Document:

EX-10.3

 Exhibit 10.3 

FIRST AMENDMENT 
 TO

 LOAN AND SECURITY AGREEMENT 

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 4th day of March, 2021, by and
between SILICON VALLEY BANK (“Bank”) and CUTERA, INC., a Delaware corporation (“Borrower”) whose address is 3240 Bayshore Boulevard, Brisbane, California 94005. 

RECITALS 

A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of July 9, 2020
(as amended, modified, supplemented or restated, the “Loan Agreement”). 
 B.    Bank has
extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C.    Borrower has requested
that Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein. 

D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance
with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement. 
 2.    Amendments to Loan Agreement. 

2.1    Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2(g) is hereby amended by
inserting “or any material notices received from or on behalf of the holders of Subordinated Debt or Permitted Convertible Indebtedness” after “holders of Subordinated Debt.” 

2.2    Section 7.1 (Dispositions). Section 7.1 is hereby amended to add the following sentence at the
end of such Section: 
 For the avoidance of doubt, the unwinding or termination of a Permitted Bond Hedge Transaction shall not be deemed a
Transfer under this Section 7.1. 
 2.3    Section 7.7 Distribution; Investments. Section 7.7 is
hereby amended to add the following sentence at the end of such Section: 
 For the avoidance of doubt, (1) the term “capital
stock” shall not include any Permitted Convertible Indebtedness and clause (a) shall not apply to the redemption, repurchase or conversion of any Permitted Convertible Indebtedness, that is consummated in accordance with
Section 7.9(b), and (2) clause (a) shall not apply to the exercise and settlement or the termination of any Permitted Bond Hedge Transaction. 

 2.4    Section 7.9 (Subordinated Debt). Section 7.9
is hereby deleted in its entirety and replaced with the following: 
 7.9    Subordinated Debt; Permitted
Convertible Indebtedness. 
 (a)    Subordinated Debt. (i) Make or permit any payment on
any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (ii) amend any provision in any document relating to the Subordinated Debt which would
increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank, except under the terms of the subordination, intercreditor, or
other similar agreement to which such Subordinated Debt is subject. 
 (b)    Permitted Convertible
Indebtedness. Make any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund,
settlement, conversion, or similar payment with respect to, any Permitted Convertible Indebtedness, except that Borrower may make any required payments of cash or deliveries in shares of common stock of Borrower or any combination thereof (or other
securities or property following a merger event, reclassification or other change of the common stock) (and cash in lieu of fractional shares) pursuant to the terms of, and otherwise perform its obligations under, any Permitted Convertible
Indebtedness (including, without limitation, making payments of interest and principal thereon, making payments due upon required repurchase or redemption thereof and/or making payments and deliveries upon conversion thereof) (provided that, for the
sake of clarity, “required payments or deliveries” shall not include a redemption of the Permitted Convertible Indebtedness by Borrower at Borrower’s option, so long as both (i) the aggregate amount of cash payable upon
conversion or payment of any Permitted Convertible Indebtedness (excluding any required payment of interest with respect to such Permitted Convertible Indebtedness and excluding any payment of cash in lieu of a fractional share due upon conversion
thereof) does not exceed the aggregate principal amount thereof and (ii) such conversion or payment does not require any net payment of cash by Borrower pursuant to an exercise or early unwind or settlement of a corresponding portion of the
Permitted Bond Hedge Transactions relating to such Permitted Convertible Indebtedness). 
 2.5    Section 8.6
(Other Agreements). Section 8.6 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 8.6
    Other Agreements. (a) There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties,
whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty Thousand Dollars ($250,000.00); (b) any breach or default by Borrower or Guarantor, the result of
which could have a material adverse effect on Borrower’s or any Guarantor’s business; or (c) the occurrence of any “change in control,” “fundamental change” or similar event under any agreement governing Permitted
Convertible Indebtedness; 

 2.6    Section 13 (Definitions). 

(a)    Subsection (c) of the defined term “Permitted Indebtedness” set forth in Section 13.1 of
the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 (c)    (i) Subordinated Debt and
(ii) Permitted Convertible Indebtedness; 
 (b)    A new Subsection (i) is hereby inserted in the
defined term “Permitted Investments” set forth in Section 13.1 of the Loan Agreement to read in its entirety as follows, and old Subsections (i) and (j) are renumbered (j) and (k), respectively: 

