Document:

EX-10.19

 Exhibit 10.19 

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

2014 OMNIBUS INCENTIVE PLAN 

MAKE-WHOLE AWARD AGREEMENT 

(RESTRICTED STOCK UNITS) 

Valeant Pharmaceuticals International, Inc. (the “Company”), pursuant to the Company’s 2014 Omnibus Incentive Plan (the
“Plan”), hereby awards to you a Make-Whole Award in the form of restricted share units (the “Restricted Stock Units” or the “Award”), payable in common shares of the Company
(“Common Shares”), covering the number of Common Shares set forth below. This Award is subject to all of the terms and conditions as set forth herein (the “Award Agreement”) and in the Plan,
which is incorporated herein in its entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the terms in the Award Agreement and the Plan, the terms of the Plan
shall control. For the avoidance of doubt, any terms contained in the Award Agreement but are not in the Plan shall not constitute a conflict and such terms in the Award Agreement shall control. 

 

			
	 Participant:
	  	 [•]

	 Date of Grant:
	  	 January [•], 2017

	 Number of Shares Subject to Award:
	  	 [•]

 The details of your Award are as follows. 

1. CONSIDERATION. Consideration for this Award is satisfied by your services to the
Company. 
 2. VESTING. 

(a) In General. Subject to the provisions of the Plan and this Award Agreement, one-third of the
Award shall vest on each of the first three anniversaries of the Commencement Date (each such anniversary, a “Vesting Date”); provided you are employed through the applicable Vesting Date. Settlement of vested Awards
shall be pursuant to Section 3 below. 
 (b) Accelerated Vesting upon a Termination of Employment. In the event that
(i) your employment is terminated (x) by the Company for any reason other than on account of Cause, (y) by you for Good Reason or (z) by the Company due to your death or Disability, then the Restricted Stock Units will
immediately vest and be settled in shares as soon as practicable (but not more than sixty (60) days) thereafter, conditioned, except in the case of termination due to death or Disability, on you delivering to the Company, and failing to revoke,
a signed release of claims acceptable to the Company within fifty-five (55) days following your termination date. 
 3.
DISTRIBUTION OF COMMON SHARES. The Company will deliver to you a number of Common Shares equal to the sum of (i) the number of Restricted Stock Units subject
to your Award that become vested in accordance with the terms of this Award Agreement, plus (ii) any Restricted Stock Units resulting from dividend equivalents credited with respect to such Restricted Stock Units in accordance with
Section 6 of this Award Agreement, as soon as 

 
practicable (but, subject to Section 7(c)(vi) of the Plan regarding blackout restrictions, in any event no later than sixty (60) days) following the date on which such Restricted Stock Units
become vested; provided, that, notwithstanding anything in the Plan to the contrary, if the Company terminates your service for Cause prior to the date on which the Common Shares are distributed to you, you shall forfeit any right to such
distribution of Common Shares. 
 4. NUMBER OF SHARES. The number
of Common Shares subject to your Award may be adjusted from time to time for capital adjustments, as provided in the Plan. The Company will establish a bookkeeping account to reflect the number of Restricted Stock Units standing to your credit from
time to time. However, you will not be deemed to be the holder of, or to have any of the rights of a stockholder with respect to, any Common Shares subject to your Award (including but not limited to stockholder voting rights) unless and until the
shares have been delivered to you in accordance with Section 3 of this Award Agreement. 
 5. COMMON
SHARE OWNERSHIP REQUIREMENTS. You agree to comply with any Common Share ownership requirements adopted by the Company applicable to you, which shall be on the same terms as similarly
situated executives of the Company. 
 6. DIVIDEND EQUIVALENTS. The bookkeeping
account maintained for your Award shall, until the final Vesting Date or the termination and cancellation or forfeiture of the Restricted Stock Units pursuant to the terms of this Award Agreement, be allocated additional Restricted Stock Units on
the payment date of dividends on the Company’s Common Shares. Such dividends will be converted into a number of additional Common Shares covered by the Restricted Stock Units equal to the quotient of (i) the aggregate amount or value of
the dividends paid with respect to that number of Common Shares equal to the number of shares covered by the Restricted Stock Units divided by (ii) the Market Price per Common Share on the payment date for such dividend. Any such additional
Restricted Stock Units shall have the same Vesting Dates and vest in accordance with the same terms as the Restricted Stock Units granted under this Award Agreement. 

