Document:

EX-10.7

 Exhibit 10.7 
  

 
 September 20, 2016 
 By hand
delivery 
 Dr. Paul Ashton 
 Dear Paul: 

As we have discussed, you have resigned from pSivida Corp. (the “Company”) as Chief Executive Officer and as a member of the
Board of Directors of the Company effective September 14, 2016, and as a result your employment with the Company will terminate, effective as of September 14, 2016 (the “Separation Date”). The purpose of this letter (this
“Agreement”) is to confirm the terms concerning your separation from employment, as follows: 
 1. Termination of
Employment. Effective as of the Separation Date your employment with the Company will terminate and you will cease to serve in any and all officer positions you hold with the Company or any of its Affiliates, any and all memberships you
hold on any board of directors or any other governing board of the Company or any of its Affiliates, and any and all memberships you hold on any of the committees of any such boards. 

2. Final Salary and Vacation Pay. You acknowledge that, on or before the Separation Date, you will receive pay for all work
you performed for the Company through the Separation Date, to the extent not previously paid, as well as pay, at your final base rate of pay, for any vacation days you have earned but not used as of the Separation Date, determined in accordance with
Company policy and as reflected on the books of the Company. 
 3. Severance Benefits. In consideration of your signed
acceptance of this Agreement and subject to your meeting in full your obligations under it, including signing an effective Release (as defined below) and complying with the Continuing Obligations (as defined below), you will receive the following
severance benefits: 
 (a) The Company will pay you the amount of $543,016.22, which is equal to (i) one year of your base salary of
$477,409.00, as in effect on the Separation Date, plus (ii) $65,607.22, which reflects a pro-rata portion of the Maximum Bonus (as defined in the letter agreement between you and the Company dated October 31, 2008 (the “Employment
Agreement,” attached hereto as Exhibit A)) you would be eligible to receive in 2016 (collectively, the “Cash Severance Benefits”). The Cash Severance Benefits will be

 
paid in a lump sum on the first scheduled payroll date of the Company following the latest of (x) the Separation Date, (y) the date the Company receives the Release, and (z) the date the
revocation period specified in the Release expires. 
 (b) Provided you timely elect to continue medical and dental coverage under
COBRA, the Company will contribute toward your medical and dental benefits at the same rate as it contributes to medical and dental coverage for the Company’s other executive-level employees for twelve (12) months following the Separation Date
(the “COBRA Benefits”). In addition, the Company will pay you a cash amount equal to the premium cost that the Company would incur to provide you life and disability insurance coverage for twelve (12) as the rates in effect on
the Separation Date (the “Benefits Payment”). 
 (c) 180,100 of the Options (as defined below) will immediately vest in
full upon the Separation Date. The accelerated vesting described in this Section 3(c), collectively with the Cash Severance Benefits, the COBRA Continuation, and the Benefits Payment are referred to herein in as the “Severance
Benefits.” 
 4. Acknowledgement of Full Payment and Withholding.  

(a) You acknowledge and agree that the payments provided under Section 2 and Section 3 of this Agreement, and the vesting of the Options under
Section 3(c), are in complete satisfaction of any and all compensation or benefits due to you from the Company, whether for services provided to the Company or otherwise, through the Separation Date and that, except as expressly provided under this
Agreement, no further compensation or benefits are owed or will be paid to you.
 (b) All payments made by the Company under this Agreement
shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law and all other lawful deductions authorized by you.

5. Status of Employee Benefits, Paid Time Off, Expenses, and Equity Awards.  

(a) Except for any right you may have to continue your participation and that of your eligible dependents in the Company’s medical,
dental, and vision plans under the federal law known as “COBRA” or similar applicable law, your participation in all employee benefit plans of the Company will end as of the Separation Date, in accordance with the terms of those
plans. You acknowledge that you will not continue to earn paid time off or other similar benefits after the Separation Date. You will receive information about your COBRA continuation rights under separate cover. 

(b) Within two (2) weeks following the Separation Date, you must submit your final expense reimbursement statement reflecting all business
expenses you incurred 

  
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through the Separation Date, if any, for which you seek reimbursement, and, in accordance with Company policy, reasonable substantiation and documentation for the same. The Company will
reimburse you for your authorized and documented expenses within thirty (30) days of receiving such statement pursuant to its regular business practice. 

(c) You acknowledge and agree that as of the Separation Date, you will hold 1,441,780 options to purchase common stock of the Company,
1,235,530 of which will be vested as of the Separation Date (taking into account the accelerated vesting under Section 3(c) above), and 206,250 of which will be unvested as of the Separation Date (the “Options”). You further
acknowledge and agree that each of the Options that is vested as of the Separation Date will remain outstanding and exercisable until the date that is twelve (12) months following the Separation Date, and each of the Options that is unvested as of
the Separation Date will automatically terminate upon your termination of employment. In addition, you acknowledge and agree that the fiscal year 2017 award to you of 445,000 options to purchase common stock of the Company that was subject to
approval by the stockholders of the Company will automatically terminate upon your termination of employment. 
 6. Continuing
Obligations, Confidentiality and Non-Disparagement.  
 (a) You acknowledge that you continue to be bound by your
obligations under the Employment Agreement and the Non-Competition Agreement between you and the Company dated October 3, 2005 (the “Non-Competition Agreement,” attached hereto as Exhibit B) that survive the termination of
your employment by necessary implication or the terms thereof (the “Continuing Obligations”). For the avoidance of doubt, you acknowledge and agree that your resignation constitutes a termination of employment covered by
Section 3(b) of the Non-Competition Agreement. Nothing in this Agreement or the Continuing Obligations limits, restricts or in any other way affects your communicating with any governmental agency or entity, or communicating with any official
or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity. 
 (b) Subject to
Section 5(a) of this Agreement and as expressly provided in the Release, you agree that you will not disclose this Agreement or any of its terms or provisions, except to members of your immediate family and to your legal and tax advisors, and
then only on condition that they agree not to further disclose this Agreement or any of its terms or provisions to others, provided you may disclose the existence of, but not the terms of, this Agreement. However, the foregoing non-disclosure
obligation shall not apply to the extent this Agreement or any agreement referenced herein is publicly filed. 
 7. Return of Company
Documents and Other Property. In signing this Agreement, you represent and warrant that, except as may otherwise be agreed in writing by the Company, you will return to the Company, on or after the Separation Date, any and all documents,
materials and information (whether in hardcopy, on electronic media or otherwise) related to the business of the Company and its Affiliates (whether present or 

  
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otherwise), and all keys, access cards, credit cards, computer hardware and software, telephones and telephone-related equipment and all other property of the Company or any of its Affiliates in
your possession or control. Further, you represent and warrant that you will not retain any copy or derivation of any documents, materials or information (whether in hardcopy, on electronic media or otherwise) of the Company or any of its
Affiliates. Recognizing that your employment with the Company will terminate as of the Separation Date, you represent and warrant that you will not, following the Separation Date, for any purpose, attempt to access or use any computer or computer
network or system of the Company or any of its Affiliates, including, without limitation, the electronic mail system, and you agree that you will not do so. Further, you acknowledge that you have disclosed to the Company all passwords necessary or
desirable to obtain access to, or that would assist in obtaining access to, all information which you have password-protected on any computer equipment, network or system of the Company or any of its
Affiliates. For the purposes of this Agreement, “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity
interest or otherwise. 
 8. Employee Cooperation. You agree to cooperate with the Company and its Affiliates hereafter with
respect to all matters arising during or related to your employment, including, but not limited to, all matters in connection with any governmental investigation, litigation or regulatory or other proceeding which may have arisen or which may arise
following the signing of this Agreement. The Company will reimburse your out-of-pocket expenses incurred in complying with Company requests hereunder, provided such expenses are authorized by the Company in advance. 

9. General Release of Claims. In exchange for the Severance Benefits provided to you under this Agreement, to which you
would not otherwise be entitled, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, you agree to sign and not revoke the general release of claims attached hereto as Exhibit C (the
“Release”) by the time period specified therein. You further acknowledge and agree that a signed and unrevoked Release is an express condition to your receipt and retention of the Severance Benefits. 

10. Miscellaneous. 
 (a)
This Agreement constitutes the entire agreement between you and the Company, and supersedes all prior and contemporaneous communications, agreements and understandings, whether written or oral, with respect to your employment, its termination and
all related matters, excluding only the Continuing Obligations, and your obligations with respect to the securities of the Company, all of which shall remain in full force and effect in accordance with their terms. 

  
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 (b) This Agreement may not be modified or amended, and no breach shall be deemed to be waived,
unless agreed to in writing by you and the Chairman of the Board of Directors of the Company or his expressly authorized designee. The captions and headings in this Agreement are for convenience only, and in no way define or describe the scope or
content of any provision of this Agreement. 
 (c) The obligation of the Company to make payments or provide benefits to you or on your
behalf under Section 3 of this Agreement, and your right to retain the same, is expressly conditioned upon your continued full performance of your obligations under this Agreement and the Continuing Obligations. 

(d) This is a Massachusetts contract and shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts,
without regard to any conflict of laws principles that would result in the application of the laws of another jurisdiction. You agree to submit to the exclusive jurisdiction of the courts of the Commonwealth of Massachusetts in connection with
any dispute arising out of this Agreement. 
 Formalities aside, I want to take this opportunity to thank you for all of your efforts on
behalf of the Company and to wish you well in your future endeavors. 
  

