Document:

EX-10.4

 Exhibit 10.4 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 
  
  

 
 MANUFACTURING AGREEMENT 

This Manufacturing Agreement (this “Agreement”) is made as of January 2nd, 2014 (the “Effective Date”),
by and between BIT Group Inc., a California corporation, with offices located at 15870 Bernardo Center Drive, San Diego, CA 92127 (“BIT”), and Ulthera, Inc., a Delaware corporation, with offices located at 1840 S. Stapley Dr., Ste.
200, Mesa, AZ 85204 (“Client”). Individually, BIT and Client may be referred to herein as a “Party” and collectively as “Parties”. 

RECITALS 
 WHEREAS,
BIT is engaged in contract developing and manufacturing medical devices and life science instruments; 
 WHEREAS, Client is engaged in the
development, manufacture, marketing, sale and distribution of certain medical devices, and 
 WHEREAS, Client desires BIT to exercise
commercially reasonable efforts to provide to Client, and BIT is willing to exercise such efforts to provide to Client certain manufacturing services including repair services for products under warranty (“Manufacturing Services”)
and manufactured products (“Products”), each as described in the applicable Exhibits to this Agreement and all on the terms, and subject to the conditions, set forth herein. The provision of the Manufacturing Services and
Products is sometimes referred to in this Agreement as the “Project”. 
 NOW, THEREFORE, in consideration of the foregoing
premises and the mutual covenants set forth herein, BIT and Client hereby agree as follows: 
 AGREEMENT 

1. Right to Manufacture Products. Client hereby grants to BIT a right to manufacture Products solely for sale to Client
in accordance with the terms of this Agreement during the applicable Manufacturing Term (as defined in Section 2). This Agreement supersedes all other manufacturing agreements with BIT, formerly known as “California Medtech”, and
other predecessor entities of BIT. BIT shall manufacture Products in accordance to the specifications provided by Client attached as Exhibit D to this Agreement (“Product Specifications”) and applicable laws and regulations. 

2. Agreement Term.  

2.1 Initial Manufacturing Term. With respect to a Product, the “Initial Manufacturing Term” shall be
two (2) years from the date the initial production lot for such Product is validated. The Initial Manufacturing Term shall automatically renew for a period of one (1) year (each such period, a “Subsequent Manufacturing
Term”). Either Party may terminate this Agreement by providing the other Party with written 

 notice of such intention six (6) months prior to the end of a Subsequent
Manufacturing Term. 
 2.2 Manufacturing Term. The Initial Manufacturing Term for a Product and all Subsequent
Manufacturing Terms for such Product collectively shall be the “Manufacturing Term” for such Product. 
 2.3
Subsequent Manufacturing Term’s Terms and Conditions. With respect to a Product, within sixty (60) days of the end of the Initial Manufacturing Term or a Subsequent Manufacturing Term, the Client shall have the right to provide BIT
with reasonably detailed information regarding a bona fide third party offer to Client to manufacture and supply Client with such Product of quality and quantity similar to the quality and quantity of Product supplied by BIT to Client pursuant to
this Agreement. If Client provides BIT with such information, BIT shall have the right, in its sole discretion, to offer Client an agreement similar to the bona fide third party offer. If BIT extends such an offer to the Client and Client accepts
BIT’s offer, then (a) such offer shall be documented in writing and shall be incorporated into this Agreement effective as of the first day of the applicable Subsequent Manufacturing Term. If BIT decides not to extend such an offer to the
Client, then Client shall have the right to terminate this Agreement upon sixty (60)-day prior written notice to BIT. 
 2.4
Warranty Term. With respect to a Product, the duration of Limited Warranty is set forth in Section 9.1 and shall survive termination of this Agreement for any reason. 

3. Manufactured Product Pricing. 

3.1 Open Book Pricing Formula. The price(s) for the Products shall be set using the open-book pricing formula set forth
in Exhibit A. Initial pricing shall be based on: (a) [***], (b) [***] (or best estimates thereof), and (c) estimated [***] Pricing may be adjusted up or down annually as a result of [***], or as a result of [***] if any,
provided that any annual adjustment is limited to a maximum increase of [***] percent ([***]%) for [***] and [***] percent ([***]%) [***] Any engineering change order (“ECO”) occurring during the Manufacturing Term which impacts the
BOM costs or the manufacturing process will be reviewed and pricing shall be adjusted accordingly upon implementation of the ECO as mutually agreed upon by BIT and Client. 

3.2 Quantity Dependence. BIT’s open-book pricing formula shall be based on Client’s quantity of Products set
forth in its committed purchase order of Product for [***] (“Committed Purchase Volume”) and shall allocate [***]. If Client decreases or increases the Committed Purchase Volume of Products, BIT and Client shall negotiate an
appropriate adjustment to the pricing set forth in Exhibit A. 
 3.3 Exclusions and Taxes. 

3.3.1.1 Pricing is exclusive of outbound shipping cost, provided BIT utilizes Client’s Federal Express account or other
client provided shipping services account, and of any applicable taxes, any of which shall be added on to the applicable invoices for the Products, as appropriate. Without limiting the generality of anything set forth in this Agreement, Client shall
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manufactured under this Agreement. If a resale certificate or other certificate or document is required in order to exempt Client from any liability with respect to taxes in connection with the
Products, Client promptly shall furnish such certificate or document to BIT. In the event BIT is required to pay any taxes relative to the manufacture of Products, Client shall reimburse BIT for such taxes within forty-five (45) days after
receipt of invoice or as otherwise agreed in writing. 
 3.3.1.2 BIT remains liable for taxes relating to its business,
employees and contractors. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, BIT DOES NOT ASSUME ANY FINANCIAL OR OTHER LIABILITY FOR ANY TAXES (REGARDLESS OF WHETHER OR NOT SUCH TAXES ARE INVOICED TO CLIENT ON BIT INVOICES OR WHETHER OR
NOT SUCH TAXES ARE PROPERLY INVOICED THEREON) AND BIT HEREBY EXPRESSLY DISCLAIMS ANY AND ALL FINANCIAL AND OTHER LIABILITY FOR ANY TAXES. 

4. Forecast; Purchase Orders; Payment Terms. 

4.1 Forecast. Not less than five (5) days prior to the first day of each Manufacturing Term, Client shall provide
BIT with an annual forecast of its good faith estimated requirements for the Committed Purchase Volume for each calendar month. Client shall not (a) increase or decrease the Committed Purchase Volume as forecasted in any calendar quarter by
more than [***] percent ([***]%), unless approved in writing by BIT. 
 4.2 Firm PO. Client shall be required to
purchase one hundred percent (100%) of the Committed Purchase Volume forecasted for the Product under Section 4.1. Client shall provide BIT with a firm purchase order as provided in section 4.5. 

4.3 Supply Obligations. BIT shall be required to supply the Committed Purchase Volume as forecasted by Client under
this Section 4 in any calendar quarter up to [***] percent more (+[***]%) of the quantity forecasted for the quarterly period. If Client’s orders in any calendar quarter exceed [***] percent (+[***]%) of the quantity forecasted for
the quarterly period, BIT shall use good faith efforts to supply such excess. 
 4.4 Forecast Variability. If BIT
consents to an increase or decrease of the forecasted quantities of Products beyond the [***] percent ([***]%) described in Section 4.1, then BIT shall have the right, in its sole discretion, to charge Client an additional fee (i.e.,
overtime) incurred for such increase or decrease and Client shall pay to BIT such fee within forty-five (45) days after the receipt of the applicable invoice for the fees incurred for the change in the forecast. Any such fee shall be negotiated
in good faith by the Parties prior to BIT incurring such costs and then based upon actual costs incurred by BIT. 
 4.5
Purchase Orders. Client shall make all purchases under this Section 4 by submitting firm purchase orders (“Purchase Order” or “PO”) to BIT not less than thirty (30) days prior to the first day of each
year of the Manufacturing Term. Each Purchase Order shall be in writing, specify the Committed Purchase Volume ordered, the place of delivery and the required delivery date therefore (broken down by month or week),

