Document:

EX-4.14

 Exhibit 4.14 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE SOLD, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED UNDER CIRCUMSTANCES THAT WOULD RESULT IN A VIOLATION OF SUCH LAWS. THIS NOTE IS SUBJECT TO FURTHER RESTRICTIONS ON TRANSFER AS SET FORTH IN THIS NOTE. 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY AND THE EXERCISE OF ANY RIGHT OR REMEDY IN RESPECT OF SUCH
INDEBTEDNESS ARE SUBJECT TO THE PROVISIONS OF THE SUBORDINATION AGREEMENT, DATED AS OF JUNE     , 2019 (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS THEREOF, THE
“SUBORDINATION AGREEMENT”), AMONG SOLAR CAPITAL LTD., A MARYLAND CORPORATION AS “SENIOR CREDITOR” DEFINED THEREIN AND VENUS CONCEPT USA, INC., A DELAWARE CORPORATION, AS “SUBORDINATED CREDITOR” DEFINED THEREIN. IN THE
EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE SUBORDINATION AGREEMENT AND THIS NOTE, THE TERMS OF THE SUBORDINATION AGREEMENT SHALL GOVERN AND CONTROL. 

RESTORATION ROBOTICS, INC.  

SUBORDINATED PROMISSORY NOTE 
  

			
	U.S. $2,500,000	  	Dated: July 5, 2019

 FOR VALUE RECEIVED, Restoration Robotics, Inc., a Delaware corporation (“Company”),
unconditionally promises to pay Venus Concept USA, Inc., a Delaware corporation (“Lender”), in the manner and at the place hereinafter provided, the principal amount of TWO MILLION FIVE HUNDRED THOUSAND UNITED STATES DOLLARS (U.S.
$2,500,000) on November 30, 2019 (the “Maturity Date”) pursuant to the terms of this Subordinated Promissory Note (this “Note”). 

Company also promises to pay interest on the unpaid principal amount hereof from the date hereof until paid in full at a rate per annum equal
to 8.0%; provided that upon the occurrence and following any Event of Default, the unpaid principal amount hereof and any interest not paid when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or
otherwise (both before as well as after judgment), shall bear interest payable upon demand at a rate that is 4% per annum in excess of the rate of interest otherwise payable under this Note (the “Default Rate”). Interest on this
Note shall be payable in arrears, upon any prepayment of this Note (to the extent accrued on the amount being prepaid) and on the Maturity Date. All computations of interest shall be made by Lender on the basis of a 360 day year, for the
actual number of days elapsed in the relevant period (including the first day but excluding the last day). In no event shall the interest rate payable on this Note exceed the maximum rate of interest permitted to be charged under applicable law.

  
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 1. Payments. All payments of principal and interest in respect of this
Note shall be made in lawful money of the United States of America in same day funds at the office of Lender located at 255 Consumers Road, Suite 110, Toronto, ON M2J 1R4, or at such other place as Lender may direct. Whenever any payment on this
Note is stated to be due on a day that is not a Business Day, such payment shall instead be made on the next Business Day, and such extension of time shall be included in the computation of interest payable on this Note. Each payment made hereunder
shall be credited first to unpaid fees, costs and expenses, then to interest then due and then the remainder of such payment shall be credited to principal, and interest shall thereupon cease to accrue upon the principal so credited. Each of Lender
and any subsequent holder of this Note agrees, by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest
hereon has been paid; provided, however, that the failure to make a notation of any payment made on this Note shall not limit or otherwise affect the obligation of Company hereunder with respect to payments of principal or interest on this
Note. 
 2. Prepayments. Company shall have the right at any time and from time to time to prepay the principal of this
Note in whole or in part, without premium or penalty, upon at least 5 Business Days’ prior written notice. Each prepayment hereunder shall be accompanied by any unpaid interest accrued on the principal amount of the Note being prepaid to the
date of such prepayment. 
 3. Covenants. Company covenants and agrees that until this Note is paid in full it will:

 (a) promptly provide to Lender all financial and operational information with respect to Company as Lender may reasonably
request; 
 (b) promptly after the occurrence of an Event of Default or an event, act or condition that, with notice or lapse
of time or both, would constitute an Event of Default, provide Lender with a certificate of the chief executive officer or chief financial officer of Company specifying the nature thereof and Company’s proposed response thereto; 

