Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

SECURITY AGREEMENT 

THIS SECURITY AGREEMENT dated as of October 11, 2016 (as amended, modified, restated or supplemented from time to time, this
“Security Agreement”) is by and among the parties identified as “Grantors” on the signature pages hereto and such other parties as may become Grantors hereunder after the date hereof (individually a
“Grantor”, and collectively the “Grantors”) and Visium Healthcare Partners, LP, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties (defined below). 

W I T N E S S E T H 

WHEREAS, a credit facility has been established in favor of Venus Concept Canada Corp., an Ontario corporation (“Venus
Canada”), and Venus Concept USA Inc., a Delaware corporation (“Venus USA” and together with Venus Canada, each a “Borrower” and collectively, the “Borrowers”), pursuant to the terms of that
certain Credit Agreement dated as of October 11, 2016 (as amended, modified, restated, supplemented or extended from time to time, the “Credit Agreement”) among the Borrowers, Venus Concept Ltd., an Israeli corporation, as a
Guarantor, the other Guarantors, the Lenders from time to time party thereto and the Administrative Agent; 
 WHEREAS, it is required
under the terms of the Credit Agreement that the Grantors shall have granted the security interests and undertaken the obligations contemplated by this Security Agreement; and 

WHEREAS, this Security Agreement is required under the terms of the Credit Agreement. 

NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. 

(a) Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Credit Agreement. 

(b) The following terms shall have the meanings assigned thereto in the UCC (defined below): Accession, Account, As-Extracted Collateral, Chattel Paper, Commercial Tort Claim, Consumer Goods, Deposit Account, Document, Electronic Chattel Paper, Equipment, Farm Products, Fixtures, General Intangible, Goods, Instrument,
Inventory, Investment Property, Letter-of-Credit Right, Manufactured Home, Money, Payment Intangibles, Proceeds, Securities Account, Securities Entitlement, Securities
Intermediary, Software, Standing Timber, Supporting Obligation and Tangible Chattel Paper. 
 (c) As used herein, the
following terms shall have the meanings set forth below: 
 “Administrative Agent” has the meaning provided
in the introductory paragraph hereof. 

 “Borrower” and “Borrowers” have the
respective meanings provided in the recitals hereof. 
 “Collateral” has the meaning provided in
Section 2 hereof. 
 “Credit Agreement” has the meaning provided in the recitals
hereof. 
 “Grantor” and “Grantors” have the respective meanings provided in the
introductory paragraph hereof. 
 “Material IP Rights” means IP Rights that (a) are material to the
operations, business, property or condition (financial or otherwise) of the Grantors or their licensee(s) or (b) the loss of which could reasonably be expected to have a Material Adverse Effect. 

“Secured Obligations” means, without duplication, (a) all Obligations and (b) all costs and expenses
incurred in connection with enforcement and collection of the Obligations, including the fees, charges and disbursements of counsel. 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders and the Indemnitees, and
“Secured Party” means any one of them. 
 “Security Agreement” has the meaning provided in
the introductory paragraph hereof. 
 “UCC” means the Uniform Commercial Code as in effect from time to time
in the State of New York except as such term may be used in connection with the perfection of the Collateral and then the applicable jurisdiction with respect to such affected Collateral shall apply. 

“Venus Canada” has the meaning provided in the recitals hereof. “Venus USA” has the meaning
provided in the recitals hereof. 
 2. Grant of Security Interest in the Collateral. To secure the prompt payment and performance in
full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, each Grantor hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in
any and all right, title and interest of such Grantor in and to all of the following, whether now owned or existing or owned, acquired or arising hereafter (collectively, the “Collateral”): 

(a) all Accounts; 

(b) all Chattel Paper; 

(c) all Commercial Tort Claims, including those identified on Schedule 2(c) attached hereto; 

(d) all Copyrights; 

  
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 (e) all Copyright Licenses; 

(f) all Deposit Accounts; 

(g) all Documents; 

(h) all Domain Names; 

(i) all Drug Applications; 

(j) all Equipment; 

(k) all Fixtures; 

(l) all General Intangibles; 

(m) all Goods; 

(n) all Governmental Licenses; 

(o) all Instruments; 

(p) all Inventory; 

(q) all Investment Property; 

(r) all IP Rights; 

(s) all Letter-of-Credit Rights; 

(t) all Money; 

(u) all Patents; 

(v) all Patent Licenses; 

(w) all Payment Intangibles; 

(x) all Proprietary Databases; 

(y) all Proprietary Software; 

(z) all Software; 

(aa) all Supporting Obligations; 

(bb) all Trademarks; 

(cc) all Trademark Licenses; 

  
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 (dd) all Trade Secrets; 

(ee) all Websites; 

(ff) all Website Agreements; and 

(gg) all Accessions and all Proceeds of any and all of the foregoing. 

Notwithstanding anything to the contrary contained herein, the security interests granted under this Security Agreement shall not extend to
(i) any Excluded Property and (ii) any Pledged Collateral (as defined in the U.S. Pledge Agreement). 
 The Grantors and the
Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the security interest created hereby in the Collateral (i) constitutes continuing collateral security for all of the Secured Obligations, whether now
existing or hereafter arising and (ii) is not and shall not be construed as an assignment of any IP Rights. 
 3. Provisions
Relating to Accounts. Anything herein to the contrary notwithstanding, each of the Grantors shall remain liable under each of the Accounts to observe and perform all the conditions and obligations to be observed and performed by it thereunder,
all in accordance with the terms of any agreement giving rise to each such Account. Neither the Administrative Agent nor any Secured Party shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of
or arising out of this Security Agreement or the receipt by the Administrative Agent or any Secured Party of any payment relating to such Account pursuant hereto, nor shall the Administrative Agent or any Secured Party be obligated in any manner to
perform any of the obligations of a Grantor under or pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency
of any performance by any party under any Account (or any agreement giving rise thereto), to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to
which it may be entitled at any time or times. 
 4. Representations and Warranties. Each Grantor hereby represents and warrants to
the Administrative Agent, for the benefit of the Secured Parties, that: 
 (a) Ownership. Each Grantor is the legal
and beneficial owner of, or has rights to use, its Collateral and has the right to pledge, sell, assign or transfer the same. 

