Document:

EX-10.6

 Exhibit 10.6 
 October 22, 2012 
 Mr. Alexander Casdin 

Via email to counsel 
 Re:
Separation Agreement 
 Dear Alex: 
 This letter agreement (the “Agreement”) sets forth your agreement with Sophiris Bio Inc. (the “Company”), regarding your termination as an employee of the Company.
This Agreement shall become effective on the “Effective Date” specified in Section 13 below.
 1.
Separation Date. Your employment with the Company is terminated effective September 14, 2012 (the “Separation Date”). 
 2. Severance Benefits. In exchange for your promises and releases in this Agreement, and provided that this Agreement becomes effective, you will receive the following benefits: 

(a) severance in the form of continuation of your base salary in effect as of the Separation Date for a period of three (3) months
following the Separation Date (the “Severance Period”), less required deductions, paid semi-monthly on the Company’s regular payroll dates; and 
 (b) provided that you timely elect continued health insurance coverage under the federal COBRA law, the Company will directly pay, or reimburse you for, one-hundred percent of the cost of premiums
for such health insurance continuation coverage until the earlier of (i) three (3) months following the Separation Date or (ii) the date you and your covered dependents are eligible to be covered by similar plans of your
new employer. 
 3. Option Vesting and Exercise. In exchange for your promises and releases in this Agreement, and
provided that this Agreement becomes effective, the vesting of your options to purchase the common stock of the Company (the “Options”) shall be accelerated effective on the Separation Date such that one hundred thousand six
hundred sixty-six thousand six hundred sixty-six (166,666) shares shall be vested and exercisable by you following the Effective Date of this Agreement. Your right to exercise vested Options shall, in addition to the requirements of
this section 3, be governed by your stock option grant notice, stock option agreement, the applicable equity incentive plan of the Company, and any other documents between you and the Company setting forth the terms of your stock option
grants. 

 4. Accrued Salary and Vacation. The Company will pay you all accrued salary earned
through the Separation Date, at the rates then in effect, subject to standard payroll deductions and withholdings. The Company will calculate and pay your accrued, unused vacation pay, if any. You are entitled to these payments by law. 

5. Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any
additional compensation, severance, or benefits after the Separation Date. 
 6. Expense Reimbursement. You agree that
within thirty (30) days following the Separation Date you will submit your final documented employee expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek
reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice. 
 7. Return of
Company Property. You will promptly return (no later than September 18, 2012) to the Company all Company documents (and all copies thereof) and other Company property in your possession or control, including, but not limited to, Company
files, correspondence, memoranda, notes, notebooks, drawings, books and records, plans, forecasts, reports, proposals, studies, agreements, financial information, personnel information, sales and marketing information, research and development
information, systems information, specifications, computer-recorded information, tangible property and equipment, credit cards, entry cards, identification badges and keys, and any materials of any kind that contain or embody any proprietary or
confidential information of the Company (and all reproductions thereof in whole or in part). 
 8. Proprietary Information
Obligations. You hereby acknowledge and reaffirm your continuing obligations (the “Proprietary Information Obligations”) under the “Employee Confidentiality and Inventions Assignment Agreement between the Company and
yourself (the “Confidentiality Agreement”). 
 9. Cooperation and Assistance; Confidentiality. You agree
that you will not voluntarily provide assistance, information, encouragement, or advice, directly or indirectly (including through agents or attorneys), to any person or entity in connection with any claim by or against the Company, nor shall you
induce or encourage any person or entity to do so. The foregoing sentence shall not prohibit you from testifying truthfully under subpoena. You agree to cooperate with the Company to the extent necessary regarding transition-related issues and to
provide (voluntarily and without legal compulsion) prompt cooperation and accurate and complete information to the Company in the event of litigation involving the Company or its officers or directors and to respect and preserve all privileges held
by or available to the Company. The provisions of this Agreement shall be held in the strictest confidence and shall not be publicized or disclosed in any manner whatsoever. Notwithstanding the prohibition in the preceding sentence; (a) you may
disclose this Agreement, in confidence, to your immediate family; (b) the parties may disclose this Agreement in confidence to their attorneys, accountants, auditors, tax preparers, and financial advisors; (c) the Company may disclose this
Agreement as necessary to comply with standard corporate filing and reporting obligations; and (d) the parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law.

