Document:

EX-4.1

 Exhibit 4.1 

 
 

 
 SHARE OPTION PLAN

 LAST UPDATE: FEBRUARY 8, 2007 

	 1.
	 PURPOSE OF THE PLAN 

 The Share Option Plan (the “Plan”) is intended to interest key persons toward the success of Theratechnologies Inc. (the “Company”) by making them participate in the
increase of the value of the common shares. 
  

	 2.
	 CATEGORY AND NUMBER OF SHARES RESERVED UNDER THE PLAN 

The shares that are reserved to be issued under the Plan are common shares of the share capital of the Company (the “Common
Shares”). The maximum number of Common Shares that may be issued upon the terms of the Plan shall not exceed 5,000,000 Common Shares. Upon expiry or cancellation, in whole or in part, of unexercised options, the Common Shares
underlying such options shall be available for other options to be granted from time to time under the Plan. 
  

	 3.
	 ADMINISTRATION 

 The Board of Directors of the Company (the “Board”) administers the Plan. Subject to the terms of the Plan, the Board shall have full power and authority to (i) designate the persons
who are to receive options under the Plan, (ii) determine the number of options granted, (iii) establish the exercise price of such options, (iv) decide on the option period of the options and (v) establish the other conditions
relative to such options. The Board shall have the right to vary the terms upon which options are granted to particular optionees, provided such different terms do not increase the benefits accruing to such optionees hereunder. Any determination by
the Board shall be final and conclusive. The day-to-day administration of the Plan may be delegated to such officers and employees of the Company or of any subsidiary of the Company as the Board in its sole discretion shall determine. 

 

	 4.
	 TERMS AND CONDITIONS 

  

	 4.1
	 Persons Eligible to Receive Options. The persons eligible to receive options under the Plan are the directors, senior executives and key
employees of the Company and its subsidiaries, as well as researchers and consultants who work on behalf of the Company. 

  

	 4.2
	 Number of Options. Each option will entitle the optionee to purchase one Common Share. The total number of options granted to an optionee is
determined by the Board, at its sole discretion, except for the following: 

  

	 	 4.2.1
	 The total number of Common Shares set aside for the exercise of options under the Plan by one individual shall not represent, in any circumstances,
more than 5% of the Company’s issued and outstanding Common Shares; 

  

	 	 4.2.2
	 the number of Common Shares that may be issued to insiders, as defined in the Securities Act (Ontario) (the “Insiders”), at
any time, under all security based compensation arrangements of the Company, as defined in the Toronto Stock Exchange Company Manual, (the “Security Based Compensation Arrangements”), cannot exceed 10% of issued and outstanding shares of
the Company, as defined in the Toronto Stock Exchange Company Manual (“Shares Outstanding”); 

  

			
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	 	 4.2.3
	 the number of Common Shares issued to Insiders, within any one year period, under all Security Based Compensation Arrangements, cannot exceed 10% of
the Shares Outstanding; and 

  

	 	 4.2.4
	 the number of Common Shares issued to non-employee directors, within any one year period, under all Security Based Compensation Arrangements, cannot
exceed 0.5% of the Shares Outstanding. 

  

	 4.3
	 Exercise Price. The price at which Common Shares may be purchased under the Plan is determined by the Board on the date an option is granted
(the “Grant Date”); provided however, that such price may not be less than the market price of the Common Shares (the “Exercise Price”). For the purpose hereof, “market price” shall mean:

  

	 	 4.3.1
	 the closing price of the Common Shares on the Toronto Stock Exchange on the last trading day immediately preceding the relevant Grant Date; and

  

	 	 4.3.2
	 if there was no closing price for the Common Shares on the Toronto Stock Exchange, then the market price shall be the average of the bid and ask
quotations for the Common Shares for the five trading days prior to the Grant Date. 

  

	 4.4
	 Conditions. The Board may subject the exercise of the options to certain conditions which it will determine, at its sole discretion.

