Document:

Exhibit

Exhibit 10.10

Amended and Restated Intercreditor Agreement
This Amended and Restated Intercreditor Agreement (this “Intercreditor Agreement”), originally made as of July 26, 2016 and amended and restated as of April 19, 2017, by and among LONGITUDE VENTURE PARTNERS II, L.P., a Delaware limited partnership in its capacity as the holder of the Longitude Obligations (defined below) (in such capacity, together with its successors and assigns in such capacity, the “Longitude Holder”), DENTAL INNOVATIONS BVBA, a private limited liability company organized under the laws of Belgium, in its capacity as collateral agent for the DI Holders (defined below) (in such capacity, together with its successors and assigns in such capacity, the “DI Collateral Agent”), ALPHAEON CORPORATION, a Delaware corporation (the “Borrower”), and EVOLUS, INC., a Delaware corporation (the “Guarantor”).
RECITALS:
WHEREAS, reference is made to the Second Amended and Restated Secured Convertible Bridge Note, dated as of April 19, 2017, amending and restating that certain Amended and Restated Secured Convertible Bridge Note, dated as of May 27, 2016 and amended and restated as of July 26, 2016, which amended and restated that certain Secured Convertible Bridge Note and Warrant Agreement, dated as of May 27, 2016 (as so amended and restated, and as further amended, modified, supplemented or restated and in effect from time to time, as permitted hereby, the “Longitude Note Agreement”) by and between the Borrower and the Longitude Holder.  Reference is also made to that certain Guaranty and Security Agreement, dated as of April 19, 2017, by the Guarantor in favor of the Longitude Holder (as amended, amended and restated, supplemented or otherwise modified from time to time as permitted hereby, the “Evolus/Longitude Guaranty and Security Agreement”).  All of the Borrower's and Guarantor’s obligations under the Longitude Note Agreement, the Evolus/Longitude Guaranty and Security Agreement and the other Longitude Documents (as defined below) are secured by Liens in the Collateral (as defined below) granted to the Longitude Holder pursuant to the Longitude Security Documents (as defined below); and
WHEREAS, reference is also made to the Amended and Restated Secured Convertible Note Purchase Agreement, dated as of April 19, 2017, amending and restating that certain Secured Convertible Note Purchase Agreement, dated as of July 26, 2017 (as amended, modified, supplemented or restated and in effect from time to time as permitted hereby, the “DI Note Agreement”) by and among the Borrower, the DI Collateral Agent and the purchasers from time to time party thereto (the “DI Holders”).  Reference is also made to that certain Guaranty and Security Agreement, dated as of April 19, 2017, by the Guarantor in favor of the DI Collateral Agent for the benefit of the DI Holders (as amended, amended and restated, supplemented or otherwise modified from time to time as permitted hereby, the “Evolus/DI Guaranty and Security Agreement”).  All of the Borrower’s and the Guarantor’s obligations under the DI Note Agreement, the Evolus/DI Guaranty and Security Agreement and the other DI Documents (as defined below) are secured by Liens in the Collateral pursuant to the DI Security Agreement (defined below).
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
		
	1.
	Definitions and Interpretation.

1.1    Definitions. The following terms shall have the following meanings in this Intercreditor Agreement. 

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“Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise modified from time to time.
“Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, or any similar federal or state law for the relief of debtors.
“Collateral” means all of the assets and other collateral granted by Borrower, the Guarantor and any other direct or indirect subsidiary of the Borrower under the Longitude Security Documents and the DI Security Documents.
“Conforming Amendment” means (a) any amendment to a provision of a Longitude Document that is substantively identical to a corresponding amendment to a comparable provision of a comparable DI Document; or (b) any amendment to a provision of a DI Document that is substantively identical to a corresponding amendment to a comparable provision of a comparable Longitude Document.
“DI Creditors” means, collectively, the DI Collateral Agent, each DI Holder, and each other holder from time to time of the DI Obligations.
“DI Default Notice” means a written notice delivered by the DI Collateral Agent to the Longitude Holder at any time that a DI Event of Default has occurred and is continuing, which notice describes the DI Event of Default in reasonable detail.
“DI Documents” means the DI Note Agreement, each DI Note issued thereunder, the DI Security Documents, and all agreements, documents and instruments entered into in connection therewith.
“DI Event of Default” means any Event of Default described in the DI Note Agreement or in any other DI Document.
“DI Holder” means each holder of a DI Note.
“DI Note” means each Note, as such term is defined in the DI Note Agreement.
“DI Obligations” means all obligations, liabilities and indebtedness of every nature of the Borrower, the Guarantor or any other direct or indirect subsidiary of the Borrower from time to time owed to the DI Creditors under the DI Documents, together with (a) any amendments, modifications, renewals or extensions thereof to the extent permitted hereby, and (b) any interest, fees and other charges accruing thereon or due or to become due with respect thereto after the commencement of any Insolvency Proceeding, without regard to whether or not such interest, fees and other charges constitute an allowed claim.
“DI Pledge and Security Agreement” means that certain Pledge and Security Agreement, dated as of July 26, 2016 and amended by a First Amendment to Pledge and Security Agreement, dated as of November 9, 2016 and by a Second Amendment to Pledge and Security Agreement, dated as of April 19, 2017, between the Borrower, as debtor thereunder, and the DI Collateral Agent, as secured party thereunder (as amended, modified, supplemented or restated and in effect from time to time, as permitted hereunder).
“DI Security Documents” means the DI Pledge and Security Agreement, the Evolus/DI Guaranty and Security Agreement, and any other security agreement or other document granting to the DI Collateral Agent a Lien on any assets of the Borrower, the Guarantor or any other direct or indirect subsidiary of the Borrower to secure the DI Obligations.
“DI Series 2 Notes” means the Series 2 Notes, as such term is defined in the DI Note Agreement.

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“Enforcement Action” means an action under applicable law:
(a)    to foreclose, execute, levy, or collect on, take possession or control of, sell or otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral, or otherwise exercise or enforce remedial rights with respect to Collateral under any Longitude Security Document or DI Security Document (including by way of set-off, recoupment notification of a public or private sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit account control agreements, or exercise of rights under landlord consents, if applicable);
(b)    to solicit bids from third persons to conduct the liquidation or disposition of Collateral or to engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Collateral;
(c)    to receive a transfer of Collateral in satisfaction of any obligation secured thereby; or
(d)    to otherwise enforce a security interest or exercise another right or remedy, as a secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the Longitude Security Documents or the DI Security Documents.
“Evolus/DI Guaranty and Security Agreement” has the meaning set forth in the recitals hereto.
“Evolus/Longitude Guaranty and Security Agreement” has the meaning set forth in the recitals hereto.
“Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution or assignment for the benefit of creditors, for each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.
“Intercreditor Agreement” has the meaning set forth in the introductory clause hereof.
“Lien” means any mortgage, pledge, hypothecation, assignment (as security), deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest, or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever having substantially the same economic effect as any of the foregoing (including any conditional sale or other title retention agreement and any capital lease).
“Longitude Creditors” means, collectively, the Longitude Holder and each other holder from time to time of the Longitude Obligations.
“Longitude Default Notice” means a written notice delivered by the Longitude Holder to the DI Collateral Agent at any time that a Longitude Event of Default has occurred and is continuing, which notice describes the Longitude Event of Default in reasonable detail.
“Longitude Documents” means the Longitude Note Agreement, the Longitude Security Documents, and all agreements, documents and instruments entered into in connection therewith.

