Document:

EX-10.4

 Exhibit 10.4 

THIS THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT AND PERFORMANCE AMENDS, RESTATES AND REPLACES IN ITS ENTIRETY THAT CERTAIN SECOND AMENDED AND RESTATED
GUARANTY OF PAYMENT AND PERFORMANCE DATED THE 20TH DAY OF MARCH, 2020 GIVEN BY GUARANTOR TO LENDER. 
 THIRD AMENDED AND RESTATED
GUARANTY OF PAYMENT AND PERFORMANCE 
 This Third Amended and Restated Guaranty of Payment and Performance (this
“Guaranty”) is made as of this 9th day of December, 2020, by VENUS CONCEPT LTD., an Israeli limited corporation (the “Guarantor”), in favor of CITY NATIONAL BANK OF FLORIDA (“Lender”). 

RECITALS 
 VENUS
CONCEPT USA INC., a Delaware corporation (“Venus USA”); VENUS CONCEPT CANADA CORP., a Canadian corporation (“Venus Canada”); and VENUS CONCEPT, INC., a Delaware corporation (“VCI”) (individually and collectively, the
“Borrower”) have requested and Lender has agreed to make one or more loans to Borrower in the principal amount from time to time outstanding of TEN MILLION THOUSAND AND NO/100 DOLLARS ($10,000,000.00) (the “Loan”),
as evidenced by that certain Fourth Amended and Restated Revolving Promissory Note dated as of even date herewith, from Borrower in favor of Lender in the original principal amount of the Loan (as the same may be amended, restated, modified or
replaced from time to time, the “Note”). Certain terms and conditions of the Loan are set forth in that certain Third Amended and Restated Loan Agreement dated as of even date herewith between Borrower and Lender (as the same may be
amended, restated, modified or replaced from time to time, the “Loan Agreement”). As a condition precedent to Lender making the Loan, Lender has required Guarantor to execute and deliver this Guaranty to Lender. Any capitalized term
used and not defined in this Guaranty shall have the meaning given to such term in the Loan Agreement. 
 AGREEMENTS 

Guarantor is a subsidiary of VCI and a sub-parent of Venus USA and Venus Canada and will receive a
material benefit from Lender making the Loan to Borrower. For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and in order to induce Lender to make the Loan to Borrower, Guarantor hereby guarantees to
Lender the prompt and full payment of the Indebtedness described below in this Guaranty (collectively called the “Guaranteed Obligations”), this Guaranty being upon the following terms and conditions: 

Section 1. Guaranty of Payment. 

Guarantor hereby unconditionally and irrevocably guarantees to Lender the punctual payment when due, whether by lapse of time, by acceleration
of maturity, or otherwise, of all principal, interest (including interest accruing after maturity and after the commencement of any bankruptcy or insolvency proceeding by or against Borrower, whether or not allowed in such proceeding), prepayment
premiums, fees, late charges, costs, expenses, indemnification indebtedness, and other sums of money now or hereafter due and owing, or which Borrower is obligated to pay, pursuant to the terms of the Note, the Loan Agreement, the Security
Agreements by and between Borrower and Lender (the “Security Agreements”), any application, agreement, note or other document executed and delivered by Borrower in connection with any Loan, or any of the other Loan Documents,
including, without limitation, any letter of credit issued by Lender in connection with the Loan, as the same may from time to time be amended, supplemented, restated or otherwise modified (collectively, the “Indebtedness”). The
Indebtedness includes all reasonable costs and expenses incurred by Lender in seeking to enforce 

 
Lender’s rights and remedies with respect to the Indebtedness, and to protect, defend, maintain or enforce Lender’s liens or security interests, including, without limitation,
collection costs, default rates of interest, reasonable attorneys’ fees and costs at trial and appellate levels and related costs, and costs of alternative dispute resolution, whether or not suit is filed or other proceedings are initiated
thereon. This Guaranty covers the Indebtedness presently outstanding and the Indebtedness arising subsequent to the date hereof, including all amounts advanced by Lender in stages or installments. The guaranty of Guarantor as set forth in this
Section is a continuing guaranty of payment and not a guaranty of collection. 
 The foregoing obligations guaranteed under this Section are
defined as the “Guaranteed Payment Obligations”. The Guaranteed Payment Obligations are included as part of the Guaranteed Obligations for all purposes of this Guaranty. 

Section 2. Guaranty of Performance. 

