Document:

EX-4.1

 Exhibit 4.1 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE
SECURITIES ACT. 
 VENUS CONCEPT INC. 

FORM OF WARRANT TO PURCHASE COMMON
STOCK 
 Warrant No.: [                ] 

Number of Shares of Common Stock:
[                        ] 

Date of Issuance: November 7, 2019 (“Issuance Date”) 

Venus Concept Inc., a corporation organized under the laws the State of Delaware (the “Company”), hereby certifies that, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [BUYER], the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times during the period (the “Exercise Period”) commencing on the date that is six (6) months after the Issuance Date and ending
on 11:59 p.m., New York City time, on the Expiration Date (as defined below),
[                            ] fully paid nonassessable shares of Common Stock (as defined below)
(the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 15. This Warrant (including any Warrants to purchase Common Stock issued in
exchange, transfer or replacement hereof, the “Warrant”) is one of the Warrants to purchase Common Stock (the “SPA Warrants”) issued pursuant to Section 1 of that certain Securities Purchase Agreement, dated as
of November 3, 2019, by and among the Company and the investors (the “Buyers”) referred to therein (the “Securities Purchase Agreement”). 

1. EXERCISE OF WARRANT. 

(a) Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day during
the Exercise Period, in whole or in part, by delivery of a written notice, in the form attached hereto as Exhibit A (as properly completed, including with appendices, if applicable, an “Exercise Notice”), of the Holder’s
election to exercise this Warrant. Within one Trading Day following the date of delivery of an Exercise Notice, the Holder shall deliver an amount equal to the applicable Exercise Price 

 multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the
“Aggregate Exercise Price”) for the shares specified in the applicable Exercise Notice by wire transfer of immediately available funds unless the cashless exercise procedure specified in Section 1(c) below is specified in the
applicable Exercise Notice. No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice form be required. The
Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of
the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the second (2nd) Trading Day following the date on which the Holder has delivered the applicable Exercise
Notice, the Company shall transmit by electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the earlier of
(i) the third (3rd) Trading Day and (ii) the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of a
certificate representing Shares or Warrants Shares, as the case may be, issued with a restrictive legend (the “Standard Settlement Period”), in each case following the date of delivery of the applicable Exercise Notice, but not
sooner than one Trading Day following delivery of the Aggregate Exercise Price (the “Share Delivery Date”), the Company shall (X) if the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or the Warrant Shares cannot be credited to the Holder’s or its designee’s
balance account with DTC for any reason, credit the Holder’s or its designee’s balance account with the Company’s Transfer Agent or issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. If there is an effective registration
statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or the Warrant Shares are eligible for resale by the Holder without volume or
manner-of-sale limitations pursuant to Rule 144, the Warrant Shares shall be issued free of restrictive legends and the Company shall cause its counsel to deliver an
opinion to Transfer Agent in connection therewith. Upon delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes solely for purposes of Regulation SHO to have become the holder of record of the Warrant Shares with
respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this
Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than five (5) Trading Days after any exercise and receipt of this Warrant and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the
right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which are acquired upon 

  
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such exercise. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded down to the
nearest whole number. The Company (i) shall pay any and all taxes and other expenses of the Company which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant and (ii) shall be
responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of the Warrant Shares via DTC, if any. 

(b) Exercise Price. For purposes of this Warrant, “Exercise Price” means $6.00 per share, subject to adjustment as
provided herein. 
 (c) Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its
sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such
exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 
  

	
	         Net Number = (A x B) - (A x C)

 B 

For purposes of the foregoing formula: 
  

	 	A=	 the total number of shares with respect to which this Warrant is then being exercised. 

 

	 	B=	 as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the
date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a)
hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of the Common Stock as of
the time of the Holder’s execution of the applicable Exercise Notice if such Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to
Section 1(a) hereof or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to
Section 1(a) hereof after the close of “regular trading hours” on such Trading Day. 

  

	 	C=	 the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

  
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 For purposes of Rule 144(d) promulgated under the Securities Act of 1933, as amended (the
“1933 Act”), as in effect on the date hereof, the Company hereby acknowledges that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by such Holder, and the holding period for the Warrant Shares
shall be deemed to have commenced, on the date that this Warrant was originally issued pursuant to the Securities Purchase Agreement, provided that at no time was the Warrant owned by an Affiliate of the Company. 

(d) Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 12. 

(e) Insufficient Authorized Shares. If at any time while any of the SPA Warrants remain outstanding the Company does not have a
sufficient number of authorized and otherwise unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of the SPA Warrants at least a number of shares of Common Stock equal to 100% (the “Required
Reserve Amount”) of the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of all of the SPA Warrants then outstanding, then the Company shall take all action necessary to increase the
Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the SPA Warrants then outstanding. 

2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. 

(a) Stock Splits, Dividends, and Recapitalizations. If the Company at any time on or after the Closing (as defined under the Securities
Purchase Agreement) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Closing (as defined under the Securities Purchase Agreement) combines (by combination, reverse
stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant
Shares will be proportionately decreased. Any adjustment under this Section 2(a) shall become effective at the close of business on the date such subdivision or combination becomes effective. 

