# EDGAR Filing Document

**Accession Number:** 0001688757
**File Stem:** 0001688757-25-000062
**Filing Date:** 2025-10
**Character Count:** 31186
**Document Hash:** c0073a0a3b03923de13cb6a81f0d7afd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001688757-25-000062.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001688757-25-000062

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250929

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ESTABLISHMENT LABS HOLDINGS INC.
- **CENTRAL INDEX KEY:** 0001688757
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 981436377
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38593
- **FILM NUMBER:** 251372060

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING B15 AND 25 COYOL FREE ZONE
- **CITY:** ALAJUELA
- **STATE:** G2
- **ZIP:** 20101
- **BUSINESS PHONE:** 50624342400

**MAIL ADDRESS:**
- **STREET 1:** BUILDING B15 AND 25 COYOL FREE ZONE
- **CITY:** ALAJUELA
- **STATE:** G2
- **ZIP:** 20101

?xml version='1.0' encoding='ASCII'? esta-20250929

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

FORM 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

---

| |
|:---|
| **September 29, 2025** |
| **Date of Report (date of earliest event reported)** |

---

**Establishment Labs Holdings Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **British Virgin Islands** | **001-38593** | **98-1436377** |
| **(State or other jurisdiction of <br>incorporation or organization)** | **(Commission File No.)** | **(I.R.S. Employer <br>Identification Number)** |
| **Buiding B15 and 25**<br>**Coyol Free Zone**<br>**Alajuela**<br>**Costa Rica** | **Buiding B15 and 25**<br>**Coyol Free Zone**<br>**Alajuela**<br>**Costa Rica** | **Buiding B15 and 25**<br>**Coyol Free Zone**<br>**Alajuela**<br>**Costa Rica** |
| **(Address of principal executive offices) (Zip Code)** | **(Address of principal executive offices) (Zip Code)** | **(Address of principal executive offices) (Zip Code)** |
| **+506 2434 2400** | **+506 2434 2400** | **+506 2434 2400** |
| **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** | **(Registrant's telephone number, including area code)** |

---

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of each exchange on which registered <br> <u>Common Shares, No Par Value</u> <u>ESTA</u> <u>The NASDAQ Capital Market</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2) of this chapter.

Emerging growth company ☐

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 13(a) of the Exchange Act. ☐

------

**Item 1.01 Entry into a Material Definitive Agreement.**

On September 29, 2025, Establishment Labs Holdings Inc. (the "Company") entered into a Fourth Amendment to Credit Agreement and Guaranty with Oaktree Fund Administration, LLC, as administrative agent, and the other parties thereto (the "Amendment"), which amends the terms of that certain Credit Agreement and Guaranty, dated as of April 26, 2022 (as amended, the "Agreement"). Capitalized terms used in this report and not otherwise defined have the definitions ascribed to them in the Agreement.

The Amendment (i) provides for the availability of the Tranche D Term Loans to commence as of the effective date of the Amendment, notwithstanding the revenue milestone originally set forth in the Agreement, and (ii) increases, effective September 28, 2025, the minimum liquidity that the Company and its subsidiaries that are guarantors under the Agreement are required to maintain from $25,000,000 to $30,000,000.

The foregoing description of the Amendment is not intended to be complete and is qualified in its entirety by reference to the Amendment attached as Exhibit 10.1 hereto.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** 

On September 29, 2025, the Company fully borrowed the Tranche D Term Loans available under the Agreement in an amount equal to $25,000,000.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 10.1 | <u>[Fourth Amendment to Credit Agreement and Guaranty, dated as of September 29, 2025, by and among Establishment Labs Holdings Inc., its subsidiaries party thereto as guarantors, the lenders from time to time party thereto, and Oaktree Fund Administration, LLC, as administrative agent for the lenders.](ex101esta-fourthamendmentt.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **ESTABLISHMENT LABS HOLDINGS INC.** |
| Dated: | October 3, 2025 | By: | */s/ Rajbir S. Denhoy* |
|  |  | Name: | Rajbir S. Denhoy |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 10.1

EXHIBIT 10.1

***Execution Version***

**<u>FOURTH AMENDMENT TO CREDIT AGREEMENT AND GUARANTY</u>**

This Fourth Amendment to the Credit Agreement and Guaranty (this "***Amendment***") is made as of September 29, 2025, by and among **ESTABLISHMENT LABS HOLDINGS INC.**, a BVI business company limited by shares incorporated under the BVI Business Companies Act, 2004 (as amended) with company number 1794254 and with its registered office address at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, VG1110, British Virgin Islands (the "***Borrower***"), each Lender party hereto and **OAKTREE FUND ADMINISTRATION, LLC**, as administrative agent on behalf of the Lenders (in such capacity, the "***Administrative Agent***").

