Document:

EX-10.15

 Exhibit 10.15 

SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (the “Agreement”) is made as of this 6th
day of September, 2013, by and between Cynosure, Inc. (“Cynosure”) and Palomar Medical Technologies, LLC (formerly Palomar Medical Technologies, Inc., “Palomar”) (collectively, the “Company”), on the one hand, and
Joseph P. Caruso (“Mr. Caruso”), on the other hand (together, the “Parties”). 
 WHEREAS, Cynosure and Palomar develop, manufacture and
sell aesthetic laser and other light-based systems, and, pursuant to an Amended and Restated Agreement and Plan of Merger, dated as of May 15, 2013 (the “Merger Agreement”), Cynosure acquired Palomar in a transaction which closed on
June 24, 2013; 
 WHEREAS, following said acquisition, Mr. Caruso was Cynosure’s President, a Cynosure Director, Vice-Chairman of
Cynosure’s Board of Directors, and a party to an Employment Agreement between Cynosure and Mr. Caruso dated March 17, 2013, (the “Cynosure Employment Agreement”) and a party to an Employment Agreement between Palomar and
Mr. Caruso dated July 1, 2001, as amended on May 19, 2010, May 15, 2012 and March 17, 2013 (the “Palomar Employment Agreement”); and 

WHEREAS, upon mutual agreement, Mr. Caruso is resigning from his positions with the Company pursuant to the terms of this Agreement. 

NOW THEREFORE, in recognition of all of the foregoing and the mutual covenants contained herein, the Parties agree as follows: 

1. Resignations. Effective September 6, 2013 (the “Separation Date”), Mr. Caruso hereby resigns from any and all
positions he holds as an employee, officer, director or other positions with the Company and each of the Company’s subsidiaries, including without limitation, the following: 

(i) President of Cynosure; 
 (ii)
Vice-Chairman of Cynosure’s Board of Directors; and 
 (iii) Director of Cynosure. 

Simultaneously with the execution of this Agreement, Mr. Caruso shall execute the form attached hereto as Exhibit A and return
such executed form along with an executed copy of the Agreement to the Company, through its General Counsel, and further agrees to execute any and all other documents necessary to effectuate his resignations. He further acknowledges and agrees that
from and after the Separation Date, he shall have no authority to and shall not represent himself as an employee, officer, director, agent or representative of Cynosure and/or Palomar. As of the first pay period following the Separation Date, the
Company will pay Mr. Caruso for his accrued but unused vacation time and final pay through the Separation Date. For the avoidance of doubt, such resignations are fully effective, final and irrevocable as of the Separation Date and shall not be
subject to any revocation, including the revocation periods specified in Section 11 of the Agreement. 

  
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 2. Separation Pay. In exchange for the mutual covenants set forth in this Agreement: 

(i) Cynosure will pay Mr. Caruso Two Million Four Hundred Thousand Dollars ($2,400,000) as separation pay (“Separation Pay”).
The Separation Pay shall be paid in installments as follows. 
 (a) The first installment of the Separation Pay shall be in the amount of Six
Hundred and Sixty-Two Thousand, Six Hundred and Twenty-Five Dollars ($662,625) and shall be paid in a lump sum within fourteen (14) days of the Separation Date. 

(b) The second installment of the Separation Pay shall be in the amount of Three Hundred and Forty-Eight Thousand, and Seven Hundred and Fifty
Dollars ($348,750) and shall be paid in a lump sum no earlier than six (6) months and one (1) day after the Separation Date and no later than six (6) months and fifteen (15) days after the Separation Date. 

(c) The third installment of the Separation Pay shall be in the amount of Three Hundred and Eighty-Three Thousand, and Six Hundred and
Twenty-Five Dollars ($383,625) and shall be paid in a lump sum no earlier than six (6) months and one (1) day after the Separation Date and no later than the first anniversary of the Separation Date. 

(d) The remaining balance of the Separation Pay, One Million, Five Thousand Dollars ($1,005,000) shall be paid in equal monthly installments
over twenty-four (24) months, with the exception that the first six (6) payments shall be accumulated and paid as a lump sum no earlier than six (6) months and one (1) day after the Separation Date and no later than six
(6) months and fifteen (15) days after the Separation Date, and each of the remaining payments shall be made on a monthly anniversary of the Separation Date until paid in full. 

The Separation Pay shall be subject to all applicable income, Social Security and Medicare tax withholding as required by law. 