3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets (or rights
to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case: 

  
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 (a) any Exercise Price in effect immediately prior to the close of business on the record
date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a
fraction of which (i) the numerator shall be the Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined in good faith by the Company’s
Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and 

(b) the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding paragraph
(a). 
 4. FUNDAMENTAL TRANSACTIONS. The Company shall not enter into or be party to a Fundamental Transaction unless (A) the
Successor Entity assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents (as defined in the Securities Purchase Agreement) in accordance with the provisions of this Section 4 pursuant to
written agreements in form and substance reasonably satisfactory to the Required Holders and approved by the Required Holders prior to the consummation of such Fundamental Transaction, including agreements to deliver to each holder of SPA Warrants
in exchange for such SPA Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted exercise price equal to the value for the
shares of Common Stock reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and reasonably satisfactory to the Required Holders or (B) the Company provides each Holder with not less than ten (10) Business
Days prior notice of the anticipated consummation of such Fundamental Transaction (which notice may be provided by means of a press release and/or the filing of a Current Report on Form 8-K) and affords each
Holder an opportunity to exercise such Holder’s Warrants prior to the consummation of such Fundamental Transaction, following which each unexercised Warrant will be null, void and of no further force or effect. Upon the occurrence of any
Fundamental Transaction subject to the provisions of Section 4(A), the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had
been named as the Company herein. Upon consummation of the Fundamental Transaction subject to the provisions of Section 4(A), the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant
at any time after the consummation of the Fundamental Transaction, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such
shares of the common stock (or its equivalent) of the Successor Entity which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been converted immediately prior to such Fundamental
Transaction, as adjusted in accordance with the provisions of this Warrant. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard to any limitations on the
exercise of this Warrant. 

  
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 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will
not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all reasonable action as may be required to protect the rights of the Holder
hereunder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the SPA
Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the SPA Warrants, 100% of the number of shares of Common
Stock as shall from time to time be necessary to effect the exercise of the SPA Warrants then outstanding (without regard to any limitations on exercise). 

6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then
entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a
stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 
 7. REISSUANCE OF
WARRANTS. 
 (a) Transfer of Warrant. If this Warrant is to be transferred, subject to any restrictions on such transfer set
forth in Section 14, or under the Securities Purchase Agreement, the Registration Rights Agreement or any other agreement to which the Holder is party or by which it is bound, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred
by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares
not being transferred. 

  
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 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company satisfactory in form and substance
to the Company and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant
Shares then underlying this Warrant. 
 (c) [Reserved] 

(d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new
Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued
pursuant to Section 7(a), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant
Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant. 

8. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in
accordance with Section 9(f) of the Securities Purchase Agreement. The Company will give written notice to the Holder (i) promptly upon any adjustment of the Exercise Price, setting forth in reasonable detail the calculation of such
adjustment and (ii) at least fifteen days prior to the date on which the Company closes its books or takes a record with respect to any dividend or distribution upon the shares of Common Stock, provided that such information shall be made known
to the public prior to or in conjunction with such notice being provided to the Holder. 
 9. AMENDMENT. Except as otherwise provided
herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Required
Holders; provided that no such action may (i) increase the exercise price of any SPA Warrant, (ii) decrease the number of shares or class of stock obtainable upon exercise of any SPA Warrant, (iii) shorten the Expiration Date, or
(iv) amend Section 2 without the written consent of the Holder. No such amendment shall be effective to the extent that it applies to less than all of the holders of the SPA Warrants then outstanding. 

10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 

  
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 11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the
Company and all the Buyers and shall not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

12. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the
Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within two (2) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder.
If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the
Holder, then the Company shall, within two (2) Business Days submit via electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or
(b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or
calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 
 13. REMEDIES, OTHER OBLIGATIONS, BREACHES
AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant
shall be entitled, in addition to all other available remedies, to seek an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 

14. TRANSFER. Each Holder understands that, except as provided in the Registration Rights Agreement: (i) the Warrants have not been
and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, or (B) such Holder shall have delivered to the
Company an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Warrants to be sold, assigned or transferred may be sold, assigned or transferred pursuant to Rule 144, as amended, promulgated under the 1933 Act
(or a successor rule thereto) (“Rule 144”) or an exemption from such registration, (ii) any sale of the Warrants made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is
not applicable, any resale of the Warrants under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other
exemption under the 1933 Act or the rules and regulations of the SEC thereunder, and (iii) neither the Company nor any other Person is under any obligation to register the Warrants under the 1933 Act or any state securities laws or to comply
with the terms and conditions of any exemption thereunder. 