			
	Sincerely,
	pSivida Corp.
		
	By:	 	     /s/ David J. Mazzo

		 	David J. Mazzo, Ph.D.
		 	Chairman of the Board of Directors

 Accepted and agreed: 
  

			
	Signature:	 	     /s/ Paul Ashton

		 	Paul Ashton, Ph.D.

			
		
	Date:	 	     September 20, 2016

  
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 Exhibit A 

Employment Agreement 

PSIVIDA CORP. 
 October 31,
2008 
 Dr. Paul Ashton 
 76 Page Road 

Newton, MA 02460 
 Dear Dr. Ashton: 

On behalf of the Board of Directors of pSivida Corp., a Delaware corporation (the “Company”), I am pleased to offer you, Paul
Ashton (referred to herein as “you” or “Executive”) the following employment agreement pursuant to this letter (the “Agreement”): 

1. Employment: The Company agrees to employ you, and you agree to serve in the Company’s employ, on and subject to the terms and
conditions hereinafter set forth. 
 2. Duties and Responsibilities: You will hold the title of and will serve as (i) Managing
Director an executive officer position with ultimate executive authority in the management team reporting directly to the Board of Directors of the Company, You agree to work full-time at your positions with the Company and to devote your entire
working time, skill, attention and best efforts to the discharge of your duties and responsibilities and to promoting the best interests of the Company. Participation in charitable and professional organizations is allowed so long as such activities
do not interfere with your duties and responsibilities or compete with the business and activities of the Company, as further set forth in that certain Non-Competition Agreement, dated October 3, 2005, between you and the Company (the
“Non-Competition Agreement”). 
 3. Term: The term of your employment will be from the date hereof until such time
as your employment is terminated by mutual consent of the parties or in accordance with, and subject to the obligations set forth in, Section 8. 

4. Compensation: You shall receive compensation commensurate with that received by the other Executive Directors of the Company,
including without limitation the following initial terms: 
 (a) Base Salary: Your base salary as of the date hereof will be Three
Hundred Thousand Dollars ($300,000) per year (the “Base Salary”), payable in accordance with the policies and procedures of the Company or the Subsidiary, as the case may be, as in effect from time to time. The Company will review
your Base Salary on an annual basis and may elect to increase (but not decrease) it pursuant to such review. 
 (b) Bonus: In
addition to your base salary, you will be eligible to receive an annual cash bonus in an amount to be determined by the Company’s Board of Directors (the “Bonus”). 

  
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 (c) Stock Options: You will be eligible to participate in the Company’s Employee
Share Option Plan in accordance with the terms and guidelines thereof. The issuance of options and shares thereunder shall be subject to the approval of the Board of Directors or shareholders of the Company. Notwithstanding the foregoing, the
Company agrees that you will receive grants of stock options commensurate with those received by other Executive Directors of the Company. In addition, as soon as practicable after the execution of this Agreement, you will be granted stock options
to purchase 500,000 of the Company’s ordinary shares at an exercise price of 0.92 Australian dollars per share. Except as provided in Section 8(c), these options shall vest in accordance with the vesting schedule described below, subject to the
Company achieving certain milestones that the parties shall determine by mutual agreement, and once vested shall be exercisable (unless earlier terminated) until December 31, 2010. 

 

			
	 Number of Ordinary Shares
	 	 Vesting Schedule

	 250,000
	 	December 31, 2006
	 250,000
	 	December 31, 2007

 The initial terms set forth above shall be subject to review and adjustment on an annual basis to ensure that your overall
compensation package is commensurate with the compensation package, including base salary, bonus and stock options grants, of other Executive Directors of the Company. 

5. Expenses: You shall be reimbursed for reasonable business-related expenses in accordance with applicable policies and procedures of
the Company or the Subsidiary, as the case may be, as in effect from time to time. 
 6. Vacation, Fringe Benefits and
Indemnification: You will be entitled to four (4) weeks’ paid vacation per calendar year and fringe benefits in accordance with the policies of the Subsidiary, which benefits shall include (i) participation in any employee pension benefit
plan within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including the 401(k) savings plan adopted or maintained by the Subsidiary, made generally available to executives
of the Subsidiary and (ii) participation in any health insurance, disability insurance, group life insurance or any other employee welfare benefit plan within the meaning of Section 3(1) of ERISA made generally available to executives of the
Subsidiary. The Company and the Subsidiary will provide you with indemnification to the fullest extent permitted under the applicable Certificate of Incorporation, By-Laws, Constitution or other governing documents of the Company or the Subsidiary,
as the case may be. 
 7. Taxes: All payments made to you pursuant to this Agreement or otherwise in connection with your employment
shall be subject to the usual withholding practices of the Company or the Subsidiary, as the case may be, and will be made in compliance with existing federal and state requirements regarding the withholding of taxes. 

8. Termination and Severance Benefits: Either you or the Company may at any time terminate your employment with the Company and the
Subsidiary after giving two weeks’ notice to the other party, provided that the parties discharge their respective obligations as set forth in this Section 8 and elsewhere in this Agreement. 

  
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 (a) Termination Upon Death or Disability: If you cease to be an employee of the Company
and the Subsidiary as a result of death or Disability, the Company will have no further obligation or liability to you hereunder other than for (i) Base Salary earned and unpaid at the date of termination, (ii) Bonus earned (i.e. all targets
or other requirements necessary to receive the Bonus have been met) but unpaid at the date of termination, if any, and (iii) compensation for accrued vacation, if any (the “Accrued Obligations”). However, nothing in this Agreement
shall adversely affect your rights or those of your family or beneficiaries under any applicable plans, policies or arrangements of the Company or the Subsidiary. 

(b) Termination by the Company for Cause or by You Without Good Cause: If the Company terminates your employment for Cause (as defined
in Section 8(d)) or if you terminate your employment other than for Good Cause (as defined in Section 8(d)), the Company and the Subsidiary shall have no further obligation or liability to you hereunder other than for payment of the Accrued
Obligations. 
 (c) Termination by the Company Without Cause or by You for Good Cause: If the Company terminates your employment
other than for Cause, or you terminate your employment for Good Cause, then, in addition to payment of the Accrued Obligations, you shall receive the following: 

(i) The Company will pay you, within thirty (30) days following the later of (a) the termination of employment, or (b) the date you deliver to
the Company a release of claims in accordance with Section 8(e), a lump-sum cash amount equal to the sum of (x) an amount equal to one year’s then-current Base Salary plus (y) a pro rata portion (based on the number of weeks worked in the year
of termination) of the Maximum Bonus (as defined in Section 8(d)) that would otherwise be payable to you in the year that the termination occurs, if any (the “Severance Payment”). The parties acknowledge and agree that the
obligation to pay the Severance Payment is solely that of the Company and that none of the directors or officers of the Company or the Subsidiary shall have any personal liability with respect thereto. You understand that payments to be made to you
pursuant to Section 3(c) of the Non-Competition Agreement shall be offset against (and consequently reduced by) any payments made to you hereunder, on a dollar-for-dollar basis. 

(ii) The Company will continue, for a period of twelve (12) months after termination, to provide you with medical benefits under (as the case
may be) the Company’s or the Subsidiary’s group medical plan, life insurance arrangements and disability arrangements equivalent to those provided to executive-level employees. To the extent that the Company is unable to provide such
benefits to you under its existing plans and arrangements, the Company will pay you cash amounts equal to the cost the Company or the Subsidiary would have incurred to provide those benefits. 

(iii) Notwithstanding the terms of any awards of stock options or restricted stock, all options to purchase Company stock held by you will
automatically and immediately vest and become exercisable upon such termination and remain exercisable for a 

  
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period of six (6) months thereafter (except that incentive stock options shall be exercisable for only three (3) months thereafter), and all restricted stock held by you pursuant to the
restricted stock plans or arrangements of the Company shall automatically and immediately vest and no longer be subject to forfeiture. 

(iv) Notwithstanding any other provision of this Agreement, should any benefit payment that is described in this subsection (c) be subject to
Section 409A of the Internal Revenue Code of 1986 as amended, the Company is authorized to make payments in a manner that complies with the requirements of Section 409A. However, in the event that one or more provisions of Section 409A is violated,
the Company shall not be responsible for the payment of any tax liability, penalties or interest that are imposed upon you as a result of said violation, nor shall the Company be under any obligation to make you whole or otherwise compensate you for
such additional liability. 
 (d) Definitions: The following terms shall have the meanings set forth below: 