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“Longitude Event of Default” means any Event of Default described in the Longitude Note Agreement or in any other Longitude Document.
“Longitude Interest Payment Default means any Event of Default under the Longitude Note Agreement in respect of a failure by the Borrower to pay an interest payment thereunder on the due date thereof.
“Longitude Note Agreement” has the meaning set forth in the Recitals.
“Longitude Obligations” means all obligations, liabilities and indebtedness of every nature of the Borrower, the Guarantor and any other direct or indirect subsidiary of the Borrower from time to time owed to the Longitude Creditors under the Longitude Documents, together with (a) any amendments, modifications, renewals or extensions thereof to the extent permitted hereby, and (b) any interest, fees and other charges accruing thereon or due or to become due with respect thereto after the commencement of any Insolvency Proceeding, without regard to whether or not such interest, fees and other charges constitute an allowed claim.
“Longitude Pledge and Security Agreement” means that certain Amended and Restated Pledge and Security Agreement, dated as of May 27, 2016, amended and restated as of July 26, 2016, and amended as of April 19, 2017, amending and restating that certain Security Agreement, dated as of May 27, 2016, between the Borrower, as debtor thereunder, and the Longitude Holder, as secured party thereunder (as amended, modified, supplemented or restated and in effect from time to time).
“Longitude Principal Payment Default” means any Event of Default under the Longitude Note Agreement in respect of a failure by the Borrower to pay any principal thereunder (including any required principal prepayment) on the due date thereof.
“Longitude Security Documents” means the Longitude Pledge and Security Agreement, the Evolus/Longitude Guaranty and Security Agreement, and any other security agreement or other document granting to the Longitude Holder a Lien on any assets of the Borrower, the Guarantor or any other direct or indirect subsidiary of the Borrower to secure the Longitude Obligations.
“Longitude Standstill Period” means the period commencing on the date of delivery by the Longitude Holder to the DI Collateral Agent of a Longitude Default Notice and ending on the date that is the earliest of:
(a)    the commencement of an Insolvency Proceeding with respect to the Borrower or the Guarantor; 
(b)    the acceleration of the DI Obligations; or
(c)    (i) with respect to a Longitude Interest Payment Default, 90 days after the delivery of such Standstill Notice, or (ii) with respect to a Longitude Principal Payment Default, 30 days after the delivery of such Standstill Notice.
“Permitted Protective Actions” means any actions by the Longitude Holder to (a) prevent its claims under Longitude Documents or with respect to the Longitude Obligations from being time-barred; (b) preserve the perfection of its security interest in the Collateral and its rights to receive any proceeds from the disposition of the Collateral consistent with the terms of this Intercreditor Agreement; (c) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the 

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Longitude Collateral, including, without limitation, any claims secured by the Collateral; and (d) taking any action to seek and obtain specific performance or injunctive relief to compel the Borrower, the Guarantor or any other debtor under a Longitude Document to comply with (or not violate or breach) an obligation under the Longitude Documents.
“Person” means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated organization, governmental authority or other entity.
“UCC” means the Uniform Commercial Code as in effect in the state of Delaware from time to time.
1.2    Terms Generally.  
(a)    All terms defined in the UCC, unless otherwise defined herein, shall have the meanings set forth therein.
(b)    The definitions of terms in this Intercreditor Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise:
(i)    any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed, replaced or extended, to the extent permitted hereby;
(ii)    any reference herein to any Person shall be construed to include such Person's permitted successors and assigns;
(iii)    the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Intercreditor Agreement in its entirety and not to any particular provision hereof;
(iv)    any references to sections, subsections, clauses or paragraphs shall be references to sections, subsections, clauses and paragraphs in this Intercreditor Agreement;
(v)    the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”; and   
(vi)    the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
		
	2.
	Lien Priorities and Security Interests.

2.1    Pro Rata and Pari Pasu Liens.  The security interest in and Lien on the Collateral (i) granted to the DI Collateral Agent and each DI Creditor to secure the DI Obligations, and (ii) granted to the Longitude Holder and each Longitude Creditor to secure the Longitude Obligations, shall be and hereby are equal in 

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priority and pari passu for all purposes, regardless of the order or time of attachment, or the order, time or manner of perfection, or the order or time of filing or recordation of any document or instrument, or other method of perfecting a Lien.  The Lien priorities set forth in the immediately preceding sentence shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal or restatement of any of the Longitude Obligations or the DI Obligations, by any failure to perfect any security interest in the Collateral, the avoidance or invalidation of the any Lien or by any other action or inaction which any party may take or fail to take with respect to the Collateral.
2.2    Prohibition on Contesting Liens.  This Intercreditor Agreement shall not impose on the Longitude Holder or any other Longitude Creditor or the DI Collateral Agent or any other DI Creditor any obligations in respect of the disposition of proceeds of foreclosure of any Collateral which would conflict with prior perfected claims thereon in favor of any other Person or any order or decree of any court or other governmental authority or any applicable law.  Subject to the terms and conditions of this Intercreditor Agreement (i) the DI Collateral Agent agrees for itself and on behalf of the DI Creditors that it will not at any time contest the validity, perfection, priority or enforceability of the Longitude Obligations, the Longitude Documents, or the liens and security interests of the Longitude Holder in the Collateral securing the Longitude Obligations; and (ii) the Longitude Holder agrees for itself and on behalf of the Longitude Creditors that it will not at any time contest the validity, perfection, priority or enforceability of the DI Obligations, the DI Documents, or the liens and security interests of the DI Collateral Agent in the Collateral securing the DI Obligations.
2.3    Requirement of Equal Liens.  It is the intention of the Longitude Holder, on behalf of the Longitude Creditors, and the DI Collateral Agent, on behalf of the DI Creditors, that they shall have an equivalent Lien granted on all Collateral to secure the Longitude Obligations and the DI Obligations.  The parties hereto agree that any Lien granted by the Borrower, the Guarantor or any other of the Borrower’s subsidiaries on any assets to secure the Longitude Obligations or the DI Obligations shall be granted in an equal manner and by equivalent documents to each of the Longitude Holder and the DI Collateral Agent to secure all of the Longitude Obligations and the DI Obligations (subject to the obligation to allocate the proceeds thereof as provided under Section 3(b) hereof). 
2.4    Perfection.
(a)    Subject to Section 7, the Borrower and the Guarantor each covenants and agrees that upon any request of Longitude Holder or the DI Collateral Agent to perfect any Lien against any of the Collateral including, without limitation the filing of any intellectual property security agreements with the United States Patent and Trademark Office or the United States Copyright Office, or any successor thereto), its shall simultaneously take such perfection action in favor of both of the Longitude Holder and the DI Collateral Agent.  The Longitude Holder and the DI Collateral Agent shall use reasonable efforts to provide notice to the other of taking such actions, provided that the failure to give any such notice shall not deprive the Longitude Holder or Longitude Creditor or DI Collateral Agent or any DI Creditor of any rights or remedies to which they are entitled hereunder or otherwise or subject any of them to any liabilities to the other party, the Borrower, the Guarantor or any other Person.
(b)    Notwithstanding Section 2.4(a) hereof, 
(i)    The parties hereto acknowledge that a UCC financing statement has been filed with the Delaware Secretary of State against the Borrower in favor of the Longitude Holder perfecting a Lien against all personal property of the Borrower, and promptly upon the execution of the DI Security Documents, the DI Collateral Agent shall file an equivalent UCC financing statement with the Delaware Secretary of State;

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(ii)    The parties hereto acknowledge that in connection with the execution of the Evolus/DI Guaranty and Security Agreement and the Evolus/Longitude Guaranty and Security Agreement, respectively, separate UCC financing statements will be filed with the Delaware Secretary of State against the Guarantor in favor of the DI Collateral Agent and in favor of the Longitude Holder, respectively, in each case perfecting a Lien against all personal property of the Guarantor;
(iii)    The DI Collateral Agent may obtain custody or control of any certificated securities, promissory notes, tangible chattel paper, negotiable documents or warehouse receipts or other possessory Collateral, which shall be held by the DI Collateral Agent for the benefit of the Longitude Creditors and the DI Creditors, as provided in Section 7 hereof; 
(iv)    The DI Collateral Agent may enter into a control agreement in respect of any Collateral with any depository or other holder of deposit accounts or security accounts or any other holder of investment property), which Collateral shall be held by the DI Collateral Agent for the benefit of the Longitude Creditors and the DI Creditors, as provided in Section 7 hereof;
provided; however, that any proceeds obtained by the Longitude Holder and the DI Collateral Agent in connection with an Enforcement Action with respect to any and all the Collateral shall be allocated in accordance with Section 3(b) hereof.
2.5    Release of Lien With Respect to Series 2 Notes.  Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence of a Qualified Transaction (as such term is defined in a DI Series 2 Note), in the event that the holder of such Series 2 Note elects to retain its Series 2 Note pursuant to Section 4.1(b) thereof, such Series 2 Note shall no longer be secured by the Collateral, and the provisions of Section 2.1, Section 2.2(ii), Section 2.3 and Section 2.4, shall no longer apply to the parties hereto with respect to such holder of such Series 2 Note.  Such Series 2 Note that is unsecured as provided in this Section 2.5, shall not be entitled to the benefits of any Collateral and shall not share in the proceeds of any Collateral.

