SEC Contract Filing

Filing Date: 2025-05-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>ef20048288_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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 <div style="text-align: right;"><font style="font-weight: bold; font-size: 10pt;">Exhibit 10.3</font>
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 <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">CONSENT AGREEMENT</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">This</font><font style="font-size: 10pt;"> &#160; <font style="font-family: 'Times New Roman';">CONSENT AGREEMENT (the <font style="font-family: 'Times New Roman';"><u>&#8220;Agreemen</u></font>t&#8221;) dated as of April 30, 2025 (the &#8220;<font style="font-family: 'Times New Roman';"><u>Effective</u></font>&#160;<font style="font-family: 'Times New Roman';"><u>Date</u></font>&#8221;) is
 entered into among (a) VENUS CONCEPT INC., a Delaware corporation (&#8220;<font style="font-family: 'Times New Roman';"><u>Venus Concept</u></font>&#8221;), (b) the Guarantors party hereto (the &#8220;<font style="font-family: 'Times New Roman';"><u>Guarantors</u></font>&#8221;,

 and together with Venus Concept, the &#8220;<font style="font-family: 'Times New Roman';"><u>Loan Parties</u></font>&#8221;) and (c) each of (i) MADRYN HEALTH PARTNERS, LP, a Delaware limited partnership (&#8220;<font style="font-family: 'Times New Roman';"><u>Madryn

 Health</u></font>&#8221;) and (ii) MADRYN HEALTH PARTNERS (CAYMAN MASTER), LP, a Cayman Islands limited partnership (&#8220;<font style="font-family: 'Times New Roman';"><u>Madryn Cayman</u></font>&#8221; and, together with Madryn Health, the &#8220;<font style="font-family: 'Times New Roman';"><u>Lenders</u></font>&#8221;; together the Lender and the Venus Concept are hereinafter referred to as the &#8220;<font style="font-family: 'Times New Roman';"><u>Parties</u></font>&#8221;). Capitalized terms used but
 not otherwise defined herein shall have the meanings given to them in the Notes (as defined below).</font></font></div>
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 <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"><u>RECITALS</u></div>
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 <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">WHEREAS, the Lenders and Venus Concept were parties to that certain Securities Exchange Agreement, dated as of December 8, 2020 (as amended, restated, supplemented, waived or
 otherwise modified from time to time), pursuant to which the Lenders agreed to exchange a portion of Venus Concept&#8217;s existing debt for (a) two new promissory notes issued by Venus Concept to each of Madryn Health and Madryn Cayman (as amended,
 amended and restated, supplemented, waived, exchanged or otherwise modified from time to time, collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Original Notes</u></font>&#8221;);</div>
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 <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">WHEREAS, pursuant to that certain Exchange Agreement, dated as of dated as of October 4, 2023, and made among Venus Concept and the Lenders, the Lenders exchanged the Original
 Notes for (a) two new promissory notes issued by Venus Concept to each of Madryn Health and Madryn Cayman (as amended, amended and restated, supplemented, waived, exchanged or otherwise modified from time to time, collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>October 2023 Notes</u></font>&#8221;) and (b) shares of preferred stock of Venus Concept;</div>
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 <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">WHEREAS, pursuant to that certain Exchange Agreement, dated as of March 31, 2025, and made among Venus Concept and the Lenders, the Lenders (the &#8220;<font style="font-family: 'Times New Roman';"><u>Exchange Agreement</u></font>&#8221;), the Lenders exchanged the October 2023 Notes for (a) two new promissory notes issued by Venus Concept to each of Madryn Health and Madryn Cayman (as amended, amended and restated, supplemented,
 waived, exchanged or otherwise modified from time to time, collectively, the &#8220;<font style="font-family: 'Times New Roman';"><u>Notes</u></font>&#8221; and each, a &#8220;<font style="font-family: 'Times New Roman';"><u>Note</u></font>&#8221;) and (b) shares of
 preferred stock of Venus Concept;</div>
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 <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">WHEREAS, Venus Concept has requested relief from the obligation to comply with the requirements of Section 12.16 (Liquidity) of each Note in respect of Venus Concept&#8217;s minimum
 liquidity amounts (&#8220;<font style="font-family: 'Times New Roman';"><u>Requested Minimum Liquidity Consent</u></font>&#8221;); and</div>
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 <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">WHEREAS, the Lenders are willing to consent to and the Requested Minimum Liquidity Consent, subject to the terms and conditions hereof;</div>
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 <div style="text-align: justify; text-indent: 36pt; font-size: 10pt;">NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, and for othe