“Cause” shall mean, in respect of the termination of your employment by the Company, (a) willful malfeasance, gross
misconduct or gross negligence in your performance of the duties of your position that has a material adverse effect on the Company or the Subsidiary, (b) the material breach by you of this Agreement or of Sections 3(a), 4, 5 or 6 of the
Non-Competition Agreement, (c) fraud or dishonesty by you with respect to the Company, the Subsidiary or your employment, (d) your conviction of any crime that involves deception, fraud or moral turpitude or any felony (including, in each case,
entry of a guilty or nolo contendere plea and excluding traffic violations or similar minor offenses), or (e) your repeated or prolonged absence from work other than for illness, Disability or authorized vacation. The Company may treat a termination
of your employment as termination for Cause only after (i) giving you written notice of the intention to terminate for Cause, including a description of the conduct that the Company believes constitutes the basis for a Cause termination, and of your
right to a hearing by the Company’s Board of Directors, (ii) in the event of a termination under clause (a), (b) or (e) above, providing you with a 30-day period in which to cure the conduct giving rise to the Company’s notice of a Cause
termination, unless, with respect to clause (a) and (b) above, (I) in the Company’s reasonable judgment, protective action inconsistent with such cure period (e.g., immediate termination) is necessary to avoid harm to the Company of the
Subsidiary or (II) the Company reasonably determines that your conduct is egregious, in which event, the Company may shorten the cure period or terminate your employment immediately (subject to the requirements set forth in clauses (iii) and (iv)
below), (iii) at least 30 days after giving the notice, conducting a hearing by the Board at which you may be represented by counsel, and (iv) giving you written notice of the results of the hearing and the factual basis for the Board’s
determination of Cause, which shall require a vote of a majority of the members of the Board then in office other than yourself. Except in connection with your opportunity, if any, to cure the conduct giving rise to the Company’s notice of
termination for Cause as set forth in clause (ii) above, nothing in the foregoing sentence shall prevent the Company from terminating your employment pending any determination of Cause as set forth in the foregoing sentence, any such determination
shall be retroactive to the date of termination, and the Company shall not be obligated to compensate you hereunder for the period from such termination until such time, if any, as the Company’s Board of Directors determines that such
termination was not for Cause. Notwithstanding the foregoing, Cause shall not include an act or failure to act based on authority 

  
 A-4 

 
given pursuant to a resolution duly adopted by the Company’s Board of Directors or based on the advice of the Company’s General Counsel or willful failure due to incapacity resulting
from Disability or any actual or anticipated failure after you provide written notice of a termination for Good Cause. 

“Disability” shall mean physical or mental incapacity of a nature which prevents you, in the professional judgment of your
physician or, at the Company’s election, a board-certified physician mutually agreed upon by the Company and you, from performing the essential functions of your position with the Company or the Subsidiary with or without a reasonable
accommodation for a period of ninety (90) consecutive days or one hundred eighty (180) days during any consecutive 12-month period. 

“Good Cause” shall mean, in respect of the termination of your employment by you, (i) failure by the Company to maintain you
in the position of Managing Director (ii) a material diminution of your duties and responsibilities in such position or a material diminution of your authority with respect to such position, as described in Section 2 hereof, excluding for this
purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of written notice thereof given by you, (iii) a breach by the Company of any material term of this Agreement
or the Non-Competition Agreement, or (iv) relocation of your principal place of work to a location more than thirty (30) miles from your address as set forth in Section 10 below without your prior consent. You may treat a resignation from employment
as termination for Good Cause only after (a) giving the Company written notice of the intention to terminate for Good Cause, (b) providing the Company at least 30 days after receipt of such notice to cure the conduct or action giving rise to Good
Cause, unless, with respect to clause (i) and (ii), you reasonably determine that the Company’s conduct is egregious and has resulted in significant, irreparable harm to you, in which event, you may shorten the cure period or terminate your
employment immediately, and (c) if applicable, the Company has failed to cure the action or conduct giving rise to Good Cause during the 30 day cure period. Notwithstanding anything herein to the contrary, a change in your title from Managing
Director to Chief Executive Officer shall not constitute Good Cause. 
 “Maximum Bonus” shall mean your bonus for the year
in which termination occurs, calculated on the assumption that all targets and formulas for determining such bonus have been met If no such targets or formulas have been established, then the Maximum Bonus shall be the total bonus you were eligible
to receive during the preceding fiscal year, calculated on the assumption that all targets and formulas for determining such bonus have been met. The Maximum Bonus (A) payable upon termination shall be reduced by any bonus payments relating to
services performed in the year in which termination occurs that (1) have already been paid to you as of the date of termination, (2) are payable to you as an Accrued Obligation hereunder, or (3) could have been earned during the year in which
termination occurs but that were not so earned because of the failure to achieve targets or formulas which are no longer able to be achieved, and (B) shall not include any bonus paid or payable in the year in which termination occurs to the extent
such payment represents payment for services rendered in a prior year. By way of illustration and not limitation, if you are paid a bonus on February 18, 2008 relating to your performance during all or part of the 2007 calendar year and you are
later terminated without Cause on August 31, 2008, the Maximum Bonus payment due upon 

  
 A-5 

 
termination will not be reduced by the bonus payment received on February 15, 2008, nor shall the amount of the February 15, 2008 bonus be included as part of the Maximum Bonus, because such
payment relates to services rendered in the year preceding the year in which termination occurs. If you are paid a bonus on July 15, 2008 relating to your performance during the first and/or second quarter of the 2008 calendar year and are later
terminated without Cause on August 31, 2008, the Maximum Bonus payment due upon termination will be reduced by the bonus payment received on July 15, 2008 because such payment relates to services rendered in the year in which termination occurs, and
if you do not receive a bonus for the first and/or second quarter of the 2008 calendar year because quarterly performance objectives had not been achieved, the amount of such bonus that could have been earned shall not be included in determining the
Maximum Bonus. 
 (e) Release: Notwithstanding anything to the contrary contained in this Agreement, in order for you to be eligible
for any severance benefits under this Section 8, you must execute and deliver to the Company (and not revoke within seven (7) days of executing) the release of claims in the attached as Exhibit A hereto. 

9. Non-Disparagement: You will not at any time during or after the term of your employment hereunder make any statement to any person,
including, without limitation, employees, customers, suppliers or competitors of the Company or the Subsidiary, that is derogatory or negative about the Company or the Subsidiary or their respective affiliates or any statement regarding the future
plans of the Company. This Section 9 will not apply to any statements made by you (i) in support of any claim or defense asserted by you in any mediation, arbitration or litigation process or proceeding between you and the Company or the Subsidiary
and (ii) made only within the specific forum (i.e. arbitral tribunal, courtroom) in which such mediation, arbitration or litigation is taking place. 

10. Notices: Any notices required or permitted to be sent under this Agreement shall be effective when delivered by hand or mailed by
registered or certified mail, return receipt requested, and addressed as follows: 
 If to the Company: 

pSivida Corp. 
 400 Pleasant
Street 
 Watertown, MA 02472 

Attn: General Counsel, pSivida Corp. 

With a copy to: 
 Ropes &
Gray One International Place Boston, MA 02110-2624 Attn: Mary Weber 
 If to Executive: 

Paul Ashton 
 76 Page Road 

Newton, MA 12460 
 Either party may change its
address for receiving notices by giving notice to the other party. 

  
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 11. Waiver: The failure of either party to enforce any of the provisions of this Agreement
shall not be deemed a waiver thereof. No provision of this Agreement shall be deemed to have been waived or modified unless such waiver or modification shall be in writing and signed by both parties hereto. 

12. Arbitration: All controversies and disputes between or among any of the parties hereto arising out of or in connection with the
interpretation, performance or enforcement of this Agreement, whether based on federal, state or foreign law and whether grounded in common law or statutory law, shall be settled exclusively by arbitration conducted as provided herein, and otherwise
in accordance with the National Employment Rules of the American Arbitration Association. 
 (a) Procedure: The arbitration shall be
administered by the American Arbitration Association, as follows: 
 (i) the arbitration shall be conducted in Boston, Massachusetts by a
panel of three (3) arbitrators, jointly selected by the parties, except that if the parties are unable to agree on all three arbitrators within fifteen (15) days after demand for arbitration has been made (or such later time as the parties may
agree), the arbitration shall be conducted by three (3) arbitrators as are selected in accordance with the applicable rules of the American Arbitration Association; 

(ii) final decision shall be by a majority of the arbitrators, which arbitrators shall prepare and deliver a written reasoned award. Judgment
upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof; and 
 (iii) all costs and fees
relating to the arbitration shall be borne by the losing party, except that if the arbitrators determine that any party has prevailed in part and lost in part, the costs and fees relating to the arbitration shall be allocated between the parties as
equitably determined by the arbitrators. 
 (b) Refusal to Arbitrate: The failure or refusal of any party to submit to arbitration
shall be deemed a breach of this Agreement. If a party seeks and secures judicial intervention requiring enforcement of this Section 12, such party shall be entitled to recover from the other party in such judicial proceeding all costs and expenses,
including reasonable attorneys’ fees, that it was thereby required to incur. 
 (c) Sole Procedure: The procedures specified in
this Section 12 shall be the sole and exclusive procedures for the resolution of disputes between the parties arising out of or relating to this Agreement; provided, however, that a party, without prejudice to the above procedures, may seek a
preliminary injunction or other equitable relief if in its judgment such action is necessary to avoid irreparable damage or to preserve the status quo. Despite such action the parties will continue to participate in good faith in the procedures
specified in this Section 12. 