  

	 4.5
	 Option Period. The optionee may exercise an option at any time starting on the date determined by the Board until the tenth anniversary of
the Grant Date or during any other shorter period at the discretion of the Board on the Grant Date (the “Option Period”). All unexercised options expire, and have no effect, following the date of the end of the Option Period (the
“Expiry Date”), except in the circumstances where the end of the term of an option falls within, or within ten business days after the end of, a “blackout” or similar period imposed under any insider trading policy or
similar policy of the Company (but not, for greater certainty, a restrictive period resulting from the Company or its Insiders being the subject of a cease trade order of a securities regulatory authority). In such circumstances, the Option Term
shall automatically be extended to end on the tenth (10th) business day after the end of such blackout period (the “Blackout Expiration Term”). 

 

	 4.6
	 Methods of Payment. The optionee may, during the Option Period, elect to exercise any or all of the options then granted and not previously
exercised by delivering to the Company payment in full of the Exercise Price accompanied by a completed purchase form, substantially in the form provided in Schedule A hereto. Subject to Section 5, options may only be exercised in
increments of 100. Payment of the Exercise Price may be made by cash, cheque, certified cheque, cheque from a recognized brokerage firm, bank draft or money order payable to the Company, or any other method of payment approved by the Board, subject
to Subsection 4.7. 

  

			
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	 4.7
	 Loan. Any optionee may obtain from the Company, upon the exercise of an option, a loan with or without interest, within the limit and in
accordance with the terms established by the Board, to pay the Exercise Price of the Common Shares subscribed under the Plan. This loan shall be repayable upon the terms prescribed by the Board. The optionee paying the Exercise Price of the Common
Shares using this loan shall sign a promissory note and pledge or hypothecate the Common Shares in favour of the Company as a security for the repayment of the loan and the interest thereon, if any. The Common Shares shall be discharged of the
pledge or hypothec, as the case may be, upon the terms determined by the Board. 

 In the event
of death of an optionee, the balance of the loan must be repaid within six months after the date of death and no new loan may be granted upon the exercise of options after the date of the optionee’s death. 

If an optionee retires, the balance of the loan must be repaid within twelve months of the date of retirement and no new
loan may be granted upon the exercise of options after the date of retirement. 
 If the employment, research
project or consulting agreement of an optionee terminates for any cause other than death or retirement, the balance of the loan must be repaid within ninety days of the date of termination of employment, research project or consulting agreement
and no new loan may be granted upon the exercise of options after the date of termination of employment, research project or consulting agreement. 
  

	 4.8
	 Termination of an Optionee’s Employment. If the employment, research project or consulting agreement of an optionee terminates for any
cause other than death prior to the Expiry Date (a “Termination of Employment”), any or all of the unexercised vested options may be exercised, at any time during a period of 180 days following the date of Termination of
Employment of the optionee, or any other shorter period at the discretion of the Board. 

 For
the purposes of the Plan, the transfer of an optionee to another position or project within the Company or a subsidiary is not considered a Termination of Employment. 

All unexercised options shall be cancelled at a meeting of the Board following the end of the period granted above for the
exercise of the options. 
  

	 4.9
	 Non-Employee Director Ceasing to Act as Director. If a non-employee director ceases to act as a director of the Company prior to the Expiry
Date, such non-employee director may exercise, at any time during a period of 180 days following following the announcement of the quarterly results after the date such director ceases to act as such and prior to the Expiry Date, any or all
unexercised options which are vested on the date he ceased to act as a director. 

  

	 4.10
	 Rights in the Event of an Optionee’s Death. In the event of the death of an optionee prior to the Expiry Date, such optionee’s
legal personal representative(s) may exercise, at any time during a period of one (1) year after the date of the optionee’s death, or any other period at the discretion of the Board, but before the Expiry Date, any or all unexercised
options which are vested on the date of the optionee’s death. 

  

			
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	 4.11
	 No Employment Guaranty. Nothing in the Plan shall confer upon the optionee the continued right to be employed by the Company or its
subsidiaries or the right to render services to the Company or in the case of a researcher the continued right to be employed by the University and its affiliated centres or interfere in any way with the right of the Company or the University and
its affiliated centres to terminate an optionee’s employment or agreement at any time and for any reason. 

  

	 4.12
	 No Shareholder Rights. An optionee shall have no rights as a shareholder with respect to the Common Shares underlying such optionee’s
options until the date of issue of such Common Shares to the optionee following the exercise of such options, and only after such Common Shares shall have been fully paid. 

