Document:

Exhibit

SUBORDINATION AGREEMENT
This Subordination Agreement (the “Agreement”) is made as of July 6, 2020, by and between Daewoong Pharmaceutical Co., Ltd. (“Creditor”), and OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314, in its capacity as Collateral Agent (as hereinafter defined) for the Lenders (as hereinafter defined).
Recitals
A.Pursuant to a Loan and Security Agreement (such agreement as it may be amended from time to time, the “Loan Agreement”), dated as of March 15, 2019, among OXFORD FINANCE LLC (in its capacity as Collateral Agent for the Lenders (the “Collateral Agent”), the Lenders from time to time a party thereto, including, without limitation, Oxford Finance LLC, EVOLUS, INC., a Delaware corporation (“Borrower”) has requested and/or obtained certain loans or other credit accommodations from Lenders to Borrower which are or may be from time to time secured by assets and property of Borrower.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Loan Agreement.
B.Creditor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit accommodations to Borrower from time to time.
C.In order to induce Lenders to extend credit to Borrower and, at any time or from time to time, at Lenders’ option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, or to purchase or extend credit upon any instrument or writing in respect of which Borrower may be liable in any capacity, or to grant such renewals or extension of any such loan, extension of credit, purchase, or other accommodation as Lenders may deem advisable, Creditor is willing to subordinate:  (i) all of Borrower’s indebtedness to Creditor (including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and expenses, and reimbursement obligations), whether presently existing or arising in the future (the “Subordinated Debt”) to all of Borrower’s indebtedness and obligations to the Collateral Agent and/or the Lenders on the terms set forth herein; and (ii) all of Creditor’s security interests, if any, to all security interests in the Borrower’s property in favor of the Collateral Agent and/or the Lenders.
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1.Creditor hereby acknowledges and agrees that (i) Creditor does not have any lien on or security interest in any property of Borrower, whether now owned or hereafter acquired, including, without limitation, the “Collateral” as defined in the Loan Agreement, (ii) Borrower is prohibited from granting to the Creditor any lien on or security interest in any property of Borrower, whether now owned or hereafter acquired, including, without limitation, the Collateral and (iii) the Creditor shall not take any lien on or security interest in any property of  Borrower whether now owned or hereafter acquired, including without limitation, the Collateral. In furtherance of the foregoing, Creditor hereby subordinates to the Collateral Agent and the Lenders any security interest or lien that Creditor may have in any property of Borrower, including without limitation, the Collateral.  Notwithstanding the respective dates of attachment or perfection of any security interest of Creditor and the security interest of the Collateral Agent and the Lenders, the lien and security interest of the Collateral Agent and the Lenders in any property of Borrower, whether now owned or hereafter acquired, including, without limitation, the Collateral, shall at all times be senior to the lien and security interest of Creditor.
2.All Subordinated Debt is subordinated in right of payment to all obligations of Borrower to the Collateral Agent and the Lenders now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar proceeding, and all obligations under the Loan Agreement (the “Senior Debt”).
3.Creditor will not demand or receive from Borrower (and Borrower will not pay to Creditor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will Creditor exercise any remedy with respect to the Subordinated Debt or any property of the Borrower, whether now owned or hereafter acquired, including, without limitation, the Collateral, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Borrower, until such time as (i) the Senior Debt is fully paid in cash, and (ii) the Lenders have no commitment or obligation to lend any further funds to Borrower, and (iii) all financing agreements among the Collateral Agent and the Lenders and Borrower are terminated.  Nothing in the foregoing paragraph shall prohibit Creditor from converting all or any part of the Subordinated Debt into equity securities of Borrower which do not have any call, put or other conversion features that would obligate Borrower to pay any money (including the payment of any dividends or other distributions for so long as the Senior Debt remains outstanding) or deliver any other securities or consideration to the holder. 
4.Creditor shall hold in trust for the Collateral Agent and the Lenders and promptly deliver to the Collateral Agent in the form received (except for endorsement or assignment by Creditor where required by the Collateral Agent), for application to the Senior Debt, any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in accordance with this Agreement.