(i)     Investments consisting of the purchase of any Permitted Bond Hedge Transaction solely from the
proceeds of the sale of the Permitted Convertible Indebtedness by the Borrower and the performance of its obligations thereunder; 

(c)    A new Subsection (m) is hereby inserted in the defined term “Permitted Liens” set forth in
Section 13.1 of the Loan Agreement to read in its entirety as follows, and old Subsection (m) is renumbered (n): 

(i)    customary Liens on funds in a trustee’s possession and granted in favor of such trustee to secure fees and
other amounts owing to such trustee, in its capacity as such, under the Indentures or other similar instruments pursuant to which any Permitted Convertible Indebtedness is issued; 

(d)    The following new terms and their definitions are hereby added to Section 13.1 in the appropriate
alphabetical order: 
 Permitted Bond Hedge Transaction” means any call or capped call option (or substantively equivalent
derivative transaction) relating to the common stock (or other securities or property following a merger event, reclassification or other change of the common stock) purchased by Borrower in connection with the issuance of any Permitted Convertible
Indebtedness and settled in common stock (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the common stock or such other securities or property), and cash in lieu of
fractional shares of common stock; provided that (a) the purchase price for such Permitted Bond Hedge Transaction does not exceed the net cash proceeds received by Borrower from the sale of the Permitted Convertible Indebtedness in
connection with which such Permitted Bond Hedge Transaction was purchased and (b) the other terms, conditions and covenants of each such transaction shall be such as are customary for transactions of such type (as determined by Borrower in good
faith).” 
 Permitted Convertible Indebtedness” means unsecured Indebtedness of Borrower issued in a single transaction,
issued on or prior to March [    ], 2021, in an aggregate principal amount of not more than One Hundred Fifteen Million Dollars ($115,000,000.00) that (a) as of the date of issuance thereof contains terms, conditions,
covenants, conversion or exchange rights and offer to repurchase rights, in each case, as are typical and customary for notes of such type (in each case, as determined by Borrower in good faith) and (b) is convertible or exchangeable into
shares of common stock of Borrower (or other securities or property following a merger event, reclassification or other change of the common stock of Borrower), cash or a combination thereof, and cash in lieu of fractional shares of common stock of
Borrower; provided, that (i) such Permitted Convertible Indebtedness shall have a stated final maturity no earlier than one hundred eighty (180) days after the Revolving Line Maturity Date and shall not be subject to any conditions that
could result 

 
in such stated final maturity occurring on a date earlier than one hundred eighty (180) days after the Revolving Line Maturity Date (it being understood that (x) any conversion of such
notes, whether into cash, shares of common stock or any combination thereof (or other securities or property following a merger event, reclassification or other change of the common stock of Borrower), (y) a repurchase of such notes on account of
the occurrence of a “fundamental change” or (z) any redemption of such notes at the option of Borrower, in each case, shall not be deemed to constitute a change in the stated final maturity thereof), (ii) such notes shall not be
callable prior to the third anniversary of the issuance thereof, (iii) such notes shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates or upon the occurrence of one or more events or
at the option of any holder thereof prior to the date that is one hundred eighty (180) days after the Revolving Line Maturity Date (except, in each case, upon any conversion of such notes into shares of common stock of Borrower (or other
securities or property following a merger event, reclassification or other change of the common stock of Borrower), cash or any combination thereof), the occurrence of an event of default or a “fundamental change” or, following
Borrower’s election to redeem such notes (to the extent permissible under clause (ii) above), and (iv) no Person that is not a Borrower or Guarantor shall have guarantee or primary obligations with respect to obligations of Borrower
thereunder.” 
 3.    Limitation of Amendments. 

