Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between Evoke Pharma, Inc., a Delaware corporation (the
“Company”), and Marilyn Carlson, M.D. (“Executive”), and shall be effective as of December 1, 2013 (the “Effective Date”). 

WHEREAS, Executive desires to commence employment with the Company, and the Company desires to employ Executive, on the terms and conditions
set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows: 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

(a) Board. “Board” means the Board of Directors of the Company. 

(b) Bonus. “Bonus” means an amount equal to the greater of (i) Executive’s target annual bonus for the
fiscal year in which the date of termination occurs, or (ii) the bonus awarded to Executive for the fiscal year prior to the date of termination (which bonus shall be annualized to the extent Executive was not employed for the entire fiscal
year prior to the date of termination). If any portion of the bonuses awarded to Executive consisted of securities or other property, the fair market value thereof shall be determined in good faith by the Board. 

(c) Cause. “Cause” means any of the following: 

(i) the commission of an act of fraud, embezzlement or dishonesty by Executive that has a material adverse impact on the Company or any
successor or affiliate thereof; 
 (ii) a conviction of, or plea of “guilty” or “no contest” to, a felony by Executive;

 (iii) any unauthorized use or disclosure by Executive of confidential information or trade secrets of the Company or any successor or
affiliate thereof that has a material adverse impact on any such entity; 
 (iv) Executive’s gross negligence, insubordination or
material violation of any duty of loyalty to the Company or any other material misconduct on the part of Executive; 
 (v) Executive’s
ongoing and repeated failure or refusal to perform or neglect of Executive’s duties as required by this Agreement, which failure, refusal or neglect continues for fifteen (15) days following Executive’s receipt of written notice from
the Board or the Company’s Chief Executive Officer (the “CEO”) stating with specificity the nature of such failure, refusal or neglect; or 

(vi) Executive’s breach of any material provision of this Agreement; 

 provided, however, that prior to the determination that “Cause” under this
Section 1(c) has occurred (other than clauses (ii) and (v)), the Company shall (w) provide to Executive in writing, in reasonable detail, the reasons for the determination that such “Cause” exists, (x) other than with
respect to clause (v) above which specifies the applicable period of time for Executive to remedy her breach, afford Executive a reasonable opportunity to remedy any such breach, (y) provide the Executive an opportunity to be heard prior
to the final decision to terminate the Executive’s employment hereunder for such “Cause” and (z) make any decision that such “Cause” exists in good faith. 

The foregoing definition shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof to discharge
or dismiss Executive for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement, to constitute grounds for termination for Cause. 

(d) Change of Control. “Change of Control” means and includes each of the following: 

(i) the acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in
Sections 3(a)(9), 13(d), and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules thereunder) of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange
Act) of securities entitled to vote generally in the election of directors (“voting securities”) of the Company that represent fifty percent (50%) or more of the combined voting power of the Company’s then outstanding
voting securities, other than: 
 (1) an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or
related trust) sponsored or maintained by the Company or any person controlled by the Company or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or 

(2) an acquisition of voting securities by the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of the stock of the Company, or 
 (3) an acquisition of voting securities pursuant
to a transaction described in Section 1(d)(ii) below that would not be a Change of Control under Section 1(d)(ii); 

Notwithstanding the foregoing, the following event shall not constitute an “acquisition” by any person or group for purposes of this
Section 1(d): an acquisition of the Company’s securities by the Company which causes the Company’s voting securities beneficially owned by a person or group to represent fifty percent (50%) or more of the combined voting power of
the Company’s then outstanding voting securities; provided, however, that if a person or group shall become the beneficial owner of fifty percent (50%) or more of the combined voting power of the Company’s then
outstanding voting securities by reason of share acquisitions by the Company as described above and shall, after such share acquisitions by the Company, become the beneficial owner of any additional voting securities of the Company, then such
acquisition shall constitute a Change of Control; or 

  
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 (ii) the consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of a merger, consolidation, reorganization, or business combination, a sale or other disposition of all or substantially all of the Company’s assets, or the acquisition of assets or
stock of another entity, in each case, other than a transaction: 
 (1) which results in the Company’s voting securities outstanding
immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company
or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least 50%
of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
 (2)
after which no person or group beneficially owns voting securities representing fifty percent (50%) or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for
purposes of this subsection (d)(ii) as beneficially owning fifty percent (50%) or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or

 (iii) the Company’s stockholders approve a liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a transaction shall not constitute a “Change of Control” if: (i) its sole purpose is to change
the state of the Company’s incorporation; (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction; or (iii) it is a transaction effected primarily for the purpose of financing the Company with cash (as determined by the Board in its discretion and without regard to whether such transaction is effectuated by a merger, equity
financing or otherwise). The Board shall have full and final authority, which shall be exercised in its sole discretion, to determine conclusively whether a Change of Control of the Company has occurred pursuant to the above definition, and the date
of the occurrence of such Change of Control and any incidental matters relating thereto. 
 (e) Code. “Code” means
the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations and other interpretive guidance issued thereunder. 

(f) Good Reason. “Good Reason” means the occurrence of any of the following events or conditions without
Executive’s written consent: 
 (i) a material diminution in Executive’s authority, duties or responsibilities; 

 

  
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 (ii) a material diminution in Executive’s base compensation, except in connection with a
general reduction in the compensation of the Company’s or any successor’s or affiliate’s personnel with similar status and responsibilities; 

(iii) the Company’s or any successor’s or affiliate’s requiring Executive (without Executive’s consent) to be based at
any place outside a 50-mile radius of her place of employment as of the Effective Date, except for reasonably required travel on the Company’s or any successor’s or affiliate’s business that is not materially greater than such travel
requirements prior to the Effective Date; or 
 (iv) any material breach by the Company or any successor or affiliate of its obligations to
Executive under this Agreement. 
 Executive must provide written notice to the Company of the occurrence of any of the foregoing events or
conditions without Executive’s written consent within ninety (90) days of the occurrence of such event. The Company or any successor or affiliate shall have a period of thirty (30) days to cure such event or condition after receipt of
written notice of such event from Executive. Any voluntary Separation from Service for “Good Reason” following such thirty (30) day cure period must occur no later than the date that is six (6) months following the initial
occurrence of one of the foregoing events or conditions without Executive’s written consent. Executive’s voluntary Separation from Service by reason of resignation from employment with the Company for Good Reason shall be treated as
involuntary. 
 (g) Involuntary Termination. “Involuntary Termination” means (i) the Executive’s
Separation from Service by reason of Executive’s discharge by the Company other than for Cause, or (ii) the Executive’s Separation from Service by reason of Executive’s resignation of employment with the Company for Good Reason.
Executive’s Separation from Service by reason of Executive’s death or discharge by the Company following Executive’s Permanent Disability shall not constitute an Involuntary Termination. 

(h) Permanent Disability. Executive’s “Permanent Disability” shall be deemed to have occurred if Executive shall
become physically or mentally incapacitated or disabled or otherwise unable fully to discharge her duties hereunder for a period of ninety (90) consecutive calendar days or for one hundred twenty (120) calendar days in any one hundred
eighty (180) calendar-day period. The existence of Executive’s Permanent Disability shall be determined by the Company on the advice of a physician chosen by the Company and the Company reserves the right to have the Executive examined by
a physician chosen by the Company at the Company’s expense. 
 (i) Separation from Service. Executive’s Separation from
Service means her “separation from service,” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulation Section 1.409A-1(h) thereunder. 

(j) Stock Awards. “Stock Awards” means all stock options, restricted stock and such other awards granted pursuant to
the Company’s stock option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof. 
  

  
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 2. Services to Be Rendered. 

