Document:

exv10w21

Exhibit 10.21

January 23, 2009

Robert Kimball

c/o RealNetworks

2601 Elliott Avenue

Seattle, WA 98121

Bob,

It is our great pleasure to offer you the position of Executive Vice President, Corporate
Development and Law, General Counsel and Corporate Secretary. As a result of this promotion your
annual salary will increase to $370,000 (subject to normal withholdings).

In addition, your Executive MBO target will increase from 45% to 75% of your new base salary. Your
salary changes are retroactive to October 1, 2008. Your total target annual compensation will
increase to $647,500.

The Compensation Committee of the Board of Directors has authorized a grant of equity in RN under
the terms of RN’s 2005 Stock Incentive Plan (the “Plan”). You will be given the opportunity, under
separate cover, to make an irrevocable election to receive this award in the form of 130,000 stock
options, 43,333 restricted stock units, or a combination of 65,000 options and 21,667 restricted
stock units. This election must be made no later than February 13, 2009 with an effective date of
February 14, 2009 (the “Grant Date”). Vesting will commence on the grant date according to the
vesting rules and all other provisions contained in the Plan. Should you elect to receive your
grant as stock options; the exercise price of the stock options granted to you shall be equal to
the fair market value of RN’s Common Stock on the Grant Date. Fair market value shall equal the
last sale price for shares of RN’s Common Stock on the Grant Date as reported on NASDAQ. Please be
aware that unvested stock options are forfeited upon termination of employment.

This promotion has been approved by the Board of Directors and comes in recognition of the fine
work you have done at Real.

Bob, please accept our congratulations on your promotion. We look forward to your continued
contributions and future success.

Sincerely,

/s/ Sid Ferrales

Savino “Sid” Ferrales

SVP Human Resources

RealNetworks, Inc.exv10w26

Exhibit 10.26

RealNetworks
Inc, Executive Compensation Program — 2009 MBO Plan Document

Objective of the Plan

The objective of the RealNetworks’ FY 2009 Executive MBO Incentive Plan is to reward business
leaders for their contribution to the Company’s success and ensure market competitiveness as we
work to attract and retain executive-level talent. RealNetworks has adopted this plan to reward
high performance consistent with our core business objectives.

Effective Date

The effective date of this Plan is January 1, 2009 — December 31, 2009.

Target Goals

Target goals for your plan will be based upon revenue and EBITDA targets at the corporate level.

Semi-annual assessment of goal attainment will be completed after the close of the six month
period. Corresponding payout based on goal attainment will typically occur 30 to 45 days after the
close of the six month period.

Your target MBO amount will be allocated as follows across these goals:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Corporate	 	Divisional	 	BU	 	Sales	 	 
	Executive Level	 	Revenue	 	EBITDA	 	Revenue	 	EBITDA	 	Revenue	 	Revenue	 	Discretionary
	Corporate Leader
	 	 	50.0	%	 	 	50.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sr Divisional Leader
	 	 	25.0	%	 	 	25.0	%	 	 	25.0	%	 	 	25.0	%	 	 	 	 	 	 	 	 	 	 	 	 
	BU Leader
	 	 	12.5	%	 	 	12.5	%	 	 	 	 	 	 	37.5	%	 	 	37.5	%	 	 	 	 	 	 	 	 
	Sales Leader
	 	 	10.0	%	 	 	10.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	80.0	%	 	 	 	 
	Finance Leader
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	100.0	%

MBO Payout Mechanics

Revenue:

	 	•	 	Revenue — in order to maintain consistent revenue growth year over year, performance
under 90% of the revenue target goal will not be rewarded

	 	 	 	 	 
	Attainment	 	Incentive Payout
	< 90%
	 	No Payout
	90% — 100%
	 	 	70% — 100	%
	>100% — 110%
	 	 	100% — 130	%
	>110% — 120%
	 	 	130% — 200	%

Example

	 	 	 	 	 
	Actual Attainment	 	Actual Payout
	75%
	 	No Payout
	98%
	 	 	94	%
	110%
	 	 	130	%
	115%
	 	 	165	%

EBITDA:

	 	•	 	EBITDA attainment will be paid out linearly to a maximum of 160% for profitable units.
However, in order for the payout to exceed 100%, corresponding revenue attainment must be
at or above 90%. There is no threshold for payout except in rare instances where the
EBITDA target is a negative number.