7. COMPLIANCE WITH SECTION 409A OF THE
INTERNAL REVENUE CODE. The Award is intended to comply with section 409A of the Code to the extent subject thereto, and shall be interpreted in accordance with section 409A of
the Code and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant. Notwithstanding any provision in the Plan to the
contrary, no payment or distribution under this Plan that constitutes an item of deferred compensation under section 409A of the Code and becomes payable by reason of your termination of employment or service with the Company shall be made to you
until your termination of employment or service constitutes a separation from service within the meaning of section 409A of the Code. For purposes of this Award, each amount to be paid or benefit to be provided shall be construed as a separate
identified payment for purposes of section 409A of the Code. Notwithstanding any provision in the Plan to the contrary, if you are a specified employee within the meaning of section 409A of the Code, then to the extent necessary to avoid the
imposition of taxes under section 409A of the Code, you shall not be entitled to any payments upon a termination of your employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of your
separation from service or (ii) the date of your death. Upon the expiration of the applicable waiting period set forth in the 

  
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preceding sentence, all payments and benefits deferred pursuant to this Section 7 (whether they would have otherwise been payable in a single lump sum or in installments in the absence of
such deferral) shall be paid to you in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Award will be paid in accordance with the
normal payment dates specified for them herein. Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any affiliate be liable to you on account of an Award’s failure to (i) qualify for favorable U.S.
or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, section 409A of the Code. 

8. SECURITIES LAW COMPLIANCE. You may not be issued any Common
Shares under your Award unless the Common Shares are either (i) then registered under the Securities Act of 1933, as amended (the “Securities Act”) or (ii) the Company has determined that such issuance would be
exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you shall not receive such shares if the Company determines that such receipt would not
be in material compliance with such laws and regulations. 
 9. RESTRICTIVE
LEGENDS. The Common Shares issued under your Award shall be endorsed with appropriate legends, if any, determined by the Company. 

10. TRANSFERABILITY. Except as otherwise permitted by the Committee in accordance with the terms
of the Plan, your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the Company, in the form prescribed by the Company, you may designate a third
party who, in the event of your death, will thereafter be entitled to receive any distribution of Common Shares pursuant to Section 3 of this Award Agreement. 

11. AWARD NOT A SERVICE CONTRACT. Your
Award is not an employment or service contract, and nothing in your Award will be deemed to create in any way whatsoever any obligation on your part to continue in the service of the Company or an affiliate, or on the part of the Company or an
affiliate to continue such service. In addition, nothing in your Award will obligate the Company or an affiliate, their respective stockholders, boards of directors or employees to continue any relationship that you might have as an employee of the
Company or an affiliate. 
 12. UNSECURED OBLIGATION. Your Award is unfunded and
you will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue Common Shares pursuant to this Award Agreement. You will not have voting or any other rights as a stockholder of the Company
with respect to the Common Shares subject to your Award until such Common Shares are delivered to you pursuant to Section 3 of this Award Agreement. Upon such delivery, you will obtain full voting and other rights as a stockholder of the
Company. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 

  
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 13. WITHHOLDING OBLIGATIONS. On or before the
time you receive a distribution of Common Shares pursuant to your Award, or at any time thereafter as requested by the Company, you hereby authorize any required withholding from the Common Shares, payroll and any other amounts payable or issuable
to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any affiliate which arise in connection with your Award (the
“Withholding Taxes”). The Company shall withhold Common Shares with an aggregate Market Price (measured as of the date Common Shares are delivered pursuant to Section 3) equal to the amount of such Withholding Taxes;
provided, however, that the number of such Common Shares so withheld shall not exceed the maximum amount that can be withheld satisfy the Company’s required tax withholding obligations.. 

14. NOTICES. Any notices provided for in your Award or the Plan shall be given in writing and
shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.

 15. HEADINGS. The headings of the Sections in this Award Agreement are inserted for
convenience only and will not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement. 

