7CO=Z5KF5XEK'>[^;]+[1^GW^K]E_3*X_K^=BU%^5B^IML?CCTIEUQ9
M7=AL](.O=C_:'/?B_I'?SWV>S^:R%I8_[(]"G[+]G^S[7_9_2V;-G^']'9[-
MG^EV*D_]CQTW[)L_9_VD^G]D]/[/ZVU_H^OZ?_#?S6S_ +6_9T*EK4DRR8*C
MQ8A0!_2^:/%D^7@EZ/7Q?R]MO3U3]VC^8GZ3_P"D_N_1_HO\O^>_X-)6TE)]
M2U.+^K#^7^$__]G_[0SL4&AO=&]S:&]P(#,N,  X0DE-! 0      &$< 5H
M QLE1QP"   "   < E  "')R-#$U,S,S' (% $!-:6-R;W-O9G0@5V]R9" M
M($1E;&-A=&@@4WES=&5M<R!);F,N("T@-2XQ($]P:6YI;VX@,C R,R!&;W)M
M(%,M #A"24T$)0      $ $86N7AHZ]C'>?@:>\N@20X0DE-!#H      .4
M   0     0      "W!R:6YT3W5T<'5T    !0    !0<W138F]O; $
M26YT965N=6T     26YT90    !#;')M    #W!R:6YT4VEX=&5E;D)I=&)O
M;VP     "W!R:6YT97).86UE5$585     $       ]P<FEN=%!R;V]F4V5T
M=7!/8FIC    # !0 '( ;P!O &8 ( !3 &4 = !U '        IP<F]O9E-E
M='5P     0    !";'1N96YU;0    QB=6EL=&EN4')O;V8    )<')O;V9#
M35E+ #A"24T$.P     "+0   !     !       2<')I;G1/=71P=71/<'1I
M;VYS    %P    !#<'1N8F]O;       0VQB<F)O;VP      %)G<TUB;V]L
M      !#<FY#8F]O;       0VYT0V)O;VP      $QB;'-B;V]L      !.
M9W1V8F]O;       16UL1&)O;VP      $EN=')B;V]L      !"8VMG3V)J
M8P    $       !21T)#     P    !29" @9&]U8D!OX            $=R
M;B!D;W5B0&_@            0FP@(&1O=6) ;^            !"<F1456YT
M1B-2;'0               !";&0@56YT1B-2;'0               !2<VQT
M56YT1B-0>&Q <L            IV96-T;W)$871A8F]O; $     4&=0<V5N
M=6T     4&=0<P    !09U!#     $QE9G15;G1&(U)L=
M %1O<"!5;G1&(U)L=                %-C;"!5;G1&(U!R8T!9
M    $&-R;W!7:&5N4')I;G1I;F=B;V]L      YC<F]P4F5C=$)O='1O;6QO
M;F<         #&-R;W!296-T3&5F=&QO;F<         #6-R;W!296-T4FEG
M:'1L;VYG          MC<F]P4F5C=%1O<&QO;F<      #A"24T#[0
M$ $L     0 ! 2P    !  $X0DE-!"8       X             /X   #A"
M24T$#0      !    %HX0DE-!!D       0    >.$))30/S       )
M       ! #A"24TG$       "@ !          $X0DE- _4      $@ +V9F
M  $ ;&9F  8       $ +V9F  $ H9F:  8       $ ,@    $ 6@    8
M      $ -0    $ +0    8       $X0DE- _@      '   /__________
M__________________\#Z     #_____________________________ ^@
M    _____________________________P/H     /__________________
M__________\#Z   .$))300(       0     0   D    )      #A"24T$
M1       $     (   )    "0      X0DE-!!X       0     .$))300:
M      ,_    !@              -    )4    % %, 5  @ #  ,0    $
M                         0              E0   #0
M         0                         0     0       &YU;&P    "
M    !F)O=6YD<T]B:F,    !        4F-T,0    0     5&]P(&QO;F<
M         $QE9G1L;VYG          !"=&]M;&]N9P   #0     4F=H=&QO
M;F<   "5    !G-L:6-E<U9L3',    !3V)J8P    $       5S;&EC90
M !(    '<VQI8V5)1&QO;F<         !V=R;W5P241L;VYG          9O
M<FEG:6YE;G5M    #$53;&EC94]R:6=I;@    UA=71O1V5N97)A=&5D
M %1Y<&5E;G5M    "D53;&EC951Y<&4     26UG(     9B;W5N9'-/8FIC
M     0       %)C=#$    $     %1O<"!L;VYG          !,969T;&]N
M9P          0G1O;6QO;F<    T     %)G:'1L;VYG    E0    -U<FQ4
M15A4     0       &YU;&Q415A4     0       $US9V5415A4     0
M    !F%L=%1A9U1%6%0    !       .8V5L;%1E>'1)<TA434QB;V]L 0
M  AC96QL5&5X=%1%6%0    !       ):&]R>D%L:6=N96YU;0    ]%4VQI
M8V5(;W)Z06QI9VX    '9&5F875L=     EV97)T06QI9VYE;G5M    #T53
M;&EC959E<G1!;&EG;@    =D969A=6QT    "V)G0V]L;W)4>7!E96YU;0
M !%%4VQI8V5"1T-O;&]R5'EP90    !.;VYE    "71O<$]U='-E=&QO;F<
M        "FQE9G1/=71S971L;VYG          QB;W1T;VU/=71S971L;VYG
M          MR:6=H=$]U='-E=&QO;F<      #A"24T$*       #     (_
M\        #A"24T$%       !     (X0DE-! P      Y0    !    (@
M  P   !H   $X    W@ &  !_]C_[0 ,061O8F5?0TT  ?_N  Y!9&]B90!D
M@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,
M$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4
M% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,#/_  !$(  P (@,!(@ "$0$#$0'_W0 $  /_Q $_   !!0$! 0$! 0
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M '0 ;P!S &@ ;P!P    % !! &0 ;P!B &4 ( !0 &@ ;P!T &\ <P!H &\
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M4D="(%A96B 'S@ "  D !@ Q  !A8W-P35-&5     !)14,@<U)'0@
M         0  ]M8  0    #3+4A0("
M                                 !%C<')T   !4    #-D97-C   !