	 	 	 
	Attainment	 	Incentive Payout
	0 — 100%

	 	0
— 100%

	100% — 160%

	 	100% — 160%*
	160% — 200%

	 	160% — 200%*

Example

	 	 	 	 	 
	Actual Attainment	 	Actual Payout
	49.50%
	 	 	49.50	%
	130%
	 	 	130	%
	185%
	 	 	185	%

*EBITDA payout is capped at 100% unless revenue attainment is at or above 90% of target.

Terms and Conditions

	 	•	 	MBO calculations are completed and payments are made every six months with payout timing
approximately 30 — 45 days after the close of the six month period. In all circumstances,
any payouts that are earned in the plan year will be paid by March 15 of the following
year, at the latest.
	 
	 	•	 	You must be in an eligible position on the first and last day of the quarter to
participate in the MBO program for that quarter.
	 
	 	•	 	Salary, eligible position changes and/or transfers from one eligible group to another
within a quarter will be based on salary and change at the beginning of the quarter.
Changes after the first day of the quarter will be reflected in the next quarter.
	 
	 	•	 	In order to receive a payout from the plan you must be on the company’s payroll as of
the last day of each six month period and on the company’s payroll as of the date the award
is paid, subject to the following. If your employment terminates due to your total and
permanent disability or death, you or your estate, still may be eligible to receive any
payout that otherwise was earned. If the Company terminates your employment other than for
cause, you may also be eligible to receive any payout that was otherwise earned.
	 
	 	•	 	Notwithstanding any other provision of the plan the Compensation Committee, in its sole
discretion, may increase, reduce or eliminate a participant’s award at any time before it
is paid, whether or not calculated on the basis of pre-established performance goals or
formulas.
	 
	 	•	 	The Compensation Committee has all power and discretion to interpret and administer the
Plan, including (but not limited to) the power to determine who is eligible for the Plan
and the size of any payouts.
	 
	 	•	 	The compensation Committee may delegate all or any part of its powers under the Plan to
the company’s CEO and SVP HR, except that the CEO and SVP HR may not administer the Plan
with respect to participants who are executive officers of the company. (For this purpose,
an individual will be considered an executive officer of the company if his or her role at
the company falls within the definition of “officer” under Rule 16a-1(f) promulgated under
the Securities Exchange Act of 1934, as amended.)
	 
	 	•	 	The Compensation Committee reserves the right to adjust targets/measurements based on
acquisition or disposition of businesses/assets.exv10w35

Exhibit 10.35

FIRST AMENDMENT TO THE LICENSE AND COLLABORATION AGREEMENT

     This FIRST AMENDMENT TO THE LICENSE AND COLLABORATION AGREEMENT (the “First Amendment”) is
entered into as of February 10, 2009 (the “First Amendment Effective Date”), by and between Valeant
Pharmaceuticals North America, a Delaware corporation having a place of business at One Enterprise,
Aliso Viejo, California 92656 (“VALEANT”) and Glaxo Group Limited, a company organized
under the laws of England and Wales with its principal place of business at Glaxo Wellcome House,
Berkeley Avenue, Greenford, Middlesex, UB6 0NN, United Kingdom (“GSK”). VALEANT and GSK
are each referred to herein individually as a “Party” or, collectively, as the “Parties.”

Recitals

     WHEREAS, the Parties entered into that certain License and Collaboration Agreement dated as of
August 27, 2008 (the “Collaboration Agreement”) under which VALEANT and GSK are collaborating on
the development and commercialization of VALEANT’S compound, Retigabine; and

     B. WHEREAS, the Parties desire to amend certain provisions of the Collaboration Agreement, in
particular, (i) to provide GSK with decision-making authority with respect to development,
regulatory and manufacturing activities for the Product in the Territory prior to the expiration of
the Review Period; and (ii) to amend the provisions in Section 11.3.4 with respect to the payment
of certain amounts by Valeant to GSK upon termination of the Collaboration Agreement by GSK during
the Review Period, all on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto agree as follows:

1. Amendment of the Collaboration Agreement.

The Parties hereby agree to amend the terms of the Collaboration Agreement as provided below,
effective as of the First Amendment Effective Date. To the extent that the Collaboration Agreement
is explicitly amended by this First Amendment, the terms of this First Amendment will control where
the terms of the Collaboration Agreement are contrary to or conflict with the following provisions.
Where the Collaboration Agreement is not explicitly amended, the terms of the Collaboration
Agreement will remain in full force and effect. Capitalized terms used in this First Amendment
that are not otherwise defined herein shall have the same meanings ascribed to them in the
Collaboration Agreement.

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”).

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

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2. Amendments to Section 3.1

2.1 Section 3.1.7(a) is deleted in its entirety and shall be of no further force of effect.

2.2 Section 3.1.7(b) is hereby renumbered as “Section 3.1.7(a)” and amended in its entirety to read
as follows:

     (a) Impasse. Except as otherwise provided in Section 2.2.2, this Section 3.1.7(a) and Section
3.1.7(b), if despite good faith efforts, the Senior Executives are unable to resolve such matter
within thirty (30) days of the date of any Escalation Notice, then GSK may cast the deciding vote
on such matter (which shall become the decision of the Joint Steering Committee); provided,
however, that GSK cannot cast a deciding vote with respect to any decision to enter into any
binding agreements relating to the manufacture of the Product or Additional Products in the Field
and in the Territory that do not meet the criteria set forth in Section 1.3, but, rather, in the
case of the foregoing, VALEANT’s prior consent must be obtained for such decision. For clarity,
GSK shall have final decision-making authority over any manufacturing issues, including issues
regarding ***. Notwithstanding the foregoing, in the event of GSK’s termination of the Agreement,
GSK’s obligations regarding manufacture shall remain as set forth in Section 11.2.2(g).

2.3 Section 3.1.7(c) is hereby renumbered as “Section 3.1.7(b)”.

3. Amendments to Section 3.2

3.1 Section 3.2.2 is hereby amended in its entirety to read as follows:

     3.2.2 The Joint Steering Committee will oversee development of the Compound, Additional
Compounds, Products and Additional Products in accordance with the Development Plans. Subject to
Sections 3.2.3 and 3.2.5, GSK shall use Commercially Reasonable Efforts to carry out all clinical
development and other activities required to obtain Regulatory Approvals for the Products and
Additional Products in the Field and in the Territory and Collaboration Territory, with the conduct
and manner of implementation of such activities determined in the reasonable discretion of GSK
consistent with the Development Plan and as directed by the Joint Steering Committee. Subject to
Section 3.2.5, VALEANT shall use Commercially Reasonable Efforts to carry out all clinical
development and other activities required to obtain Regulatory Approvals for the Product in the
Field in the Collaboration Territory, in accordance with the then-current Development Plans and as
directed by the Joint Steering Committee. Subject to Sections 3.2.3 and 3.2.5, each Party shall
conduct those activities allocated to such Party under the Development Plans in compliance in all
material respects in accordance with good scientific and clinical practices, and Laws applicable in
the country in which such activities are conducted.

4. Amendments to Section 3.3

4.1 Section 3.3.1 is hereby amended in its entirety to read as follows:

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”).

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

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     3.3.1 Prior to the Expiration of the Review Period. Prior to the expiration of the
Review Period, GSK will be responsible for filing of all MAAs and other filings with Regulatory
Authorities in the Territory for development, use, and commercialization of each Product and
Additional Products in the Territory, as directed by the Joint Steering Committee and using
Commercially Reasonable Efforts to seek such approvals; provided, however, that
prior to the expiration of the Review Period, VALEANT will file the NDA for the Product in the
United States in its name. All such activity of GSK and VALEANT shall be done in accordance with
the direction of the Joint Steering Committee. Other than the NDA, all filings with Regulatory
Authorities will be in the name of GSK, except where otherwise required by applicable law in any
country within the Territory or as otherwise agreed between the Parties. Promptly after the First
Amendment Effective Date, in accordance with a schedule to be agreed between the Parties, VALEANT
will initiate the process of transferring ownership of any EMEA MAA to GSK along with all data and
information associated with the EMEA MAA, and thereafter will take all necessary and appropriate
actions to finalize transfer ownership of any EMEA MAA to GSK. VALEANT will provide reasonable
cooperation and assistance to GSK in connection with the preparation and filing of all MAA’s and
other filings with Regulatory Authorities in the Territory for development, use, and
commercialization of each Product and Additional Products in the Territory, including transfer of
all necessary data and information. With respect to the NDA to be filed and maintained by VALEANT
as provided herein or any MAA to be filed by VALEANT in its name as provided herein, VALEANT shall
provide GSK with:

          (a) reasonable advance notice (and in no event less than twenty (20) days’ advance notice
whenever feasible) of substantive meetings with the FDA, the EMEA or any other Regulatory Authority
that are either scheduled with, or initiated by or under the authority of, VALEANT or its
Affiliates relating to such Regulatory Approvals or MAAs;

          (b) an opportunity to have up to two (2) representatives attend and to actively participate
in, all substantive meetings with the FDA, the EMEA or any other Regulatory Authority relating to
such Regulatory Approvals and MAAs; and in any case, VALEANT shall keep the Joint Steering
Committee informed as to all material interactions with Regulatory Authorities relating to such
Regulatory Approvals and MAAs;

          (c) a copy of any material documents, information and correspondence submitted to the FDA or
the EMEA or any other Regulatory Authority relating to such Regulatory Approvals as soon as
reasonably practicable, together with English translations and summaries thereof, to the extent
such translations and summaries exist; and

          (d) at least two (2) months prior to an anticipated filing of an MAA for a Product, a copy of
such all documents and information intended to be included in such MAA for review and comment by
GSK, which comments will be reasonably considered by VALEANT, and, with respect to the United
States, all information reasonably requested by GSK

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”).

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

3

 

to determine the listing of patents (i.e., in the Orange Book) for such Product in the United States.

4.2 Section 3.3.2 is hereby amended in its entirety to read as follows:

     3.3.2 After the Expiration of the Review Period. Except as provided in Section
3.3.1, promptly following the expiration of the Review Period, VALEANT will transfer ownership of
all Regulatory Approvals and other filings with Regulatory Authorities in its name to GSK, and GSK
shall have the sole responsibility, as directed by the Joint Steering Committee and using
Commercially Reasonable Efforts, to hold and maintain all Regulatory Approvals and other filings
with Regulatory Authorities for the Products and Additional Products in the Territory during the
Term. Further, after the expiration of the Review Period, GSK will be solely responsible for
filing and obtaining MAAs from the Regulatory Authorities for development, use, and
commercialization of each Product and Additional Products in the Territory as directed by the Joint
Steering Committee and using Commercially Reasonable Efforts to seek such approvals. All such
activity shall be done in full consultation with the Joint Steering Committee, and GSK shall
reasonably consider in good faith the comments of VALEANT. All such filings will be in the name of
GSK, except where otherwise required by applicable Law in any country within the Territory, or as
otherwise requested by GSK with respect to the Product in the United States. VALEANT will provide
reasonable cooperation and assistance to GSK (and file appropriate paperwork for such transfer) in
the event that GSK must respond to questions from Regulatory Authorities in the Territory
concerning development activities conducted by or on behalf of VALEANT with the Compound, Product,
Additional Compound or Additional Product.

4.3 Section 3.3.4(a) is hereby amended by deleting from the first sentence thereof “Within
forty-five (45) days after the HSR Clearance Date” and inserting “Within sixty (60) days after the
First Amendment Effective Date” in lieu thereof.

