Document:

exv10w1

Exhibit 10.1

SEPARATION AGREEMENT

               SEPARATION AGREEMENT dated the 20th day of December, 2010 (the “Effective Date”), between
VALEANT PHARMACEUTICALS INTERNATIONAL, INC. (the “Corporation”), VALEANT PHARMACEUTICALS
INTERNATIONAL, INC. (“Valeant”) and Margaret Mulligan (“Ms. Mulligan”).

               WHEREAS Ms. Mulligan is serving as Executive Vice President, Chief Financial Officer of
Valeant, pursuant to an Agreement entered into on November 11, 2010 (the “2010 Agreement”);

               WHEREAS the parties have agreed that Ms. Mulligan’ employment with Valeant shall terminate,
and she will cease to serve as Executive Vice President, Chief Financial Officer of Valeant,
effective as of the Termination Date;

               WHEREAS, concurrently with the execution of this Separation Agreement, Ms. Mulligan will be
executing a resignation letter, resigning from her positions as an officer of Valeant and its
subsidiaries;

               WHEREAS as a result of her ceasing to serve as Executive Vice President, Chief Financial
Officer of Valeant, Ms. Mulligan will be entitled to receive certain payments and benefits provided
for in the 2010 Agreement;

               WHEREAS Valeant and Ms. Mulligan desire to enter into this Separation Agreement (this
“Agreement”) to set forth the parties’ agreement as to Ms. Mulligan’ entitlements and continuing
obligations as a consequence of her termination of employment with Valeant.

               NOW THEREFORE IN CONSIDERATION of the mutual covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency whereof is hereby
acknowledged, the parties hereto agree as follows:

	1.	 	Capitalized Terms. Unless otherwise defined herein, capitalized terms shall have the
meaning set forth in the 2010 Agreement.
	 
	2.	 	Termination Date. The parties agree that the Termination Date shall be December 20,
2010; that Ms. Mulligan’ employment as Executive Vice President, Chief Executive Officer of
Valeant shall terminate as of the Termination Date; and that Ms. Mulligan
shall cease to have any obligations under the 2010 Agreement as of the Termination Date.
	 
	3.	 	Renumeration Upon Termination. The parties acknowledge that as a result of Ms.
Mulligan’ termination of employment with Valeant, she shall be entitled to the following:

	 	(a)	 	any accrued but unpaid salary or vacation pay;

 

 

	 	(b)	 	subject to Ms. Mulligan executing the general release of claims attached hereto
as Annex A (the “Release”), and any applicable revocation period expiring, within 60
days following the date hereof, a lump amount equal to US$1,784,787 (representing Ms.
Mulligan’s 2010 annual bonus and all severance amounts payable to Ms. Mulligan), such
amount to be payable within ten days following the expiration of the revocation period
with respect to the executed Release;
	 
	 	(c)	 	subject to Ms. Mulligan executing the Release, and any applicable revocation
period expiring,(i) Ms. Mulligan’s medical, dental and vision care benefits will
continue until the earlier of (A) 24 months following the Termination Date, and (B)
such time as Ms. Mulligan is eligible to receive medical, dental and vision benefits
under a similar plan through a subsequent employer; (ii) Ms. Mulligan’s group life
insurance coverage will continue for thirty (30) days following the Termination Date to
provide the opportunity for transfer to individual coverage, following which the group
life insurance coverage will expire; provided that, benefits coverage is subject to all
exclusions and eligibility requirements as set out in applicable plans and policies and
short-term and long-term disability coverage will cease on the Termination Date;
	 
	 	(d)	 	subject to Ms. Mulligan executing the Release, and any applicable revocation
period expiring, within 60 days following the date hereof, outplacement services
through one or more outside firms of Ms. Mulligan’s 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 Ms. Mulligan secures full time employment; and
	 
	 	(e)	 	any unvested equity compensation awards held by the Ms. Mulligan as of the
Termination Date, other than those equity awards granted pursuant to the 2010
Agreement, shall automatically accelerate and become one hundred percent (100%) vested
and, as applicable, exercisable, as of the Termination Date (subject to blackouts under
the applicable Company policy).