  

			
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provided such delivery date shall not be less than the longest lead time of components/parts necessary to initiate the PO. The terms of any Purchase Order, invoice or other document submitted by
one Party to the other Party shall not be binding on either Party except as necessary to designate specific quantities of Products, requested delivery date, delivery destination and other similar terms that may vary from, as an example, PO to PO.
The terms and conditions of this Agreement shall be incorporated in all POs, invoices and other documents with the terms and conditions this Agreement controlling, unless otherwise expressly agreed to in writing through an amendment to this
Agreement, signed by an Officer of BIT and an authorized representative of Client. 
 4.6 Shut-Down of Production
Line. Notwithstanding anything set forth in this Agreement, in the event that Client requests BIT to cease production of finished Products or related subassemblies, BIT reserves the right to negotiate and charge Client a “Line Down”
fee each [***] such fee not to exceed [***]% of the [***] involved in the [***] for the Products. Client shall pay such negotiated “Line Down” fee within forty-five (45) days after the date of the applicable invoice. BIT shall make a
good faith effort to redeploy such [***] in order to reduce or avoid the Line Down fee. The Line Down fee shall not be applicable if the root cause of the line stoppage directly relates to [***]: (a) [***] or (b) [***] The Line Down fee
shall apply for no more than [***], after which, BIT reserves the right to [***] If that occurs, there may be a [***] as well as a negotiated [***] onto the line and [***]. Such [***] shall not exceed [***] Line Down fee described above. 

4.7 Client’s Financial Commitment for Material Purchases. Client shall assume financial responsibility for all
material that BIT purchases in order to meet Client’s forecast, provided that BIT buys material at times and in quantities that are commercially reasonable relative to material lead times and build cycle times. Financial responsibility means
that if Client ends up reducing its forecast for the Initial Manufacturing Term as set forth in Section 4.1, then BIT shall make commercially reasonable efforts to otherwise use, reduce, cancel or return materials as needed in order to avoid
carrying excess inventory, and Client shall either (at Client’s option) pay for and take possession of material which cannot be otherwise used, reduced, cancelled or returned, including any cancellation or restocking fees, plus freight and
reasonable handling charges to cover BIT’s time to process the reductions, cancellations and returns. Client shall make such payments to BIT within forty-five (45) days after receipt of the applicable invoice. 

4.8 Invoicing, Payment Terms. BIT shall invoice Client for each shipment of Products within five (5) business days
of shipment and for charges, fees and other costs and expenses incurred pursuant to the terms of this Agreement. Client shall pay to BIT all invoiced amounts within sixty (60) days after receipt of the applicable invoice. In the event of
default in payment, commencing on the date of default, BIT shall have the right to charge default interest on the unpaid amount at a rate equal to 1.0% per month or the maximum rate allowable applicable law (whichever is lower). 

4.9 Initial Deposit, Credit Terms BIT will retain a deposit amount of $[***]. BIT may request Client to provide
additional deposits to cover BIT’s exposure in purchasing non-cancellable, non-returnable materials in order to meet Client’s forecasted demand. BIT’s credit department may provide Client with an initial credit limit, which BIT may

  

			
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review and, if necessary, adjust. BIT shall have the right to reduce the credit limit upon fifteen (30) days’ prior written notice to Client. In the event Client exceeds this credit
limit or has any outstanding invoice more than fifteen (15) days past due, BIT shall have the right to stop manufacturing Products until Client makes a sufficient payment to bring its account within the credit limit provided or pays all
outstanding invoice amounts. 
 5. [***]. BIT retains, and Client [***] of such Products, [***] under this
Agreement. [***] in such Products, even if such Projects are [***], until Client has [***]. Client shall, upon request and without legal demand by BIT (a) provide all information required by BIT to [***], and (b) [***] as Client requests
to [***]. In the event of [***] under this Agreement, BIT shall be [***]. In the event of Client terminates this Agreement under Section 11.4.1 (i.e., general termination for insolvency), then [***] Products shall be [***]. 

6. Minimum Buys, Price Breaks, Excess & Obsolete Materials. 

6.1 Minimum Buys. BIT may be required to purchase certain minimum quantities of materials, wherein such minimum
quantities may exceed what is required to meet Client’s forecast. After the Parties discuss such cases and Client agrees to BIT’s purchase by providing a material authorization, Client shall pay for such “minimum-buy excess
material” upon termination of this Agreement, if such material is not consumed by BIT during the course of executing its obligations under this Agreement. If Client requests BIT to purchase excess materials for any reason, Client shall pay BIT
a carrying cost charge on such material in the amount of [***]% per month of the ending dollar value of the material on a monthly basis. 

6.2 Setup Fees. Certain vendors may charge setup fees or other non-recurring costs (collectively “NRE”)
in order to produce custom parts or subassemblies or respond to engineering changes as requested by Client. BIT shall make a good faith effort to anticipate all such fees and communicate such fees to Client BIT reserves the right to pass along NRE
costs to Client and Client shall pay for such NRE cost on mutually-agreeable terms. 
 6.3 Obsolete Materials. As a
result of a Client or Client’s requested design changes, certain materials may become obsolete, meaning that such materials are no longer used to manufacture Products and/or cannot be cost-effectively reworked in order to be used. At the end of
each PO, or at other mutually-agreeable times, BIT shall provide Client with an invoice for such obsolete materials [***], and Client shall pay such invoice within forty-five (45) days after receipt thereof. At Client’s option, BIT shall
either return or destroy such obsolete materials [***]. 
 7. Delivery & Acceptance. 

7.1 Delivery. BIT shall make commercially reasonable efforts to mark, pack, package, crate, transport, ship and store
Products (a) in the packaging and in the manner set forth in the Product Specifications and approved by Client, (b) in compliance with all requirements of the carrier and destination authorities, and (c) in compliance with any special
instructions of Client. BIT shall use commercially reasonable efforts to deliver the Products on the delivery dates set forth in the applicable PO and shall use commercially reasonable efforts to notify Client of any anticipated delays. All Product
shipments shall be [***], unless other arrangements are made. Title to and risk of loss or damage to the 

  

			
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Products shall pass to Client upon [***]. Unless otherwise agreed in writing or otherwise instructed, all shipments are at the risk of [***] it may request for any shipment. Shipment may not be
delayed by BIT on the grounds of total or partial default in payment. Client shall bear the costs of storage after transfer of risk. If Products that are ready for shipment on the date specified in the PO but are not delivered to the designated
carrier at no fault of BIT, BIT may store the Product [***]. If shipping delays are solely caused by BIT’s actions or inactions, BIT shall be liable for expedited shipping costs if required for Products to be delivered on the date specified in
the PO. The designated carrier, Client or Client’s authorized representatives are responsible for loading Product at BIT’s manufacturing facility’s dock. Assuming BIT has packaged and prepared Products for shipment in accordance to
Product Specifications, then the designated carrier and/or Client shall be solely responsible for further compliance with all applicable law and regulation pertaining to the transportation of hazardous or other cargo. Client’s responsibility
for all risk of loss following [***] shall not be diminished or altered if BIT’s staff assists the Client with loading or transportation. Partial shipment of Products is permissible under this Agreement, provided BIT notifies Client of such
partial shipment no later than three (3) business days prior to the delivery date specified in the applicable PO. [***], excluding for the avoidance of doubt when this is due to [***] in which case [***]. However, [***] according to the payment
schedule. Optional safety stock of Contract Product to overcome potential delivery shortage can be provided by BIT upon mutual agreement with Client and BIT. 

