Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

This SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) entered into as of September 21, 2022, by and
among SURFACE ONCOLOGY, INC., a Delaware corporation (“Borrower Representative”), K2 HEALTHVENTURES LLC, as administrative agent for Lenders (in such capacity, together with its successors, “Administrative
Agent”), and the undersigned Lenders, constituting Required Lenders. 
 RECITALS 

A. The parties hereto previously entered into that certain Loan and Security Agreement, dated as of November 22, 2019 (as amended,
restated, supplemented or otherwise modified, from time to time, the “Agreement”), by and among Borrower Representative, Lenders, Administrative Agent and Ankura Trust Company, LLC, as collateral agent for Lenders (in such capacity,
together with its successors, “Collateral Trustee”). Capitalized terms used but not defined in this Amendment shall have the respective meanings given to them in the Agreement. 

B. The parties have agreed to modify the terms of the Agreement as set forth herein. 

AGREEMENT 
 1. Amendments.

 1.1 The address for copies of notices to Lender set forth in Section 10 is hereby updated as follows:

 SIDLEY AUSTIN LLP 

1001 Page Mill Rd., Bldg. 1 

Palo Alto, CA 94304-1150 

Attention: Cynthia Bai 
 Email:
cbai@sidley.com 
 1.2 The defined term “Amortization Date” in Exhibit A to the Agreement is hereby amended by
amending and restating the defined term to read as follows: 
 “Amortization Date” means February 1, 2024.

 1.3 The defined term “Conversion Price” in Exhibit A to the Agreement is hereby amended by replacing
“$7.81” with “$1.83”. 
 2. Representations and Warranties. 

2.1 The undersigned Borrower Representative represents and warrants that: 

(a) the representations and warranties of Borrower’s Representative contained in the Agreement are true and correct in all material
respects as of the date of this Amendment (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects as of such date), and no Event of Default has occurred
and is continuing; 
 (b) Borrower Representative has the power and authority to execute and deliver this Amendment and perform its
obligations under the Agreement, as modified by this Amendment; 
 (c) the execution and delivery by Borrower Representative of this
Amendment, and the performance by Borrowers of their respective obligations under the Agreement, as modified by this Amendment, have been duly authorized by all requisite action; 

 (d) the execution and delivery by Borrower Representative of this Amendment and the
performance by Borrowers of their respective obligations under the Agreement, as modified by this Amendment, do not and will not contravene (a) any material Requirement of Law, (b) any material contractual restriction in any material
agreement with a Person binding on any Borrower, (c) any order, judgment or decree of any Governmental Authority binding on Borrower, or (d) the Operating Documents of any Borrower, and do not require any order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by any Governmental Authority, except as already has been obtained or made; and 

(e) this Amendment has been duly executed and delivered by Borrower Representative and is the binding obligation of Borrower Representative,
enforceable against Borrower Representative 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 relating to or
affecting creditors’ rights and by general equitable principles. 
 3. Conditions to Effectiveness. 

The effectiveness of this Amendment is subject to the following conditions precedent: 

3.1 Administrative Agent shall have received this Amendment, duly executed by Borrower Representative; 

3.2 Borrower shall have paid an amendment fee of $5,000 and any Lender Expenses due and payable as of the date hereof, which Borrower
Representative hereby authorizes may be debited by Administrative Agent, in accordance with Section 2.4(b) of the Agreement. 

4. General Provisions. 

4.1 Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement and
this Amendment shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects, and the security interest as granted pursuant to the Agreement continues from the Closing
Date. The agreement to enter into the amendments as set forth herein shall not establish any course of dealing with respect to future amendments or waivers or otherwise obligate Administrative Agent or any Lender to waive any future Event of Default
or make any modification to any Loan Document. 
 4.2 This Amendment and the Loan Documents represent the entire agreement with
respect to this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents
merge into this Amendment and the Loan Documents. 
 4.3 This Amendment may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one instrument. The words “execution,” “signed,” “signature” and words of like import herein shall be deemed to include electronic signatures or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as
provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. Delivery of an executed counterpart of a signature page of this Amendment or any document delivered in connection
therewith by electronic means including by email delivery of a “.pdf” format data file shall be effective as delivery of an original executed counterpart thereof. 