 

	 4.13
	 Transfer and Assignment. The optionee’s rights with respect to the options granted under the Plan are not assignable or transferable by
the optionee or capable of being the subject of any other alienation, sale, pledge, hypothec or other encumbrance by such optionee other than a transfer to its legal personal representative(s) by will or by law and except by an order of a court of
competent jurisdiction. Vested options are exercisable during the optionee’s lifetime only by the optionee. The obligations of each optionee shall be binding on the heirs and executors. 

 

	 4.14
	 Compliance with Applicable Securities and Other Laws. Options may be exercised only to the extent that the Company has obtained the necessary
approvals under applicable securities and other laws governing the issue and sale by the Company of its Common Shares to optionees. 

  

	 5.
	 ADJUSTMENTS 

 Subject to any regulatory approval or notification required by applicable law or stock exchange guidelines, upon the happening of any of the following events, an optionee’s rights with respect to an
option granted under the Plan shall be adjusted as hereinafter provided: 
  

	 5.1
	 Subdivision, Redivision or Change into a Greater Number. In the event of any subdivision, redivision or change of the Common Shares into a
greater number of shares at any time, or in the case of the issue of shares of the Company to the holders of its outstanding Common Shares by way of a share dividend or share dividends, the number of Common Shares deliverable by the Company upon the
exercise of an option shall be increased proportionately, and appropriate adjustments shall be made in the purchase price per share to reflect such subdivision, redivision or change. 

 

	 5.2
	 Consolidation or Change into a lesser Number. In the event of any consolidation or change of the Common Shares into a lesser number of shares
at any time, the number of Common Shares deliverable by the Company upon the exercise of an option shall be decreased proportionately, and appropriate adjustments shall be made in the purchase price per share to reflect such consolidation or change.

  

	 5.3
	 Reclassification. In the event of any reclassification of the Common Shares, an optionee shall accept, at the time of the exercise of
options, in lieu of the number of Common Shares in respect of which the options are being exercised, the number of shares of the Company of the appropriate class or classes as the optionee would have been entitled as a result of such
reclassification had the options been exercised before such reclassification. 

  

			
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	 5.4
	 Amalgamation, Acquisition by an Entity, Sale of Assets. Subject to Subsection 5.5, if the Company is to be amalgamated with or acquired
by another entity in a merger, sale of all or substantially all of its assets or otherwise (an “Acquisition”), the Board shall, as to outstanding options, either (i) make appropriate provisions for the continuation of such options by
substituting on an equitable basis for the shares then subject to such options the consideration payable with respect to the outstanding Common Shares in conjunction with the Acquisition; or (ii) upon written notice to the optionees, provide
that all options must be exercised, to the extent they are then exercisable, within a specified number of days of the date of such notice, at the end of which period the options shall terminate; or (iii) terminate all options in exchange for a
cash payment equal to the excess of the fair market value of the shares subject to such options (to the extent they are then exercisable) over the Exercise Price thereof. 

 

	 5.5
	 Offer to purchase. Notwithstanding Subsection 5.4 hereof, if an offer to purchase all of the outstanding Common Shares is made, all
options which are not vested shall, from the date of the offer, be exercisable notwithstanding any provision to the contrary at the time of the grant. 

  

	 5.6
	 Dissolution or liquidation. In the event of the proposed dissolution or liquidation of the Company, all options will terminate immediately
prior to the consummation of such proposed action or at such other time and subject to such other conditions as shall be determined by the Board. 

  

	 5.7
	 No adjustments. Except as expressly provided herein, no issue by the Company of shares of any class, or securities convertible into shares of
any class, shall affect the number or Exercise Price of Common Shares underlying the options and no modification shall be made with respect to the number or Exercise Price of Common Shares underlying the options under the Plan. No adjustments shall
be made for dividends paid in cash or in property other than securities of the Company or its subsidiaries. 

  

	 5.8
	 No fraction. No fractional shares shall be issued under the Plan and the optionee shall receive from the Company cash in lieu of such
fractional shares. 

  

	 5.9
	 Appropriate adjustments. Upon the occurence of any of the foregoing events described in Subsections 5.1, 5.2, 5.3 and 5.4 above, the
class and aggregate number of shares set forth in Section 2 underlying the options which previously have been or subsequently may be granted under the Plan shall also be appropriately adjusted to reflect the events described in such
subsections. The Board or the Successor Board shall determine the specific adjustments to be made under this Section 5 and its determination shall be conclusive. 