  
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 15. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings: 
 (a) “Affiliate” means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

(b) “Bid Price” means, for any security as of the particular time of determination, the bid price for such security on the
Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such
time of determination, the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be
calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 12. All such determinations shall be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during such period. 
 (c) “Bloomberg” means
Bloomberg Financial Markets. 
 (d) “Business Day” means any day other than Saturday, Sunday, Federal holiday or other day
on which commercial banks in The City of New York are authorized or required by law to remain closed. 
 (e) “Closing Bid
Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the
Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or last trade price, respectively, of such security prior to 4:00
p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported
for such security by Bloomberg, the average 

  
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of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the
Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 12. All such
determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 

(f) “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.0001 per share, and (ii) any
share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock. 

(g) “Dollar”, “US Dollar” and “$” each mean the lawful money of the United States. 

(h) “Eligible Market” means the Principal Market, The Nasdaq Capital Market, the American Stock Exchange, The Nasdaq Global
Market or the New York Stock Exchange. 
 (i) “Expiration Date” means the date that is five (5) years from the
Issuance Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday. 

(j) “Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the
Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination), or
(v) reorganize, recapitalize or reclassify its Common Stock, or (vi) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power
represented by issued and outstanding Common Stock. 

  
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 (k) “Parent Entity” of a Person means an entity that, directly or
indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest
public market capitalization as of the date of consummation of the Fundamental Transaction. 
 (l) “Person” means an
individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

(m) “Principal Market” means The Nasdaq Global Market or The Nasdaq Capital Market. 

(n) “Registration Rights Agreement” means that certain registration rights agreement by and among the Company and the Buyers
entered into pursuant to the Securities Purchase Agreement. 
 (o) “Required Holders” means the holders of the SPA Warrants
representing at least a majority of shares of Common Stock underlying the SPA Warrants then outstanding. 
 (p) “Successor
Entity” means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity) with
which such Fundamental Transaction shall have been entered into. 
 (q) “Trading Day” means any day on which the Common
Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock are then traded. 

[Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to
be duly executed as of the Issuance Date set out above. 
  

			
	VENUS CONCEPT INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

The undersigned holder hereby exercises the right to purchase
                                 of the shares of Common Stock (“Warrant
Shares”) of Venus Concept Inc., a corporation organized under the laws of] Delaware (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Form of Exercise Price. The Holder intends that
payment of the Exercise Price shall be made as: 

                     a “Cash
Exercise” with respect to                              Warrant Shares; and/or 

                     a
“Cashless Exercise” with respect to                              Warrant Shares. 

2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be
issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of
$                             to the Company in accordance with the terms of the Warrant. 

3. Delivery of Warrant Shares. The Company shall deliver to the holder
                    Warrant Shares in accordance with the terms of the Warrant. 

4. Delivery details: 

            a. Deliver shares through DTC to DTC participant
#                ; Account #:                 ; 

Contact person and phone number at brokerage firm: 

                       
                                         
                                         
        
 ____ b. Deliver shares to shareholder account on share register maintained by transfer agent1 
 Date: _______________ __, ______ 

 

                          
                                         
      

					
	Name of Registered Holder	  	
	Address:	  	  
	  	
		  	  
	  	
		  	  
	  	
	Contact person:	  	  
	  	
	Phone Number:	  	  
	  	

  

			
	By:	 	  

		 	Name:
		 	Title:

   

 

	1 	 If this option is selected, the Holder must provide as an appendix to this form an executed Form W-8 or W-9, as applicable. 

 ACKNOWLEDGMENT 

The Company hereby acknowledges this Exercise Notice and hereby directs Venus Concept Inc. to issue the above indicated number of shares of
Common Stock in accordance with the Transfer Agent Instructions dated [    ], 2019 from the Company and acknowledged and agreed to by [             ] 

 

			
	VENUS CONCEPT INC.
		
	By:	 	  

	Name:	 	
	Title:EX-4.2

 Exhibit 4.2 

Issue Date: [●] 
 Amended and
Restated: November 7, 2019 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
”ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN 9 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED UNDER THE ACT OR SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

 VENUS CONCEPT INC. 

FORM OF AMENDED AND RESTATED WARRANT 

To purchase 
 up to [●]
shares of Common Stock (subject to adjustment) of 
 Venus Concept Inc. (the “Company”) 

at a per share price of US $8.775 (subject to adjustment), 

all in accordance with the terms detailed below 

THIS CERTIFIES that, for value received,
[                    ], a [                    ]
limited partnership (the “Holder”), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time or times on or after the issue date of this Share Warrant (“Warrant”) and on or prior
to 6:00 PM Eastern Standard Time on December 1, 2026 (the “Expiration Date”), to subscribe for and purchase, from Venus Concept Inc., a Delaware corporation (the “Company”), up to an aggregate of [●]
([●]), as may be adjusted hereunder, shares of common stock, par value US $0.0001 per share, of the Company (“Warrant Shares”), at an at an exercise price per Warrant Share of US $8.775, as may be adjusted hereunder (the
“Exercise Price”). 
 1.    Definitions. For purposes of this Warrant: 

(a)    “Acquisition” means any transaction or series of related transactions involving: (i) the
sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected
exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority
of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares
representing at least a majority of the Company’s then-total outstanding combined voting power. 