(b) Security Interest/Priority. This Security Agreement creates a valid security interest in favor of the Administrative
Agent, for the benefit of the Secured Parties, in the Collateral of such Grantor and, when properly perfected by the filing of a UCC financing statement or other evidence of the interests granted herein with appropriate Governmental Authorities,
shall constitute a valid, perfected, first priority (subject only to the Liens on the Permitted Senior Revolving Credit Priority Collateral in favor of the Permitted Senior Revolving Credit Lender, if any, and Liens permitted under
Section 8.01(i) of the Credit Agreement) security interest in such Collateral, to the extent such security interest can be perfected by filing a financing statement under the UCC or other evidence, free and clear of all Liens except for
Permitted Liens. With respect to any Collateral (excluding any 

  
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Excluded Accounts) consisting of a Deposit Account, Securities Entitlement or held in a Securities Account, upon execution and delivery by the applicable Grantor, the applicable depository bank
or Securities Intermediary and the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected, first priority security interest in such
Collateral. 
 (c) Types of Collateral. None of the Collateral consists of, or is the Accessions or the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes or Standing Timber. 

(d) Accounts. (i) Each Account of the Grantors and the papers and documents relating thereto are genuine and in all
material respects accurate and what they purport to be, (ii) each Account arises out of (A) a bona fide sale of goods sold and delivered by such Grantor (or is in the process of being delivered), (B) services theretofore actually rendered
by such Grantor to, the account debtor named therein or (C) a Subscription Agreement, (iii) no Account of a Grantor is evidenced by any Instrument or Chattel Paper unless such Instrument or Chattel Paper, to the extent requested by the
Administrative Agent, has been endorsed over and delivered to, or submitted to the control of, the Administrative Agent, (iv) no surety bond was required or given in connection with any Account of a Grantor or the contracts or purchase orders
out of which they arose and (v) the right to receive payment under each Account is assignable. 
 (e) Equipment and
Inventory. With respect to any Equipment and/or Inventory of a Grantor, each such Grantor has exclusive possession and control of such Equipment and Inventory of such Grantor except for (i) Equipment leased by such Grantor as a lessee,
(ii) Equipment or Inventory in transit with common carriers or (iii) Equipment in the possession of contract manufacturers and other service providers. No Inventory of a Grantor is held by a Person other than a Grantor pursuant to
consignment, sale or return, sale on approval or similar arrangement. 
 (f) No Other Instruments, Etc. As of the
Funding Date, no Grantor holds any Instruments, Documents or Tangible Chattel Paper required to be pledged and delivered to the Administrative Agent pursuant to Section 5(b) of this Security Agreement other than as set
forth on Schedule 4(f) hereto. All such Instruments, Documents and Tangible Chattel Paper have been delivered to the Administrative Agent. 

(g) Contracts; Agreements; Licenses. The Grantors have no Material Contracts which are
non-assignable by their terms (other than those certain agreements set forth in Schedule 4(g) attached hereto), or as a matter of law, or which prevent the granting of a security interest therein. 

(h) Consents; Etc. Except for (i) the filing or recording of UCC financing statements, (ii) the filing of
appropriate notices with the United States Patent and Trademark Office and the United States Copyright Office and patent, trademark and copyright offices and other appropriate Governmental Authorities in other countries or political subdivisions
thereof, (iii) obtaining control to perfect the Liens created by this Security Agreement (to the extent required under Section 5(b) and Section 5(d) hereof) and

  
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(iv) consents, authorizations, filings or other actions which have been obtained or made, no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or
Governmental Authority and no consent of any other Person (including, without limitation, any stockholder, member or creditor of such Grantor), is required for (A) the grant by such Grantor of the security interest in the Collateral granted
hereby or for the execution, delivery or performance of this Security Agreement by such Grantor, (B) the perfection of such security interest (to the extent such security interest can be perfected by filing under the UCC, the granting of
control (to the extent required under Section 5(b) and Section 5(d) hereof) or by filing an appropriate notice with the United States Patent and Trademark Office or the United States Copyright
Office or patent, trademark and copyright offices and other appropriate Governmental Authorities in other countries or political subdivisions thereof) or (C) other than with respect to the licenses set forth on Schedule 4(g) attached
hereto, the exercise by the Administrative Agent or the Secured Parties of the rights and remedies provided for in this Security Agreement. 

(i) Commercial Tort Claims. Such Grantor has no Commercial Tort Claims other than those listed on Schedule 2(c).

 5. Covenants. Each Grantor covenants that, so long as any of the Secured Obligations (other than contingent indemnification
obligations for which no claim has been asserted) remains outstanding and until all of the Commitments relating thereto have been terminated, such Grantor shall: 

(a) Other Liens. Defend the Collateral against Liens thereon other than Permitted Liens. 

(b) Instruments/Tangible Chattel Paper/Documents. If any amount in excess of $150,000 payable under or in connection
with any of the Collateral shall be or become evidenced by any Instrument or Tangible Chattel Paper, or if any property constituting Collateral shall be stored or shipped subject to a Document, ensure that such Instrument, Tangible Chattel Paper or
Document is either in the possession of such Grantor at all times or, if requested by the Administrative Agent to perfect its security interest in such Collateral, is delivered to the Administrative Agent, duly endorsed in a manner reasonably
satisfactory to the Administrative Agent. Such Grantor shall ensure that any Collateral consisting of Tangible Chattel Paper is marked with a legend reasonably acceptable to the Administrative Agent indicating the Administrative Agent’s
security interest in such Tangible Chattel Paper. 
 (c) Perfection of Security Interest. Execute and deliver to the
Administrative Agent such agreements, assignments or instruments (including affidavits, notices, reaffirmations and amendments and restatements of existing documents, as the Administrative Agent shall reasonably request) and do all such other things
as the Administrative Agent may reasonably deem necessary, appropriate or convenient (i) to assure to the Administrative Agent the effectiveness, perfection and priority of its security interests in the Collateral hereunder, including
(A) such instruments as the Administrative Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC, (B) with regard to