 

	 6.
	 AMENDMENT AND TERMINATION 

  

	 6.1
	 The Board bears full responsibility with regard to the Plan, which includes, but not limited to, the power and authority to adopt, amend, suspend or
terminate the Plan. Any such adoption, amendment, suspension or termination is subject to the rules set forth by the regulatory authorities. 

  

	 6.2
	 Subject to Section 6.3, shareholder approval is not required for amendments to the Plan or options. 

  

			
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	 6.3
	 Approval by a majority of the voting shareholders present at a duly called shareholder meeting is required for the following amendments:

  

	 	 a)
	 any increase to the number of Common Shares that may be issued under the Plan; 

 

	 	 b)
	 the reduction of the Exercise Price of options or the cancellation and reissue of options to the same individual within a period of 6 months;

  

	 	 c)
	 the extension of the Option Period of options; 

  

	 	 d)
	 the extension of the Blackout Expiration Term provided for in Section 4.5; 

 

	 	 e)
	 any transfer and assignment of options other than pursuant to Section 4.13; and 

 

	 	 f)
	 the removal or increase of limits to the number of options that may be granted to non-employee directors. 

 

	 6.4
	 No amendment of the Plan or options may contravene the requirements of any competent regulatory authority to which the Plan or the Company is now or
may hereafter be subject to. 

  

	 6.5
	 With regard to the approval of amendments mentioned in Sections 6.3 b) and c) votes attached to Shares beneficially owned by the Insider may never
be included. 

  

	 6.6
	 The shareholders’ approval of an amendment may be given by way of confirmation at the next meeting of shareholders after the amendment is made,
provided that no Common Shares are issued pursuant to the amended terms. 

  

	 7.
	 GOVERNING LAW 

 The Plan and the options granted under the Plan shall be construed in accordance with and be governed by the laws of the Province of Quebec. 

 

	 8.
	 EFFECTIVE DATE 

 The Plan came in effect on December 6, 1993. It was approved by the Directors on December 6, 1993, by the regulatory authorities on December 8, 1993 and by the shareholders on
March 29, 1995. It was modified by the Directors on nine occasions, being July 18, 1994, February 20, 1995, September 26, 1996, July 27, 1998, December 15, 1998, February 16,
1999, March 15, 2001, March 14, 2003 and February 8, 2007. These changes were approved by the shareholders on five occasions, being March 26, 1997, April 22, 1999, May 10, 2001, May 7, 2003 and
March 29, 2007. 

  

			
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 Schedule A 
 THERATECHNOLOGIES INC. 
 SHARE OPTION PLAN – PURCHASE FORM

 SECTION A – PURCHASE REQUEST – TO BE COMPLETED BY OPTIONEE 

 

			
	 Name:
	  	 

  

			
	 Mailing Address:
	  	 

  

			
	 Office telephone:
	  	 

  

			
	 Current Position in Company:
	  	 

  

									
	 Date of Grant
	  	Number
of Options
Granted	  	 Number of
Options Exercised
 Hereby*
	  	 
Exercise
 Price
	  	 
Purchase
 Price

					
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

 Total Purchase Price:
                                     

 

			
	 Method of Payment:
	  	 

 I hereby elect to exercise the number of options to purchase Common Shares of Theratechnologies Inc. as
indicated above*. 
  

							
	 Signature:
	  	 	  	 Date:
	  	 

 SECTION B – VERIFICATION – TO BE COMPLETED BY THE COMPANY 

I hereby certify that the above individual is eligible to exercise the number of options as indicated above and acknowledge receipt of
payment therefore. 
  

