Document:

Change of Control and Severance Agreement - David A. Gollnick

 Exhibit 10.17 
 CUTERA, INC. 
 CHANGE OF CONTROL AND SEVERANCE AGREEMENT 
 This Change of Control And Severance Agreement (the “Agreement”) is made and entered into by and between David A. Gollnick
(“Executive”) and Cutera, Inc., a Delaware corporation (the “Company”), effective as of December 12, 2008 (the “Effective Date”). 
 RECITALS 
 1. The Company may from time to time consider the possibility of an acquisition by another
company or other change of control, or may terminate Executive’s employment without cause or may cause Executive to resign his or employment for good reason. The Compensation Committee of the Board of Directors of the Company (the
“Committee”) recognizes that the risk of such events occurring can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Committee has determined that it is in the best interests of the
Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility that such events may occur. 
 2. The Committee believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue his or
her employment. 
 3. The Committee believes that it is imperative to provide Executive with certain severance benefits in certain instances
upon Executive’s termination of employment. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility that certain events may occur that
lead to the termination of Executive’s employment. 
 4. Certain capitalized terms used in the Agreement are defined in Section 5
below. 
 AGREEMENT 
 NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Term of Agreement.
This Agreement will have an initial term of three (3) years commencing on the Effective Date (the “Initial Term”). On the third anniversary of the Effective Date, this Agreement will renew automatically for an additional one
(1) year term (the “Additional Term”) unless either party provides the other party with written notice of non-renewal at least sixty (60) days prior to the date of automatic renewal. Notwithstanding the foregoing sentence, if a
Change of Control occurs at any time during either the Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twelve (12) months following the effective date of the Change of Control.
If Executive becomes entitled to benefits under Section 3 during the term of this Agreement, the Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 
 2. At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will, as defined under
applicable law. If Executive’s employment terminates for any reason, including (without limitation) any termination prior to or following a Change of Control as provided herein, Executive will not be entitled to any payments, benefits, damages,
awards or 

 
compensation other than as provided by this Agreement or as provided in any employment agreement entered into between the Company and Executive, and the
payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses. 
 3. Severance Benefits.

 (a) Termination without Cause or Resignation for Good Reason Not in Connection with a Change of Control. If the
Company terminates Executive’s employment with the Company without Cause or if Executive resigns from such employment for Good Reason, and such termination occurs either prior to three (3) months before, or after twelve (12) months
following, a Change of Control, and Executive signs and does not revoke a release of claims with the Company (in a form reasonably acceptable to the Company) and provided that such release of claims becomes effective no later than sixty
(60) days following the termination date (such deadline, the “Release Deadline”), then subject to this Section 3, Executive will receive the following: 
 (i) Severance Payment. Executive will receive a lump-sum payment equal to one hundred percent (100%) of Executive’s
annual base salary as in effect immediately prior to Executive’s termination date. 
 (ii) Continued Employee
Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, within the time period prescribed
pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of twelve (12) months
from the last date of employment of the Executive with the Company, or (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under similar plans. The reimbursements will be made by the Company to
Executive consistent with the Company’s normal expense reimbursement policy. 
 (iii) Accrued Compensation. The
Company will pay Executive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements. 
 (b) Termination without Cause or Resignation for Good Reason in Connection with a Change of Control. If the Company terminates
Executive’s employment with the Company without Cause or if Executive resigns from such employment for Good Reason, and such termination occurs within the period beginning three (3) months before, and ending twelve (12) months
following, a Change of Control, and Executive signs and does not revoke a release of claims with the Company (in a form reasonably acceptable to the Company) and provided that such release of claims becomes effective no later than the Release
Deadline, then subject to this Section 3, Executive will receive the following: 
 (i) Severance Payment.
Executive will receive a lump-sum payment equal to the sum of (A) one hundred percent (100%) of Executive’s annual base salary as in effect immediately prior to Executive’s termination date or, if greater, at the level in effect
immediately prior to the Change of Control, and (B) one hundred percent (100%) of Executive’s annual target bonus for the fiscal year of Executive’s termination or, if greater, Executive’s annual target bonus in effect
immediately prior to the Change of Control. 
 (ii) Vesting Acceleration of Equity Awards. One hundred percent
(100%) of Executive’s then outstanding and unvested equity awards as of the date of the Change of Control will become vested and otherwise will remain subject to the terms and conditions of the applicable equity award agreement.