 (b)    “Affiliate” means with respect to any Person,
any other Person which directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with such Person. 

(c)    “Business Day” means a day other than a Saturday or Sunday or other day on which commercial banks
in the city of New York, New York are authorized or required to be closed. 
 (d)    “Certificate”
means the Amended and Restated Certificate of Incorporation of the Company in effect at the Effective Time (as defined in the Merger Agreement). 

(e)    “Common Stock” means the common stock of the Company, par value $0.0001 per share.

 (f)    “Credit Agreement” means that certain Credit Agreement dated as of October 11, 2016 (as
amended by that certain First Amendment to Credit Agreement and Investment Documents dated as of May 25, 2017, that certain Second Amendment to Credit Agreement and Consent Agreement dated as of February 15, 2018, that certain Third
Amendment to Credit Agreement and Waiver dated as of August 14, 2018, that certain Fourth Amendment to Credit Agreement dated as of January 11, 2019, that certain Fifth Amendment to Credit Agreement dated as of March 15, 2019, that
certain Sixth Amendment to Credit Agreement and Consent dated as of April 25, 2019, that certain Seventh Amendment to Credit Agreement, Consent and Waiver dated as of June 25, 2019, that certain Omnibus Amendment and Waiver dated as of
July 26, 2019, that certain Ninth Amendment to Credit Agreement dated as of August 14, 2019, that certain Tenth Amendment to Credit Agreement, Consent and Joinder Agreement dated as of November 7, 2019 and as further amended or
modified from time to time, by and among Madryn Health Partners, LP, the Company, Venus Concept Canada Corp., Venus Concept USA Inc., and Venus Concept Ltd. 

(g)    “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing) or proxy, voting trust or other voting agreement, calls, commitments
or third party right of any kind. 
 (h)    “Merger” means the merger of Venus Concept Ltd., a company
organized under the laws of Israel (“Venus Concept”), with and into Radiant Merger Sub Ltd., a company organized under the laws of Israel and a wholly-owned subsidiary of the Company (“Radiant Merger Sub”), pursuant to the Merger
Agreement with Venus Concept being the surviving entity. 
 (i)    “Merger Agreement” means the
Agreement and Plan of Merger and Reorganization among the Company, Radiant Merger Sub, and Venus Concept, dated as of March 15, 2019, as amended as of August 14, 2019. 

(j)    “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, a governmental entity or any department, agency or political subdivision thereof, and any other similar business entity. 

 (k)    “Warrant Shares” has the meaning assigned above.

 2.    Exercise of Warrant. 

(a)    Fully Vested. The rights of the Holder to exercise this Warrant are fully vested and this Warrant is fully
exercisable. 
 (b)    Exercise. 

(i)    The purchase rights represented by this Warrant are exercisable by the Holder, in whole, or in part, on one or more
occasions, with respect to any or all Warrant Shares, by the delivery of the Notice of Exercise attached hereto as Exhibit A (each a “Notice of Exercise”), duly executed, and, unless exercise is pursuant to Section 2(1) hereof,
accompanied by payment of the Exercise Price of the Warrant Shares thereby purchased (by cash, by check or bank draft payable to the order of the Company, or by wire transfer of immediately available funds to an account designated by the Company by
written notice to the Holder (the Company to provide wire instructions to the Holder promptly upon request of the Holder and in any event within one (1) day of a request from Holder)); at any time, and from time to time, from the date of
issuance of this Warrant and before 6:00 PM Eastern Standard Time on the Expiration Date at the principal executive office of the Company (or in accordance with the notice provisions of Section 13(e) hereof), provided that such delivery is
followed within fifteen (15) days by the surrender of this Warrant to the principal executive office of the Company (or in accordance with the notice provisions of Section 13(e) hereof), whereupon the Holder shall be entitled to receive a
certificate for the number of Warrant Shares so purchased. 
 (ii)    If, prior to the Expiration Date, Holder
exercises this Warrant for less than all of the Warrant Shares, the Company, upon receipt of this Warrant for cancellation, shall issue a new Warrant to Holder within three (3) Business Days, in substantially the form hereof and with the same
date, representing the balance of the Warrant Shares. The Company agrees that, at the time of the exercise of this Warrant and payment of the Exercise Price (or payment pursuant to cashless exercise), the Warrant Shares so purchased shall be and
shall be deemed to be issued to the Holder as the record owner of such Warrant Shares as of the close of business on the date on which this Warrant shall have been exercised as aforesaid. 

(c)    Treatment of Warrant at Acquisition. 