  
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Copyrights and Copyright Licenses, a Notice of Grant of Security Interest in Copyrights for filing with the United States Copyright Office in the form of Exhibit 5(c)(i) attached hereto,
(C) with regard to Patents and Patent Licenses, a Notice of Grant of Security Interest in Patents for filing with the United States Patent and Trademark Office in the form of Exhibit 5(c)(ii) attached hereto and (D) with regard to
Trademarks registered with the United States Patent and Trademark Office and all applications for Trademarks filed with the United States Patent and Trademark Office and Trademark Licenses, a Notice of Grant of Security Interest in Trademarks for
filing with the United States Patent and Trademark Office in the form of Exhibit 5(c)(iii) attached hereto, (ii) to consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent
of its rights and interests hereunder. To that end, each Grantor authorizes the Administrative Agent to file one or more financing statements (including authorization to describe the Collateral as “all assets” or words of similar meaning)
disclosing the Administrative Agent’s security interest in any or all of the Collateral of such Grantor without such Grantor’s signature thereon, and further each Grantor also hereby irrevocably makes, constitutes and appoints the
Administrative Agent, its nominee or any other Person whom the Administrative Agent may designate, as such Grantor’s attorney-in-fact with full power and for the
limited purpose to sign in the name of such Grantor any such financing statements (including renewal statements), amendments and supplements, notices or any similar documents that in the Administrative Agent’s reasonable discretion would be
necessary, appropriate or convenient in order to perfect and maintain perfection of the security interests granted hereunder, such power, being coupled with an interest, being and remaining irrevocable so long as the Secured Obligations (other than
contingent indemnification obligations for which no claim has been asserted) remain unpaid and until the Commitments relating thereto shall have been terminated. Each Grantor hereby agrees that a carbon, photographic or other reproduction of this
Security Agreement or any such financing statement is sufficient for filing as a financing statement by the Administrative Agent without notice thereof to such Grantor wherever the Administrative Agent may in its sole discretion desire to file the
same. In the event for any reason the law of any jurisdiction other than New York becomes or is applicable to the Collateral of any Grantor or any part thereof, or to any of the Secured Obligations, such Grantor agrees to execute and deliver all
such instruments and to do all such other things as the Administrative Agent in its sole discretion reasonably deems necessary, appropriate or convenient to preserve, protect and enforce the security interests of the Administrative Agent under the
law of such other jurisdiction (and, if a Grantor shall fail to do so promptly upon the request of the Administrative Agent, then the Administrative Agent may execute any and all such requested documents on behalf of such Grantor pursuant to the
power of attorney granted hereinabove). If any Collateral is in the possession or control of a Grantor’s agents (other than contract manufacturers and other service providers in the ordinary course of business) and the Administrative Agent so
requests, such Grantor agrees to notify such agents in writing of the Administrative Agent’s security interest therein and, upon the Administrative Agent’s request, instruct them to hold all such Collateral for the account of the Secured
Parties. Each Grantor agrees to mark its books and records to reflect the security interest of the Administrative Agent in the Collateral. 

  
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 (d) Control. Execute and deliver (and cause to be executed and
delivered) all agreements, assignments, instruments or other documents as the Administrative Agent shall reasonably request for the purpose of obtaining and maintaining control within the meaning of the UCC with respect to any Collateral consisting
of Deposit Accounts and securities accounts, in each case other than Excluded Accounts (in accordance with Section 8.19 of the Credit Agreement), Investment Property (excluding securities accounts), Letter-of-Credit Rights and Electronic Chattel Paper. 
 (e) Collateral held by
Warehouseman, Bailee, etc. If any Collateral with a value greater than $250,000 is at any time in the possession or control of a warehouseman, bailee, agent or processor of such Grantor and is expected to remain in possession and control of such
third party, (i) notify the Administrative Agent of such possession or control and (ii) upon the Administrative Agent’s request, (A) notify such Person of the Administrative Agent’s security interest in such Collateral,
(B) instruct such Person to hold all such Collateral for the Administrative Agent’s account and, upon the occurrence of an Event of Default and during the continuation thereof, subject to the Administrative Agent’s instructions and
(C) use commercially reasonable efforts to obtain an acknowledgment from such Person that it is holding such Collateral for the benefit of the Administrative Agent. 

(f) Treatment of Accounts. Not grant or extend the time for payment of any Account, or compromise or settle any Account
for less than the full amount thereof, or release any Person or property, in whole or in part, from payment thereof, or allow any credit or discount thereon, in each case other than as normal and customary in the ordinary course of a Grantor’s
business or as required by law. 
 (g) Insurance. Insure, repair and replace the Collateral of such Grantor to the
extent set forth in the Credit Agreement. All insurance proceeds shall be subject to the security interest of the Administrative Agent hereunder. 

(h) Commercial Tort Claims. 

(i) Promptly notify the Administrative Agent in writing of the initiation of any Commercial Tort Claim before any Governmental
Authority by or in favor of such Grantor. 
 (ii) Execute and deliver such statements, documents and notices and do and cause
to be done all such things as the Administrative Agent may reasonably deem necessary, appropriate or convenient, or as are required by law, to create, preserve, perfect and maintain the Administrative Agent’s security interest in any Commercial
Tort Claim. 
 (i) Collateral Access Agreements. For any real property leased by such Grantor that is subject to a
Collateral Access Agreement in favor of the Administrative Agent, (i) promptly notify the Administrative Agent following receipt of written notice delivered to such Grantor under such lease of a change in the identity of the lessor and
(ii) use commercially reasonable efforts to obtain such replacement or new Collateral Access Agreements for such real property as the Administrative Agent may request as a result of such change in the identity of the lessor. 

  
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 6. Advances. On failure of any Grantor to perform any of the covenants and agreements
contained herein or in any other Loan Document, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the
performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other
expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors, on demand, on a joint and
several basis (subject to Section 22 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such
performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any Default or Event of Default. The Administrative Agent may make any payment
hereby authorized in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged, without inquiry into the accuracy of such bill, statement or estimate or into the validity of
any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with
GAAP. 
 7. Remedies. 

(a) General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Administrative
Agent shall have, in addition to the rights and remedies provided herein, in the Loan Documents, in any other documents relating to the Secured Obligations, or by law (including, without limitation, levy of attachment, garnishment and the rights and
remedies set forth in the UCC of the jurisdiction applicable to the affected Collateral), the rights and remedies of a secured party under the UCC of the jurisdiction applicable to the affected Collateral and, further, the Administrative Agent may,
with or without judicial process or the aid and assistance of others to the extent permitted by applicable law, (i) enter on any premises on which any of the Collateral may be located and, without resistance or interference by the Grantors,
take possession of the Collateral, (ii) dispose of any Collateral on any such premises, (iii) require the Grantors to assemble and make available to the Administrative Agent at the expense of the Grantors any Collateral at any place and
time designated by the Administrative Agent that is reasonably convenient to both parties, (iv) remove any Collateral from any such premises for the purpose of effecting the sale or other disposition thereof and/or (v) at any place and
time or times, sell and deliver any or all Collateral held by or for it at public or private sale, by one or more contracts, in one or more parcels, for cash, upon credit or otherwise, at such prices and upon such terms as the Administrative Agent
deems advisable, in its sole discretion (subject to any and all mandatory legal requirements). Each of the Grantors acknowledges that any private sale referenced above may be at prices and on terms less favorable to the seller than the prices and
terms that might have been obtained at a public sale. In addition to all other sums due the Administrative Agent and the Secured Parties with respect to the Secured Obligations, the Grantors shall pay the Administrative Agent and each of the Secured
Parties all reasonable costs and expenses incurred by the Administrative Agent or any such Secured Party, in enforcing its remedies hereunder 