Guarantor hereby unconditionally and irrevocably guarantees to Lender the complete performance when due of all other Obligations of Borrower
under all of the Loan Documents, including, without limiting the generality of the foregoing, all such Obligations of Borrower to duly and punctually perform and observe all other terms, covenants and conditions of the Note, the Loan Agreement, and
all other Loan Documents. 
 The foregoing obligations guaranteed under this Section are defined as the “Guaranteed Performance
Obligations.” The Guaranteed Performance Obligations are included as part of the Guaranteed Obligations for all purposes of this Guaranty. 

The liability and obligations under this Section shall not be limited or restricted by the existence of, or any terms of, the guaranty of
payment under Section 1. 
 Section 3. Primary Liability of Guarantor. 

(a) This Guaranty is an absolute, irrevocable and unconditional guaranty of payment and performance, and Guarantor shall be liable for the
payment and performance of the Guaranteed Obligations as a primary obligor. This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives, any right to which Guarantor may otherwise have been entitled, whether existing under
statute, at law or in equity, to require Lender to take prior recourse or proceedings against any collateral, security or person. It shall not be necessary for Lender, in order to enforce such payment or performance by Guarantor, first to institute
suit or pursue or exhaust any rights or remedies against Borrower or other person liable on such indebtedness or performance, or to enforce any rights against any security given to secure such indebtedness or for such performance, or to join
Borrower or any other person liable for the payment or performance of the Guaranteed Obligations or any part thereof in any action to enforce this Guaranty, or to resort to any other means of obtaining payment or performance of the Guaranteed
Obligations provided, however, that nothing herein contained shall prevent Lender from suing on the Note or exercising any other right under the Loan Documents. 

(b) Suit may be brought or demand may be made against Borrower or against any or all parties who have signed this Guaranty or any other
guaranty covering all or any part of the Guaranteed Obligations, or against any one or more of them, separately or together, without impairing the rights of Lender against any party hereto. Any time that Lender is entitled to exercise its rights or
remedies hereunder, it may in its discretion elect to demand payment and/or performance. If Lender elects to demand performance, it shall at all times thereafter have the right to demand payment until all of the Guaranteed Obligations have been paid
and performed in full. If Lender elects to demand payment, it shall at all times thereafter have the right to demand performance until all of the Guaranteed Obligations 

  
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have been paid and performed in full. 
 Section 4. Certain Agreements and
Waivers by Guarantor. 
 (a) Guarantor agrees that neither Lender’s rights or remedies nor Guarantor’s obligations under the
terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, in each case, unless the Guaranteed Obligations themselves have been changed, reduced,
discharged or terminated, and the liability of Guarantor under this Guaranty shall be absolute, unconditional and irrevocable irrespective of: 

(i) any limitation on the liability of, or recourse against, any other person in any Loan Document or arising under any law;

 (ii) any claim or defense that this Guaranty was made without consideration or is not supported by adequate consideration
or that the obligations of Guarantor hereunder exceed or are more burdensome than those of Borrower under the other Loan Documents; 

(iii) the taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all of the
Guaranteed Obligations; 
 (iv) the operation of any laws (other than statutes of limitation) regarding the limitation of
actions, all of which are hereby waived as a defense to any action or proceeding brought by Lender against Guarantor, to the fullest extent permitted by law; 

(v) any homestead exemption or any other exemption under applicable law; 

(vi) any release, surrender, abandonment, exchange, alteration, sale or other disposition, subordination, deterioration, waste,
failure to protect or preserve, impairment, or loss of, or any failure to create or perfect any lien or security interest with respect to, or any other dealings with, any collateral or security at any time existing or purported, believed or expected
to exist in connection with any or all of the Guaranteed Obligations, or any impairment of Guarantor’s recourse against any person or collateral; 

(vii) whether express or by operation of law, any partial release of the liability of Guarantor hereunder (except to the extent
paid, performed or expressly so released) or any complete or partial release of Borrower or any other person liable, directly or indirectly, for the payment or performance of any or all of the Guaranteed Obligations; 

(viii) the insolvency, bankruptcy, dissolution, liquidation, termination, receivership, reorganization, merger, consolidation,
change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or other power of Borrower or any other person at any time liable for the payment of any or all of the Guaranteed Obligations; 

(ix) any renewal, extension, modification, supplement, subordination or rearrangement of the terms of any or all of the
Guaranteed Obligations and/or any of the Loan Documents, including material alterations of the terms of payment (including changes in maturity date(s) and interest rate(s) or performance or any other terms thereof, or any waiver, termination, or
release of, or consent to departure from, any of the Loan Documents or any other guaranty of any or all of the Guaranteed Obligations, or any adjustment, indulgence, forbearance, or compromise that may be granted from time to time by Lender to
Borrower or any other person at 