							
	 Signature:
	  	 	  	 Date:
	  	 

 INFORMATION FOR TAX PURPOSES  

			
	 Market value of Common Shares on exercise date:
	  	 

 SECTION C – RECEIPT OF COMMON SHARES 

 

			
	 I acknowledge receipt of certificate numbers:
	  	 

  

							
	 Signature:
	  	 	  	 Date:
	  	 

 PLEASE RETAIN FOR TAX PURPOSESEX-4.2

 Exhibit 4.2 
 THERATECHNOLOGIES INC. 
 DEFERRED COMPENSATION PLAN 

FOR MEMBERS OF THE BOARD OF DIRECTORS AND 
 CERTAIN EXECUTIVE OFFICERS 
  

 
  

	1.	 Definitions 

 For the purposes of this Plan, unless the wording or context should indicate otherwise, the words and expressions below shall have the following meaning: 

“Application for Redemption” means an application for redemption such as the one attached hereto as
Schedule C; 
 “Blackout Period Deadline” has the meaning given in Section 5.1; 

“Board” means the board of directors of the Corporation; 

“Business Day” means any day on which the banks are open in the province of Quebec; 

“Chief Executive Officer” means the Officer appointed to that position by the Board; 

“Compensation” means (i) for Participants who are Directors, their annual base fees as Director,
(ii) for the Participant who chairs the Board, his or her annual base fees to act as Director and annual salary to act as Chair of the Board, and (iii) for Participants who are Officers, their annual bonuses for services rendered as
Officers, not including their annual base wages, as well as any amount paid to Participants to reimburse expenses; 
 “Corporation” means Theratechnologies Inc. and its subsidiaries; 
 “Director” means a member of the Board who is not an Officer; 
 “DSUs” means the deferred stock units of the Corporation that may be granted to Participants under this Plan, which shall be credited in the registers held by the Corporation; 

“Employment Termination” means the termination of the employer/employee relationship between the
Corporation and a Participant who is an Officer following the latter’s retirement, loss of employment or death; 
 “Equity Amount” means the greater of (i) the market value of the Shares and the DSUs on their respective issue dates and (ii) the acquisition cost of the Shares (excluding
brokerage fees associated with the purchase of those Shares) and the DSUs on their respective acquisition dates, held by Participants; 

 “Equity Objective” means the level of Participants’
equity in Shares and DSUs, as that level may be determined by the Board from time to time; 
 “Notice of
Election” means a notice of election such as the one attached hereto as Schedule A; 

“Officer” means an executive officer of the Corporation, as determined by the Board for the purposes of
this Plan; 
 “Participant” means any Director or Officer of the Corporation who is entitled to
Compensation under this Plan pursuant to a resolution of the Board; 
 “Payment Date” has the
meaning given in Section 8.2; 
 “Percentage” has the meaning given in Article 4;

 “Plan” means this Deferred Compensation Plan for Directors and certain Officers, as the Plan
may be amended from time to time; 
 “Redemption Date” means, in respect of a Participant, the
first date on which the two (2) following conditions are met: (A) (i) in the case of a Director, the Participant ceases to be a Director for any reason whatsoever, or (ii) in the case of an Officer, the Participant ceases to be an
Officer due to Employment Termination, and (B) the Participant is not an employee, member of the Board or person related to the Corporation for the purposes of the Income Tax Act (Canada); 

“Share” means a common share of the Corporation; 

“Termination Notice” means a termination notice such as the one attached hereto as Schedule B;

 “Value of a DSU” or “Value of the DSUs” means, on any given date, the market
value of the Shares on that date, calculated using the average closing price of the Shares on the Toronto Stock Exchange on that date and during the four (4) previous trading days, subject to the adjustments that may be made pursuant to Article
7 of the Plan. 
  

	2.	 Goal 

 The goal of the Plan is to increase the Corporation’s ability to attract and retain high-quality individuals to act as Directors or Officers, emphasize the long-term interests of the Corporation and
better align the interests of the Directors and Officers with those of the shareholders of the Corporation in the creation of long-term value for shareholders. 

  
 - 2 -

	3.	 Administration 

  

	 	3.1	 The Board shall administer the Plan and may delegate all or part of its obligations and powers to its compensation committee, nominating and
corporate governance committee or any other committee of the Board. 

  

	 	3.2	 The Board shall be authorized to interpret the Plan, to implement, amend and repeal the rules and procedures relating to the Plan, and to make any
other decision it may deem necessary or desirable for the administration of the Plan. The Board may remedy any defect, make up for any omission or reconcile any incompatibility with the Plan in the manner and to the extent it may deem necessary or
desirable. Any decision of the Board regarding the interpretation, administration and grantings under this Plan, as described herein, shall be at its entire discretion and shall be final, conclusive and irrevocable for all of the parties involved.