(a) Duties and Responsibilities. Executive shall serve as Chief Medical Officer of the Company. In the performance of such duties,
Executive shall report directly to the CEO and shall be subject to the direction of the CEO and to such limits upon Executive’s authority as the CEO may from time to time impose. In the event of the CEO’s incapacity or unavailability,
Executive shall be subject to the direction of the Board or its designee. Executive hereby consents to serve as an officer and/or director of the Company or any subsidiary or affiliate thereof without any additional salary or compensation, if so
requested by the CEO. Executive’s primary place of work shall be the Company’s facility in San Diego, California, or such other location within San Diego County as may be designated by the CEO from time to time. Executive shall also render
services at such other places within or outside the United States as the CEO may direct from time to time. Executive shall be subject to and comply with the policies and procedures generally applicable to senior executives of the Company to the
extent the same are not inconsistent with any term of this Agreement. 
 (b) Exclusive Services. Executive shall at all times
faithfully, industriously and to the best of her ability, experience and talent perform to the satisfaction of the Board and the CEO all of the duties that may be assigned to Executive hereunder and shall devote at least eighty percent (80%) of
her productive time and efforts to the performance of such duties. Subject to the terms of the Employee Proprietary Information and Inventions Agreement referred to in Section 5(b), this shall not preclude Executive from devoting time to
personal and family investments or serving on community and civic boards, or participating in industry associations, provided such activities do not interfere with her duties to the Company, as determined in good faith by the CEO. Executive agrees
that she will not join any boards, other than community and civic boards (which do not interfere with her duties to the Company), without the prior approval of the CEO. 

3. Compensation and Benefits. The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits
and rights set forth in this Section 3. 
 (a) Base Salary. The Company shall pay to Executive a base salary of $275,000 per
year, payable in accordance with the Company’s usual pay practices (and in any event no less frequently than monthly). Executive’s base salary shall be subject to review annually by and at the sole discretion of the Compensation Committee
of the Board or its designee. 
 (b) Bonus. In addition to the base salary, Executive shall be eligible to earn, for each fiscal year
of the Company ending during the term of Executive’s employment with the Company, commencing with the fiscal year ending December 31, 2014, an annual cash performance bonus (an “Annual Bonus”) under the Company’s
bonus plan or plans applicable to senior executives. For each year during the term of this Agreement, Executive’s target Annual Bonus shall be 30% of her base salary actually paid for such year. Executive’s actual Annual Bonus shall be
determined on the basis of Executive’s and/or the Company’s attainment of financial or other performance criteria established by the Board, or the Compensation Committee thereof, in accordance with the terms and conditions of such bonus
plan(s). Except as otherwise provided in Section 4(b), Executive must be employed by the Company on the date of payment of such Annual Bonus in order to be eligible to receive such Annual Bonus. 

  
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 (c) Benefits. 

(i) During the term of Executive’s employment, the Company will pay to Executive a taxable monthly payment equal to the monthly premium
Executive pays for healthcare coverage under Medicare, in an amount not to exceed $2,000 per month. Executive shall be solely responsible for all matters relating to her Medicare coverage, including, without limitation, her timely payment of
premiums. 
 (ii) Executive shall be entitled to participate in benefits under the Company’s other benefit plans and arrangements,
including, without limitation, any employee benefit plan or arrangement made available in the future by the Company to its senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans
and arrangements. The Company shall have the right to amend or delete any such benefit plan or arrangement made available by the Company to its senior executives and not otherwise specifically provided for herein. 

(d) Expenses. The Company shall reimburse Executive for reasonable out-of-pocket business expenses incurred in connection with the
performance of her duties hereunder, subject to (i) such policies as the Company may from time to time establish, and (ii) Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating
the claimed expenditures, (iii) Executive receiving advance approval from the CEO in the case of expenses for travel outside of North America, and (iv) Executive receiving advance approval from the CEO in the case of expenses (or a series
of related expenses) in excess of $10,000. 
 (e) Paid Time Off. Executive shall be entitled to such periods of paid time off
(“PTO”) each year as provided from time to time under the Company’s PTO policy and as otherwise provided for senior executive officers; provided that Executive shall be entitled to accrue at least four (4) weeks of
PTO per year. 
 (f) Equity Plans. 

(i) Subject to approval of the Board of directors, Executive will be granted stock options to purchase 100,000 shares of the Company’s
common stock at an exercise price per share equal to the fair market value per share of the Company’s common stock on the date of grant (the “Stock Options”). The Stock Options will be granted pursuant to the Company’s
2013 Equity Incentive Plan (the “Plan”). The Stock Options will vest over a four year vesting schedule as follows: twenty-five percent (25%) of the Stock Options vesting on the first (1st) anniversary of Executive’s commencement of employment, and the remainder vesting in thirty-six (36) monthly installments thereafter, subject to Executive’s continued employment
through each such vesting date. 
 (ii) Executive shall be entitled to participate in any equity or other employee benefit plan that is
generally available to senior executive officers, as distinguished 

  
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from general management, of the Company. Except as otherwise provided in this Agreement, Executive’s participation in and benefits under any such plan shall be on the terms and subject to
the conditions specified in the governing document of the particular plan. 
 (g) Stock Award Acceleration. The vesting and
exercisability of one hundred percent (100%) of Executive’s outstanding Stock Awards shall be automatically accelerated in the event of Executive’s Involuntary Termination within three (3) months prior to or within twelve
(12) months following the date of a Change of Control, which acceleration shall occur on the later of (i) the date of such Involuntary Termination or (ii) the date of such Change in Control; provided, however, that this
Section 3(g) shall not affect the distribution or payment date of Awards for which a later distribution or payment date has been elected by the Executive. In addition, Executive’s Stock Awards shall remain exercisable by Executive (or
Executive’s legal guardian or legal representative) until the later of (A) twelve (12) months following the date of such Separation from Service, (B) with respect to any portion of the Stock Awards that become exercisable on the
date of a Change in Control pursuant to this Section 3(g), twelve (12) months after the date of the Change in Control, or (C) such longer period as may be specified in the applicable Stock Award Agreement; provided,
however, that in no event shall any Stock Award remain exercisable beyond the original outside expiration date of such Stock Award. The foregoing provisions are hereby deemed to be a part of each Stock Award and to supersede any less
favorable provision in any agreement or plan regarding such Stock Award. 
 4. Separation from Service and Severance. Executive shall
be entitled to receive benefits upon Separation from Service only as set forth in this Section 4: 
 (a) At-Will Employment;
Termination. The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either party at
any time for any or no reason, with or without notice. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided in this Agreement.
Executive’s employment under this Agreement shall be terminated immediately on the death of Executive. 
 (b) Severance Upon
Involuntary Termination. In the event of Executive’s Involuntarily Termination, Executive shall be entitled to receive, in lieu of any severance benefits to which Executive may otherwise be entitled under any severance plan or program of
the Company (other than as provided in Section 3(g) of this Agreement), the benefits provided below: 
 (i) the Company shall pay to
Executive her fully earned but unpaid base salary, when due, through the date of Executive’s Involuntary Termination at the rate then in effect, plus all other amounts to which Executive is entitled under any compensation plan or practice of
the Company at the time of Executive’s Involuntary Termination; 
 (ii) subject to Sections 4(d) and 9(o) and Executive’s
continued compliance with Section 5, Executive shall be entitled to receive a lump sum cash payment equal to Executive’s monthly base salary as in effect immediately prior to the date of Executive’s Involuntary Termination for a
period of nine (9) months following the date of Executive’s Involuntary Termination, payable within ten (10) days following the date on which Executive’s Release (as defined below) becomes effective and irrevocable in accordance
with Section 4(d) below; 
  

  
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 (iii) subject to Sections 4(d) and 9(o) and Executive’s continued compliance with
Section 5, Executive shall be entitled to receive a lump sum cash payment equal to Executive’s Bonus for the year in which Executive’s Involuntary Termination occurs, prorated for the period of Executive’s service during the year
in which Executive’s Involuntary Termination occurs, payable within ten (10) days following the date on which Executive’s Release becomes effective and irrevocable in accordance with Section 4(d) below; provided that
Executive shall not be eligible to receive the severance benefits described in this Section 4(b)(iii) in the event Executive’s Involuntary Termination results from her discharge by the Company without Cause prior to a Change of Control;
and 
 (iv) subject to Sections 4(d) and 9(o) and Executive’s continued compliance with Section 5, for the period beginning on
the date of Executive’s Separation from Service and ending on the date which is nine (9) full months following the date of Executive’s Separation from Service (or, if earlier, the date Executive accepts other employment), the Company
shall pay to Executive a taxable monthly payment equal to the monthly premium Executive paid for healthcare coverage under Medicare immediately prior to Executive’s termination of employment, in an amount not to exceed $2,000 per month.
Executive shall be solely responsible for all matters relating to her Medicare coverage, including, without limitation, her timely payment of premiums. 