  
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including, but not limited to, reasonable attorneys’ fees and court costs, in obtaining or liquidating the Collateral, in enforcing payment of the Secured Obligations, or in the prosecution
or defense of any action or proceeding by or against the Administrative Agent or the Secured Parties or the Grantors concerning any matter arising out of or connected with this Security Agreement, any Collateral or the Secured Obligations,
including, without limitation, any of the foregoing arising in, arising under or related to a case under Debtor Relief Laws. To the extent the rights of notice cannot be legally waived hereunder, each Grantor agrees that any requirement of
reasonable notice shall be met if such notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to the Borrower in accordance with the notice
provisions of Section 11.02 of the Credit Agreement at least ten (10) Business Days before the time of sale or other event giving rise to the requirement of such notice. The Administrative Agent may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Administrative Agent shall not be obligated to make any sale or other
disposition of the Collateral regardless of notice having been given. To the extent permitted by law, any Secured Party may be a purchaser at any such sale. To the extent permitted by applicable law, each of the Grantors hereby waives all of its
rights of redemption with respect to any such sale. Subject to the provisions of applicable law, the Administrative Agent and the Secured Parties may postpone or cause the postponement of the sale of all or any portion of the Collateral by
announcement at the time and place of such sale, and such sale may, without further notice, to the extent permitted by law, be made at the time and place to which the sale was postponed, or the Administrative Agent may further postpone such sale by
announcement made at such time and place. 
 (b) Remedies Relating to Accounts. Upon the occurrence of an Event of
Default and during the continuation thereof, whether or not the Administrative Agent has exercised any or all of its rights and remedies hereunder, (i) each Grantor will promptly upon request of the Administrative Agent instruct all account
debtors to remit all payments in respect of Accounts to a mailing location selected by the Administrative Agent and (ii) the Administrative Agent shall have the right to enforce any Grantor’s rights against its customers and account
debtors, and the Administrative Agent or its designee may notify (or require such Grantor to notify) any Grantor’s customers and account debtors that the Accounts of such Grantor have been assigned to the Administrative Agent or of the
Administrative Agent’s security interest therein and may (either in its own name or in the name of a Grantor or both) demand, collect (including without limitation by way of a lockbox arrangement), receive, take receipt for, sell, sue for,
compound, settle, compromise and give acquittance for any and all amounts due or to become due on any Account, and, in the Administrative Agent’s discretion, file any claim or take any other action or proceeding to protect and realize upon the
security interest of the Secured Parties in the Accounts. Each Grantor acknowledges and agrees that the Proceeds of its Accounts remitted to or on behalf of the Administrative Agent in accordance with the provisions hereof shall be solely for the
Administrative Agent’s own convenience and that such Grantor shall not have any right, title or interest in such Accounts or in any such other amounts except as expressly provided herein. The Administrative Agent and the other Secured Parties
shall have no liability or responsibility to any Grantor for acceptance of a 

  
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check, draft or other order for payment of money bearing the legend “payment in full” or words of similar import or any other restrictive legend or endorsement or be responsible for
determining the correctness of any remittance. Furthermore, upon the occurrence of an Event of Default and during the continuation thereof, (i) the Administrative Agent shall have the right, but not the obligation, to make test verifications of
the Accounts in any manner and through any medium that it reasonably considers advisable, and the Grantors shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications,
(ii) upon the Administrative Agent’s request and at the expense of the Grantors, the Grantors shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports
showing reconciliations, aging and test verifications of and trial balances for, the Accounts and (iii) the Administrative Agent in its own name or in the name of others may communicate with account debtors on the Accounts to verify with them
to the Administrative Agent’s satisfaction the existence, amount and terms of any Accounts. 
 (c) Access. In
addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent shall have the right to enter and remain upon the various premises of the Grantors without cost
or charge to the Administrative Agent and use the same, together with materials, supplies, books and records of the Grantors for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the
Collateral, whether by foreclosure, auction or otherwise. In addition, the Administrative Agent may remove Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively collect or liquidate such
Collateral. 
 (d) Nonexclusive Nature of Remedies. Failure by the Administrative Agent or the Secured Parties to
exercise any right, remedy or option under this Security Agreement, any other Loan Document, any other documents relating to the Secured Obligations, or as provided by law, or any delay by the Administrative Agent or the Secured Parties in
exercising the same, shall not operate as a waiver of any such right, remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced and then only to the extent
specifically stated, which in the case of the Administrative Agent or the Secured Parties shall only be granted as provided herein. To the extent permitted by law, neither the Administrative Agent, the Secured Parties, nor any party acting as
attorney for the Administrative Agent or the Secured Parties, shall be liable hereunder for any acts or omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct hereunder. The rights
and remedies of the Administrative Agent and the Secured Parties under this Security Agreement shall be cumulative and not exclusive of any other right or remedy that the Administrative Agent or the Secured Parties may have. 

(e) Retention of Collateral. To the extent permitted by applicable law, in addition to the rights and remedies
hereunder, the Administrative Agent may, in compliance with Sections 9-620 and 9-621 of the UCC (or any successor section) or otherwise complying with the requirements
of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative
Agent shall not be deemed to have accepted or retained any Collateral in satisfaction of any Secured Obligations for any reason. 

  
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 (f) Deficiency. In the event that the proceeds of any sale,
collection or realization are insufficient to pay all amounts to which the Administrative Agent or the Secured Parties are legally entitled, the Grantors shall be jointly and severally liable for the deficiency (subject to
Section 22 hereof), together with interest thereon at the Default Rate, together with the costs of collection and the reasonable fees, charges and disbursements of counsel. Any surplus remaining after the full payment and
satisfaction of the Secured Obligations shall be returned to the Grantors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 

8. Rights of the Administrative Agent. 

(a) Power of Attorney. In addition to other powers of attorney contained herein, each Grantor hereby designates and
appoints the Administrative Agent, on behalf of the Secured Parties, and each of its designees or agents, as attorney-in-fact of such Grantor, irrevocably and with power
of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default: 

(i) to demand, collect, settle, compromise and adjust, and give discharges and releases concerning the Collateral, all as the
Administrative Agent may reasonably deem appropriate; 
 (ii) to commence and prosecute any actions at any court for the
purposes of collecting any of the Collateral and enforcing any other right in respect thereof; 
 (iii) to defend, settle or
compromise any action, suit or proceeding brought and, in connection therewith, give such discharge or release as the Administrative Agent may reasonably deem appropriate; 