  
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any time liable for the payment or performance of any or all of the Guaranteed Obligations (collectively “Change”), provided however, that the Lender has furnished the Guarantor
with a prior written notice setting forth such a Change, and, provided further, that the Guarantor shall be liable to guarantee the Guaranteed Obligations, as so amended, supplemented, modified, extended, renewed waived of otherwise changed, as of
the effective date of such Change; 
 (x) any neglect, lack of diligence, delay, omission, failure, or refusal of Lender to
take or prosecute (or in taking or prosecuting) any action for the collection or enforcement of any of the Guaranteed Obligations, or to foreclose or take or prosecute any action to foreclose (or in foreclosing or taking or prosecuting any action to
foreclose) upon any security therefor, or to exercise (or in exercising) any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting) any action in connection with any Loan Document, or any
failure to sell or otherwise dispose of in a commercially reasonable manner any collateral securing any or all of the Guaranteed Obligations; 

(xi) the existence of any claim, counterclaim, set-off or other right that Guarantor
may at any time have against Borrower, Lender, or any other person, whether or not arising in connection with this Guaranty, the Note, the Loan Agreement, the Security Agreement, any other Loan Document; provided, however, that the foregoing shall
not be deemed a waiver of Guarantor’s right to assert any compulsory counterclaim maintained in a court of the United States or the State of Florida if such counterclaim is compelled under local law or procedure; 

(xii) the unenforceability of all or any part of the Guaranteed Obligations against Borrower, whether because the Guaranteed
Obligations exceed the amount permitted by law or violate any usury law, or because the persons creating the Guaranteed Obligations acted in excess of their authority, or because of a lack of validity or enforceability of or defect or deficiency in
any of the Loan Documents, or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower’s obligation ceases to exist by operation of law, or because of any other reason or circumstance, it being agreed
that Guarantor shall remain liable hereon regardless of whether Borrower or any other person be found not liable on the Guaranteed Obligations, or any part thereof, for any reason (and regardless of any joinder of Borrower or any other party in any
action to obtain payment or performance of any or all of the Guaranteed Obligations); 
 (xiii) any order, ruling or plan of
reorganization emanating from proceedings under Title 11 of the United States Code with respect to Borrower or any other person, including any extension, reduction, composition, or other alteration of the Guaranteed Obligations, whether or not
consented to by Lender, or any action taken or omitted by Lender in any such proceedings, including any election to have Lender’s claim allowed as being secured, partially secured or unsecured, any extension of credit by Lender in any such
proceedings or the taking and holding by Lender of any security for any such extension of credit; 
 (xiv) any other
condition, event, omission, or action that would in the absence of this paragraph result in the release or discharge of the Guarantor from the performance or observance of any obligation, covenant or agreement contained in this Guaranty or any other
agreement; 
 (xv) Lender’s enforcement or forbearance from enforcement of the Guaranteed Obligations on a net or gross
basis. 
 (b) In the event any payment by Borrower or any other person to Lender is held to constitute a preference, fraudulent transfer or
other voidable payment under any bankruptcy, insolvency or similar 