(i)    In the event of an Acquisition in which the consideration to be received by the Company’s stockholders
consists solely of cash (a “Cash Acquisition”), either (i) Holder shall exercise this Warrant pursuant to Section 2(b)(i) and such exercise will be deemed effective immediately prior to and contingent upon the consummation
of such Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition. The Company shall provide Holder with written notice of its request relating to the
Cash Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash Acquisition giving rise to such notice), which is to be delivered to
Holder not less than 

 
five (5) Business Days prior to the closing of the proposed Cash Acquisition. Notwithstanding the foregoing, if, immediately prior to the Cash Acquisition, the fair market value of one Warrant
Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 2(f)(A) above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such
date to be exercised pursuant to Section 2(f) above as to all Warrant Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of the number of Warrant Shares (or
such other securities) issued upon such exercise to the Holder. Upon the closing of any Acquisition other than a Cash Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this
Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Warrant Shares issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Shares were outstanding on and
as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. Subject to the Company’s compliance with applicable law, including securities laws, the Company shall
provide Holder with written notice of an Acquisition, which is to be delivered to Holder not less than five (5) Business Days prior to the closing of the proposed Acquisition. 

(ii)    Following the deemed exercise of the Warrant pursuant to Subsection 2(c) above, the Holder shall be entitled to
receive a certificate for the number of Warrant Shares so purchased, and, in case of an Acquisition, the consideration payable to other holders of the same class of Common Stock as the Warrant Shares (it being understood that any restrictions (e.g. lock-up) or contingencies (e.g. escrow amounts) applied to other holders of that same class of Common Stock as the Warrant Shares will apply to the consideration paid to the Holder). 

(d)    Warrant Shares. The Company shall at all times during the period for which this Warrant is exercisable
reserve and keep available such number of Warrant Shares, free and clear of any liens, claims, encumbrances or third party rights, including but not limited to preemptive rights, of any kind as will be sufficient to effect the exercise of this
Warrant in full; and if at any such time the number of authorized but unissued Warrant Shares shall not be sufficient to effect the exercise of this Warrant in full, the Company will take such corporate or other action as may, in the opinion of its
counsel, be necessary to increase its authorized but unissued shares of Common Stock, to such number of securities as shall be sufficient for such purpose including, without limitation, engaging its best efforts to obtain the requisite security
holder approval for any necessary amendment to the Certificate and shall pay all fees and expenses necessarily incurred by the Company in connection therewith. 

(e)    Tolling. In the event there is a dispute (i) regarding the rights of the Holder hereunder as to the
number and type of shares issuable upon the exercise of this Warrant, (ii) the Exercise Price of this Warrant, or (iii) which would reasonably be considered to affect the Holder’s ability to exercise its rights hereunder, and the
Expiration Date occurs during the pendency of such dispute, the Expiration Date shall be extended until the date that is thirty (30) days after the later of (i) the date such dispute is finally resolved, and (ii) the otherwise
applicable Expiration Date. A dispute shall be deemed to exist for purposes of the foregoing sentence in the event that either the Holder or the Company in good faith initiates dispute resolution proceedings in connection with or as set forth in
this Warrant. 

 (f)    Cashless exercise. In the event the Holder shall exercise
this Warrant, the Holder may elect to exchange this Warrant for a number of Warrant Shares equal to the value of the exercised portion of this Warrant, by delivery of the Notice of Exercise attached hereto as Exhibit A at any time after the date
hereof and before 6:00 PM Eastern Standard Time on the Expiration Date (or a deemed exercise of this Warrant in accordance with Subsection (c) above), followed by surrender of this Warrant within fifteen (15) days after such delivery, at
the principal executive office of the Company (or in accordance with the notice provisions of Section 14(e) hereof), in which event the Company will issue to the Holder a number of Warrant Shares in accordance with the following formula: 

 

									
		 	X	  	=	  	Y (A – B)	  	
		 		  		  	       A	  	

 Where,          X = the number of Warrant Shares to be issued to Holder; 

Y = the number of Warrant Shares for which the Warrant is being exercised; 

A = the Fair Market Value per Warrant Share (as described below); and 

B = the Exercise Price (as adjusted to the date of such calculation). 

(i)    The Fair Market Value per Warrant Share shall be determined as follows: 

(A)    If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange,
inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Warrant Share shall be the volume-weighted
average closing price of a share of common stock reported for the ten (10) Business Days immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s common stock
is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Warrant Share in its reasonable good faith judgment and shall furnish Holder with reasonable documentation of the Board’s
determination of such Fair Market Value to the extent permitted by law. If the exercise is in connection with a Cash Acquisition, then the Fair Market Value per Warrant Share will be the consideration to be received for one share of Common Stock in
the Cash Acquisition (subject to withholding and customary adjustments). 
 3.    Valid Issuance; Fully Paid; Non-assessable. The Company covenants that all Warrant Shares which may be issued upon the exercise of rights represented by this Warrant, and all Conversion Shares will, upon issuance, be validly issued, fully
paid and non-assessable and free and clear from all Liens imposed by the Company or any preemption rights granted by the Company (other than with regard to taxes in respect of any transfer occurring
contemporaneously with such issue). Certificates for Warrant Shares purchased hereunder shall be delivered to the Holder as promptly as possible, but in no event later than thirty (30) days after the date on which this Warrant shall have been
exercised as aforesaid. 