		
	3.
	Application of Collateral Proceeds. 

(a)    Notwithstanding anything to the contrary contained in the Longitude Documents and the DI Documents, each of the Borrower, the Guarantor, the Longitude Holder (for itself and on behalf of each Longitude Creditor), and the DI Collateral Agent (for itself and on behalf of each DI Creditor) agree that (i) the occurrence of a DI Event of Default shall constitute a Longitude Event of Default, and (ii) the occurrence of a Longitude Event of Default shall constitute a DI Event of Default.
(b)    If a Longitude Event of Default or a DI Event of Default shall have occurred, whether or not any Insolvency Proceeding has been commenced by or against the Borrower, the Guarantor or any other debtor under any Longitude Document or any DI Document, the Collateral and any proceeds received in connection with any Enforcement Action upon, or other collection on, the Collateral upon the exercise of remedies shall be applied to the Longitude Obligations and the DI Obligations on a pari passu and pro rata basis, until the Longitude Obligations and the DI Obligations shall have been indefeasibly paid in full in cash. When the Longitude Obligations and DI Obligations have been indefeasibly paid in full in cash, the Longitude Holder and the DI Collateral Agent shall deliver promptly to the Borrower or the Guarantor (as applicable), or as a court of competent jurisdiction may direct, any Collateral or proceeds thereof held by it in the same form as received, with any necessary endorsements. 
(c)    Should any proceeds of Collateral be received by the DI Collateral Agent that are owed to the Longitude Holder as provided in Section 3(b), the DI Collateral Agent shall receive and hold 

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the same in trust for the benefit of the Longitude Holder and the other Longitude Creditors and shall forthwith deliver the same to the Longitude Holder for application to the Longitude Obligations, and, until so delivered, the same shall be held in trust by the DI Collateral Agent as the property of the Longitude Holder.  Should any proceeds of Collateral be received by the Longitude Holder that are owed to the DI Collateral Agent or any DI Holder as provided in Section 3(b), the Longitude Holder shall receive and hold the same in trust for the benefit of the DI Collateral Agent and the other DI Creditors and shall forthwith deliver the same to the DI Collateral Agent for application to the DI Obligations, and, until so delivered, the same shall be held in trust by the Longitude Holder as the property of the DI Collateral Agent (as agent for the DI Creditors).
(d)    Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence of a Qualified Transaction (as such term is defined in a DI Series 2 Note), in the event that the holder of such DI Series 2 Note elects to retain its DI Series 2 Note pursuant to Section 4.1(b) thereof, then such DI Series 2 Note shall no longer be secured by the Collateral, and provisions of this Section 3(b) and 3(c) including, without limitation, the provisions regarding the sharing of Collateral between the Longitude Holder, the DI Collateral Agent and the DI Creditors, shall no longer apply to the parties hereto with respect to such holder of such DI Series 2 Note.   Such Series 2 Note that is unsecured as provided in this Section 3(d) shall not be entitled to the benefits of any Collateral and shall not share in the proceeds of any Collateral.
4.    Application of Certain Payments under the DI Notes and the Longitude Note Agreement. The DI Collateral Agent (for itself and on behalf of all of the DI Holders, who shall each be bound by the provisions of this Section 4 by their acceptance of their respective DI Note), the Longitude Holder, the Borrower and the Guarantor hereby agree as follows:
(a)    In the event that the Borrower (or the Guarantor, on behalf of the Borrower) does not make payment of all of the accrued and unpaid interest payable on the DI Notes as required under Section 1.2 of the DI Notes and all accrued and unpaid interest payable under the Longitude Note Agreement as required under Section 1.2 of the Longitude Note Agreement on any due date for the payment of such interest, then the interest payable by the Borrower  (or the Guarantor, on behalf of the Borrower) under such sections of the DI Notes and the Longitude Note Agreement shall be paid to the DI Holders and the Longitude Holder entitled thereto on a pari passu and pro rata basis, until such interest is paid in full.
(b)    In the event that the Borrower (or the Guarantor, on behalf of the Borrower)  does not make payment of (i) the entire Redemption Price (as defined in the DI Notes) plus accrued interest payable to all of the holders of the DI Notes on either the Maturity Date as required under Section 1.3 of the DI Notes or the date of prepayment under Section 1.4 of the DI Notes; and (ii) the entire Redemption Price (as defined in the Longitude Note Agreement) plus accrued interest payable to Longitude on either the Maturity Date as required under Section 1.3 of the Longitude Note Agreement or the date of prepayment under Section 1.4 of the Longitude Note Agreement; then such Redemption Price plus accrued interest thereon payable by the Borrower  (or the Guarantor, on behalf of the Borrower) on the Maturity Date, as required under Section 1.3 of the DI Notes and Section 1.3 of the Longitude Note (or, if applicable, the date of prepayment under Sections 1.4 of each DI Note and Section 1.4 of the Longitude Note Agreement) shall be paid to the DI Holders and the Longitude Holder entitled thereto on a pari passu and pro rata basis, until such Redemption Price plus accrued interest  is paid in full.
(c)    In the event that the Borrower (or the Guarantor, on behalf of the Borrower) does not make payment of all of the entire amounts payable to the holders of the DI Notes under Section 1.5 or Section 1.6 of the DI Notes and the entire amount payable to the Longitude Holder under Section 1.5 or Section 1.6 of the Longitude Note Agreement on the date required for such payment, as set forth therein, then such amounts payable by the Borrower (or the Guarantor, on behalf of the Borrower)  to the DI Holders and the Longitude Holder under such sections of the DI Notes and the Longitude Note Agreement shall be 

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paid to such DI Holders and the Longitude Holder entitled thereto on a pari passu and pro rata basis, until such amounts are paid in full.
(d)    Should any amounts be received by DI Holders or the Longitude Holders in excess of amounts that may be received by such DI Holders or the Longitude Holder under Sections 4(a), (b) or (c),  then the DI Holders or Longitude Holder that received such excess amounts shall receive and hold the same in trust for the benefit of the Longitude Holder (with respect to any excess amounts received by the DI Holders) or for the benefit of the DI Holders (with respect to any excess amounts received by the Longitude Holders) and shall forthwith deliver the same to the party entitled thereof, and, until so delivered, the same shall be held in trust by the DI Holders as the property of the Longitude Holder (with respect to any excess amounts received by the DI Holders) or shall be held in trust by the Longitude Holder as the property of the DI Holder (with respect to any excess amounts received by the Longitude Holder).
5.    Notices of Events of Default; Enforcement Actions.  
(a)    The Longitude Holder shall deliver to the DI Collateral Agent notice of any Longitude Event of Default promptly upon its knowledge thereof.  The DI Collateral Agent shall deliver to the Longitude Holder notice of any DI Event of Default promptly upon its knowledge thereof.  The failure to give any such notice under this clause (a) shall not deprive the Longitude Holder or Longitude Creditor or DI Collateral Agent or any DI Creditor of any rights or remedies to which they are entitled hereunder or otherwise or subject any of them to any liabilities to the other party, the Borrower, the Guarantor, or any other Person.
(b)    As long as any DI Note is secured by the Collateral, the Longitude Holder agrees that, upon the occurrence of any Longitude Event of Default and during the Longitude Standstill Period, it shall not pursue any Enforcement Action against the Collateral; provided, however, that nothing shall herein shall prevent the Longitude Holder from taking a Permitted Protective Action; provided further, that if a Longitude Event of Default is continuing at the end of the Longitude Standstill Period, the Longitude Holder may (but shall have no obligation to) pursue Enforcement Actions Against the Collateral (subject to the obligation to allocate the proceeds thereof as provided under Section 3(b) hereof).  Notwithstanding the foregoing, in the event that all of the DI Notes have been either converted to equity pursuant to Section 4.1 of the applicable DI Note or, as applicable, retained as an unsecured DI Series 2 Note pursuant to Section 4.1(b) of the DI Series 2 Notes, then the provisions of this Section 4(b) shall no longer apply and Longitude shall have no restrictions on its pursuit of Enforcement Actions against the Collateral.
(c)    As long as any DI Note is secured by the Collateral, the DI Collateral Agent may (but shall have no obligation to) pursue Enforcement Actions against the Collateral at any time following a DI Event of Default (subject to the obligation to allocate the proceeds thereof as provided under Section 3(b) hereof).  Notwithstanding the foregoing, in the event that all of the DI Notes have been either converted to equity pursuant to Section 4.1 of the applicable DI Note or, as applicable, retained as an unsecured DI Series 2 Note pursuant to Section 4.1(b) of the DI Series 2 Notes, then the provisions of this Section 4(c) shall no longer apply.
(d)    The obligations of the Longitude Holder under this Section 5 shall be for the benefit of the DI Collateral Agent and the DI Creditors only, and neither the Borrower nor the Guarantor nor any other direct or indirect subsidiary of the Borrower shall have any rights under this Section 5 including, without limitation, any rights to enforce any obligation of the Longitude Holder hereunder.  The obligations of the DI Collateral Agent under this Section 5 shall be for the benefit of the Longitude Holder and the Longitude Creditors only, and neither the Borrower nor the Guarantor nor any other direct or indirect 