(ii) Cynosure will pay Mr. Caruso the remaining balance of the Retention Bonus (One Million Four Hundred Thirty-Four Thousand One Hundred
Ninety-Five Dollars ($1,434,195)) due under the Third Amendment to his Palomar Employment Agreement dated March 17, 2013, as if Mr. Caruso had remained employed by Cynosure through the 35% Payment Date, and a one-time lump-sum payment of
Seven Hundred and Seven Thousand, One Hundred and Twelve Dollars ($707,112.00) as a Gross-Up Payment with respect to the Retention Bonus pursuant to Section 12 of the Palomar Employment Agreement (collectively, the “Retention
Payments”). Such amounts shall be payable to Mr. Caruso within fourteen (14) days of his Separation Date. Such shall be subject to all applicable income, Social Security and Medicare tax withholding as required by law; 

  
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 (iii) Cynosure will pay Mr. Caruso’s attorney’s fees and expenses of Twenty-Five
Thousand Dollars ($25,000.00) incurred by him in negotiating and/or entering into this Agreement, provided that Mr. Caruso submits documentation of such legal fees and expenses upon request by Cynosure (hereinafter, the “Legal Fee
Pay”). The Legal Fee Pay shall be made directly to Mr. Caruso’s legal counsel and a Form 1099 shall be issued by the Company to said law firm in due course. This Legal Fee Pay shall be made in consideration of Mr. Caruso’s
release of age discrimination claims as set forth in Section 11 below. This Legal Fee shall be made within ten (10) business days after the expiration of the seven (7) day revocation period as specified in Section 11 below; and

 (iv) The Company agrees that Mr. Caruso is not required to seek other employment and that there shall be no offset against amounts
due to him under this Agreement on account of any remuneration payable by any subsequent employer. In the event of Mr. Caruso’s death after execution of this Agreement but before all Separation Pay has been paid, any unpaid portion of such
Separation Pay will be paid to Mr. Caruso’s surviving spouse, if any, or if none to his estate. 
 Mr. Caruso acknowledges
and agrees that neither this Agreement nor the payments made pursuant to this Agreement are intended to or constitute a severance plan, and (except in the case of his death) shall confer no benefit on anyone other than the Company and
Mr. Caruso. 
 3. Accord and Satisfaction: The Parties acknowledge and agree that, other than (a) Mr. Caruso’s
rights to indemnification under Section 12(v) of this Agreement, (b) Mr. Caruso’s right to continue health care coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) solely at
Mr. Caruso’s own cost (the “qualifying event” under COBRA shall be deemed to have occurred on the last day of the calendar month that includes the Separation Date), (c) Mr. Caruso’s right to his vested account
balance under Company’s 401(k) plans, and (d) Mr. Caruso’s right to convert any group insurance policy coverage which he presently has in accordance with the terms of the policy and applicable law, the payment by Cynosure of
accrued but unused vacation and final pay through the Separation Date (as set forth in Section 1 above) and the Separation Pay and the Retention Payments (as set forth in Section 2 above) is and shall be complete and unconditional payment,
settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Company to Mr. Caruso, including, without limitation, all claims for wages, salary, vacation pay, draws, incentive pay, bonuses, stock, restricted
stock and stock options, equity, commissions, severance pay, reimbursement of expenses or taxes or tax gross ups, and any and all other forms of compensation or benefits, attorneys’ fees, or other costs or sums, whether under the Palomar
Employment Agreement, the Cynosure Employment Agreement, or otherwise. 

  
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 4. No Equity Compensation. Mr. Caruso acknowledges that he has no stock options
and/or shares of restricted stock or any other equity grants that are unvested as of the Separation Date. For the avoidance of doubt, Mr. Caruso acknowledges that he has not and will not receive any stock options or restricted share grants or
any other equity grants from Cynosure. Mr. Caruso acknowledges and agrees that he does not now have, and will not in the future have, rights to vest in any other stock options, restricted stock or other equity grant under any stock option,
restricted stock or other equity plan (of whatever name or kind, including, without limitation, any stock option or restricted stock plan) that he participated in or was eligible to participate in during his employment with Cynosure. 

5. Unemployment Insurance. The Company agrees that it will not contest any claim for unemployment benefits by Mr. Caruso.
Mr. Caruso acknowledges that eligibility for such benefits is determined solely by the Massachusetts Department of Unemployment Assistance. 

6. Confidentiality Obligations and Return of Company Property. Mr. Caruso expressly acknowledges and agrees to the following: 

(i) That he shall immediately return to the Company all Company property and equipment confidential documents (whether in hard copy or
electronic form) of the Company in his custody and possession, and that he will abide by any and all common law and/or statutory obligation(s) relating to the protection and non-disclosure of the Company’s trade secrets, intellectual property,
and/or confidential and proprietary documents and information; 
 (ii) That he shall not reveal or disclose to any person outside the Company
or use for his own benefit, without the Company’s specific written authorization, whether by private communication or by public address or publication or otherwise, any Confidential Information, as hereinafter defined, (other than an immediate
family member, accountant, or tax or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by these confidentiality obligations, or any legal counsel), except as required by law or legal process. The term
“Confidential Information” as used throughout this Agreement shall mean all trade secrets, proprietary information and other data or information (and any tangible evidence, record or representation thereof), whether prepared,
conceived or developed by an employee of the Company or received by the Company from an outside source under an obligation to maintain in confidence, which is in the possession of the Company (whether or not the property of the Company), which in
any way relates to the present or future business of the Company, which is maintained in confidence by the Company, including but not limited to (a) the Company’s business and marketing strategies, operations, products, technologies,
customers, and finances; (b) the transition of Palomar’s operations to Cynosure; (c) information relating to the Company’s officers, directors, employees, agents, and/or representatives; (d) the circumstances regarding
Mr. Caruso’s cessation of employment with the Company; and (e) information relating in any way to the negotiation of this Agreement. 