 4.    Covenant. The Company covenants that: 

(a)    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. With respect to any fraction of a share called for upon the exercise of this Warrant, an amount equal to such fraction multiplied by the Fair Market Value per Warrant Share as determined pursuant to
Section 2(f) above, shall be paid in cash to the Holder; provided, however, that if this Warrant is exercised pursuant to Section 2(f) above, the amount the Holder would otherwise be paid in cash with respect to such fraction of a share
shall be reduced by the Exercise Price applicable to such fraction of a share. 
 5.    Charges, Taxes and
Expenses. Issuance of certificates for Warrant Shares upon the exercise of this Warrant, or of further or replacement Warrants, shall be made without charge to the Holder hereof for any issue or transfer tax or other incidental expense in
respect of the issuance of such certificate, all of such taxes and expenses to be paid by the Company, and such certificates shall be issued in the name of the Holder. 

6.    Loss, Theft, Destruction or Mutilation of Warrant. On receipt of evidence satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement satisfactory in form and substance to the Company (without any requirement to furnish any bond, but, at the
Company’s discretion, subject to a requirement to provide reasonable indemnity or other reasonable surety not involving payment or transfer of consideration) or, in the case of mutilation, on surrender and cancellation of this Warrant, the
Company at its expense shall promptly (and in any event in time to permit the Holder to comply with its delivery requirements hereunder) execute and deliver, in lieu of this Warrant and without requiring any additional consideration or upfront
payment, a new warrant of like tenor and amount. 
 7.    Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, a Sunday or a legal holiday in the State of New York, then such action may be taken or such right may be exercised on the next
succeeding day not a Saturday, Sunday, or legal holiday in the State of New York. 
 8.    Adjustments. 

(a)    The Exercise Price and the number of Warrant Shares purchasable hereunder are subject to adjustment from time to
time as set forth in this Section 8. 
 (i)    Reclassification, etc. If the Company, at any time while
this Warrant, or any portion hereof, remains outstanding and unexpired shall reclassify or otherwise change its securities as to which purchase rights under this Warrant exist shall change, this Warrant shall thereafter represent the right to
acquire such number and kind of securities as would have been issuable as the result of such change with respect to the Company’s same class of Common Stock that were subject to the purchase rights under this Warrant immediately prior to such
reclassification or other change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 8. 

 (ii)    Certain Distributions. In the event the Company declares
a distribution payable to holders of Warrant Shares in securities of other persons, evidences of indebtedness issued by the Company or other persons, assets (excluding cash dividends) then, in each such case, the Holder shall be entitled to receive
such distribution at the time of the distribution, in respect of its contingent Warrant Share holdings, as the case may be, on an as exercised (for cash), as of the record date for such distribution. For so long as this Warrant is outstanding, if at
any time a distribution is made on or with respect to any shares of Common Stock issuable upon exercise of this Warrant, the Investor shall be entitled to receive a fee (the “Dilution Fee”), solely with respect to the
unexercised portion of this Warrant, in an amount (whether in the form of cash, notes, securities or other property), free and clear of any Liens, equal to the amount (and in the form) of the distribution that such Holder would have received had
this Warrant been exercised in full as of the date immediately prior to the record date for such distribution, such Dilution Fee to be payable on the same payment date established by the Board of Directors for the payment of such distribution. Prior
to making any distribution on or with respect to Warrant Shares, the Company shall take all prior action necessary to authorize the issuance of any securities payable as the Dilution Fee in respect of this Warrant. The Company shall be entitled to
deduct and withhold from any amounts payable to the Holder pursuant to this Warrant such amounts as may be required to be deducted or withheld therefrom under applicable law and to remit timely such amounts to the applicable governmental authority.

 (iii)    Merger or Reorganization. If at any time there shall be any reorganization, recapitalization, merger
or consolidation (a “Reorganization”) involving the Company in which shares in the Company’s capital stock are converted into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful
provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent
to that which a holder of the Common Stock deliverable upon exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the Common Stock hereunder had been exercised immediately prior to such Reorganization. In
any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder
after such Reorganization, to the end that the provisions of this Warrant shall be applicable after such Reorganization, as near as reasonably may be, in relation to any shares or other securities deliverable after that event, upon the exercise of
this Warrant. 
 (b)    Certificate as to Adjustment. Upon the occurrence of each adjustment or readjustment of
the Exercise Price or the number, class or series of Common Stock issuable upon exercise hereof, the Company at its expense shall, as promptly as reasonably practicable, compute such adjustment or readjustment in accordance with the terms hereof and
furnish to the Holder a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property for which this Warrant shall be exercisable and the Exercise Price) and showing in detail the
facts upon which such adjustment or readjustment is based. The Company shall, as promptly as reasonably practicable after the written request at any time of the Holder, furnish or cause to be furnished to the Holder a certificate setting forth
(i) the Exercise Price then in effect and (ii) the number class and series of shares and the amount and type, if any, of other securities, cash or property which then would be received upon the exercise of this Warrant. 