7.2 Acceptance. Acceptance of the Product shall occur no later than fifteen (15) days after receipt after receipt
of Product by Client and shall be based solely on whether the Product passes the applicable Acceptance Test. “Acceptance Test” shall mean, with respect to a Product, a mutually agreeable acceptance test procedure or inspection
completed by BIT and designed to demonstrate that such Product conforms to the applicable Product Specifications and completed as Product release criteria of BIT. Product cannot be rejected based on criteria that were unknown to BIT or based on test
procedures or inspections other than the applicable Acceptance Test. Client shall visually inspect Product upon receipt for abusive handling, inadequate packaging, or other damage which may occur in shipping and review BIT’s Certificate of
Conformance and Device History Record prior to accepting Product. Product shall be deemed accepted if not rejected within this fifteen (15)-day period. Once a Product is accepted, all Product returns shall be handled in accordance with Section
9 (Warranty). Prior to returning any rejected Product, Client shall obtain a Returned Material Authorization (“RMA”) number from BIT, and shall return such Product at BIT’s expense, in accordance with BIT’s
instructions; Client shall specify the reason for such rejection in all RMA’s. In the event a Product is rejected, BIT shall have a reasonable opportunity to cure any defect which led to such rejection. 

8. Changes. 

8.1 Design Change Requests. Client may, upon reasonable advance prior written notice, make Product-related changes
pursuant to the terms of this Agreement. Such changes may include, but are not limited to, changes in drawings, plans, designs, procedures, Product Specifications, test specifications, Acceptance Test, BOMs, and methods of shipment. The Parties
acknowledge that Client may request Product-related changes in response to or as mandated by government requirements (i.e. FDA 

  

			
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observations or recall). Client shall initiate such changes by submitting a Document Change Request (“DCR”) to BIT. 

8.2 DCR Charges. BIT shall process [***] Product-related DCR(s) [***] without [***]. Each DCR not exceeding [***]
of engineering time shall be completed without charge. Those DCR’s requiring additional hours over [***] will be [***] Additional DCRs that are not the result of [***] shall [***]. BIT will provide a written budgetary estimate of the cost and a
timeline to implement any DCR to Client. Upon Client’s written approval, BIT will implement and [***] 
 9. Limited
Warranty; Manufacturing Quality  
 9.1 Limited Warranty. 

9.1.1 Products. Unless otherwise agreed in writing by the Parties, BIT’s warranty period for Products is for [***]
from date of manufacture and is limited to [***] (“Limited Warranty”). For the purpose of this Section and Exhibit B, [***]. Unless otherwise agreed in writing, Products shall be considered free from [***] if they are manufactured
in accordance with these standards and successfully complete the applicable Acceptance Test. Unless otherwise agreed in writing, BIT shall, [***] repair, replace or issue a credit for Product found defective pursuant to the terms of this Agreement
during the applicable warranty period. 
 9.1.2 Services. BIT warrants to Client that the Manufacturing Services and
any other services to be provided under this Agreement will be performed by qualified personnel in a workmanlike manner, subject to the Product Specifications and such supervision and instructions as may be provided or imposed by Client. Such
warranty for Manufacturing Services will be for [***] from the date of provision of such Services to Client and independent and separate from the Limited Warranty described in Section 9.1. 

9.1.3 Warranty Claims. Unless otherwise agreed in writing, all warranty claims must be received by BIT no later than
thirty (30) days after the expiration of the warranty period and BIT shall not process any warranty claims received by BIT after such thirty (30)-day period. 

9.2 RMA Procedure. All returns of Products are subject to BIT’s prior written approval as set forth in this
Section 9.2. Client must obtain a Returned Material Authorization (RMA) number from BIT prior to return of a Product. In order for a return to be processed, Client must provide BIT a written statement regarding the specific reason for
such return. Returns are subject to and shall be processed in accordance with BIT’s Returned Material Authorization Procedure, a copy of which is available from BIT upon request. Client shall [***] for valid returns of Products to BIT and shall
[***] to such Products [***]. BIT shall [***] for valid returns to Client (or designated site); however, Client shall [***]. Any repaired or replaced Product shall be warranted as set forth in this Section 9.2 for a period equal to the
greater of (a) the balance of the applicable warranty period relating to such Product or (b) [***] after it is received by Client. Client and BIT will develop mutually acceptable metrics to measure performance and turnaround time .Exhibit
C provides an overview of the data to be provided by BIT to Client. 

  

			
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 9.3 Remedy. The sole and exclusive remedy under the Limited Warranty with
respect to Products shall be the repair, replacement or credit for defective Products as stated above. The sole and exclusive remedy for nonconforming Manufacturing Services shall be re-performance to the extent necessary to remedy such
nonconformance or, [***] repair or replace Product or refund of the applicable fees. 
 9.4 Client Furnished Items.
Client may provide BIT with equipment, tooling, components or documentation (collectively the “Client-Furnished Items”). If essential to the manufacture of the Products, the Client hereby covenants, represents and warrants that the
Client-Furnished Items shall be fit for their intended purposes and shall be delivered to BIT in a timely manner, and that all documentation (including BOM’s, drawings, artwork, design history, validation and calibration/maintenance procedures
and intervals) shall be current and complete. Client shall be solely and fully responsible for schedule delay, reasonable inventory carrying charges and allocated equipment downtime charges associated with the incompleteness, late delivery, or
non-delivery of the Client-Furnished Items. All Client-Furnished Items shall remain the property of Client. BIT may identify Client-Furnished Items by an appropriate tag and utilize such Client-Furnished Items solely in connection with the
manufacture of Client’s Product. BIT shall not make or allow modifications to be made to the Client-Furnished Items without Client’s prior written consent. BIT shall be responsible for reasonable diligence and care in the use and
protection of any Client-Furnished Items. Client shall be responsible for maintenance, repairs or replacements (including service warranties, engineering changes and calibration to the equipment) of failed Client-Furnished Item unless such failure
was caused by BIT’s gross negligence or willful misconduct. While in BIT’s possession, BIT shall be responsible for proper storage and use of Client-Furnished Item including maintaining appropriate insurance coverage for property damage,
loss or theft of Client-Furnished Item. All Client-Furnished Items shall be returned to Client at Client’s expense upon request, and BIT’s production and warranty obligations which require the utilization of the returned Client-Furnished
Items shall cease upon BIT’s fulfillment of such request. 
 9.5 Manufacturing Quality. BIT shall manufacture
Products in compliance with the Product Specifications outlined in Exhibit D and applicable quality standards outlined in the Parties’ separate quality agreement, effective November 1, 2013 (the “Quality Agreement”). 

10. Disclaimer of Warranties; Limitation of Liability; Indemnification. 

10.1 Assumption of Risk. All work performed by BIT under the Agreement is shall be for use in Products which BIT
understands when used may involve potential risks of personal injury or property damage. Client hereby assumes all risk of use of the Products, and any other work or work product provided by Client to BIT under the Agreement. 

10.2 Disclaimer of Warranties. OTHER THAN THE WARRANTIES EXPRESSLY SET FORTH IN SECTION 9 or elsewhere in this Agreement
and its Exhibits and Schedules, BIT PROVIDES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AND HEREBY EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF NON-INFRINGEMENT AND TITLE, FITNESS FOR A PARTICULAR
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MERCHANTABILITY, OR ANY WARRANTIES THAT MAY ARISE FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE WITH CLIENT. Without limiting the foregoing, Client acknowledges that BIT shall
perform no analysis of whether any aspect of the Project or the Products or Manufacturing Services shall be patentable or shall infringe the intellectual property rights of any third party, and Client assumes all risk with respect thereto. 

10.3 Limitation of Liability. Except for claims for indemnification as provided in Section 10.5, in no event shall
either Party be liable for any consequential, special, incidental or indirect damages (including damages for loss of use, loss of profits or loss of business) arising out of or in connection with the Products or this Agreement, even if the other
Party has been advised of the possibility of such damages. For the avoidance of doubt, damages arising out of the failure by Client to purchase the Committed Purchase Volume (i.e. the shortfall amount created by Client’s failure) provided
herein shall not be deemed consequential, special, incidental or indirect damages. 
 10.4 Further Limitation on
Liability. To the extent permitted by law, the total liability of either Party to the other under any cause of action arising under or in connection with this Agreement or the Products and any theory of damages, excluding any claim for
indemnification, shall not exceed the [***]. The liability of both Parties—on any legal grounds whatsoever excluding indemnification – is limited to the damages caused by gross negligence or by willful misconduct. 

