Document:

EX-10.28

 Exhibit 10.28 
  

 
  
  

Valeant Pharmaceuticals North America LLC 

700 Route 202/206 North 
 Bridgewater,
New Jersey 08807 
 Tel: 908.927.1400 

www.valeant.com 
 July 23, 2013 

Deborah Jorn 
 Bausch & Lomb 

Dear Deborah, 
 We are pleased to provide you with this letter
as confirmation of your offer of employment with Valeant Pharmaceuticals North America, LLC (“Valeant”). This offer is contingent upon: 1) the closing of the pending merger transaction involving Bausch & Lomb Holdings Incorporated
(“Bausch & Lomb”) and Valeant Pharmaceuticals International, Inc. (the “Merger”); and 2) your continued employment with Bausch & Lomb now through the closing date of the Merger. 

This offer letter outlines the details of your continued employment including your compensation and benefits. 

 

	 	•	 	Title. Your title will be VP, Marketing Dermatology. 

  

	 	•	 	Salary. Your base salary will be $383,915.86 USD annually, or $15,996.50 semi-monthly. 

  

	 	•	 	Bonus Plan. You are eligible to participate in the Valeant Pharmaceuticals International, Inc. (“VPII”) management bonus plan. Your target bonus will be 40% of your base salary, with the
potential of 80% of your base salary. This plan, and therefore your participation, is subject to change at the discretion of the Talent and Compensation Committee of the Board of Directors (the “Committee”). Bonuses are payable at the time
the other management bonuses are paid. To be eligible for any bonus payment, you must be employed by Valeant, and you must 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 Valeant’s management. For 2013, you will be paid based on the plan that was in effect at Bausch & Lomb for actual results through the end of June and based on Valeant’s bonus plan for the remainder of the year.

  

	 	•	 	Equity. The Committee has authorized VPII’s Chief Executive Officer to grant the following equity awards, valued at approximately $1,300,000: 

 

	 	•	 	19,365 Options to purchase common shares of VPII, which options vest 25% on each of the 4 anniversaries following the date of grant and have a ten year maximum term 

 Deborah Jorn 

July 23, 2013 
  

	 	•	 	7,345 Performance Stock Units (PSUs), which vest between 0-300%, based on meeting certain VPII performance criteria, as measured approximately three years from the grant date. The triggers for 1x, 2x and 3x vesting
shall be based on VPII’s common shares attaining a 10%, 20% and 30% 3-year compound annual growth rate, respectively 

These equity awards are contingent upon your acceptance of the offer and closing of the Merger and will be made pursuant to the terms of the
applicable Valeant equity plan and governed by such plan and applicable grant agreements. The grant date for the equity awards set forth above shall be on the date of the closing of the Merger, provided that if such date is during a trading blackout
period under VPII’s Blackout Policy, the grant date shall be the first trading day after the trading blackout is no longer in effect 
  

	 	•	 	Matching Share Program. You shall be eligible to participate in VPII’s matching share program, as in effect from time to time, which currently allows participants to receive one matching share unit,
which vests over a 3 year period, for each share purchased and held in accordance with the terms of such program. You will be eligible to participate in the current program up to an aggregate purchase amount equal to 50% of your target cash
compensation. 

  

	 	•	 	Employee Benefits. You will continue to participate in your current benefit plans with Bausch & Lomb (as may be amended in accordance with their terms) until you are transitioned to Valeant’s
plans. It is anticipated that this change will occur on January 1, 2014. Details on Valeant’s benefit plans and open enrollment process will be provided to you. Please note these plans are reviewed from time to time and subject to change.

  

	 	•	 	Vacation. You will participate in Valeant’s Management Vacation Plan which allows you to take vacation days, at times mutually agreed with your supervisor. You will not accrue any vacation as a
participant in this plan. Your current balance of vacation days, if any, will transition over to Valeant. 

  

	 	•	 	Years of Service. Your credited service date with Bausch & Lomb will be transferred to Valeant, and your years of service with Bausch & Lomb will be recognized at Valeant for the purpose
of determining benefits under any service-based compensation or benefit programs, to the extent allowed by law. 