WHEREAS, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent previously entered into that certain Credit Agreement and Guaranty, dated as of April 26, 2022 (as amended, amended and restated, restated, supplemented, modified or otherwise in effect from time to time prior to the date hereof, including as amended by that certain First Amendment to Credit Agreement and Guaranty, dated January 12, 2023, that certain Second Amendment to Credit Agreement and Guaranty, dated February 21, 2024, and that certain Third Amendment to Credit Agreement and Guaranty, dated November 7, 2024, the "***Existing Credit Agreement***", and as further amended by this Amendment, the "***Credit Agreement***"); and

WHEREAS, the Borrower and the Lenders have agreed to amend the Existing Credit Agreement as set forth in this Amendment.

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, each of the Borrower, the Lenders and the Administrative Agent party hereto hereby covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Amendments</u>. The Existing Credit Agreement is hereby amended by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)deleting the definition of "Minimum Liquidity Amount" and replacing it with the following:

" "***Minimum Liquidity Amount***" means (a) from the Closing Date until the Applicable Funding Date of the Tranche B Term Loans, $20,000,000; (b) from the Applicable Funding Date of the Tranche B Term Loans until September 28, 2025, $25,000,000; and (c) from September 29, 2025 and thereafter,

$30,000,000."; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)deleting the definition of "Tranche D Funding Milestone" in <u>Schedule 1</u> thereto and replacing it with the following:

" "***Tranche D Funding Milestone***" means that the Fourth Amendment Effective Date (as defined in that certain Fourth Amendment to Credit Agreement and

4902-0661-6408 v.7

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EXHIBIT 10.1

Guaranty, by and among the Borrower, the Administrative Agent and the Lenders) shall have occurred."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Reaffirmation of Financing Documents</u>. Except as otherwise expressly provided herein, the parties hereto agree that all terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The Borrower hereby acknowledges, confirms and agrees that the Collateral shall continue to secure all applicable Obligations of such Obligor at any time and from time to time outstanding under the Credit Agreement and the other Loan Documents, as such Obligations may have been amended pursuant to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Conditions Precedent to Effectiveness</u>. This Amendment shall not be effective unless and until each of the following conditions precedent has been fulfilled to the satisfaction of or waived by the Administrative Agent (the date of such fulfillment or waiver, the "***Fourth Amendment Effective Date***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Amendment shall have been duly executed and delivered to the Administrative Agent by the Borrower, the Lenders and the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As determined in the Administrative Agent's reasonable discretion, there has not been any Material Adverse Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The representations and warranties in Section 6 of this Amendment, Section 7 of the Credit Agreement and elsewhere in the Loan Documents shall be true, correct and complete in all material respects; <u>provided</u>, <u>however</u>, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and <u>provided</u> <u>further</u> that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Administrative Agent shall have received such other documents, instruments and agreements as are reasonably requested by the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Borrower shall have paid all costs, fees and expenses of the Administrative Agent and Lenders (including, without limitation, the fees and expenses of Sullivan & Cromwell LLP, Cuatrecasas, Gonçalves Pereira, S.L.P., Chiomenti Studio Legale and Walkers (BVI) as outside counsel to the Administrative Agent and the Lenders, and Allen Overy Shearman Sterling LLP as outside counsel to Al-Rayyan Holding LLC) incurred through the date of this Amendment, to the extent invoiced (or as to which a good faith estimate has been provided to the Borrower) at least two (2) Business Days prior to the date of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Post-Closing Covenant</u>. (i) On or before thirty (30) days from the date hereof, Pledged Bank Account (as defined in the French Pledge Agreement) shall have been established