5.In the event of Borrower’s insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, these provisions shall remain in full force and effect, and the Collateral Agent’s and the Lenders’ claims against Borrower and the estate of Borrower shall be paid in full before any payment is made to Creditor.
6.Until the Senior Debt is fully paid in cash and Lenders’ arrangements to lend any funds to Borrower have been terminated, Creditor irrevocably appoints the Collateral Agent as Creditor’s attorney-in-fact, and grants to the Collateral Agent a power of attorney with full power of substitution, in the name of Creditor or in the name of the Collateral Agent and/or the Lenders, for the use and benefit of the Collateral Agent and the Lenders, without notice to Creditor, to perform at the Collateral Agent’s  option the following acts in any bankruptcy, insolvency or similar proceeding involving Borrower:
(i)To file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if the Collateral Agent elects, in its sole discretion, to file such claim or claims;
(ii)To accept or reject any plan of reorganization or arrangement on behalf of Creditor and to otherwise vote Creditor’s claims in respect of any Subordinated Debt (but exclusive of the Creditor Offset) if Creditor does not do so prior to 10 days before the expiration of the time so to do, in any manner that the Collateral Agent deems appropriate for the enforcement of its rights hereunder.
In addition to and without limiting the foregoing: (x) until the discharge of the Senior Debt, Creditor shall not, in its capacity as a holder of the Subordinated Debt (but without regard with respect to the Creditor Offset) commence, support, encourage, or join in any involuntary bankruptcy petition or similar action or proceeding against Borrower, and (y) if an Insolvency Proceeding occurs:  (i) Creditor shall not, except acting in respect of rights and remedies under the License and Supply Agreement, in respect of the Creditor Offset, or in respect of the conversion rights under the Creditor Note (the “Preserved Rights”), assert, without the prior written consent of Collateral Agent, any application, claim, complaint, motion, objection or argument in respect of the Collateral in connection with any Insolvency Proceeding, including, without limitation, any application, claim, complaint, motion, objection or argument seeking adequate protection, to invalidate or subordinate any lien on the Collateral, to surcharge Collateral, to borrow money and/or encumber the Collateral, to convert or dismiss the Insolvency Proceeding, to appoint an examiner or trustee, or relief from the automatic stay; in each of the foregoing matters, in respect of the Collateral, (ii) Collateral Agent may consent to the use of cash collateral on such terms and conditions and in such amounts as it shall in good faith determine without seeking or obtaining the consent of Creditor (except acting in respect of the Preserved Rights) as (if applicable) holder of an interest in the Collateral, (iii) if use of cash collateral by Borrower is consented to by Collateral Agent, Creditor (except acting in respect of the Preserved Rights) shall not oppose such use of cash collateral for any reason, except if such use is to pursue claims, litigation, or proceedings against Creditor or any of its affiliates, and (iv) Creditor (except acting in respect of the Preserved Rights) shall not object to, or oppose, any sale, abandonment, or other disposition of any assets comprising all or part of the Collateral, free and clear of security interests, liens and claims of any party, including Creditor (except acting in respect of the Preserved Rights) under Section 363 of the United States Bankruptcy Code, a plan of reorganization or liquidation, or otherwise, for any reason if such action is supported by the Collateral Agent and, if requested by Collateral Agent, Creditor (except acting in respect of the Preserved Rights) shall affirmatively and promptly consent to such sale or disposition of such assets, if Collateral Agent has consented to, or supports, such sale or disposition of such assets, and (v) Creditor (except acting in respect of the Preserved Rights)  shall not file a proof of claim or vote on any chapter 11 plan with respect to any claim of Creditor that is secured, in whole or in part, by the Collateral.  For the avoidance of doubt, nothing in this Agreement shall restrict, limit, waive or otherwise impair (1) the rights of Creditor to defend or respond to any claims, litigation or proceedings commenced against Creditor and/or any of its affiliates, or to challenge or object to the proposed commencement of such claims, litigation or proceedings, or (2) any and all rights, remedies, claims and defenses of Creditor under the License and Supply Agreement.
7.Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement.  By the execution of this Agreement, Creditor hereby authorizes the Collateral Agent and the Lenders to amend any financing statements filed by Creditor against Borrower as follows: “In accordance with a certain Subordination Agreement by and among the Secured Party, the Debtor and Oxford Finance LLC, in its capacity as Collateral Agent,  the Secured Party has subordinated any security interest or lien that Secured Party may have in any property of the Debtor to the security interest of Oxford Finance LLC and the Lenders identified therein in all assets of the Debtor, notwithstanding the respective dates of attachment or perfection of the security interest of the Secured Party and Oxford Finance LLC and the Lenders.”
8.Neither the Borrower nor the Creditor may amend the terms of any Subordinated Debt without the prior written consent of the Collateral Agent and the Lenders.  Without limiting the foregoing, no amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Subordinated Debt or the subordination of any security interest or lien that Creditor may have in any property of Borrower.  By way of example, such instruments shall not be amended to (i) increase the rate of interest with respect to the Subordinated Debt, or (ii) accelerate the payment of the principal or interest or any other portion of 