 9.    Restrictions on Transferability of Securities. 

(a)    Restrictions on Transferability). The Warrant Shares issuable upon exercise of this Warrant may not be sold,
assigned, transferred or pledged except upon the conditions specified in this Section 9. 
 (b)    Restrictive
Legend. Each certificate representing the Warrant Shares and any other securities issued in respect of the Warrant Shares upon any share split, share dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise
permitted by the provisions of Section 10(c) below) be stamped or otherwise imprinted with a legend in the following form (in addition to any legend required by the Company or under applicable corporate or securities laws): 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ”ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN 9 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS REGISTERED UNDER THE ACT OR SUCH LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.” 

Each holder of Warrant Shares and each subsequent transferee consents to the Company making a notation on its records and giving instructions
to any transfer agent of the Warrant Shares in order to implement the restrictions on transfer established in this Section 9. 

(c)    Notice of Proposed Transfers. Each holder of securities, by acceptance thereof, agrees to comply in all
respects with the provisions of this Section 10(c). Such holder agrees not to make any disposition of all or any portion of the securities unless and until (X) there is then in effect a registration statement under the Securities Act
covering such proposed disposition and such disposition is made in accordance with such registration statement or (Y) such holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement
of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, such holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company that such disposition will not
require registration of such shares under the Securities Act. 
 10.    Notices of Company Events. In the event
(i) the Company shall take a record of the holders of the securities at the time receivable upon the exercise of this Warrant for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or
purchase any equity security of any class or any other securities, or to receive any other right, (ii) of any capital reorganization of the Company, (iii) of any reclassification of the share capital of the Company or (iv) of any
Acquisition (any of the foregoing, a “Notice Event”), then, and in each such case, the Company will mail or cause to be mailed to the Holder a notice specifying, as the case may be, (A) the date on which a record is to be taken
for the purpose of such dividend, 

 
distribution or right, and stating the amount and character of such dividend, distribution or right, or (B) the date on which such reorganization, reclassification, Acquisition, is to take
place, and the time, if any is to be fixed, as of which the holders of the securities at the time receivable upon the exercise of this Warrant shall be entitled to exchange such securities for the securities or other property deliverable upon such
reorganization, reclassification, Acquisition. Such notice shall be mailed on the date it was publicly disclosed by the Company. 

11.    No Impairment. The Company will not, by amendment of its organizational documents or through reorganization,
consolidation, merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such
terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. 

12.    Miscellaneous. 

(a)    Governing Law, Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICT OF LAWS RULES THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. ANY DISPUTE ARISING UNDER OR IN RELATION TO THIS WARRANT SHALL BE RESOLVED EXCLUSIVELY IN NEW YORK AND THE COURTS OF THE STATE OF
NEW YORK, AND EACH OF THE PARTIES HEREBY SUBMITS IRREVOCABLY TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS. 

(b)    Restrictions. By acceptance hereof, the Holder acknowledges that the Warrant Shares acquired upon the
exercise of this Warrant may have restrictions upon its resale imposed by applicable securities laws or the Articles. 

(c)    Waivers and Amendments. This Warrant and any provisions hereof may be amended, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of the same is sought. No failure or delay on the part of any of the parties in exercising any right, power or privilege hereunder and/or under any applicable
laws or the exercise of such right or power in a manner inconsistent with the provisions of this Warrant or applicable law shall operate as a waiver thereof. 

(d)    Succession and Assignment. This Warrant shall be binding upon and inure to the benefit of the Holder and its
respective successors and permitted assigns. This Warrant may not be assigned or transferred by the Holder without the prior written approval of the Company, provided, however, that the Holder may assign this Warrant or any or all of its rights and
interests hereunder to one or more of its Affiliates or to Madryn Asset Management, L.P., a Delaware limited partnership or its Affiliates; provided that the Holder and such transferee execute the assignment form attached hereto as Exhibit B. This
Warrant shall be binding upon any successors or assigns of the Company. Notwithstanding the foregoing, this Warrant may, upon prior written notice to the Company, be assigned, sold or otherwise transferred, in whole or in part, by the Holder to any
of its Affiliates, provided that the Holder and such transferee execute the assignment form attached hereto as Exhibit B. 

 (e)    Notices. Unless otherwise stated, all notices and other
communications required or permitted hereunder shall be in writing and shall be delivered personally by hand or by courier, mailed by United States first-class mail, postage prepaid, or sent by facsimile or email directed to the party to be notified
at the address (including email address) or facsimile number indicated for such person on the signature page hereof, or at such other address (or email address) or facsimile number as such party may designate by ten (10) days’ advance
written notice to the other parties hereto, but no such notice or other communication shall be deemed to have been duly given unless and until it actually or deemed received by the intended recipient. Unless otherwise stated, all such notices and
other communications shall be deemed received upon personal delivery, or upon confirmation of facsimile transfer, as determined by reference to local time in New York, New York. 

(f)    Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law,
such provision shall be excluded from this Warrant and the balance of this Warrant shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

(g)    Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under
this Warrant, upon any breach or default of any other party under this Warrant, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Warrant, or any waiver on the part of any party of any
provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Warrant or by law or otherwise afforded to any party, shall be cumulative
and not alternative. 
 (h)    Construction. 