(c) maintain and preserve its legal existence, its rights to transact business and all other rights, franchises and privileges
necessary or desirable in the normal course of its business and operations and the ownership of its properties; 
 (d) pay
and discharge all material taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful material claims for labor, materials and
supplies which, if unpaid, might become a Lien upon any properties or assets of the Company, except to the extent such taxes, fees, assessments or governmental charges or levies, or such claims, are being contested in good faith by appropriate
proceedings and are adequately reserved against in accordance with GAAP; 

  
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 (e) carry and maintain in full force and effect, at its own expense and with
financially sound and reputable insurance companies, insurance in such amounts, with such deductibles and covering such risks as is customarily carried by companies engaged in the same or similar businesses and owning similar properties in the
localities where the Company operates; 
 (f) keep adequate records and books of account, in which complete entries will be
made in accordance with GAAP in all material respects, reflecting all financial transactions of the Company; 
 (g) comply in
all material respects with the requirements of all applicable laws, rules, regulations and orders of any court or governmental department, commission, board, bureau, agency, or other instrumentality, domestic or foreign, and the terms of any
indenture, contract or other instrument to which it may be a party or under which it or its properties may be bound; 
 (h)
maintain and preserve all of its properties necessary or useful in the proper conduct of its business in good working order and condition in accordance with the general practice of other entities of similar character and size, ordinary wear and tear
excepted; 
 (i) at any reasonable time and from time to time permit the Lender or any of its agents or representatives to
visit and inspect any of the properties of the Company and to examine and make copies of and abstracts from the records and books of account of the Company, and to discuss the business affairs, finances and accounts of the Company with any of the
officers, employees or accountants of the Company; 
 (j) use commercially reasonable efforts to take any action reasonably
requested by the Lender to carry out the purpose and intent of this Note; and 
 (k) use the proceeds of the loan evidenced
by this Note solely for working capital and other general corporate purposes. 
 4. Representations and Warranties.
Company hereby represents and warrants to Lender that: 
 (a) it is (i) a duly organized and validly existing
corporation, (ii) in good standing or subsisting under the laws of the State of Delaware and (iii) has the power and authority under its certificate of organization or operating agreement to own and operate its properties, to transact the
business in which it is now engaged and to execute and deliver this Note; 

  
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 (b) the Company is qualified to do business and is in good standing in the
jurisdictions in which the failure so to qualify or be in good standing would cause a Material Adverse Change in respect of the Company; 

(c) this Note constitutes the duly authorized, legally valid and binding obligation of Company, enforceable against Company in
accordance with its terms; 
 (d) all consents and grants of approval required to have been granted by any Person in
connection with the execution, delivery and performance of this Note have been granted; 
 (e) the execution, delivery and
performance by Company of this Note do not and will not (i) violate any law, governmental rule or regulation, court order or agreement to which it is subject or by which its properties are bound or the charter documents or operating agreement
of Company or (ii) result in the creation of any lien or other encumbrance with respect to the property of Company; 

(f) except as disclosed pursuant to the Merger Agreement, there is no action, suit, proceeding or governmental investigation
pending or, to the knowledge of Company, threatened against Company or any of their respective assets which could reasonably be expected to have a Material Adverse Change; 

(g) since December 31, 2018 there has not been a Material Adverse Change; and 

(h) the proceeds of the loan evidenced by this Note shall be used by Company for working capital and other general corporate
purposes. 
 5. Events of Default. The occurrence of
any of the following events shall constitute an “Event of Default”: 
 (a) failure of Company to pay any
principal, interest or other amount due under this Note when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise; or 

(b) failure of Company to pay, or the default in the payment of, any amount due under or in respect of any promissory note,
indenture or other agreement or instrument relating to any indebtedness which is in a principal amount in excess of $150,000 and is owing by Company to which Company is a party or by which Company or any of its property is bound beyond any grace
period provided; or the occurrence of any other event or circumstance that, with notice or lapse of time or both, would permit acceleration of such indebtedness; or 

(c) failure of Company or any of its Affiliates, to perform or observe any other term, covenant or agreement to be performed or
observed by it pursuant to this Note or the Merger Agreement, which failure is not cured within fifteen (15) days after notice of occurrence thereof from Lender, or 

  
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 (d) any representation or warranty made by Company or any of its Affiliates,
to Lender in connection with this Note or the Merger Agreement shall prove to have been false in any material respect when made; or 