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subsidiary of the Borrower shall have any rights under this Section 5 including, without limitation, any rights to enforce any obligation of the DI Collateral Agent hereunder.
6.    Modifications to Loan Documents.  Until the Longitude Obligations and DI Obligations have been paid in full in cash, 
(a)    The Borrower and the Longitude Holder shall not, without the prior written consent of the DI Collateral Agent, agree to any amendment, modification, or supplement to the Longitude Documents that would (i) increase the principal amount of the Longitude Obligations or the rate of interest applicable on the Longitude Obligations, (ii) change the dates for payment of interest under the Longitude Note Agreement, (iii) advance the final maturity date of the principal owing under the Longitude Note Agreement; (iv) impose on the Borrower or amend any representations, warranties, financial or operational covenants, events of default or remedies that are more restrictive or burdensome to Borrower than are contained in the Longitude Documents as in effect on the date of this Intercreditor Agreement.  Subject to the foregoing, the Longitude Holder shall notify the DI Collateral Agent no less than five (5) Business Days prior to the date that any amendments are made to the Longitude Documents.  At the election of the DI Collateral Agent, the DI Collateral Agent shall have the right to have a Conforming Amendment made to the DI Documents at the same time that such amendments are made to the Longitude Documents, and the Borrower hereby agrees that, upon the request of the DI Collateral Agent, it shall execute any and all documents necessary to cause such Conforming Amendment to be made to the DI Documents.
(b)    The DI Collateral Agent shall notify the Longitude Holder no less than five (5) Business Days prior to the date that any amendments are made to the DI Documents.  At the election of the Longitude Holder, the Longitude Holder shall have the right to have a Conforming Amendment made to the Longitude Documents at the same time that such amendments are made to the DI Documents, and the Borrower hereby agrees that, upon the request of the Longitude Holder, it shall execute any and all documents necessary to cause such Conforming Amendment to be made to the Longitude Documents.
7.    Agent for Perfection. The DI Collateral Agent agrees that, with respect to any Collateral for which a security interest may only be perfected by possession, custody or control of such Collateral (including, without limitation, by means of execution of a control agreement), to the extent that the DI Collateral Agent holds such Collateral, the DI Collateral Agent shall be deemed to serve as the agent of Longitude Holder solely for purposes of perfecting the Liens and security interests of the Longitude Holder (subject to the obligation to allocate the proceeds thereof as provided under Section 3(b) hereof). The DI Collateral Agent shall have no duty or liability to protect or preserve any rights pertaining to any of the Collateral for the Longitude Holder or otherwise under this sentence, and the Longitude Holder hereby waives and releases the DI Collateral Agent from all claims and liabilities arising pursuant to its role as such representative; provided, however, such waiver shall not apply with respect to any such claim and/or liability to the extent it arises from the gross negligence or willful misconduct.  It is understood and agreed that this Section 7 is intended solely to assure continuous perfection of the Liens granted to Longitude Holder under the Longitude Security Documents, and the DI Collateral Agent, on the one hand, and the Longitude Holder, on the other hand, shall not have by reason of this Section 7 a fiduciary relationship in respect to the other.
8.    Representations and Warranties.
8.1    DI Collateral Agent Representations and Warranties . The DI Collateral Agent hereby represents and warrants to the Longitude Holder that as of the date hereof:

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(a)    the DI Collateral Agent has the power and authority to enter into, execute, deliver, and carry out the terms of this Intercreditor Agreement, all of which have been duly authorized by all proper and necessary action;
(b)    the execution of this Intercreditor Agreement by the DI Collateral Agent will not violate or conflict with the organizational documents of the DI Collateral Agent, the DI Documents or any law, regulation or order or require any consent or approval that has not been obtained; and
(c)    this Intercreditor Agreement is the legal, valid, and binding obligation of the DI Collateral Agent, enforceable against the DI Collateral Agent in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles.
8.2    Longitude Holder Representations and Warranties. The Longitude Holder hereby represents and warrants to the DI Collateral Agent that as of the date hereof:
(a)    the Longitude Holder has the power and authority to enter into, execute, deliver, and carry out the terms of this Intercreditor Agreement, all of which have been duly authorized by all proper and necessary action; 
(b)    the execution of this Intercreditor Agreement by the Longitude Holder will not violate or conflict with the organizational documents of the Longitude Holder, the Longitude Documents or any law, regulation or order or require any consent or approval that has not been obtained; and
(c)    this Intercreditor Agreement is the legal, valid, and binding obligation of the Longitude Holder, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles.
9.    Miscellaneous.
9.1    Conflict. In the event of any conflict between any term, covenant, or condition of this Intercreditor Agreement and any term, covenant or condition of the Longitude Documents or the DI Documents, the provisions of this Intercreditor Agreement shall control and govern.
9.2    Amendments; Modifications. This Intercreditor Agreement constitutes the entire agreement and understanding of the parties relating to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether oral or written, relating to the subject matter hereof.  Any modification or waiver of any provision of this Intercreditor Agreement, or any consent to any departure by any party from the terms hereof, shall not be effective in any event unless the same is in writing and signed by the Longitude Holder and the DI Collateral Agent, and then such modification, waiver or consent shall be effective only in the specific instance and for the specific purpose given.  Any notice to or demand on any party hereto in any event not specifically required hereunder shall not entitle the party receiving such notice or demand to any other or further notice or demand in the same, similar or other circumstances unless specifically required hereunder.
9.3    Successors and Assigns.  This Intercreditor Agreement shall inure to the benefit of, and shall be binding upon, the respective successors and assigns of the Longitude Creditors, the DI Collateral Agent, the DI Creditors, and shall be binding upon the successors and assigns of the Borrower. 

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9.4    Notices. 
(a)    Except in the case of notices and other communications expressly permitted to be given by telephone (or by e-mail as provided in paragraph (b) below), all notices and other communications provided for herein shall be made in writing and mailed by certified or registered mail, delivered by hand or overnight courier service as follows:
		
	(i)
	if to the Longitude Holder, to: Longitude Venture Partners II, L.P., 800 El Camino Real, Menlo Park, CA  94025, Attention: Carolyn Helms,  e-mail: chelms@longitudecapital.com;

		
	(ii)
	if to the DI Collateral Agent, to: Dental Innovations BVBA, Henri van Heurckstraat 15, 2000 Antwerp Belgium, Attention: Simone Blank, e-mail: simone.blank@a1.net;

		
	(iii)
	if to the Borrower, to: Alphaeon Corporation, 18191 Von Karman Ave., Suite 500, Irvine, CA  92612, Attention: Jeffrey Plumer, e-mail: jeff.plumer@alphaeon.com;

		
	(iv)
	If to the Guarantor, to: Evolus, Inc., 1027 Garden Street, Santa Barbara, CA 93101, Attention: Murthy Simhambhatla, email: murthy.simhambhatla@alphaeon.com.

(b)    Each party hereto may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.
(c)    Notices and other communications (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when received; (ii) sent by e-mail shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment), and (iv) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (iii) of notification that such notice or communication is available and identifying the website address therefor; provided that, in the case of clauses (ii), (iii) and (iv) above, if such notice, e-mail or other communication is not sent during the recipient’s normal business hours, such notice, e-mail or communication shall be deemed to have been sent at the recipient’s opening of business on the next business day.
(d)    Any party hereto may change its address or email address for notices and other communications hereunder by notice to the other parties hereto.
9.5    Further Assurances.  Each party to this Intercreditor Agreement will promptly execute and deliver such further instruments and agreements and do such further acts and things as may be reasonably requested in writing by any other party hereto that may be necessary or desirable in order to effect fully the purposes of this Intercreditor Agreement.
9.6    Headings. The section headings used in this Intercreditor Agreement are for convenience only and shall not affect the interpretation of any of the provisions hereof.