(iv) to receive, open and dispose of mail addressed to a Grantor and endorse checks, notes, drafts, acceptances, money orders,
bills of lading, warehouse receipts or other instruments or documents evidencing payment, shipment or storage of the goods giving rise to the Collateral on behalf of and in the name of such Grantor, or securing, or relating to such Collateral; 

(v) to pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against the
Collateral; 
 (vi) to direct any parties liable for any payment in connection with any of the Collateral to make payment of
any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 

  
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 (vii) to receive payment of and receipt for any and all monies, claims and
other amounts due and to become due at any time in respect of or arising out of any Collateral; 
 (viii) to maintain
(including determining not to renew, pursue or further file) and enforce all IP Rights, forming any part of the Collateral; 

(ix) to sell, assign, transfer, license, make any agreement in respect of, or otherwise deal with or exercise rights in respect
of, any Collateral or the goods or services that have given rise thereto, as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes; 

(x) to adjust and settle claims under any insurance policy relating thereto; 

(xi) to execute and deliver all assignments, conveyances, statements, financing statements, renewal financing statements,
security and pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may reasonably deem appropriate in order to perfect and maintain the security interests and liens granted in this
Security Agreement and in order to fully consummate all of the transactions contemplated therein; 
 (xii) to institute any
foreclosure proceedings that the Administrative Agent may reasonably deem appropriate; and 
 (xiii) to do and perform all
such other acts and things as the Administrative Agent may deem appropriate or convenient in connection with the Collateral. 

This power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the Secured
Obligations (other than contingent indemnification obligations for which no claim has been asserted) shall remain outstanding and until all of the Commitments relating thereto shall have been terminated. The Administrative Agent shall be under no
duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Administrative Agent in this Security Agreement and shall not be liable for any failure to do so or any delay in
doing so. The Administrative Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as
attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent
solely to protect, preserve and realize upon its security interest in the Collateral. 
 (b) Assignment by the
Administrative Agent. The Administrative Agent may from time to time assign the Secured Obligations to a successor Administrative Agent appointed in accordance with the Credit Agreement, and such successor shall be entitled to all of the rights
and remedies of the Administrative Agent under this Security Agreement in relation thereto. 

  
 - 13 - 

 (c) Releases of Collateral. If any Collateral shall be sold,
transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall promptly execute and deliver to such Grantor all releases
and other documents and take such other action, reasonably necessary for the release of the Liens created hereby or by any other Collateral Document on such Collateral. 

(d) The Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to assure the safe custody
of the Collateral while being held by the Administrative Agent hereunder and to account for all proceeds thereof, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the
Grantors shall be responsible for preservation of all rights in the Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the Grantors. The
Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Administrative Agent accords
its own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have responsibility for taking any necessary steps to preserve rights
against any parties with respect to any of the Collateral. In the event of a public or private sale of Collateral pursuant to Section 7 hereof, the Administrative Agent shall have no responsibility for (i) ascertaining
or taking action with respect to any matters relating to any Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters or (ii) taking any steps to clean, repair or otherwise prepare the Collateral
for sale. 
 9. Application of Proceeds. Upon the acceleration of the Obligations pursuant to Section 9.02 of the
Credit Agreement, any payments in respect of the Secured Obligations and any proceeds of the Collateral, when received by the Administrative Agent or any of the Secured Parties in cash or its equivalent, will be applied in reduction of the Secured
Obligations in the order set forth in Section 9.03 of the Credit Agreement, and each Grantor irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative
Agent shall have the continuing and exclusive right to apply any and all such payments and proceeds in the Administrative Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 

10. Continuing Agreement. 

(a) This Security Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so long
as any of the Secured Obligations (other than contingent indemnification obligations for which no claim has been asserted) remains outstanding and until all of the Commitments relating thereto have been terminated. Upon payment or other satisfaction
of all Secured Obligations (other than contingent indemnification obligations for which no claim has been asserted) and termination of the Commitments related thereto, this Security Agreement and the liens and security interests of the
Administrative Agent hereunder shall be automatically terminated and the Administrative Agent shall, upon the request and at the expense of the Grantors, execute 

  
 - 14 - 

 
and deliver all UCC termination statements and/or other documents reasonably requested by the Grantors evidencing such termination and return to Grantors all Collateral in its possession.
Notwithstanding the foregoing, all releases and indemnities provided hereunder shall survive termination of this Security Agreement. 

(b) This Security Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time
payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Secured Party as a preference, fraudulent conveyance or otherwise under any bankruptcy,
insolvency or similar law, all as though such payment had not been made; provided, that, in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all costs and expenses (including,
without limitation, reasonable attorneys’ fees and disbursements) incurred by the Administrative Agent or any Secured Party in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 

11. Amendments and Waivers. This Security Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged
or terminated except as set forth in Section 11.01 of the Credit Agreement. 
 12. Successors in Interest. This Security
Agreement shall create a continuing security interest in the Collateral and shall be binding upon each Grantor, its successors and assigns, and shall inure, together with the rights and remedies of the Administrative Agent and the Secured Parties
hereunder, to the benefit of the Administrative Agent and the Secured Parties and their successors and permitted assigns; provided, however, none of the Grantors may assign its rights or delegate its duties hereunder without the prior written
consent of the requisite Lenders under the Credit Agreement. 
 13. Notices. All notices required or permitted to be given under this
Security Agreement shall be given as provided in Section 11.02 of the Credit Agreement. 
 14. Counterparts. This Security
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Security Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

15. Headings. Section headings herein are included for convenience of reference only and shall not affect the interpretation of this
Security Agreement. 
 16. Governing Law; Submission to Jurisdiction; Waiver of Venue, Service of Process, Waiver of Right to Jury
Trial. The terms of Section 11.14 of the Credit Agreement and Section 11.15 of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue, service of process and waiver of the right to a jury trial are
each incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

  
 - 15 - 

 17. Severability. If any provision of this Security Agreement is held to be illegal,
invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Security Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to
replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 18. Entirety. This Security
Agreement, the other Loan Documents and the other documents relating to the Secured Obligations represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any,
including any proposal letters or correspondence relating to the Loan Documents, any other documents relating to the Secured Obligations, or the transactions contemplated herein and therein. 

19. Survival. All representations and warranties of the Grantors hereunder shall survive the execution and delivery of this Security
Agreement, the other Loan Documents and the other documents relating to the Secured Obligations, the delivery of the Notes and the extension of credit thereunder or in connection therewith. It is understood and agreed that, notwithstanding the
foregoing, representations and warranties shall only be made (or deemed to be made) by the Grantors hereunder on the date hereof and on each date thereafter on which the representations and warranties set forth herein are required to be made (or
deemed to be made). 
 20. Other Security. To the extent that any of the Secured Obligations are now or hereafter secured by property
other than the Collateral (including, without limitation, real and other personal property and securities owned by a Grantor) or by a guarantee, endorsement or property of any other Person, then to the extent permitted by applicable law the
Administrative Agent shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence and during the continuation of any Event of Default, and the Administrative Agent shall have the right, in its sole
discretion, to determine which rights, security, liens, security interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of
them or the Secured Obligations or any of the rights of the Administrative Agent or the Secured Parties under this Security Agreement, under any of the other Loan Documents or under any other document relating to the Secured Obligations. 