  
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 (iii) That the Company shall file a Form 8-K with the Securities and Exchange Commission (the
“SEC”) including a disclosure of the resignation of Mr. Caruso as an employee, officer and director of the Company and including a summary of the terms of this Agreement and that the Company shall file a copy of this Agreement as an
exhibit to the Company’s next filed Form 10-Q with the SEC, provided, however, that the Company will afford Mr. Caruso an opportunity to review and/or comment on such Form 8-K prior to its filing with the SEC; and 

(iv) That nothing in this Agreement shall bar Mr. Caruso from providing truthful testimony in any legal proceeding or in communicating
with any governmental agency or representative or from making any truthful disclosure required by law or lawful process; provided, however, that in providing such testimony or in making such disclosures or communications, Mr. Caruso will use
his best efforts to ensure that this Section is complied with to the maximum extent possible. Should Mr. Caruso be served with a court order, subpoena or other appropriate, enforceable process in any legal proceeding (including any governmental
action), he agrees that, unless otherwise prohibited by applicable law, he and/or his counsel will notify the Company in writing, through its General Counsel within three (3) days of receipt, so that the Company may review such process and/or
be afforded the opportunity to seek a protective order to preclude Mr. Caruso’s testimony. Mr. Caruso agrees that he and/or his counsel shall cooperate with the Company in seeking such protective order or other appropriate remedy.

 7. Non-Competition and Non-Solicitation. Mr. Caruso expressly acknowledges and agrees that his employment with the Company
brought him into close contact with many confidential affairs of the Company, including but not limited to information about strategies, costs, profits, markets, sales, key personnel, pricing policies, operational methods and other business affairs,
methods and information, including plans for future developments, not readily available to the public and that Mr. Caruso became privy to confidential technical information about the Company’s products and future product plans. In
recognition of the foregoing, and in consideration of the Separation Pay provided in this Agreement, Mr. Caruso agrees that: 
 (i) He
will not, prior to March 6, 2015, directly or indirectly, for his own account or for any other person, as agent, employee, officer, director, trustee, consultant, owner, partner, shareholder, or in any other capacity: 

(a) Engage in a Competitive Business. For purposes of this Section 7(i)(a) and 7(iv), “Competitive Business” means the field of
laser and other light-based aesthetic and medical treatment system, and includes but is not limited to the companies and/or business entities, including any of their affiliates, identified in the list attached hereto as Exhibit B; 

(b) Solicit or attempt to induce any employee of the Company to terminate his or her employment with the Company or any affiliate of the
Company, or hire, cause to be hired, or participate in the recruitment of any Company employee; or 
 (c) Encourage, or assist any other
person in encouraging, any customer or supplier of the Company or of any affiliate of the Company, to terminate or alter its relationship with the Company. 

  
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 (ii) He will not, from March 6, 2015 to September 6, 2015, directly or indirectly, for
his own account or for any other person, as agent, employee, officer, director, trustee, consultant, owner, partner, shareholder, or in any other capacity, engage in business with any Competitive Business which for the purposes of this
Section 7(ii) shall be limited to those entities, including any of their affiliates, identified in the list attached hereto as Exhibit B; 

(iii) Mr. Caruso acknowledges and agrees that the provisions of Sections 7(i) - (ii) are supported by adequate consideration.
Mr. Caruso further acknowledges and agrees that the duration and geographic scope of the non-competition and non-solicitation provisions of Sections 7(i) - (ii) are reasonable. In the event that any court determines that the duration or
the geographic scope, or both, are unreasonable and that Sections 7(i) - (ii) are to that extent unenforceable, the Parties agree that Sections 7(i) - (ii) shall remain in full force and effect for the greatest time period and the greatest
area that would not render it unenforceable; and 
 (iv) Notwithstanding Sections 7(i) - (ii), Mr. Caruso may own a beneficial interest
in any Competitive Business, provided that such investment constitutes not more than one percent (1%) of the outstanding capital stock of the Competitive Business. 