	4.	 	Covenant Not to Solicit.

	 	(a)	 	To protect the confidential information and other trade secrets of Valeant and
its affiliates, Ms. Mulligan hereby agrees, that for a period of twelve (12) months
following the Termination Date, 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 Valeant or any its affiliates. For purposes of this
covenant, “solicit” or “solicitation” means directly or indirectly influencing or
attempting to influence employees of Valeant or any of its affiliates to become
employed with any other person, partnership, firm, corporation or other entity. Ms.
Mulligan agrees that the covenants contained in this paragraph are reasonable and

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	 	 	 	necessary to protect the confidential information and other trade secrets of Valeant
and its affiliates, provided, that solicitation through general advertising or the
provision of references shall not constitute a breach of such obligations.
	 
	 	(b)	 	It is the intent and desire of Ms. Mulligan and Valeant (and its affiliates)
that the restrictive provisions in this subsection 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 this subsection 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. Ms. Mulligan acknowledges that Valeant or its affiliates will
suffer irreparable injury, not readily susceptible of valuation in monetary damages, if
Ms. Mulligan breaches her obligations under this subsection. Accordingly, Ms. Mulligan
agree that Valeant and its affiliates will be entitled, in addition to any other
available remedies, to obtain injunctive relief against any breach or prospective
breach by Ms. Mulligan of her obligations under this subsection in any Federal or state
court sitting in the State of New Jersey, or, at Valeant’s (or its affiliate’s)
election, in any other state or jurisdiction in which Ms. Mulligan maintains her
principal residence or her principal place of business. Ms. Mulligan agrees that
Valeant or its affiliates may seek the remedies described in the preceding sentence
notwithstanding any arbitration or mediation agreement that Ms. Mulligan may enter into
with Valeant or any of its affiliates. Ms. Mulligan hereby submits to the non-exclusive
jurisdiction of all those courts for the purposes of any actions or proceedings
instituted by Valeant or its affiliates to obtain that injunctive relief, and Ms.
Mulligan agrees that process in any or all of those actions or proceedings may be
served by registered mail, addressed to the last address provided by Ms. Mulligan to
Valeant, or in any other manner authorized by law.

	5.	 	Other Company Policies. Ms. Mulligan agrees that she shall continue to be bound to
the terms of the Confidentiality Agreement and Schedule, the Standards of Business Conduct,
and any other policies of Valeant and its affiliates that survive termination of employment.
	 
	6.	 	Indemnification. Ms. Mulligan shall be indemnified by Valeant as provided in its
by-laws or, if applicable, pursuant to any indemnification agreement Ms. Mulligan may have
with Valeant as of the date hereof.
	 
	7.	 	Section 409A. The parties intend for the payments and benefits under this Agreement
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 Agreement 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

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	 	 	nonqualified deferred compensation under Section 409A, each payment of compensation under
this Agreement shall be treated as a separate payment of compensation.

	8.	 	This Agreement sets forth the entire agreement between Ms. Mulligan and Valeant concerning
the resignation of Ms. Mulligan’s employment, and supersedes any other written or oral
promises concerning the subject matter of this Agreement. For the avoidance of doubt, all
Company equity awards granted to Ms. Mulligan pursuant to the 2010 Agreement shall be
forfeited, without consideration, on the Termination Date. No waiver or amendment of this
Agreement will be effective unless it is in writing, refers to this Agreement, and is signed
by the Chief Executive Officer of Valeant.

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth
above.

	 	 	 	 	 
	 	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Mark Durham
 	 
	 	 	 	 
	 	 	 	 
	 
	 	 	 
	 	 	/s/ Margaret Mulligan
 	 
	 	 	MARGARET MULLIGAN 	 
	 	 	 

4

 

	 	 	 	 	 

ANNEX A

General Waiver & Release

This Legal Release (“Release”) dated as of the last date executed below (the “Release
Date”) is between Valeant Pharmaceuticals International, Inc. (the “Company”) and Margaret Mulligan
(“Employee”).