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9.7    Counterparts; Integration; Effectiveness; Electronic Execution.  This Intercreditor Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract.  This Intercreditor Agreement constitutes the entire contract among the parties with respect to the subject matter hereof and supersedes all previous agreements and understandings, oral or written, with respect thereto.  This Intercreditor Agreement shall become effective when it shall have been executed by the Longitude Holder, the DI Collateral Agent, the Borrower and the Guarantor and when the Longitude Holder and the DI Collateral Agent shall have received counterparts hereof that together bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page to this Intercreditor Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Intercreditor Agreement.
9.8    Severability.  In the event that any provision of this Intercreditor Agreement is deemed to be invalid, illegal or unenforceable by reason of the operation of any law or by reason of the interpretation placed thereon by any court or governmental authority, the validity, legality and enforceability of the remaining provisions of this Intercreditor Agreement shall not in any way be affected or impaired thereby, and the affected provision shall be modified to the minimum extent permitted by law so as to most fully achieve the intention of this Intercreditor Agreement.
9.9    Governing Law; Jurisdiction; Etc.. 
(a)    Governing Law.  This Intercreditor Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Intercreditor Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of Delaware.
(b)    Dispute Resolution.  The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of California and to the jurisdiction of the United States District Court for the Central District for the purpose of any suit, action or other proceeding arising out of or based upon this Intercreditor Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Intercreditor Agreement except in the state courts of California or the United States District Court for the Central District, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Intercreditor Agreement or the subject matter hereof may not be enforced in or by such court.
(c)    WAIVER OF JURY TRIAL:  SOLELY TO THE EXTENT ALLOWABLE UNDER APPLICABLE LAW, EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS INTERCREDITOR AGREEMENT OR THE SUBJECT MATTER HEREOF.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS INTERCREDITOR AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.  EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND 

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VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
(d)    PRIVATE JUDGE.  Each party hereto hereby agrees that, if the above waiver of the right to a trial by jury is not enforceable, any and all disputes or controversies of any nature arising under this Intercreditor Agreement at any time shall be decided by a reference to a private judge, mutually selected by the Longitude Holder and the DI Collateral Agent (or, if they cannot agree, by the Presiding Judge in the Central District of the State of California) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in the Central District of the State of California; and each party hereto hereby submits to the jurisdiction of such court.  The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive.  The private judge shall have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers.  All such proceedings shall be closed to the public and confidential.  If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the in the Central District of the State of California for such relief.  The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings.  Each party hereto shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings.  The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge.  Each party hereto agrees that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact of law, and shall report a statement of decision thereon pursuant to the California Code of Civil Procedure § 644(a).  Nothing in this paragraph shall limit the right of the Longitude Holder or the DI Collateral Agent at any time to exercise self-help remedies, foreclose against Collateral, or obtain provisional remedies.  The private judge shall also determine all issues relating to the applicability, interpretation and enforceability of this paragraph.
(e)    No Third-Party Beneficiaries.  This Intercreditor Agreement is intended to define the rights and duties of the Longitude Holder and the other Longitude Creditors, on the one hand, and the DI Collateral Agent and the other DI Creditors, on the other hand; it is not intended that any third party (including the Borrower, the Guarantor, any other direct or indirect subsidiary of the Borrower, any other debtor under any DI Security Document or any Longitude Security Document, any bankruptcy trustee, receiver, or debtor-in-possession) shall benefit from it. 
(f)    In Full Force and Effect After Insolvency Proceeding.  In the event of the occurrence of an Insolvency Proceeding involving Borrower, the Guarantor or any other debtor under any DI Security Document or any Longitude Security Document, (i) this Intercreditor Agreement shall remain in full force and effect in accordance with Section 510(a) of the United States Bankruptcy Code, and (ii) the Collateral shall include, without limitation, all Collateral arising during or after any such Insolvency Proceeding.
[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed this Intercreditor Agreement as of the date first above written.
	
	
	LONGITUDE VENTURE PARTNERS II, L.P. 

	 

	By:  Longitude Capital Partners II, LLC, its General Partner

	 

	By/s/ Juliet Tammenoms Bakker                         

	Name:  Juliet Tammenoms Bakker

	Title:  Managing Member

	 

	 

	DENTAL INNOVATIONS BVBA

	 

	By/s/ Frank Laukoetter    /s/ Didier Westen         

	Name: Frank Laukoetter    Didier Westen

	Title: Managing Director    Managing Director

	 

	 

	By____________________________________

	Name:

	Title:

	 

	 

	ALPHAEON CORPORATION

	 

	By/s/ Robert Rhatigan

	Name: Robert Rhatigan

	Title:  President

	 

	 

	EVOLUS, INC.

	 

	By: /s/ Robert Grant                      

	Name: Robert Grant

	Title: President

Signature Page to Amended and Restated Intercreditor AgreementExhibit

Exhibit 10.11

GUARANTY AND SECURITY AGREEMENT
[Evolus/Dental Innovations]
This GUARANTY AND SECURITY AGREEMENT, dated as of April 19, 2017 (as amended, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this “Agreement”), made by and among EVOLUS, INC., a Delaware corporation (the “Grantor”), in favor of DENTAL INNOVATIONS BVBA, as collateral agent for the Secured Parties (defined below) (in such capacity, the “Collateral Agent”).
WHEREAS, Alphaeon Corporation, a Delaware corporation, as issuer (the “Issuer”), the Collateral Agent and certain purchasers party thereto have entered into that certain Amended and Restated Secured Convertible Note Purchase Agreement, dated as of April 19, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”; capitalized terms used but not otherwise defined herein having the meanings given to them therein), which amends and restates that certain Secured Convertible Note Purchase Agreement, dated as of July 26, 2016, as amended, by which the Issuer has issued its Series 1 and Series 2 10.00% Convertible Promissory Notes due 2018 (collectively with any other Series of Notes that may be issued under the Purchase Agreement, the “Notes”); and
WHEREAS, the Issuer may issue additional Notes from time to time pursuant to the Purchase Agreement and the Purchasers of such Notes shall constitute Secured Parties hereunder and be entitled to all the benefits of a Secured Party hereunder; and
WHEREAS, the Grantor is a wholly-owned subsidiary of the Issuer and has received and will continue to receive, substantial tangible and intangible benefits from the issuance of the Notes; and
WHEREAS, it is a requirement under the terms of the Security Agreement that the Grantor execute and deliver this Agreement; and
WHEREAS, this Agreement is given by the Grantor in favor of the Collateral Agent, for the benefit of the Secured Parties, to secure the payment and performance of all of the Secured Obligations.
NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good, fair and valuable consideration and reasonably equivalent value, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.    Definitions.
(a)    Unless otherwise specified herein, all references to Sections and Schedules herein are to Sections and Schedules of this Agreement.
(b)    Unless otherwise defined herein, (i) terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC; provided, however, if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article 9, and (ii) terms used herein that are defined in the Purchase Agreement or the Notes shall have the meanings given to such terms in the Purchase Agreement or Notes, respectively.
(c)    For purposes of this Agreement, the following terms shall have the following meanings:
“Collateral” has the meaning set forth in Section 3.
“Event of Default” has the meaning set forth in the Notes and shall also include any default by Grantor hereunder.
“First Priority” means, with respect to any lien and security interest purported to be created in any Collateral pursuant to this Agreement, such lien and security interest is the most senior lien to which such Collateral is subject (subject only to liens in favor of Longitude Venture Partners II, L.P. securing the Longitude Note (as defined in the Notes) so long as such liens are subject to the Intercreditor Agreement).
“Intercreditor Agreement” means that certain Amended and Restated Intercreditor Agreement, dated as of July 26, 2016 and amended and restated as of April 19, 2017, between the Collateral Agent, Longitude Venture Partners II, L.P., the Issuer and the Grantor, which amends and restates that certain Intercreditor Agreement, dated as of July 26, 2016, between  the Collateral Agent, Longitude Venture Partners II, L.P. and the Issuer, as amended, amended and restated, supplemented or otherwise modified from time to time pursuant to the terms thereof.
“Issuer Security Agreement” means that certain Pledge and Security Agreement dated as of July 26, 2016 among the Issuer and the Collateral Agent, as amended and supplemented from time to time.
“Issuer Trademark Security Agreement” means that certain Trademark Security Agreement, dated as of December 8, 2016, made by the Issuer in favor of the Collateral Agent, , as amended, amended and restated, supplemented or otherwise modified from time to time pursuant to the terms thereof.