(e) suspension of the usual business activities of Company or the complete or partial liquidation of Company’s business;
or 
 (f) (i) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of Company
in an involuntary case under Title 11 of the United States Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor thereto, the “Bankruptcy Code”) or any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against Company under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer
having similar powers over Company or over all or a substantial part of its property shall have been entered; or the involuntary appointment of an interim receiver, trustee or other custodian of Company, for all or a substantial part of its property
shall have occurred; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Company and, in the case of any event described in this clause (ii), such event shall have continued
for 45 days unless dismissed, bonded or discharged; or 
 (g) an order for relief shall be entered with respect to Company,
or Company shall commence a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the
conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Company shall make an
assignment for the benefit of creditors; or Company shall be unable or fail, or shall admit in writing its inability, to pay its debts as such debts become due; or the Board of Directors of Company (or any committee thereof) shall adopt any
resolution or otherwise authorize action to approve any of the foregoing; or 
 (h) Company or any of its Affiliates shall
challenge, or institute any proceedings to challenge, the validity, binding effect or enforceability of this Note or the Merger Agreement or any other obligation to Lender; or 

(i) any provision of this Note or the Merger Agreement shall cease to be in full force or effect or shall be declared to be
null or void or otherwise unenforceable in whole or in part; or 
 (j) a Material Adverse Change with respect to the Company;
or 

  
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 (k) any termination of the Merger Agreement or any breach thereunder by the
Company or any of its Affiliates beyond any applicable grace period therein. 
 6. Remedies. Upon the occurrence of any
Event of Default specified in Section 5(f) or 5(g) above, the principal amount of this Note together with accrued interest thereon shall become immediately due and payable, without presentment, demand, notice, protest or other requirements of
any kind (all of which are hereby expressly waived by Company). Upon the occurrence and during the continuance of any other Event of Default Lender may, by written notice to Company, declare the principal amount of this Note together with accrued
interest thereon to be due and payable, and the principal amount of this Note together with such interest shall thereupon immediately become due and payable without presentment, further notice, protest or other requirements of any kind (all of which
are hereby expressly waived by Company). In either case, Lender may, in addition to exercising any other rights and remedies it may have, exercise those rights available to it under this Note and under applicable law. 

7. Definitions. The following terms used in this Note shall have the following meanings (and any of such terms may, unless
the context otherwise requires, be used in the singular or the plural depending on the reference): 
 “Affiliate” means with
respect to any Person, any other Person controlling, controlled by, or under common control with such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common
control with”) means the possession, directly or indirectly, of power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise. 

“Business Day” means any day other than (a) a Saturday or Sunday, or (b) a day on which banking institutions are
authorized or required by applicable laws to be closed in New York, New York, San Francisco, California or Israel. 
 “Lien”
has the meaning assigned thereto in the Merger Agreement. 
 “Material Adverse Change” means (a) a material adverse
change in the business, operations or condition (financial or otherwise) of Company; or (b) a material impairment of (i) the prospect of repayment of any portion of this Note, (ii) the legality, validity or enforceability of this Note
or the Merger Agreement, or (iii) the rights and remedies of Lender under this Note except as the result of the action or inaction of the Lender. 

“Merger Agreement” means that certain Agreement and Plan of Merger and Reorganization dated March 15, 2019, among the
Company, Radiant Merger Sub Ltd., an entity organized under the laws of Israel and Venus Concept Ltd., as such agreement may be amended, supplement or otherwise modified in accordance with its terms. 

  
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 “Person” means any individual, corporation, firm, partnership, joint
venture, association, trust, company, syndicate, body corporate, unincorporated organization, or other legal entity, or any governmental agency or political subdivision thereof. 

8. Miscellaneous.  

(a) All notices and other communications provided for hereunder shall be in writing (including faxes) and mailed, telecopied,
or delivered as follows: if to Company, at its address specified opposite its signature below; and if to Lender, at 255 Consumers Road, Suite 110, Toronto, ON M2J 1R4, attention: Domenic DiSisto, General Counsel, email: ddisisto@venusconcept.com; or
in each case at such other address as shall be designated by Lender or Company. All such notices and communications shall, when mailed, faxed or sent by overnight courier, be effective when deposited in the mails, delivered to the overnight courier,
as the case may be, or sent by fax. Electronic mail may be used to distribute routine communications; provided that no signature with respect to any notice, request, agreement, waiver, amendment, or other documents may be sent by electronic mail.