     Employee Release. Employee, on behalf of himself, and Employee’s heirs, executors,
administrators, and/or assigns, does hereby RELEASE AND FOREVER DISCHARGE the Company, together
with its parents, subsidiaries, affiliates, predecessors, and successor corporations and business
entities, past, present and future, and its and their agents, directors, officers, employees,
shareholders, insurers and reinsurers, and employee benefit plans (and the trustees,
administrators, fiduciaries, agents, insurers, and reinsurers of such plans) past, present and
future, and their heirs, executors, administrators, predecessors, successors, and assigns
(collectively, the “RELEASEES”), of and from any and all legally waivable claims, causes of
actions, suits, lawsuits, debts, and demands whatsoever in law or in equity, known or unknown,
suspected or unsuspected, which Employee or which Employee’s heirs, executors administrators, or
assigns hereafter ever had, now have, or may have, from the beginning of time to the date Employee
executes this Release except as expressly set forth herein. This general waiver and release does
not include any claims, causes of actions, suits, lawsuits, debts, and demands whatsoever in law or
in equity, known or unknown, suspected or unsuspected which may come into existence post the date
of this Release.

     The claims being waived and released include, without limitation:

          a. any and all claims of violation of any foreign or United States federal, state, provincial
and local law arising from or relating to Employee’s recruitment, hire, employment and termination
of employment with the Company;

          b. any and all claims of wrongful discharge, emotional distress, defamation,
misrepresentation, fraud, detrimental reliance, breach of contractual obligations, promissory
estoppel, negligence, assault and battery, and violation of public policy;

          c. all claims to disputed wages, compensation, and benefits, including any claims for
violation of applicable state laws relating to wages and hours of work;

          d. any and all claims for violation of any state or federal statute or regulation relating to
termination of employment, unlawful discrimination, harassment or retaliation under applicable
federal, state and local constitutions, statutes, laws, and regulations (which includes, but is not
limited to, the Age Discrimination in Employment Act, as amended (“ADEA”), Title VII of the
Civil Rights Act of 1964, 42 U.S.C. 1981, the Employee Retirement Income Security Act (“ERISA”),
the Family and Medical Leave Act of 1993, the Americans with Disabilities Act, the Rehabilitation
Act, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the New Jersey Law
Against Discrimination and Conscientious Employee Protection Act, the California Fair Employment
and Housing Act and the California Family Rights Act), the

 

 

Ontario Employment Standards Act, 2000, Human Rights Code, and Workplace Safety and Insurance Act;
and

          e. any and all claims for monetary damages and any other form of personal relief.

     In waiving and releasing any and all claims against the Releasees, whether or not now known to
Employee, Employee understands that this means that, if Employee later discovers facts different
from or in addition to those facts currently known by Employee, or believed by Employee to be true,
the waivers and releases of this Release will remain effective in all respects — despite such
different or additional facts and Employee’s later discovery of such facts, even if Employee would
not have agreed to this Release if Employee had prior knowledge of such facts.

     In order to waive and release any and all claims against the Releasees, whether or not now
known, Employee expressly waives and releases all rights under California Civil Code section 1542
(or under any similar statute in any other jurisdiction) which states (language in parentheses
added):

A general release does not extend to claims which the creditor (e.g., Employee) does
not know or suspect to exist in her favor at the time of executing the release,
which, if known by her, must have materially affected her settlement with the debtor
(e.g., the Company).