  

	4.	 Eligibility 

  

	 	4.1	 Subject to the conditions set out herein, Participants who are Officers may choose to receive up to 100% (the “Percentage”) of
their Compensation in DSUs. 

  

	 	4.2	 Subject to the conditions set out herein, Participants who are Directors shall receive 100% of their Compensation in DSUs until they reach their
Equity Objective, as determined by the Board. Directors who have reached their Equity Objective may afterwards, subject to the conditions set forth herein, choose to receive up to 100% of their Compensation in DSUs. 

 

	5.	 Participants’ Election 

  

	 	5.1	 Participants who are Officers and choose to participate in the Plan must file a Notice of Election with the Secretary of the Corporation before 3:00
p.m. on the second Business Day after the Board determines their Compensation and indicate the participation Percentage elected for the previous fiscal year. Participants who are Directors and choose to participate in the Plan once their Equity
Objective is reached must file a Notice of Election or any other equivalent notice with the Secretary of the Corporation before the first day of each calendar quarter by indicating the Percentage in Compensation they elect to receive in DSUs for the
upcoming calendar quarter. Should the last day on which Participants may choose to take part in the Plan fall during a blackout period or other similar period prescribed by the Corporation under an insider trading policy or other similar policy (but
not, for greater certainty, during a blackout period resulting from a cease trading order issued by a regulatory authority against the Corporation or its insiders), the deadline by which Participants must make their selection shall be automatically
extended to the second Business Day after the blackout period is lifted (the “Blackout Period Deadline”). 

  

	 	5.2	 The Participants’ decision to take part in the Plan shall be deemed to apply to the calendar quarter for which a Notice of Election or any
other equivalent notice is filed pursuant to Section 5.1. If a Notice of Election or any other equivalent notice is not filed with the Secretary of the Corporation, the Participants shall be deemed to have elected for a Percentage equal to 0%.

  
 - 3 -

	 	5.3	 Participants may at all times terminate their participation in the Plan by filing a Termination Notice with the Secretary of the Corporation, which
notice shall only come into force if the DSUs for which a Notice of Election was filed have not been issued. 

  

	6.	 Granting of DSUs 

  

	 	6.1	 For each calendar quarter, Participants who are Directors shall be credited a number of DSUs determined based on the amount of deferred compensation
payable to Directors during this calendar quarter (namely the Percentage selected under Section 5.1 multiplied by the Compensation payable to that Participant for this calendar quarter) divided by the Value of the DSUs on the date that is the
first Business Day of a calendar quarter. For each fiscal year of the Corporation, Participants shall be credited a number of DSUs determined based on the amount of deferred compensation payable to Officers during that fiscal year (namely the
Percentage selected under Section 5.1 multiplied by the Compensation payable to that Participant for that fiscal year), divided by the Value of the DSUs fixed on the date on which Officers file their Notice of Election to the Secretary pursuant
to Section 5.1. In the event the Toronto Stock Exchange is closed for business on the date a Participant files its Notice of Election pursuant to Section 5.1, the date on which the Value of the DSUs is determined shall be postponed to the
following date on which the Toronto Stock Exchange is open for business. If the Blackout Period Deadline falls after December 31, the Value of the DSUs shall be determined on the date of the Blackout Period Deadline. The Corporation shall not
pay out fractions of DSUs, but shall round off the number of DSUs granted to Participants up to the nearest whole number for any DSU fraction between 0.5 and 0.9, and down to the nearest whole number for any DSU fraction between 0.1 and 0.4.

  

	 	6.2	 If a cash dividend is declared in respect of the Shares, the Participants to whom DSUs have been credited shall be credited a number of additional
DSUs, for the fiscal year during which the record date is set for any such dividend, reflecting the amount of that dividend (namely the amount of dividend per Share, multiplied by the number of DSUs credited to the Participant on the record date),
divided by the Value of the DSUs on the last day of the fiscal year. 

  

	 	6.3	 The DSUs granted to the Participants shall be entered into the register kept by the Corporation, but shall not be represented by certificate or any
other document. Unless evidence is presented to the contrary, any entry in that register shall be deemed to represent the number of DSUs held by that Participant. 

 

	 	6.4	 Without limiting the Participants’ right to receive the total amount of Compensation they may otherwise be entitled to receive, the Board may
from time to time grant, at its discretion, a number of DSUs to a Participant. 