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EXHIBIT 10.1

in the name of the Pledgor with JPMorgan Chase Bank (or its affiliate) in France (or such later date as the Administrative Agent may agree in its sole discretion), and (ii) on or before the date that is thirty (30) days after the opening of such Pledged Bank Account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Borrower shall enter into an amendment to the French Securities Account Pledge Agreement, dated March 29, 2024 (as amended from time to time, "***French Pledge Agreement***") in order to record the change of the Pledged Bank Account, and (y) pursuant to the French Pledge Agreement (and the abovementioned amendment), Borrower shall have used its reasonable endeavors to cause the applicable Bank Account Holder (as defined in the French Pledge Agreement) to deliver to the Administrative Agent a pledge certificate substantially in the form of Schedule 3 (*Form of Certificate of Pledge of Cash Proceeds*) to the French Pledge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Representations and Warranties</u>. The Borrower hereby represents and warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The execution, delivery and performance by such Obligor of this Amendment and the documents, instruments and agreements executed in connection herewith (collectively, the "***Amendment Documents***"), such Obligor's consummation of the transactions contemplated by the Amendment Documents and performance under the Amendment Documents do not and will not (i) conflict with any of its organizational, constitutional or constituent documents; (ii) contravene, conflict with, constitute a default under or violate any Law except as would not reasonably be expected to have a Material Adverse Change; (iii) contravene, conflict with or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which it or any of its property or assets may be bound or affected except as would not reasonably be expected to have a Material Adverse Change; (iv) require any action by, filing, registration, or qualification with, or permit from, any Governmental Authority (except such permits which have already been obtained and are in full force and effect, or the filing of any UCC financing statement) except where the failure to do so would not reasonably be expected to have a Material Adverse Change; or (v) constitute a default under or conflict with any Material Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment and the other Amendment Documents have been duly authorized, executed and delivered by such Obligor and constitute legal, valid and binding agreements of such Obligor, enforceable in accordance with their terms (subject, as to enforcement, to (x) the effect of applicable bankruptcy, insolvency, examinership or similar laws affecting the enforcement or creditors' rights and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The execution, delivery and performance by such Obligor of the Amendment and the other Amendment Documents executed or to be executed by it is in each case within such Obligor's powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Waiver of Claims</u>. The Borrower hereby acknowledges and agrees that it has no offsets, defenses, claims or counterclaims against the Administrative Agent or the Lenders or any of the Administrative Agent's or the Lenders' affiliates, or any of their respective officers, directors, employees, attorneys, representatives, agents, predecessors, parents, subsidiaries, shareholders, affiliates, successors and assigns (collectively, the "***Lender Parties***") with respect to the Obligations and that if such Obligor now has, or ever did

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EXHIBIT 10.1

have, any offsets, defenses, claims or counterclaims against the Lender Parties, or any one of them, with respect thereto whether known or unknown, at law or in equity, from the beginning of the world through this date and through the time of execution of this Amendment, all of them are hereby expressly **WAIVED**, and the Borrower hereby **RELEASES** the Lender Parties from any liability therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise expressly provided herein, all provisions of the Credit Agreement and the other Loan Documents remain in full force and effect. This Amendment shall constitute a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. An executed facsimile or electronic copy of this Amendment shall be effective for all purposes as an original hereof. Any signature to this Amendment or any document signed or to be signed in connection with this Amendment may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the US federal ESIGN Act of 2000 or the New York Electronic Signatures and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Amendment expresses the entire understanding of the parties with respect to the amendments contemplated hereby. No prior negotiations or discussions shall limit, modify or otherwise affect the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any determination that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity, legality or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Borrower represents and warrants that such Obligor has consulted with independent legal counsel of its selection in connection with this Amendment and is not relying on any representations or warranties of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)This Amendment and all rights and obligations hereunder, including matters of construction, validity and performance, shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; <u>provided</u> that Section 5-1401 of the New York General Obligations Law shall apply.

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EXHIBIT 10.1

[*Signature pages follow.*]

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EXHIBIT 10.1

IN WITNESS WHEREOF, the parties have hereunto caused this Amendment to be executed as of the date first above written.

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| | |
|:---|:---|
| BORROWER: | BORROWER: |
| **ESTABLISHMENT LABS HOLDINGS INC.,** | **ESTABLISHMENT LABS HOLDINGS INC.,** |
| a BVI business company incorporated under the laws of the British Virgin Islands | a BVI business company incorporated under the laws of the British Virgin Islands |
| By: | */s/ Peter Caldini* |
| Name: | Peter Caldini |
| Title: | Director and CEO |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| ADMINISTRATIVE AGENT: | ADMINISTRATIVE AGENT: |
| **OAKTREE FUND ADMINISTRATION, LLC** | **OAKTREE FUND ADMINISTRATION, LLC** |
| By: | Oaktree Capital Management, L.P |
| Its: | *Managing Member* |
| By: | */s/ Mary Gallegly* |
| Name: | Mary Gallegly |
| Title: | Managing Director |
| By: | */s/ Jessica Dombroff* |
| Name: | Jessica Dombroff |
| Title: | Senior Vice President |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| LENDERS: | LENDERS: |
| **AL-RAYYAN HOLDING LLC** | **AL-RAYYAN HOLDING LLC** |
| By: | Oaktree Capital Management, L.P |
| Its: | *Managing Member* |
| By: | */s/ Ahmad Al-Khanji* |
| Name: | Ahmad Al-Khanji |
| Title: | Director |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **OAKTREE SPECIALTY LENDING CORPORATION** | **OAKTREE SPECIALTY LENDING CORPORATION** |
| By: | Oaktree Fund Advisors, LLC |
| Its: | Investment Advisor |
| By: | */s/ Mary Gallegly* |
| Name: | Mary Gallegly |
| Title: | Managing Director |
| By: | */s/ Jessica Dombroff* |
| Name: | Jessica Dombroff |
| Title: | Senior Vice President |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **OAKTREE STRATEGIC CREDIT FUND** | **OAKTREE STRATEGIC CREDIT FUND** |
| By: | Oaktree Fund Advisors, LLC |
| Its: | Investment Advisor |
| By: | */s/ Mary Gallegly* |
| Name: | Mary Gallegly |
| Title: | Managing Director |
| By: | */s/ Jessica Dombroff* |
| Name: | Jessica Dombroff |
| Title: | Senior Vice President |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **OAKTREE DIVERSIFIED INCOME FUND INC.** | **OAKTREE DIVERSIFIED INCOME FUND INC.** |
| By: | Oaktree Fund Advisors, LLC |
| Its: | Investment Advisor |
| By: | */s/ Mary Gallegly* |
| Name: | Mary Gallegly |
| Title: | Managing Director |
| By: | */s/ Jessica Dombroff* |
| Name: | Jessica Dombroff |
| Title: | Senior Vice President |