“Note Documents” means this Agreement, the Issuer Security Agreement, the Issuer Trademark Security Agreement, the Notes, the Purchase Agreement, the Intercreditor Agreement and each other agreement or instrument executed and delivered in connection with the foregoing.
“Proceeds” means “proceeds” as such term is defined in section 9-102 of the UCC and, in any event, shall include, without limitation, all dividends or other income from the Collateral, collections thereon or distributions with respect thereto.
“Secured Obligations” has the meaning set forth in Section 4.
“Secured Party” means the Collateral Agent and each of the Purchasers.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of California or, when the laws of any other state govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, the Uniform Commercial Code as in effect from time to time in such state.
2.    Guaranty.  
(a)    Grantor hereby absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and punctual payment when due, whether at stated maturity or earlier, by reason of acceleration, mandatory prepayment or otherwise in accordance with any Note Document, of all the Secured Obligations (defined below) whether existing on the date hereof or hereinafter incurred or created.  This Agreement by Grantor hereunder constitutes a guaranty of payment and not of collection. 
(b)    Any term or provision of this Agreement or any other Note Document to the contrary notwithstanding, the maximum aggregate amount for which Grantor shall be liable hereunder shall not exceed the maximum amount for which Grantor can be liable without rendering this Agreement or any other Note Document, as it relates to Grantor, subject to avoidance under applicable law relating to fraudulent conveyance or fraudulent transfer (including the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act and Section 548 of Title 11 of the United States Code or any applicable provisions of comparable law) (collectively, “Fraudulent Transfer Laws”), as determined by a court of competent jurisdiction.  Any payment by Grantor under this Agreement shall result in a dollar for dollar setoff and reduction in the amount of intercompany loans owing by Grantor to the Issuer, and the analysis of the provisions of this Agreement for purposes of Fraudulent Transfer Laws shall give effect to any discharge of intercompany debt as a result of any payment made under this Agreement. 

(c)    The Secured Parties are hereby authorized, without notice to or demand upon Grantor and without discharging or otherwise affecting the obligations of Grantor hereunder and without incurring any liability hereunder, from time to time, to do each of the following:
		
	a.
	(A) modify, amend, supplement or otherwise change, (B) accelerate or otherwise change the time of payment or (C) waive or otherwise consent to noncompliance with, any Secured Obligation or any Note Document;

		
	b.
	apply to the Secured Obligations any sums by whomever paid or however realized to any Secured Obligation in such order as provided in the Note Documents;

		
	c.
	refund at any time any payment received by any Secured Party in respect of any Secured Obligation;

		
	d.
	(A) sell, exchange, enforce, waive, substitute, liquidate, terminate, release, abandon, fail to perfect, subordinate, accept, substitute, surrender, exchange, affect, impair or otherwise alter or release any collateral for any Secured Obligation or any other guaranty therefor in any manner, (B) receive, take and hold additional collateral to secure any Secured Obligation, (C) add, release or substitute any one or more other guarantors, makers or endorsers of any Secured Obligation or any part thereof and (D) otherwise deal in any manner with the Issuer and any other guarantor, maker or endorser of any Secured Obligation or any part thereof; and

		
	e.
	settle, release, compromise, collect or otherwise liquidate the Secured Obligations.

(d)    Grantor's liability is irrevocable absolute and unconditional and shall not be reduced, impaired or affected in any way by reason of (i) any failure to obtain, retain or preserve, or the lack of prior enforcement of, any rights against any Person or Persons (including Issuer and Grantor), or in any property, (ii) the invalidity or unenforceability of any of the Secured Obligations or rights in the Collateral or any other collateral for the Secured Obligations, (iii) any delay in making demand upon Issuer or Grantor or any delay in enforcing, or any failure to enforce, any rights against Issuer or Grantor or in any Collateral or any other collateral for the Secured Obligations, even if such rights are thereby lost, (iv) any failure, neglect or omission to obtain, perfect or retain any lien upon, protect, exercise rights against, or realize on, any property of Issuer or Grantor, or any other party securing the Secured Obligations, (v) the existence or non-existence of any defenses which may be available to Issuer or Grantor with respect to the Secured Obligations, or (vi) the commencement of any bankruptcy, reorganization, liquidation, dissolution, receivership, insolvency proceeding of any kind or case filed by or against Issuer or Grantor. 

(e)    Grantor hereby unconditionally and irrevocably waives and agrees not to assert any claim, defense, setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder including any of the following:  (i) any demand for payment or performance and protest and notice of protest; (ii) any notice of acceptance; (iii) any presentment, demand, protest or further notice or other requirements of any kind with respect to any Secured Obligation (including any accrued but unpaid interest thereon) becoming immediately due and payable; and (iv) any other notice in respect of any Secured Obligation or any part thereof, and any defense arising by reason of any disability or other defense of the Issuer or any other guarantor.  Grantor further unconditionally and irrevocably agrees not to (A) enforce or otherwise exercise any right of subrogation or any right of reimbursement or contribution or similar right against the Issuer or any other guarantor by reason of any Note Document or any payment made thereunder or (B) assert any claim, defense, setoff or counterclaim (other than payment in full in cash of the Secured Obligations and termination of the Purchase Agreement) it may have against any Issuer or any other guarantor or pledgor or set off any of its obligations to Issuer or such other guarantor or pledgor against obligations of such Person to Grantor.  
3.    Grant of Security Interest. The Grantor hereby pledges and grants to the Collateral Agent, for the benefit of the Secured Parties, and hereby creates a continuing First Priority lien and security interest in favor of the Collateral Agent, for the benefit of the Secured Parties, in and to all of its right, title and interest in and to the following, wherever located, whether now existing or hereafter from time to time arising or acquired (collectively, the “Collateral”): 
(a)    all fixtures and personal property of every kind and nature including all accounts (including health-care-insurance receivables), goods (including inventory and equipment), documents (including, if applicable, electronic documents), instruments, promissory notes, chattel paper (whether tangible or electronic), letters of credit, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), securities and all other investment property, commercial tort claims described on Schedule I hereof as supplemented by any written notification given by the Grantor to the Collateral Agent pursuant to Section 5(e), general intangibles (including all payment intangibles, patents, trademarks, copyrights, software, and other intellectual property), money, deposit accounts, and any other contract rights or rights to the payment of money, and in any event shall specifically include, without limitation, that certain License and Supply Agreement dated as of September 30, 2013 between the Grantor and Daewoong Pharmaceutical Co., Ltd., as amended, restated supplemented or otherwise modified from time to time (the “License Agreement”), including, without limitation, the exclusive right and license to import, distribute, promote, market, develop, offer for sale and otherwise commercialize or exploit Product in the Territory (as such terms are defined in the License Agreement) for aesthetic use and (subject to the terms of the License Agreement) Therapeutic Use (as defined in the License Agreement); and 

(b)    all Proceeds and products of each of the foregoing, all books and records relating to the foregoing, all supporting obligations related thereto, and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Grantor from time to time with respect to any of the foregoing.
4.    Secured Obligations. The Collateral secures the due and prompt payment and performance of:
(a)    the obligations of the Issuer and the Grantor from time to time arising under the Purchase Agreement, the Notes, this Agreement or other Note Documents or otherwise with respect to the due and prompt payment of (i) the principal of and Redemption Price and interest on the Notes (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations, including fees, costs, attorneys’ fees and disbursements, reimbursement obligations, contract causes of action, expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Issuer or the Grantor under or in respect of the Purchase Agreement or the Notes or other Note Documents; and
(b)    all other covenants, duties, debts, obligations and liabilities of any kind of the Grantor hereunder or the Issuer under or in respect of the Purchase Agreement, the Notes, the other Note Documents or any other document made, delivered or given in connection with any of the foregoing, in each case whether evidenced by a note or other writing, whether allowed in any bankruptcy, insolvency, receivership or other similar proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (all such obligations, covenants, duties, debts, liabilities, sums and expenses set forth in Section 4 being herein collectively called the “Secured Obligations”);
provided, however, as to any portion of a Series 2 Note (as defined in the Purchase Agreement) that is not converted in conjunction with a Qualified Transaction (as defined in such Series 2 Note) pursuant to Section 4.1(a) of the Series 2 Note, upon the consummation of such Qualified Transaction, the obligations of the Issuer under such Series 2 Note shall cease to constitute Secured Obligations hereunder, the security interest in the Collateral granted pursuant to this Agreement shall no longer secure Series 2 Note, and all of the Issuer’s obligations under such Series 2 Note shall be unsecured.