10.5 Indemnification. 

10.5.1 Client as the “Indemnifying Party” shall indemnify and defend BIT and its officers, directors,
affiliates, employees, consultants and agents the (“BIT Indemnified Party”) from and against any and all suits, actions, claims, losses, judgments, damages, liabilities, settlements, expenses (including, without limitation,
reasonable attorneys’ fees) and costs (collectively, “Costs”) which may be imposed on or suffered by BIT Indemnified Party (in each case, a “Claim”) as a result of, arising from or in connection with, any
(i) use of the Products or any portion thereof, or (ii) information or property furnished to BIT by or on behalf of Client, or approved by Client for use, in connection with the Agreement. 

10.5.2 BIT as the “Indemnifying Party” shall indemnify and defend Client and its officers, directors,
affiliates, employees, consultants and agents (the “Client Indemnified Party”) from and against any and all Costs which may be imposed on or suffered by Client Indemnified Party (in each case, a “Claim”) as a result
of, arising from or in connection with, any claim of infringement of third-party intellectual property rights arising out of Client’s use of any Background Intellectual Property in compliance with this Agreement. 

10.5.3 In the event of the occurrence of a Claim, the Indemnified Party shall give the Indemnifying Party timely notice in
writing of such Claim and control of the disposition thereof; provided, however, that the failure to give timely notice shall not relieve the Indemnifying Party of its obligations under this Section 10.5.3 except to the
extent that such untimely notice materially impairs the ability of the Indemnifying Party to defend a Claim. The Indemnified Party shall have the right, but not the obligation, to participate at its expense in any such Claim through counsel of its
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party to the Agreement shall, without the prior written consent of the other party, effect any settlement of any pending or threatened proceeding in respect of which the other party to the
Agreement is a party and indemnity is being sought under the Agreement or could reasonably have been sought under the Agreement by such other party unless such settlement either: (i) includes an unconditional release of such other party from
all liability on all claims that are the subject matter of such proceeding or (ii) is consented to by such other party (which consent shall not be unreasonably withheld, delayed or conditioned). In the event that the Indemnifying Party fails
after notice to adequately and timely defend or settle a Claim, the Indemnified Party shall have the right, but not the obligation, of defending or settling such Claim, and in such event, the Indemnifying Party shall indemnify the Indemnified Party
for all Costs arising therefrom. 
 10.6 Acknowledgment. Client acknowledges that BIT has set its prices and entered
into the Agreement in reliance upon the limitations and exclusions of liability, the disclaimers of warranties and damages and Client’s indemnity obligations set forth in the Agreement, that the same form an essential basis of the bargain
between the parties and THAT THE CONSIDERATION THEREFOR WOULD BE HIGHER IF BIT WERE REQUIRED TO BEAR LIABILITY IN EXCESS OF THAT STATED HEREIN. The Parties agree that the limitations and exclusions of liability and disclaimers specified in the
Agreement shall survive and apply even if other provisions of the Agreement are found to have failed of their essential purpose. 

11. Termination. 

11.1 Termination for Cause. 

11.1.1 Either Party may terminate this Agreement for cause if the other Party materially breaches this Agreement; provided,
however, no right of cause shall accrue until sixty (60) days after the allegedly breaching Party is notified in writing of the alleged material breach and has failed to cure or give adequate assurances of performance within the sixty
(60) day period after notice of alleged material breach. Notwithstanding the foregoing, the cure period for payment-related defaults shall be fifteen (15) business days from the date of notice of the payment-related default. 

11.1.2 Client also may terminate this Agreement, if: 

11.1.2.1 BIT fails to meet Client’s delivery schedule (subject to the forecast and allowable variability described
below) for three months in a row, or 
 11.1.2.2 The BIT manufactured Products exhibit persistent quality problems
resulting in open-box or field failures, and the root causes of such failures are not identified and corrected within a ninety (90)-day period from the time such failures are presented to BIT (exclusive of issues outside of BIT’s control,
such as quality issues relating to Client-provided designs, issues relating to Client-provided software, or quality problems from Client-specified components or suppliers). 

11.2 Termination for Convenience. Either Party may terminate this Agreement hereunder for any reason upon six
(6) months prior written notice. 
 11.3 Effect of Termination. In the event this Agreement is terminated early,
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designee) all Product-related finished goods, WIP, raw materials, components and other materials specific to the Product, documentation, Client-owned fixtures and Client-Furnished Items. Client
shall [***]: (a) [***], (b) [***], (c) [***] received by BIT exclusively for [***], including the ‘minimum-buy’ excess and obsolete materials described in Section 6, and (d) any freight charges incurred for
shipment of Product related finished goods, WIP, raw materials, components and other materials specific to the Product[***] pursuant to the terms and conditions set forth in this Agreement and [***] at the time of such early termination. Client
shall have paid all undisputed invoices up to date, (i.e.: paid in full) [***] BIT’s transfer of all Product, material and equipment (which title is not currently held by Client) to Client. BIT shall make commercially reasonable efforts to
cancel or transfer to Client (at Client’s discretion) all Product-related outstanding purchase orders and contracts placed by BIT in order to meet Client’s forecast. If Client chooses to cancel orders or return materials to vendors, Client
shall assume full responsibility for any associated cancellation or restocking fees and shall pay such fees pursuant to the terms of this Agreement. In addition, BIT shall exercise commercially reasonable efforts to identify at least one qualified
vendor to take over manufacturing of Products, and to reasonably cooperate in transferring Product-related materials to such vendor or other Client designee, if so instructed by Client. 

11.4 General. 

11.4.1 Either Party may terminate this Agreement upon sixty (60) days’ prior written notice of such termination to
the other Party, if the other Party (i) becomes insolvent, (ii) makes a general assignment for the benefit of its creditors, (iii) files a voluntary petition in bankruptcy or for reorganization under the bankruptcy laws or if a
petition is filed against it, (iv) seeks relief under any law for the aid of debtors or (v) applies for or consents to the appointment of a trustee, receiver or liquidator of its assets. 

11.4.2 Without limiting anything set forth in this Agreement, any termination shall not relieve either Party of any obligations
hereunder accruing up to such termination or which by their terms are intended to survive the termination of this Agreement. In the event of termination of this Agreement by either Party, (a) Client promptly shall pay BIT all fees due and
payable as of such termination date, as well as any fees earned but not yet billed to the Client at the time of termination, and (b) each Party shall return to the other any of such other Party’s materials and Confidential Information (as
defined in Section 12) as shall then be in the returning Party’s possession. 
 12.
Confidentiality and Intellectual Property. 
 12.1 Confidentiality. Each Party shall (a) not use, or permit
or aid any third party to use, any Confidential Information of the other Party (“Discloser”) for any purpose except to exercise its rights or perform its obligations pursuant to the Agreement and (b) take reasonable measures to
protect the secrecy, and avoid the disclosure and the unauthorized use, of the Discloser’s Confidential Information (as defined below). Without limiting the foregoing, each party shall take at least those measures that it takes to protect its
own most highly confidential information and shall ensure that each of its employees and consultants who has access to the Discloser’s Confidential Information has signed a non-use and nondisclosure agreement in content similar to the

  