---

[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **OAKTREE LSL HOLDINGS EURRC SARL** | **OAKTREE LSL HOLDINGS EURRC SARL** |
| By: | */s/ Martin Eckel* |
| Name: | Martin Eckel |
| Title: | Manager |
| By: | */s/ Hugo Froment* |
| Name: | Hugo Froment |
| Title: | Manager |
| *Address: 26a Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg R.C.S. Luxembourg: B263341* | *Address: 26a Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg R.C.S. Luxembourg: B263341* |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **OAKTREE GCP HOLDINGS II SARL** | **OAKTREE GCP HOLDINGS II SARL** |
| By: | */s/ Martin Eckel* |
| Name: | Martin Eckel |
| Title: | Manager |
| By: | */s/ Hugo Froment* |
| Name: | Hugo Froment |
| Title: | Manager |
| *Address: 26a Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg<br>R.C.S. Luxembourg: B264237* | *Address: 26a Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg<br>R.C.S. Luxembourg: B264237* |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **BYLSMA 2022-1, LTD.,** | **BYLSMA 2022-1, LTD.,** |
| by Brookfield Asset Management<br>Credit and Insurance Solutions Advisor LLC,<br>acting in its capacity as collateral manager | by Brookfield Asset Management<br>Credit and Insurance Solutions Advisor LLC,<br>acting in its capacity as collateral manager |
| By: | */s/ Darryl Pinskerf* |
| Name: | Darryl Pinskerf |
| Title: | Authorized Signatory |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **CASALS 2022-1, LTD.,** | **CASALS 2022-1, LTD.,** |
| by Brookfield Asset Management<br>Credit and Insurance Solutions Advisor LLC,<br>acting in its capacity as collateral manager | by Brookfield Asset Management<br>Credit and Insurance Solutions Advisor LLC,<br>acting in its capacity as collateral manager |
| By: | */s/ Darryl Pinskerf* |
| Name: | Darryl Pinskerf |
| Title: | Authorized Signatory |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **DUPRE 2022-1, LTD.,** | **DUPRE 2022-1, LTD.,** |
| by Brookfield Asset Management<br>Credit and Insurance Solutions Advisor LLC,<br>acting in its capacity as collateral manager | by Brookfield Asset Management<br>Credit and Insurance Solutions Advisor LLC,<br>acting in its capacity as collateral manager |
| By: | */s/ Darryl Pinskerf* |
| Name: | Darryl Pinskerf |
| Title: | Authorized Signatory |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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| | |
|:---|:---|
| **OAKTREE HUNTINGTON INVESTMENT FUND II AIF (DEBT ACQUISITION), L.P.** | **OAKTREE HUNTINGTON INVESTMENT FUND II AIF (DEBT ACQUISITION), L.P.** |
| By: | Oaktree Fund AIF Series, L.P. – Series X |
| Its: | General Partner |
| By: | Oaktree Fund GP AIF, LLC |
| Its: | General Partner |
| By: | Oaktree Fund GP III, L.P. |
| Its: | Managing Member |
| By: | */s/ Mary Gallegly* |
| Name: | Mary Gallegly |
| Title: | Authorized Signatory |
| By: | */s/ Jessica Dombroff* |
| Name: | Jessica Dombroff |
| Title: | Authorized Signatory |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]

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EXHIBIT 10.1

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|:---|:---|
| **OAKTREE LSL (NON-PARALLEL)** | **OAKTREE LSL (NON-PARALLEL)** |
| **HOLDINGS EURRC S.À R.L.** | **HOLDINGS EURRC S.À R.L.** |
| By: | */s/ Martin Eckel* |
| Name: | Martin Eckel |
| Title: | Manager |
| By: | */s/ Hugo Froment* |
| Name: | Hugo Froment |
| Title: | Manager |
| *Address: 26a Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg<br>R.C.S. Luxembourg: B277215<br>* | *Address: 26a Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg<br>R.C.S. Luxembourg: B277215<br>* |

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[Signature Page to Fourth Amendment to Credit Agreement and Guaranty]