  
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 13. No Duty to Mitigate; No Offset: Benefits payable under this Agreement as a result of
termination of your employment will be considered severance pay in consideration of your past services and your continued service or obligations from and after the date of execution of this Agreement, and your entitlement thereto will neither be
governed by any duty to mitigate your damages by seeking further employment or offset by any compensation you may receive from other employment following the date of your termination of employment. Notwithstanding the foregoing, you agree that the
Company may cease its payment for, or provision of, one or more of the continued benefits under Section 8(c)(ii) during the twelve month period following the date of your termination from employment to the extent that you obtain comparable benefit
coverage with another employer. This provision shall be applied in an ad seriatim basis so that the Company may only cease payment of those comparable benefits that you obtain with another employer. You agree to notify the Company as soon as
practicable in the event that you obtain comparable coverage or benefits during the period noted above and you acknowledge that the Company’s obligation to continue payment for, or provision of, benefits shall cease from and after the date you
obtain comparable coverage. 
 14. Successors: This agreement shall inure to and be binding upon the Company’s successors and
assigns. The Company shall require any successor to all or substantially all of the business or assets of the Company by sale, merger or consolidation (where the Company is not the surviving corporation), lease or otherwise, to expressly assume this
Agreement. This Agreement is not otherwise assignable by the Company or you. 
 15. Rights of Survivors: If you die after becoming
entitled to benefits under this Agreement following termination of employment but before all such benefits have been provided, (a) all unpaid cash amounts will be paid to your designated beneficiary or, if no such beneficiary has been designated, to
your estate, (b) all applicable insurance coverage will be provided to your family as though you had continued to live, to the extent permitted under the plans, and (c) any stock options that become exercisable under Section 8 will be exercisable by
the beneficiary or, if none, the estate. 
 16. Entire Agreement; Termination: This Agreement together with the Non-Competition
Agreement shall constitute the entire agreement of the parties pertaining to this subject matter and shall supersede all prior agreements, representations and understandings of the parties with respect to such subject matter. Any and all employment,
severance, compensation, or other agreements and arrangements between the Executive and the Company or the Subsidiary, whether dating from before or after the Company’s acquisition of the Subsidiary (including, without limitation, the Severance
Agreement, dated February 20, 2004, between the executive and the Subsidiary, as amended, and the Amended and Restated Change of Control Agreement, dated August 17, 2004, between the Executive and the Subsidiary) are hereby terminated and of no
further force and effect, and no parties shall have any further rights, obligations or liabilities thereunder; provided, however, that the Retention Agreement, dated September 29, 2005, between the Executive, the Subsidiary and the
Company shall remain in full force and effect. The parties hereto acknowledge and agree that this Agreement satisfies the Company’s obligations under Section 2(b) of the Non-Competition Agreement. 

  
 A-8 

 17. Partial Invalidity. If any provision in this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainings nevertheless shall continue in full force and effect without being impaired or invalidated in any manner. 

18. Counterparts: This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument. 
 19. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Massachusetts. The parties agree that any action to enforce the terms of this Agreement shall be commenced in, and subject to the exclusive jurisdiction of, Suffolk County, Boston, Massachusetts.

 [Signature Page to Immediately Following] 

  
 A-9 

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

			
	PSIVIDA, Corp.
		
	By:	 	 /s/ David Mazzo

 
			
	Name: David J. Mazzo, Ph.D.
	Title: Chairman of the Board of Directors

  

			
	EXECUTIVE
		
	By:	 	 /s/ Paul Ashton

		 	Name: Paul Ashton

 EXHIBIT A 

RELEASE OF CLAIMS 
 FOR
AND IN CONSIDERATION OF the benefits to be provided me in connection with the termination of my employment, as set forth in the Employment Agreement between myself and pSivida Corp. (the “Company”) dated as of
                    , 2005 (the “Agreement”), which benefits are subject to my signing of this Release of Claims and to which I am
not otherwise entitled, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, I, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns,
and all others connected with me, hereby release and forever discharge the Company, the Subsidiary (as defined in the Agreement), its other subsidiaries and other affiliates and all of their respective past, present and future officers, directors,
trustees, shareholders, employees, agents, general and limited partners, members, managers, joint venturers, representatives, successors and assigns, and all others connected with any of them, both individually and in their official capacities, from
any and all causes of action, rights and claims of any type or description, known or unknown, which I have had in the past, now have, or might now have, through the date of my signing of this Release of Claims, in any way resulting from, arising out
of or connected with my employment by the Company or the Subsidiary or any of its other subsidiaries or other affiliates or the termination of that employment or pursuant to any federal, state or local law, regulation or other requirement (including
without limitation Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the fair employment practices laws of the state or states in which I have been employed by the Company
or any of the subsidiaries or other affiliates, each as amended from time to time). 
 Excluded from the scope of this Release of Claims is
(i) any claim arising under the terms of the Agreement and (ii) any right of indemnification or contribution that I have pursuant to the Certificate of Incorporation, Constitution, By-Laws or other governing documents of the Company or the
Subsidiary. 
 In signing this Release of Claims, I acknowledge my understanding that I may not sign it prior to the termination of my
employment, but that I may consider the terms of this Release of Claims for up to twenty-one (21) days (or such longer period as the Company may specify) from the later of the date my employment with the Company terminates or the date I receive this
Release of Claims. I also acknowledge that I am advised by the Company and its affiliates to seek the advice of an attorney prior to signing this Release of Claims; that I have had sufficient time to consider this Release of Claims and to consult
with an attorney, if I wished to do so, or to consult with any other person of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a full understanding of its terms. 

I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or representations, express or implied, that
are not set forth expressly in the Agreement. I understand that I may revoke this Release of Claims at any time within seven (7) days of the date of my signing by written notice to the General Counsel of the Company and that this Release of Claims
will take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it. 

 Intending to be legally bound, I have signed this Release of Claims under seal as of the date
written below. 
  

					
	Signature:	 	
                     
                
	 	

					
			
	 Name (please print):
	 	  
	 	

					
			
	 Date Signed:
	 	  
	 	

 Exhibit B 

Non-Competition Agreement 

 Page 1 of 10 
  

 NON-COMPETITION AGREEMENT 

IN CONSIDERATION of and as a condition to my (i) receiving consideration pursuant to the terms of the Agreement and Plan of Merger, dated
October 3, 2005 (the “MERGER AGREEMENT”) by and among pSivida Limited (“PARENT”), pSivida Inc. and Control Delivery Systems, Inc. (the “COMPANY”), and (ii) receiving an offer of employment with Parent consistent with
the terms set forth in Section 2(b) below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, I, Paul Ashton (referred to herein as “I”, “ME” or as “EXECUTIVE”),
agree with Parent as follows: 
 1. DEFINITIONS. 

(a) “AGREEMENT” shall mean this Non-Competition Agreement. 

(b) “CAUSE” shall mean, in respect of the termination of Executive’s employment by Parent, (a) willful malfeasance, gross
misconduct or gross negligence in the performance by Executive of the duties of his position that has a material adverse effect on the Parent, (b) the material breach by Executive of Sections 3(a), 4, 5 or 6 of this Agreement, (c) fraud or
dishonesty by Executive with respect to Parent or any of its affiliates or his employment, (d) Executive’s conviction of any crime that involves deception, fraud or moral turpitude or any felony (including, in each case, entry of a guilty or
nolo contendere plea, and, excluding traffic violations or similar minor offenses), or (e) repeated or prolonged absence from work by Executive other than for illness, Disability or authorized vacation. Parent may treat a termination of
Executive’s employment as termination for Cause only after (i) giving Executive written notice of the intention to terminate for Cause, including a description of the conduct that the Parent believes constitutes the basis for a Cause
termination, and of his right to a hearing by Parent’s Board of Directors (the “Board”), (ii) in the event of a termination under clause (a), (b) or (e) above, providing Executive a 30-day period in which to cure the conduct giving
rise to the Parent’s notice of a Cause termination, unless, with respect to clause (a) and (b) above, (I) in Parent’s reasonable judgment, protective action inconsistent with such cure period (e.g., immediate termination) is necessary to
avoid harm to Parent or (II) Parent reasonably determines that Executive’s conduct is egregious, in which event, Parent may shorten the cure period or terminate Executive’s employment immediately (subject to the requirements set forth in
clauses (iii) and (iv) below), (iii) at least 30 days after giving the notice, conducting a hearing by the Board at which Executive may be represented by counsel, and (iv) giving Executive written notice of the results of the hearing and the factual
basis for the Board’s determination of Cause, which shall require a vote of a majority of the members of the Board then in office other than Executive. Except in connection with Executive’s opportunity, if any, to cure the conduct giving
rise to Parent’s notice of termination for Cause as set forth in clause (ii) above, nothing in the foregoing sentence shall prevent Parent from terminating Executive’s employment pending any determination of Cause as set forth in the
foregoing sentence, any such determination shall be retroactive to the date of termination, and Parent shall not be obligated to compensate Executive hereunder for the period from such termination until such time as a determination by Parent’s
Board of Directors that such termination was not for Cause. Notwithstanding the foregoing, cause shall not include an act or failure to act based on authority given pursuant to a resolution duly adopted by the Board or based on the advice of
Parent’s General Counsel or willful failure due to incapacity resulting from Disability or any actual or anticipated failure after Executive provides written notice of a termination for Good Cause. 

  

 Page 2 of 10 
  

 (c) “CLOSING” shall have the meaning set forth in the Merger Agreement. 

(d) “DEVELOPMENTS” shall have the meaning set forth in Section 5(a). 