the Subordinated Debt.  The Collateral Agent and the Lenders shall have the sole and exclusive right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of any of the property or assets of the Borrower, including, without limitation, the Collateral, except in accordance with the terms of the Senior Debt. Upon written notice from the Collateral Agent of the Collateral Agent’s and the Lenders’ agreement to release its lien on all or any portion of the Collateral in connection with the sale, transfer or other disposition thereof by the Collateral Agent and the Lenders (or by Borrower with consent of the Collateral Agent and the Lenders),  Creditor shall be deemed to have also, automatically and simultaneously, released any lien or security interest on such Collateral, and Creditor shall upon written request by the Collateral Agent, immediately take such action as shall be necessary or appropriate to evidence and confirm such release.  All proceeds resulting from any such sale, transfer or other disposition of the Collateral shall be applied first to the Senior Debt until payment in full thereof, with the balance, if any, to the Subordinated Debt, or to any other entitled party.  If Creditor fails to release any lien or security interest as required hereunder, Creditor hereby appoints the Collateral Agent as attorney in fact for Creditor with full power of substitution to release Creditor’s liens and security interests as provided hereunder.  Such power of attorney being coupled with an interest shall be irrevocable. 
9.All necessary action on the part of the Creditor, its officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of Creditor hereunder has been taken.  This Agreement constitutes the legal, valid and binding obligation of Creditor, enforceable against Creditor in accordance with its terms.  The execution, delivery and performance of and compliance with this Agreement by Creditor will not (i) result in any material violation or default of any term of any of the Creditor’s charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership agreement, operating agreement, etc.) or (ii) violate any material applicable law, rule or regulation.  
10.If, at any time after payment in full of the Senior Debt any payments of the Senior Debt must be disgorged by the Collateral Agent or the Lenders for any reason (including, without limitation, the bankruptcy of Borrower), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Creditor shall immediately pay over to the Collateral Agent all payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder.  At any time and from time to time, without notice to Creditor, the Collateral Agent and the Lenders may take such actions with respect to the Senior Debt as the Collateral Agent and the Lenders, in their sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any collateral securing the Senior Debt, and enforcing or failing to enforce any rights against Borrower or any other person.  No such action or inaction shall impair or otherwise affect the Collateral Agent’s and the Lenders’ rights hereunder.  
11.This Agreement shall bind any successors or assignees of Creditor and shall benefit any successors or assigns of the Collateral Agent and the Lenders.  This Agreement shall remain effective until terminated in writing by the Collateral Agent. This Agreement is solely for the benefit of Creditor and the Collateral Agent and the Lenders and not for the benefit of Borrower or any other party.  Creditor further agree that if Borrower is in the process of refinancing any portion of the Senior Debt with a new lender, and if the Collateral Agent and/or the Lenders makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this Agreement.
12.Creditor hereby agrees to execute such documents and/or take such further action as the Collateral Agent and the Lenders may at any time or times reasonably request in order to carry out the provisions and intent of this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested by the Collateral Agent.
13.This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
14.Section 11 of the Loan Agreement (“Choice of Law, Venue and Jury Trial Waiver; Judicial Reference”) is incorporated herein by this reference as though fully set forth, and is applicable hereto for all purposes. Creditor acknowledges and agrees that Creditor has read and understands the terms and conditions of this Agreement, including but not limited to this Section 14.
15.This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and commitments.  Creditor is not relying on any representations by the Collateral Agent, the Lenders or Borrower in entering into this Agreement and Creditor has kept and will continue to keep itself fully apprised of the financial and other condition of Borrower.  This Agreement may be amended only by written instrument signed by Creditor and the Collateral Agent.
16.Subject to Section 10 hereof, this Agreement shall terminate upon the satisfaction in full, in cash of the Senior Debt and the termination of any commitment to lend under the Loan Agreement.
[Balance of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.
OXFORD FINANCE LLC, as 
Collateral Agent

By:      /s/Colette H. Featherly                    
Name:  Colette H. Featherly                
Title:     Senior Vice President                

CREDITOR:

DAEWOONG PHARMACEUTICAL CO., LTD.

By:      /s/Seng-Ho Jeon                    
Name:  Seng-Ho Jeon                    
Title:     CEO                        
    

The undersigned approves of the terms of this Agreement.

BORROWER:

EVOLUS, INC.

By:      /s/Lauren Silvernail                    
Name:  Lauren Silvernail                
Title:     Chief Financial OfficerExhibit
10.1

 

STOCK
FORFEITURE LETTER

 

June
30, 2020

 

Ladies
and Gentlemen:

 

This
letter agreement (“Letter Agreement”) is being entered into by and between Leader Capital Holdings Corp., a
Nevada corporation (the “Company”), and First Leader Capital Ltd. (the “Stockholder”), the
principal stockholder of the Company.