16. AMENDMENT. Nothing in this Award Agreement shall restrict the Company’s ability to
exercise its discretionary authority pursuant to Section 4 of the Plan; provided, however, that no such action may, without your consent, adversely affect your rights under your Award and this Award Agreement. Without limiting the
foregoing, the Board (or appropriate committee thereof) reserves the right to change, by written notice to you, the provisions of this Award Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of
any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision; provided that any such change will be applicable only to rights relating to that portion of the Award which is then subject to
restrictions as provided herein. 
 17. MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Award will be transferable by the Company to any one or more persons or
entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. This Award Agreement and the Plan contain the entire agreement and understanding among
the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or 

  
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implied, with respect to the subject matter hereof (including, without limitation, the provisions in your employment letter with respect thereto). 

(d) This Award Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan and this Award
Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the
Company. 
 18. GOVERNING PLAN DOCUMENT. Your Award is subject to
all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the
Plan. In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan will control; provided, however, for avoidance of doubt, terms contained in the Award Agreement but not in the Plan
shall not constitute a conflict and such terms in the Award Agreement shall control. The Committee will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation, and application of
the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee will be final and binding upon you, the Company, and all other interested persons. No
member of the Board or the Committee will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Award Agreement. 

19. EFFECT ON OTHER EMPLOYEE BENEFIT
PLANS. The value of the Award subject to this Award Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating the employee’s benefits under any employee
benefit plan sponsored by the Company or any affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any affiliate’s employee benefit
plans. 
 20. CHOICE OF LAW. The interpretation, performance and
enforcement of this Award Agreement will be governed by the law of the Province of Ontario and the laws of Canada. 
 21.
SEVERABILITY. If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any
portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give
effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

  
 5EX-10.23

 Exhibit 10.23 
  

 
  
 400
Somerset Corporate Blvd. 
 Bridgewater, NJ 08807 

www.valeant.com 
 July 8, 2016 

Christina Ackermann 
 Dear Christina: 

This letter outlines the details of your employment with Valeant Pharmaceuticals International, Inc., or its applicable subsidiary (the “Company”),
and your Company assignment. Your employment with the Company shall commence as of a date to be mutually determined by the Company and you, provided that such date shall be no later than September 12, 2016. The date your employment commences is
referred to herein as the “Commencement Date”. 
  

	 	•	 	Title: Executive Vice President and General Counsel, reporting to the Chief Executive Officer. During the term of your employment with the Company, you will be the Company’s most senior legal officer
and, in such capacity, will have overall responsibility for general legal, compliance and intellectual property related legal matters. 

  

	 	•	 	Office Location: Your principal place of employment will be in Bridgewater, New Jersey. You will receive relocation assistance under Valeant’s relocation policy, the details of which will be provided
to you as part of the onboarding process. 

  

	 	•	 	Base Salary: Your base salary will be $50,000 per month, $600,000 annualized. 

  

	 	•	 	Sign-on Bonus. The Company will pay you a one-time sign-on bonus payment of $1,500,000 which amount shall be paid to you in the next regular pay cycle following the Commencement Date, subject to your
continued employment on the payment date. In the event that you terminate your employment other than for Good Reason, death or Disability as defined by the 2014 Omnibus Incentive Plan or should the Company terminate your employment for Cause, in
either case within two years of the Commencement Date, you will repay to the Company within 5 business days of your Termination date a pro-rata portion of the net amount of half the sign-on bonus payment actually received by you after tax and other
applicable withholdings, based on the portion of such two year period which has not elapsed as of the date of termination (calculated by dividing the number of complete months that have not elapsed by 24). For the avoidance of doubt, in no event
shall your gross repayment obligation with respect to the Sign-on Bonus exceed $750,000. 

  

	 	•	 	 Annual Incentive: You will be eligible to participate in the Company’s management bonus plan
beginning with the 2016 calendar year, with no pro-ration for the portion of 2016 during which you were not employed by the Company. Your target bonus will be 80% of your base salary, with the potential of up to 160% of your base salary. This plan,
and therefore your participation, is subject to change at the discretion of the Board of Directors. Bonuses are payable at the time the other management bonuses are paid. To be eligible for any bonus payment, you must be employed by the Company, and
you must 

 Christina Ackermann 

July 8, 2016 
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not have given or received notice of the termination of your employment, on the day on which the applicable bonus is paid to other members of the Company management. 