  
 - 4 -

	7.	 Effects of an amendment to the share capital 

In the case of stock dividends, stock splits, reverse stock splits, share for share exchanges or other distributions
(other than a cash dividend) by the Corporation to the shareholders or any other change having an impact on the Shares, including their conversion into shares of another entity should the Corporation amalgamate or restructure, proportional
adjustments shall be made to the number of DSUs outstanding under the Plan to reflect any such change. 
  

	8.	 Redemption of DSUs 

  

	 	8.1	 DSUs may be redeemed as of the Redemption Date in accordance with the procedure described in Article 8. The Value of the DSUs redeemed shall be
determined on the Payment Date (as defined below). 

  

	 	8.2	 As of the Redemption Date and subject to Section 8.3, Participants (or, in the event of their death, the beneficiary of the DSUs) may request
that the Corporation redeem their DSUs by filing an Application for Redemption with the Secretary of the Corporation, specifying the date on which they wish to receive payment, which date shall be a Business Day no earlier than five
(5) Business Days after the date on which the Application for Redemption is filed with the la Corporation, but no later than on November 30 following the year of the Redemption Date (the “Payment Date”). The Application
for Redemption must provide that all, and no less than all, of the DSUs held by the Participants or their beneficiaries or assigns, as the case may be, at the time of filing the Application for Redemption are being redeemed.

  

	 	8.3	 If the Participants or their beneficiaries or assigns, as the case may be, fail to file an Application for Redemption with the Corporation before
November 15 of the fiscal year following the year of the Redemption Date, the Participants or their beneficiaries or assigns shall be deemed to have filed, on that date, an Application for Redemption with the Corporation in which the date of
November 30 of that fiscal year or, if that date does not fall on a Business Day, the last Business Day before November 30 of that fiscal year, has been specified as the Payment Date. 

 

	 	8.4	 On the Payment Date, the Corporation shall issue a cheque to the Participants (or, in the event of their death, the beneficiaries of the DSUs) for a
cash amount equal to the Value of the DSUs redeemed, minus any applicable tax withholdings; the Corporation shall mail this cheque to the address indicated in the Application for Redemption or hold it at the head office of the Corporation for
pick-up by the Participants, the whole as indicated by the Participants in the Application for Redemption. If the Participants or their beneficiaries or assigns, as the case may be, fail to give an address or give a partial or illegible address to
which the cheque must be sent, fail to give instructions in the Application for Redemption or fail to file an Application for Redemption with the Corporation, the Participants or their beneficiaries or assigns shall be deemed to have instructed the
Corporation to send the cheque to the Participants’ address appearing in the register of the Directors kept by the Corporation. 

  
 - 5 -

	 	8.5	 Should the Participants die after the Redemption Date but before having filed an Application for Redemption with the Corporation, Sections 8.2, 8.3
and 8.4 shall apply, mutatis mutandis. 

  

	9.	 Non-assignability 

 Participants may not sell, transfer or otherwise assign the DSUs or any rights associated therewith other than in a will or other testamentary document, or in accordance with the legislation respecting
the vesting and partition of successions. 
  

	10.	 Amendment and termination 

 This Plan may at all times be amended or terminated by the Board (including, without limitation, for the purposes of suspending, limiting or delaying the Participants’ right to take part in the
Plan), it being understood that any such amendment or termination shall in no way affect the Participants’ rights to the DSUs previously credited to their account. 

 

	11.	 Final provisions 

  

	 	11.1	 All costs associated with implementing and administrating the Plan shall be borne by the Corporation. 

 

	 	11.2	 The Corporation’s obligation to issue the DSUs under this Plan is subject to all legislation, regulations, rules and policies of any government
agency applicable to the issuance and distribution of securities, and to the rules of any stock exchange on which the Corporation’s Shares may be listed. The holders of DSUs agree to abide by the said legislation, regulations, rules and
policies and to provide the Corporation with any information or undertaking that may be needed to comply therewith. 

  

	 	11.3	 This Plan does not provide any guarantee as to the losses or profits that may result from any variations in Share prices.

  

	 	11.4	 The Corporation and its subsidiaries shall bear no liability in respect of the tax consequences participation in the Plan might have over any
Participants. Each Participant shall consult with his/her own tax advisor. 