  

	 	•	 	Severance Benefits. In the event that your employment is terminated by Valeant without “Cause” (as defined below) from the period following the closing date of the Merger through
December 31, 2013, you shall be entitled to receive severance benefits based on the Bausch & Lomb severance policy. As of January 1, 2014, you will be eligible for severance benefits in accordance with Valeant’s U.S.
Severance Pay Plan, as such plan may be modified and in effect from time to time. 

  

	 	•	 	Release Requirement. Notwithstanding anything herein to the contrary, Valeant shall have no obligation to pay or provide any of the severance benefits 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 Valeant and any revocation period set forth in the release has lapsed. 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 to the extent such designation would result in a violation of Section 409A, and if a payment that is subject to execution of the
general release could be made in more than one taxable year, to the extent required to avoid a violation of Section 409A, payment shall be made in the later taxable year. 

  
 Page 2 of 4 

 Deborah Jorn 

July 23, 2013 
  

	 	•	 	Definition of “Cause”. Valeant may terminate your employment for “Cause”, subject to the payment by Valeant to you of the applicable benefits provided in this letter. “Cause”
shall mean, for purposes of this letter, “cause” as defined by applicable common law, and (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 an opportunity for cure; (4) continued refusal
by you to perform your duties after written notice identifying the deficiencies and an opportunity for cure; and (5) a material violation by you of any material covenants to the Company. No action or inaction shall be deemed 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 any
direct or indirect subsidiary of VPII (including Valeant). 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. 

  

	 	•	 	At-Will Employment. This letter constitutes an offer of “at-will” employment and is not a contract providing for guaranteed employment or employment for a specific period of time. This means that
each of you and Valeant has the option to terminate your employment at any time, with or without advance notice, for any or no reason. The “at-will” nature of your employment can only be changed by a written agreement signed by VPII’s
Executive Vice President of Administration and Chief Human Capital Officer or Chief Executive Officer. 

 It is understood
that, during your employment by Valeant or any of its affiliates, you will not engage in any activities that constitute a conflict of interest with the interests of Valeant or any of its affiliates, as outlined in VPII’s conflict of interest
policies for employees in effect from time to time. 
  

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

 

	 	•	 	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). 

  
 Page 3 of 4 

 Deborah Jorn 

July 23, 2013 
 It is understood that you are required to
have read, reviewed, agreed, signed and returned to Valeant VPII’s Standards of Business Conduct, Insider Trading Policy, Blackout Policy and Global Anti-Bribery Policy, and by signing below you acknowledge your requirement to comply with such
documents and policies at all times during your employment with Valeant or any of its affiliates. 
 Policies of Valeant and its affiliates will govern any
other matter not specifically covered by this letter. 
 This letter is governed by the laws of the State of New Jersey. 

Please indicate your acceptance of this offer of employment with Valeant, by signing and faxing this letter to Sharon Roche in Human Resources at
(908) 927-1458, or by scanning and e-mailing a signed copy to Sharon.Roche@valeant.com. Please also provide an original copy to Sharon Roche or another member of human resources.  

We are excited to have you join our team. 
 Welcome to Valeant
Pharmaceuticals! 
  
  

							
	Sincerely,	 		 		 	AGREED TO AND ACCEPTED:
				
	/s/ Brian Stolz	 		 		 	/s/ Deborah Jorn                    7/24/2013
	Brian Stolz	 		 		 	Deborah Jorn                        Date
	EVP, Admin & Chief Human Capital Officer	 		 		 	

  
 Page 4 of 4Exhibit

Exhibit 10.1

FIRST AMENDMENT TO THE FOURTH AMENDED AND 
RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF
 TAUBMAN PROPERTIES ASIA LLC

THIS FIRST AMENDMENT (this "Amendment") TO THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF TAUBMAN PROPERTIES ASIA LLC (the “Fourth Amended and Restated Agreement”) is entered into effective as of April 26, 2016, and is made by, between and among TAUBMAN ASIA MANAGEMENT II LLC, a Delaware limited liability company (“T-Asia”), whose address is 200 East Long Lake Road, P.O. Box 200, Bloomfield Hills, Michigan 48303-0200, RENé TREMBLAY (“Tremblay”), whose address is 129 Repulse Tower Two, Floor 20, Hong Kong, and TAUBMAN PROPERTIES ASIA LLC, a Delaware limited liability company (the “Company”). (Capitalized terms used herein that are not herein defined shall have the meanings ascribed to them in the Fourth Amended and Restated Agreement.)

