Document:

First Supplemental Indenture, dated as of December 11, 2012

 Exhibit 4.2 
 EXECUTION VERSION 
 SUPPLEMENTAL INDENTURE 

 
  
 MEDICIS PHARMACEUTICAL CORPORATION 
 2.5% Contingent Convertible Senior
Notes Due 2032 
  
  

FIRST SUPPLEMENTAL INDENTURE 
 DATED AS OF DECEMBER 11, 2012 
  

 
 Deutsche Bank
Trust Company Americas as Trustee 
  
  

 FIRST SUPPLEMENTAL INDENTURE 

FIRST SUPPLEMENTAL INDENTURE (“Supplemental Indenture”) dated as of December 11, 2012, between Medicis
Pharmaceutical Corporation, a Delaware corporation (the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation (the “Trustee”). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of June 4, 2002 (the “Indenture”), pursuant to which the Company issued its 2.5% Contingent
Convertible Senior Notes Due 2032 (the “Notes”); 
 WHEREAS, on September 2, 2012, the Company entered
into an Agreement and Plan of Merger (the “Merger Agreement”) with Valeant Pharmaceuticals International, a Delaware corporation (“Valeant”), Valeant Pharmaceuticals International, Inc., a Canadian corporation, and
Merlin Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Valeant (“Merger Sub”); 

WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, Merger Sub will merge with and into the
Company (the “Merger”) and the Company will continue as a wholly owned subsidiary of Valeant; 
 WHEREAS,
pursuant to the Merger Agreement and subject to the terms and conditions therein, at the effective time of the Merger, each share of Class A Common Stock of the Company will be converted into the right to receive $44.00 in cash, without
interest and less any applicable withholding taxes; 
 WHEREAS, in connection with the foregoing, Sections 9.01(c) and 10.12 of
the Indenture provide that the Company shall execute a supplemental indenture providing that each Note shall, without the consent of any Holder of Notes, become convertible into the kind and amount of cash, securities or other property or assets
receivable upon the Merger by a holder of a number of shares of Class A Common Stock deliverable upon conversion of such Note; and 
 WHEREAS, all conditions for the execution and delivery of this Supplemental Indenture have been complied with or have been done or performed. 

  
 -2-

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is mutually covenanted and agreed, for the equal proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE 1 

Definitions 
 Section 1.01 General. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture. 

ARTICLE 2 

Agreements of Parties 
 Section 2.01 Closing Price. The definition of the Closing Price with respect to Class A Common Stock in Section 10.06 of the Indenture is hereby deleted and replaced in its entirety
with the following: 
 “Closing Price” means, with respect to Class A Common Stock, $44.00. 

Section 2.02 Conversion of Notes. In accordance with Section 10.12 of the Indenture and the Officers’ Certificate,
dated December 11, 2012, from and after the date of this Supplemental Indenture, the right to convert each $1,000 principal amount of Notes will be changed to a right to convert such Notes by reference to the kind and amount of cash, securities
or other property or assets that a holder of a number of shares of Class A Common Stock equal to (i) $1,000 divided by (ii) the Conversion Price of $29.05, or 34.4234 shares, immediately prior to the Merger would have owned or been
entitled to receive (the “Reference Property”), which will be cash equal to $1,514.63 per $1,000 principal amount of Notes. Accordingly, any reference to a share of Class A Common Stock in the Indenture shall be deemed a
reference to a right to receive an amount in cash equal to $44.00, and the provisions of the Indenture, as modified herein, shall continue to apply, mutatis mutandis, to the Holders’ right to convert the Notes into the Reference
Property. 
 ARTICLE 3 
 Miscellaneous Provisions 
 Section 3.01 Effectiveness;
Construction. This Supplemental Indenture shall become effective upon its execution and delivery by the Company and the Trustee and as of the date hereof. Upon such effectiveness, the Indenture shall be supplemented in accordance herewith. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby. The Indenture and this Supplemental Indenture shall
henceforth be read and construed together. 