  

	 	11.5	 This Plan and any DSU granted hereunder shall be governed by and interpreted in accordance with the laws of the province of Quebec and the Canadian
legislation applicable thereto. 

  

	 	11.6	 This Plan shall come into force December 14, 2010. This Plan was amended on February 7, 2012. 

***** 

  
 - 6 -

 SCHEDULE A 
 NOTICE OF ELECTION 
 Theratechnologies Inc. 

(the “Corporation”) 
 Deferred Compensation Plan 
 for Members of the Board of Directors and
Certain Executive Officers 
 (the “Plan”) 

Note: The capitalized terms and expression that are not defined elsewhere herein shall have the meaning given in the Plan.

 Check the appropriate box and fill out, if necessary: 
  

	 	 ̈	 I choose to participate in the Plan, and elect the Percentage of             %.

  

	 	 ̈	 I choose not to participate in the Plan. 

 By filing this Notice of Election, the undersigned confirms the following: 
 The
undersigned has received and examined a copy of the Plan and agrees to be bound thereby. 
 The undersigned acknowledges that
he/she may not demand that the Corporation redeem his/her DSUs as long as he/she is acting as Director or Officer. 
 The
undersigned moreover acknowledges that, when the DSUs credited to him/her under the Plan are redeemed pursuant to the Plan, that redemption may give rise to tax withholdings and other applicable withholdings by the Corporation. These withholdings
may specifically include deductions at source for federal or provincial income taxes, the Canada Pension Plan, the Quebec Pension Plan, the Quebec Health Insurance Plan and, for American and European residents, any applicable federal, state or local
income taxes. 
  

					
	(Date)	 		  	(Signature of the Participant)
			
		 		  	
		 		  	(Name of the Participant – in block letters)

 SCHEDULE B 
 TERMINATION NOTICE 
 Theratechnologies Inc. 

(the “Corporation”) 
 Deferred Compensation Plan 
 for Members of the Board of Directors and
Certain Executive Officers 
 (the “Plan”) 

Note: The capitalized terms and expression that are not defined elsewhere herein shall have the meaning given in the Plan.

 The undersigned hereby notifies the Corporation that he/she wants to terminate his/her participation in the Plan. 

The undersigned acknowledges that he/she may not demand that the Corporation redeem his/her DSUs as long as he/she is acting as Director
or Officer. 
  

					
	(Date)	 		  	(Signature of Participant)
			
		 		  	
		 		  	(Name of Participant – in block letters)

 ANNEXE C 
 APPLICATION FOR REDEMPTION 
 Theratechnologies Inc. 

(the “Corporation”) 
 Deferred Compensation Plan 
 for Members of the Board of Directors and
Certain Executive Officers 
 (the “Plan”) 

Note: The capitalized terms and expression that are not defined elsewhere herein shall have the meaning given in the Plan.

 The undersigned hereby requests that the Corporation redeem all of his/her DSUs pursuant to the Plan on
                     (insert Payment Date, which shall be a Business Date no earlier than five Business Days after the date on which the
Application for Redemption is filed with the Corporation, but no later than on November 30 of the fiscal year following the year of the Redemption Date). 
 Check the appropriate box and fill out, if necessary: 
  

			
	  ̈  
	 	 Please issue a cheque to the undersigned for a cash amount equal to the Value of the DSUs redeemed, minus any applicable withholding, and send it to the
following address:

		
		 	
		 	  

		
		 	
		 	  

		
		 	
		 	  

		
	  ̈
	 	 Please issue a cheque to the undersigned for a cash amount equal to the Value of the DSUs redeemed, minus any applicable withholding, then keep it at the head
office of the Corporation for pick-up by the undersigned.

 The undersigned acknowledges that, when the DSUs credited to him/her under the Plan are redeemed
pursuant to the Plan, that redemption may give rise to tax withholdings and other applicable withholdings by the Corporation. These withholdings may specifically include deductions at source for federal or provincial income taxes, the Canada Pension
Plan, the Quebec Pension Plan, the Quebec Health Insurance Plan and, for American and European residents, any applicable federal, state or local income taxes. 
  

					
	(Date)	 		  	(Signature of Participant)
			
		 		  	
		 		  	(Name of Participant – in block letters)

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