			
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provisions hereof prior to any disclosure of Confidential Information to such employee or consultant. Neither party shall make any copies of the Discloser’s Confidential Information without
the Discloser’s prior written consent. Each party shall reproduce the Discloser’s proprietary rights notices on any such approved copies, in the same manner in which such notices were set forth in or on the original. In the event that the
Recipient is required by law to disclose Confidential Information of the Discloser, the Recipient shall give the Discloser prompt written notice of the disclosure requirement as soon as possible prior to such disclosure and shall provide the
Discloser with assistance in obtaining an order protecting the Confidential Information from disclosure to the extent reasonably practical. “Confidential Information” shall mean the business or technical information of BIT or Client
(including, but not limited to, any information relating to either party’s quotations, drawings, trade secrets, research and development plans, product plans, product prices, marketing plans, regulatory strategies and filings, business
opportunities or personnel, and all Background Intellectual Property) that is designated by the Discloser as “confidential” or “proprietary”; provided, however, that Confidential Information shall not include information which
(i) is or becomes generally available in the public domain through no action or inaction of the Recipient, (ii) was already in the possession of the Recipient at the time of disclosure by the Discloser (as shown by the Discloser’s
files and records and/or publically available materials), (iii) is obtained by the Recipient from an independent third party without a breach of such third party’s obligations of confidentiality or (iv) is independently developed by
the Recipient without use of or reference to materials provided by the Discloser (as shown by the Recipient’s files and records and/or publicly available materials). The Discloser retains all copyright, trade secret and other rights in all of
its Confidential Information. Except as expressly stated differently in this Agreement, nothing contained in this Agreement shall be construed, either expressly or implicitly, to grant any rights to any Confidential Information including a license
under any patent, copyright or trademark now or hereinafter in existence. 
 12.2 Publicity; Publishing and Branding.
Neither Party may refer to the other Party by trade name and trademark or this Agreement, nor briefly describe the other Party’s business, or the Project (with the inclusion of an image or picture of the Products), in any marketing materials or
websites. 
 12.3 Ownership of Intellectual Property Rights; Licensing. 

12.3.1 Definitions. As used herein: 

12.3.1.1 “Background Intellectual Property” shall mean any and all: (i) Intellectual Property Rights that
are owned or otherwise held by BIT (whether pursuant to licensing arrangements or otherwise) prior to the Effective Date; (ii) Inventions conceived and reduced to practice by BIT otherwise than in the course, and as the result, of the
performance by BIT of its obligations under the Agreement with respect to the development of the Project, and (iii) Inventions derived or otherwise generated from each of the foregoing. 

12.3.1.2 “Derivative Work” shall mean any and all technology which is derivative of pre-existing technology.

  

			
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 12.3.1.3 “Intellectual Property Rights” shall mean patent
rights, copyrights, trademarks, service marks, trade names, trade secrets, know-how and any other intellectual property rights recognized in any country or jurisdiction of the world. 

12.3.1.4 “Inventions” shall mean improvements, inventions, formulae, processes, programs, techniques, know-how
and data (whether or not patentable or copyrightable). 
 12.3.1.5 “Patentable Material” shall mean material
which (i) may be the subject of a bona fide patent application in the United States and (ii) results from the performance by BIT of its obligations under the Agreement with respect to the development of the Project, in each case, excluding
Background Intellectual Property. 
 12.3.1.6 “Project Inventions” shall mean any Inventions that are
conceived and reduced to practice by BIT in the course, and as the result, of performance by BIT of its obligations under the Agreement with respect to the development of the Project; provided, however, that notwithstanding the foregoing, all
Background Intellectual Property is expressly excluded from the definition of “Project Inventions.” 
 12.3.2 As
between the Parties, and except as otherwise provided in the Agreement, Client shall have the sole and exclusive ownership of any and all right, title and interest in (i) any Project Inventions including, without limitation, any and all
Intellectual Property Rights in such Project Inventions (ii) the Confidential Information of Client (collectively, the “Client Properties”); provided, however, that Client hereby grants to BIT a nonexclusive license to use,
copy, enhance and modify the Client Properties for the limited purpose of performing under the Agreement. BIT shall have the sole and exclusive ownership of any and all right, title and interest in the Confidential Information of BIT (including the
Background Intellectual Property). BIT hereby grants to Client a non-exclusive license under the Background Intellectual Property solely to the extent necessary for Client to make, use or sell the Products in accordance with the user documentation
or other relevant instructions; provided, that such license shall immediately terminate if Client shall breach its payment or other obligations with respect to the applicable Products. Client agrees: (a) not to use any trademark or
service mark of BIT without BIT’s prior written consent; (b) not to share any of BIT’s price or product performance data with any third party without BIT’s prior written consent; and (c) not to reverse engineer, disassemble,
or otherwise attempt to derive functional or design information or technical specifications from any of BIT’s goods. 

12.3.3 Each Party hereto acknowledges and agrees that the other Party may create Derivative Works with respect to the Project
Inventions and, as between the Parties, the Party which creates any such Derivative Work shall, to the extent such Derivate Work is [***], have the sole and exclusive ownership of any and all right, title and interest in such Derivative Work
(including, without limitation, any and all Intellectual Property Rights associated therewith) and the other Party shall have a worldwide, royalty-free, perpetual license (with the right to sub-license) to such Derivative Work. 

12.3.4 Client grants to BIT a limited trademark license for the sole purpose to permit BIT to use Client’s name, logo,
trade and service marks (collectively “Client 

  

			
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Marks”) to meet BIT’s obligations under this Agreement. No other use of Client Marks is permitted and all use of Client Marks shall inure to the benefit of Client. 

12.4 Prosecution of Patents. BIT agrees to assist the Client in the Client’s endeavors to obtain one or more
patents (including any extensions or continuations thereon) pursuant to this Section 12.4, at the Client’s expense (including payment of BIT’s standard professional services fees set forth in Schedule 1 and as of the time such
assistance is provided), in ways reasonably necessary to secure the Client’s rights in any Patentable Material in any and all applicable countries. Such assistance shall include, without limitation, the timely disclosure to the Client of all
pertinent information and data with respect to all pertinent concepts, Inventions, Patentable Material and the execution of all applications, specifications, oaths, assignments and other instruments reasonably necessary in order to apply for a
patent and in order to assign and convey from BIT to the Client the right, title and interest in and to all such Patentable Material. BIT’s assistance under this Section 11.4 shall extend to its employees and contractors as applicable.

 12.5 No Limitation. Except to the extent the same would breach the proprietary rights or grants provided and/or
improperly disclose or use Confidential Information of Client as expressly provided in this Agreement, BIT shall not be limited or restricted in (i) performing for other clients services similar to those provided in this Agreement, or
(ii) developing and manufacturing products similar to the Products (together with all rights associated therewith). 

13. Entire Agreement; Exhibits; Amendment and Waiver. The following exhibits and schedules (collectively
“Exhibits”) are attached hereto and expressly incorporated herein and made a part hereof: 
  

			
	Schedule 1:	  	Billing Rates & Reimbursement
	Exhibit A:	  	Pricing Formula
	Exhibit B:	  	Warranty Terms
	Exhibit C:	  	Performance Metrics
	Exhibit D:	  	Product Specifications (Control Unit & Hand Piece)

 This Agreement and the Exhibits listed above and attached hereto reflect the entire understanding and
agreement between the Parties with respect to the subject matter hereof, and supersede all prior or contemporaneous understandings, agreements or arrangements with respect to the matters set forth herein. This Agreement and Exhibits may only be
modified by a writing signed by each Party hereto and no Party hereto shall be deemed to have waived any of its rights or remedies contained in this Agreement without a written waiver signed by such Party. 

14. Compliance with Laws. Client represents and warrants to BIT that it has obtained or will obtain all necessary
regulatory and other approvals for the manufacture, sale and use of the Products. Subject to the foregoing, Client and BIT shall comply with all applicable laws, restrictions and regulations of the United States and any applicable foreign agency or
authority. 
 15. Governing Law; Dispute Resolution. The Agreement shall be governed by the laws of the States of
Delaware, without reference to conflict of law principles 

  

			
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thereof, and not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Parties hereby submit to the exclusive jurisdiction of, and venue in, the
federal courts located in Delaware, USA for any action or cause of action directly or indirectly related to this Agreement or the subject matter thereof. Each of the Parties hereby consents to the jurisdiction of such courts and to the making of
service of process by certified mail return receipt requested, or by such other means as may be permitted under the rules of such courts. Each Party agrees that it will not object to litigation in such courts on grounds of lack of venue, forum non
convenience or the like. 
 16. Severability. If any clause in these conditions is or becomes invalid or
unenforceable, the invalid or unenforceable provision shall be deemed separated from the contract and the validity of the remaining terms and conditions shall not thereby be affected. The Parties shall, to the extent possible, be deemed to have
replaced the invalid clause by such valid clause which as closely as possible reflects the legal intent of the invalid clause. 