4.4 This Amendment shall constitute a Loan Document. Accordingly, the provisions of Section 11 of the
Agreement shall likewise apply to this Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 [SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date set forth above. 

 

			
	BORROWER REPRESENTATIVE:
	
	SURFACE ONCOLOGY, INC.
		
	By:	 	 /s/ Jessica Fees

	Name:	 	Jessica Fees
	Title:	 	Chief Financial Officer and Treasurer

 [SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT] 

 

			
	ADMINISTRATIVE AGENT:
	
	K2 HEALTHVENTURES LLC
		
	By:	 	 /s/ Parag Shah

	Name:	 	Parag Shah
	Title:	 	Managing Director and Chief Executive Officer
	
	LENDER:
	
	K2 HEALTHVENTURES LLC
		
	By:	 	 /s/ Parag Shah

	Name:	 	Parag Shah
	Title:	 	Managing Director and Chief Executive OfficerExhibit 10.1

 

TECHNICAL AMENDMENT TO CREDIT AGREEMENT, dated
as of September 23, 2022 (this “Technical Amendment”), between Waldencast Finco Limited, a private company incorporated
under the laws of Jersey with registered number 143249 (the “Borrower”), and JPMorgan Chase Bank, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined in this Technical Amendment
shall have the meanings assigned to such terms in the Credit Agreement (as defined below).

 

WHEREAS, the Borrower, Waldencast
Partners LP, the lenders from time to time party thereto and the Administrative Agent entered into that certain Credit Agreement, dated
as of June 24, 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit
Agreement”; and as further amended by this Technical Amendment, the “Amended Credit Agreement”);

 

WHEREAS, pursuant to Section 9.02(f)
of the Credit Agreement, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical
error or other defect in any provision of the Credit Agreement or any other Loan Document, then the Administrative Agent and the Borrower
shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other
defect, and such amendment shall become effective without any further action or consent of any other party to the Credit Agreement; and

 

WHEREAS, in reliance on the
foregoing, the Borrower and the Administrative Agent agree to amend the Credit Agreement as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

 

SECTION
1. AMENDMENTS.
On the date hereof, Section 2.10(a) of the Credit Agreement is hereby amended by deleting the first row under the Headings “Date”
and “Amount” in the table set forth therein. For the avoidance of doubt, after giving effect to this Technical Amendment,
the first row under such headings shall be “September 30, 2022” and “1.25%”, respectively.

 

SECTION
2. CONTINUING EFFECT; NO NOVATION. Except as expressly amended, waived or modified
hereby, the Loan Documents shall continue to be and shall remain in full force and effect in accordance with their respective terms.
This Technical Amendment shall not constitute an amendment, waiver or modification of any provision of any Loan Document not
expressly referred to herein and shall not be construed as an amendment, waiver or modification of any action on the part of the
Borrower or the other Loan Parties that would require an amendment, waiver or consent of the Administrative Agent or the Lenders
except as expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further
amend, waive or modify any provision of any Loan Document amended, waived or modified hereby for any other period, circumstance or
event. Except as expressly modified by this Technical Amendment, Loan Documents are ratified and confirmed and are, and shall
continue to be, in full force and effect in accordance with their respective terms. Except as expressly set forth herein, each
Lender and the Administrative Agent reserves all of its rights, remedies, powers and privileges under the Credit Agreement, the
other Loan Documents, applicable law and/or equity. Any reference to “this Agreement” in the Credit Agreement or the
“Credit Agreement” in any Loan Document or any related documents shall be deemed to be a reference to the Credit
Agreement as amended by this Technical Amendment and the term “Loan Documents” in the Amended Credit Agreement and the
other Loan Documents shall include this Technical Amendment. Neither this Technical Amendment nor the execution, delivery or
effectiveness of this Technical Amendment shall extinguish the obligations outstanding under the Credit Agreement. Nothing herein
contained shall be construed as a substitution or novation of the obligations outstanding under the Credit Agreement, which shall
remain in full force and effect, except to any extent modified hereby or by instruments executed concurrently herewith. Nothing
implied in this Technical Amendment, the Amended Credit Agreement, the Collateral Documents, the other Loan Documents or in any
other document contemplated hereby or thereby shall be construed as a release or other discharge of any of Borrower or any other
Loan Party from any of its obligations and liabilities as a “Borrower,” “Parent Guarantor,”
“Guarantor,” or “Loan Party,” under the Credit Agreement or any other Loan Document. Each of the Credit
Agreement, the Collateral Documents and the other Loan Documents shall remain in full force and effect, until (as applicable) and
except to any extent modified hereby or in connection herewith.