  

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 (iii) Continued Employee Benefits. If Executive elects continuation coverage
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive
for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of twelve (12) months from the last date of employment of the Executive with
the Company, or (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense
reimbursement policy. 
 (iv) Accrued Compensation. The Company will pay Executive all accrued but unpaid vacation,
expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements. 
 (c) Timing of Payments. 
 (i) If the release of claims does not become effective by the Release Deadline,
Executive will forfeit any rights to severance or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until the release of claims becomes effective and irrevocable. 
 (ii) Unless otherwise required by Section 3(g), the Company will pay any severance payments set forth in Section 3(a)(i) and
Section 3(b)(i) in a lump-sum payment payable within thirty (30) days following Executive’s termination date; provided, however, that no severance or other benefits, other than the accrued compensation set forth in
Section 3(a)(i) and Section 3(b)(i), will be paid or provided until the release of claims discussed in Section 3(a) and Section 3(b) becomes effective and irrevocable, and such severance amounts or benefits otherwise payable
between Executive’s termination date and the date such release becomes effective and irrevocable will be paid on the date the release becomes effective and irrevocable. If Executive should die before all of the severance amounts have been paid,
such unpaid amounts will be paid in a lump-sum payment promptly following such event to Executive’s designated beneficiary, if living, or otherwise to the personal representative of Executive’s estate. 
 (d) Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company terminates (i) voluntarily
by Executive (other than for Good Reason) or (ii) for Cause by the Company, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing
severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (e) Disability;
Death. If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s employment terminates due to his or her death, then Executive will not be entitled to receive any other severance or
other benefits except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company. 
 (f) Exclusive Remedy. In the event of a termination of Executive’s employment as set forth in Section 3(a) and
Section 3(b) of this Agreement, the provisions of this Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company otherwise may be entitled, whether at law, tort or
contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no benefits, compensation or other payments or rights
upon a termination of employment prior to or following a Change of Control other than those benefits expressly set forth in Section 3 of this Agreement. 
  

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 (g) Section 409A. 
 (i) Notwithstanding anything to the contrary in this Agreement, no severance payable to Executive, if any, pursuant to this Agreement,
when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final regulations
and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Compensation Separation Benefits”) will be payable until Executive has a “separation from service” within the meaning of
Section 409A. 
 (ii) Any severance payments or benefits under
this Agreement that would be considered Deferred Compensation Severance Benefits will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such time as required by Section 3(g)(iii). Any installment payments that would have been made to Executive during the sixty
(60) day period immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. 
 (iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Compensation Separation Benefits that are payable within the first six (6) months following Executive’s separation from service,
will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Compensation Separation Benefits, if any,
will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service but prior to the six (6) month
anniversary of the separation, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation
Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations. 
 (iv) Any amount paid under this Agreement that satisfies the requirements of the “short-term
deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. 
 (v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant
to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Compensation Separation Benefits for purposes of clause (i) above. 
 (vi) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and
benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

 

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 (h) Other Requirements. Executive’s receipt of any payments or benefits under
this Section 3 will be subject to Executive continuing to comply with the terms of any confidential information agreement executed by Executive in favor of the Company and the provisions of this Agreement. 
 4. Limitation on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive
(i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 4, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s
benefits under Section 3 will be either: 
 (a) delivered in full, or 
 (b) delivered as to such lesser extent which would result in no portion of such benefits being subject to excise tax under
Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise
tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a
reduction in severance and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: reduction of cash payments; cancellation of awards
granted “contingent on a change in ownership or control” (within the meaning of Code Section 280G), cancellation of accelerated vesting of equity awards; reduction of employee benefits. In the event that acceleration of vesting of
equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. 
 Unless the Company and Executive otherwise agree in writing, any determination required under this Section 4 will be made in writing by the Company’s independent public accountants immediately prior to a
Change of Control or such other person or entity to which the parties mutually agree (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the
calculations required by this Section 4, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999
of the Code. The Company and Executive will furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the Accountants may
incur in connection with any calculations contemplated by this Section 4. 
 5. Definition of Terms. The following terms referred
to in this Agreement will have the following meanings: 
 (a) Cause. “Cause” will mean Executive’s
termination only upon: 
 (i) Executive’s willful failure to substantially perform Executive’s duties (subject to
notice and a reasonable period to cure), other than a failure resulting from Executive’s complete or partial incapacity due to physical or mental illness or impairment; 
 (ii) Executive’s willful act which constitutes gross misconduct and which is injurious to the Company; 
 (iii) Executive’s willful breach of a material provision of this Agreement (subject to notice and reasonable period to cure); or

  