17. Waiver. The failure to enforce at any time any of the provisions hereof shall in no way be construed to be a waiver
of such provision or to affect either the validity of the Agreement or any part hereof, or our right to enforce each and every provision in accordance with the terms of the Agreement. 

18. Assignment. Neither Party may assign or transfer this Agreement and/or delegate or subcontract any of its rights or
obligations under this Agreement, without the prior written consent of the other Party; provided, however, that—either Party may assign this Agreement to any of its affiliates or to an acquirer of all or substantially all of the assets of the
business to which this Agreement relates without the other Party’s prior approval. Any assignment or transfer without such written consent shall be null and void. 

19. Relationship of the Parties; Non-Solicitation of Employees. In the performance of the Agreement, the status of the
Parties, including their employees, consultants and agents, shall be that of independent contractors and not as employees, agents or fiduciaries of the other Party, and as such neither Party shall have the right to make any commitments for or on
behalf of the other Party. Nothing in the Agreement shall create any association, partnership or joint venture between the Parties. The operation and control of each Party’s respective businesses are not subject to the control or approval of
the other Party except as expressly provided in the Agreement. BIT and Client each agree that, during the term of the Agreement and continuing through the first anniversary of the termination of the Agreement, it and its affiliates shall not,
directly or indirectly, solicit or attempt to solicit for employment any persons employed by the other Party; provided, however, that the foregoing shall not apply to solicitations of hiring as part of a general employment solicitation not targeted
at employees of the other party. 
 20. No Third-Party Beneficiaries. There are no intended third party beneficiaries
of this Agreement. 
 21. Notices. All notices, requests, demands and other communications that are required or may be
given under this Agreement must be in writing and shall be 

  

			
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deemed to have been duly given (a) when received, if personally delivered, (b) upon electronic confirmation of receipt, if transmitted by facsimile, (c) the day after it is sent,
if sent for next day delivery to a domestic address by a nationally recognized overnight delivery service (e.g., Federal Express), and (d) three (3) business days following the date of deposit in the U.S. mails, if sent by certified or
registered U.S. mail, return receipt requested. In each case such notice must be addressed to the Parties at the addresses set forth below, or to such changed address as a Party provides to the other from time to time. 

22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
Effective Date set forth herein. 
  

									
	Marius Balger	  		  	Bill Fender
	CEO	  		  		  	Vice President, Operations
	BIT Group USA, Inc.	  		  	Ulthera Inc.
	15870 Bernardo Center Drive	  		  	1840 S Stapley Dr.
	San Diego, CA 92127	  		  	Suite 200
		  		  		  	Mesa, AZ 85204  

	By:	  	 /s/ Marius Balger
	  		  	By:	  	 /s/ Bill Fender

	Name:	  	Marius Balger	  		  	Name:	  	Bill Fender
	Title:	  	CEO	  		  	Title:	  	VP, Operations
	Attn:	  	  
	  		  	Attn:	  	  

	Telephone:	  	  
	  		  	Telephone:	  	  

	Facsimile:	  	  
	  		  	Facsimile:	  	  

  

			
	Jari Palander
	Exec. VP
	BIT Group USA, Inc.
	15870 Bernardo Center Drive
	San Diego, CA 92127
		
	By:	 	 /s/ Jari Palander

	Name:	 	Jari Palander
	Title:	 	EVP – Global Business Development
	Attn:	 	  

	Telephone:	 	  

	Facsimile:	 	  

  

			
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 EXHIBIT A 

Open-Book Pricing Formula 
 The
Open-book pricing formula is utilized to provide the per unit Transfer price by unit volume, as noted below. The price provided assumes current BOM pricing with the most current tooling and procedures and committed quantities for the [***] of [***]
(Committed Purchase Volume)of the Product [***]. Upon written request, BIT shall provide specific detail of then current BOM cost. 
 Adjustments to the
price listed are provided in the Agreement. 
 [***] 

  

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 EXHIBIT B 

WARRANTY TERMS 

THESE WARRANTY TERMS (these “Warranty Terms”) are applicable to the Manufacturing Services and Products: 

1. Purpose. The purpose of these Warranty Terms is to establish the terms of the Limited Warranty provided by BIT
to Client with respect to Products. 
 2. Scope. These Warranty Terms relate to the Products
manufactured for Client by BIT under the Agreement. 
 3. Warranty Period. The warranty period for all Products
shall be as set forth in Section 9 of the Agreement. 
 4. Return Procedure. The RGA number issued by BIT
prior to return of Products to must be displayed on the package or on the packing slip of the returned Products. 
 5.
Decontamination Indication. Products sent to BIT for evaluation and possible repair shall be clearly marked on the outside of the shipping container or on the packing slip to indicate whether or not the unit has been decontaminated. 

6. Evaluation and Repair Procedure. 

6.1 Diagnostic Evaluation. Upon receipt of returned Product, a qualified technician shall evaluate the condition and adequacy of the
packaging prior to evaluating the returned Product. If there is evidence of abusive handling or inadequate packaging, such evidence shall be photo-documented for inspection by Client. The contents of the package(s) shall then be inventoried and
visually inspected to ensure that all parts of the Products are included and in good condition. Any shortages or damage shall be noted and reported to Client. The technician shall then evaluate the Products and attempt to diagnose any problems, and
then make a preliminary determination as to whether or not they are covered by the applicable Limited Warranty. 
 6.2 Warranty
Repairs. If the problems are deemed to be covered by the Limited Warranty, and if the Limited Warranty is still in force on the specific Product, BIT shall, at its expense, make the required repairs and return the unit to Client or its designee
in working order. If a part needs to be procured from an approved supplier who requires a set-up fee, Client shall be notified by BIT and given the option of ordering additional parts under the same set-up fee. Any such set-up fee shall be billed to
Client at [***]. 
 6.3 Non-Warranty Repairs. If a problem is found which is deemed to be a non-warranty item, or if the Product is
not covered by the Limited Warranty, BIT shall have the right to perform repairs on a time and materials basis after discussion and agreement with Client. Diagnostic evaluation shall be done by a qualified technician at BIT’s standard
technician billing rates as listed in Schedule 1. In certain cases, engineering assistance may be required for diagnosis, which is billed at the applicable rates, as listed in Schedule 1. Prior to performing

  

			
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any non-warranty repair work, BIT shall provide Client with an estimate of non-warranty servicing costs and obtain explicit approval from Client before proceeding with the repair. Repairs shall
be done by a qualified technician, or, where possible, by an assembly technician at a lower service rate. If materials need to be procured from approved supplier, who requires a set-up fee, Client shall be notified by BIT and given the option of
ordering additional material under the same set-up fee. Any such set-up fee shall be billed to Client at [***]. 
 6.4 No Fault Found.
If no problem is found by the BIT technician, then the technician shall re-certify the Product and return it to Client or Client’s designee. The technician’s time shall be billed to Client at the standard billing rate as listed in Schedule
1 and return shipping shall be through Client’s Federal Express account or other approved Client shipping vendor and at Client’s expense. 

7. Warranty Coverage.  
 For
the avoidance of doubt, defects in the Products resulting from misuse, or combination with other products not authorized by BIT or as described in the user manual for the Product, as well as ordinary wear and tear, shall not be considered a defect
for purposes of the Limited Warranties under this Agreement, Article 8. The foregoing Limited Warranties shall further not apply to non-BIT manufactured products. To the extent permitted by law and BIT’s agreements with the vendors of such
non-BIT manufactured products, BIT hereby assigns and passes through, and agrees to assign and pass through, to Client any warranties received by BIT with regard, for example to (i) the conformance of such non-BIT manufactured products with the
vendor’s specifications; and (ii) such non-BIT manufactured products’ freedom from defects in materials and workmanship. If BIT is not able to pass through any such warranties to Client, BIT shall hold such warranties on behalf of
Client and, in the event of a breach of such warranty, and if requested by Client, shall make claims under such warranties so that Client may benefit from their enforcement. The foregoing shall constitute BIT’s sole obligation, and
Client’s sole remedy, with respect to any non-conformance with specifications or defects in any non-BIT manufactured products. 