8. Cooperation. Mr. Caruso expressly acknowledges and agrees that following the Separation Date, Mr. Caruso will cooperate
fully with the Company in the defense or prosecution of any government investigations and any government or third-party claims or actions now in existence or which may be brought or threatened in the future against or on behalf of the Company,
including any claim or action against its directors, officers and employees in which Mr. Caruso has personal knowledge of any relevant facts. Mr. Caruso’s cooperation in connection with such claims or actions shall include him being
available, within reason given the constraints of personal commitments, future employment or job search activities, to meet with the Company to prepare for any proceeding, to provide truthful affidavits, to assist with any audit, inspection,
proceeding or other inquiry, and to act as a witness in connection with any litigation or other legal proceeding affecting the Company. Mr. Caruso further agrees that should an individual representing a party adverse to the business interests
of the Company (including, without limitation, anyone threatening any form of legal action against the Company) contact him (directly or indirectly), he will promptly (within 48 business hours) inform (in writing) the Company, through its General
Counsel, of that fact, unless prohibited from doing so under law or court order. The Company will reimburse Mr. Caruso for any reasonable, out-of-pocket expenses that he may 

  
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incur in providing such assistance but will not be obligated to pay Mr. Caruso’s time for providing such assistance; provided, however, that if Mr. Caruso is required to perform
services under this Section 8 for more than eighty (80) hours, the Company shall pay him for such work after eighty hours at the rate of One Thousand Nine Hundred Fifty Dollars ($1,950) per full eight (8)) hour day or pro rata portion
thereof within fifteen (15) days following such excess service. 
 9. Disclosure and Assignment of Intellectual Property.
Mr. Caruso expressly acknowledges and agrees to the following: 
 (i) That the Company, and its successors and assigns shall own all
right, title and interest throughout the world in and to all research, information, inventions, designs, procedures, developments, discoveries, improvements, patents and applications therefor, trademarks and applications therefor, copyrights and
applications therefor, trade secrets, drawings, plans, systems, methods, specifications, and all other manufacturing, engineering, technical, research and development data and know-how (herein “Intellectual Property”) made,
conceived, developed and/or acquired by him solely or jointly with others during the period of his employment with the Company or within one year thereafter which relate to the manufacture, production or processing of any products developed or sold
by the Company or which are within the scope of or usable in connection with the Company’s business as it may, from time to time, hereafter be conducted or proposed to be conducted, whether or not made during his regular working hours and
whether or not made on the Company’s premises; 
 (ii) That any such Intellectual Property shall constitute a work made for hire under
the copyright laws of the United States and, to the extent any such Intellectual Property shall be determined not to be a work made for hire, Mr. Caruso hereby assigns, and, to the extent any such assignment cannot be made at the present time,
Mr. Caruso hereby agrees to assign, to the Company all of his right, title and interest throughout the world, including, without limitation, copyright, patent and trade secret rights, in and to the Intellectual Property, together with his right
to file for and/or own wholly without restriction United States and foreign patents, trademarks and copyrights with respect thereto. Mr. Caruso specifically agrees and acknowledges that the foregoing assignment covers all results, outputs and
products of his work for the Company, including for Palomar Medical Technologies, Inc. prior to June 24, 2013, whether as an employee or as a consultant, and all related copyrights, patents and other proprietary rights, and that all such
results, outputs and products shall be Intellectual Property hereunder and the sole property of the Company hereafter; and 
 (iii) That he
will execute all appropriate patent applications securing all United States and foreign patents on all Intellectual Property, and to do, execute and deliver any and all acts and instruments that may be necessary or proper to vest all Intellectual
Property in the Company or its nominee or designee and to enable the Company, or its nominee or designee, to obtain all such patents; and he agrees to 

  
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render to the Company, or its nominee or designee, all such assistance as it may require in the prosecution of all such patent applications and applications for the re-issue of such patents, and
in the prosecution or defense of all interferences which may be declared involving any of said patent applications or patents, but the expense of all such assignments and patent applications, or all other proceedings referred to herein above, shall
be borne by the Company. Mr. Caruso shall be entitled to fair and reasonable compensation for any such assistance requested by the Company or its nominee or designee and furnished by him after the termination of his employment. 