     The only claims that are not being waived and released by Employee hereunder are claims
Employee may have for:

          a. unemployment, state disability and/or paid family leave insurance benefits pursuant to the
terms of applicable state law;

          b. continuation of existing participation in Company-sponsored group health benefit plans, at
Employee’s full expense, under the United States federal law known as “COBRA” and/or under any
applicable state counterpart law;

          c. any benefit entitlements that are vested as of the Separation Date pursuant to the terms of
a Company-sponsored benefit plan governed by the United States federal law known as “ERISA;”

          d. stock and/or vested option shares pursuant to the written terms and conditions of
Employee’s existing stock option or other equity award grants and agreements, existing as of the
Termination Date;

          e. violation of any foreign or United States federal, state or local statutory and/or public
policy right or entitlement that, by applicable law, is not waivable;

          f. any claims, causes of actions, suits, lawsuits, debts, or demands whatsoever arising out of
or relating to the Employee’s right to enforce the terms of this Release and the Separation
Agreement dated December 20, 2010; and

Release - 2

 

          g. any wrongful act or omission occurring after the date Employee signs this Release.

     Nothing in this Release, prevents or prohibits Employee from filing a claim with a government
agency, such as the U.S. Equal Employment Opportunity Commission, that is responsible for enforcing
a law. However, Employee understands that, because Employee is waiving and releasing all claims
“for monetary damages and any other forms of personal relief” through the date upon which Employee
signs this Release, Employee may not recover any monetary relief from such a claim and may only
seek and receive non-personal forms of relief through any such claim.

     Confidentiality of this Release. Employee agrees, covenants and promises that Employee has not
communicated or disclosed, and will not hereafter communicate or disclose, the terms of this
Release, to any persons with the exception of: (1) members of Employee’s immediate family,
Employee’s attorneys, accountants, tax, or financial advisors, each of whom shall be informed of
this confidentiality obligation and shall agree to be bound by its terms; (2) to the Internal
Revenue Service or state or local taxing authority; (3) as is expressly required or protected by
law; or (4) in any action to challenge or enforce the terms of this Release provided that such
disclosure is protected from public disclosure by an appropriate confidentiality order to the
maximum extent permitted by applicable authority. Employee agrees to be liable for any breach of
this Paragraph by the individuals identified in clause (1) above.

     Nondisparagement. Employee agrees not to make written or oral statements about the Company or
the Releasees that are negative or disparaging. Notwithstanding the forgoing, nothing in this
Agreement shall preclude Employee from communicating or testifying truthfully (i) to the extent
required or protected by law, (ii) to any federal, state, provincial or local governmental agency,
or (iii) in response to a subpoena to testify issued by a court of competent jurisdiction.

     No Admission. Nothing about the fact or content of this Release shall considered to be or
treated by Employee or the Company as an admission of any wrongdoing, liability or violation of law
by Employee or by any Releasee.

     Consideration & Revocation Periods; Effective Date. Employee acknowledges that (a) the
Company has advised her of her right to consult with an attorney prior to signing this Release; (b)
she has carefully read and fully understands all of the provisions of this Release, and (c) she is
entering into this Release, including the releases set forth herein, knowingly, freely and
voluntarily in exchange for good and valuable consideration (including, but not limited to, a
general release and waiver by the Company and mutual nondisparagement covenant, to which she would
not be entitled in the absence of signing this Release). Employee has sixty (60) calendar days to
consider this Release, although she may sign it sooner.

     In addition, for the period of seven (7) calendar days after the date Employee signs this
Release (“7-day Revocation Period”), Employee may revoke it by delivering written notice of
revocation to the Company by hand-delivery or by facsimile or e-mail transmission using the street,
facsimile or e-mail address for the Company stated below.

Release - 3

 

     Because of this 7-day Revocation Period, this Release will not become effective and
enforceable until the eighth calendar day after the date Employee signed it, provided that Employee
has delivered Employee’s signed Release to the Company, and Employee did not revoke the Release
(“Effective Date”).

     Delivery to the Company. Employee should return this Release, signed by Employee (and any
notice of revocation, if applicable) to:

Valeant Pharmaceuticals International, Inc.

7150 Mississauga Road

Mississauga, Ontario

L5N 8M5

Attn: Mark Durham, SVP, Human Resources

     Judicial Interpretation/Modification; Severability. In the event that this Release shall be
held to be void, voidable, unlawful or, for any reason, unenforceable, the Release shall be
voidable at the sole discretion of the Company.