(c) Termination for Cause, Voluntary Resignation Without Good Reason, Death or Permanent Disability. If Executive’s employment is
terminated by the Company for Cause or by Executive without Good Reason, or as a result of Executive’s death or discharge by the Company following Executive’s Permanent Disability, the Company shall not have any other or further
obligations to Executive under this Agreement (including any financial obligations) except that Executive shall be entitled to receive (i) Executive’s fully earned but unpaid base salary, through the date of termination at the rate then in
effect, and (ii) all other amounts or benefits to which Executive is entitled under any compensation, retirement or benefit plan or practice of the Company at the time of termination in accordance with the terms of such plans or practices,
including, without limitation, any continuation of benefits required by COBRA or applicable law. In addition, if Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason, or as a result of
Executive’s death or discharge by the Company following Executive’s Permanent Disability, all vesting of Executive’s unvested Stock Awards previously granted to her by the Company shall cease and none of such unvested Stock Awards
shall be exercisable following the date of such termination. The foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies which may be available to the Company under the circumstances, whether at law or in equity.

 (d) Release. As a condition to Executive’s receipt of any post-termination benefits described in this Agreement (other than
Section 4(b)(i)), Executive shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in the form attached hereto as Exhibit A. Such Release shall specifically relate to all of
Executive’s rights and claims in existence at the time of such execution, including any claims related to Executive’s employment by the Company and her termination of employment, and shall exclude any 

 

  
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continuing obligations the Company may have to Executive following the date of termination under this Agreement or any other agreement providing for obligations to survive Executive’s
termination of employment. In the event Executive’s Release does not become effective within the fifty-five (55) day period following the date of Executive’s Separation from Service, Executive shall not be entitled to any payments and
benefits described in Section 4, other than those payable under Section 4(b)(i). 
 (e) Exclusive Remedy. Except as
otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s
employment shall cease upon such termination. In the event of a termination of Executive’s employment with the Company, Executive’s sole remedy shall be to receive the payments and benefits described in this Section 4. In addition,
Executive acknowledges and agrees that she is not entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments and benefits received by Executive pursuant to this Section 4, including, without
limitation, any excise tax imposed by Section 4999 of the Code. 
 (f) Mitigation. The amount of any payment or benefit provided
for in this Section 4 shall be reduced by any compensation earned by Executive as the result of employment by another employer or self-employment and, as provided in Section 4(b), Executive’s (or her dependents’) right to
continued healthcare and life insurance benefits following her termination of employment will terminate on the date on which the applicable continuation period under COBRA expires. In addition, loans, advances or other amounts owed by Executive to
the Company may be offset by the Company against amounts payable to Executive under this Section 4. Executive shall use her reasonable best efforts to obtain other employment following the date of termination. 

(g) Return of the Company’s Property. If Executive’s employment is terminated for any reason, the Company shall have the
right, at its option, to require Executive to vacate her offices prior to or on the effective date of termination and to cease all activities on the Company’s behalf. Upon the termination of her employment in any manner, as a condition to the
Executive’s receipt of any post-termination benefits described in this Agreement, Executive shall immediately surrender to the Company all lists, books and records of, or in connection with, the Company’s business, and all other property
belonging to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company. Executive shall deliver to the Company a signed statement certifying compliance with this
Section 4(g) prior to the receipt of any post-termination benefits described in this Agreement. 
 (h) Waiver of the Company’s
Liability. Executive recognizes that her employment is subject to termination with or without Cause for any reason and therefore Executive agrees that Executive shall hold the Company harmless from and against any and all liabilities, losses,
damages, costs and expenses, including but not limited to, court costs and reasonable attorneys’ fees, which Executive may incur as a result of the termination of Executive’s employment. Executive further agrees that Executive shall bring
no claim or cause of action against the Company for damages or injunctive relief based on a wrongful termination of employment. Executive agrees that the sole liability of the Company to Executive upon 

 

  
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termination of this Agreement shall be that determined by this Section 4. In the event this covenant is more restrictive than permitted by laws of the jurisdiction in which the Company seeks
enforcement thereof, this covenant shall be limited to the extent permitted by law. 
 5. Certain Covenants. 

(a) Noncompetition. Except as may otherwise be approved by the Board, during the term of Executive’s employment, Executive shall
not have any ownership interest (of record or beneficial) in, or have any interest as an employee, salesman, consultant, officer or director in, or otherwise aid or assist in any manner, any firm, corporation, partnership, proprietorship or other
business that engages in any county, city or part thereof in the United States and/or any foreign country in a business which competes directly or indirectly (as determined by the Board) with the Company’s business in such county, city or part
thereof, so long as the Company, or any successor in interest of the Company to the business and goodwill of the Company, remains engaged in such business in such county, city or part thereof or continues to solicit customers or potential customers
therein; provided, however, that Executive may own, directly or indirectly, solely as an investment, securities of any entity which are traded on any national securities exchange if Executive (x) is not a controlling person of, or
a member of a group which controls, such entity; or (y) does not, directly or indirectly, own one percent (1%) or more of any class of securities of any such entity. 

(b) Confidential Information. Executive and the Company have entered into the Company’s standard employee proprietary information
and inventions agreement (the “Employee Proprietary Information and Inventions Agreement”). Executive agrees to perform each and every obligation of Executive therein contained. 

(c) Solicitation of Employees. Executive shall not during the term of Executive’s employment and for the applicable severance
period for which Executive receives severance benefits following any termination hereof pursuant to Section 4(b) above (regardless of whether Executive receives such severance benefits in a lump sum payment or over the length of the severance
period) (the “Restricted Period”), directly or indirectly, solicit or encourage to leave the employment of the Company or any of its affiliates, any employee of the Company or any of its affiliates. 

(d) Solicitation of Consultants. Executive shall not during the term of Executive’s employment and for the Restricted Period,
directly or indirectly, hire, solicit or encourage to cease work with the Company or any of its affiliates any consultant then under contract with the Company or any of its affiliates within one year of the termination of such consultant’s
engagement by the Company or any of its affiliates. 

  
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 (e) Rights and Remedies Upon Breach. If Executive breaches or threatens to commit a breach
of any of the provisions of this Section 5 (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable,
and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: 

(i) Specific Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court having equity
jurisdiction, all without the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach
will cause irreparable injury to the Company and that money damages will not provide adequate remedy to the Company; 
 (ii) Accounting
and Indemnification. The right and remedy to require Executive (i) to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive or any associated party
deriving such benefits as a result of any such breach of the Restrictive Covenants; and (ii) to indemnify the Company against any other losses, damages (including special and consequential damages), costs and expenses, including actual
attorneys’ fees and court costs, which may be incurred by them and which result from or arise out of any such breach or threatened breach of the Restrictive Covenants; and 

(iii) Cessation of Payments. The right to cease all severance payments to Executive hereunder. 

(f) Severability of Covenants/Blue Pencilling. If any court determines that any of the Restrictive Covenants, or any part thereof, is
invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions. If any court determines that any of the Restrictive Covenants, or any part
thereof, are unenforceable because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in its reduced form, such provision shall then be enforceable and
shall be enforced. Executive hereby waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth of their geographic scope or the length of their term. 

(g) Enforceability in Jurisdictions. The Company and Executive intend to and do hereby confer jurisdiction to enforce the Restrictive
Covenants upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or
otherwise, it is the intention of the Company and Executive that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other jurisdiction within the geographical scope of such
covenants, as to breaches of such covenants in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants. 

(h) Definitions. For purposes of this Section 5, the term “Company” means not only Evoke Pharma, Inc., but also
any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Evoke Pharma, Inc. 

6. Insurance. The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering
Executive, in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Executive shall assist the Company in obtaining such insurance, including, without limitation, submitting to any required
examinations and providing information and data required by insurance companies. 