 10. Non-interference. You agree that during the Severance Period you will not induce, recruit, encourage, or solicit,
directly or indirectly, whether for yourself or on behalf of 

  
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any person, corporation, partnership, or entity, any employee, contractor, or consultant of the Company to terminate, restrict, resign, or limit, his/her/its employment by or relationship with
the Company. 
 11. Release of claims. In exchange for the consideration provided to you by this Agreement that you are
not otherwise entitled to receive, you hereby generally and completely release the Company and its directors, officers, employees, shareholders, members, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities,
insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to your signing this Agreement. This
general release includes, but is not limited to: (1) all claims arising out of or in any way related to your employment with the Company or the termination of that employment; (2) all claims related to your compensation or benefits from
the Company, including, but not limited to, salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, stock options, or fringe benefits; (3) all claims for breach of contract, wrongful termination, and breach of the
implied covenant of good faith and fair dealing; (4) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local
statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act
of 1990, the federal Age Discrimination in Employment Act (“ADEA”), and the California Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, the provisions of this Section 11 shall not release or affect
(i) any rights you may have under this Agreement, or (ii) any rights to indemnification, reimbursement or similar protection you may otherwise have under the Bylaws of the Company or pursuant to any written indemnification agreement
between you and the Company. In exchange for the consideration provided by you pursuant to this Agreement, except as otherwise specifically noted below, the Company hereby generally and completely releases you from any and all claims liabilities,
demands, causes of action, costs, expenses, attorney’s fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected, disclosed and undisclosed, that arise out of or are in any
way related to events, acts, conduct, or omissions occurring prior to and including the Company signing this Agreement; provided, however, that the Company does not release you from any acts of intentional financial misconduct, embezzlement,
financial fraud, or willful misappropriation of corporate resources committed directly or indirectly by you against the Company (the “Retained Claims”). The Company reserves all rights regarding the Retained Claims. The release of
claims in this Agreement does not extend to those rights which as a matter of law cannot be waived. 
 12. Section 1542
Waiver. In granting the releases herein, you hereby acknowledge that you have read and understand Section 1542 of the California Civil Code: “A general release does not extend to claims which the creditor does not know or suspect to
exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits under that
section and any law of any jurisdiction of similar effect with respect to the release of claims herein. 
 13. ADEA
Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under ADEA, and that the consideration given for the waiver and release in the preceding paragraphs is in addition to anything of value
to which you were already entitled. You further acknowledge that you have been advised by this writing that: (a) your waiver and release do not apply to any rights or claims that may arise after

  
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the execution date of this Agreement; (b) you should consult with an attorney prior to executing this Agreement, and you acknowledge that you have done so; (c) you have twenty-one
(21) days to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier); (d) you have seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; and
(e) this Agreement will not be effective until the date upon which the revocation period has expired without you having earlier revoked this Agreement (the “Effective Date”). 

14. Remedies for Breach. In the event that you breach any material provision of this Agreement, including but not limited to
Sections 7-10 herein, the following, in addition to all other legal and equitable remedies available to the Company, shall apply: i) the Company shall have the right to immediately cease providing the payments specified in Sections 2(a) and 2(b)
herein. 
 15. Miscellaneous. This Agreement, along with the Confidentiality Agreement, constitutes the complete, final
and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and
it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and the Chief Executive Officer of the Company. This Agreement will bind the heirs, personal
representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. The failure to enforce any breach of this Agreement shall not be deemed to be a waiver of
any other or subsequent breach. For purposes of construing this Agreement, any ambiguities shall not be construed against either party as the drafter. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in
part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible. This Agreement
will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. This Agreement may be executed in
counterparts or with facsimile signatures, which shall be deemed equivalent to originals. 
 If this Agreement is acceptable to you, please sign
below and return one original to me. 
 Sincerely, 
 SOPHIRIS BIO INC. 
  

							
	By:	  	 /s/ Randall E. Woods
	  		  	
		  	Randall E. Woods	  		  	
		  	Chief Executive Officer	  		  	

  

					
	AGREED AND ACCEPTED:	 		  	
			
	 /s/ Alexander Casdin
	 		  	 October 30, 2012

	Alexander Casdin	 		  	Date

  
 Page 4 of 4EX-10.7

 Exhibit 10.7 
 PROTOX THERAPEUTICS CORP. 

EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is entered into as of the 31st day of March, 2011 (the “Effective Date”), by and between Allison J. Willmer-Hulme, Ph.D.
(“Executive”) and Protox Therapeutics Corp. (the “Company”). 
  

	 	1.	EMPLOYMENT BY THE COMPANY. 

1.1 Position and Duties. Executive’s title shall be Chief Operating Officer and Head of Research and Development. Executive
shall do and perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and that are normally associated with Executive’s job positions, but excluding finance and investor relations functions.
Executive shall report to the Executive Chairman of the Company. The Executive will not undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. Notwithstanding the
foregoing, after 12 full months of employment and subject to prior approval by the Executive Chairman and subject to Section 1.4, the Executive may serve in an advisory role to, or on the board of directors of, another company, provided that
such service does not impact Executive’s ability to perform her duties for the Company. 
 1.2 Location and Travel
Reimbursement. Executive shall work at the Company’s offices in San Diego, California, provided that the Company may from time to time require Executive to travel temporarily to other locations in connection with the Company’s
business. Executive will relocate her primary place of residence from San Francisco, California to San Diego, California by July 1, 2012. The Company shall reimburse Executive for the following expenses incurred between the Effective Date and
July 1, 2012: (1) the reasonable, documented expenses Executive incurs for air travel between her home in San Francisco, California and the Company’s offices in San Diego, California; and (2) up to $3,700 per month for
reasonable, documented living expenses incurred by Executive in connection with her stays in San Diego (pro-rated for any partial month of employment) (together, the “Reimbursable Expenses”). The Reimbursable Expenses may
include expenses for temporary housing, meals, rental car, etc. If Executive relocates to San Diego prior to July 1, 2012, her entitlement to reimbursement for Reimbursable Expenses as described in this Section shall cease effective as of the
date of such relocation. To obtain reimbursement for the Reimbursable Expenses, Executive must submit receipts or other appropriate documentation to the Company of the Reimbursable Expenses no later than 30 days after the date such expense is
incurred. The Company will reimburse Executive in accordance with its regular expense reimbursement policies, but in no event later than 30 days after submission of appropriate documentation by the Executive. Additionally, the Company shall pay the
Executive additional amounts (the “Gross-Up Payments”) such that after payment by Executive of all applicable federal, state and local taxes, imposed upon the reimbursement payments and such Gross-Up Payments, Executive will
retain a net amount equal to the amount of the Reimbursable Expenses. For the purposes of this provision, Executive’s applicable federal, state and local taxes shall be computed at the maximum marginal rates, taking into account the effect of
any loss of personal exemptions resulting from receipt of the Gross-Up Payments. The Gross-Up Payments shall be made as soon as practicable, but in no event later than the end of the taxable year following the year in which Executive receives the
related reimbursement payments. 

  
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 1.3 Policies and Procedures. The employment relationship between the parties shall be
governed by this Agreement and by the policies and practices established by the Company and/or its Board of Directors. In the event that the terms of this Agreement differ from or are in conflict with the Company’s policies or practices, this
Agreement shall control. 
 1.4 Agreement not to Participate in Company’s Competitors. During Executive’s
employment with the Company, Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by Executive to be adverse or antagonistic to the Company, its business, or prospects,
financial or otherwise, or in any company, person, or entity that is, directly or indirectly, in competition with the business of the Company or any of its Affiliates (as defined below). Ownership by Executive, in professionally managed funds over
which the Executive does not have control or discretion in investment decisions, or as a passive investment, of less than 2% of the outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on a
national securities exchange or publicly traded on a national securities exchange or in the over-the-counter market shall not constitute a breach of this Section. For purposes of this Agreement,
“Affiliate,” means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such
specified entity. 
  

	 	2.	AT-WILL EMPLOYMENT. 

 Executive’s employment relationship with the Company is, and shall all times remain, at will. This means that either Executive or the Company may terminate the employment relationship at any time,
for any reason or for no reason, with or without cause or advance notice. 
  