(e) “DISABILITY” shall mean physical or mental incapacity of a nature which prevents Executive, in the professional judgment of
Executive’s physician or, at Parent’s election, a board-certified physician mutually agreed upon by Parent and Executive, from performing the essential functions of Executive’s position with Parent with or without a reasonable
accommodation for a period of ninety (90) consecutive days or one hundred eighty (180) days during any consecutive 12-month period. 
 (f)
“EFFECTIVE TIME” shall have the meaning set forth in the Merger Agreement. 
 (g) “GOOD CAUSE” shall mean, in respect of
the termination of Executive’s employment by Executive, (i) failure by Parent to maintain Executive in the positions of Head of R&D Ophthalmology for the Surviving Company and Executive Director Strategy of Parent, without Executive’s
consent, (ii) a material diminution of Executive’s duties and responsibilities in such positions or a material diminution of Executive’s authority with respect to such positions, as described in Section 2(b) hereof and otherwise set forth
in the employment agreement referenced therein (assuming the parties execute such employment agreement), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by Parent promptly
after receipt of written notice thereof given by Executive, (iii) a breach by Parent of any material term of this Agreement or the employment agreement referenced in Section 2(b) (assuming the parties execute such employment agreement), or (iv)
relocation of Executive’s principal place of work to a location more than thirty (30) miles from Executive’s address set forth in Section 11(e) below without Executive’s consent. Executive may treat a resignation from employment as
termination for Good Cause only after (a) giving Parent written notice of the intention to terminate for Good Cause, (b) providing Parent at least 30 days after receipt of such notice to cure the conduct or action giving rise to Good Cause, unless,
with respect to clause (i) and (ii), Executive reasonably determines that Parent’s conduct is egregious and has resulted in significant, irreparable harm to Executive, in which event, Executive may shorten the cure period or terminate his
employment immediately, and (c) if applicable, Parent has failed to cure the action or conduct giving rise to Good Cause during the 30 day cure period. 

(h) “MERGER” shall have the meaning set forth in the Merger Agreement. 

(i) “PROPRIETARY INFORMATION” shall have the meaning set forth in Section 4(a). 

(j) “REAR-OCULAR DRUG DELIVERY BUSINESS” shall have the meaning set forth in Section 3(b)(i). 

(k) “RESTRICTED ACTIVITIES” shall have the meaning set forth in Section 3(b). 

 Page 3 of 10 
  

 (l) “SURVIVING COMPANY” shall have the meaning set forth in the Merger Agreement.

 2. EFFECTIVENESS. 
 (a)
This Agreement shall enter into full force and effect as of the Effective Time. In the event that the Merger Agreement is terminated prior to the Effective Time, this Agreement shall be null and void and neither party shall have any rights or
obligations hereunder. 
 (b) Parent represents that, prior to the Effective Time, it shall provide Executive with an employment agreement
setting forth the material terms of his employment with Parent as of the Effective Time. Such employment agreement shall include, among other things, the following material terms: (i) a title Head of Research & Development Ophthalmology of the
Surviving Company, responsible for duties typically associated with such position; (ii) a title with Parent of Executive Director Strategy, reporting directly to Parent’s chief executive officer, responsible for, among other things, the
production of overall strategic business and development plans; (iii) a title of interim President of the Surviving Company, responsible for, among other things, ensuring effective communication among Parent business units particularly with respect
to milestones and participation in the general management of Parent including regular meetings and discussions with Parent’s chief executive officer and chairman; (iv) a compensation package commensurate with other senior executives of Parent,
which shall include, without limitation: (A) a base salary of $300,000 per year, (B) annual discretionary bonus eligibility on terms that are no less favorable than that which Executive was entitled as of the date of this Agreement, (C) entitlement
to benefits that are no less favorable than those to which Executive was entitled as of the date of this Agreement, and (D) a grant of options to purchase capital stock in the Parent commensurate with other senior executives of Parent, including
without limitation, subject to confirmation of Parent’s remuneration committee and shareholder approval, 500,000 options vesting as to half in 12 months and the balance in 24 months, subject to achieving milestones; (v) four (4) weeks paid
vacation per calendar year; (vi) a principal work location located no more than thirty (30) miles from Executive’s address set forth in Section 11(e) below without Executive’s consent; and (vii) eligibility for severance and related
post-termination benefits on terms no less favorable to Executive than those set forth in that certain Severance Agreement between Executive and Company dated February 20, 2004, as amended on August 17, 2004 (the “Severance Agreement”) and
no greater than those set forth in that certain Change in Control Agreement between Executive and Company dated August 17, 2004 (the “Change in Control Agreement”), which shall supercede and/or terminate Executive’s entitlement to
severance and related post-termination benefits pursuant to the Severance Agreement and the Change in Control Agreement. Parent and Executive agree to negotiate in good faith and use their reasonable best efforts to finalize the employment agreement
consistent with the terms of this Agreement and the contracts referenced herein. 
 (c) If (i) Parent fails to offer Executive an employment
agreement consistent with the requirements of Section 2(b), or Parent revokes such offer prior to the Effective Time for any reason and (ii), as a result of any of the above, Executive declines Parent’s offer of employment on or before the
Effective Time, then (I) this Agreement shall be null and void and neither party shall have any obligations hereunder, and (II) both the Severance Agreement and Change in Control Agreement shall continue to be in effect as of the Effective Time.

  

 Page 4 of 10 
  

 (d) If (i) Parent offers Executive an employment agreement consistent with the requirements
of Section 2(b) and (ii) Executive declines Parent’s offer of employment for any reason (other than his death or Disability), then (I) this Agreement shall continue in full force and effect as of the Effective Time and (II) the Severance
Agreement but not the Change in Control Agreement shall continue to be in effect upon the Effective Time. Such declination by Executive shall be deemed a termination of employment with Parent by Executive for other than Good Cause under Section 3(b)
below. 
 3. COVENANT NOT TO COMPETE. 

(a) I understand that Parent is engaged worldwide in the development, production and commercialization of drug delivery and other products
based on platform technologies. As of the Effective Time, I agree that I will not, during my employment with Parent, render (as a provider of services, consultant or otherwise) any services related to the business of Parent to anyone other than
Parent. 
 (b) In the event of: (i) the termination of my employment with Parent (other than termination by reason of death or Disability)
by me for any reason (whether voluntary on my part, or involuntary) other than Good Cause; or (ii) the termination of my employment with Parent (other than termination by reason of death or Disability) by Parent for Cause, I agree that for a period
of twelve (12) months from the date of such termination, I will neither: 
 (i) engage directly for myself, or in conjunction
with or on behalf of any person or entity, or otherwise own, manage, operate, control, acquire, hold any interest in, or participate in the ownership, management, operation or control of any person or entity engaged in the
development, production or commercialization of systems for the delivery of therapeutic drugs to the tissues in the posterior segment of the eye (the “REAR-OCULAR DRUG DELIVERY BUSINESS”), nor 

(ii) work for or become employed by or associated with (in any capacity, including without limitation officer, director,
employee, partner, stockholder, owner, member, proprietor, consultant, investor, salesperson, co-owner, trustee, promoter, technician, engineer, analyst, agent, representative, distributor, supplier, lender, advisor or manager) any person or
entity that is engaged in the Rear-Ocular Drug Delivery Business (the activities set forth in (i) and (ii) (as modified by the following paragraph) are collectively referred to as the “RESTRICTED ACTIVITIES”). 

Notwithstanding the foregoing, Parent accepts that nothing in this Section 3(b) shall prevent Executive from and after the date six (6) months after
termination of Executive’s employment from engaging in activities predominantly academic (and not commercial) in nature, including without limitation teaching, lecturing, writing and publishing articles or engaging in research; provided that
(I) unless approved by Parent in writing or otherwise described below, Executive receives no compensation (including without limitation salary, benefits, bonus, profit sharing, dividends, commissions, gifts, gratuities, or any other payments,
whether in cash or otherwise, present or future) whatsoever for such activities, other than reimbursement of expenses, for any period in which he is receiving severance payments from the Parent under this Agreement, his employment agreement with
Parent or any other agreement between Executive and Parent, except where the payment of compensation is required by the academic institution 

  

 Page 5 of 10 
  

 
and Executive agrees in writing to donate the full amount of such compensation to a registered charitable organization; and (II) in the course of engaging in such activities Executive does not
breach his obligations under this Agreement, including without limitation any obligations under Sections 4 and 5 herein. 
 Within six (6) months after the
termination of my employment for the reasons set forth above, Parent may at its sole discretion extend my obligations under this Section 3(b) for an additional twelve-month period; provided that in such a case Parent will pay me an amount equal to
my annual base salary as of the date of termination, to be paid in equal monthly installments over such additional twelve-month period. 

(c) In the event of the termination of my employment with Parent (other than termination by reason of death or Disability) (x) by me for Good
Cause, or (y) by Parent for any reason other than for Cause, I agree that, at Parent’s option, exercisable by written notice given: 
  

	 	(i)	not less than 30 days after Parent receives notice of such termination by me hereunder; and/or 

  

	 	(ii)	at the time of such termination by Parent hereunder; and/or 

  

	 	(iii)	with respect to a follow-on notice to Executive, no later than six months after the termination of my employment with Parent hereunder, 

for a period of up to twenty-four (24) months from the date of such termination, as specified in Parent’s notice or notices, I will not engage in any
Restricted Activities; provided that in such case Parent will pay me an amount equal to 1/24th of $800,000 for each month in the period specified, which amount may be offset against any severance or other payments owed to me in connection with the
termination of my employment as described in this Section 3(c). I understand that any payments made to me pursuant to the preceding sentence are made in consideration of my not engaging in any Restricted Activities or otherwise violating the terms
of this Agreement, and that, in addition to any other rights or remedies available to Parent at law or in equity, Parent shall have the right to terminate such payments if, and only if, I engage in Restricted Activities during the specified period
or otherwise violate the terms of this Agreement and such conduct continues following my receipt of written notice from the Company that describes the basis for the Company’s contention that I have engaged in Restricted Activities or otherwise
violated the terms of this Agreement. I understand that the Company may provide more than one written notice to extend the noncompete period under this Section 3(c), provided that such notices are sent within the six (6) month period after the
termination of my employment. 
 (d) My obligations under this Section 3 shall extend to all geographical areas of the world in which
Parent, or any of its related companies, is offering its services, either directly or indirectly, through licenses or otherwise, during the time period specified in this Section 3. 

