X0306 4 2012-12-27 0000827809 QLT INC/BC QLTI 0001369220 Lussow Alexander R C/O QLT INC. 887 GREAT NORTHERN WAY, SUITE 101 VANCOUVER A1 V5T 4T5 BRITISH COLUMBIA, CANADA 0 1 0 0 Sr. VP, Bus. Dev. & Comm. Op. Common Stock 2012-12-27 4 M 0 100000 2.45 A 120000 D Common Stock 2012-12-27 4 M 0 80000 6.30 A 200000 D Common Stock 2012-12-27 4 S 0 180000 7.5263 D 20000 D Common Stock 2012-12-28 4 M 0 50000 3.75 A 70000 D Common Stock 2012-12-28 4 S 0 50000 7.5063 D 20000 D Employee Stock Option (right to buy) 2.45 2012-12-27 4 M 0 100000 0 D 2014-05-04 Common Stock 100000 0 D Employee Stock Option (right to buy) 6.30 2012-12-27 4 M 0 80000 0 D 2015-05-21 Common Stock 80000 0 D Employee Stock Option (right to buy) 3.75 2012-12-28 4 M 0 50000 0 D 2013-05-17 Common Stock 50000 0 D Price reflects the conversion of Canadian dollars to US dollars based on the exchange rate in effect as of the date of the reportable event. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.51 to $7.7033 inclusive. The reporting person undertakes to provide to QLT Inc., any security holder of QLT Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (3) to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.48 to $7.56 inclusive. The option vested in 36 equal monthly installments measured from May 4, 2009 and became fully exercisable on May 4, 2012. The option originally providing for vesting in 36 equal monthly installments measured from May 21, 2010. However, in connection with a change in control of the Company (as defined in the option agreement), the unvested shares under such option were accelerated and became fully exercisable on June 4, 2012. The option vested in 36 equal monthly installments measured from May 17, 2008 and became fully exercisable on May 17, 2011. /s/ Dori Assaly, as attorney-in-fact 2012-12-28