 

	 	•	 	Equity Awards: The Company’s Talent and Compensation Committee of the Company’s Board of Directors (the “Committee”) approved the following equity award, valued at approximately
$1,200,000 (the “2016 Award”): 

  

	 	•	 	Approximately $600,000 in Performance-based Restricted Share Units (each, a “PSU”). The PSUs shall vest between 0-300%, based on meeting certain Company performance criteria, as measured approximately three
years from the grant date. The triggers for 1x, 2x and 3x vesting shall be based on attaining a 10%, 20% and 30% total shareholder return rate (TSR), with measurement governed by the award agreement. Notwithstanding anything set forth above, if the
Company’s TSR for the period between the grant date and the measurement date is below the 50th percentile ranking of the TSR for the Share Unit Peer Group [NYSE ARCA PHARMACEUTICAL INDEX
(^DRG)], you will receive no more than the number of Common Shares equal to 100% of the PSU award. In the event that your employment is terminated (i) by the Company without Cause, (ii) by you for Good Reason, (iii) due to your
death or Disability, or (iv) within twelve (12) months following a Change of Control (or during the six month period prior to a Change of Control if such termination was in contemplation of, and directly related to, the Change of Control),
the PSUs will vest in a manner consistent with the thresholds (including the Relative TSR Cap) described above, except that the performance period will be shortened such that the measurement date will be your termination date. In the event you are
entitled to benefits pursuant to this section, only a pro rata portion of such calculated PSUs will vest upon termination based on a fraction, the numerator of which is the number of days from the Commencement Date through the termination
date, and the denominator of which is the number of days from the Commencement Date through the third anniversary of the Commencement Date. 

  

	 	•	 	Approximately $600,000 in options to purchase common shares in the Company, which options vest 25% on each of the 4 anniversaries following the date of grant and have a ten year maximum term. In the event your
employment is terminated (i) by the Company without Cause, (ii) by you for Good Reason, or (iii) due to your death or Disability, then an additional number of options will vest, equal to the number of options scheduled to vest on the
next applicable vesting date multiplied by a fraction, the numerator of which is the number of days from the prior vesting date (or, if your termination date occurs during the first year following the Commencement Date, the number of days from the
Commencement Date) through the termination date, and the denominator of which is 365. Notwithstanding the foregoing and any other provisions of the Company option plan to the contrary, in the event that your employment is terminated (x) by the
Company without Cause or (y) by you for Good Reason, in either case within twelve (12) months following a Change of Control (or during the six month period prior to a Change of Control if such termination was in contemplation of, and
directly related to, the Change of Control), then any option that was not cancelled in connection with such Change of Control in exchange for a cash payment will vest on the date of your termination of employment (or on the date of the Change of
Control if such termination occurs during the six month period prior to a Change of Control). 

 Christina Ackermann 

July 8, 2016 
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 In addition, you will receive $1,000,000 in the form of Restricted Stock Units (RSUs), which
will vest one-third on each of the three anniversaries following the date of grant, provided that you are employed by Valeant or one of its affiliates on the applicable vesting date. Notwithstanding the foregoing and any other provisions of the
Company stock plan to the contrary, in the event that your employment is terminated (x) by the Company for any reason other than on account of Cause, (y) by you for Good Reason or (z) due to your death or Disability, then the
Restricted Stock Units will immediately vest and be settled in shares as soon as practicable (but not more than sixty (60) days) thereafter. 

The number of RSUs and PSUs granted will be based on the 20-day trailing average of the closing price of Valeant common shares immediately
prior to the date of grant. The number of options granted will be based on the Black-Scholes value of such options on the date of grant, and such options will have an exercise price equal to the closing price of Valeant common shares on the date of
grant. 
 These equity awards are contingent upon your acceptance of this letter agreement, will be granted to you on the Commencement Date
and, except as specified above, will be made pursuant to the terms of the Company’s 2014 Omnibus Incentive Plan and subject to applicable grant agreements. 