21. Rights of Required Lenders. All rights of the Administrative Agent hereunder, if not exercised by the Administrative Agent, may be
exercised by the Required Lenders. 
 22. Joint and Several Obligations of Grantors. 

(a) Subject to subsection (b) of this Section 22, each of the Grantors is accepting joint and
several liability hereunder in consideration of the financial accommodation to be provided by the Secured Parties, for the mutual benefit, directly and indirectly, of each of the Grantors and in consideration of the undertakings of each of the
Grantors to accept joint and several liability for the obligations of each of them. 

  
 - 16 - 

 (b) Notwithstanding any provision to the contrary contained herein, in any
other of the Loan Documents or in any other documents relating to the Secured Obligations, the obligations of each Guarantor (other than the Parent) under the Credit Agreement, the other Loan Documents and the other documents relating to the Secured
Obligations shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provisions of any applicable
state law. 
 23. Joinder. At any time after the date of this Security Agreement, one or more additional Domestic Subsidiaries may
become party hereto by executing and delivering to the Administrative Agent a Joinder Agreement. Immediately upon such execution and delivery of such Joinder Agreement (and without any further action), each such additional Domestic Subsidiary will
become a party to this Security Agreement as a “Grantor” and have all the rights and obligations of a Grantor hereunder and this Security Agreement and the schedules hereto shall be deemed amended by such Joinder Agreement. 

24. Intercreditor Agreement. The Liens, security interests and rights granted pursuant to this Security Agreement are subject to the
terms and conditions of any intercreditor agreement entered into by and between the Administrative Agent and the Permitted Senior Revolving Credit Lender, if any. 

[Signature Pages Follow] 

  
 - 17 - 

 Each of the parties hereto has caused a counterpart of this Security Agreement to be duly
executed and delivered as of the date first above written. 
  

							
	GRANTOR:	 		 	 VENUS CONCEPT USA INC.,
 a Delaware
corporation

					
			
		 	        By:	 	/s/ Domenic Serafino

					
		 	     Name: Domenic Serafino
		 	     Title: President

  
 - 18 - 

 Accepted and agreed to as of the date first above written. 

 

											
	ADMINISTRATIVE AGENT:	 		 	 VISIUM HEALTHCARE PARTNERS, LP,
 a
Delaware limited partnership

				
		 		 	By:	 	 VISIUM HEALTHCARE ADVISORS, LP,
 its
General Partner

					
		 		 		 	By:	 	 JG ASSET II, LLC,
 its General
Partner

											
						
		 		 	        	 		 	By:	 	/s/ Mark Gottleib

											
		 		 	                	 		 	Name: Mark Gottleib
		 		 		 		 	Title: Authorized Signatory

  
 - 19 -EX-10.5

 Exhibit 10.5 

FIRST AMENDMENT TO CREDIT AGREEMENT AND INVESTMENT DOCUMENTS 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT AND INVESTMENT DOCUMENTS (this “Agreement”) dated as of May 25, 2017 (the
“Effective Date”) is entered into among VENUS CONCEPT CANADA CORP., an Ontario corporation (“Venus Canada”), VENUS CONCEPT USA INC., a Delaware corporation (“Venus USA” and together with
Venus Canada, each a “Borrower” and collectively, the “Borrowers”), VENUS CONCEPT LTD., an Israeli corporation (the “Parent”), the Lenders party hereto and MADRYN HEALTH PARTNERS, LP,
a Delaware limited partnership, as Administrative Agent. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below). 

RECITALS 
 WHEREAS, the
Borrowers, the Parent, the Guarantors, the Lenders and the Administrative Agent have entered into that certain Credit Agreement dated as of October 11, 2016 (as amended or modified from time to time, the “Credit
Agreement”); and WHEREAS, Visium Healthcare Partners, LP has changed its name to Madryn Health Partners, LP and Visium Healthcare Partners (Cayman Master) Fund, LP, a Lender, has changed its name to Madryn Health Partners (Cayman
Master), LP; 
 WHEREAS, the Loan Parties and the Lenders desire to amend the Credit Agreement and the other Investment Documents to modify
certain provisions thereof; 
 WHEREAS, the Loan Parties have delivered to the Administrative Agent an officer’s certificate with
copies of documents evidencing a revolving credit facility with City National Bank of Florida which the Loan Parties wish to treat as Permitted Senior Revolving Credit Indebtedness and which documents will serve as Permitted Senior Revolving Credit
Documents; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendments.

 (a) All references to “Visium Healthcare Partners, LP” in the Investment Documents are hereby replaced with
“Madryn Health Partners, LP”. 
 (b) All references to “Visium Healthcare Partners (Cayman Master) Fund,
LP” in the Investment Documents are hereby replaced with “Madryn Health Partners (Cayman Master), LP”. 

 (c) All references to the address of the Administrative Agent or the Lenders
in the Investment Documents are hereby replaced with the following: 
 c/o Madryn Asset Management, LP 

Attention: John Ricciardi 

140 E. 45th Street,
15th Floor, Suite B 
 New York, NY 10017 

Electronic Mail: jricciardi@madrynlp.com 

Telephone: +1 (646) 560-5493 

(d) The definition of “Qualifying Control Agreement” is hereby amended to provide that the following constitute a
“Qualifying Control Agreement”: an Intercreditor Agreement (as defined in 8.03(g)) to the extent that the parties thereto designate such agreement as a “Qualifying Control Agreement”. 

(e) The definition of “Restricted” is hereby amended by adding the following text immediately before the period at
the end thereof “and other than in favor of the Permitted Senior Revolving Credit Lender”. 
 (f) Section 7.01(b)
of the Credit Agreement is amended to delete the term “and consolidating” and add the term “and (upon request) consolidating”. 

(g) Section 7.02(b) of the Credit Agreement is amended to delete the term “February 15th” and replacing it with “March 15th”. 
 (h) Section 7.19(a)
of the Credit Agreement is hereby amended by replacing “Within ninety (90) days of the Funding Date” with “On or before June 30, 2017”. 

