EX-10.3



 Exhibit 10.3 

INTELLECTUAL PROPERTY SECURITY AGREEMENT 

This Intellectual Property Security Agreement is entered into as of June 8, 2015, is between QLT Inc. (the “Secured
Party”) and InSite Vision Incorporated, a Delaware corporation (the “Grantor”). 
 RECITALS 

A. Pursuant to the Secured Note dated as of June 8, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the
“Note”), between the Grantor and QLT Inc., the Secured Party will extend credit to the Grantor from time to time as described therein. Capitalized terms used herein are used as defined in the Security Agreement dated as of
June 8, 2015 (the “Security Agreement”), between the Grantor and the Secured Party unless otherwise noted. To secure its obligations under the Note and any other Collateral Documents, the Grantor desires to grant to the Secured
Party, a security interest in certain copyrights, trademarks, patents and patent applications. 
 B. Pursuant to the terms of the Security
Agreement, the Grantor has granted to the Secured Party a security interest in all of the Grantor’s right, title and interest, whether presently existing or hereafter acquired, in, to and under all of the Collateral. 

NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and intending to be legally bound, as collateral
security for the prompt and complete payment when due of its obligations under the Note, the Grantor hereby represents, warrants, covenants and agrees as follows: 

AGREEMENT 
 To secure its
obligations under the Note, the Grantor grants and pledges to the Secured Party a security interest in all of the Grantor’s right, title and interest in, to and under its Intellectual Property Collateral, including without limitation those
copyrights, patents and patent applications, and trademarks listed on Exhibits A, B and C hereto, and including without limitation all proceeds thereof (such as, by way of example but not by way of limitation, license royalties and proceeds of
infringement suits), the right to sue for past, present and future infringements, all rights corresponding thereto throughout the world and all re-issues, divisions continuations, renewals, extensions and continuations-in-part thereof. 

This security interest is granted in conjunction with the security interest granted to the Secured Party under the Security Agreement. The
rights and remedies of Secured Party with respect to the security interest granted hereby are in addition to those set forth in the Security Agreement, the Note and other Collateral Documents, and those which are now or hereafter available to the
Secured Party as a matter of law or equity. Each right, power and remedy of Secured Party provided for herein or in the Security Agreement, the other Collateral Documents or the Note, or now or hereafter existing at law or in equity, shall be
cumulative and concurrent and shall be in addition to every right, power or remedy provided for herein and the exercise by Secured Party of any one or more of the rights, powers or remedies provided for in this Intellectual Property Security
Agreement, the Security Agreement, the Note or other Collateral Documents, or now or hereafter existing at law or in equity, shall not preclude the simultaneous or later exercise by any person of any or all other rights, powers or remedies. This
Intellectual Property Security Agreement shall constitute a Collateral Document as defined under the Security Agreement. 

  
 [SIGNATURE PAGE TO
SECURITY AGREEMENT] 








 IN WITNESS WHEREOF, the parties have caused this Intellectual Property Security Agreement to be duly executed by
its officers thereunto duly authorized as of the first date written above. 
 GRANTOR: InSite Vision Incorporated 

 

					
	Address of Grantor:		 InSite Vision Incorporated

			
	InSite Vision Incorporated				
	965 Atlantic Avenue		By:		 /s/ Timothy M. Ruane

	Alameda, California 94501				
	Attn: Timothy M. Ruane		Name:		 Timothy M. Ruane

			
			Title:		 Chief Executive Officer

			
	SECURED PARTY: QLT INC.				
		
	Address of Secured Party:		 QLT INC.

			
	QLT Inc.				
	887 Great Northern Way, Suite 250		By:		 /s/ Geoffrey Cox

	Vancouver, BC V5T 4T5				
	Canada		Name:		 Geoffrey Cox

	Attention: Glen Ibbott, Interim Chief Financial				
	Officer		Title:		 Interim Chief Financial Officer

	Facsimile No.: (604) 873-0816				
			
	With a copies to:				
			
	QLT Inc.				
	887 Great Northern Way, Suite 250				
	Vancouver, BC V5T 4T5				
	Canada				
	Attention: Dori Assaly, Vice President Legal Affairs				
	Facsimile No.: (604) 873-081				
			
	and				
			
	Weil, Gotshal & Manges LLP				
	767 Fifth Avenue				
	New York, NY 10153				
	Attention: Ray Gietz				
	Facsimile: 212-310-8702				

 [SIGNATURE PAGE TO IP SECURITY AGREEMENT]