SEC Contract Filing

Filing Date: 2019-08-20

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d790430dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;25, 2019 (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS THEREOF, THE &#147;SUBORDINATION
AGREEMENT&#148;), AMONG SOLAR CAPITAL LTD., A MARYLAND CORPORATION AS &#147;SENIOR CREDITOR&#148; DEFINED THEREIN AND VENUS CONCEPT USA, INC., A DELAWARE CORPORATION, AS &#147;SUBORDINATED CREDITOR&#148; 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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESTORATION ROBOTICS, INC.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBORDINATED PROMISSORY NOTE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">U.S. $2,500,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Dated: August 14, 2019</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>FOR VALUE RECEIVED</B>, Restoration Robotics, Inc., a Delaware corporation (&#147;<B>Company</B>&#148;),
unconditionally promises to pay Venus Concept USA, Inc., a Delaware corporation (&#147;<B>Lender</B>&#148;), in the manner and at the place hereinafter provided, the lesser of (i)&nbsp;the principal amount of TWO MILLION FIVE HUNDRED THOUSAND UNITED
STATES DOLLARS (U.S. $2,500,000) or (ii)&nbsp;the remaining principal balance of this Subordinated Promissory Note (this &#147;<B>Note</B>&#148;) on November&nbsp;30, 2019 (the &#147;<B>Maturity Date</B>&#148;) pursuant to the terms of this Note.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">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%; <U>provided</U> 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 &#147;<B>Default Rate</B>&#148;). 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<B> </B>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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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. <B><U>Funding</U></B><B>. </B>Lender agrees to advance the principal amount of this Note
in multiple installments to Company pursuant to the terms and conditions of this Note as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(a) $1,000,000 on the
date that is three (3)&nbsp;Business Days following satisfaction of the Tranche A Conditions (the &#147;<B>Tranche A Loan</B>&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(b) an additional $1,000,000 on the date that is three (3)&nbsp;Business Days following satisfaction of the Tranche B
Conditions (the &#147;<B>Tranche B Loan</B>&#148;); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(c) an additional $500,000 on the date that is three
(3)&nbsp;Business Days following satisfaction of the Tranche C Conditions (the &#147;<B>Tranche C Loan</B>&#148;). </P> <P STYLE="