(e) I further agree that while I remain employed by Parent and for the duration of any period during which I am prohibited from engaging in
the Restricted Activities pursuant to this Section 3, I will not, on behalf of myself or any other person or entity, (i) compete for, or engage in the solicitation of, or attempt to divert or take away from the Company, Parent or any of their
affiliates, any customer of the Company, Parent or any of their affiliates who has done business with the Company, Parent or any of their affiliates, as the case may be, during the period of my employment by Parent;

  

 Page 6 of 10 
  

 
(ii) compete for, solicit or attempt to divert or take away from the Company, Parent or any of their affiliates, any prospective customer that has within the twelve (12) month period prior to
such termination, expressed an interest in doing business with the Company, Parent or any of their affiliates and about which I learned during my employment with Parent; or (iii) hire or engage or attempt to hire or engage any individual, or attempt
to induce an individual to terminate their employment or other service arrangement, who was an employee of or other service provider to the Company, Parent or any of their affiliates at any time during the twelve (12) month period prior to my
termination from employment. 
 (f) Further, while I remain employed by Parent and for the duration of any period during which I am
prohibited from engaging in the Restricted Activities pursuant to this Section 3, I shall not, directly or indirectly, make or cause to be made to any Person any disparaging, derogatory or other negative statement about the Company, Parent or any of
their affiliates, including their businesses, products, services, policies, practices, operations, employees, sales representatives, agents, officers, members, managers or directors. Similarly, during the period set forth in the preceding sentence,
Parent shall not and shall not authorize or encourage any members of its Board of Directors or employees to directly or indirectly, make or cause to be made to any person any disparaging, derogatory or other negative statement about Executive,
including the performance of his duties on behalf of the Company or the circumstances surrounding his separation from employment. 
 (g) I
REPRESENT AND WARRANT THAT THE KNOWLEDGE, SKILLS AND ABILITIES I POSSESS ARE SUFFICIENT TO PERMIT ME, IN THE EVENT OF TERMINATION OF MY EMPLOYMENT WITH PARENT FOR ANY REASON, TO EARN, FOR A PERIOD OF UP TO TWENTY-FOUR (24) MONTHS FROM SUCH
TERMINATION, A LIVELIHOOD SATISFACTORY TO ME WITHOUT VIOLATING ANY PROVISION OF SECTION 3 HEREOF, FOR EXAMPLE BY USING SUCH KNOWLEDGE, SKILLS AND ABILITIES, OR SOME OF THEM, IN THE SERVICE OF A PERSON OR ENTITY WHO OR WHICH DOES NOT COMPETE WITH
PARENT AS DESCRIBED HEREIN. 
 4. PROPRIETARY INFORMATION. 

(a) I agree that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning the Company,
Parent or any of their affiliates or their respective businesses, financial affairs or operations (collectively, “PROPRIETARY INFORMATION”) is and shall be the exclusive property of the Company, Parent or any of their affiliates, as the
case may be. By way of illustration, but not limitation, Proprietary Information may include inventions, products, manufacturing and other processes, methods, techniques, formulas, compositions, compounds, projects, developments, plans, research
data, financial data, personnel data, computer programs, and customer and supplier lists. I will not disclose any Proprietary Information to others outside the Company, Parent or any of their affiliates, provided that my obligation not to disclose
shall not apply to any information that (i) has become generally available to the public other than as a result of a breach by Executive of his obligations hereunder, (ii) may be required or appropriate in response to any summons or subpoena or in
connection with any litigation, or investigation or review by any governmental agency or authority and (iii) must be disclosed in order to comply with any law, order, regulation or ruling applicable to Executive. I will not use any Proprietary
Information for any purposes other than my work for the Company, Parent or any of their affiliates, without prior written approval by the Board of Directors of Parent, either during or after my providing services. If I have any questions as to what
constitutes Proprietary Information, I will consult with the Board of Directors of Parent or an individual designated by the Board of Directors for this purpose. 

  

 Page 7 of 10 
  

 (b) I agree that all files, letters, memoranda, reports, records, data, sketches, drawings,
program listings, or other written, photographic, or other tangible material containing Proprietary Information, whether created by me or others, which shall come into my custody or possession, shall be and are the exclusive property of the Company,
Parent or any of their affiliates, as the case may be, to be used by me only in the performance of my duties for Parent. All such records or copies thereof and all tangible property of the Company, Parent or any of their affiliates in my custody or
possession shall be delivered to Parent within ten (10) calendar days from the earlier of (i) a request by Parent or (ii) termination of my providing services to Parent. After such delivery, I shall not retain any such records or copies thereof or
any such tangible property. 
 (c) I agree that my obligation not to disclose or to use information, know-how and records of the types set
forth in paragraphs (a) and (b) above, and my obligation to return records and tangible property, set forth in paragraph (b) above, also extends to such types of information, know-how, records and tangible property of customers of the Company,
Parent or any of their affiliates or suppliers to the Company, Parent or any of their affiliates or other third parties who may have disclosed or entrusted the same to Parent or to me in the course of Parent’s business with an expectation or
understanding that such information was to be maintained as confidential. 
 5. DEVELOPMENTS. 

(a) I will make full and prompt disclosure to Parent of all inventions, improvements, discoveries, methods, developments, products, processes,
techniques, formulas, compositions, compounds, software, works of authorship and all ideas for trademarks, trade-names and the like, related in any way to the Parent’s current, planned or potential products or services, whether patentable or
not and whether copyrightable or not, which are created, made, conceived or reduced to practice by me or under my direction or jointly with others during my employment by Parent, whether or not during normal working hours or on the premises of
Parent (all of which are collectively referred to in this Agreement as “DEVELOPMENTS”). 
 (b) Except as hereinafter provided, I
agree to assign and do hereby assign to Parent (or any person or entity designated by Parent) all my right, title and interest in and to all Developments and all related patents, patent applications, copyrights and copyright applications. I
expressly agree that all of my Developments capable of protection under copyright laws shall be deemed and are works made for hire with the understanding that Parent shall own all of the exclusive rights to such developments under the United States
Copyright Act and all international copyright conventions and foreign laws, and any successor laws thereto. 
 (c) I agree to cooperate
fully with Parent, both during and after my employment with Parent, with respect to the procurement, maintenance and enforcement of copyrights and patents (both in the United States and foreign countries) relating to Developments. I shall sign all
papers, including, without limitation, copyright applications, patent applications, trademark or service mark applications, declarations, oaths, formal assignments, assignment of priority rights, and powers of attorney, which Parent may deem
necessary or desirable in order to protect its rights and interests in any Development. 

  

 Page 8 of 10 
  

 6. CURRENT EMPLOYMENT; NO CONTRARY AGREEMENTS. 

I hereby represent that I am not bound by the terms of any agreement with any current or previous employer or other party to refrain from
using or disclosing any trade secret or confidential or Proprietary Information in the course of my employment with Parent or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party. I
further represent that, and agree that, in the performance of my duties as a provider of services to Parent, I will not breach any agreement to keep in confidence Proprietary Information, knowledge or data acquired by me in confidence or in trust
prior to my employment with Parent, and I will not disclose to Parent or induce Parent to use any confidential or proprietary information or material belonging to any previous employer or others. I represent and warrant to Parent that I am not now
under any obligation of a contractual nature to any person, firm or corporation which is inconsistent or in conflict with this Agreement. 

7. INJUNCTIVE RELIEF. 
 The
restrictions contained herein are necessary for the protection of the business and goodwill of the Company, Parent and their affiliates and are considered by me to be reasonable for such purposes. I understand and agree that Parent will suffer
irreparable harm in the event that I breach any of my obligations under this Agreement and that monetary damages will be inadequate to compensate Parent for such breach. Accordingly, I agree that, in the event of a breach or threatened breach by me
of any of the provisions of this Agreement, Parent, in addition to and not in limitation of any other rights, remedies or damages available to Parent at law or in equity, shall be entitled to a permanent injunction in order to prevent or to restrain
any such breach by me, or by my partners, agents, representatives, employers, employees and/or any and all persons directly or indirectly acting for or with me. 

8. ACCOUNTING FOR PROFITS. 
 I
covenant and agree that, if I shall violate any of my covenants or agreements under this Agreement, Parent, at its own expense, shall be entitled to an accounting and repayment of all profits, compensation, commissions, remunerations or benefits
which I directly or indirectly have realized and/or may realize as a result of, growing out of or in connection with any such violation; such remedy shall be in addition to and not in limitation of any injunctive relief or other rights or remedies
to which Parent is or may be entitled at law, in equity or under this Agreement. 
 9. NO EMPLOYMENT CONTRACT. 