7.1 No Coverage Under the Limited Warranty 
  

	 	•	 	[***] 

 8. Payment Terms for Non-Warranty Repairs, 

8.1 Payment Terms. Client shall pay to BIT the invoiced amounts within forty-five (45) days after the receipt of the applicable
invoice for non-warranty repairs and re-certifications. Past-due invoices may accrue interest at the rate of [***]% per month or the maximum rate allowable by applicable law (whichever is lower). 

9. Voiding of Warranty. The Limited Warranty shall be considered void if there is evidence that the Product has been disassembled
or modified (other than by a trained BIT employee, a trained Client employee, or a technician under the direction of BIT or Client) or if there is evidence that the Product has been subjected to excessive misuse or abuse in handling or shipping. BIT
shall use good faith efforts to photo-document evidence for inspection by Client. 

  

			
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 10. Shipping Costs. For non-warranty repairs and re-certifications, Client and BIT
shall utilize Client’s Federal Express account or Client specified shipping service and [***] with shipping Product to and from BIT. For Limited Warranty repairs, [***] for the costs associated with shipping the Product back to the Client
and/or Client’s designee. 
 11. Packaging. Product received by BIT in its original packaging carton and with the original
packing material shall be returned to Client in the same shipping carton with the same packing material, if such carton and packing material are in good condition and validated for multiple shipments. All Product shipped needs to be in original
packing carton and packaging material as designed for the Product, otherwise warranty for the Product shall be void. If additional packaging or packaging materials are needed for shipment of non-warranty repaired products, Client shall be charged an
additional fee equal to [***] of the cost of such Product packaging. 
 12. Complaint Handling and CAPA Procedures. For each
Product evaluated, BIT shall follow appropriate Complaint Handling and Corrective and Preventive Action (CAPA) guidelines, as outlined in BIT’s and Client’s (if appropriate) quality manual, and as may be explicitly detailed in the Quality
Agreement. 
 13. Periodic Maintenance and Refurbishment. Client may ask BIT to perform certain periodic Manufacturing
Services, specifically maintenance and refurbishment services on select Products, either in conjunction with, or outside the scope of, normal repair and servicing of Product or refurbishment. In such cases, the procedures outlined in Exhibit B
relative to non-warranty repair shall apply. The fee structure for such refurbishment shall follow the standard billing rates outlined in Schedule 1, or it may be addressed by a separate written agreement between the Parties. 

  

			
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 EXHIBIT C 

PERFORMANCE METRICS 
 [***] 

  

			
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 SCHEDULE 1 

BIT Standard Billing Rates & Reimbursements 

Standard Billing Rates: These standard billing rates for relevant labor grades may be subject to adjustments upon mutual agreement of the Parties, on
an annual basis. 
  

					
	 Assembler/Inspector
	  	$	[	***]/hr 
	 Technician
	  	$	[	***]/hr 
	 Service Tech (repair in house)
	  	$	[	***]/hr 
	 Electrical Engineer
	  	$	[	***]/hr 
	 Mechanical Engineer
	  	$	[	***]/hr 
	 Administrative Support
	  	$	  	[***]/hr 

 Travel. Unless stated otherwise, BIT’s standard fee schedule does not include travel expenses (airfare,
meals and accommodations) or travel time. All billable travel will be pre-approved by the Client. Travel time is billed at [***] percent ([***]%) of BIT’s standard hourly rates. Client shall cover the cost of reasonable out-of-pocket expenses
related to BIT’s work while on pre-approved travel, expenses including airfare, lodging, per diem food allotments, and other reimbursed travel and living expenses. 

An appropriate breakdown of pre-approved travel expenses will be included on BIT’s invoice to Client and be accompanied by appropriate documentation
(i.e. receipts) of all such expenses. 

  

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 EXHIBIT D 

PRODUCT SPECIFICATIONS FOR PRODUCT 

ULTHERAPY SYSTEM (CONTROL UNIT & HAND PIECE) 

[***] 

  

			
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 Exhibit 4.1 

Form of Representative’s Warrant Agreement 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS
HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF 180 DAYS FOLLOWING THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT
(DEFINED BELOW) TO ANYONE OTHER THAN (I) AEGIS CAPITAL CORP. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF AEGIS CAPITAL CORP. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO , 2015. VOID AFTER 5:00 P.M., EASTERN
TIME,            , 2019. 
 COMMON SHARE PURCHASE WARRANT 

For the Purchase of              Common Shares 

of 
 TOP SHIPS INC. 

1. Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of (“Holder”), as registered owner of
this Purchase Warrant, to Top Ships Inc., a Republic of The Marshall Islands corporation (the “Company”), Holder is entitled, at any time or from time to time from     , 2015 (the one year anniversary of the
effective date of the Offering, the “Commencement Date”), and at or before 5:00 p.m., Eastern time, , 2019 (the five year anniversary of the effective date of the Offering, the “Expiration Date”), but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to         common shares of the Company, all warrants to equal an aggregate of 3% of the Shares sold in the Offering excluding the
number of Company Shares and shares sold in the overallotment option par value $0.01 per share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking
institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not
to take any action that would terminate the Purchase Warrant. This Purchase Warrant is initially exercisable at $     per Share (125% of the price of the Shares sold in the Offering); provided, however, that upon
the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as
therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. 
  

	2.	Exercise. 

 2.1 Exercise Form. In order to exercise this Purchase Warrant, the
exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately
available funds to an account designated by the Company or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase
Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. 
 2.2
Cashless Exercise. If at any time after the Commencement Date there is no effective registration statement registering, or no current prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this
Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being
exercised), by surrender of this Purchase Warrant to the Company, together with the 

 
exercise form attached hereto, in which event the Company shall issue to Holder, Shares in accordance with the following formula: 

 

							
	X	  	=	  	Y(A-B)	  	
	  		  	A	  	

															
					
	 Where,
	  	 	X	  	  		 	 	=	  	 	The number of Shares to be issued to Holder;
		  	 	Y	  	  		 	 	=	  	 	The number of Shares for which the Purchase Warrant is being exercised;
		  	 	A	  	  		 	 	=	  	 	The fair market value of one Share; and
		  	 	B	  	  		 	 	=	  	 	The Exercise Price.

 For purposes of this Section 2.2, the fair market value of a Share is defined as follows: 

(i) if the Company’s common shares are traded on a securities exchange, the value shall be deemed to be the closing price on such
exchange prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or 
 (ii) if the
Company’s common shares are actively traded over-the-counter, the value shall be deemed to be the closing bid price prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public
market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors. 
 2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the “Act”): 

“The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the
“Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an
exemption from registration under the Act and applicable state law which, in the opinion of counsel to the Company, is available.” 
  

	3.	Transfer. 

 3.1 General Restrictions. The registered Holder of this Purchase
Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of 180 days following the effective date of the registration statement on form
F-1 (Registration No. 333-194690) of the Company (the “Registration Statement”) to anyone other than: (i) Aegis Capital Corp. (“Aegis”) or an underwriter or a selected dealer participating in the Offering,
or (ii) a bona fide officer or partner of Aegis or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the
subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On and after that
date that is 180 days after the effective date of the Registration Statement, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must
deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business
Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of
Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 
 3.2 Restrictions Imposed
by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from
registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, or (ii) a registration statement or a 

  
 - 2 - 

 
post-effective amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective by the U.S. Securities and Exchange
Commission (the “Commission”) and compliance with applicable state securities law has been established. 
  