  
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 7. Arbitration. Any dispute, claim or controversy based on, arising out of or relating to
Executive’s employment or this Agreement shall be settled by final and binding arbitration in San Diego, California, before a single neutral arbitrator in accordance with the National Rules for the Resolution of Employment Disputes (the
“Rules”) of the American Arbitration Association, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.1 Arbitration may be
compelled pursuant to the California Arbitration Act (Code of Civil Procedure §§ 1280 et seq.). If the parties are unable to agree upon an arbitrator, one shall be appointed by the AAA in accordance with its Rules. Each party
shall pay the fees of its own attorneys, the expenses of its witnesses and all other expenses connected with presenting its case; however, Executive and the Company agree that, to the extent permitted by law, the arbitrator may, in his or her
discretion, award reasonable attorneys’ fees to the prevailing party; provided, further, that the prevailing party shall be reimbursed for such fees, costs and expenses within forty-five (45) days following any such award,
but in no event later than the last day of the Executive’s taxable year following the taxable year in which the fees, costs and expenses were incurred; provided, further, that the parties’ obligations pursuant to this
sentence shall terminate on the tenth (10th) anniversary of the date of Executive’s termination of employment. Other costs of the arbitration, including the cost of any record or
transcripts of the arbitration, AAA’s administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company. This Section 7 is intended to be the exclusive method for resolving any and all claims by
the parties against each other for payment of damages under this Agreement or relating to Executive’s employment; provided, however, that Executive shall retain the right to file administrative charges with or seek relief through
any government agency of competent jurisdiction, and to participate in any government investigation, including but not limited to (i) claims for workers’ compensation, state disability insurance or unemployment insurance; (ii) claims
for unpaid wages or waiting time penalties brought before the California Division of Labor Standards Enforcement; provided, however, that any appeal from an award or from denial of an award of wages and/or waiting time penalties shall
be arbitrated pursuant to the terms of this Agreement; and (iii) claims for administrative relief from the United States Equal Employment Opportunity Commission and/or the California Department of Fair Employment and Housing (or any similar
agency in any applicable jurisdiction other than California); provided, further, that Executive shall not be entitled to obtain any monetary relief through such agencies other than workers’ compensation benefits or unemployment
insurance benefits. This Agreement shall not limit either party’s right to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from any court of competent jurisdiction as may be necessary to protect their
rights and interests pending the outcome of arbitration, including without limitation injunctive relief, in any court of competent 

 

	1 	The Rules may be found online at: 

	    	http://www.adr.org/aaa/faces/rules/searchrules/rulesdetail?doc=ADRSTG_004366&_afrLoop=721106809527652&_afrWindowMode=0&_afrWindowId=sxz1jtpec_119#%40%3F_afrWindowId%3Dsxz1jtpec_119%26_afrLoop%3D721106809527652%26doc%3DADRSTG_004366%26_afrWindowMode%3D0%26_adf.ctrl-state%3Dsxz1jtpec_171
  

  
 12 

 jurisdiction pursuant to California Code of Civil Procedure § 1281.8 or any similar statute of an applicable
jurisdiction. Seeking any such relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both Executive and the Company expressly waive their right to a jury trial. 

8. General Relationship. Executive shall be considered an employee of the Company within the meaning of all federal, state and local
laws and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes. 

9. Miscellaneous. 
 (a)
Modification; Prior Claims. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof, supersedes all existing agreements between them concerning such subject matter, and may be modified only
by a written instrument duly executed by each party. 
 (b) Assignment; Assumption by Successor. The rights of the Company under this
Agreement may, without the consent of Executive, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or
indirectly, acquires all or substantially all of the assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of
the Company expressly to assume and to agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, that no such
assumption shall relieve the Company of its obligations hereunder. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes
and agrees to perform this Agreement by operation of law or otherwise. 
 (c) Survival. The covenants, agreements, representations
and warranties contained in or made in Sections 3(g), 4, 5, 7 and 9 of this Agreement shall survive any termination of Executive’s employment. 

(d) Third-Party Beneficiaries. This Agreement does not create, and shall not be construed as
creating, any rights enforceable by any person not a party to this Agreement. 
 (e) Waiver. The failure of either party hereto at
any time to enforce performance by the other party of any provision of this Agreement shall in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision hereof be
deemed to be a waiver by such party of any other breach of the same or any other provision hereof. 
 (f) Section Headings. The
headings of the several sections in this Agreement are inserted solely for the convenience of the parties and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof. 

  
 13 

 (g) Notices. Any notice required or permitted by this Agreement shall be in writing and
shall be delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by email, telecopy or facsimile
transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to Executive at the address listed on the
Company’s personnel records and to the Company at its principal place of business, or such other address as either party may specify in writing. 

(h) Severability. All Sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be
held to be invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained herein. 

(i) Governing Law and Venue. This Agreement is to be governed by and construed in accordance with the laws of the State of California
applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof. Except as provided in Sections 5 and 7, any suit brought hereon shall be brought in the state or federal
courts sitting in San Diego, California, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall have in personam jurisdiction over it and consents to
service of process in any manner authorized by California law. 
 (j) Non-transferability of Interest. None of the rights of
Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Executive. Any attempted
assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void. 

(k) Gender. Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the
singular shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or other form of association. 

(l) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same Agreement. 
 (m) Construction. The language in all parts of this Agreement shall in
all cases be construed simply, according to its fair meaning, and not strictly for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting
this Agreement or any part thereof. 
 (n) Withholding and other Deductions. All compensation payable to Executive hereunder shall be
subject to such deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order. 

  
 14 

 (o) Code Section 409A. 

(i) This Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly,
the post-termination payments payable under Section 4(b) shall be paid no later than the later of: (A) the fifteenth (15th) day of the third month following Executive’s first
taxable year in which such severance benefit is no longer subject to a substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year of
the Company in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance with Code Section 409A and any Treasury Regulations and other guidance issued thereunder. To the extent applicable,
this Agreement shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. Each series of installment payments made under this Agreement is hereby
designated as a series of “separate payments” within the meaning of Section 409A of the Code. 
 (ii) If the Executive is a
“specified employee” (as defined in Section 409A of the Code), as determined by the Company in accordance with Section 409A of the Code, on the date of the Executive’s Separation from Service, to the extent that the payments
or benefits under this Agreement are subject to Section 409A of the Code and the delayed payment or distribution of all or any portion of such amounts to which Executive is entitled under this Agreement is required in order to avoid a
prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this Section 10(o)(ii) shall be paid or distributed to Executive in a lump sum on the earlier of (A) the date that is six
(6) months following Executive’s Separation from Service, (B) the date of Executive’s death or (C) the earliest date as is permitted under Section 409A of the Code. Any remaining payments due under the Agreement shall
be paid as otherwise provided herein. 
 (iii) To the extent applicable, this Agreement shall be interpreted in accordance with the
applicable exemptions from Section 409A of the Code. If Executive and the Company determine that any payments or benefits payable under this Agreement intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply
with Section 409A of the Code, Executive and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary or appropriate, to comply with the requirements of Section 409A of
the Code and the Treasury Regulations thereunder (and any applicable transition relief) while preserving the economic agreement of the parties. To the extent that any provision in this Agreement is ambiguous as to its compliance with
Section 409A of the Code, the provision shall be read in such a manner that no payments payable under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code. 

(iv) Any reimbursement of expenses or in-kind benefits payable under this Agreement shall be made in accordance with Treasury Regulation
Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amount of expenses reimbursed or in-kind benefits payable in one
year shall not affect the amount eligible for reimbursement or in-kind benefits payable in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for
any other benefit. 

  
 15 

 (v) In the event that the amounts payable under Section 4(b) are subject to
Section 409A of the Code and the timing of the delivery of Executive’s Release could cause such amounts to be paid in one or another taxable year, then notwithstanding the payment timing set forth in such Section, such amounts shall not be
payable until the later of (i) the payment date specified in such section or (ii) the first business day of the taxable year following the Executive’s Separation from Service. 

(Signature Page Follows) 

  
 16 

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

			
	 EVOKE PHARMA, INC.