 

     

     

    

 

SECTION
3. GOVERNING LAW.
THIS TECHNICAL AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

SECTION
4. ENTIRE AGREEMENT.
This Technical Amendment, the Amended Credit Agreement and the other Loan Documents represent the entire agreement of the Loan Parties,
the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings,
representations or warranties by the Administrative Agent, any other Agent or any Lender relative to the subject matter hereof not expressly
set forth or referred to herein or in the Amended Credit Agreement or the other Loan Documents. 

 

SECTION
5. EFFECTIVENESS; LOAN DOCUMENT.
This Technical Amendment shall become effective when it shall have been executed by the Borrower and the Administrative Agent. This Technical
Amendment is a Loan Document and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance
with the terms and provisions of the Amended Credit Agreement.

 

SECTION
6. COUNTERPARTS. This Technical Amendment may be signed in any number of counterparts
(and by different parties hereto on different counterparts), each of which shall be an original, but all of which when taken
together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Technical Amendment
that is an Electronic Signature transmitted by emailed pdf, or any other electronic means that reproduces an image of an actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Technical Amendment. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Technical Amendment, any document to be signed in connection herewith and the transactions contemplated hereby
shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries
by emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper based recordkeeping system, as the case may be; provided that, nothing herein shall require the Administrative Agent to accept
Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided
further that, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic
Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given
by or on behalf of the Borrower without further verification thereof and without any obligation to review the appearance or form of
any such Electronic Signature and (ii) upon the request of the Administrative Agent, any Electronic Signature shall be promptly
followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower hereby (i) agrees that,
for all purposes, including in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or
litigation among the Administrative Agent, the Lenders, the Borrower and the other Loan Parties, Electronic Signatures transmitted
by emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic
images of this Technical Amendment shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees
that the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Technical Amendment in
the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s
business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes
and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to
contest the legal effect, validity or enforceability of this Technical Amendment based solely on the lack of paper original copies
of this Technical Amendment, including with respect to any signature pages thereto and (iv) waives any claim against any Lender
Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance on or use
of Electronic Signatures and/or transmissions by emailed pdf, or any other electronic means that reproduces an image of an actual
executed signature page, including any Liabilities arising as a result of the failure of the Borrower to use any available security
measures in connection with the execution, delivery or transmission of any Electronic Signature.

 

SECTION
7. HEADINGS.
Section headings used in this Technical Amendment are for convenience of reference only, are not part of this Technical Amendment and
are not to affect the construction of, or to be taken into consideration in interpreting, this Technical Amendment.

 

[Remainder
of page intentionally left blank; signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Technical Amendment to be executed and delivered by their duly authorized officers as of the date first written above.

 

	 	WALDENCAST FINCO LIMITED,
	 	as the Borrower
	 	 
	 	By:	/s/ Michel Brousset
	 	Name: 	Michel Brousset
	 	Title:	Chief Executive Officer and Principal Financial Officer

 

[Technical Amendment to Credit Agreement]

 

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	 	JPMORGAN CHASE BANK, N.A.,
	 	as the Administrative Agent
	 	 
	 	By:	/s/ Jeffrey C Miller
	 	Name: 	Jeffrey C Miller
	 	Title:	Managing Director

 

[Technical Amendment to Credit Agreement]

 

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