10. Release of Claims. Mr. Caruso hereby acknowledges and agrees that by signing this Agreement and accepting the Separation Pay
provided for in Sections 2(i) and (iii) of this Agreement, he is waiving his right to assert any Claim (as defined below) against the Company arising at any time on or before the Separation Date. Mr. Caruso also represents that he has not
asserted or filed any Claim (as defined below) against the Company. 
 Mr. Caruso’s waiver and release is intended to bar any form
of claim, lawsuit, charge, complaint, demand or any other form of action, including a claim for reimbursement of taxes owed by Mr. Caruso (collectively referred to as “Claims”) against the Company seeking money or any other form of
relief, including but not limited to equitable relief (whether declaratory, injunctive or otherwise), damages or any other form of monetary recovery (including but not limited to back pay, front pay, compensatory damages, emotional distress damages,
punitive damages, taxes, attorneys’ fees and any other costs). Mr. Caruso understands that there could be unknown or unanticipated Claims resulting from his employment with the Company and the separation of his employment, and he agrees
that such Claims are included in this waiver and release. 
 Without limiting the generality of the previous paragraph, Mr. Caruso
specifically waives and releases the Company from any and all Claims, including, without limitation, those Claims arising from or related to (a) his employment relationship with the Company, (b) the cessation of his employment with the
Company, including but not limited to the termination of the Cynosure Employment Agreement and the termination of the Palomar Employment Agreement, (c) his position as a director and officer of the Company, and (d) his resignation as a
director, vice chairman of the board of directors and an officer of the Company, including, without limitation: 
 (i) Claims under any
statute, ordinance, regulation, executive order, common law, constitution and/or other source of law of any state, country and/or locality (collectively and individually referred to as “Law”), including but not limited to the United
States, the Commonwealth of Massachusetts and any other state or locality where Mr. Caruso worked for the Company; 
 (ii) Claims under
any Law concerning discrimination or fair employment practices, including but not limited to the Massachusetts Anti-Discrimination and Anti-Harassment Law (Massachusetts General Laws Chapter 151B), Title VII of the Civil Rights Act of 1964 (42
U.S.C. § 2000e et seq.), and the Americans with 

  
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Disabilities Act (42 U.S.C. § 12101 et seq.), each as they may have been amended through the Separation Date. To clarify, a release of age discrimination claims is not subject to this
section, but rather is addressed separately in Section 11 below; 
 (iii) Claims under any Law relating to wages, hours, whistleblowing,
leaves of absences or any other terms and conditions of employment, including but not limited to the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601 et seq.), the Worker Adjustment and Retraining Notification (WARN) Act (29 U.S.C.
§ 2601 et seq.), the Massachusetts Payment of Wages Law (Massachusetts General Laws Chapter 149, §§ 148, 150), Massachusetts General Laws Chapter 149 in its entirety, and Massachusetts General Laws Chapter 151 (including but
not limited to the minimum wage and overtime provisions) each as they may have been amended through the Separation Date. Mr. Caruso specifically acknowledges that he is waiving any Claims for unpaid wages under these and other Laws; 

(iv) Claims under any state, federal or local common law theory; 

(v) Claims arising under the Company’s policies or benefit plans; 

(vi) Claims arising under any other Law or constitution; 

(vii) Claims for payment or reimbursement of, or gross-up payments with respect 

to, any amounts paid or payable by or on behalf of Mr. Caruso, as or with respect to any federal, state, local or foreign income taxes,
payroll, Social Security, Medicare or other employment taxes, and any excise taxes, penalties, fines or additions to tax, including pursuant to Sections 409A or 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), and
whether arising from or in connection with this Agreement or otherwise; and 
 (viii) Claims arising under any Law relating to the
termination of the Cynosure Employment Agreement and the termination of the Palomar Employment Agreement. 
 Notwithstanding the foregoing,
this Section shall not release the Company from any obligation expressly set forth in this Agreement, including obligations referred to in Section 12. Mr. Caruso acknowledges and agrees that, but for providing this waiver and release, he
would not be receiving any portion of the Separation Pay provided for in Section 2(i) of this Agreement. 
 11. Release of Age
Discrimination Claims. Because Mr. Caruso is at least forty (40) years of age, he has specific rights under the federal Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.) (“ADEA”) and the Older Workers
Benefits Protection Act (the “OWBPA”), which prohibit discrimination on the basis of age. Mr. Caruso hereby releases all claims he may have against the Company or any of its representatives arising at any time on or before the
Separation Date alleging discrimination on the basis of age under the ADEA, the OWBPA and other Laws, including, without limitation, Massachusetts General Laws Chapter 151B. Notwithstanding anything to the contrary in this Agreement, the release in
this Section 11 does not cover rights or Claims under the ADEA that arise from acts or omissions that occur after the Separation Date. 

  
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 In consideration of this release of age discrimination claims, the Company will pay
Mr. Caruso the Legal Fee Pay specified in Section 2(iii) above. 
 Consistent with the provisions of the OWBPA, Mr. Caruso
has twenty-one (21) days to consider and accept the provisions of Section 11 of this Agreement by signing below and returning it to the Company’s General Counsel. In addition, Mr. Caruso may rescind his assent to this
Section 11 of this Agreement if, within seven (7) days after the date he signs this Agreement, he delivers a written notice of rescission to the Company. To be effective, such notice of rescission must be hand delivered or postmarked
within the seven (7) day period and sent by certified mail, return receipt requested, to the Company’s General Counsel. 
 Also,
consistent with the provisions of the OWBPA and other federal discrimination laws (the “Federal Discrimination Laws”), nothing in the general waiver and release set forth in Sections 10 and 11 above shall be deemed to prohibit
Mr. Caruso from challenging the validity of this release under the Federal Discrimination Laws or from filing a charge or complaint of age or other employment related discrimination with the Equal Employment Opportunity Commission
(“EEOC”), or from participating in any investigation or proceeding conducted by the EEOC. However, the release in Sections 10 and 11 does prohibit Mr. Caruso from seeking or receiving monetary damages or other individual-specific
relief in connection with any such charge or complaint of age or other employment-related discrimination. Further, nothing in this Agreement shall be deemed to limit the Company’s right to seek immediate dismissal of such charge or complaint on
the basis that Mr. Caruso’s signing of this Agreement constitutes a full release of any individual rights under the Federal Discrimination Laws, or the Company’s right to seek restitution or other legal remedies to the extent
permitted by law of the economic benefits provided to Mr. Caruso under this Agreement in the event that Mr. Caruso successfully challenges the validity of this release and prevails in any claim under the Federal Discrimination Laws. 