(i)    The Company and the Holder have participated jointly in the negotiation and drafting of this Warrant. In the event
an ambiguity or question of intent or interpretation arises, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Warrant. 

(ii)    Any reference to any statute or law shall be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise. 
 (iii)    The word “including” shall mean including
without limitation. 
 (iv)    The Company and the Holder intend that each representation, warranty, and covenant
contained herein shall have independent significance. 
 (v)    If the Company has breached any provision contained
herein in any respect, the fact that there exists another provision relating to the same subject matter (regardless of the relative levels of specificity) which the Company has not breached shall not detract from or mitigate the fact that the
Company is in breach of the first provision. 

 (vi)    The use herein of the masculine, feminine or neuter forms shall
also denote the other forms, as in each case the context may require. 
 (vii)    In the computation of periods of time
from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to
and including”. 
 (viii)    Unless otherwise expressly provided in this Warrant, (A) references to
agreements and other contractual instruments (or to specific provisions therein) shall be deemed to include all subsequent amendments and other modifications thereto, but only to the extent such amendments and other modifications are not prohibited
by the terms of the Warrant, and (B) references to any statute or regulation shall be construed as including all statutory and regulatory provisions amending, replacing, supplementing or interpreting such statute or regulation. 

(i)    Counterparts. This Warrant may be executed in any number of counterparts, each of which shall be
enforceable, and all of which together shall constitute one instrument. 
 (j)    Further Actions. In case at any
time any further action by the Company is necessary or desirable to carry out the purposes of this Warrant, the Company will take such further action (including the execution and delivery of such further instruments and documents) as the Holder
reasonably may request, all at the sole cost and expense of the Holder. 
 (k)    Headings. The section headings
contained in this Warrant are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Warrant. 

(l)    Specific Performance. The Company acknowledges and agrees that the Holder would be damaged irreparably in
the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached. Accordingly, The Company agrees that the other Holder shall be entitled to an injunction or injunctions to prevent
breaches of the provisions of this Warrant and to enforce specifically this Agreement and the terms and provisions hereof in any action instituted in any court of the State of New York or any state thereof having jurisdiction over the Parties and
the matter, in addition to any other remedy to which the Holder may be entitled, at law or in equity. 
 [signature page follows] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to he executed by its officer
thereunto duly authorized. 
  

			
	“Company”	 	
	
	 Venus Concept Inc.,
 a Delaware
corporation

 
			
		
	By:	 	
                     
                    

	Name:	 	  

	Title:	 	  

		
	Address:	 	

  

			
	Attn:     Domenic Serafino
	  Domenic Di Sisto

	235 Yorkland Blvd., Suite #900
	Toronto, Ontario, Canada M2J4Y8
	Facsimile #: +1 (855) 907-0115
	Electronic Mail:	 	dom@venusconcept.com
		 	ddisisto@venusconcept.com

  
 [Signature Page to
Amended and Restated Madryn Warrants] 

 AGREED AND ACKNOWLEDGED 

“Holder” 
 (Signature) 

(Print Name) 
 (Title if signing on behalf of an entity) 

Address: 
 Attn: 

Facsimile #: 
 Email: 

  
 [Signature Page to
Amended and Restated Madryn Warrants] 

 EXHIBIT A 

NOTICE OF EXERCISE 

To:    Venus Concept Inc. (the
“Company”)                                     
                                         
   Dated: 
 The undersigned, pursuant to the provisions set forth in that certain Warrant dated
                    , 2019, issued by the Company (the “Warrant”) hereby notifies you as follows: 

 

	(1)	 Exercise. The undersigned elects to purchase the following pursuant to the terms of the Warrant:

  

			
	  Number of shares:	 	  

		
	  Type of shares:	 	  

  

	(2)	 Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to:

  

	 	☐	 A cash payment and tenders herewith payment of the purchase price for such shares in full.

  

	 	☐	 The net issue exercise provisions of Section 2(f) of the Warrant. 

 

			
	
Signature:                 
                                         
               

	
	
Name (print):                
                                         
           

	
	
Title (if applicable)             
                                         
     

	
	
Company (if applicable):             
                                     

 EXHIBIT B 

ASSIGNMENT FORM 
 FOR VALUE
RECEIVED,                      hereby sells, assigns and transfers the rights of the undersigned under the attached Warrant with respect to
the number of Shares covered thereby set forth below, unto: 
  

									
	 Name of Assignee
	  	Address/Fax Number	 	  	No. of Shares	 
		  				  			
		  				  			
		  				  			
		  				  			

  

									
	Dated:                             	  	                    	  		 	Signature:                                  
                                         
                
				
		  		  	                    	 	Name (print):                                
                                         
             
				
		  		  		 	Title (if applicable)                              
                                         
      
				
		  		  		 	Company (if applicable):                              
                                      
				
		  		  		 	Witness:

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