MA    &QW='!T   !\    !1B:W!T   "!    !1R6%E:   "&    !1G6%E:
M   "+    !1B6%E:   "0    !1D;6YD   "5    '!D;61D   "Q    (AV
M=65D   #3    (9V:65W   #U    "1L=6UI   #^    !1M96%S   $#
M "1T96-H   $,     QR5%)#   $/   " QG5%)#   $/   " QB5%)#   $
M/   " QT97AT     $-O<'ER:6=H=" H8RD@,3DY."!(97=L971T+5!A8VMA
M<F0@0V]M<&%N>0  9&5S8P         2<U)'0B!)14,V,3DV-BTR+C$
M         !)S4D="($E%0S8Q.38V+3(N,0
M                                        6%E:(        /-1  $
M   !%LQ865H@                     %A96B        !OH@  ./4   .0
M6%E:(        &*9  "WA0  &-I865H@        )*    ^$  "VSV1E<V,
M        %DE%0R!H='1P.B\O=W=W+FEE8RYC:               %DE%0R!H
M='1P.B\O=W=W+FEE8RYC:
M                      !D97-C         "Y)14,@-C$Y-C8M,BXQ($1E
M9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(              "Y)14,@
M-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(
M                        9&5S8P         L4F5F97)E;F-E(%9I97=I
M;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0              +%)E9F5R
M96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$
M                         '9I97<      !.D_@ 47RX $,\4  /MS  $
M$PL  UR>     5A96B       $P)5@!0    5Q_G;65A<P         !
M                     H\    "<VEG(     !#4E0@8W5R=@        0
M    !0 *  \ %  9 !X (P H "T ,@ W #L 0 !% $H 3P!4 %D 7@!C &@
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M)UUX7<E>&EYL7KU?#U]A7[-@!6!78*I@_&%/8:)A]6))8IQB\&-#8Y=CZV1
M9)1DZ64]99)EYV8]9I)FZ&<]9Y-GZ6@_:)9H[&E#:9II\6I(:I]J]VM/:Z=K
M_VQ7;*]M"&U@;;EN$FYK;L1O'F]X;]%P*W"&<.!Q.G&5<?!R2W*F<P%S77.X
M=!1T<'3,=2AUA77A=CYVFW;X=U9WLW@1>&YXS'DJ>8EYYWI&>J5[!'MC>\)\
M(7R!?.%]07VA?@%^8G["?R-_A'_E@$> J($*@6N!S8(P@I*"](-7@[J$'82
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MJ+C(V.CX.4E9:7F)F:FYR=GI^2HZ2EIJ>HJ:JKK*VNKZ_]H # ,!  (1 Q$
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M8;#=H))VK1 P#FG&B&C$#S(!'1_SC[-^['M];K>\[^W&];58GA+<V<\452:
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MTU%)2!ZIETQ5"S".*4VYE]M+C;+*?==NO?J4A74\;*$D"*"7:-U.67XM! )
M(4EM*F-?9?\ O)K;G_FBRY$]ZN1]NL]GW:1;9;JV,CVR-,?#6.\M;EIM4$A8
M))*)*1@U>,QEG2P#^3%_, W;\M.MMT]4=P9-LYV_TU28BHCW?4<9#L#8&4>:
MAQV9S.B-8YMR[?KZ84>0J>&JUFIYGU3M/(XK]MN;+G=XY]EW.<RWL$8DCD/Q
MRPDZ>_U>-BJES0N&4D%@S-C)]_K[LFR>R7-FS<Z<BV@M^1=_>53;+\%E>1@/