 (b) Company agrees to indemnify Lender against any losses, claims, damages and liabilities and related expenses, including
reasonable and documented attorneys’ fees and expenses, incurred by Lender arising out of or in connection with or as a result of the transactions contemplated by this Note, except to the extent that such losses, claims, damages or liabilities
(i) result from Lender’s gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction or (ii) arise under or pursuant to the Merger Agreement. In particular, Company promises to pay all reasonable
and documented costs and expenses, including all reasonable and documented attorneys’ fees and expenses, incurred in connection with the collection and enforcement of this Note. 

(c) No failure or delay on the part of Lender or any other holder of this Note to exercise any right, power or privilege under
this Note and no course of dealing between Company and Lender shall impair such right, power or privilege or operate as a waiver of any default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or
privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly provided in this Note are cumulative to, and not exclusive of, any rights or remedies that Lender
would otherwise have. No notice to or demand on Company in any case shall entitle Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right of Lender to any other or further action in any
circumstances without notice or demand. 
 (d) Company and any endorser of this Note hereby consent to renewals and
extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a
defense to any demand hereunder. 

  
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 (e) THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND LENDER
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.  

(f) ALL JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE BROUGHT AND DETERMINED BY THE COURT OF
CHANCERY OF THE STATE OF DELAWARE OR, IF SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, SUPERIOR COURT SEATED IN NEW CASTLE COUNTY DELAWARE (AND IN THE APPROPRIATE APPELLATE COURTS THEREFROM), AND BY EXECUTION AND DELIVERY OF THIS NOTE
COMPANY ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY IN CONNECTION WITH THIS NOTE. Company hereby agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, to Company at its address set forth
below its signature hereto, such service being hereby acknowledged by Company to be sufficient for personal jurisdiction in any action against Company in any such court and to be otherwise effective and binding service in every respect. Nothing
herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of Lender to bring proceedings against Company in the courts of any other jurisdiction. 

(g) COMPANY AND, BY THEIR ACCEPTANCE OF THIS NOTE, LENDER AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY IRREVOCABLY AGREE
TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/COMPANY RELATIONSHIP THAT IS BEING
ESTABLISHED. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including without
limitation contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Company and, by their acceptance of this Note, Lender and any subsequent holder of this Note, each (i) acknowledges that this waiver
is a material inducement to enter into a business relationship, that the other parties have already relied on this waiver in entering into this relationship, and that each party will continue to rely on this waiver in their related future dealings
and (ii) further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF THIS NOTE. In the event of litigation, this provision may be filed as a written
consent to a trial by the court. 

  
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 (h) Company hereby waives the benefit of any statute or rule of law or
judicial decision which would otherwise require that the provisions of this Note be construed or interpreted most strongly against the party responsible for the drafting thereof. 

[Signature Page Follows.] 
  

  
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 IN WITNESS WHEREOF, Company has caused this Note to be executed and delivered by its
duly authorized officer, as of the day and year and at the place first above written. 
  

			
	 RESTORATION ROBOTICS, INC.,

a Delaware corporation

 
			
		
	By:	 	 /s/ Mark Hair

	Name: Mark Hair
	Title: Chief Financial Officer

 
			
	
	Address: 128 Baytech Drive, San Jose, CA 95134
	Telephone: (408) 883-6888
	Email: markh@restorationrobotics.com

 Signature Page to Subordinated Promissory NoteEX-10.37

 Exhibit 10.37 

[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed. 
 FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 

THIS FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is entered into as of June 14,
2019, among Restoration Robotics, Inc., a Delaware corporation (the “Borrower”), Solar Capital Ltd., a Maryland corporation (in its capacity as collateral agent, the “Collateral Agent”) and the
Lenders party hereto, comprising the Required Lenders under the Loan Agreement referred to below (each, a “Lender” and, collectively, the “Lenders”). 

RECITALS 

A. The Borrower, the Lenders party thereto, and the Collateral Agent, are parties to that certain Loan and Security Agreement, dated as of
May 10, 2018, as amended by that certain First Amendment to Loan and Security Agreement, dated as of June 29, 2018, that certain Second Amendment to Loan and Security Agreement, entered into as of November 2, 2018 and that certain
Third Amendment to Loan and Security Agreement, dated as of February 13, 2019 (as amended, supplemented or otherwise modified prior to the date hereof, the “Loan Agreement”). 

