Document:

Intellectual Property Security Agreement of Sophiris Bio Corp

 Exhibit 10.21 
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 This Intellectual Property
Security Agreement is entered into as of the Effective Date by and between OXFORD FINANCE LLC, as collateral agent for the Lenders (the “Lenders”) described in the Loan Agreement (in such capacity, the “Collateral Agent”) and
PROTOX THERAPEUTICS CORP. (“Grantor”). 
 RECITALS 

A. Lenders have agreed to make certain advances of money and to extend certain financial accommodation to Grantor (the “Loans”)
in the amounts and manner set forth in that certain Loan and Security Agreement by and among Collateral Agent, the Lenders, Protox Therapeutics Inc. and Grantor dated the Effective Date (as the same may be amended, modified or supplemented from time
to time, the “Loan Agreement”; capitalized terms used herein are used as defined in the Loan Agreement). The Lenders are willing to make the Loans to Grantor, but only upon the condition, among others, that Grantor shall grant to
Collateral Agent, for the benefit of the Lenders, a security interest in certain Copyrights, Trademarks, Patents, and Mask Works to secure the obligations of Grantor under the Loan Agreement. 

B. Pursuant to the terms of the Loan Agreement, Grantor has granted to Collateral Agent, for the benefit of the Lenders, a continuing
security interest in all of 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 Loan Agreement, Grantor hereby represents, warrants, covenants and agrees as follows: 
 AGREEMENT

 To secure its obligations under the Loan Agreement, Grantor grants and pledges to Collateral Agent, for the benefit of
the Lenders, a security interest in all of Grantor’s right, title and interest in, to and under its Intellectual Property (including without limitation those Copyrights, Patents 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 Collateral Agent, for the benefit of the Lenders, under the Loan Agreement. The rights and remedies of Collateral
Agent with respect to the security interest granted hereby are in addition to those set forth in the Loan Agreement and the other Loan Documents, and those which are now or hereafter available to Collateral Agent, for the benefit of the Lenders, as
a matter of law or equity. Each right, power and remedy of Collateral Agent provided for herein or in the Loan Agreement or any of the Loan Documents, 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 Collateral Agent of any one or more of the rights, powers or remedies provided for in this Intellectual Property Security Agreement, the Loan Agreement or any
of the other Loan Documents, or now or hereafter existing at law or in equity, shall not preclude the simultaneous or later exercise by any person, including Lender, of any or all other rights, powers or remedies. 

New York law governs this Intellectual Property Security Agreement without regard to principles of conflicts of law. This
Intellectual Property Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one
agreement. 
 [Balance of Page Intentionally Left Blank] 

  
 1. 

 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:

  

									
	Address of Grantor:	 		 	 PROTOX THERAPEUTICS CORP.

 

				
	 c/o 1500 – 885 West Georgia Street
	 		 	By:	 	 /S/

	Vancouver, British Columbia, Canada, V6C 3E8	 		 		 	
	Attn: Chief Financial Officer	 		 	Title:	 	 Chief Operating Officer

  

									
	  
 Address of Lender:
	 		 	 COLLATERAL AGENT:
  

OXFORD FINANCE LLC

				
	 133 North Fairfax Street
	 		 	By:	 	  

	Alexandria, Virginia 22314	 		 		 	
	Attn: General Counsel	 		 	Title:	 	  

 [Signature Page to Intellectual Property Security Agreement] 

  
 2. 

 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:

  

									
	Address of Grantor:	 		 	 PROTOX THERAPEUTICS CORP.

 

				
	 c/o 1500 – 885 West Georgia Street
	 		 	By:	 	  

	Vancouver, British Columbia, Canada, V6C 3E8	 		 		 	
	Attn: Chief Financial Officer	 		 	Title:	 	  

  

									
	  
 Address of Lender:
	 		 	 COLLATERAL AGENT:
  

OXFORD FINANCE LLC

				
	 133 North Fairfax Street
	 		 	By:	 	 /s/

	Alexandria, Virginia 22314	 		 		 	
	Attn: General Counsel	 		 	Title:	 	 COO

 [Signature Page to Intellectual Property Security Agreement] 

  
 3. 

 EXHIBIT A 
 Copyrights 
  

					
	 Description
	  	Registration Number	  	Registration Date
	 None.
	  		  	

  
 4. 

 EXHIBIT B 
 Patents 
  

					
	 Description
	  	Patent/App. No.	  	File Date
	 None.
	  		  	

  
 5. 

 EXHIBIT C 
 Trademarks 
  

					
	 Description
	  	Serial/Registration No.	  	File Date
	 None.
	  		  	

  
 6.Indemnification Letter Agreement

 Exhibit 10.22 
 EXECUTION 
 PROTOX THERAPEUTICS INC. 

1210-885 West Georgia Street 
 Vancouver, BC Canada V6C 
 November 19, 2010 

Warburg Pincus Private Equity X, L.P. 