(i) Section 7.19(c)(ii) of the Credit Agreement is hereby amended by replacing “within thirty (30) days of the
Funding Date” with “on or before June 30, 2017”, and by adding the following text before the period at the end of Section 7.19(c): “; provided that the Borrower shall only be required to use commercially reasonable
efforts to obtain a Qualifying Control Agreement for the accounts listed on Part C of Schedule 7.10” 
 (j) Schedule
7.19 of the Credit Agreement is amended to remove the locations at Hiatus Road in Sunrise, Florida from Part A. 
 (k)
Section 8.03(g) of the Credit Agreement is hereby amended by deleting the existing provision and replacing such subsection with the following language: 

(g) Permitted Senior Revolving Credit Indebtedness in an aggregate principal amount not to exceed (X) until August 1, 2017,
$5,000,000.00, and (Y) thereafter, the lesser of (i) $5,000,000 and (ii) the sum of (A) eighty-five percent (85%) of eligible accounts of the Loan Parties (as determined by the Permitted Senior Revolving Credit Documents), on a
consolidated basis, and the proceeds thereof plus (B) fifty percent (50%) of the eligible inventory of the Loan Parties (as determined by the Permitted Senior Revolving Credit Documents), on a consolidated basis, and the proceeds
thereof, at any one time outstanding pursuant to a revolving credit facility; provided, that, (x) no Default or Event of Default shall have occurred and be continuing both immediately before and immediately after giving effect to the
execution and delivery of the Permitted Senior Revolving Credit 

  
 - 2 - 

 
Documents and (y) prior to the incurrence of such Indebtedness, (i) the Administrative Agent, the Loan Parties and the Permitted Senior Revolving Credit Lender shall have entered into
an intercreditor agreement reasonably satisfactory to the Administrative Agent (as amended from time to time, the “Intercreditor Agreement”) pursuant to which (A) the Permitted Senior Revolving Credit Lender shall be granted a
first priority security interest only in the accounts and inventory of the Borrowers and proceeds thereof (collectively, the “Permitted Senior Revolving Credit Priority Collateral”), (B) the Administrative Agent, on behalf of
the Secured Parties, shall be granted a second priority security interest in the Permitted Senior Revolving Credit Priority Collateral, (C) the Administrative Agent, on behalf of the Secured Parties, shall maintain its first priority security
interest in all other assets of the Loan Parties (other than Excluded Property) and (D) the Permitted Senior Revolving Credit Lender may be granted a perfected security interest in any other in any property of the Loan Parties, provided that
the Permitted Senior Revolving Credit Lender’s liens and security interests in such property (other than the Permitted Senior Revolving Credit Priority Collateral) shall be subordinate to the liens and security interests of the Administrative
Agent in manner satisfactory to the Administrative Agent and (ii) the Administrative Agent and the Loan Parties shall have entered into amendments, in each case in form and substance reasonably satisfactory to the Administrative Agent, to this
Agreement and such other Loan Documents as required to, among other things, include in the Loan Documents such additional representations, warranties, covenants and defaults as are included in the Permitted Senior Revolving Credit Documents (but not
included in the Loan Documents at such time); 
 (l) Section 8.06(a) of the Credit Agreement is hereby amended by deleting
the existing provision and replacing such subsection with the following language: 
 (a) So long as no Event of Default has occurred and is
continuing, each Subsidiary may make Restricted Payments to the Parent and to any Subsidiary that owns Equity Interests of such Subsidiary (and, in the case of a Restricted Payment by a Subsidiary that is not a Wholly Owned Subsidiary, to the
Parent, any such other Subsidiary and each other owner of Equity Interests of such Subsidiary on a ratable basis based on their relative ownership interests); provided, that, any such Restricted Payments (other than any Excluded Restricted Payments)
may only be made with the portion of the Available Funding Amount that the Parent and its Subsidiaries elect to apply to such Restricted Payments; 

(m) Schedule 2.01 of the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01 attached
hereto. 

  
 - 3 - 

 2. Waiver. 

Subject to the terms and conditions set forth herein, the Administrative Agent waives the Defaults and Events of Default set forth on Exhibit
A to this Agreement (collectively, the “Existing Events of Default”). It is acknowledged and agreed that this waiver is a one-time waiver limited exclusively to the Existing Events of Default through
the date of this Agreement and shall not be construed to be a waiver of, or in any way obligate the Administrative Agent to waive, any other Default or Event of Default that may have occurred or that may occur after the date hereof. 

3. Conditions Precedent. 

This Agreement shall be effective upon satisfaction of the following conditions precedent: 

(a) receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Loan Parties, the Required
Lenders and the Administrative Agent; 
 (b) receipt by counsel to the Administrative Agent of the B Warrants, duly executed
and issued by the Parent, together with such documents of the type as are required under Section 5.02(f) of the Credit Agreement as the Administrative Agent shall reasonably require in connection therewith and favorable opinions of counsel to
the Parent in the form agreed to in the Warrant Issuance Agreement; and 
 (c) receipt by Moore & Van Allen PLLC,
counsel to the Administrative Agent, of all its fees and expenses unpaid to date and owing pursuant to the terms of the Investment Documents. 

4. Conditions Subsequent. 

Borrowers agree that they will deliver, or will cause the following to be delivered, to the Administrative Agent: 

(a) On or before June 19, 2017, the financial statements and Compliance Certificate that (but for the waiver in
Section 2 above) would have been required under Sections 7.01(a) and 7.02(a) of the Credit Agreement for the period ending December 31, 2016; 

(b) On or before June 19, 2017, the 2017 annual business plan and budget that (but for the waiver in Section 2 above)
would have been required under Section 7.02(b) of the Credit Agreement; 
 (c) On or before June 30, 2017, Bank
statements for the months of January 2017—May 2017 that (but for the waiver in Section 2 above) would have been required under Section 7.02(h) of the Credit Agreement; 

(d) On or before May 31, 2017, the report that (but for the waiver in Section 2 above) would have been required to be
delivered pursuant to Section 7.01(k) for the period ending March 31, 2017; and 

  
 - 4 - 

 (e) (i) On or before June 30, 2017, a fully executed Collateral Access
Agreement for the Borrower’s new location in Weston, Florida (provided that the Borrower shall only be required to use commercially reasonable efforts to obtain such Collateral Access Agreement), and (ii) on or before June 30, 2017,
endorsements required pursuant to Section 7.19(a)(ii) of the Credit Agreement. 
 5. Amendment Fee. 