B. The Borrower has requested certain amendments to the Loan Agreement. Although the Lenders and the Collateral Agent are under no obligation
to do so, they have agreed to such requests, subject to the terms and conditions hereof. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used
but not defined in this Agreement shall have the meanings given to them in the Loan Agreement. 
 2. Amendments to the Loan Agreement.
The Loan Agreement shall be amended as follows: 
 2.1 Definition of Final Fee. The definition of “Final Fee” is hereby
amended by replacing “Nine Hundred Sixty Thousand Dollars ($960,000.00)” with “(a) if the Obligations are repaid in full on or prior to August 31, 2019, One Million, One Hundred Ten Thousand Dollars ($1,110,000.00), and
(b) if paid any time thereafter, One Million Two Hundred Sixty Thousand Dollars ($1,260,000.00).” 
 2.2 Section 6.12. The
following shall be added to the end of the existing Section 6.12 of the Loan Agreement: 
 In addition, on or before June 28, 2019,
Borrower shall have provided evidence reasonably satisfactory to the Collateral Agent that Borrower has received after June 14, 2019 at least Two Million, Five Hundred Thousand Dollars ($2,500,000.00) in aggregate unrestricted net cash proceeds
from the sale and issuance of Borrower’s common or preferred stock pursuant to one or more bona fide equity financings or the issuance of Subordinated Debt, in each case on terms reasonably acceptable to Collateral Agent. 

 2.3 Section 6.13. The following shall be added to the end of the existing
Section 6.13 of the Loan Agreement: 
 In addition, on or before July 31, 2019, Borrower shall have provided evidence that the
shareholders of Venus Concepts have approved the merger set forth in the forgoing letter of intent. 
 2.4 Section 7.13.
Section 7.13 of the Loan Agreement shall be amended and restated in its entirety as follows: 
 7.13 Minimum
Liquidity. Borrower shall not allow, at any time, the unrestricted cash and Cash Equivalents of Borrower and its Subsidiaries to be an amount less than (a) as of any date of determination on or prior to August 31, 2019, Seven Million
Five Hundred Thousand Dollars ($7,500,000.00), and (b) as of any date of determination on or after September 1, 2019 Twelve Million Five Hundred Thousand Dollars ($12,500,000.00); provided, however, this covenant shall no longer apply
after the latest of the following to occur, (i) Borrower has provided evidence reasonably satisfactory to the Collateral Agent that Borrower has received after March 23, 2018 at least Twenty Five Million Dollars ($25,000,000.00) in
aggregate unrestricted net cash proceeds from the sale and issuance of Borrower’s common or preferred stock pursuant to one or more bona fide equity financings on terms reasonably acceptable to Collateral Agent, (ii) Borrower has provided
evidence reasonably satisfactory to the Collateral Agent that Borrower has at least Fifteen Million Dollars ($15,000,000.00) of actual net revenue for any trailing six-month period ending after
November 1, 2018, and (iii) December 31, 2019. 
 2.5 Exhibit D. Exhibit G to the Loan Agreement shall be replaced in its
entirety with Exhibit A hereto. 
 3. Conditions to Effectiveness. The effectiveness of Section 2 shall be
subject to the satisfaction of each of the following conditions precedent, each in form and substance reasonably satisfactory to Collateral Agent: 

3.1 the due execution and delivery to the Collateral Agent of this Agreement by each party hereto; 

3.2 the Borrower shall have paid to the Lenders in accordance with their respective Pro Rata Shares an amendment fee of One Hundred Thousand
Dollars ($100,000.00); and 
 3.3 the Borrower shall have paid to the Lenders the reasonable out-of-pocket costs and expenses of the Collateral Agent and the Lenders party hereto, and the reasonable fees and disbursements of counsel to the Collateral Agent and the Lenders party hereto, in connection
with the negotiation, preparation, execution and delivery of this Agreement and any other documents to be delivered in connection herewith. 

4. Representations and Warranties. The Borrower represents and warrants to the Collateral Agent and each Lender as follows: 

4.1 Each of the representations and warranties made by the Borrower in or pursuant to any Loan Document (a) that is qualified by
materiality is true and correct, and (b) that is not qualified by materiality is true and correct in all material respects, in each case, on and as of the date of this Agreement, except to the extent that any such representation and warranty
specifically relates to an earlier date, in which case such representation and warranty was true and correct in all material respects as of such earlier date. 

4.2 The Borrower has the power and authority to execute and deliver this Agreement and to perform its obligations under the Loan Documents.

  
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 4.3 The execution and delivery by the Borrower of this Agreement, the performance by
Borrower of its obligations under the Loan Agreement, have been duly authorized by all necessary corporate action on the part of the Borrower. 