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 (iv) Executive’s knowing, material and willful violation of a federal or state law
or regulation applicable to the business of the Company. 
 (b) Change of Control. “Change of Control” will
mean the occurrence of any of the following events: 
 (i) Change in Ownership of the Company. A change in the
ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more
than 50% of the total voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Company’s Board of Directors (the
“Board”) will not be considered a Change of Control; or 
 (ii) Change in Effective Control of the Company. A
change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person
will not be considered a Change of Control; or 
 (iii) Change in Ownership of a Substantial Portion of the Company’s
Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition
by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 For these purposes, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the
foregoing provisions of this definition, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. 
 (c) Disability. “Disability” will mean that Executive is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. Termination resulting from Disability may only be
effected after at least thirty (30) days’ written notice by the Company of its intention to terminate Executive’s employment. In the event that Executive resumes the performance of substantially all of his or her duties hereunder
before the termination of his or her employment becomes effective, the notice of intent to terminate will automatically be deemed to have been revoked. 
 (d) Good Reason. “Good Reason” will mean Executive’s termination of employment within ninety (90) days following the expiration of any cure period (discussed below) following the occurrence
of one or more of the following, without Executive’s consent: 
 (i) A material reduction in Executive’s authority,
duties, or responsibilities relative to duties, position or responsibilities in effect immediately prior to such reduction; 
  

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 (ii) A material reduction in Executive’s base salary as in effect immediately prior
to such reduction; or 
 (iii) A material change in the geographic location at which Executive must perform services (in other
words, the relocation of Executive to a facility that is more than fifty (50) miles from Executive’s then-current location). 
 Executive will not resign for Good Reason without first providing the Company with written notice within ninety (90) days of the event that Executive believes constitutes “Good Reason” specifically
identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date of such notice. 
 (e) Section 409A Limit. “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s
annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of Executive’s termination of employment as determined under, and with such
adjustments as are set forth in, Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to
Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 
 6. Successors. 
 (a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner
and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or
assets which executes and delivers the assumption agreement described in this Section 6(a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of,
and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 7. Arbitration.  
 (a) The Company and Executive each agree that any and all
disputes arising out of the terms of this Agreement, Executive’s employment by the Company, Executive’s service as an officer or director of the Company, or Executive’s compensation and benefits, their interpretation and any of the
matters herein released, will be subject to binding arbitration under the arbitration rules set forth in California Code of Civil Procedure Sections 1280 through 1294.2, including Section 1281.8 (the “Act”), and pursuant to California
law. Disputes that the Company and Executive agree to arbitrate, and thereby agree to waive any right to a trial by jury, include any statutory claims under local, state, or federal law, including, but not limited to, claims under Title VII of the
Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Sarbanes-Oxley Act, the Worker Adjustment and Retraining Notification Act, the
California Fair Employment and 

  

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Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor Code, claims of harassment, discrimination, and
wrongful termination, and any statutory or common law claims. The Company and Executive further understand that this agreement to arbitrate also applies to any disputes that the Company may have with Executive. 
 (b) Procedure. The Company and Executive agree that any arbitration will be administered by Judicial Arbitration &
Mediation Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The Arbitrator will have the power to decide any motions brought by any party to the arbitration, including
motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The Arbitrator will have the power to award any remedies available under applicable law, and
the Arbitrator will award attorneys’ fees and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged by the Arbitrator or JAMS except that Executive will pay any filing
fees associated with any arbitration that Executive initiates, but only so much of the filing fees as Executive would have instead paid had he or she filed a complaint in a court of law. The Arbitrator will administer and conduct any arbitration in
accordance with California law, including the California Code of Civil Procedure, and the Arbitrator will apply substantive and procedural California law to any dispute or claim, without reference to rules of conflict of law. To the extent that the
JAMS Rules conflict with California law, California law will take precedence. The decision of the Arbitrator will be in writing. Any arbitration under this Agreement will be conducted in San Mateo County, California. 
 (c) Remedy. Except as provided by the Act and this Agreement, arbitration will be the sole, exclusive, and final remedy for any
dispute between Executive and the Company. Accordingly, except as provided for by the Act and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. 
 (d) Administrative Relief. Executive understands that this Agreement does not prohibit him or her from pursuing any administrative
claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment
Opportunity Commission, the National Labor Relations Board, or the Workers’ Compensation Board. This Agreement does, however, preclude Executive from pursuing court action regarding any such claim, except as permitted by law. 
 (e) Voluntary Nature of Agreement. Each of the Company and Executive acknowledges and agrees that such party is executing this
Agreement voluntarily and without any duress or undue influence by anyone. Executive further acknowledges and agrees that he or she has carefully read this Agreement and has asked any questions needed for him or her to understand the terms,
consequences, and binding effect of this Agreement and fully understand it, including that Executive is waiving his or her right to a jury trial. Finally, Executive agrees that he or she has been provided an opportunity to seek the
advice of an attorney of his or her choice before signing this Agreement. 
 8. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been
duly given when personally delivered when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or when delivered by a private courier service such as UPS, DHL or Federal Express that has tracking capability. In
the case of Executive, mailed notices will be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate
headquarters, and all notices will be directed to the attention of its President. 
  