		
	 By:
	 	 /s/ David A. Gonyer

	 Name:
	 	 David A. Gonyer

	 Title:
	 	 President and Chief Executive Officer

	
	 /s/ Marilyn Carlson

	 Marilyn Carlson, M.D.

 SIGNATURE PAGE TO EMPLOYMENT AGREEMENT 

 EXHIBIT A 

GENERAL RELEASE OF CLAIMS 

[The language in this Release may change based on legal developments and evolving best practices; this form is provided as an example
of what will be included in the final Release document.] 
 This General Release of Claims (“Release”) is
entered into as of this             day of             ,         , between Marilyn
Carlson, M.D. (“Executive”), and Evoke Pharma, Inc., a Delaware corporation (the “Company”) (collectively referred to herein as the “Parties”). 

WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated as of December 1, 2013 (the
“Agreement”); 
 WHEREAS, the Parties agree that Executive is entitled to certain severance benefits under the Agreement,
subject to Executive’s execution of this Release; and 
 WHEREAS, the Company and Executive now wish to fully and finally to resolve
all matters between them. 
 NOW, THEREFORE, in consideration of, and subject to, the severance benefits payable to Executive pursuant to
the Agreement, the adequacy of which is hereby acknowledged by Executive, and which Executive acknowledges that she would not otherwise be entitled to receive, Executive and the Company hereby agree as follows: 

1. General Release of Claims by Executive. 

(a) Executive, on behalf of herself and her executors, heirs, administrators, representatives and assigns, hereby agrees to release and
forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, shareholders, officers, general or
limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Executive is or has been a participant by virtue of her employment with or service to the Company (collectively, the “Company
Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively, “Claims”),
which Executive has or may have had against such entities based on any events or circumstances arising or occurring on or prior to the date hereof or on or prior to the date hereof, arising directly or indirectly out of, relating to, or in any other
way involving in any manner whatsoever Executive’s employment by or service to the Company or the termination thereof, including any and all claims arising under federal, state, or local laws relating to employment, including without limitation
claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind that may be brought in any court or administrative agency including, without limitation, claims

 
under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101
et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age
Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41
C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et
seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; and the California Fair Employment and Housing Act, California Government Code Section 12940, et seq. 

Notwithstanding the generality of the foregoing, Executive does not release the following claims: 

(i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state
law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s compensation
insurance policy or fund of the Company; 
 (iii) Claims pursuant to the terms and conditions of the federal law known as
COBRA; 
 (iv) Claims for indemnity under the bylaws of the Company, as provided for by California law or under any
applicable insurance policy with respect to Executive’s liability as an employee, director or officer of the Company; 

(v) Claims based on any right Executive may have to enforce the Company’s executory obligations under the Agreement; and

 (vi) Claims Executive may have to vested or earned compensation and benefits. 

(b) EXECUTIVE ACKNOWLEDGES THAT SHE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH
PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR
HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS SHE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW
PRINCIPLES OF SIMILAR EFFECT. 

  
 2 

 (c) Executive acknowledges that this Release was presented to her on the date indicated above and
that Executive is entitled to have [twenty-one (21)][forty-five (45)] days’ time in which to consider it. Executive further acknowledges that the Company has advised her that she is waiving her rights under the ADEA, and that Executive should
consult with an attorney of her choice before signing this Release, and Executive has had sufficient time to consider the terms of this Release. Executive represents and acknowledges that if Executive executes this Release before [twenty-one
(21)][forty-five (45)] days have elapsed, Executive does so knowingly, voluntarily, and upon the advice and with the approval of Executive’s legal counsel (if any), and that Executive voluntarily waives any remaining consideration period. 

(d) Executive understands that after executing this Release, Executive has the right to revoke it within seven (7) days after her
execution of it. Executive understands that this Release will not become effective and enforceable unless the seven (7) day revocation period passes and Executive does not revoke the Release in writing. Executive understands that this Release
may not be revoked after the seven (7) day revocation period has passed. Executive also understands that any revocation of this Release must be made in writing and delivered to the Company at its principal place of business within the seven
(7) day period. 
 (e) Executive understands that this Release shall become effective, irrevocable, and binding upon Executive on the
eighth (8th) day after her execution of it, so long as Executive has not revoked it within the time period and in the manner specified in clause (d) above. 

(f) Executive further understands that Executive will not be given any severance benefits under the Agreement unless this Release is effective
on or before the date that is fifty-five (55) days following the date of Executive’s termination of employment. 
 2. No
Assignment. Executive represents and warrants to the Company Releasees that there has been no assignment or other transfer of any interest in any Claim that Executive may have against the Company Releasees. Executive agrees to indemnify and hold
harmless the Company Releasees from any liability, claims, demands, damages, costs, expenses and attorneys’ fees incurred as a result of any such assignment or transfer from Executive. 

3. Severability. In the event any provision of this Release is found to be unenforceable by an arbitrator or court of competent
jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by
law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby. 

4. Interpretation; Construction. The headings set forth in this Release are for convenience only and shall not be used in interpreting
this Agreement. This Release has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise
the Release and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this
Release. 

  
 3 

 
Either party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and
every other provision of this Release. 
 5. Governing Law and Venue. This Release will be governed by and construed in accordance
with the laws of the United States of America and the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof. Any suit brought hereon shall be
brought in the state or federal courts sitting in San Diego County, California, the Parties hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall have in personam
jurisdiction over it and consents to service of process in any manner authorized by California law. 
 6. Entire Agreement. This
Release and the Agreement constitute the entire agreement of the Parties in respect of the subject matter contained herein and therein and supersede all prior or simultaneous representations, discussions, negotiations and agreements, whether written
or oral. This Release may be amended or modified only with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever. 

7. Counterparts. This Release may be executed in multiple counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument. 
 (Signature Page Follows) 

  
 4 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the foregoing
Release as of the date first written above. 
  

					
	EXECUTIVE	  		  	EVOKE PHARMA, INC.
			
	  
	  		  	 By:
                                         
                                         

	Print Name: Marilyn Carlson, M.D.	  		  	 Print Name:
                                         
                            

		  		  	 Title:EX-4.1

 Exhibit 4.1 
  

 
  

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

5.625% SENIOR NOTES DUE 2021 
  

 
 INDENTURE

 DATED AS OF DECEMBER 2, 2013 
  

 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A., 
 AS TRUSTEE 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE 1	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	 Section 1.1
	 	 Definitions
	  	 	1	  
	 Section 1.2
	 	 Other Definitions
	  	 	22	  
	 Section 1.3
	 	 [RESERVED]
	  	 	23	  
	 Section 1.4
	 	 Rules of Construction
	  	 	23	  
	
	ARTICLE 2	  
	
	THE SECURITIES	  
			
	 Section 2.1
	 	 Form and Dating
	  	 	24	  
	 Section 2.2
	 	 Execution and Authentication
	  	 	25	  
	 Section 2.3
	 	 Registrar and Paying Agent
	  	 	26	  
	 Section 2.4
	 	 Paying Agent to Hold Money in Trust
	  	 	26	  
	 Section 2.5
	 	 Securityholder Lists
	  	 	27	  
	 Section 2.6
	 	 Transfer and Exchange
	  	 	27	  
	 Section 2.7
	 	 Replacement Securities
	  	 	27	  
	 Section 2.8
	 	 Outstanding Securities
	  	 	28	  
	 Section 2.9
	 	 Treasury Securities
	  	 	28	  
	 Section 2.10
	 	 Temporary Securities
	  	 	29	  
	 Section 2.11
	 	 Cancellation
	  	 	29	  
	 Section 2.12
	 	 Legend; Additional Transfer and Exchange Requirements
	  	 	29	  
	 Section 2.13
	 	 CUSIP and ISIN Numbers
	  	 	31	  
	