	 	3.	COMPENSATION AND BENEFITS. 

 3.1 Salary. The Company shall pay Executive a base salary at the annualized rate of $330,000.00 (the “Base Salary”), less payroll deductions and all required withholdings,
payable in regular periodic payments in accordance with the Company’s normal payroll practices. The Base Salary shall be prorated for any partial year of employment on the basis of a 365-day fiscal year. The Base Salary may be adjusted from
time to time in the Company’s discretion. 
 3.2 Discretionary Performance Bonus. For each calendar year of
employment, the Executive will be eligible for an additional, discretionary cash bonus of up to 50% of her Base Salary (the “Bonus”), based on Executive’s performance as determined by the Company’s Board of
Directors, including performance relative to any performance milestones that may be established for Executive. Any Bonus paid will be subject to standard payroll deductions and withholdings. In order to earn a Bonus for any given year, Executive
must remain employed by the Company through and including the payout date for the Bonus. Assuming all other criteria are met, Executive will be eligible for a pro-rated Bonus based on her partial year of service in 2011. The determination of whether
the Executive’s performance (including Executive’s performance relative to any performance milestones) merits a Bonus, and the Bonus amount (if any) that will be paid, shall be made by the Company’s Board of Directors in its sole
discretion. 
 3.3 Stock Option. Subject to approval by the board of directors of the Company’s parent, Protox
Therapeutics Inc. (“Parent”), as soon as practicable following the amendment of Parent’s Amended and Restated 2008 Stock Option Plan (the “Plan”) to permit option grants to employees of the
Company, the Executive will be granted an option (the “Option”) to purchase 1,000,000 shares of Parent’s common stock, at an exercise price per share equal to the fair market value of a single share of such common stock
on the date of the grant. Subject to the 

  
 2 

 
Executive’s continued employment with the Company on each vesting date, the Option shall vest, commencing on the date Executive commences employment with the Company, as follows: 250,000
shares subject to the Option shall vest on the first anniversary of the vesting commencement date of the Option (the “Anniversary Date”), and the remaining 750,000 shares shall vest in equal monthly installments over the 36
months following the Anniversary Date. The Parent’s board of directors may, in its discretion, determine appropriate terms for vesting of the Option upon a change of control. In addition, after 12 full months of employment, subject to approval
by the Parent’s board of directors and subject to the Executive Chairman’s determination (in his sole discretion) that Executive’s performance merits such an award, the Executive will be eligible to be granted an option to purchase
200,000 shares of Parent’s common stock, on terms and conditions (including vesting schedule) as may be determined by Parent’s board of directors in its sole discretion. Any options awarded pursuant to this Section will be governed by the
Plan and shall be granted pursuant to any notice, agreement or other document as may be required by the Plan. 
 3.4 Standard
Company Benefits. Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to participate in benefits under any benefit plan or arrangement that may be in effect from time to time and made
available to the Company’s employees. 
  

	 	4.	PROPRIETARY INFORMATION OBLIGATIONS. 

As a condition of employment, Executive agrees to execute and abide by the Company’s form of Confidentiality and Inventions
Assignment Agreement (“CIAA”). 
  

	 	5.	GENERAL PROVISIONS. 

 5.1 Representations and Warranties. Executive represents and warrants that Executive is not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms
and covenants contained in this Agreement, and that Executive’s execution and performance of this Agreement will not violate or breach any other agreements between the Executive and any other person or entity. 

5.2 Miscellaneous. This Agreement, along with the CIAA, constitutes the complete, final and exclusive embodiment of the entire
agreement between Executive and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such
promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both Executive and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives,
successors and assigns of both Executive and the Company, and inure to the benefit of both Executive and the Company, and to his and its heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable,
in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable. This Agreement will be deemed to have been entered into and will be
construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. Any ambiguity in this Agreement shall not be construed against either party as the drafter.
Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. This Agreement may be executed in counterparts and facsimile signatures will suffice as original signatures. 

  
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 IN WITNESS WHEREOF, the
parties have executed this Employment Agreement as of the day and year first written above. 
  

			
	PROTOX THERAPEUTICS CORP.
		
	By:	 	 /s/ Lars Ekman

		 	Name: Lars Ekman
		 	Title: Executive Chairman

 Accepted and agreed: 
 /s/ Allison J. Willmer-Hulme                         

Allison J. Willmer-Hulme, Ph.D. 

  
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