     Changes to Release. No changes to this Release can be effective except by another written
agreement signed by Employee and by the Company’s Senior Vice President of Human Resources.

     Complete Agreement. Except for the Separation Agreement entered into with the Employee, this
Release, as of the Effective Date, cancels, supersedes and replaces any and all prior agreements
(written, oral or implied-in-fact or in-law) between Employee and the Company regarding all of the
subjects covered by this Release. This Release is the full, complete and exclusive agreement
between Employee and the Company regarding all of the subjects covered by this Release, and neither
the Employee nor the Company is relying on any representation or promise that is not expressly
stated in this Release.

Release - 4

 

	 	 	 	 	 	 	 

	Dated:

	 	December 20, 2010
	By: 	/s/ Mark Durham
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Mark Durham, SVP, Human Resources	 	 

I HAVE READ THIS RELEASE. I UNDERSTAND THAT I AM GIVING UP IMPORTANT RIGHTS. I AM AWARE OF
MY RIGHT TO CONSULT WITH AN ATTORNEY OF MY OWN CHOOSING DURING THE CONSIDERATION PERIOD, AND THAT
THE COMPANY HAS ADVISED ME TO UNDERTAKE SUCH CONSULTATION BEFORE SIGNING THIS RELEASE. I SIGN
THIS RELEASE FREELY AND VOLUNTARILY, WITHOUT DURESS OR COERCION.

	 	 	 	 	 	 	 

	Dated:

	 	December 20, 2010
	 	/s/ Margaret Mulligan
	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	Margaret Mulligan	 	 

Release - 5exv10w2

Exhibit 10.2

Valeant Pharmaceuticals International,
Inc. 

              CONSULTING AGREEMENT

This consulting agreement (“Agreement”) is dated December 23, 2010 (“Effective Date”) by and
between Valeant Pharmaceuticals International, Inc., with an address at 7150 Mississauga Road
Mississauga, Ontario L5N 8M5 (“Company”), and Margaret Mulligan with an address on file with
Company (“Consultant”).

     WHEREAS, Company desires to obtain the advice and assistance of the Consultant in the areas of
finance and accounting and other related areas;

     WHEREAS, Consultant desires to provide such services to Company.

     NOW, THEREFORE, Company and Consultant, for good and valuable consideration, the sufficiency
of which is acknowledged, agree as follows:

1. Term; Termination. The term of this Agreement shall commence as of the Effective Date and shall
expire six (6) months thereafter (the “Term”); provided that Company or Consultant may terminate
this Agreement by written notice at any time prior to the end of the Term. During the Term,
Consultant shall notify Company prior to providing services to or accepting employment with any
third party. Upon payment of any accrued and unpaid amounts under this Agreement, Company shall be
released from any and all obligations under this Agreement.

2. Services; Payment.

(a) Consultant agrees to perform for Company such services as requested by Company from time to
time (“Services”), and all obligations, duties, responsibilities and requirements for the
successful completion of such Services, including reasonable travel as requested by Company, in
accordance with the terms and conditions set forth herein. Consultant shall not be required,
but may choose, to perform more than forty (40) hours of Services per month

(b) In exchange for the Services performed hereunder, Company agrees to pay the Consultant forty
thousand US dollars (US$40,000.00) per month. Company shall also be accountable for any goods &
services or other such value added taxes as required. In measuring a “month” under this
Agreement, the first month shall commence on December 23, 2010 and each monthly period shall
expire the 22nd day of the applicable month. Compensation for any partial month due to the
early termination of the Agreement will be prorated as of the date of termination. No portion
of this payment shall be made in advance.

(c) The Parties acknowledge that such payment is adequate consideration and fair market value
for the Services rendered hereunder.