You will be eligible for consideration for future annual equity awards, at the discretion of the Company, beginning in 2017, with such awards
to be granted at the same time and in the same mix of awards as granted to similarly situated executives of the Company and anticipated to be in line with the 2016 Award, subject to requisite internal approvals including the Talent and Compensation
Committee of the Board of Directors. 
  

	 	•	 	Share Ownership Commitment. You also agree to comply with any share ownership requirements adopted by the Company applicable to you, which shall be on the same terms as similarly situated executives of the
Company. In connection with such share ownership, you shall be eligible to receive matching share units in the event that the Company offers a matching share unit program, in accordance with its terms generally applicable to similarly situated
executives of the Company. 

  

	 	•	 	Good Reason. You may terminate your employment for Good Reason (as defined below) by delivering to the Company a Notice of Termination (as defined below) not less than thirty (30) days prior to the
termination of your employment for Good Reason. The Company shall have the option of terminating your duties and responsibilities prior to the expiration of such thirty-day notice period, subject to the payment by the Company of the compensation and
benefits provided in this letter, as may be applicable. For purposes of this letter, “Good Reason” shall mean the occurrence of any of the events or conditions described in clauses (i) through (iii) immediately below which are
not cured by the Company (if susceptible to cure by the Company) within thirty (30) days after the Company has received a “Notice of Termination.” “Notice of Termination” means a written notice provided by you within ninety
(90) days of the initial existence of the event or condition constituting Good Reason specifying the particular events or conditions which constitute Good Reason and the specific cure requested by you. 

 

	 	(i)	Diminution of Responsibility. (A) any material reduction in your duties or responsibilities as in effect immediately prior thereto, or (B) removal of you from the position of Executive Vice President and
General Counsel. For the avoidance of doubt, the term 

 Christina Ackermann 

July 8, 2016 
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“Diminution of Responsibility” shall not include (Y) any such removal resulting from a promotion, your death or Disability, the termination of your employment for Cause, or your
termination of your employment other than for Good Reason, (Z) the reduction of or change in any particular duties or responsibilities provided you are given other duties or responsibilities such that your overall duties and responsibilities
remain substantially comparable to your overall duties and responsibilities prior to the reduction or change; 
  

	 	(ii)	Compensation Reduction. Any reduction in your base salary or target bonus opportunity which is not comparable to reductions in the base salary or target bonus opportunity of other similarly-situated senior executives at
the Company; or 

  

	 	(iii)	Company Breach. Any other material breach by the Company of any material provision of this letter. 

  

	 	•	 	Change in Control. For purposes of this letter and, except to the extent as would result in a violation of Section 409A of the Code, a “Change in Control” shall be deemed to occur if and
when the first of the following occurs: 

  

	 	(i)	the acquisition (other than from the Company), by any person (as such term is defined in Section 13(c) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the 1934 Act) of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities; 

 

	 	(ii)	the individuals who, as of the date hereof, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least a majority of the Board, unless the election, or nomination for
election by the Company’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, and such new director shall, for purposes of this letter, be considered as a member of the Incumbent Board;

  

	 	(iii)	the closing of an amalgamation or similar business combination (each, an “Amalgamation”) involving the Company if (i) the shareholders of the Company, immediately before such Amalgamation, do not, as a
result of such Amalgamation, own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of the entity resulting from such Amalgamation in substantially the same proportion
as their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such Amalgamation or (ii) immediately following the Amalgamation, the individuals who comprised the Board immediately prior
thereto do not constitute at least a majority of the board of directors of the entity resulting from such Amalgamation (or, if the entity resulting from such Amalgamation is then a subsidiary, the ultimate parent thereof); or 

 

	 	(iv)	a complete liquidation or dissolution of the Company or the closing of an agreement for the sale or other disposition of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to this letter agreement, solely because fifty percent
(50%) or more of the combined voting power of the Company’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or any of
its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned 

 Christina Ackermann 

July 8, 2016 
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directly or indirectly by the shareholders of the Company in the same proportion as their ownership of shares in the Company immediately prior to such acquisition. In addition, notwithstanding
the foregoing, solely to the extent required by Section 409A, a Change of Control shall be deemed to have occurred only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the
assets of the Company shall also be deemed to have occurred under Section 409A. 
  