Recitals:

A.    The Taubman Realty Group Limited Partnership, a Delaware limited partnership (“TRG”), formed the Company under the name “Taubman Properties Asia LLC,” by filing, on April 21, 2005, a Certificate of Formation (the “Certificate”) with the Delaware Secretary of State in accordance with the Delaware Limited Liability Company Act (the "Act").  TRG, as the Company’s sole member, entered into and adopted an Operating Agreement of Taubman Properties Asia LLC dated as of April 21, 2005 (the “Original Agreement”).  TRG subsequently assigned its entire interest in the Company to T-Asia, which became the sole member of the Company in TRG’s place and stead.

B.    On January 23, 2008, the Company admitted another member, and the Original Agreement was amended and restated (the “First Amended and Restated Agreement”).

C.    On October 4, 2009, such other member withdrew from the Company, leaving T-Asia as the sole member of the Company, and the First Amended and Restated Agreement was once again amended and restated as of December 7, 2009 (the “Second Amended and Restated Agreement”).

D.    On October 15, 2010, Tremblay was admitted as a member of the Company, and the parties hereto entered into the Third Amended and Restated Limited  Liability Company Agreement of the Company (the “Third Amended and Restated Agreement”) to memorialize the understandings of the parties with respect to their relationship as members of, and their respective interests in, the Company.

E.    On April 30, 2014, the parties hereto entered into the Fourth Amended and Restated Agreement to change certain terms related to the redemption of Tremblay’s Membership Interest in the Company.

F.    The parties hereto now wish to amend the Fourth Amended and Restated Agreement to reflect the agreement of the parties to the terms and conditions of the redemption of fifty percent (50%) of Tremblay’s Membership Interest in the Company and for certain other reasons.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree that the Fourth Amended and Restated Agreement is amended as follows:

1.    Section 3.1(a) of the Fourth Amended and Restated Agreement is hereby amended to insert “Subject to Section 5.8(b) hereof,” at the beginning thereof.

2.    Section 5.8 of the Fourth Amended and Restated Agreement is hereby deleted in its entirety, and the following Section 5.8 is substituted in the place thereof:

		
	5.8
	Redemption of a Portion of Tremblay’s Membership Interest.

(a)    On or before April 30, 2016, the Company shall redeem fifty percent (50%) of Tremblay’s Membership Interest (the “Redeemed Interest”) for a purchase price equal to Seven Million One Hundred Fifty Thousand US Dollars (US $7,150,000), (the “Partial Redemption Price”), and Tremblay has agreed to contribute to the capital of the Company Two Million US Dollars (US $2,000,000) of the redemption proceeds (the “Special Contribution”) at the closing of the redemption pursuant to Section 5.8(d) hereof. The Special Contribution shall be made notwithstanding the time periods and the notice requirement set forth in Section 2.1(b) hereof and shall be made in lieu of the capital contributions required by Section 3.1(a) hereof. 

(b)    On or after the third anniversary of the opening for business to the public of the last to open of the Commercial Projects that constitute Non-Stabilized Assets on the closing date of the redemption of the Redeemed Interest pursuant to Section 5.8(a) hereof, Tremblay shall have the right, by written notice to the Company, to cause the Company to determine the Full Liquidation Value as defined in Section 5.8(c) hereof of one hundred percent (100%) of Tremblay’s Membership Interest as it existed immediately prior to the partial redemption pursuant to Section 5.8(a) hereof. The Full Liquidation Value shall be determined as of the date of such notice from Tremblay.