In consideration of the waivers and amendments set forth in this Agreement, the Lenders, the Parent and the Borrowers agree that, upon the
closing of the issuance of Series C Preferred shares (the “Series C Preferred”) by the Parent, (a) the exercise price of the A Warrants and B Warrants will be modified to equal the lesser of the current exercise price of the A
Warrants and B Warrants and the per share price paid by the purchasers of Series C Preferred, (b) the Articles of Association of the Parent will be modified to reflect the revised exercise price of the A and B Warrants, (c) the Parent will
issue to the Lenders (on a pro rata basis) warrants to purchase 12,000 shares of Series C Preferred at a per share price equal to the per share price paid by the purchasers of Series C Preferred, and (d) the Warrant Issuance Agreement will be
amended to provide rights for the Series C Preferred Warrants corresponding to those set forth in the Warrant Issuance Agreement that are now applicable to the A Warrants and B Warrants. 

6. Release. 
 As a
material part of the consideration for Administrative Agent and the Lenders entering into this Agreement, the Loan Parties agree as follows (the “Release Provision”): 

(a) By their respective signatures below, the Loan Parties hereby agree that the Administrative Agent, the Lenders, each of
their respective Affiliates and each of the foregoing Persons’ respective officers, managers, members, directors, advisors, sub-advisors, partners, agents and employees, and their respective successors
and assigns (hereinafter all of the above collectively referred to as the “Lender Group”), are irrevocably and unconditionally released, discharged and acquitted from any and all actions, causes of action, claims, demands,
damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises from any action or failure to act under or otherwise arising in connection with
the Investment Documents on or prior to the date hereof. 
 (b) Each Loan Party hereby acknowledges, represents and warrants
to the Lender Group that: 
 (i) it has read and understands the effect of the Release Provision. Each Loan Party has had the
assistance of independent counsel of its own choice, or has had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for such Loan
Party has read and considered the Release Provision and advised such Loan Party with respect to the same. Before execution of this Agreement, such Loan Party has had adequate opportunity to make whatever investigation or inquiry it may deem
necessary or desirable in connection with the subject matter of the Release Provision. 

  
 - 5 - 

 (ii) no Loan Party is acting in reliance on any representation,
understanding, or agreement not expressly set forth herein. Each Loan Party acknowledges that the Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein. 

(iii) each Loan Party has executed this Agreement and the Release Provision thereof as its free and voluntary act, without any
duress, coercion, or undue influence exerted by or on behalf of any person. 
 (iv) the Loan Parties are the sole owner of
the claims released by the Release Provision, and no Loan Party has heretofore conveyed or assigned any interest in any such claims to any other Person. 

(c) Each Loan Party understands that the Release Provision was a material consideration in the agreement of the Administrative
Agent and the Lenders to enter into this Agreement. The Release Provision shall be in addition to any rights, privileges and immunities granted to the Administrative Agent and the Lenders under the Investment Documents. 

7. Miscellaneous. 

(a) The Credit Agreement and the obligations of the Loan Parties thereunder and under the other Investment Documents, except as
expressly modified by this Agreement, are hereby ratified and confirmed and shall remain in full force and effect according to their terms. 

(b) The Loan Parties hereby represent and warrant as follows: 

(i) Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement. 

(ii) This Agreement has been duly executed and delivered by such Loan Party and constitutes such Loan Party’s legal, valid
and binding obligations, enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law). 
 (iii) No consent, approval, exemption, authorization or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement. 

(c) The Loan Parties represent and warrant to the Administrative Agent and the Lenders that after giving effect to this
Agreement (i) the representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement and in each other Investment Document are true and correct in all material respects (and in all respects if any

  
 - 6 - 

 
such representation or warranty is already qualified by materiality or reference to Material Adverse Effect) as of the date hereof with the same effect as if made on and as of the date hereof,
except to the extent such representations and warranties expressly relate solely to an earlier date in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already
qualified by materiality or reference to Material Adverse Effect) as of such earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default. 

(d) Each of the Loan Parties hereby affirms the Liens created and granted in the Loan Documents in favor of the Administrative
Agent, for the benefit of the Secured Parties, and agrees that this Agreement does not adversely affect or impair such liens and security interests in any manner. 

(e) This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an
original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopy or electronic mail shall be effective as an original and shall constitute a representation that an executed
original shall be delivered. 
 (f) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (g) For purposes of “Permitted
Senior Revolving Credit Indebtedness” City National Bank of Florida, and its permitted agents, successors and assigns under the Intercreditor Agreement, is approved as a Permitted Senior Revolving Credit Lender pursuant to clause (b) of
such definition. 
 (h) The execution and delivery of this Agreement satisfies the requirements of clause (y)(ii) of the
definition of Permitted Senior Revolving Credit Indebtedness with respect to the revolving credit facility provided by City National Bank of Florida entered into substantially contemporaneously with this Agreement. 

[remainder of page intentionally left blank] 

  
 - 7 - 

 Each of the parties hereto has caused a counterpart of this Agreement to be duly executed
and delivered as of the date first above written. 
 BORROWERS 
  

	
	VENUS CONCEPT CANADA CORP.,
	an Ontario corporation
	
	/s/ Domenic Serafino
	Name: Domenic Serafino
	Title: President
	
	VENUS CONCEPT USA INC
	a Delaware corporation
	
	/s/ Domenic Serafino
	Name: Domenic Serafino
	Title: President

 PARENT: 
  

	
	VENUS CONCEPT LTD.,
	an Israeli corporation
	
	/s/ Domenic Serafino
	Name: Domenic Serafino
	Title: Chief Executive Officer

 ADMINISTRATIVE AGENT: 

 

			
	 MADRYN HEALTH PARTNERS. LP,
 a
Delaware limited partnership

	
	By: MADRYN HEALTH ADVISORS, LP
	its General Partner
	
	 By: MADRYN HEALTH ADVISORS GP, LLC,

its General Partner

 
			
		
	By: 	 	/s/ Avi Amin

 
			
	Name:	 	Avi Amin
	Title:	 	Member

  
 - 9 - 

 LENDERS: 
  

			
	 MADRYN HEALTH PARTNERS, LP.
 a
Delaware limited partnership

	
	By: MADRYN HEALTH ADVISORS, LP
	its General Partner
	
	 By: MADRYN HEALTH ADVISORS GP, LLC,

its General Partner

 
			
		
	By: 	 	/s/ Avi Amin

 
			
	Name:	 	Avi Amin
	Title:	 	Member

  

			
	MADRYN HEALTH PARTNERS
(CAYMAN MASTER) LP
	
	By: MADRYN HEALTH ADVISORS, LP
	 its General Partner

	
	 By: MADRYN HEALTH ADVISORS GP, LLC,

its General Partner

 
			
		
	 By: 
	 	/s/ Avi Amin

 
			
	 Name:
	 	Avi Amin
	 Title:
	 	Member

  
 - 10 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]