  
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law, or if for any other reason Lender is required to refund such payment or pay the amount thereof to any other party, such payment by Borrower or any other party to Lender shall not constitute
a release of Guarantor from any liability hereunder, and this Guaranty shall continue to be effective or shall be reinstated (notwithstanding any prior release, surrender or discharge by Lender of this Guaranty or of Guarantor), as the case may be,
with respect to, and this Guaranty shall apply to, any and all amounts so refunded by Lender or paid by Lender to another person (which amounts shall constitute part of the Guaranteed Obligations), and any interest paid by Lender and any reasonable
attorneys’ fees, costs and expenses paid or incurred by Lender in connection with any such event. 
 (c) It is the intent of Guarantor
and Lender that the obligations and liabilities of Guarantor hereunder are absolute, irrevocable and unconditional under any and all circumstances and that until the Guaranteed Obligations are fully and finally paid and performed, and not subject to
refund or disgorgement, the obligations and liabilities of Guarantor hereunder shall not be discharged or released, in whole or in part, by any act or occurrence that might, but for the provisions of this Guaranty, be deemed a legal or equitable
discharge or release of a guarantor. 
 (d) Guarantor’s obligations shall not be affected, impaired, lessened or released by loans,
credits or other financial accommodations now existing or hereafter advanced by Lender to Borrower in excess of the Guaranteed Obligations. All payments, repayments and prepayments of the Loan, whether voluntary or involuntary, received by Lender
from Borrower, any other person or any other source (other than from Guarantor pursuant to a demand by Lender hereunder), and any amounts realized from any collateral for the Loan, shall be deemed to be applied first to any portion of the Loan which
is not covered by this Guaranty, and last to the Guaranteed Obligations, and this Guaranty shall bind Guarantor to the extent of any Guaranteed Obligations that may remain owing to Lender. Lender shall have the right to apply any sums paid by
Guarantor to any portion of the Loan in Lender’s sole and absolute discretion. 
 (e) If acceleration of the time for payment of any
amount payable by Borrower under the Note, the Loan Agreement, or any other Loan Document is stayed or delayed by any law or tribunal, then unless similarly stayed or delayed all such amounts shall nonetheless be payable by Guarantor within 10
Business Days following receipt of a written demand from the Lender. 
 (f) Guarantor hereby waives and agrees not to assert or take
advantage of (i) any right or claim of right to cause a marshalling of any of Borrower’s assets or the assets of any other party now or hereafter held as security for the Indebtedness; (ii) the defense of laches in any action
hereunder or for the payment of the Indebtedness and performance of any obligation hereby guaranteed; (iii) any defense that may arise by reason of lack of authority of Guarantor, any other guarantor of the Loan, or Borrower or any other person
or entity, or the voluntary or involuntary dissolution of Borrower or Guarantor, or the failure of Lender to file or enforce a claim against the estate (either in administration, bankruptcy, or any other proceeding) of Borrower or any other person
or entity; (iv) any defense based on the failure of Lender to give notice of the existence, creation, or incurring of any new or additional indebtedness or obligation, or of any action or nonaction on the part of any other person whomsoever, or
any modification of the terms of the Loan Documents, or the Indebtedness, in connection with any obligation hereby guaranteed; (v) any defense based upon an election of remedies by Lender which destroys or otherwise impairs any subrogation
rights of Guarantor or any other guarantor of the Loan or the right of Guarantor to proceed against Borrower or any other guarantor for reimbursement, or both; (vi) any defense based upon failure of Lender to commence an action against
Borrower; (vii) any defense based upon acceptance of this Guaranty by Lender; (viii) any defense based upon the invalidity or unenforceability of any of the Loan Documents; (ix) any defense based upon any complete or partial release
of liability contained in any of the Loan Documents; (x) any defense based upon any transfer by Borrower of all or any part of the collateral for the Loan; (xi) any defense based upon the failure of Lender to perfect any security or to
extend or renew the perfection of any security; and (xii) any other legal or equitable defenses whatsoever 

  
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to which Guarantor might otherwise be entitled. 
 Section 5.
Subordination. 
 If, for any reason whatsoever, Borrower is now or hereafter becomes Indebted (as defined in the Loan Agreement) to
Guarantor: 
 (a) such Indebtedness and all interest thereon and all liens, security interests and rights now or hereafter existing with
respect to property of Borrower securing such indebtedness shall, at all times, be subordinate in all respects to the Guaranteed Obligations and to all liens, security interests and rights now or hereafter existing to secure the Guaranteed
Obligations; 
 (b) at any time after the occurrence and during the continuation of an Event of Default, Guarantor shall not be entitled to
enforce or receive payment, directly or indirectly, of any such indebtedness of Borrower to Guarantor until the Guaranteed Obligations have been fully and finally paid and performed; 

(c) After the occurrence and during the continuation of an Event of Default, Guarantor shall assign and grant to Lender a security interest in
all such indebtedness and security therefor, if any, of Borrower to Guarantor now existing or hereafter arising, including any dividends and payments pursuant to debtor relief or insolvency proceedings referred to below. In the event of
receivership, bankruptcy, reorganization, arrangement or other debtor relief or insolvency proceedings involving Borrower as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and
shall have the right to receive directly from the receiver, trustee or other custodian (whether or not an Event of Default shall have occurred or be continuing under any of the Loan Documents), dividends and payments that are payable upon any
obligation of Borrower to Guarantor now existing or hereafter arising, and to have all benefits of any security therefor, until the Guaranteed Obligations have been fully and finally paid and performed. If, notwithstanding the foregoing provisions,
Guarantor should receive any payment, claim or distribution that is prohibited as provided above in this Section, Guarantor shall pay the same to Lender immediately, Guarantor hereby agreeing that it shall receive the payment, claim or distribution
in trust for Lender and shall have absolutely no dominion over the same except to pay it immediately to Lender; and 
 (d) Upon the
occurrence of an Event of Default, Guarantor shall promptly upon request of Lender from time to time execute such documents and perform such acts as Lender may reasonably require to evidence and perfect its interest and to permit or facilitate
exercise of its rights under this Section, including execution and delivery of proofs of claim, further assignments and security agreements, and delivery to Lender of any promissory notes or other instruments evidencing indebtedness of Borrower to
Guarantor. 
 Section 6. Other Liability of Guarantor or Borrower. 