	4.	Registration Rights. 

  

	 	4.1	Demand Registration. 

 4.1.1 Grant of Right. The Company, upon written demand (a
“Demand Notice”) of the Holder(s) of at least 51% of the Purchase Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion of the Shares underlying the
Purchase Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a
Demand Notice and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall not be required
to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to
participate in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has
been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time during a period of four (4) years beginning one year after the effective date of the Registration Statement.
The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date of the
receipt of any such Demand Notice. 
 4.1.2 Terms. The Company shall bear all fees and expenses attendant to the registration of the
Registrable Securities pursuant to Section 4.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the
Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by the
Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do
business in such State or submit to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration
statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such
registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will immediately cease to use
any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall be
entitled to a demand registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the effective date of the Registration Statement in accordance with
FINRA Rule 5110(f)(2)(H)(iv). 
  

	 	4.2	“Piggy-Back” Registration. 

 4.2.1 Grant of Right. In addition to the
demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for a period of six (6) years commencing one year after the effective date of the Registration Statement, to include the Registrable
Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Act or pursuant to Form S-8 or any equivalent form); provided,
however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of common shares
which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in
such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested 

  
 - 3 - 

 
inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in
proportion to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding
securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities. 

4.2.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to
Section 4.2.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event
of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such
notice to the Holders shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the
“piggy-back” rights provided for herein by giving written notice, within ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase
Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided, however, that such registration rights shall terminate on the seventh anniversary of the effective date of
the Registration Statement. 
  

	 	4.3	General Terms. 

 4.3.1 Indemnification. The Company shall indemnify the Holder(s)
of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of
1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has
agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of , 2014. The Holder(s) of the Registrable Securities to be sold pursuant to such registration
statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in
writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 4.3.2 Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to
exercise their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof. 
 4.3.3
Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of:
(i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement
related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the
underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions
of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence
and memoranda 

  
 - 4 - 

 
described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions
with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration
statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with its
officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request. 

4.3.4 Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any,
selected by any Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and
substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing
underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company
to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they
may relate to such Holders, their Shares and their intended methods of distribution. 
 4.3.5 Documents to be Delivered by
Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 4.3.6 Damages. Should the registration or the effectiveness thereof required by Section 4.1 and
Section 4.2 hereof be delayed by the Company or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific
performance or other equitable (including injunctive) relief against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security. 
  

	5.	New Purchase Warrants to be Issued. 

 5.1 Partial Exercise or Transfer. Subject to
the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without
charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or
assigned. 
 5.2 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or
mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as
a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
  

	6.	Adjustments. 

 6.1 Adjustments to Exercise Price and Number of Securities. The
Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth: 

6.1.1 Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number
of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such
increase in outstanding shares, and the Exercise Price shall be proportionately decreased. 

  
 - 5 - 

 6.1.2 Aggregation of Shares. If, after the date hereof, and subject to the provisions of
Section 6.3 below, the number of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall
be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be proportionately increased. 
 6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 6.1.1 or Section 6.1.2 hereof or that solely
affects the par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the
Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon
the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior
to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or Section 6.1.2, then such adjustment shall be made pursuant to Section 6.1.1, Section 6.1.2 and
this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers. 

6.1.4 Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this
Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder
of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof. 

6.2 Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the
Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share
reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated
expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder
of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for
adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section 6 shall similarly apply to successive consolidations or share reconstructions or amalgamations. 

6.3 Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon
the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down,
as the case may be, to the nearest whole number of Shares or other securities, properties or rights. 
 7. Reservation and Listing. The Company shall
at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of the Purchase Warrants, such number of Shares or other 

  
 - 6 - 

 
securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price
therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further
covenants and agrees that upon exercise of the Purchase Warrants and payment of the exercise price therefor, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject
to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to
official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted. 

 

	8.	Certain Notice Requirements. 

 8.1 Holder’s Right to Receive Notice. Nothing
herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If,
however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at
least fifteen days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of
securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding
the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders. 

8.2 Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more
of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock
of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in
connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed. 

8.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true
and accurate by the Company’s Chief Financial Officer. 
 8.4 Transmittal of Notices. All notices, requests, consents and other
communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made (1) when hand delivered, (2) when mailed by express mail or private courier service or (3) when the event requiring notice is
disclosed in all material respects and filed in a current report on Form 8-K or in a definitive proxy statement on Schedule 14A prior to the Notice Date: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as
shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to the Holders: 

  
 - 7 - 

 If to the Holder: 

Aegis Capital Corp. 
 810 Seventh Avenue, 11th Floor 
 New York, New York 10019 

Attn: Mr. David Bocchi, Managing Director of Investment Banking 

Fax No.: (212) 813-1047 
 With a copy (which shall not
constitute notice) to: 
 Blank Rome LLP 
 405 Lexington Avenue

 New York, NY 10174 
 Attn: Brad Shiffman, Esq. 

Fax: (917) 332-3725 
 If to the Company: 

Top Ships, Inc. 
 1 Vas. Sofias & Meg. Alexandron Str.

 15124 Maroussi, Greece 
 Attention: Mr. Alexandros
Tsirikos, Chief Financial Officer 
 Fax No: 
 with a copy
(which shall not constitute notice) to: 
 Steward 7 Kissel LLP 

One Battery Park Plaza 
 New York, New York 10004 

Attention: Gary J. Wolfe, Esq. 
 Fax No: (212) 480-8421 

 

	9.	Miscellaneous. 

 9.1 Amendments. The Company and Aegis may from time to time
supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or
to make any other provisions in regard to matters or questions arising hereunder that the Company and Aegis may deem necessary or desirable and that the Company and Aegis deem shall not adversely affect the interest of the Holders. All other
modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought. 

9.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant. 
 9.3. Entire Agreement. This
Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. 
 9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall
have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained. 

  
 - 8 - 

 9.5 Governing Law; Submission to Jurisdiction. This Purchase Warrant shall be governed by
and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in
any way to this Purchase Warrant shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to
such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive,
to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this agreement or the transactions contemplated hereby. 

9.6 Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this
Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which
enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. 

9.7 Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission. 

9.8 Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any
time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Aegis enter into an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged
for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement. 

[Remainder of page intentionally left blank 

  
 - 9 - 

 IN WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly
authorized officer as of the     day of             , 2014. 
  

	
	 TOP SHIPS, INC.

	
	 By:

	             Name:

	             Title:

 Form to be used to exercise Purchase Warrant: 

Date:                     ,
20     
 The undersigned hereby elects irrevocably to exercise the Purchase Warrant for
            Shares of Top Ships, Inc., a Republic of The Marshall Islands corporation (the “Company”) and hereby makes payment of $    (at the rate of
$    per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant
representing the number of Shares for which this Purchase Warrant has not been exercised. 
 or 

The undersigned hereby elects irrevocably to convert its right to purchase     Shares under the Purchase Warrant for
            Shares, as determined in accordance with the following formula: 
  

											
	X	  	=	 	  	Y(A-B)
		  				  				  	A
				
	 Where,
	  	 	X	  	  	 	=	  	  	The number of Shares to be issued to Holder;
		  	 	Y	  	  	 	=	  	  	The number of Shares for which the Purchase Warrant is being exercised;
		  	 	A	  	  	 	=	  	  	The fair market value of one Share which is equal to $     ;and
		  	 	B	  	  	 	=	  	  	The Exercise Price which is equal to $     per share

 The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the
Company and any disagreement with respect to the calculation shall be resolved by the Company in its sole discretion. 
 Please issue the
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted. 

Signature 
 Signature Guaranteed

 INSTRUCTIONS FOR REGISTRATION OF SECURITIES 

Name: 
 (Print in Block Letters) 

Address: 
 NOTICE: The signature to this form
must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having
membership on a registered national securities exchange. 

 Form to be used to assign Purchase Warrant: 

ASSIGNMENT 
 (To be executed by the registered Holder to effect a
transfer of the within Purchase Warrant): 
 FOR VALUE RECEIVED,
                    does hereby sell, assign and transfer unto the right to purchase shares of Top Ships, Inc., a Republic of The Marshall Islands
corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company. 

Dated:             , 20     

Signature 
 Signature Guaranteed 

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

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