4.4 The execution and delivery by the Borrower of this Agreement and the performance by the Borrower of its obligations hereunder do not
(a) conflict with any of the Operating Documents of the Borrower, (b) contravene, conflict with, constitute a default under or violate any material Requirement of Law applicable to the Borrower, (c) contravene, conflict or violate any
applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its property or assets may be bound or affected, (d) require any action by, filing, registration, or
qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect), or (e) constitute an event of default under any material
agreement by which Borrower or any of its properties, is bound. 
 4.5 This Agreement has been duly executed and delivered by the Borrower
and is the valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar
laws of general application and equitable principles relating to or affecting creditors’ rights. 
 4.6 Both immediately prior to giving
effect hereto and immediately thereafter, no Default or Event of Default has occurred and is continuing under the Loan Agreement or the Loan Documents. 

5. Reaffirmation of Loan Documents. The Borrower hereby grants, ratifies and reaffirms the security interest in its Collateral granted
to the Collateral Agent pursuant to the terms of the Loan Agreement, and also ratifies and reaffirms its obligations under each Loan Document to which it is party, and acknowledges and agrees that each such Loan Document shall remain in full force
and effect after giving effect to the consummation of this Agreement. This Agreement is not a novation and the terms and conditions of this Agreement shall be in addition to and supplemental to all terms and conditions set forth in the Loan
Documents. In the event of any conflict or inconsistency between this Agreement and the terms of any other Loan Document, the terms of this Agreement shall be controlling, but such other Loan Document shall not otherwise be affected or the rights
therein impaired. 
 6. Integration. This Agreement and the other Loan Documents represent the entire agreement relating to the
subject matter of this Agreement and supersede all prior negotiations and agreements with respect to the substance of this Agreement. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the
subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents 
 7. Counterparts. This
Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

8. Miscellaneous. 
 8.1
Except as expressly amended pursuant hereto, the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects. 

8.2 This Agreement shall constitute a Loan Document under the Loan Agreement. 

  
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 8.3 Each provision of this Agreement is severable from every other provision in determining
the enforceability of any provision. 
 8.4 This Agreement is effective for the purposes set forth herein and shall be limited precisely as
written and shall not be deemed to (a) be a consent to any Agreement, waiver or modification of any term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which the Collateral Agent or any Lender may now
have or may have in the future under or in connection with any Loan Document. 
 8.5 This Agreement and all documents related hereto shall
constitute Loan Documents, shall be construed in connection with and as part of the Loan Documents. 
 9. Governing Law. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE (OTHER
THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW)), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL, PROVIDED, HOWEVER, THAT IF THE LAWS OF ANY
JURISDICTION OTHER THAN NEW YORK SHALL GOVERN IN REGARD TO THE VALIDITY, PERFECTION OR EFFECT OF PERFECTION OF ANY LIEN OR IN REGARD TO PROCEDURAL MATTERS AFFECTING ENFORCEMENT OF ANY LIENS IN COLLATERAL, SUCH LAWS OF SUCH OTHER JURISDICTIONS SHALL
CONTINUE TO APPLY TO THAT EXTENT. This Agreement is subject to the provisions of Section 11 of the Loan Agreement relating to jurisdiction, venue, jury trial waiver and judicial reference, which provisions are by this reference incorporated
herein, mutatis mutandis, as if set forth herein in full. 
 [Signature page follows.] 

  
 4 

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

			
	THE BORROWER
	
	RESTORATION ROBOTICS, INC.
		
	By	 	 /s/ Mark Hair

		 	Name: Mark Hair
		 	Title: Chief Financial Officer

 [Signature Page to Restoration Robotics Fourth Amendment to LSA] 

 
			
	COLLATERAL AGENT AND LENDER:
	
	SOLAR CAPITAL LTD.
		
	By	 	 /s/ Anthony Storino

		 	Name: Anthony Storino
		 	Title: Authorized Signatory
	
	LENDER:
	
	SCP PRIVATE CREDIT INCOME FUNDS L.P.
		
	By	 	 /s/ Anthony Storino

		 	Name: Anthony Storino
		 	Title: Authorized Signatory
	
	LENDER:
	
	SUNS SPV LLC
		
	By	 	 /s/ Anthony Storino

		 	Name: Anthony Storino
		 	Title: Authorized Signatory

 [Signature Page to Restoration Robotics Fourth Amendment to LSA] 

 
			
	LENDER:
	
	WESTERN ALLIANCE BANK
		
	By:	 	 /s/ Robert C. Lake

		 	Name: Robert C. Lake
		 	Title: SVP, Head of Life Sciences

 [Signature Page to Restoration Robotics Fourth Amendment to LSA] 

 Exhibit A 

Replacement Exhibit D 

[See attached] 

 EXHIBIT D 

Compliance Certificate 
  

			
	TO:	  	 SOLAR CAPITAL LTD., as Collateral Agent and Lender

WESTERN ALLIANCE BANK, as Lender

		
	FROM:	  	Restoration Robotics, Inc.