3.1    The amendments set forth in Section 2 above are effective for the purposes set forth herein and shall be
limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have
or may have in the future under or in connection with any Loan Document. 
 3.2    This Amendment shall be
construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect. 
 4.    Representations and Warranties. To induce Bank to enter into
this Amendment, Borrower hereby represents and warrants to Bank as follows: 
 4.1    Immediately after giving
effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to
an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations
under the Loan Agreement, as amended by this Amendment; 
 4.3    The organizational documents of Borrower
previously delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

 4.5    The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a
Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or
subdivision thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7    This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

5.    Integration. This Amendment and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this
Amendment and the Loan Documents. 
 6.    Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart by electronic transmission shall be equally effective as delivery of an original executed
counterparty. 
 7.    Effectiveness. This Amendment shall be deemed effective upon (a) the due
execution and delivery to Bank of this Amendment by each party hereto and (b) Borrower’s payment to Bank of Bank’s legal fees and expenses incurred in connection with this Amendment. 

[Signature page follows.] 

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

									
	BANK	 		 	BORROWER
			
	SILICON VALLEY BANK	 		 	CUTERA, INC.
					
	By:	 	 /s/ Mark Davis
	 		 	By:	  	 /s/ David Mowry

	Name:	 	Mark Davis	 		 	Name:	  	David Mowry
	Title:	 	Vice President	 		 	Title:	  	C.E.ODocument

Exhibit 10.34

FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

THIS FOURTH AMENDMENT to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of October 23, 2020, by and among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 to the Loan Agreement (as defined below) or otherwise a party thereto from time to time including Oxford in its capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, CA 95054 (“Bank” or “SVB”) (each a “Lender” and collectively, the “Lenders”), and XERIS PHARMACEUTICALS, INC., a Delaware corporation with offices located at 180 North LaSalle Street, Suite 1600, Chicago, IL 60601 (“Borrower”).

A. WHEREAS, Collateral Agent, Borrower and Lenders have entered into that certain Amended and Restated Loan and Security Agreement dated as of September 10, 2019 (as amended, supplemented or otherwise modified from time to time, including by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of April 21, 2020, that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of June 30, 2020, and that Third Amendment to Amended and Restated Loan and Security Agreement dated as of August 5, 2020, collectively, the “Loan Agreement”) pursuant to which Lenders have provided to Borrower certain loans in accordance with the terms and conditions thereof; and

B. WHEREAS, Borrower has requested that Collateral Agent and Lenders (i) make Credit Extensions to Borrower and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein; and

C. WHEREAS, Borrower, Lenders and Collateral Agent desire to amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Lenders and Collateral Agent hereby agree as follows:

1.     Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

2.    Amendments to Loan Agreement.

2.1     Section 2.2 (Term Loans). Section 2.2(a)(iv) of the Loan Agreement is hereby amended and restated in its entirety as follows:

“(iv) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, during the Third Draw Period, to make term loans in a single disbursement to Borrower in an aggregate amount equal to Ten Million Dollars ($10,000,000.00) according to each Lender’s Term C Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term C Loan”, and collectively as the “Term C Loans”). After repayment, no Term C Loan may be re-borrowed.”

2.2     Section 2.2 (Term Loans). New Section 2.2(a)(v) is hereby added to the end of Section 2.2(a) of the Loan Agreement as follows:

“(v) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, during the Fourth Draw Period, to make term loans in a single disbursement to Borrower in an aggregate amount equal to Three Million Five Hundred Thousand Dollars ($3,500,000.00) according to each Lender’s Term D Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term D Loan”, and collectively as the “Term D Loans”; each Term A 
1

Loan, Term B Loan, Term C Loan or Term D Loan is hereinafter referred to singly as a “Term Loan” and the Term A Loans, the Term B Loans, the Term C Loans and the Term D Loans are hereinafter referred to collectively as the “Term Loans”). After repayment, no Term D Loan may be re-borrowed.”

2.3     Section 13.1 (Definitions). The following terms and their respective definitions hereby are added or amended and restated in their entirety, as applicable, to Section 13.1 of the Loan Agreement as follows:

“Fourth Amendment Effective Date” is October 23, 2020.

“Fourth Draw Period” is the period commencing on the Fourth Amendment Effective Date and ending on the earlier of (i) November 16, 2020, and (ii) the occurrence of an Event of Default.

“Term D Loan” is defined in Section 2.2(a)(v) hereof.