	 	•	 	Disability. The Company may terminate your employment, on written notice to you after having established your Disability and while you remain Disabled, subject to the payment by the Company to you of the
applicable compensation and benefits provided pursuant to this letter agreement. For purposes of this letter agreement, “Disability” shall have the meaning assigned to such term in the 2014 Omnibus Incentive Plan. 

 

	 	•	 	Cause. The Company may terminate your employment for “Cause”, subject to the payment by the Company to you of the applicable compensation and benefits provided in this letter agreement.
“Cause” shall mean, for purposes of this letter, (1) conviction of any felony or indictable offense (other than one related to a vehicular offense) or other criminal act involving fraud; (2) willful misconduct that results in a
material economic detriment to the Company; (3) material violation of Company policies and directives, which is not cured after written notice and a reasonable opportunity for cure; (4) continued refusal by you to perform your duties after
written notice identifying the deficiencies and a reasonable opportunity for cure; or (5) a material violation by you of any material covenants to the Company. No action or inaction shall be, or be deemed to be, willful if not demonstrably
willful and if taken or not taken by you in good faith and with the understanding that such action or inaction was not adverse to the best interests of the Company. Reference in this paragraph to the Company shall also include direct and indirect
subsidiaries of the Company, and materiality shall be measured based on the action or inaction and the impact upon the Company taken as a whole. The Company may suspend you, with pay, upon your indictment for the commission of a felony or indictable
offense as described under clause (1) above. Such suspension may remain effective until such time as the indictment is either dismissed or a verdict of not guilty has been entered. 

 

	 	•	 	Employee and Executive Benefits. You will be eligible to participate in the employee benefit plans and programs generally made available to similarly situated employees of the Company on the terms and
conditions applicable generally to all employees. In addition, the Company shall reimburse you for incremental taxes incurred by you outside of the United States because of any services you provide to the Company outside of the United States or any
business that the Company conducts outside of the United States, if such incremental amount during any tax year exceeds 1% or more of your average base salary for such tax year. You shall be required to participate in any tax equalization program
the Company may have in effect from time to time in order to qualify for the benefit described in the preceding sentence. In connection with your current tax status, you will also receive tax preparation assistance from Ernst & Young LLP,
at the Company’s expense, through December 31, 2017. 

  

	 	•	 	Conditions to Reimbursement. The following provisions shall be in effect for any reimbursements (and in-kind benefits) to which you otherwise may become entitled under this letter, in order to assure that
such reimbursements (and in-kind benefits) do not create a deferred compensation arrangement subject to Section 409A of the Internal Revenue Code (“Section 409A”): 

 Christina Ackermann 

July 8, 2016 
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	 	(i)	The amount of reimbursements (or in-kind benefits) to which you may become entitled in any one calendar year shall not affect the amount of expenses eligible for reimbursement (or in-kind benefits) hereunder in any
other calendar year. 

  

	 	(ii)	Each reimbursement to which you become entitled shall be made by the Company as soon as administratively practicable following your submission of the supporting documentation, but in no event later than the close of
business of the calendar year following the calendar year in which the reimbursable expense is incurred. 

  

	 	(iii)	Your right to reimbursement (or in-kind benefits) cannot be liquidated or exchanged for any other benefit or payment. 

  

	 	•	At-Will Employment. Your employment with the Company is “at will”. This means that you or the Company have the option to terminate your employment at any time, with or without advance notice, and
with or without Cause or with or without Good Reason. This letter of employment does not constitute an express or implied agreement of continuing or long term employment. The at-will nature of your employment can be altered only by a written
agreement specifying the altered status of your employment. Such written agreement must be signed by both you and the Chief Executive Officer. 