 The undersigned authorized officer (“Officer”) of Restoration Robotics, Inc. (“Borrower”),
hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement dated as of May 10, 2018 by and among Borrower, Collateral Agent, and the Lenders from time to time party thereto (the “Loan
Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Loan Agreement), 

(a) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below; 

(b) There are no Events of Default or events that with the passage of time could result in an Event of Default, except as noted below; 

(c) Except as noted below, all representations and warranties of Borrower stated in the Loan Documents (other than the Warrants) are true and
correct in all material respects on date hereof; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and
provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date 

(d) Borrower, and each of Borrower’s Subsidiaries, has timely filed all required tax returns and reports, Borrower, and each of
Borrower’s Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower, or Subsidiary, except as otherwise permitted pursuant to the terms of Section 5.8 of the Loan
Agreement; 
 (e) No Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or
benefits of which Borrower has not previously provided written notification to Collateral Agent and the Lenders. 
 Attached are the required documents, if
any, supporting our certification(s). The Officer, on behalf of Borrower, further certifies that the attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one
period to the next except as explained in an accompanying letter or footnotes and except, in the case of unaudited financial statements, for the absence of footnotes and subject to year-end and audit
adjustments as to the interim financial statements. 
 Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or
N/A under “Complies” column. 
  

													
	 	  	Reporting Covenant	  	Requirement	  	Actual	  	Complies
							
	1)	  	Financial statements	  	Monthly within 30 days	  		  	Yes	  	No	  	N/A
							
	2)	  	Annual (CPA Audited) statements	  	Within 180 days after FYE	  		  	Yes	  	No	  	N/A

													
	3)	  	Annual Financial Projections/Budget (prepared on a monthly basis)	  	Annually (within 60 days after FYE or 10 days of approval), and when revised (within 7 days of approval)	  		  	Yes	  	No	  	N/A
							
	4)	  	8-K, 10-K and 10-Q Filings	  	If applicable, within 5 days of filing	  		  	Yes	  	No	  	N/A
							
	5)	  	Compliance Certificate	  	Monthly within 30 days	  		  	Yes	  	No	  	N/A
							
	6)	  	Total amount of Borrower’s unrestricted cash and Cash Equivalents at the last day of the measurement period	  		  	$________	  	Yes	  	No	  	N/A
							
	7)	  	Total amount of Borrower’s Subsidiaries’ unrestricted cash and Cash Equivalents at the last day of the measurement period	  		  	$________	  	Yes	  	No	  	N/A

 Deposit and Securities Accounts 

(Please list all accounts; attach separate sheet if additional space needed) 
  

													
	 	  	Institution Name	  	Account Number	  	New
Account?	  	Account Control Agreement in place?
	1)	  		  		  	Yes	  	No	  	Yes	  	No
							
	2)	  		  		  	Yes	  	No	  	Yes	  	No
							
	3)	  		  		  	Yes	  	No	  	Yes	  	No
							
	4)	  		  		  	Yes	  	No	  	Yes	  	No

 Financial Covenants 
  

					
	 [7.13 – Minimum Liquidity Requirement:

		
	 1. Unrestricted Cash and Cash Equivalents:
	  	_________________]1
		
	 2. Does this comply with the Minimum of $7,500,000 on or prior to August 31, 2019 or
$12,000,000 thereafter?
	  	Yes            No
	
	 7.14 – Minimum Revenue Requirement:

		
	 1. Actual 12 month Trailing Revenue for this month:
	  	$ ____________
		
	 2. Does this comply with the Minimum Revenue Required in Column D below for this month:
	  	Yes             No

  

	1 	 To be included only if applicable. 

							
	 A
	  	 B
	  	 C
	  	 D

	 Month Ending
	  	 Management Case Revenue
Projection (12 Month Trailing)
	  	 Minimum Percent Achievement

for Covenant
	  	 Minimum Revenue Required for
Covenant (12 Month
Trailing)

	9/30/2018	  	[***]	  	[***]	  	[***]
				