12. Miscellaneous Provisions. 

(i) This Agreement supersedes any and all other prior oral and/or written agreements and sets forth the entire agreement between
Mr. Caruso and the Company with respect to his resignation from the Company. For clarity, the Cynosure Employment Agreement and the Palomar Employment Agreement are hereby terminated and superseded with no further monies or obligations of any
kind owed by the Company to Mr. Caruso thereunder. No variations or modifications hereof shall be deemed valid unless reduced to writing and signed by the parties hereto. 

(ii) This Agreement shall be deemed to have been made in the Commonwealth of Massachusetts, shall take effect as an instrument under seal, and
the validity, interpretation and performance of this Agreement shall be governed by, and 

  
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construed in accordance with, the internal law of the Commonwealth of Massachusetts, without giving effect to conflict of law principles. Any action, demand, claim or counterclaim relating to the
terms and provisions of this Agreement, or to its breach, shall be commenced in Massachusetts in a court of competent jurisdiction, and that venue for such actions shall lie exclusively in Massachusetts. Mr. Caruso agrees that a court in
Massachusetts will have personal jurisdiction over him, and he agrees to waive any right to raise a defense of lack of personal jurisdiction by such a court. The Company and Mr. Caruso agree to accept service of process by mail. The Parties
further agree that any action, demand, claim or counterclaim relating to this Agreement shall be resolved by a judge alone, and both parties hereby waive and forever renounce the right to a trial before a civil jury. 

(iii) This Agreement shall inure to the benefit of Cynosure, Palomar, and any of their successors and assigns. 

(iv) This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute but one and the same instrument. Any signature executed in connection with this Agreement may be transmitted by facsimile as executed or a scanned and e-mailed copy of this Agreement as executed and shall be treated for all purposes as an
original document. 
 (v) Nothing in this Agreement modifies the existing indemnification rights of Mr. Caruso, including but not
limited to rights under the Company’s Bylaws and Certificate of Incorporation and rights under Section 6.11 of the Merger Agreement, including continued coverage under any directors and officers insurance policies, with such
indemnification determined by the Board or any of its committees in good faith based on principles consistently applied and on terms no less favorable than those provided to any other Company executive officer or director. 

(vi) For purposes of determining the date of any payment hereunder that is subject to Section 409A of the Code and payable upon or with
respect to Mr. Caruso’s “separation from service,” as such term is defined in Treas. Reg. Section 1.409A-1(h), from Cynosure, the Separation Date shall be the date of Mr. Caruso’s “separation from
service” from Cynosure. The tax treatment of payments to Mr. Caruso under this Agreement, including pursuant to Section 409A or Section 4999 of the Code, is not warranted or guaranteed, and neither Cynosure nor Palomar, nor any
of their shareholders, employees, directors, officers, agents or affiliates, shall be held liable for any taxes, interest, excise taxes, penalties, additions to tax, Social Security, Medicare, or other monetary amounts owed by Mr. Caruso to any
governmental authority as a result of any payments made or owing under this Agreement. Without limiting the generality of the foregoing, Mr. Caruso shall have no right to any “gross-up” for any taxes or similar payments paid or owing
by Mr. Caruso, whether pursuant to Section 409A or Section 4999 of the Code or otherwise. Each installment and other separately designated payment under this Agreement shall be considered a separate payment within the meaning of
Treasury Regulation Section 1.409A-2(b)(2). Any payment or other distribution hereunder may be reduced by 