  

	 	•	Severance Benefits. Notwithstanding the immediately preceding bullet paragraph, if your employment is terminated by the Company without Cause or by you for Good Reason, the Company shall have the following
obligations: 

  

	 	(i)	The Company will pay you an amount equal to the sum of (A) your annual salary as of the Termination Date, plus (B) your annual target bonus as of the Termination Date, provided that, if your termination occurs
either in contemplation of a Change in Control or at any time within twelve (12) months following a Change in Control, the Company shall instead pay you an amount equal to two times the sum of (A) your annual salary as of the Termination
Date, plus (B) your annual target bonus as of the Termination Date. The “Termination Date” shall be the date specified as the effective date of the termination of your employment in any notice of termination of employment provided by
the Company to you or accepted by the Company in the event of your giving notice of the termination of your employment. 

  

	 	(ii)	The Company will pay you any accrued but unpaid salary or vacation pay and any deferred compensation. In addition, the Company will pay you any bonus earned but unpaid in respect of any fiscal year preceding the
Termination Date. The Company will also pay you a bonus in respect of the fiscal year in which the Termination Date occurs, as though you had continued in employment until the payment of bonuses by the Company to its executives for such fiscal year,
in an amount equal to the product of (A) the lesser of (x) the bonus that you would have been entitled to receive based on actual achievement against the stated performance objectives or (y) the bonus that you would have been entitled
to receive assuming that the applicable performance objectives for such fiscal year were achieved at “target”, and (B) a fraction (i) the numerator of which is the number of days in such fiscal year through Termination Date and
(ii) the denominator of which is 365; provided that, if your termination occurs either in contemplation of a Change in Control or at any time within twelve (12) months following a Change in Control, then in the foregoing calculation the
amount under (A) shall be equal to (y). Any bonus payable to you under this bullet shall be paid in no event later than March 15 of the calendar year following the calendar year in which the Termination Date occurs. 

 Christina Ackermann 

July 8, 2016 
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	 	(iii)	The Company will provide you with continued coverage under any health, medical, dental or vision program or policy in which you were eligible to participate at the time of your employment termination for 12 months
following such termination on terms no less favorable to you and your dependents (including with respect to payment for the costs thereof) than those in effect immediately prior to such termination. 

 

	 	(iv)	The Company shall provide outplacement services through one or more outside firms of your choosing up to an aggregate of $20,000, which services shall extend until the earlier of (i) 12 months following the
Termination Date or (ii) the date that you secure full time employment. 

 Notwithstanding anything herein to the
contrary, the Company shall have no obligation to pay or provide any of the severance benefits referenced or set forth in this letter and shall have no obligations to you in respect of the termination of your employment save and except for
obligations that are expressly established by applicable employment standards legislation unless you execute and deliver, within 45 days of the date of your termination, and do not revoke, a general release in form satisfactory to the Company and
any revocation period set forth in the release has lapsed. Subject to compliance with Section 409A, the Company shall pay all cash severance benefits due within 10 business days following the satisfaction of all of the conditions set forth in
the preceding sentence. You shall not be required to mitigate the amount of any severance payment provided for under this letter by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any
compensation or benefits provided to you in any subsequent employment. 
 Notwithstanding anything herein to the contrary, in no event shall
the timing of your execution of the general release, directly or indirectly, result in you designating the calendar year of payment, and if a payment that is subject to execution of the general release could be made in more than one taxable year,
payment shall be made in the later taxable year. 
 It is understood that, during your employment by the Company, you will not engage in any
activities that constitute a conflict of interest with the interests of the Company, as outlined in the Company’s conflict of interest policies for employees and executives in effect from time to time. 

 

	 	•	Covenant Not to Solicit. To protect the confidential information and other trade secrets of the Company and its affiliates, you agree, during your employment with the Company or any of its affiliates and
for a period of twelve (12) months after your cessation of employment with the Company or any of its affiliates, not to solicit, attempt to solicit, or participate in or assist in any way in the solicitation or attempted solicitation of any
employees or independent contractors of the Company or any of its affiliates. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence employees of the Company
or any of its affiliates to become employed with any other person, partnership, firm, corporation or other entity. You agree that the covenants contained in this paragraph are reasonable and necessary to protect the confidential information and
other trade secrets of the Company and its affiliates, provided, that solicitation through general advertising or the provision of references shall not constitute a breach of such obligations. For purposes of this paragraph, an “affiliate”
shall mean any direct or indirect subsidiary of the Company or any joint venture or collaboration in which any such entity or the Company participates. 