If Guarantor is or becomes liable, by endorsement or otherwise, for any indebtedness owing by Borrower to Lender other than under this
Guaranty, such liability shall not be in any manner impaired or affected hereby, and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may have against Guarantor. If Borrower is or becomes indebted to Lender
for any indebtedness other than or in excess of the Guaranteed Obligations, any payment received or recovery realized upon such other indebtedness of Borrower to Lender may be applied to such other indebtedness. This Guaranty is independent of (and
shall not be limited by) any other guaranty now existing or hereafter given. Further, Guarantor’s liability under this Guaranty is in addition to any and all other liability Guarantor may have in any other capacity to Lender. 

  
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 Section 7. [Reserved]. 

Section 8. Lender Assigns; Disclosure of Information. 

This Guaranty is for the benefit of Lender and Lender’s successors and assigns, and in the event of an assignment of the Guaranteed
Obligations, or any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed Obligations so assigned, may be transferred with such Guaranteed Obligations. Subject to prior written notice to the Guarantor, Lender
may sell or offer to sell the Loan or interests therein to one or more assignees or participants. Guarantor shall execute, acknowledge and deliver any and all instruments reasonably requested by Lender in connection therewith, and to the extent, if
any, specified in any such assignment or participation, such assignee(s) or participant(s) shall have the same rights and benefits with respect to the Loan Documents as such person(s) would have if such person(s) were Lender hereunder. Lender may
disclose to any such assignee or participant or prospective assignee or participant, to Lender’s affiliates (in each case, provided it or they are subject to the same confidentiality obligations towards Guarantor as applicable to Lender in the
Loan Documents), to any regulatory body having jurisdiction over Lender and to any other parties as necessary or appropriate in Lender’s reasonable judgment, any information Lender now has or hereafter obtains pertaining to the Guaranteed
Obligations, this Guaranty, or Guarantor, including information regarding any security for the Guaranteed Obligations or for this Guaranty, and/or credit or other information on Guarantor and/or any other person liable, directly or indirectly, for
any part of the Guaranteed Obligations. 
 Section 9. Binding Effect; Joint and Several Liability. 

This Guaranty is binding not only on Guarantor, but also on Guarantor’s successors and assigns. Section 10. Governing Law.

 The validity, enforcement, and interpretation of this Guaranty, shall for all purposes be governed by and construed in accordance with the
laws of the State of Florida and applicable United States federal law, and is intended to be performed in accordance with, and only to the extent permitted by, such laws. All obligations of Guarantor hereunder are payable and performable at the
place or places where the Guaranteed Obligations are payable and performable. This Guaranty is an agreement executed under seal. If any Guarantor is a corporation, the designation “(SEAL)” on this Guaranty shall be effective as the
affixing of such Guarantor’s corporate seal physically to this Guaranty. 
 Section 11. Invalidity of Certain Provisions.

 If any provision of this Guaranty or the application thereof to any person or circumstance shall, for any reason and to any extent, be
declared to be invalid or unenforceable, neither the remaining provisions of this Guaranty nor the application of such provision to any other person or circumstance shall be affected thereby, and the remaining provisions of this Guaranty, or the
applicability of such provision to other persons or circumstances, as applicable, shall remain in effect and be enforceable to the maximum extent permitted by applicable law. 

Section 12. Costs and Expenses of Enforcement. 

Guarantor agrees to pay to Lender on demand all reasonable costs and expenses incurred by Lender in seeking to enforce Lender’s rights and
remedies under this Guaranty, including court costs, costs of alternative dispute resolution and reasonable attorneys’ fees and costs, whether or not suit is filed 

  
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or other proceedings are initiated hereon. All such reasonable costs and expenses incurred by Lender shall constitute a portion of the Guaranteed Obligations hereunder, shall be subject to the
provisions hereof with respect to the Guaranteed Obligations and shall be payable by Guarantor within ten (10) business days of written demand by Lender. 

Section 13. No Usury. 

It is not the intention of Lender or Guarantor to obligate Guarantor to pay interest in excess of that lawfully permitted to be paid by
Guarantor under applicable law. Should it be determined that any portion of the Guaranteed Obligations or any other amount payable by Guarantor under this Guaranty constitutes interest in excess of the maximum amount of interest that Guarantor, in
Guarantor’s capacity as guarantor, may lawfully be required to pay under applicable law, the obligation of Guarantor to pay such interest shall automatically be limited to the payment thereof in the maximum amount so permitted under applicable
law. The provisions of this Section shall override and control all other provisions of this Guaranty and of any other agreement between Guarantor and Lender. 

