SEC Contract Filing

Filing Date: 2025-04-02

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>ef20046756_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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 <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt;">Exhibit 10.2</div>
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 <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Execution Version</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">THESE SECURITIES AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION
 FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;<font style="font-family: 'Times New Roman';"><u>SECURITIES ACT</u></font>&#8221;), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD OR OTHERWISE
 TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH
 APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">THIS INSTRUMENT IS SUBORDINATED TO ALL INDEBTEDNESS NOW OR HEREAFTER OWING BY THE MAKER TO CITY NATIONAL BANK OF FLORIDA, AS PROVIDED IN THOSE CERTAIN SUBORDINATION OF
 DEBT AGREEMENTS DATED ON OR ABOUT DECEMBER 9, 2020 AND OCTOBER 4, 2023.</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">THIS INSTRUMENT IS SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN SECURITIES EXCHANGE AND REGISTRATION RIGHTS AGREEMENT DATED AS OF DECEMBER 8, 2020, A COPY OF
 WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.</div>
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 <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">VENUS CONCEPT INC.</div>
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 <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECURED SUBORDINATED CONVERTIBLE NOTE</div>
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 <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Certificate No.: 1</div>
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 <div style="text-align: left; font-family: 'Times New Roman';">Issuance Date: March 31, 2025</div>
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 <div style="text-align: left; font-family: 'Times New Roman';">Original Principal Amount: U.S.$6,295,851.11</div>
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 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">FOR VALUE RECEIVED, </font><font style="font-size: 10pt;">Venus
 Concept Inc., a Delaware corporation (the &#8220;<font style="font-family: 'Times New Roman';"><u>Company</u></font>&#8221;), hereby promises to pay to Madryn Health Partners, LP or registered permitted assigns (the &#8220;<font style="font-family: 'Times New Roman';"><u>Holder</u></font>&#8221;) in cash the amount set out above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the &#8220;<font style="font-family: 'Times New Roman';"><u>Principal</u></font>&#8221;)

 when due, whether upon the Maturity Date, acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (&#8220;<font style="font-family: 'Times New Roman';"><u>Interest</u></font>&#8221;) on any outstanding
 Principal at the applicable Interest Rate from the date set out above as the Issuance Date (the &#8220;<font style="font-family: 'Times New Roman';"><u>Issuance Date</u></font>&#8221;) until the same becomes due and payable, whether upon an Interest Date, the
 Maturity Date, acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Subordinated Convertible Note (including all Se cured Subordinated Convertible Notes issued in exchange, transfer or
 replacement hereof, this &#8220; <font style="font-family: 'Times New Roman';"><u>Note</u></font>&#8221;) is one of a series of Secured Subordinated Convertible Notes issued pursuant to the Securities Exchange Agreement (as defined herein) and exchanged
 pursuant to that certain Exchange Agreement dated as of the Issuance Date by and among Holder, Madryn Health Partners (Cayman Master), LP and the Company (collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Notes</u></font>&#8221; and
 such other Secured Subordinated Convertible Notes, the &#8220;<font style="font-family: 'Times New Roman';"><u>Other Notes</u></font>&#8221;). Certain capitalized terms used herein are defined in <font style="font-family: 'Times New Roman';">