(d) Company shall reimburse Consultant for any reasonable and documented out of pocket travel
and meal expenses incurred by Consultant in providing the Services, provided that they are
consistent with Company’s Travel Policy and detailed on the Consultant’s invoice, and that
appropriate proof of expenditure is provided upon request. Under no circumstances will Company
reimburse the expenses of Consultant’s spouse or other guests or for equipment or
overhead necessary for Consultant to perform Services generally.

Page 1 of 4

 

Valeant Pharmaceuticals International,
Inc. 

              CONSULTING AGREEMENT

(e) Invoices (and expense reports if applicable) should be mailed to:

Valeant Pharmaceuticals International, Inc.

Accounts Payable Department

7150 Mississauga Road

Mississauga, Ontario L5N 8M5

     Company shall remit payment to Consultant within thirty (30) days of Company’s receipt of
invoice.

3. Standard of Care. Consultant shall perform the Services personally, with the degree of skill and
judgment reasonably and customarily exercised by professionals performing services of a similar
nature, and to the reasonable satisfaction of Company. In addition, Consultant shall comply with
all Company policies to safeguard the confidential information about Company, its business and its
business partners. Consultant shall comply s with all of Company’s internal security procedures
and policies, document and other data retention policies and other Company policies, taking into
account that Consultant may perform Services from Consultant’s home office. Consultant shall
provide all labor, tools, equipment and materials necessary for the performance and completion of
the Services.

4. Reports. Company may request from Consultant reports during the performance of this Agreement at
no additional cost or expense to Company. These reports will be provided in soft copy and Company
shall bear any and all expenses of hard copy production requested by Company.

5. Independent Contractor. In all matters relating to this Agreement, Consultant shall be acting as
an independent contractor. Neither Consultant, nor any affiliated employees or subcontractors,
shall be the agent(s) or employee(s) of Company under the meaning or application of any federal or
state laws, including but not limited to unemployment insurance or worker’s compensation laws.
Consultant will be solely responsible for all income, business or other taxes, except for goods and
services tax or similar value added taxes that shall be on the account of Company, such as social
security and unemployment payable as a result of fees paid under this Agreement. Consultant shall
not sign any agreements or make any commitments on behalf of Company, or bind Company in any way,
nor shall Consultant make any public statements on behalf of or with respect to Company, in each
case without prior express written authorization from Company.

6. Confidential Information. Consultant acknowledges that she will continue to be bound to the
terms of the Confidentiality Agreement and Schedule, the Standards of Business Conduct, and any
other policies of Company and its affiliates as they exist as at December 20, 2010 and, to the
extent Company notifies Consultant of any modifications to such policies or new policies, with such
new or modified policies in effect from time to time.

7. Ownership and Return of Property. All work product provided or created or inventions invented by
Consultant relating to the Services (“Work Product”) shall be and remain the property
of Company, which shall retain all intellectual property rights therein. Consultant agrees to
execute any documents reasonably necessary to assign any right, title or other interest in such
Work

Page 2 of 4

 

Valeant Pharmaceuticals International,
Inc. 

              CONSULTING AGREEMENT

Product to Company. Company shall have the sole right (but not the obligation) at its sole
expense to file, maintain or prosecute any patents relating to such Work Product. Upon expiration
or termination of this Agreement for any reason by any party, without regard to any claims, rights
or remedies either party may have against the other under this Agreement, Consultant agrees to
return and deliver immediately to Company all Confidential Information, Work Product (including
partial results, drafts and notes in all tangible media, including electric format) created or
worked on by Consultant in the performance of the Services, together with any materials received
from Company or other sources in order for Consultant to perform the Services.

8. Non-Competition. During the term of this Agreement, Consultant acknowledges and agrees that
Consultant will not engage in any activity or enterprise which will (compete directly or indirectly
with Company’s business. Furthermore, Consultant represents that performing the Services under
this Agreement does and will not violate the terms and conditions of any agreement to which
Consultant is a party.