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 (b) Notice of Termination. Any termination by the Company for Cause or by
Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in accordance with Section 8(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied
upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than ninety (90) days after the
giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or preclude Executive from asserting such fact or
circumstance in enforcing his or her rights hereunder. 
 9. Miscellaneous Provisions. 
 (a) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor
will any such payment be reduced by any earnings that Executive may receive from any other source. 
 (b) Waiver. No
provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of
this Agreement. 
 (d) Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto and
supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof. No waiver, alteration, or
modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement. 
 (e) Choice of Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the
State of California (with the exception of its conflict of laws provisions). Any claims or legal actions by one party against the other arising out of the relationship between the parties contemplated herein (whether or not arising under this
Agreement) will be commenced or maintained in any state or federal court located in the jurisdiction where Executive resides, and Executive and the Company hereby submit to the jurisdiction and venue of any such court 
 (f) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity
or enforceability of any other provision hereof, which will remain in full force and effect. 
 (g) Withholding. All
payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes. 
  

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 (h) Counterparts. This Agreement may be executed in counterparts, each of which
will be deemed an original, but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, each of the parties
has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below. 
  

									
		 	COMPANY:	 		 		 	EXECUTIVE:
					
		 	Cutera, Inc.	 		 		 	/s/ David A. Gollnick
		 		 		 		 	David A. Gollnick
					
	By:	 	/s/ David Apfelberg, M.D.	 		 		 	
		 	David Apfelberg, M.D.	 		 		 	
	Title:	 	Chairman of the Compensation Committee	 		 		 	

  

 -10-First Amendment of Venture Loan and Security Agreement and Warrant

 Exhibit 10.1 
 FIRST AMENDMENT OF VENTURE LOAN AND SECURITY AGREEMENT AND WARRANT 
 This FIRST AMENDMENT OF VENTURE
LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of December 12, 2008, is entered into by and between PHARMASSET, INC., a Delaware corporation (“Borrower”), and HORIZON TECHNOLOGY FUNDING COMPANY V LLC
(“Lender”), a Delaware limited liability company. 
 RECITALS 
 A.    Borrower and Lender are parties to a certain Venture Loan and Security Agreement dated as of September 30, 2007 (the
“Loan Agreement”) pursuant to which Lender, among other things, has (i) provided certain loans to Borrower (“Loans”) as evidenced by (a) a certain Secured Promissory Note (Loan A) executed by Borrower
in favor of Lender, dated October 5, 2007, in the original principal amount of Ten Million 00/100 Dollars ($10,000,000) (“Note A”) and (b) a certain Secured Promissory Note (Loan B) executed by Borrower in favor
of Lender, dated March 28, 2008 in the original principal amount of Ten Million 00/100 Dollars ($10,000,000) (“Note B” and together with Note A, collectively, the “Notes”). 
 B.    In consideration for the Lender’s making of the Loans, the Borrower issued a certain Warrant to Purchase Common Stock with
a Date of Grant of September 30, 2007 (the “Warrant”). 
 C.    Borrower has now requested that
Lender amend certain provisions of the Loan Agreement to, among other things, (i) reduce the Commitment Amount Loan C (as defined in the Loan Agreement), (ii) revise the Loan Rate (as defined in the Loan Agreement) applicable to Loan
C, (iii) extend the Commitment Termination Date Loan C (as defined in the Loan Agreement) and (iv) waive the condition precedent to making Loan C contained in Section 3.3(b)(i) of the Loan Agreement. 
 D.    Lender is willing to grant such request, but only to the extent, and in accordance with the terms, and subject to the
conditions, set forth herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower and Lender hereby agree as follows: 

1.    Definitions; Interpretation.  Unless otherwise defined herein, all capitalized terms used herein and
defined in the Loan Agreement shall have the respective meanings given to those terms in the Loan Agreement. Other rules of construction set forth in the Loan Agreement, to the extent not inconsistent with this Agreement, apply to this Agreement and
are hereby incorporated by reference. 