	ARTICLE 3	  
	
	REDEMPTION AND PURCHASES	  
			
	 Section 3.1
	 	 Right to Redeem
	  	 	32	  
	 Section 3.2
	 	 Selection of Securities to Be Redeemed
	  	 	32	  
	 Section 3.3
	 	 Notice of Redemption
	  	 	32	  
	 Section 3.4
	 	 Effect of Notice of Redemption
	  	 	33	  
	 Section 3.5
	 	 Deposit of Redemption Price
	  	 	33	  
	 Section 3.6
	 	 Securities Redeemed in Part
	  	 	33	  
	 Section 3.7
	 	 Optional Redemption
	  	 	33	  
	 Section 3.8
	 	 Purchase of Securities at Option of the Holder Upon Change of Control
	  	 	35	  
	 Section 3.9
	 	 Effect of Change of Control Purchase Notice
	  	 	37	  
	 Section 3.10
	 	 Deposit of Change of Control Purchase Price
	  	 	37	  
	 Section 3.11
	 	 Securities Purchased in Part
	  	 	38	  
	 Section 3.12
	 	 Compliance with Securities Laws upon Purchase of Securities
	  	 	38	  
	 Section 3.13
	 	 Repayment to the Company
	  	 	38	  
	 Section 3.14
	 	 Offer to Purchase by Application of Excess Proceeds
	  	 	38	  

  
 -i- 

							
	 	 	 	  	Page	 
	
	ARTICLE 4	  
	
	COVENANTS	  
			
	 Section 4.1
	 	 Payment of Securities
	  	 	40	  
	 Section 4.2
	 	 Maintenance of Office or Agency
	  	 	40	  
	 Section 4.3
	 	 Reports
	  	 	41	  
	 Section 4.4
	 	 Compliance Certificates
	  	 	42	  
	 Section 4.5
	 	 Further Instruments and Acts
	  	 	42	  
	 Section 4.6
	 	 Maintenance of Corporate Existence
	  	 	42	  
	 Section 4.7
	 	 Changes in Covenants When Securities Rated Investment Grade
	  	 	42	  
	 Section 4.8
	 	 Restricted Payments
	  	 	43	  
	 Section 4.9
	 	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	46	  
	 Section 4.10
	 	 [Reserved]
	  	 	49	  
	 Section 4.11
	 	 Liens
	  	 	49	  
	 Section 4.12
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	49	  
	 Section 4.13
	 	 Transactions with Affiliates
	  	 	51	  
	 Section 4.14
	 	 Asset Sales
	  	 	52	  
	 Section 4.15
	 	 Additional Note Guarantees
	  	 	54	  
	 Section 4.16
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	54	  
	 Section 4.17
	 	 Business Activities
	  	 	54	  
	 Section 4.18
	 	 Payments for Consent
	  	 	54	  
	 Section 4.19
	 	 Stay, Extension and Usury Laws
	  	 	54	  
	 Section 4.20
	 	 [Reserved]
	  	 	55	  
	 Section 4.21
	 	 Notice of Default
	  	 	55	  
	 Section 4.22
	 	 Payment of Additional Amounts
	  	 	55	  
	
	ARTICLE 5	  
	
	MERGER, CONSOLIDATION OR SALE OF ASSETS	  
			
	 Section 5.1
	 	 Merger, Consolidation or Sale of Assets
	  	 	58	  
	 Section 5.2
	 	 Successor Substituted
	  	 	59	  
	
	ARTICLE 6	  
	
	DEFAULT AND REMEDIES	  
			
	 Section 6.1
	 	 Events of Default
	  	 	59	  
	 Section 6.2
	 	 Acceleration
	  	 	61	  
	 Section 6.3
	 	 Other Remedies
	  	 	61	  
	 Section 6.4
	 	 Waiver of Defaults and Events of Default
	  	 	61	  
	 Section 6.5
	 	 Control by Majority
	  	 	62	  
	 Section 6.6
	 	 Limitations on Suits
	  	 	62	  
	 Section 6.7
	 	 Rights of Holders to Receive Payment
	  	 	62	  
	 Section 6.8
	 	 Collection Suit by Trustee
	  	 	62	  
	 Section 6.9
	 	 Trustee May File Proofs of Claim
	  	 	63	  
	 Section 6.10
	 	 Priorities
	  	 	63	  
	 Section 6.11
	 	 Undertaking for Costs
	  	 	63	  

  
 -ii- 

							
	 	 	 	  	Page	 
	
	ARTICLE 7	  
	
	TRUSTEE	  
			
	 Section 7.1
	 	 Duties of Trustee
	  	 	63	  
	 Section 7.2
	 	 Rights of Trustee
	  	 	64	  
	 Section 7.3
	 	 Individual Rights of Trustee
	  	 	66	  
	 Section 7.4
	 	 Trustee’s Disclaimer
	  	 	66	  
	 Section 7.5
	 	 Notice of Default or Events of Default
	  	 	66	  
	 Section 7.6
	 	 [RESERVED]
	  	 	66	  
	 Section 7.7
	 	 Compensation and Indemnity
	  	 	66	  
	 Section 7.8
	 	 Replacement of Trustee
	  	 	67	  
	 Section 7.9
	 	 Successor Trustee by Merger, Etc.
	  	 	67	  
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	68	  
	 Section 7.11
	 	 Preferential Collection of Claims Against the Company
	  	 	68	  
	
	ARTICLE 8	  
	
	 DEFEASANCE; SATISFACTION AND

DISCHARGE OF INDENTURE
	   
   

			
	 Section 8.1
	 	 Satisfaction and Discharge of Indenture
	  	 	68	  
	 Section 8.2
	 	 Legal Defeasance
	  	 	69	  
	 Section 8.3
	 	 Covenant Defeasance
	  	 	70	  
	 Section 8.4
	 	 Application of Trust Money
	  	 	71	  
	 Section 8.5
	 	 Repayment to the Company
	  	 	71	  
	 Section 8.6
	 	 Reinstatement
	  	 	72	  
	
	ARTICLE 9	  
	
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  
			
	 Section 9.1
	 	 Without Consent of Holders
	  	 	72	  
	 Section 9.2
	 	 With Consent of Holders
	  	 	73	  
	 Section 9.3
	 	 [Reserved]
	  	 	74	  
	 Section 9.4
	 	 Revocation and Effect of Consents
	  	 	74	  
	 Section 9.5
	 	 Notation on or Exchange of Securities
	  	 	74	  
	 Section 9.6
	 	 Trustee to Sign Amendments, Etc.
	  	 	74	  
	 Section 9.7
	 	 Effect of Supplemental Indentures
	  	 	74	  
	
	ARTICLE 10	  
	
	NOTE GUARANTEES	  
			
	 Section 10.1
	 	 Note Guarantees
	  	 	74	  
	 Section 10.2
	 	 Execution and Delivery of Note Guarantees
	  	 	76	  
	 Section 10.3
	 	 Limitation on Note Guarantor Liability
	  	 	76	  
	 Section 10.4
	 	 Merger and Consolidation of Note Guarantors
	  	 	77	  
	 Section 10.5
	 	 Release
	  	 	77	  
	 Section 10.6
	 	 Canadian Note Guarantee
	  	 	78	  

  
 -iii- 

							
	 	 	 	  	Page	 
	
	ARTICLE 11	  
	
	MISCELLANEOUS	  
			
	 Section 11.1
	 	 Certain Trust Indenture Act Sections
	  	 	78	  
	 Section 11.2
	 	 Notices
	  	 	78	  
	 Section 11.3
	 	 Communications by Holders With Other Holders
	  	 	79	  
	 Section 11.4
	 	 Certificate and Opinion of Counsel as to Conditions Precedent
	  	 	79	  
	 Section 11.5
	 	 Record Date for Vote or Consent of Holders
	  	 	80	  
	 Section 11.6
	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	80	  
	 Section 11.7
	 	 Legal Holidays
	  	 	80	  
	 Section 11.8
	 	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	80	  
	 Section 11.9
	 	 No Adverse Interpretation of Other Agreements
	  	 	80	  
	 Section 11.10
	 	 No Recourse Against Others
	  	 	81	  
	 Section 11.11
	 	 Successors
	  	 	81	  
	 Section 11.12
	 	 Multiple Counterparts
	  	 	81	  
	 Section 11.13
	 	 Separability
	  	 	81	  
	 Section 11.14
	 	 Table of Contents, Headings, etc.
	  	 	81	  
	 Section 11.15
	 	 Calculations in Respect of the Securities
	  	 	81	  
	 Section 11.16
	 	 Agent for Service and Waiver of Immunities
	  	 	81	  
	 Section 11.17
	 	 Judgment Currency
	  	 	82	  
	 Section 11.18
	 	 Foreign Currency Equivalent
	  	 	82	  
	 Section 11.19
	 	 Usury Savings Clause
	  	 	82	  
	 Section 11.20
	 	 Interest Act (Canada)
	  	 	82	  