  
 -3-

 Section 3.02 Indenture Remains in Full Force and Effect. Except as supplemented
hereby, all provisions in the Indenture shall remain in full force and effect. 
 Section 3.03 Trustee Matters. The
Trustee accepts the Indenture, as supplemented hereby, and agrees to perform the same upon the terms and conditions set forth therein, as supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the Indenture relating
to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Company and the Trustee
assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 Section 3.04 No Third-Party Beneficiaries. Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties to the Indenture, as supplemented
hereby, and their successors, and to the Holders of the Notes, any benefit of any legal or equitable right, remedy or claim under the Indenture, as supplemented hereby. 
 Section 3.05 Severability. In case any provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not be impaired thereby. 
 Section 3.06 Headings. The Article and Section headings of this
Supplemental Indenture have been inserted for convenience of reference only and are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 3.07 Successors. All agreements of the Company and the Trustee in this Supplemental Indenture shall bind their
respective successors. 
 Section 3.08 Governing Law. This Supplemental Indenture shall be construed in accordance
with the laws of the State of New York, without regard to conflicts of laws principles thereof. 
 Section 3.09
Counterpart Signatures. This Supplemental Indenture may be signed by the parties hereto in multiple counterparts. Each signed counterpart shall be deemed an original, but all of them together shall represent the same agreement. 

  
 -4-

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	 MEDICIS PHARMACEUTICAL
 CORPORATION

		
	By:	 	 /s/ Mark A. Prygocki

		 	Name: Mark A. Prygocki
		 	Title:   President

 
			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Name: Jeffrey Schoenfeld
		 	Title: Associate
		
	By:	 	 /s/ Kelvin Vargas

		 	Name: Kelvin Vargas
		 	Title: AssociateSecond Supplemental Indenture, dated as of December 11, 2012

 Exhibit 4.3 
 EXECUTION VERSION 
 SUPPLEMENTAL INDENTURE 

 
  
 MEDICIS PHARMACEUTICAL CORPORATION 
 1.375% Convertible Senior Notes due
2017 
  
  

SECOND SUPPLEMENTAL INDENTURE 
 DATED AS OF DECEMBER 11, 2012 
  

 
 Deutsche Bank
Trust Company Americas as Trustee 
  
  

 SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE (“Supplemental Indenture”) dated as of December 11, 2012, between Medicis
Pharmaceutical Corporation, a Delaware corporation (the “Company”), and Deutsche Bank Trust Company Americas, a New York banking corporation (the “Trustee”). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of May 16, 2012 (the “Base Indenture”), and to an appurtenant supplemental indenture, dated as of
May 16, 2012 (the “First Supplemental Indenture,” and the Base Indenture, as amended, modified or supplemented by the First Supplemental Indenture being referred to as the “Indenture”), pursuant to which the
Company issued its 1.375% Convertible Senior Notes due 2017 (the “Notes”); 
 WHEREAS, on September 2,
2012, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Valeant Pharmaceuticals International, a Delaware corporation (“Valeant”), Valeant Pharmaceuticals International, Inc., a
Canadian corporation, and Merlin Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Valeant (“Merger Sub”); 
 WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, Merger Sub will merge with and into the Company (the “Merger”) and the Company will continue as
a wholly owned subsidiary of Valeant; 
 WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions
therein, at the effective time of the Merger, each share of Class A Common Stock of the Company will be converted into the right to receive $44.00 in cash, without interest and less any applicable withholding taxes; 

WHEREAS, in connection with the foregoing, Section 8.07(a) of the First Supplemental Indenture provides that the Company shall
execute a supplemental indenture providing that each Note shall, without the consent of any Holder of Notes, become convertible into the kind and amount of cash, securities or other property or assets receivable upon the Merger by a holder of a
number of shares of Class A Common Stock deliverable upon conversion of such Note; and 
 WHEREAS, all conditions for the
execution and delivery of this Supplemental Indenture have been complied with or have been done or performed. 