 2.    Confirmation.  Borrower hereby acknowledges and agrees that:
(i) the Loan Agreement sets forth the legal, valid, binding and continuing obligations of Borrower to Lender, (ii) the Obligations to Lender under the Loan Agreement are secured by validly perfected security interests in all assets of
Borrower, excluding Intellectual Property (as defined in the Loan Agreement), and (iii) Borrower has no cause of action, claim, defense or set-off against the Lender in any way regarding or relating to the Loan Agreement or Lender’s
actions thereunder and to the extent any such cause of action, claim, defense or set-off ever existed, it is waived and Lender is released from any claims of Borrower. Borrower represents and warrants that no Default or Event of Default has occurred
under the Loan Agreement. 
 3.    Amendments to Loan Agreement. 
 (a) Borrower and Lender hereby agree that the date “November 30, 2008” which follows the words “Commitment
Termination Date Loan C” on the cover page of the Loan Agreement is hereby deleted and replaced with “December 20, 2008”. 
 (b) Borrower and Lender hereby agree that the amount “$10,000,000” following the words “Commitment Amount Loan C” on the cover page of the Loan Agreement is hereby deleted and replaced with
the amount “$3,333,333.00” 
 (c) Borrower and Lender hereby agree that the definition of “Loan
Rate” in Section 1.1 of the Loan Agreement is hereby deleted and replaced with the following: 
 “Loan
Rate” means, (A) with respect to Loan A and Loan B, the per annum rate of interest (based on a year of twelve 30-day months) equal to the greater of (a) 12% or (b) 12% plus the difference between (i) the
one month LIBOR Rate (rounded to the nearest one hundredth percent), as reported in the Wall Street Journal, on the date which is five (5) Business Days before the Funding Date for such Loan (or, if the Wall Street Journal is not
published on such date, the next earlier date on which it is published) and (ii) 5.32% and (B) with respect to Loan C, the per annum rate of interest (based on a year of twelve 30-day months) equal to 12.5%. 
 4.    Waiver of Loan C Condition Precedent.  Borrower and Lender hereby agree to waive the condition precedent in
Section 3.3(b)(i) of the Loan Agreement and such condition is no longer a condition to the making of Loan C. 
 5.    Amendment to Warrant.  Borrower and Lender hereby agree that, notwithstanding anything contained in the Warrant to the contrary, because the Commitment Amount Loan C has been reduced (pursuant to
Section 3(b) above), the number of “Third Tranche Additional Shares” for which the Warrant is exerciseable shall be 11,065. 
 6.    Conditions to Effectiveness.  Lender’s consent and agreement herein is expressly conditioned on all of the following: 
  

	 	(a)	Borrower executing and delivering an executed copy of this Agreement; 

  

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	 	(b)	Borrower providing a Secretary’s Certificate in form and substance satisfactory similar to Secretary’s Certificate provided by Borrower in connection with the closing of
the Loan Agreement; and 

  

	 	(c)	Borrower paying to Lender a fee in the amount of Thirty-Three Thousand Three Hundred Thirty-Three and 33/100 Dollars ($33,333.33) 

 7.    Effect of Agreement.  On and after the date hereof, each reference to the Loan Agreement in the Loan Agreement
or in any other document shall mean the Loan Agreement as amended by this Agreement. Except as expressly provided hereunder, the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power, or remedy of
Lender, nor constitute a waiver of any provision of the Loan Agreement. Except to the limited extent expressly provided herein, nothing contained herein shall, or shall be construed to (nor shall the Borrower ever argue to the contrary)
(i) modify the Loan Agreement or any other Loan Document (ii) modify, waive, impair, or affect any of the covenants, agreements, terms, and conditions thereof, or (iii) waive the due keeping, observance and/or performance thereof,
each of which is hereby ratified and confirmed by the Borrower. Except as amended above, the Loan Agreement remains in full force and effect. 
 8.    Headings.  Headings in this Agreement are for convenience of reference only and are not part of the substance hereof. 
 9.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut without reference to conflicts of law rules.

 10.    Counterparts.  This Agreement may be executed in any number of counterparts, including by
electronic or facsimile transmission, each of which when so delivered shall be deemed an original, but all such counterparts taken together shall constitute but one and the same instrument. 
 11.    Integration.  This Agreement and the Loan Documents constitute and contain the entire agreement of Borrower
and Lender with respect to their respective subject matters, and supercede any and all prior agreements, correspondence and communications. 
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed as of the day and year first above
written. 
  

									
	PHARMASSET, INC.	 		 	 HORIZON TECHNOLOGY FUNDING
 COMPANY V LLC

 By: Horizon Technology Finance
 Management LLC, its
agent

					
	By:	 	/s/ Kurt Leutzinger	 		 	By:	 	/s/ Christopher M. Mathieu
		 	Name: Kurt Leutzinger	 		 	Name:	 	Christopher M. Mathieu
		 	Title: CFO	 		 	Title:	 	Senior Vice President & CFO

  

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