Warburg Pincus X Partners, L.P. 
 c/o
Warburg Pincus LLC 
 450 Lexington Avenue 
 New York, NY 10017 

			
	Attention:	 	Jonathan Leff
		 	Managing Director

 Re:    Priority of Indemnification Obligations 

Ladies and Gentlemen: 
 Reference is made to
that certain Investment Agreement, dated as of September 28, 2010 (as the same may be amended from time to time, the “Investment Agreement”); by and among Protox Therapeutics Inc., a British Columbia corporation (the
“Company”) and you and to the several indemnification agreements, dated as of the date hereof, by and between the Company and certain individuals who have agreed to serve as directors of the Company (each a “Purchaser
Designee”) (as such indemnification agreements may be amended from time to time and including any additional agreement or documents providing for indemnification of any Purchaser Designees by the Company that may exist in the future,
collectively, the “Indemnification Agreements”). All initially capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Indemnification Agreements or the Investment Agreement, as
applicable. 
 The Company hereby acknowledges that, in addition to the rights provided to the Purchaser Designees pursuant to the
Indemnification Agreements and the Articles of the Company (the “Articles”) (as beneficiaries of such rights, each Purchaser Designee is herein referred to as a “WP Director Indemnitee”), the WP Director Indemnitees
may have certain rights to indemnification and/or advancement of expenses provided by, and/or insurance obtained by, Warburg Pincus Private Equity X, L.P., Warburg Pincus X Partners, L.P. and/or certain of their affiliates, whether now or in the
future (collectively, the “Fund Indemnitors”, and the “Fund Indemnity Rights”). Notwithstanding anything to the contrary in any of the Indemnification Agreements or the Investment Agreement, the Company hereby
agrees that, with respect to its indemnification and advancement obligations to the WP Director Indemnitees under the Indemnification Agreements, the Articles, or otherwise, the Company (i) is the indemnitor of first resort (i.e., its
obligations to indemnify the WP Director Indemnitees are primary and any obligation of the Fund Indemnitors or their insurers to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any of the WP Director

 Indemnitees is secondary and excess), (ii) shall be required to advance the full amount of Expenses
incurred by each WP Director Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement by each WP Director Indemnitee or on his or her behalf to the extent legally permitted and as
required by the Articles and the Indemnification Agreements, without regard to the Fund Indemnity Rights; and (iii) irrevocably waives, relinquishes and releases the Fund Indemnitors and their insurers from any and all claims against the Fund
Indemnitors or their insurers to enforce the Fund Indemnity’ Rights by way of subrogation, or otherwise. In furtherance and not in limitation of the. foregoing, the Company agrees that in the event that any Fund Indemnitor or its insurer should
advance any expenses or make any payment to a WP Director Indemnitee for matters subject to advancement or indemnification by the Company pursuant to an Indemnification Agreement, the Articles or otherwise, the Company shall promptly reimburse such
Fund Indemnitor or such insurer and that such Fund Indemnitor or such insurer shall be subrogated to all of the claims or rights of such WP Director Indemnitee under the Indemnification Agreements, the Articles or otherwise including to the payment
of expenses in an action to collect. The Company agrees that any Fund Indemnitor or its insurer not a party hereto shall be an express third party beneficiary of this letter agreement, able to enforce such letter agreement according to its terms.
Nothing contained in the Indemnification Agreements is intended to limit the scope of this letter agreement or the rights of the Fund Indemnitors or their insurers hereunder. 
 Except as otherwise provided herein, this letter agreement contains the entire agreement between the parties hereto on the subject hereof, and this letter agreement may not be changed, amended, modified,
or altered, except by written agreement signed by all the parties hereto. The parties hereto acknowledge that this letter agreement was drafted jointly by the parties, and its terms shall not be construed against any party. 

This letter agreement may be executed and delivered (including, without limitation, by facsimile transmission) in counterparts, each of
which shall be deemed an original, but all of which shall constitute the same instrument. 
 The parties hereto agree that this letter agreement
shall be governed by and construed in accordance with the laws of the Province of British Columbia and the Federal laws of Canada applicable therein without giving effect to applicable principles of conflicts of law to the extent that the
application of another jurisdiction would be required thereby. 
 [Signature Page Follows] 

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

			
	 COMPANY
  

PROTOX THERAPEUTICS INC.

		
	By:	 	/s/ John Parkinson
		 	 Name: John Parkinson
 Title:
CFO

 If you are in agreement with the terms set forth above, please sign this letter agreement in the space
provided below and return an executed copy to the undersigned. 
  

			
	 Very truly yours,
  

COMPANY
  
 PROTOX THERAPEUTICS INC.

		
	By:	 	 
		 	 Name:

Title:

 AGREED AND ACKNOWLEDGE 
 AS OF THE DATE FIRST SET FORTH ABOVE 
 WARBURG PINCUS PRIVATE EQUITY X, L.P. 

    By: Warburg Pincus X. L.P., its General Partner 
         By: Warburg Pincus X LLC, its General Partner 

            By: Warburg Pincus Partners LLC, its Sole Member 

                By: Warburg Pincus & Co., its Managing Member

  

			
	By:	 	/s/ Jonathan Leff
		 	      Name: Jonathan Leff
      Title: Partner

 WARBURG PINCUS X PARTNERS, L.P. 
     By: Warburg Pincus X. L.P., its General Partner 

        By: Warburg Pincus X LLC, its General Partner 
             By: Warburg Pincus Partners LLC, its Sole Member 
                 By: Warburg Pincus & Co., its Managing Member 

 

			
	By:	 	/s/ Jonathan Leff
		 	      Name: Jonathan Leff
      Title: Partner

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