Section 14. Representations, Warranties, and Covenants of Guarantor. 

Until the Guaranteed Obligations are paid and performed in full and each and every term, covenant and condition of this Guaranty is fully
performed, Guarantor hereby represents, warrants, and covenants that: (a) Guarantor has a financial interest in Borrower and will derive a material and substantial benefit, directly or indirectly, from the making of the Loan to Borrower and
from the making of this Guaranty by Guarantor; (b) this Guaranty is duly authorized and valid, and is binding upon and enforceable against Guarantor; (c) Guarantor is not, and the execution, delivery and performance by Guarantor of this
Guaranty will not cause Guarantor to be, in violation of or in default with respect to any law or in default (or at risk of acceleration of indebtedness) under any agreement or restriction by which Guarantor is bound or affected; (d) unless
Guarantor is a natural person, Guarantor is duly organized, validly existing, and in good standing under the laws of the state of its organization and has full power and authority to enter into and perform this Guaranty; (e) except as
previously disclosed to Lender in writing, there is no litigation pending or, to the knowledge of Guarantor, threatened by or before any tribunal against or affecting Guarantor; (f) all financial statements and written information heretofore
furnished to Lender by Guarantor do, and all financial statements and written information hereafter furnished to Lender by Guarantor will, fully and accurately, in all material aspects, present the condition (financial or otherwise) of Guarantor as
of their dates and the results of Guarantor’s operations for the periods therein specified; (g) after giving effect to this Guaranty, Guarantor consolidated with its subsidiaries is solvent, is not engaged or about to engage in business or
a transaction for which the property of Guarantor is an unreasonably small capital, and does not intend to incur or believe that it will incur debts that will be beyond its ability to pay as such debts mature; (h) Guarantor has read and fully
understands the provisions contained in the Note, the Loan Agreement, the Security Agreement and the other Loan Documents. No Loan Documents or other document, certificate or written statement (including, without limitation, any financial statements
provided to Lender by Guarantor) furnished to Lender by or on behalf of Guarantor in connection with the Loan Documents contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
contained herein and therein not misleading. Guarantor acknowledges that all such statements, representations and warranties shall be deemed to have been relied upon by Lender as an inducement to make the Loan to Borrower. Guarantor’s
representations, warranties and covenants are a material inducement to Lender to enter into the other Loan Documents shall survive the execution hereof and any bankruptcy, foreclosure, transfer of security or other event affecting Borrower,
Guarantor, any other party, or any security for all or any part of the Guaranteed Obligations. 

  
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 Section 15. Notices. 

All notices from the Guarantor to Lender and Lender to Guarantor required or permitted by any provision of this Guaranty shall be in writing
and sent by registered or certified mail, by nationally recognized overnight delivery service, by facsimile or by electronic communication (e-mail) and addressed as follows: 

 

			
	 TO LENDER:
	  	CITY NATIONAL BANK OF FLORIDA
		  	 100 S.E. 2nd Street, 13th Floor

Miami, FL 33131

		  	Attention: Legal Department
		  	E-mail: Greg.Mangram@citynational.com
		
	 TO GUARANTOR:
	  	VENUS CONCEPT LTD.
		  	 235 Yorkland Blvd, Suite 900
 Toronto, Ontario,
Canada M2J 4Y8
 Attention: Domenic Serafino, CEO

		  	                   Michael Mandarello, General
Counsel
 Facsimile: (855) 907-0115

		  	E-mail:       dom@venusconcept.com
		  	                   mmandarello@venusconcept.com
		
		  	With a copy to:
		  	(which shall not constitute service):
		
		  	 Reed Smith LLP
 599 Lexington
Avenue

		  	 New York, New York 10022
 Attention: Mark
Pedretti
 Facsimile: (212) 521-5450

		  	E-mail: mpedretti@reedsmith.com

 Such addresses may be changed by such notice to the other party. Notices sent by registered or certified mail
or by overnight delivery service shall be deemed given on the date of its deposit in the United States Mail and, unless sooner actually received, shall be deemed received by the party to whom it is addressed on the third calendar day following the
date on which said notice is deposited in the mail, or if a courier system is used, on the date of delivery of the notice; notices sent by facsimile or by electronic communications shall be deemed given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). 

Section 16. Cumulative Rights. 