I understand that this Agreement does not constitute a contract of employment and does not imply that my employment will continue for any
period of time. 
 10. ENFORCEABILITY AND SCOPE. 

In the event that any Section of this Agreement, or any provision of any such Section, shall for any reason be held to be wholly invalid,
illegal or unenforceable, such invalidity, illegality, or unenforceability shall not affect any other Section hereof, or any other provision of an affected Section, and this Agreement shall be construed as if, and enforced as fully as if, such

  

 Page 9 of 10 
  

 
invalid, illegal or unenforceable Section or provision had never been contained herein. In the event any Section, or any provision thereof, is found to be partially invalid, illegal or
unenforceable (on the ground, for example, that it is excessive in scope), then such Section or provision shall be enforced to the extent not invalid, illegal or unenforceable, and its partial invalidity, illegality or unenforceability shall not
affect any other Section or provision of this Agreement. If any restriction set forth in Section 3 above is found by a court of competent jurisdiction to be unenforceable because it extends for too long a period of time, over too great a range of
activities or in too broad a geographic area, such restriction shall be interpreted to extend only over the maximum period of time, maximum range of activities or maximum geographic area as to which it may be deemed to be enforceable. 

11. GENERAL. 
 (a) This
Agreement supersedes all prior agreements, written or oral, between me and Parent relating to the subject matter of this Agreement, except for the the Change in Control Agreement and the Severance Agreement, which are referenced herein. This
Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by me and Parent. I agree that any change or changes in my duties, salary or compensation after the signing of this Agreement shall
not affect the validity or scope of this Agreement. 
 (b) This Agreement will be binding upon my heirs, executors and administrators and
will inure to the benefit of and be binding upon Parent and its successors and assigns. 
 (c) No delay or omission by Parent in exercising
any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by Parent on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other
occasion. 
 (d) I expressly consent to be bound by the provisions of this Agreement for the benefit of the Company, Parent or any of their
affiliates to whose employ or other service providing arrangement I may be transferred without the necessity that this Agreement be re-signed at the time of such transfer. 

(e) Any notices required or permitted to be sent under this Agreement shall be effective when delivered by hand or mailed by registered or
certified mail, return receipt requested, and addressed as follows: 
 If to Parent: 

pSivida Limited 

Level 12, BGC Centre 

28 The Esplanade, Perth 

WA 6000 Australia 

GPO Box 2535 

Perth, WA 6831 

With a copy to: 

Curtis, Mallet-Prevost, Colt & Mosle LLP 

101 Park Avenue 

New York, NY 10178 

Attn: Lawrence Goodman, Esq. 

  

 Page 10 of 10 
  

 If to Executive: 

Paul Ashton 

19 Brimmer Street 

Boston, MA 02108 
 Either party
may change its address for receiving notices by giving notice to the other party. 
 (f) This Agreement is governed by and will be construed
as a sealed instrument under and in accordance with the laws of the Commonwealth of Massachusetts. 
 I ACKNOWLEDGE AND UNDERSTAND THAT THIS
AGREEMENT AFFECTS MY RIGHTS TO 
 COMPETE WITH PARENT OR TO DISCLOSE AND USE PARENT’S PROPRIETARY INFORMATION OR 

DURING AND AFTER MY EMPLOYMENT. 
 I HAVE READ ALL
OF THE PROVISIONS OF THIS AGREEMENT CAREFULLY AND I 
 UNDERSTAND, AND AGREE TO, EACH OF SUCH PROVISIONS. 

[SIGNATURE PAGE TO IMMEDIATELY FOLLOW] 

IN WITNESS WHEREOF, I have executed this Agreement under seal as of this 3 day of October, 2005. 

 

	
	 /s/ Paul Ashton

	Paul Ashton

  

			
	ACKNOWLEDGED AND AGREED:
	
	PSIVIDA LIMITED
		
	By:	 	 /s/ Gavin Rezos

	Name:	 	Gavin Rezos
	Title:	 	Managing Director

  

 Exhibit C 

RELEASE OF CLAIMS 
 FOR AND IN
CONSIDERATION OF the benefits to be provided me in connection with the termination of my employment, as set forth in the Employment Agreement between myself and pSivida Corp. (the “Company”) dated as of October 31, 2008 (the
“Agreement”), which benefits are subject to my signing of this Release of Claims and to which I am not otherwise entitled, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, I, on my
own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and all others connected with me, hereby release and forever discharge the Company, the Subsidiary (as defined in the Agreement), its other
subsidiaries and other affiliates and all of their respective past, present and future officers, directors, trustees, shareholders, employees, agents, general and limited partners, members, managers, joint venturers, representatives, successors and
assigns, and all others connected with any of them, both individually and in their official capacities, from any and all causes of action, rights and claims of any type or description, known or unknown, which I have had in the past, now have, or
might now have, through the date of my signing of this Release of Claims, in any way resulting from, arising out of or connected with my employment by the Company or the Subsidiary or any of its other subsidiaries or other affiliates or the
termination of that employment or pursuant to any federal, state or local law, regulation or other requirement (including without limitation Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with
Disabilities Act, and the fair employment practices laws of the state or states in which I have been employed by the Company or any of the subsidiaries or other affiliates, each as amended from time to time). 

Excluded from the scope of this Release of Claims is (i) any claim arising under the terms of the Agreement, (ii) any right of indemnification or contribution
that I have pursuant to the Certificate of Incorporation, Constitution, By-Laws or other governing documents of the Company or the Subsidiary, and (iii) any claim that I have related to any failure by pSivida Limited to register “Registrable
Securities” pursuant to Section 4 of the Registration Rights Agreement, dated as of December 30, 2005, by and among pSivida Limited and certain securityholders of Control Delivery Systems, Inc. 

In signing this Release of Claims, I acknowledge my understanding that I may not sign it prior to the termination of my employment, but that I may consider
the terms of this Release of Claims for up to twenty-one (21) days (or such longer period as the Company may specify) from the later of the date my employment with the Company terminates or the date I receive this Release of Claims. I also
acknowledge that I am advised by the Company and its affiliates to seek the advice of an attorney prior to signing this Release of Claims; that I have had sufficient time to consider this Release of Claims and to consult with an attorney, if I
wished to do so, or to consult with any other person of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a full understanding of its terms. 

  

 I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or
representations, express or implied, that are not set forth expressly in the Agreement. I understand that I may revoke this Release of Claims at any time within seven (7) days of the date of my signing by written notice to the General Counsel of the
Company and that this Release of Claims will take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it. 

Intending to be legally bound, I have signed this Release of Claims under seal as of the date written below. 

 

			
		
	Signature:    	 	  

			
		
	Name (please print):    	 	  

			
		
	Date Signed:EX-10.8

 Exhibit 10.8 

Form approved September 26, 2016 

AGREEMENT 
 This
Agreement, made and entered into on                     , 20         (“Agreement”), by and between
pSivida Corp., a Delaware corporation (“Company”), and                      (“Indemnitee”): 

WHEREAS, it is reasonable, prudent and necessary for the Company to obligate itself to indemnify, and to advance expenses on behalf of, its
directors and officers to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; and 

WHEREAS, Indemnitee is willing to serve the Company as an officer and a director and to take on additional service for or on its behalf on the
condition that [s]he be so indemnified; 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company
and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Services by Indemnitee. Indemnitee agrees to serve as an
officer and a director of the Company. Indemnitee may at any time and for any reason resign from such positions (subject to any other contractual obligation or any obligation imposed by operation of law). 

Section 2. Indemnification – General. The Company shall indemnify, and advance Expenses (as hereinafter defined) to,
Indemnitee (a) as provided in this Agreement and (b) (subject to the provisions of this Agreement) to the fullest extent permitted by applicable law in effect on the date hereof and as amended from time to time. The rights of Indemnitee provided
under the preceding sentence shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement. 

Section 3. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of
indemnification provided in this Section 3 if, by reason of [his][her] Corporate Status (as hereinafter defined), [s]he is, or is threatened to be made, a party to or a participant in any threatened, pending or completed Proceeding (as hereinafter
defined), other than a Proceeding by or in the right of the Company. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments
and other charges paid or payable in connection with or in respect of such Expenses, judgments, penalties, fines and amounts paid in settlement) actually and reasonably incurred by [him][her] or on [his][her] behalf in connection with such
Proceeding or any claim, issue or matter therein, if [s]he acted in good faith and in a manner [s]he reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable
cause to believe [his][her] conduct was unlawful. 
 Section 4. Proceedings by or in the Right of the Company. Indemnitee shall
be entitled to the rights of indemnification provided in this Section 4 if, by reason of [his][her] Corporate Status, [s]he is, or is threatened to be made, a party to or a participant in any threatened, pending

 
or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section, Indemnitee shall be indemnified against all Expenses (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses) actually and reasonably incurred by [him][her] or on [his][her] behalf in connection with such Proceeding if [s]he acted in good faith and in
a manner [s]he reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as
to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company if and only to the extent that the Chancery Court of the State of Delaware (the “Delaware Court”), or court in which such
Proceeding shall have been brought or is pending, shall determine that despite such adjudication of liability and in light of all circumstances, such indemnification may be made. 

Section 5. Partial Indemnification. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is, by reason of [his][her] Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding, [s]he shall be indemnified to the maximum extent permitted by law against all Expenses
actually and reasonably incurred by [him][her] or on [his][her] behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims,
issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by [him][her] or on [his][her] behalf in connection with each successfully resolved claim, issue or matter. For
purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 6. Indemnification for Additional Expenses. 