  

	 	•	Remedies for Breach of Obligations Under the Covenants Not to Solicit Above. It is the intent and desire of you and the Company (and its affiliates) that the restrictive 

 Christina Ackermann 

July 8, 2016 
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provisions in the paragraph captioned “Covenant Not to Solicit” above be enforced to the fullest extent permissible under the laws and public policies as applied in each jurisdiction in
which enforcement is sought. If any particular provision in such paragraph shall be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either party hereto, to delete therefrom the portion so
determined to be invalid or unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made. Your obligations under the two preceding paragraphs shall
survive the termination of your employment with or any other employment arrangement with the Company or any of its affiliates. You acknowledge that the Company or its affiliates will suffer irreparable injury, not readily susceptible of valuation in
monetary damages, if you breach your obligations under the paragraph captioned “Covenant Not to Solicit” above. Accordingly, you agree that the Company and its affiliates will be entitled, in addition to any other available remedies, to
obtain injunctive relief against any breach or prospective breach by you of your obligations under either such paragraph in any Federal or state court sitting in the State of New Jersey, or, at the Company’s (or its affiliate’s) election,
in any other state or jurisdiction in which you maintain your principal residence or your principal place of business. You agree that the Company or its affiliates may seek the remedies described in the preceding sentence notwithstanding any
arbitration or mediation agreement that you may enter into with the Company or any of its affiliates. You hereby submit to the non-exclusive jurisdiction of all those courts for the purposes of any actions or proceedings instituted by the Company or
its affiliates to obtain that injunctive relief, and you agree that process in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided by you to the Company or its affiliates, or in any
other manner authorized by law. 

  

	 	•	 	Indemnification. You shall be indemnified by the Company as provided in its articles or, if applicable, pursuant to an indemnification agreement with the Company if such agreements are provided to
similarly situated executives. 

  

	 	•	 	Section 409A. The parties intend for the payments and benefits under this letter to be exempt from Section 409A or, if not so exempt, to be paid or provided in a manner which complies with the
requirements of such section, and intend that this letter shall be construed and administered in accordance with such intention. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A
shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of compensation under this letter shall be treated as a separate payment of compensation.
Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be
provided pursuant to this letter during the six-month period immediately following your separation from service shall instead be paid on the first business day after the date that is six months following your Termination Date (or death, if earlier),
with interest from the date such amounts would otherwise have been paid at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Internal Revenue Code of 1986, as amended, for the month in
which payment would have been made but for the delay in payment required to avoid the imposition of an additional rate of tax on you under Section 409A. 

 Christina Ackermann 

July 8, 2016 
  Page
 9
 of 9 
  

	 	•	 	Withholding Taxes. All payments to you or your beneficiary under this letter agreement shall be subject to withholding on account of federal, state and local taxes as required by law. 

You acknowledge that you have, reviewed, agreed, signed and returned the Company’s customary on-boarding documentation. 

Policies of the Company will govern any other matter not specifically covered by this letter. 

Except as specifically described in the following sentence, the terms of this letter constitute the entire agreement between the Company and you with respect
to the subject matter hereof, superseding all prior agreements and negotiations. This letter is governed by the laws of the State of New Jersey. All currency amounts set forth in the letter agreement refer to U.S. dollars. 

This letter and the documents referenced herein are the full, complete and exclusive agreement between you and the Company regarding all of the subjects
covered by this letter, and supersede in their entirety any other written or verbal agreement between you and the Company. 
 As confirmation of acceptance
of this letter agreement, please sign this letter indicating your agreement and acceptance of the terms and conditions of employment by signing and faxing this letter to Kelly Webber at (908) 927-1510, or by scanning and e-mailing a signed copy
to kelly.webber@valeant.com. 
  

			
	Sincerely,
	
	Valeant Pharmaceuticals International, Inc.
		
	By:	 	/s/ Joseph Papa
		 	Joseph Papa
		 	Chairman & Chief Executive Officer
		
		 	/s/ Christina Ackermann
		 	Christina Ackermann

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