 

In
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Companyand the Stockholder hereby agree as follows:

 

1.
Share Cancellation. Effective as of the date hereof (the “Effective Time”), the Company shall
cancel, and the Stockholder shall forfeit and surrender forever all of his right, title and interest in and to 5,500,000 shares
of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) held by the Stockholder
(the “Surrendered Shares”). As of the Effective Time, and without any action on part of the Company or the
Stockholder, all the Surrendered Shares shall cease to be outstanding and shall be cancelled and retired and shall cease to exist.
The Stockholder acknowledges that it is a stockholder of the Company and, as a result, will receive benefit from reducing the
Company’s outstanding Common Stock to be more in line with what management deems to be market expectations based on the
Company’s current valuation, and such benefit constitutes full and fair consideration for the surrender of the Surrendered
Shares. The Stockholder hereby renounces any right or interest he may have in the Surrendered Shares as of and after the Effective
Time.

 

2.
Conditions to Effectiveness. The provisions set forth in paragraph 1 of this Letter Agreement shall take effect
as of the Effective Time.

 

3.
Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants to the Company
as follows:

 

a.
Power; Due Authorization; Binding Agreement. The Stockholder has full power and authority to execute and deliver this Letter
Agreement, to perform the Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby. This
Letter Agreement has been duly and validly executed and delivered by the Stockholder and constitutes a valid and binding agreement
of the Stockholder, enforceable against the Stockholder in accordance with its terms, except to the extent that enforceability
may be subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws affecting
or relating to the enforcement of creditors rights generally and to general principles of equity.

 

b.
Ownership of Shares. The Stockholder is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended) of 56,500,000 shares of Common Stock, such shares are free and clear of any Lien and any other limitation
or restriction (including any restriction on the right to vote or otherwise transfer such shares), except pursuant to any applicable
restrictions on transfer under the Securities Act of 1933, as amended, and the Stockholder does not own, beneficially or otherwise,
any other shares of Common Stock.

 

    	 

    	 

    

 

4.
Miscellaneous.

 

a.
This Letter Agreement may be amended only by a written instrument executed by the Company and the Stockholder.

 

b.
This Letter Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns; provided that no party shall be entitled to assign or delegate any of its rights or duties hereunder
without first obtaining the express prior written consent of each other party hereto, such consent not to be unreasonably withheld.

 

c.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada applicable
to contracts entered into within the borders of such state and without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The parties (i) agree that any action, proceeding,
claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in United States
District Court for the Southern District of New York or any New York State court, and irrevocably submits to such jurisdiction
and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue
or that such courts represent an inconvenient forum. EACH OF THE PARTIES HERETO (ON BEHALF OF ITSELF AND ITS SUBSIDIARIES) HEREBY
KNOWINGLY, INTENTIONALLY AND VOLUNTARILY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

d.
The parties agree that irreparable damage would occur in the event that any of the provisions of this Letter Agreement were not
performed in accordance with their specific terms or were otherwise breached. Accordingly, the Company shall be entitled to specific
performance of the terms hereof, including an injunction or injunctions to prevent breaches of this Letter Agreement and to enforce
specifically the terms and provisions of this Letter Agreement in court, this being in addition to any other remedy to which the
Company is entitled at law or in equity.

 

e.
This Letter Agreement may be executed in multiple counterparts and by different parties hereto in separate counterparts, each
of which, when so executed and delivered, shall be deemed to be an original and all of which counterparts, when taken together,
shall constitute but one and the same letter agreement. The exchange of copies of this Letter Agreement and of signature pages
hereto by facsimile or electronic mail in portable document format shall constitute effective execution and delivery of this letter
agreement. Signatures of the parties transmitted by facsimile or electronic mail in portable document format shall be deemed to
be the parties’ original signatures for all purposes.

 

[Remainder
of page intentionally left blank.]

 

    	2

    	 

    

 

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

 

	 	LEADER
    CAPITAL HOLDINGS CORP.
	 	 	 
	 	By:	/s/
    Shui Fung Cheng
	 	Name: 	 Shui Fung Cheng
	 	Title:	 Director

 

	 	FIRST LEADER CAPITAL LTD.
	 	 	 
	 	By:	/s/
    Yi-Hsiu Lin
	 	Name: 	 Yi-Hsiu Lin
	 	Title:	 Director

 

[Signature
page to Forfeiture Letter]

 

    	3

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