M)%%FH@F1O%A3A&5E1:1B-5J<SO\ W$&1?^+([9_H/^:<4'^Q_P"*^XXN/^GC
MQ_\ 2\7_ (^O6:VW_P#R,%__ !5)_P#M.?JQ?^=]\VNQNH\5U[\5.C,W6[?[
M"[JH),IO//82LCQVX<?LFMRO]VL#MS!Y45,,N$J][9V.ICJ*L&*2*DI&17"S
MN5&WNES1<67@;!9S-&)(C).RU#%"2J1*PR-;!C)\)TA172[#K%?^[R^[WRKS
MQ><T>]'N-M\=URMR_(([6&5"\#W:1^/-/-'I(E6TA,;)'1@TLH8K6-00>Z!_
MD??$'&]>X^3Y+]\U&?[9RE!#+N''[![*V9MK:NS,E-'KJ<-BFJZ',9+/UN*G
M<Q2UU5(L-2\>I:6->"5;5R#RV;.-M[YG6.^;+)#- BI4#L8MXAD8'BU0*U J
M!4CKW,_O#_?2[YHN4]H_;=;7DF&4B![RPNI[BZC!HLLH5XHX5D U+#&I9 U#
M,YX$FW5C-[_R5_F!U[N?JGN)NU_CCV7*M5G,;0Y:@G7=&S\=D*2@W9M?>V%P
MTM5A8]\[2I<C'68G,4\,1EU@HJ(]72>PW*UUR!OZ7.T[C%=6= Y,;*%FBU'7
M%*H8JLJ9TN*C*O2M4&0FS7?+W]X![%\T[1SIR&-E]UMH73#(\;CZ>Y=&>VN+
M264+*;2Y9&BN;9V;30ZBS+!-T:#^?-\9H$GZK^>O5'[4.57;>UNP<_A-=/,M
M7X8\EU/V+'4I-'41S24\7\->H"(4\5 M]1'L^]SMEMGN+#FBR :SOD5'8#\>
MBL,@_%WQC1^%1H2N6ZAW^[9]W)&CYS^[7SKEXO'N+*&:C K4Q[E8E2"" 3XX
M2I!U7+4H.KR/Y??RCH_E[\6.M^VWG@.[EH3M'LNBALO\/[$VS%!1[@O$H"PP
M9@-#DJ=1<+35L8O<'W*7)._'F'8+6ZF:M_$3%-_S40"K< .]2LF,#53RZYV?
M><]G+CV-]Y>;.2!&W[C\7ZFP<_CL;@EX,^9B[H'/G)$YX4ZUN?F[N/,_S.?Y
MI>S/C=L:OEK.MNN]Q/U529*@*U5#08G;U4V<[RW]#/31SPAB<9-1TTID\4XQ
M]( 0T@O"G,MS+SOSB+"T8& R_30G! 1"3-,!72PJ'8,N2BKZ#KK!]WG:K#[H
M7W-]_P#=CF*V6/FS=;4;BR/VN\DR^%M%F58@_P"B+*Z@:D\:<D$)UMN_Z,MB
M?Z,_]#O]VL;_ *-?[D_Z.O[H^$?PK^YG\$_N[_ ?#?\ X!_P;]BU[Z?S?GWD
M/^ZK#]U?N3P!^[?I_!T>7AZ-&FO'X<5X^?'KB)_6_F/^MW]>_P![2_UL_>'U
MWU-?U/JO%\?QJ_Q>+W_;U__2OE_X4 _&'.=B].=>?([:>-J,G5]'U>7PF_J2
MBCGGJ5Z\WE+CRF?:&"&5WI-K[AH8_N#<"*GKY)FM'$[+#ONOL\CQ;?S!#&"D
M(,4QXD(YK&WH%5ZJW$_J"@I7KJ#_ '9'N_MW*O/O-'M5O5VD,',4<4MFSE0I
MO;4/^C5B!JN(7;0,EGA5!W. 1._DP_/78O=/16S?C7O3<E%B>\^G<''M?#XC
M*U24TW877V%C:+;.9VS)4SL<KD<#A(XZ/(TL9:>-:9:G3XI#XUGMOS1;36$'
M+E],$W& $1:B/U8N("G'?&.TH!70JL-0U:0A]_O[M7,?M_[C[][L[!M,D_MS
MOUR;B66-2PLKV4UN(K@*H\))I298)& 1O$,5=:#5>+[E;KG;T$>[^]NJ-C=C
M];]0[BWEBJ;L[MFNR-%L78T$PK-R9:+#X3*[@RN7EQE-Y*C'8#'XS"U#/75
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MF0WED7T,'3"W-J]"([A%[2&!CG2D;Z2L<L5&&"^*W\^#XS8NEZEZAW+NS+[
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MKW7O?NO=>]^Z]U[W[KW7O?NO= MWM_LO/]T*'_9E_P#1!_H__O%C/L/]-_\
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..IT*/LSZ!W7O?NO=?_]D!

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