 EXHIBITS 
  

					
	EXHIBIT A	 	-	 	FORM OF NOTE
	EXHIBIT B	 	-	 	FORM OF GUARANTEE
	EXHIBIT C	 	-	 	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	EXHIBIT D	 	-	 	FORM OF CANADIAN NOTE GUARANTEE

  
 -iv- 

 THIS INDENTURE dated as of December 2, 2013 is among Valeant Pharmaceuticals
International, Inc., a corporation continued under the British Columbia Business Corporations Act (the “Company”), the Note Guarantors party hereto and The Bank of New York Mellon Trust Company, N.A., a national banking association
duly organized under the laws of the United States, as Trustee (the “Trustee”).  
 In consideration of the premises
and the purchase of the Securities by the Holders thereof, all parties agree as follows for the benefit of the other and for the equal and ratable benefit of the registered Holders of the Company’s Securities. 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person and which is not satisfied in full at such time, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified
Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Securities” means any additional 5.625% Senior Notes due 2021 that the Company may issue from time to time
under this Indenture in accordance with Section 2.1(c) of this Indenture as part of the same series of Securities issued on the date hereof. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 
 “Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, as determined by the Company, with respect to a Security, the greater of 

(1) 1.0% of the then outstanding principal amount of such Security and 

(2) (a) the present value of all remaining required interest and principal payments due on such Security and all premium
payments relating to such Security assuming a redemption date of December 1, 2016, computed using a discount rate equal to the Treasury Rate plus 50 basis points, minus 

(b) the then outstanding principal amount of such Security, minus 

 (c) accrued interest paid on the date of redemption. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial ownership interests in the
Global Securities, the rules and procedures of the Depositary, to the extent applicable to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets, property or rights outside of the ordinary course of
business; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 3.8 and/or Section 5.1 hereof
and not by the provisions of Section 4.14; and 
 (2) the issuance of Equity Interests by any of the Company’s
Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries. 
 Notwithstanding the preceding, none of the
following items will be deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that
involves assets having a Fair Market Value of less than $100.0 million; 
 (2) a transfer of assets between or among the
Company and its Restricted Subsidiaries; 
 (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to
the Company or to another Restricted Subsidiary of the Company; 
 (4) the sale or lease of equipment, inventory or accounts
receivable in the ordinary course of business; 
 (5) the sale or other disposition of cash or Cash Equivalents; 

(6) a Restricted Payment or Permitted Investment that is permitted by Section 4.8 hereof; 

(7) the license of intellectual property to third persons in the ordinary course of business as determined by the Board of
Directors of the Company in good faith; 
 (8) the sale, exchange or other disposition of obsolete, worn out, uneconomical or
surplus assets, including any such intellectual property; and 
 (9) sales, transfers or other dispositions of assets for
consideration at least equal to the Fair Market Value of the assets sold or disposed of, but only if the consideration received consists of property or assets (other than cash, except to the extent used as a bona fide means of equalizing the value
of the property or assets involved in the swap transaction; provided, however, that cash does not exceed 10% of the sum of the amount of the cash and the Fair Market Value of the assets received or given) of a nature or type that are
used in, a business having property or assets of a nature or type or engaged in a Permitted Business (or Capital Stock of a Person whose assets consist of assets of the type described in this clause (9)). 

  
 -2- 

 “Attributable Debt” in respect of a sale and leaseback transaction means,
at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Bankruptcy Law” means any of Title 11 of the United States Code, the BIA, the CCAA, the WURA and the CBCA, and any
other applicable insolvency, corporate arrangement or restructuring or other similar law of any jurisdiction including any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it.

 “Beneficial Owner” has the meaning assigned to such term in Rule l3d-3 and Rule 13d-5 under the Exchange Act,
except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that
such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and
“Beneficially Owned” have corresponding meanings. 
 “BIA” means the Bankruptcy and Insolvency Act
(Canada). 
 “Board of Directors” means: 

(1) with respect to a company or corporation, the board of directors of the company or corporation or any committee thereof
duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general
partner of the partnership or any committee thereof duly authorized to act on behalf of such board; and 
 (3) with respect
to any other Person, the board or committee of such Person serving a similar function. 
 “Business Day” means each
day that is not a Legal Holiday. 
 “Canadian Note Guarantee” means each Guarantee of the obligations with
respect to the Securities issued by each Canadian Note Guarantor pursuant to the terms of this Indenture and substantially in the form of Exhibit D.  

“Canadian Note Guarantor” means each Note Guarantor that is organized under the laws of Canada or any province or
territory thereof. 
 “Capital Lease Obligations” means, at the time any determination is to be made, the
amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 

  
 -3- 

 (3) in the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and 
 (4) any other interest or participation (including, without
limitation, quotas) that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Equivalents” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (provided, that the full faith and credit of the U.S. is pledged in support thereof) having repricings or maturities of not more than one year from the date of acquisition; 

(2) certificates of deposit and time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any United States commercial bank having capital and surplus in excess of $500.0 million; 

(3) repurchase obligations with a term of not more than 14 days for underlying securities of the types described in clauses
(1) and (2) above entered into with any financial institution meeting the qualifications specified in clause (2) above; 

(4) commercial paper having a rating of at least “P-2” or better from Moody’s or at least “A-2” or
better from S&P, or carrying an equivalent rating by an internationally recognized rating agency and, in each case, maturing within one year after the date of acquisition; 

(5) auction-rate, corporate and municipal securities, in each case (x) having either short-term debt ratings of at least
“P-2” or better from Moody’s or at least “A-2” or better from S&P or long-term senior debt ratings of “A2” or better from Moody’s or at least “A” or better from S&P, or carrying an equivalent
rating by an internationally recognized rating agency, (y) having repricings or maturities of not more than one year from the date of acquisition and (z) which are classifiable as cash and cash equivalents under GAAP; 

(6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(1) through (5) of this definition; or 
 (7) in the case of the Company or any Foreign Subsidiary: 

(a) direct obligations of the sovereign nation, or any agency thereof, in which the Company or such Foreign Subsidiary is
organized and is conducting business or in obligations fully and unconditionally guaranteed by such sovereign nation, or any agency thereof; provided, that such obligations have repricings or maturities of not more than one year from the date
of acquisition and are used by the Company or such Foreign Subsidiary in accordance with normal investment practices for cash management in investments of the type analogous to clauses (1) through (5) above; or 

(b) investments of the type and maturity described in clauses (1) through (5) above of foreign obligors, which
investments or obligors have ratings described in such clauses or equivalent ratings from internationally recognized rating agencies; provided, that such investments are used by the Company or such Foreign Subsidiary in accordance

  
 -4- 

 
with normal investment practices for cash management in investments of the type analogous to clauses (1) through (5) above. 

“CBCA” means the Canada Business Corporations Act. 

“CCAA” means the Companies’ Creditors Arrangement Act (Canada). 

“Change of Control” means the occurrence of any of the following: 

(1) any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner,
other than by way of merger or consolidation of the Company, of shares of the Company’s Voting Stock representing (i) 50% or more of the total voting power of all of the Company’s outstanding Voting Stock or (ii) the power,
directly or indirectly, to elect a majority of the members of the Company’s Board of Directors; 
 (2) the Company
consolidates with, or merges with or into, another Person, or the Company, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of the properties or assets of the Company and its
Restricted Subsidiaries, taken as a whole (other than by way of merger or consolidation), in one or a series of related transactions, or any Person consolidates with, or merges with or into, the Company, in any such event other than pursuant to a
transaction in which the Persons that Beneficially Owned the shares of the Company’s Voting Stock immediately prior to such transaction Beneficially Own at least a majority of the total voting power of all outstanding Voting Stock (other than
Disqualified Stock) of the surviving or transferee Person; 
 (3) the holders of the Company’s Capital Stock approve any
plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with this Indenture); or 

(4) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of
Directors of the Company (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Company has been approved by a majority of the directors then still in office who either
were directors at the beginning of such period or whose election or recommendation for election was previously so approved) cease to constitute a majority of the Board of Directors of the Company. 