		
	•
	If the Full Liquidation Value equals or exceeds Seven Million One Hundred Fifty Thousand US Dollars (US $7,150,000), then within ten (10) days after the determination of the Full Liquidation Value, the Company shall distribute to Tremblay an amount equal to the Special Contribution as a return of capital.

		
	•
	If the Full Liquidation Value is greater than Five Million One Hundred Fifty Thousand US Dollars (US $5,150,000) but less than Seven Million One Hundred Fifty Thousand US Dollars (US $7,150,000), then within ten (10) days after the determination of the Full 

Liquidation Value the Company shall make a distribution to Tremblay of an amount equal to that portion of the Special Contribution that equals the difference between (x) the Full Liquidation Value and (y) Five Million One Hundred Fifty Thousand US Dollars (US $5,150,000). Any or all of the Special Contribution that is not distributed to Tremblay pursuant to this Section 5.8(b) shall be distributed to Tremblay upon the redemption of his remaining Membership Interest to the extent (x) the Full Liquidation Value as determined pursuant to this Section 5.8(b) supports such distribution, and (y) the Company is not insolvent at such time and such distribution would not render the Company insolvent. 

(c)    For purposes of this Section 5.8, “Full Liquidation Value” means the Liquidation Value as determined using the methodology set forth in Section 5.5(c) hereof, but the Liquidation Value shall take into account only those assets, liabilities, costs and expenses of the Company existing on the date of the closing of the Partial Redemption, which shall be determined by the agreement of the parties within forty (40) days after the date of the redemption notice. If the parties are unable to agree on the Full Liquidation Value on or before the expiration of such forty (40) day period, then either party may institute the appraisal process pursuant to Section 5.5(c) hereof.

(d)    The closing of the redemption provided for in Section 5.8(a) hereof shall take place at the principal office of the Company or at such other location as Tremblay and the Company shall agree upon, on a business day selected by the Company on or before April 30, 2016. At the closing, the Company shall pay by wire transfer the Partial Redemption Price net of the amount of the Special Contribution pursuant to a letter of direction from Tremblay, and Tremblay shall transfer to the Company the Redeemed Interest free and clear of all liens, security interests, and claims of others and shall deliver to the Company such instruments of transfer with respect to the Redeemed Interest and such evidence of authority, execution and delivery and the absence of any liens, security interests or claims of others as to the Redeemed Interest as the Company shall reasonably request.

3.    Notwithstanding any other provision of the Fourth Amended and Restated Agreement, this Amendment constitutes a legal, valid and binding agreement of the parties and is enforceable against such parties in accordance with its terms.  Except as hereby amended all of the provisions of the Fourth Amended and Restated Agreement are hereby ratified and confirmed and shall remain in full force and effect. This Amendment shall be governed by and construed under the laws of the State of Delaware (without regard to conflict of laws principles), all rights and remedies being governed by such laws.  Each provision of this Amendment shall be considered severable, and if for any reason any provision or provisions herein are determined to be invalid, unenforceable, or illegal under any existing or future law, such invalidity, unenforceability, or illegality shall not impair the operation of or affect those portions of this Amendment which are valid, enforceable, and legal.  For purposes of this Amendment, a signature delivered by facsimile or other electronic format shall be deemed the same as the delivery of an original signature. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original 

and together which shall constitute one and the same agreement. The Fourth Amended and Restated Agreement as amended by this Amendment constitutes the entire agreement among the parties hereto with respect to the subject matter thereof and supersedes any and all other agreements, either oral or written, among the parties with respect to the subject matter thereof.
            
IN WITNESS WHEREOF, the undersigned have entered into this Amendment as of the date first-above written.

TAUBMAN ASIA MANAGEMENT II LLC, a Delaware limited liability company

By:   /s/ Chris B. Heaphy  
 
Its: Authorized Signatory
    

  /s/ René Tremblay  
RENÉ TREMBLAY

    
TAUBMAN PROPERTIES ASIA LLC, a Delaware limited liability company

By:      /s/ Chris B. Heaphy  

Its: Authorized Signatory

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