“Term Loan” is defined in Section 2.2(a)(v) hereof.

2.4     Schedule 1.1 to the Loan Agreement hereby is replaced with Schedule 1.1 attached hereto.

3.     Limitation of Amendment.

3.1     The amendments set forth above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right, remedy or obligation which Lenders or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.

3.2     This Amendment shall be construed in connection with and as part of the Loan Documents and all
terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents are hereby ratified and confirmed and shall remain in full force and effect.

4.     Representations and Warranties. To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:

4.1     Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date and (ii) solely with respect to the litigation representation and warranties contained in Section 5.3 of the Loan Agreement, to the extent such representations and warranties relate to (x) any actual or potential dispute between Borrower and SVB based on, arising from, relating to, or in connection with the Borrower’s Paycheck Protection Program loan or (y) any settlement, release or other resolution thereof between SVB and the Borrower) and (b) no Event of Default has occurred and is continuing; 

4.2     Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

4.3     The organizational documents of Borrower delivered to Collateral Agent on the Effective Date, and updated pursuant to subsequent deliveries by or on behalf of the Borrower to the Collateral Agent, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

4.4     The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not contravene (i) any material law or regulation binding on or affecting Borrower, (ii) any material contractual restriction with a Person binding on Borrower, (iii) any material order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (iv) the organizational documents of Borrower;

2

4.5     The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made;

4.6      This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

5.    Effectiveness. This Amendment shall be deemed effective as of the date hereof upon the due execution, by
the parties thereto, and delivery to Collateral Agent and Lenders of: (a) this Amendment; and (b) the Corporate
Borrowing Certificate attached hereto.

6.     Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, and all of which, taken together, shall constitute one and the same instrument. Delivery by
electronic transmission (e.g. “.pdf”) of an executed counterpart of this Amendment shall be effective as a manually
executed counterpart signature thereof.

7.     Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by
and construed in accordance with the laws of the State of New York.

[Balance of Page Intentionally Left Blank]
3

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to the Amended and Restated Loan Agreement to be executed as of the date first set forth above.

									
	BORROWER:
		
			
	XERIS PHARMACEUTICALS, INC.

		
			
			
	By /s/ Barry M. Deutsch
		
	Name: Barry M. Deutsch
		
	Title: Chief Financial Officer
		
			
			
	COLLATERAL AGENT AND LENDER:
		
			
	OXFORD FINANCE LLC

			
			
	By /s/ Colette H. Featherly
		
	Name: Colette H. Featherly
		
	Title: Senior Vice President
		
			
	LENDER:
		
			
	SILICON VALLEY BANK

			
			
	By /s/ Kristine Rohmer
		
	Name: Kristine Rohmer
		
	Title: Vice President
		

SCHEDULE 1.1

Lenders and Commitments

									
	Term A Loans
	Lender	Term Loan Commitment	Commitment Percentage
	OXFORD FINANCE LLC	$48,000,000.00	80.00%
	SILICON VALLEY BANK	$12,000,000.00	20.00%
	TOTAL	$60,000,000.00	100.00%
			
	Term B Loans
	Lender	Term Loan Commitment	Commitment Percentage
	OXFORD FINANCE LLC	$12,000,000.00	80.00%
	SILICON VALLEY BANK	$3,000,000.00	20.00%
	TOTAL	$15,000,000.00	100.00%
			
	Term C Loans
	Lender	Term Loan Commitment	Commitment Percentage
	OXFORD FINANCE LLC	$8,000,000.00	80.00%
	SILICON VALLEY BANK	$2,000,000.00	20.00%
	TOTAL	$10,000,000.00	100.00%
			
	Term D Loans
	Lender	Term Loan Commitment	Commitment Percentage
	OXFORD FINANCE LLC	$0.00	0.00%
	SILICON VALLEY BANK	$3,500,000.00	100.00%
	TOTAL	$3,500,000.00	100.00%
			
	Aggregrate (all Term Loans)
	Lender	Term Loan Commitment	Commitment Percentage
	OXFORD FINANCE LLC	$68,000,000.00	76.8362%
	SILICON VALLEY BANK	$20,500,000.00	23.1638%
	TOTAL	$88,500,000.00	100.00%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]