(a) The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within thirty (30) days of
such request) advance such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement
or by-law of the Company now or hereafter in effect; or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to
such indemnification, advance expense payment or insurance recovery, as the case may be. 
 (b) Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of [his][her] Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, [s]he shall be indemnified against all
Expenses actually and reasonably incurred by [him][her] or on [his][her] behalf in connection therewith. 
 Section 7. Advancement
of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee

  
 - 2 - 

 
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred
by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such
Expenses. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this Section 7 shall be subject to the condition that, if, when and to the extent that the Company determines that Indemnitee would not be
permitted to be indemnified under applicable law, the Company shall be entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid;
provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in accordance with the terms of this Agreement to secure a determination that Indemnitee should be indemnified under applicable law, any
determination made by the Company that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final judicial
determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). 
 Section
8. Procedure for Determination of Entitlement to Indemnification. 
 (a) To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors of the Company (the “Board”) in writing that Indemnitee has requested
indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 8(a) hereof, a
determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by (A) a majority vote of the Disinterested Directors (as hereinafter defined), even though less than a quorum of
the Board, or (B) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (C) if contracting an
Independent Counsel is impracticable or undesirable and if so directed by the Board, by the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within thirty (30)
days after such determination. The Company and the Indemnitee shall each cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any
costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to
Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

  
 - 3 - 

 (c) In the event the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 8(b) hereof, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising [him][her] of the identity of the Independent Counsel so selected. Indemnitee may,
within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 18 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. If such written
objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within
twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 8(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware
Court for resolution of any objection which shall have been made by the Indemnitee to the selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court or by such other person as the
Delaware Court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 8(b) hereof. The Company shall pay any and all reasonable fees and expenses
of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 8(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 8(c), regardless of the
manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding pursuant to Section 10(a)(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
 (d) The Company shall not
be required to obtain the consent of the Indemnitee to the settlement of any Proceeding which the Company has undertaken to defend if the Company assumes full and sole responsibility for such settlement and the settlement grants the Indemnitee a
complete and unqualified release in respect of the potential liability. The Company shall not be liable for any amount paid by the Indemnitee in settlement of any Proceeding that is not defended by the Company, unless the Company has consented to
such settlement, which consent shall not be unreasonably withheld. 
 Section 9. Presumptions and Effect of Certain Proceedings.

 (a) In making a determination with respect to entitlement to indemnification or the advancement of expenses hereunder, the person or
persons or entity making such determination shall presume that Indemnitee is entitled to indemnification or advancement of expenses under this Agreement if Indemnitee has submitted a request for indemnification or the advancement of expenses in
accordance with Section 8(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, 

  
 - 4 - 

 
persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including its board of directors or independent legal counsel) to have made a
determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including
its board of directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b) If the person, persons or entity empowered or selected under Section 8 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within ninety (90) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be
entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 90-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons
or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the
foregoing provisions of this Section 9(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 8(b) of this Agreement and if (A) within thirty (30) days after receipt by the
Company of the request for such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within ninety (90) days after such receipt and such determination
is made thereat, or (B) a special meeting of stockholders is called within thirty (30) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within ninety (90) days after having been so called
and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b) of this Agreement. 

(c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in
good faith and in a manner which [s]he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that [his][her] conduct was
unlawful. 
 (d) Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be presumed to have acted
in good faith if Indemnitee’s action is based on the records or books of account of the Company or relevant enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Company or relevant
enterprise in the course of their duties, or on the advice of legal counsel for the Company or relevant enterprise or on information or records given in reports made to the Company or 

  
 - 5 - 

 
relevant enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or relevant enterprise. The provisions of this
Section 9(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

(e) Actions of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or
relevant enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

Section 10. Remedies of Indemnitee.

(a) In the event that any of the following occur: (i) a determination is made pursuant to Section 8 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 7 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 8(b) of this
Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5 or 6 of this Agreement within thirty (30) days after receipt by the Company of a
written request therefor, or (v) payment of indemnification is not made within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication by the Delaware Court
of [his][her] entitlement to such indemnification or advancement of Expenses. Indemnitee shall commence any such proceeding within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 10(a). 
 (b) In the event that a determination shall have been made pursuant to Section 8(b) of this Agreement
that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 10 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. 
 (c) If a determination shall have been made pursuant to Section 8(b) of this Agreement that Indemnitee is entitled
to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d) In the event that Indemnitee, pursuant to this Section 10, seeks a judicial adjudication of, or to recover damages for breach of, this
Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the types described in the definition of Expenses in Section 17 of this Agreement) actually and reasonably
incurred by [him][her] in such judicial adjudication, but only if [s]he prevails therein. If it shall be determined in said judicial adjudication that Indemnitee is entitled to receive part but not all of the indemnification or advancement of
expenses sought, the expenses incurred by Indemnitee in connection with such judicial 

  
 - 6 - 

 
adjudication shall be appropriately prorated. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within thirty (30) days after receipt by
the Company of a written request therefor) advance such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or
under any directors’ or officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as
the case may be. 
 (e) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 10 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such judicial proceeding that the Company is bound by all the provisions of this Agreement. 

Section 11. Non-Exclusivity; Survival of Rights; Insurance; Subrogation. 

(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-Laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of
this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in [his][her] Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in the General Corporation Law of the State of Delaware, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s
By-Laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that the Company
maintains an insurance policy or policies providing liability insurance for directors, officers, employees or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such
person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such
policy or policies. 
 (c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit or enforce such
rights. 

  
 - 7 - 

 (d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

(e) The Company’s obligation to indemnify or advance expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 
 Section
12. Duration of Agreement.
 (a) This Agreement shall continue until and terminate upon the later of: (a) 10 years after
the last date that Indemnitee shall have served as a director or an officer of the Company (or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which Indemnitee served at the request of the
Company); or (b) the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 10 of
this Agreement relating thereto.
 (b) This Agreement shall not be deemed an employment contract between the Company (or any of its
subsidiaries) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries) is at will, and the Indemnitee may be discharged at any time for any reason, with or without cause,
except as may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries), other applicable formal severance policies duly adopted by the Board or the Company’s Certificate of
Incorporation, By-Laws or the General Corporation Law of the State of Delaware. The foregoing notwithstanding, this Agreement shall continue in force as provided above after such date as Indemnitee has ceased to serve as a director or an officer of
the Company. 
 (c) This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of
Indemnitee and [his][her] heirs, executors and administrators. 
 Section 13. Severability. If any provision or provisions of
this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions shall
be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

  
 - 8 - 

 Section 14. Exception to Right of Indemnification or Advancement of Expenses. Except
as provided in Section 6(a) of this Agreement, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee (other than a Proceeding by Indemnitee to enforce
[his][her] rights under this Agreement), or any claim therein, unless the bringing of such Proceeding or making of such claim shall have been approved by the Board. 

Section 15. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. 
 Section 16. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 Section 17. Construction. This
Agreement shall not be construed more strictly against one party than another merely by virtue of the fact that it, or any part of it, may have been prepared by one of the parties, it being recognized that this Agreement is the result of
arm’s-length negotiations among the parties. 
 Section 18. Definitions. For purposes of this Agreement: 

(a) “Corporate Status” describes the status of a person who is or was a director, officer, employee, fiduciary or agent of the
Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 

(b) “Disinterested Director” means a director of the company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee. 
 (c) “Effective Date” means
                    , 20        . 

(d) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness
fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness, in, or otherwise participating in, a Proceeding. 
 (e)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any
matter material to either such party, or (ii) 

  
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any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to
pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 (f) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Corporation or otherwise and whether civil, criminal, administrative or investigative, in
which Indemnitee was, is, may be or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action taken by [him][her] or of any inaction on [his][her]
part while acting as director or officer of the Company, or by reason of the fact that [s]he is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise; in each case whether or not [s]he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement; except one (i)
initiated by an Indemnitee pursuant to Section 10 of this Agreement to enforce [his][her] right under this Agreement or (ii) pending on or before the Effective Date. 

Section 19. Enforcement. 

(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in
order to induce Indemnitee to serve as a director and an officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director and an officer of the Company. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

Section 20. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing
waiver. 
 Section 21. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so

  
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notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless, and to the extent that, such failure actually and
materially prejudices the interests of the Company. 
 Section 22. Notices. All notices, requests, demands or other
communications hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been direct, or (b) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee to: 

 [NAME] 

[ADDRESS] 
  

	 	(b)	If to the Company to: 

 pSivida Corp. 

480 Pleasant Street 

Watertown, Massachusetts 02472 

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

Section 23. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to
reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Company (and its directors, officers, employees and
agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 24. Governing Law; Submission to
Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its
conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other
state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this
Agreement, (c) consent to the service of legal process outside the State of Delaware via registered mail or in-person service in connection with any such action or proceeding against such party with the same legal force and validity as if served
upon such party personally within the State of Delaware, (d) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (e) waive, and agree not to plead or to

  
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make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or otherwise inconvenient forum. 

[Remainder of Page Intentionally Blank] 

  
 - 12 - 

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

					
	pSivida Corp.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	INDEMNITEE
		
	By:	 	  

		 	Name:

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