5.    Perfection of Security Interest and Further Assurances.
(a)    The Grantor shall, from time to time, as may be reasonably required by the Collateral Agent with respect to all or any portion of the Collateral, take all actions to perfect the security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral, including, without limitation, with respect to all Collateral over which control may be obtained within the meaning of sections 8-106, 9-104, 9-105, 9-106 and 9-107 of the UCC, as applicable, the Grantor shall take all actions as may be reasonably requested from time to time by the Collateral Agent so that control of such Collateral is obtained and at all times held by the Collateral Agent. All of the foregoing shall be at the sole cost and expense of the Grantor.  In furtherance of the foregoing, but subject to the terms of the License Agreement and the applicable provisions of the UCC (including, without limitation, Sections 9‐406, 9‐407, 9‐408 and 9‐409 of the UCC), the Grantor hereby collaterally assigns and transfers to the Collateral Agent all of its rights and remedies under the License Agreement.
(b)    The Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any financing statements and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, including any financing or continuation statements or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by the Grantor hereunder, without the signature of the Grantor where permitted by law, including the filing of a financing statement describing the Collateral as “all assets now owned or hereafter acquired by the Grantor,” or words of similar effect. The Grantor agrees to provide all information required by the Collateral Agent pursuant to this Section promptly to the Collateral Agent upon request.
(c)    The Grantor hereby further authorizes the Collateral Agent to file with the United States Patent and Trademark Office and the United States Copyright Office (and any successor office and any similar office in any state of the United States or in any other country) this Agreement and other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by the Grantor hereunder, without the signature of the Grantor where permitted by law, and upon request of Collateral Agent, Grantor shall promptly execute and deliver such patent, trademark and/or copyright security agreements as may be deemed necessary by Collateral Agent in its discretion to evidence the liens granted hereby in the United States Patent and Trademark Office and the United States Copyright Office.
(d)    If the Grantor shall at any time hold or acquire any certificated securities promissory notes, tangible chattel paper, negotiable documents or warehouse receipts relating to the Collateral, the Grantor shall endorse, assign and deliver the same to the Collateral Agent, accompanied by such 

instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify.  
(e)    If the Grantor shall at any time hold or acquire a commercial tort claim, the Grantor shall (i) notify the Collateral Agent in a writing signed by the Grantor of the particulars thereof and grant to the Collateral Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Collateral Agent and (ii) deliver to the Collateral Agent an updated Schedule I.
(f)    The Grantor agrees that at any time and from time to time, at the expense of the Grantor, the Grantor will promptly execute and deliver all further instruments and documents, obtain such agreements from third parties, and take all further action, that may be necessary or desirable, or that the Collateral Agent may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder or under any other agreement with respect to any Collateral.
6.    Representations and Warranties. The Grantor represents and warrants as follows:
(a)    (i) the Grantor’s exact legal name is that indicated on the signature page hereof, (ii) the Grantor is a corporation, organized in the State of Delaware, (iii) the Grantor’s place of business (or, if more than one, its chief executive office), and its mailing address (if different) is set forth on the signature page hereof.
(b)    At the time the Collateral becomes subject to the lien and security interest created by this Agreement, the Grantor will be the sole, direct, legal and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option or right of others except for the security interest created by this Agreement and the other liens permitted by the Intercreditor Agreement.
(c)    The pledge of the Collateral pursuant to this Agreement creates a valid and perfected First Priority security interest in the Collateral, securing the payment and performance when due of the Secured Obligations.
(d)    It has full power, authority and legal right to pledge the Collateral pursuant to this Agreement.
(e)    This Agreement has been duly authorized, executed and delivered by the Grantor and constitutes a legal, valid and binding obligation of the Grantor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar 

laws affecting creditors’ rights generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law).
(f)    No authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body or other person is required for the pledge by the Grantor of the Collateral pursuant to this Agreement or for the execution and delivery of this Agreement by the Grantor or the performance by the Grantor of its obligations hereunder. 
(g)    The execution and delivery of this Agreement by the Grantor and the performance by the Grantor of its obligations hereunder, will not violate any provision of any applicable law or regulation or any order, judgment, writ, award or decree of any court, arbitrator or governmental authority, domestic or foreign, applicable to the Grantor or any of its property, or the organizational or governing documents of the Grantor or any agreement or instrument to which the Grantor is party or by which it or its property is bound.
(h)    Grantor receives synergistic benefits by virtue of its affiliation with the Issuer and the other guarantors and pledgors and that it will receive direct and indirect benefits from the financing arrangements contemplated by the Purchase Agreement and that such benefits, together with the rights of contribution and subrogation that may arise in connection herewith are a reasonably equivalent exchange of value in return for providing this Agreement.
(i)    On the date hereof, Schedule II sets forth (i) each place of business of Grantor (including its chief executive office), (ii) all locations where Collateral is kept, and (iii) whether each such Collateral location and place of business (including Grantor’s chief executive office) is owned or leased (and if leased, specifies the complete name and notice address of each lessor).  No Collateral is located outside the United States or in the possession of any lessor, bailee, warehouseman or consignee.
(j)    All deposit accounts and all other depositary and other accounts maintained by each Grantor are described on Schedule III hereto, which description includes for each such account the name of the account holder, the name, address, telephone and fax numbers of the financial institution at which such account is maintained.
7.    [Reserved].
8.    Covenants. The Grantor covenants as follows:
(a)    The Grantor will not, without providing at least 30 days’ prior written notice to the Collateral Agent, change its legal name, identity, type of organization, jurisdiction of organization, corporate structure, or its principal place of business The Grantor will, prior to any change described 

in the preceding sentence, take all actions reasonably requested by the Collateral Agent to maintain the perfection and priority of the Collateral Agent’s security interest in the Collateral.
(b)    The Grantor shall, at its own cost and expense, defend title to the Collateral and the First Priority lien and security interest of the Collateral Agent therein against the claim of any person claiming against or through the Grantor and shall maintain and preserve such perfected First Priority security interest for so long as this Agreement shall remain in effect.
(c)    The Grantor will not sell, offer to sell, dispose of, convey, assign or otherwise transfer, grant any option with respect to, restrict, or grant, create, permit or suffer to exist any mortgage, pledge, lien, security interest, option, right of first offer, encumbrance or other restriction or limitation of any nature whatsoever on, any of the Collateral or any interest therein, except (x) with the prior written consent of the Collateral Agent or (y) sales of inventory in the ordinary course of business.  Notwithstanding anything to the contrary contained herein or in any other Note Document (i) the consent of the Requisite Holders, along with the Collateral Agent, shall be required for any sale of any of the Collateral or any interest therein,  if such sale does not result in a prepayment of the Notes in amount at least equal to the Face Amount (as such term is defined in the Notes) of the Notes, plus accrued interest thereon; and (ii) the Grantor may sell, sub-license or otherwise transfer rights to the therapeutic distribution rights in the License Agreement, subject to the prepayment requirements under the Notes (the “Therapeutic License Disposition”); provided, that on and after the date that an aggregate of at least US$20,000,000 of the Notes are purchased for cash and funded, and in any case prior to the date a definitive agreement with respect to a Therapeutic License Disposition is entered into, (A) such Therapeutic License Disposition must be approved in advance and in writing by the Collateral Agent or (B) the sales price with respect to a Therapeutic License Disposition must be supported by a valuation report of an independent consultant in form and substance reasonably satisfactory to the Collateral Agent.  
(d)    The Grantor will keep the Collateral in good order and repair (subject to casualty and normal wear and tear) and will not use the same in violation of law or any policy of insurance thereon. The Grantor will permit the Collateral Agent, or its designee, to inspect the Collateral at any reasonable time, wherever located.
(e)    The Grantor will pay promptly when due all taxes, assessments, governmental charges, and levies upon the Collateral or incurred in connection with the use or operation of the Collateral or incurred in connection with this Agreement.
(f)    Whenever Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any intellectual property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof that relates to or is in furtherance 

of the Collateral, Grantor shall report such filing to Collateral Agent.  Grantor will take all reasonable and necessary steps to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of all intellectual property included in the Collateral.
(g)    Grantor will not amend the License Agreement without the prior written consent of the Collateral Agent.
(h)    The Grantor shall not create, assume, incur or have outstanding any debt for borrowed money, except for that certain Guaranty and Security Agreement, dated on or about the date hereof, by Grantor in favor of the Longitude Venture Partners II, L.P., subject, however, to the terms of the Intercreditor Agreement.
(i)    The Grantor shall promptly notify the Collateral Agent of any changes to the information contained in the Schedules hereof.
9.    Collateral Agent Appointed Attorney-in-Fact. The Grantor hereby appoints the Collateral Agent the Grantor’s attorney-in-fact, with full authority in the place and stead of the Grantor and in the name of the Grantor or otherwise, from time to time during the continuance of an Event of Default in the Collateral Agent's discretion to take any action and to execute any instrument which the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement (but the Collateral Agent shall not be obligated to and shall have no liability to the Grantor or any third party for failure to do so or take action). The Grantor further irrevocably authorizes and empowers the Collateral Agent or its agents to, after the occurrence and during the continuance of an Event of Default, assert either directly or on behalf of the Grantor, any claims the Grantor may, from time to time, have with respect to the License Agreement, as Collateral Agent may deem proper, and to apply the same on account of any of the Secured Obligations.  This appointment, being coupled with an interest, shall be irrevocable. The Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof.  The Collateral Agent shall have no liability for exercising or not exercising its rights hereunder.  The rights of the Collateral Agent set forth in this Agreement shall be in addition to, and not in lieu of, any rights or obligations set forth in the Purchase Agreement, the Notes or any other Note Document.  All rights and remedies evidenced hereby, or evidenced or contemplated by the Purchase Agreement or any Note Document shall be cumulative and may be exercised separately or concurrently in the sole discretion of the Collateral Agent.  
10.    Collateral Agent May Perform. If the Grantor fails to perform any obligation contained in this Agreement, the Collateral Agent may itself perform, or cause performance of, such obligation, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Grantor; provided that the Collateral Agent shall not be required to perform or discharge any obligation of the Grantor.