All of the rights and remedies of Lender under this Guaranty and the other Loan Documents are cumulative of each other and of any and all other
rights at law or in equity, and the exercise by Lender of any one or more of such rights and remedies shall not preclude the simultaneous or later exercise by Lender of any or all such other rights and remedies. No single or partial exercise of any
right or remedy shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised at any time and from time to time. No failure by Lender to exercise, nor delay in exercising, any

  
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right or remedy shall operate as a waiver of such right or remedy or as a waiver of any Event of Default. No notice to or demand on Guarantor in any case shall of itself entitle Guarantor to any
other or further notice or demand in similar or other circumstances. No provision of this Guaranty or any right or remedy of Lender with respect hereto, or any default or breach, can be waived, nor can this Guaranty or Guarantor be released or
discharged in any way or to any extent, except specifically in each case by a writing intended for that purpose (and which refers specifically to this Guaranty) executed and delivered by Lender to Guarantor. 

Section 17. Term of Guaranty. 

Without limitation of the provisions of Section 4(b) hereof, this Guaranty shall continue in effect until all the Guaranteed Obligations
and all of the obligations of Guarantor to Lender under this Guaranty are fully and finally paid, performed and discharged. 

Section 18. Subrogation. 

Guarantor shall not have any right of subrogation under any of the Loan Documents or any right to participate in any security for the
Guaranteed Obligations or any right to reimbursement, exoneration, contribution, indemnification or any similar rights, until the Guaranteed Obligations have been fully and finally paid, performed and discharged in accordance with
Section 17 above, and Guarantor hereby waives all of such rights. 
 Section 19. [Reserved] 

Section 20. [Reserved] 

Section 21. Time of Essence. 

Time shall be of the essence in this Guaranty with respect to all of Guarantor’s obligations hereunder. 

Section 22. Entire Agreement; Counterparts; Construction. 

This Guaranty embodies the entire agreement between Lender and Guarantor with respect to the guaranty by Guarantor of the Guaranteed
Obligations. This Guaranty supersedes all prior agreements and understandings, if any, with respect to the guaranty by Guarantor of the Guaranteed Obligations. This Guaranty shall be effective upon execution by Guarantor and delivery to Lender. This
Guaranty may not be modified, amended or superseded except in a writing signed by Lender and Guarantor referencing this Guaranty by its date. This Guaranty has been executed in a number of identical counterparts, each of which shall be deemed an
original for all purposes and all of which constitute, collectively, one agreement. As used herein, the words “include” and “including” shall be interpreted as if followed by the words “without limitation.” 

Section 23. No Third Party Beneficiary. 

Except as specifically provided for herein, Guarantor and Lender do not intend the benefits of this Guaranty to inure to any third party
(including Borrower) and no third party shall have any status, right or entitlement under this Guaranty. 
 Section 24. Forum.

  
 Page 10 

 Guarantor hereby irrevocably submits generally and unconditionally for itself and in respect
of its property to the jurisdiction of any state court or any United States federal court sitting in Miami-Dade County, Florida. Guarantor hereby irrevocably waives, to the fullest extent permitted by law, any objection that Guarantor may now or
hereafter have to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Guarantor hereby agrees and consents that, in addition to any methods of service of process provided for under applicable law, all
service of process in any such suit, action or proceeding in any state court or any United States federal court sitting in the state specified in the governing law section of this Guaranty may be made by certified or registered mail, return receipt
requested, directed to Guarantor at its address for notice set forth in this Guaranty, or at a subsequent address of which Lender received actual notice from Guarantor in accordance with the notice section of this Guaranty, and service so made shall
be complete five (5) days after the same shall have been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner permitted by law or limit the right of Lender to bring proceedings against Guarantor in any other
court or jurisdiction. 
 Section 25. WAIVER OF JURY TRIAL. 

GUARANTOR AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER ENTERING INTO THIS AGREEMENT. 
 THE LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[CONTINUES ON THE FOLLOWING PAGE] 

  
 Page 11 

 IN WITNESS WHEREOF, Guarantor has duly executed this Third Amended and Restated
Guaranty under seal as of the date first written above. 
  

			
	GUARANTOR:
	
	VENUS CONCEPT LTD., an Israeli corporation
		
	By:	 	 /s/ Domenic Serafino

		 	Domenic Serafino, as CEO

  
 Page 12EX-10.5

 Exhibit 10.5 

AMENDMENT TO GENERAL SECURITY AGREEMENT 

This Amendment to General Security Agreement (this “Agreement”) is made as of the
9th day of December, 2020 between Venus Concept Canada Corp., as grantor (the “Corporation”) and City National Bank of Florida, as lender (the “Secured Party”).