9. Compliance with Law. Consultant agrees to comply with all applicable laws and regulations,
including but not limited to occupational safety and environmental protection laws and regulations
and the Foreign Corrupt Practices Act of 1977, as amended, and other similar anti-corruption laws.
Consultant shall not discriminate on the basis of race, religion, age, sex, color, disability,
sexual orientation, political affiliation, national or ethnic origin, or veteran status.

10. Indemnities.

(a) Consultant shall indemnify and hold harmless Company and its subsidiaries, affiliates,
directors, officers, employees, representatives and agents from and against any and all claims,
losses, demands, liabilities, damages, costs and expenses (including reasonable attorney’s fees)
(“Losses”) to the extent such Losses arise from or result from (i) any breach of her
representations, warranties or obligations under this Agreement, (ii) her violation of any
applicable laws or regulations, or (iii) her negligence or willful misconduct, except to the
extent that any of the foregoing arises out of Company’s obligations contained in Section 10(b)
below.

(b) All indemnification obligations by Consultant under this Agreement are conditioned upon
Company: (i) promptly notifying the Consultant of any claim or liability of which it becomes
aware (provided that failure to comply with this notice requirement shall not eliminate the
Consultant’s obligation to Company except to the extent that the Consultant is prejudiced as a
result of such failure); and (ii) cooperating with the Consultant in the defense of any such
claim or liability (at the Consultant’s expense).

(c) Company shall indemnify and hold harmless Consultant from and against any and all Losses to
the extent such Losses arise from or result from (i) any breach of Company’s representations,
warranties or obligations under this Agreement, (ii) Company’s violation of any applicable laws
or regulations, or (iii) Company’s negligence or willful misconduct, except to the extent that
any of the foregoing arises out of Consultant’s obligations contained in Section 10(d) below.

(d) All indemnification obligations by Company under this Agreement are conditioned upon
Consultant: (i) promptly notifying Company of any claim or liability of which it becomes aware

Page 3 of 4

 

Valeant Pharmaceuticals International,
Inc. 

              CONSULTING AGREEMENT

(provided that failure to comply with this notice requirement shall not eliminate the Company’s
obligation to Consultant except to the extent that Company is prejudiced as a result of such
failure); and (ii) cooperating with Company in the defense of any such claim or liability (at
Company’s expense).

11. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance
with the laws of the Ontario, Canada, without regard to its choice of law provisions. The parties
submit to the exclusive jurisdiction of the courts of Ontario, Canada, for the purposes of
adjudicating any dispute relating to this Agreement.

12. Survival. The provisions of this Agreement that by their nature continue shall survive the
expiration or termination of this Agreement.

13. Assignment. This Agreement may not be assigned by Consultant. Notwithstanding the foregoing,
upon written notice to Company, Consultant may assign all (but not partial) rights and obligations
under this Agreement to a business entity that is wholly owned by Consultant and through which
Consultant shall personally perform the Services (“Permitted Assignee”); provided that Permitted
Assignee shall at all times during the Term be wholly owned by Consultant and Consultant shall
remain liable for any and all obligations under this Agreement. Any attempt to assign this
Agreement, or subcontract any duties hereunder, except as specifically set forth in the preceding
sentence, shall be null and void without the prior written consent of Company.

14. Entire Agreement; Amendment. This Agreement is the entire agreement and understanding of
Company and Consultant with regard to the subject matter hereof and supersedes any and all prior
communications, representations and agreements, whether written or oral. No amendment to this
Agreement shall be binding on either party unless reduced to writing and duly executed by both
parties pursuant to the terms of this Agreement.

     The parties, intending to be legally bound, hereby execute this Agreement below.

	 	 	 	 	 	 	 	 	 

	Valeant Pharmaceuticals International, Inc.	 	Consultant

	 
	By: 	/s/ J. Michael Pearson	By: 	/s/ Margaret Mulligan	 
	 	 	 	 	 	 	 

	 

	Print: 
	J. Michael Pearson	 	Margaret Mulligan
	 

	Title: 
	Chief Executive Officer
	 	 	 	 

Page 4 of 4

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