11.    Reasonable Care. The Collateral Agent shall have no duty with respect to the care and preservation of the Collateral beyond the exercise of reasonable care. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property, it being understood that the Collateral Agent shall not have any responsibility for (a) ascertaining or taking action with respect to any claims, the nature or sufficiency of any payment or performance by any party under or pursuant to any agreement relating to the Collateral or other matters relative to any Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against any parties with respect to any Collateral. Nothing set forth in this Agreement, or the exercise by the Collateral Agent of any of the rights and remedies hereunder, shall relieve the Grantor from the performance of any obligation on the Grantor’s part to be performed or observed in respect of any of the Collateral.
12.    Remedies Upon Default.
(a)    If any Event of Default shall have occurred and be continuing, the Collateral Agent, without any other notice to or demand upon the Grantor, may (and at the direction of the Requisite Holders shall), assert all rights and remedies of a secured party under the UCC or other applicable law, including, without limitation, the right to take possession of, hold, collect, sell, lease, deliver, grant options to purchase or otherwise retain, liquidate or dispose of all or any portion of the Collateral, in addition to all other rights and remedies granted to the Collateral Agent in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations. If notice prior to disposition of the Collateral or any portion thereof is necessary under applicable law, written notice mailed to the Grantor at its notice address as provided in Section 15 hereof ten days prior to the date of such disposition shall constitute reasonable notice, but notice given in any other reasonable manner shall be sufficient. So long as the sale of the Collateral is made in a commercially reasonable manner, the Collateral Agent may sell such Collateral on such terms and to such purchaser(s) as the Collateral Agent in its absolute discretion may choose, without assuming any credit risk and without any obligation to advertise or give notice of any kind other than that necessary under applicable law. Without precluding any other methods of sale, the sale of the Collateral or any portion thereof shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of creditors disposing of similar property. At any sale of the Collateral, if permitted by applicable law, the Collateral Agent may be the purchaser, licensee, assignee or recipient of the Collateral or any part thereof and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale. To the extent permitted by applicable law, the Grantor waives all claims, damages and demands it may acquire against the Collateral Agent arising out of the exercise by it of any rights 

hereunder. The Grantor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security for the Secured Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Collateral Agent may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. The Collateral Agent shall not be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing, nor shall it be under any obligation to take any action whatsoever with regard thereto. The Collateral Agent shall not be obligated to clean-up or otherwise prepare the Collateral for sale.
(b)    If any Event of Default shall have occurred and be continuing, any cash held by the Collateral Agent as Collateral and all cash Proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied in whole or in part by the Collateral Agent to the payment of expenses incurred by the Collateral Agent in connection with the foregoing or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Collateral Agent hereunder, including reasonable attorneys’ fees, and the balance of such proceeds shall be applied or set off against all or any part of the Secured Obligations in such order as the Collateral Agent shall elect. Any surplus of such cash or cash Proceeds held by the Collateral Agent and remaining after payment in full of all the Secured Obligations shall be paid over to the Grantor or to whomsoever may be lawfully entitled to receive such surplus. The Grantor shall remain liable for any deficiency if such cash and the cash Proceeds of any sale or other realization of the Collateral are insufficient to pay the Secured Obligations and the fees and other charges of any attorneys employed by the Collateral Agent to collect such deficiency.
(c)    If the Collateral Agent shall determine to exercise its rights to sell all or any of the Collateral pursuant to this Section, the Grantor agrees that, upon request of the Collateral Agent, the Grantor will, at its own expense, do or cause to be done all such acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.
(d)    Neither Collateral Agent or any Purchasers nor any of their respective officers, directors, employees or agents shall be liable for any failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Grantor or any other person or to take any other action whatsoever with regard to the Collateral or any part thereof.  The powers conferred on Collateral Agent hereunder are solely to protect Collateral Agent's and Purchasers' interests in the Collateral and shall not impose any duty upon Collateral Agent or any Purchaser to exercise any such powers.  Collateral Agent shall be accountable only for amounts it actually receives as a result of the exercise 

of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Grantor for any act or failure to act under this Agreement.
13.    No Waiver and Cumulative Remedies. The Collateral Agent shall not by any act (except by a written instrument pursuant to Section 14), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Event of Default. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.
14.    Amendments. None of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any departure by the Grantor therefrom shall be effective unless the same shall be in writing and signed by the Collateral Agent with the consent of the Requisite Holders (as defined in the Notes) and (ii) and the Grantor, and then such amendment, modification, supplement, waiver or consent shall be effective only in the specific instance and for the specific purpose for which made or given.
15.    Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or:  (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1)  business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at their address as set forth on the signature page or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Section.  
16.    Continuing Security Interest; Further Actions. This Agreement shall create a continuing First Priority lien and security interest in the Collateral and shall (a) subject to Section 17, remain in full force and effect until payment and performance in full of the Secured Obligations, (b) be binding upon the Grantor, its successors and assigns, and (c) inure to the benefit of the Collateral Agent, the Secured Parties and their respective successors, transferees and assigns; provided that the Grantor may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the Collateral Agent and the Requisite Holders.  
17.    Termination; Release. On the earlier of (a) the date on which all Secured Obligations have been paid and performed in full and (b) the date on which all of the Notes have been either converted to equity pursuant to Section 4.1 of the applicable Note or, as applicable, retained as an unsecured Series 2 Note pursuant to Section 4.1 (b) of the Series 2 Notes, the Collateral Agent will, at the request and sole expense of the Grantor, (a) duly assign, transfer and deliver to or at the direction 

of the Grantor (without recourse and without any representation or warranty) such of the Collateral as may then remain in the possession of the Collateral Agent, together with any monies at the time held by the Collateral Agent hereunder, and (b) execute and deliver to the Grantor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement, including without limitation appropriate UCC-3 termination statements to reflect the termination of the Collateral Agent's security interest pursuant to this Agreement.
18.    GOVERNING LAW. This Agreement and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the laws of the State of Delaware.  The provisions of Sections 7.2 and 7.15 of the Purchase Agreement are incorporated herein, mutatis mutandis, as if a part hereof.
19.    Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement and the other Note Documents constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.
20.    Expenses.  Grantor agrees to pay or reimburse on demand Collateral Agent for all reasonable out-of-pocket costs and expenses (including reasonable legal fees) incurred in enforcing or preserving any rights under this Agreement. 
21.    Severability.  If any part of this Agreement is contrary to, prohibited by, or deemed invalid under applicable laws or regulations or by a court of competent jurisdiction (as a result of merger doctrine or otherwise), such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible. 

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
	
		
	Evolus, Inc., as Grantor

	 
	 

	By
	/s/ Murthy V. Simhambhatla

	 
	 

	Name: Murthy V. Simhambhatla

	Title: President  & CEO

	Address for Notices:

	 
	 

	1027 Garden Street

	Santa Barbara, CA 93101

	
		
	DENTAL INNOVATIONS BVBA, as

	Collateral Agent

	 
	 

	By
	/s/ Frank Laukoetter    /s/ Didier Westen

	 
	 

	Name: Frank Laukoetter    Didier Westen

	Title: Managing Director   Managing Director

	Address for Notices:

	 

	Wiegstraat 21

	2000 Antwerp, Belgium

SCHEDULE I

COMMERCIAL TORT CLAIMS
None.

SCHEDULE II

COLLATERAL LOCATIONS

1027 Garden Street, Santa Barbara, CA 93101

Landlord: 
J Carol Duncan
3139 Cliff Drive
Santa Barbara, CA  93109-1027

SCHEDULE III
DEPOSIT ACCOUNTS
None.

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