	10/31/2018	  	[***]	  	[***]	  	[***]
				
	11/30/2018	  	[***]	  	[***]	  	[***]
				
	12/31/2018	  	[***]	  	[***]	  	[***]
				
	1/31/2019	  	[***]	  	[***]	  	[***]
				
	2/28/2019	  	[***]	  	[***]	  	[***]
				
	3/31/2019	  	[***]	  	[***]	  	[***]
				
	4/30/2019	  	[***]	  	[***]	  	[***]
				
	5/31/2019	  	[***]	  	[***]	  	[***]
				
	6/30/2019	  	[***]	  	[***]	  	[***]
				
	7/31/2019	  	[***]	  	[***]	  	[***]
				
	8/31/2019	  	[***]	  	[***]	  	[***]
				
	9/30/2019	  	[***]	  	[***]	  	[***]
				
	10/31/2019	  	[***]	  	[***]	  	[***]
				
	11/30/2019	  	[***]	  	[***]	  	[***]
				
	12/31/2019	  	[***]	  	[***]	  	[***]
				
	1/31/2020	  	[***]	  	[***]	  	[***]
				
	2/29/2020	  	[***]	  	[***]	  	[***]
				
	3/31/2020	  	[***]	  	[***]	  	[***]
				
	4/30/2020	  	[***]	  	[***]	  	[***]
				
	5/31/2020	  	[***]	  	[***]	  	[***]
				
	6/30/2020	  	[***]	  	[***]	  	[***]
				
	7/31/2020	  	[***]	  	[***]	  	[***]
				
	8/31/2020	  	[***]	  	[***]	  	[***]
				
	9/30/2020	  	[***]	  	[***]	  	[***]

							
	10/31/2020	  	[***]	  	[***]	  	[***]
				
	11/30/2020	  	[***]	  	[***]	  	[***]
				
	12/31/2020	  	[***]	  	[***]	  	[***]
				
	1/31/2021	  	[***]	  	[***]	  	[***]
				
	2/28/2021	  	[***]	  	[***]	  	[***]
				
	3/31/2021	  	[***]	  	[***]	  	[***]
				
	4/30/2021	  	[***]	  	[***]	  	[***]
				
	5/31/2021	  	[***]	  	[***]	  	[***]
				
	6/30/2021	  	[***]	  	[***]	  	[***]
				
	7/31/2021	  	[***]	  	[***]	  	[***]
				
	8/31/2021	  	[***]	  	[***]	  	[***]
				
	9/30/2021	  	[***]	  	[***]	  	[***]
				
	10/31/2021	  	[***]	  	[***]	  	[***]
				
	11/30/2021	  	[***]	  	[***]	  	[***]
				
	12/31/2021	  	[***]	  	[***]	  	[***]
				
	1/31/2022	  	[***]	  	[***]	  	[***]
				
	2/28/2022	  	[***]	  	[***]	  	[***]
				
	3/31/2022	  	[***]	  	[***]	  	[***]
				
	4/30/2022	  	[***]	  	[***]	  	[***]

 [***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and
(ii) would be competitively harmful if publicly disclosed. 
 Other Matters 

 

							
	1)	  	Have there been any changes in Key Persons since the last Compliance Certificate?	  	Yes	  	No
				
	2)	  	Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the Loan Agreement?	  	Yes	  	No
				
	3)	  	Have there been any new or pending claims or causes of action against Borrower or any of its Subsidiaries that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00)?	  	Yes	  	No

							
	4)	  	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this
Compliance Certificate.	  	Yes	  	No
				
	5)	  	Has Borrower or any Subsidiary entered into any Material Agreement, amended any Material Agreement, or modified any other license, agreement or other contractual arrangement such that it would become a Material Agreement? If yes,
please explain and provide a copy of the Material Agreement(s) and/or amendment(s).	  	Yes	  	No
				
	6)	  	Has Borrower provided the Collateral Agent with all notices required to be delivered under Sections 6.2(a) and 6.2(b) of the Loan Agreement?	  	Yes	  	No

 Exceptions 

Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.” Attach separate sheet if
additional space needed.) 
  

	
	Restoration Robotics, Inc.
	
	By:                                     
                                         
                   
	Name:                                     
                                         
             
	Title:                                     
                                         
                

 Date: 
  

					
		 	COLLATERAL AGENT USE ONLY
			
		 	Received by:                                 	  	Date:                 
			
		 	Verified by:                                  	  	Date:                 
		
		 	Compliance
Status:            Yes                    No

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