  
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any amount (including employment taxes) required to be withheld by Cynosure or Palomar under any applicable law, rule, regulation, order or other requirement of any governmental authority.
Cynosure and Palomar have full authority to withhold any taxes (including employment taxes) applicable to amounts payable hereunder from other compensation owing to Mr. Caruso that is not payable hereunder. For clarity, although the Company and
Mr. Caruso believe that no taxes are owed pursuant to Section 409A or Section 4999 other than as specifically set forth in Section 2(ii), if it is later determined that additional taxes are owed, under Section 409A,
Section 4999 or any other tax provision, Mr. Caruso is responsible and assumes all liability therefore. 
 13. Effective
Date. All aspects of this Agreement, other than those provisions pertaining to the release of age discrimination claims in Section 2(iii) and Section 11 of this Agreement shall be effective upon execution on the Separation Date. As to
the release of age discrimination claims in Section 11 of this Agreement, Mr. Caruso hereby acknowledges that he was informed and understands that he has twenty-one (21) days within which to consider the release of age discrimination
claims in Section 11, that he has been advised of his right to consult with an attorney regarding such release of age discrimination claims in Section 11, and has considered carefully every provision of Section 11 of the Agreement,
and that, after having engaged in these actions, he agrees to enter into the Agreement prior to the expiration of the 21 day period set forth in Section 11. The release of age discrimination claims in Section 11 and Legal Fee Pay in
conjunction therewith under Section 2(iii) shall be effective upon the expiration of the seven (7) day revocation period as set forth in Section 11. For avoidance of doubt, revocation of the release of the age discrimination claims
within the 7 day period pertains solely to the release of age discrimination claims in Section 11 and the Legal Fee Pay set forth in Section 2(iii) and shall in no way affect the validity of all other aspects of this Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
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 Executed this 6th day of September, 2013. 

 

							
	Cynosure, Inc. & Palomar	 		 	Joseph P. Caruso
	Medical Technologies, LLC	 		 	
				
	By:	 	 /s/ Michael R. Davin
	 		 	 /s/ Joseph P. Caruso

	Michael R. Davin	 		 	
	Chief Executive Officer	 		 	

  
 13 

 EXHIBIT A 

  
 14 

 September 6, 2013 

Cynosure, Inc. 
 Attention: Board of Directors 

5 Carlisle Road 
 Westford, Massachusetts 01886 

 

			
	Re:	  	Resignation as an Employee, Director and Officer of Cynosure, Inc. and its Subsidiaries, including but not limited to Palomar Medical Technologies, LLC

 To whom it may concern: 

I hereby resign from any and all positions I hold as an employee, director and officer of Cynosure, Inc., a Delaware corporation (the
“Company”), and of each of the Company’s subsidiaries, including but not limited to Palomar Medical Technologies, LLC in each instance effective immediately. 

 

	
	Very truly yours,
	
	  

	Joseph P. Caruso

  
 15 

 EXHIBIT B 

LIST OF COMPANIES AND/OR 

BUSINESS ENTITIES PURSUANT TO SECTION 7(i) and 7(ii) OF AGREEMENT 

 

	1.	Alma Lasers Ltd. 

  

	2.	Asclepion Laser Technologies GmbH 

  

	3.	Cutera, Inc. 

  

	4.	Deka Laser Technologies, Inc. 

  

	5.	Lumenis Ltd. 

  

	6.	Lutronic, Inc. 

  

	7.	New Star Lasers, Inc. /CoolTouch, Inc. 

  

	8.	PhotoMedex, Inc. 

  

	9.	Sciton, Inc. 

  

	10.	Solta Medical, Inc. 

  

	11.	Syneron, Inc. 

  

	12.	Tria Beauty, Inc. 

  

	13.	Zeltiq Aesthetics, Inc. 

  
 16EX-10.18.2

 Exhibit 10.18.2 

EXECUTION COPY 

AMENDMENT NO. 1 
 TO

 INVESTMENT AGREEMENT 

OF 
 PANACELA LABS, INC.

 This AMENDMENT No.1 TO INVESTMENT AGREEMENT (this “Amendment”), dated as of September 3, 2013 (the
“Effective Date”) by and among Panacela Labs, Inc., a Delaware corporation (the “Company”), Cleveland Biolabs, Inc., a Delaware corporation (“CBLI”), and Open Joint Stock Company
“Rusnano”, a company organized under the laws of the Russian Federation (“Rusnano” and, together with CBLI, the “Investors”). 

RECITALS 
 WHEREAS,
the Company and the Investors are parties to that certain Investment Agreement dated as of September 27, 2011 (the “Investment Agreement”);  

WHEREAS, Rusnano now is willing to extend a loan to the Company in the principal amount of US$1,530,000 (the “Loan”),
and the Company desires to accept such Loan from Rusnano, on the terms and conditions of (i) that certain Master Agreement between the Company and the Investors, and (ii) that certain Convertible Loan Agreement between the Company in favor
of Rusnano to evidence the Loan on or about the date hereof (the “Loan Agreement”); 
 WHEREAS, in connection with
the transactions contemplated under the Master Agreement, Rusnano has requested, and the Company has agreed, among other things, to amend the Investment Agreement to clarify that Rusnano has the right, but not the obligation, to contribute to
capital or otherwise finance the operations of the Company and/or its Russian subsidiary, Limited Liability Company “Panacela Labs” (the “Russian Entity”) in an amount up 