4.4 Section 3.3.4(b) is hereby amended in its entirety to read as follows:

     3.3.4(b) Adverse Event Reporting. Except as otherwise provided in the
pharmacovigilance agreement to be entered into by the Parties pursuant to Section 3.3.4(a), as
between the Parties, (i) VALEANT shall be responsible for the timely reporting of all adverse drug
reactions/experiences, Product (and, if applicable, Additional Product) quality, Product (and, if
applicable, Additional Product) complaints and safety data relating to Compound and Products (and,
if applicable, Additional Compound and Additional Product) to the appropriate Regulatory
Authorities in the Territory prior to the expiration of the Review Period; and (ii) GSK shall be
responsible for the timely reporting of all adverse drug reactions/experiences, Product quality,
Product complaints and safety data relating to the Compound, Products, Additional Compounds, and
Additional Products in accordance with the applicable Laws of the relevant countries and Regulatory
Authorities after the expiration of the Review Period; in each case of (i) and (ii) in accordance
with the applicable Laws of the relevant countries and Regulatory Authorities in the Territory.

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”).

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

4

 

4.4 Section 3.3.4(c) is hereby amended in its entirety to read as follows:

     3.3.4(c) Global Safety Database. Except as otherwise provided in the
pharmacovigilance agreement to be entered into by the Parties pursuant to Section 3.3.4(a), as
between the Parties: VALEANT shall maintain the global safety database with respect to the Product
and Additional Products in the Territory prior to the expiration of the Review Period. GSK shall
maintain the global safety database with respect to the Product and Additional Products in the Territory
after expiration of the Review Period.

5. Amendment to Section 11.3.4. Section 11.3.4 is hereby deleted in its entirety and
replaced with the following:

     11.3.4 If GSK terminates the Agreement pursuant to Section 11.3.1(c) prior to December 31,
2009, then VALEANT shall, not later than ninety (90) days after GSK’s notice of such termination,
pay to GSK an amount equal to forty million United States dollars (US $40,000,000). If GSK
terminates the Agreement pursuant to Section 11.3.1(c) after December 31, 2009, VALEANT shall, not
later than ninety (90) days after GSK’s notice of such termination, pay to GSK an amount equal to
forty million United States dollars (US $40,000,000), with such amount reduced by the cumulative
amount per Quarter set forth on Schedule 11.3.4, pro rated for any partial Quarter as set forth in
Schedule 11.3.4.

6. Amendment to Schedule 3.2.1

     Schedule 3.2.1 is hereby amended as follows:

     (a) By deleting from the first paragraph of Schedule 3.2.1 the last clause of the paragraph
which reads ***; and

     (b) By deleting paragraphs 4 and 5 thereof in their entirety and inserting the following in
lieu thereof:

     “4. VALEANT, together with GSK, shall evaluate ***.”

7. Amendment to Schedule 11.3.4. Schedule 11.3.4 of the Agreement is hereby deleted in its
entirety and replaced with Appendix A, attached hereto and incorporated herein.

8. Full Force and Effect. This First Amendment amends the terms of the Collaboration
Agreement and is deemed incorporated into, and governed by all other terms of, the Collaboration
Agreement. Except as set forth in Section 2.1, the provisions of the Collaboration Agreement, as
amended by this First Amendment, remain in full force and effect.

9. Further Actions. Each Party shall execute, acknowledge and deliver such further
instruments, and do all other acts, as may be necessary or appropriate in order to carry out the
purposes and intent of this First Amendment.

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”).

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

5

 

10. Counterparts. This First Amendment may be signed in counterparts, each and every one
of which shall be deemed an original, notwithstanding variations in format or file designation,
which may result from the electronic transmission, storage and printing of copies of this First
Amendment from separate computers or printers. Facsimile signatures shall be treated as original
signatures.

Signature Page Follows

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL 

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”). 

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

6

 

     IN WITNESS WHEREOF, the Parties have caused this First Amendment to be executed by their duly
authorized representatives as of the First Amendment Effective Date.

	 	 	 	 	 	 	 	 	 
	VALEANT PHARMACEUTICALS	 	GLAXO GROUP LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	NORTH AMERICA	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ J. Michael Pearson
 

	 	By:
	 	/s/ Paul Williamson
 

	 	 
	Print Name: J. Michael Pearson	 	Print Name: Paul Williamson	 	 
	Title: Chairman and CEO	 	Title: Corporate Director	 	 

PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL

TREATMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “COMMISSION”).

THE OMISSIONS HAVE BEEN INDICATED BY ASTERISKS (“***”), AND THE OMITTED TEXT HAS

BEEN FILED SEPARATELY WITH THE COMMISSION.

7

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