 RECITALS: 
  

	A.	 The Corporation, the Secured Party and certain other parties have entered into a Third Amended and Restated
Loan Agreement dated as of the date hereof (as may be amended, restated, modified, supplemented or replaced from time to time, the “Loan Agreement”), which establishes certain credit facilities in favour of the Corporation and
certain of its affiliates. 

  

	B.	 As general and continuing collateral security for the payment and satisfaction of its obligations, indebtedness
and liability under the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), the Corporation executed in favour of the Secured Party a general security agreement dated as of May 25, 2017 (amended, restated, modified
or supplemented prior to the date hereof, the “Security Agreement”). 

  

	C.	 The Corporation and the Secured Party have agreed to amend the Security Agreement on the terms and conditions
hereinafter set forth. 

 NOW THEREFORE, in consideration of the covenants and agreements contained in this
Agreement and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Corporation and the Secured Party agree as follows: 
  

	1.	 Capitalized Terms. All capitalized terms used in this Agreement that are not defined herein shall have
the meanings ascribed thereto in the Loan Agreement. 

  

	2.	 Amendments to General Security Agreement. 

 

	 	(a)	 Paragraph 1(c) of the Security Agreement is hereby amended by deleting the following phrase:

 “(iv) any assets that are not collateral pledged and perfected under the Madryn Loan Documents,”; 

and replacing it with the following phrase: 

“(iv) any assets that are not collateral pledged and perfected under the Transaction Documents (as defined in the Exchange
Agreement),”; and 
  

	 	(b)	 The final paragraph of Section 13 of the Security Agreement is hereby deleted in its entirety and replaced
with the following: 

 “The parties hereby affirm and acknowledge that if there exists any inconsistency between the
provisions of this Security Agreement and the provision of the Loan Agreement, then the provisions of the Loan Agreement shall prevail, to the extent of such inconsistency.”. 

 

	3.	 Continuing Effect. Except as expressly set forth in this Agreement, all other terms and conditions of
the Security Agreement shall remain unchanged and shall continue in full force and effect, as 

	 	
may be amended hereby. No amendment or waiver of any other term, condition, covenant, agreement or any other aspect of the Security Agreement is intended or implied. This Agreement is a Loan
Document. 

  

	4.	 Reaffirmation and Confirmation. The Corporation hereby ratifies, affirms, acknowledges and agrees that
the Loan Agreement and the other Loan Documents to which it is a party represent its valid, enforceable and collectible obligations. The Corporation hereby agrees that this Agreement in no way acts as a release or relinquishment of the Secured
Party’s rights securing payments of the Obligations, and the same are hereby ratified and confirmed by the Corporation in all respects. 

  

	5.	 Registration. The Corporation hereby authorizes the Secured Party to file such financing statements and
other documents, and to do such other acts, matters and things from time to time as the Secured Party may deem appropriate, in its sole discretion, to perfect, amend or continue any security interest granted under the Security Agreement. The
Corporation hereby waives its right under the Personal Property Security Act (Ontario) (the “PPSA”) to receive a printed copy of any financing statement or financing change statement relating to this Agreement or any
verification statement or other statement used by the Registrar (as defined in the PPSA) to confirm the registration of any such financing statement or financing change statement. 

 

	6.	 Costs and Expenses. All reasonable costs, fees and expenses incurred by the Secured Party in preparing
this Agreement (including all external legal fees incurred by the Secured Party) shall be on the account of the Corporation, and shall form part of the Obligations secured by the Security Agreement. 

 

	7.	 Prior Agreements. This Agreement supersedes and replaces any prior agreements or understandings with
respect to any of the matters provided for herein. 

  

	8.	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
Province of Ontario and the federal laws of Canada applicable therein, as the same may from time to time be in effect. 

  

	9.	 Counterparts. This Agreement may be executed in any number of separate counterparts by any one or more
of the parties thereto, and all of such counterparts taken together shall constitute one and the same instrument. Delivery by any party of an executed counterpart of this Agreement by telecopier, PDF or by other electronic means shall be as
effective as delivery of a manually executed counterpart of such party. 

 [Signature page follows.] 

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

  

			
	VENUS CONCEPT CANADA CORP.
		
	Per:	 	 /s/ Domenic Serafino

	Name: Domenic Serafino
	Title: Chief Executive Officer
	
	CITY NATIONAL BANK OF FLORIDA
		
	Per:	 	 /s/ Greg Mangram

	Name: Greg Mangram
	Title: Senior Vice President

 Amendment to General Security Agreement

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