  
 1 

 
to US$15,470,000, which right (together with the Loan) will replace and substitute Rusnano’s commitment, following the Initial Closing (as defined in the Investment Agreement) to finance the
Company’s operations in an amount of US$17,000,000 in accordance with the Investment Agreement; 
 WHEREAS, Section 11.14
of the Investment Agreement provides that the Investment Agreement may be amended only if such amendment is in writing and signed by all parties to the Investment Agreement; and 

WHEREAS, the Investors and the Company constitute all of the parties necessary to effectuate this Amendment and such parties desire to
enter into this Amendment to reflect the agreed upon modifications to the Investment Agreement as set forth below. 
 NOW THEREFORE, THE
PARTIES HEREBY AGREE AS FOLLOWS: 
 1. Definitions. Unless otherwise indicated herein, words and terms which are defined in the Investment
Agreement shall have the same meanings when used herein. 
 2. Amendment to Section 5.1 (c). Section 5.1 (c) of the Agreement is
hereby amended and restated in its entirety to read as follows: 
 “(c) Subsequent Closings: 

Upon the achievement by the Company of the respective Milestones set forth in Schedule 1(dd) hereto (unless waived by Rusnano in its
sole discretion), and the fulfillment or waiver of the conditions to the Second Closing, Third Closing and Fourth Closing set forth in Schedule 5.1(c)(ii) to Rusnano’s satisfaction (in Rusnano’s sole discretion), Rusnano shall have
the right, but not the obligation, to acquire additional shares of Preferred Stock of the Company for a purchase price per share of $1,057 (as adjusted for stock splits, share combinations, consolidations or similar changes to the share capital of
the Company) within 30 days (subject to additional extension of time deemed necessary by Rusnano) of each respective Second Closing, Third Closing and Fourth Closing; provided that if Rusnano elects, in its discretion, to exercise any
of its Warrants (as set 

  
 2 

 
forth in Section 5.1(d)), then the number of shares of Preferred Stock Rusnano may acquire and the purchase price to be paid therefor under this Section 5.1 shall be reduced by the
amount exercised pursuant to such Warrant.” 
 3. Amendment to Section 5.1 (e). Section 5.1 (e) of the Agreement is hereby
amended and restated in its entirety to read as follows: 
 “(e) Following the occurrence of the Initial Closing under this Agreement,
the maximum amount Rusnano may contribute to the Company or the Russian Entity during the Project to purchase shares of Preferred Stock at a price of $1,057 (as adjusted for stock splits, share combinations, consolidations or similar changes to the
share capital of the Company) shall not exceed US$17,000,000 (or RUR equivalent of this amount), with any specific amount to be purchased at any closing to be determined unilaterally by Rusnano (including, for the avoidance of doubt, any amounts
invested through conversion of indebtedness in the principal amount of US$1,530,000, plus accrued and unpaid interest thereon, extended by Rusnano to the Company on or about the date hereof). Any such financing is not a legal obligation on the part
of Rusnano and may be provided or withheld by Rusnano in its discretion.” 
 4. Amendment to Schedule 5.1(c). Schedule 5.1(c)(iii) of the
Agreement shall be deleted in its entirety. 
 5. Continued Validity of Agreement. Except as specifically amended hereby, the Investment Agreement
shall continue in full force and effect as originally constituted and is ratified and affirmed by the parties hereto. 
 6. Successors and Assigns.
Except as otherwise provided herein, the terms and conditions of this Amendment shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. 

7. Governing Law. This Amendment and its enforcement, and any and all claims or disputes arising out of, relating to, or in connection with this
Amendment or the making, performance, or interpretation of this Amendment, shall be governed by and construed exclusively in accordance with the State of New York’s substantive law (including but not limited to its law governing the 

  
 3 

 
attorney-client privilege and work product doctrine), without regard to the conflicts of law or choice of law principles of the State of New York or any other jurisdiction (including but not
limited to U.S. federal law) that would require the application of the law of any other jurisdiction. 
 8. Counterparts. This Amendment may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be
effective as delivery of an original executed counterpart of this Amendment, provided that it shall be followed-up by an original of such counterpart signature within five (5) business days thereafter. 

[Signatures Follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have signed this Amendment as of the day and year
first above written. 
  

			
	 COMPANY:
 PANACELA LABS,
INC.

		
	By:	 	/s/ Michael Fonstein, Ph.D.
	 Name:

Title:
	 	 Michael Fonstein, Ph.D.
 Executive Chairman
of the Board

  

			
	 INVESTORS:
 CLEVELAND
BIOLABS, INC.

		
	By:	 	/s/ Yakov Kogan, Ph.D., MBA
	 Name:

Title:
	 	 Yakov Kogan, Ph.D., MBA
 Chief Executive
Officer

  

			
	 OPEN JOINT STOCK COMPANY

“RUSNANO”

		
	 By:
	 	/s/ Yurii Udaltsov
	 Name:

Title:
	 	 Yurii Udaltsov
 Deputy Chairman of the
Management Board

  
 5

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