  
 -2-

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is mutually covenanted and agreed, for the equal proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE 1 

Definitions 
 Section 1.01 General. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture. 

ARTICLE 2 

Agreements of Parties 
 Section 2.01 Daily VWAP and Closing Sale Price. The definition of the Closing Sale Price with respect to Class A Common Stock in the Indenture is hereby deleted and replaced in its
entirety with the following: 
 “Closing Sale Price” means, with respect to Class A Common Stock, $44.00.

 Section 2.02 Make-Whole Adjustment Event and Additional Shares. The definition of the Additional Shares due to
the Holders of Notes upon a Make-Whole Adjustment Event is hereby deleted and replaced in its entirety with the following: 

“Additional Shares” means 3.6054 shares of Class A Common Stock. 

Section 2.03 Conversion of Notes. In accordance with Section 8.07 of the Indenture and the Officer’s Certificate,
dated December 11, 2012, from and after the date of this Supplemental Indenture, the right to convert each $1,000 principal amount of Notes will be changed to a right to convert such Notes by reference to the kind and amount of cash, securities
or other property or assets that a holder of a number of shares of Class A Common Stock equal to the Conversion Rate as a result of the Merger would have owned or been entitled to receive (the “Reference Property”), which, in
the case of a conversion in connection with a Make-Whole Adjustment Event will be cash equal to $1,093.32 per $1,000 principal amount of Notes (the “Conversion Obligation”) based on a Conversion Rate equal to (i) 21.2427 plus
(ii) the Additional Shares, or 24.8481 shares. Accordingly, any reference to a share of Class A Common Stock in the Indenture shall be deemed a reference to a right to receive an amount in cash equal to $44.00, and the provisions of the
Indenture, as modified herein, shall continue to apply, mutatis mutandis, to the Holders’ right to convert the Notes into the Reference Property. 

  
 -3-

 ARTICLE 3 
 Miscellaneous Provisions 
 Section 3.01 Effectiveness;
Construction. This Supplemental Indenture shall become effective upon its execution and delivery by the Company and the Trustee and as of the date hereof. Upon such effectiveness, the Indenture shall be supplemented in accordance herewith. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby. The Indenture and this Supplemental Indenture shall
henceforth be read and construed together. 
 Section 3.02 Indenture Remains in Full Force and Effect. Except as
supplemented hereby, all provisions in the Indenture shall remain in full force and effect. 
 Section 3.03 Trustee
Matters. The Trustee accepts the Indenture, as supplemented hereby, and agrees to perform the same upon the terms and conditions set forth therein, as supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the
Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Company
and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 Section 3.04 No Third-Party Beneficiaries. Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties to the Indenture, as supplemented
hereby, and their successors, and to the Holders of the Notes, any benefit of any legal or equitable right, remedy or claim under the Indenture, as supplemented hereby. 
 Section 3.05 Severability. In case any provision of this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not be impaired thereby. 
 Section 3.06 Headings. The Article and Section headings of this
Supplemental Indenture have been inserted for convenience of reference only and are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 3.07 Successors. All agreements of the Company and the Trustee in this Supplemental Indenture shall bind their
respective successors. 
 Section 3.08 Governing Law. This Supplemental Indenture shall be construed in accordance
with the laws of the State of New York, without regard to conflicts of laws principles thereof. 

  
 -4-

 Section 3.09 Counterpart Signatures. This Supplemental Indenture may be signed
by the parties hereto in multiple counterparts. Each signed counterpart shall be deemed an original, but all of them together shall represent the same agreement. 

  
 -5-

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

					
	MEDICIS PHARMACEUTICAL CORPORATION
		
	By:	 	 /s/ Richard D. Peterson

		 	Name:	 	Richard D. Peterson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  

 
			
	DEUTSCHE BANK TRUST COMPANY
AMERICAS
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Name: Jeffrey Schoenfeld
		 	Title: Associate
		
	By:	 	 /s/ Kelvin Vargas

		 	Name: Kelvin Vargas
		 	Title: Associate

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