“Clearstream” means Clearstream Banking, société anonyme, Luxembourg. 

“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces it
pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Company. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of
such Person for such period plus: 
 (1) an amount equal to any extraordinary loss plus any net
loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 

  
 -5- 

 (2) provision for taxes based on income or profits of such Person and its
Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

(3) Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such expense was
deducted in computing such Consolidated Net Income; plus 
 (4) any restructuring charges or expenses (which, for the
avoidance of doubt, shall include retention, severance, systems establishment costs, excess pension charges, contract termination costs and costs to consolidate facilities and relocate employees), to the extent that any such charge or expense was
deducted in computing such Consolidated Net Income; plus 
 (5) fees and expenses in connection with any proposed or
actual issuance of any Indebtedness or Equity Interests, or any proposed or actual acquisitions, Investments, Asset Sales or divestitures permitted to be incurred under this Indenture, in an aggregate amount not to exceed $100.0 million during any
one fiscal year of the Company; plus 
 (6) depreciation, amortization (including amortization of intangibles but
excluding amortization of prepaid cash expenses that were paid in a prior period), and other non-cash charges or expenses (including impairment charges and other write-offs of intangible assets and goodwill but excluding any such non-cash charge or
expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the
extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; minus 

(7) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary
course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 
 Notwithstanding the preceding, the
provision for taxes based on the income or profits of, and the depreciation and amortization and other non-cash expenses of, a Restricted Subsidiary of the Company (other than any Note Guarantor) will be added to Consolidated Net Income to compute
Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior governmental approval (that has not been
obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its
stockholders. 
 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate
of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) the Net Income of any Restricted Subsidiary (other than any Note Guarantor) will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without 

  
 -6- 

 
any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 
 (3) the cumulative effect of
a change in accounting principles will be excluded; 
 (4) any extraordinary or nonrecurring gain or loss and any expense or
charge in connection with acquired intellectual property and research & development will be excluded; 
 (5) any
extraordinary or nonrecurring gain or loss and any expense or charge attributable to the disposition of discontinued operations will be excluded; 

(6) any amortization expense incurred during such period with respect to products acquired by the Company or any of its
Subsidiaries that are used or useful in a Permitted Business will be excluded; 
 (7) any gain (but not loss), together with
any related provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any
Indebtedness of such Person or any of its Restricted Subsidiaries will be excluded; and 
 (8) any extraordinary gain (but
not loss), together with any related provision for taxes on such extraordinary gain (but not loss) will be excluded. 

“Consolidated Total Assets” means, as of any date of determination, the total assets shown on the consolidated quarterly or
annual balance sheet of the Company and its Restricted Subsidiaries as of the most recent date for which such a quarterly or annual balance sheet is available, determined on a consolidated basis in accordance with GAAP (and in the case of any
determination relating to any incurrence of Indebtedness or Investment, on a pro forma basis). In addition, “Consolidated Total Assets” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage
Ratio” to give effect to transactions that occurred after the date of the most recent quarterly or annual balance sheet date. 

“Corporate Trust Office” means the designated office of the Trustee at which at any particular time its corporate
trust business shall be administered which office at the date of the execution of this Indenture is located at 700 South Flower Street, Suite 500, Los Angeles, California 90017, Attention: Corporate Trust Administration or at any other time at such
other address as the Trustee may designate from time to time by notice to the Company. 
 “Credit Agreement”
means the Third Amended and Restated Credit and Guaranty Agreement, dated as of February 13, 2012, as amended by Amendment No. 1, dated as of March 6, 2012, by Amendment No. 2, dated as of September 10, 2012, by Amendment
No. 3, dated as of January 24, 2013, by Amendment No. 4, dated as of February 21, 2013, by Amendment No. 5, dated as of June 6, 2013, by Amendment No. 6, dated as of June 26, 2013, by Amendment No. 7,
dated as of September 17, 2013, by the Joinder Agreement, dated as of June 14, 2012, by the Joinder Agreement, dated as of July 9, 2012, by the Joinder Agreement, dated as of September 11, 2012, by the Joinder Agreement, dated as
of October 2, 2013, by the Joinder Agreement, dated as of December 11, 2012, by the Tranche A Joinder Agreement, dated as of August 5, 2013, and by the Tranche B Joinder Agreement dated as of August 5, 2013 (as it may be amended,
restated, replaced, supplemented or otherwise modified from time to time), among the Company, certain subsidiaries of the Company, as guarantors, the lenders party thereto from time to time, Goldman Sachs Lending Partners LLC, J.P. Morgan Securities
LLC and Morgan Stanley Senior Funding,  

  
 -7- 

 
Inc., as joint lead arrangers and joint bookrunners, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as co-syndication agents, JPMorgan Chase Bank, N.A., as issuing bank,
Goldman Sachs Lending Partners LLC, as administrative agent and collateral agent, as amended, supplemented, restated and otherwise modified, together with the related documents thereto (including any guarantees and security documents). 

“Credit Facilities” means the facilities under the Credit Agreement and one or more other debt facilities, credit
agreements, commercial paper facilities, indentures or other agreements incurred after the Issue Date, in each case with banks, institutional lenders, purchasers, investors, trustees or agents providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or other extensions of credit or other Indebtedness, in
each case including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in
part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any agreement or instrument (and related documents) governing Indebtedness incurred to refinance or replace, in whole or in part,
the borrowings and commitments then outstanding or permitted to be outstanding under such facilities or a successor facility, whether by the same or any other bank, institutional lender, purchaser, investor, trustee or agent or group thereof.

 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator, receiver-manager, custodian,
administrative receiver, administrator or similar official under any Bankruptcy Law. 
 “Default” means any
event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 

“Definitive Securities” means Securities that are in substantially the form attached hereto as Exhibit A and that do
not include the information to which footnotes 1, 5, 6 and 8 thereof apply. 
 “Designated Noncash
Consideration” means noncash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is designated by the Company as Designated Noncash Consideration, less the amount of cash or Cash
Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration, which cash and Cash Equivalents shall be considered Net Proceeds received as of such date and shall be applied pursuant to Section 4.14. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Securities mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock
provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.8 hereof 

“Dollar Equivalent” of any amount means, at the time of determination thereof, 

(1) if such amount is expressed in U.S. dollars, such amount, or 

  
 -8- 

 (2) if such amount is expressed in any other currency, the equivalent of such
amount in U.S. dollars determined by using the rate of exchange quoted by Goldman, Sachs & Co. in New York, New York at 11:00 a.m. (New York City time) on the date of determination (or, if such date is not a Business Day, the last Business
Day prior thereto) to prime banks in New York for the spot purchase in the New York currency exchange market of such amount of U.S. dollars with such currency. 

“Domestic Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state
thereof or the District of Columbia. 
 “Equity Interests” means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means a public or private offering of Equity Interests (other than Disqualified Stock). 

“Euroclear” means Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear System.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, as in effect from time to time. 
 “Existing Indebtedness” means Indebtedness of the
Company and its Restricted Subsidiaries (other than Indebtedness incurred under Section 4.9(b)(i) hereof) in existence on the date of this Indenture, until such amounts are repaid. 

“Fair Market Value” means the price that could be negotiated in an arm’s-length transaction, for cash, between a
willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture).

 “Fall Away Event” means such time as the Securities shall have an Investment Grade Rating and the Company
shall have delivered to the Trustee an Officers’ Certificate certifying that the foregoing condition has been satisfied. 

“Final Maturity Date” means December 1, 2021. 

“Fixed Charge Coverage Ratio” means, with respect to any specified Person for any period, the ratio of the
Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases or redeems any
Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on
which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption,
Guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of the applicable four-quarter
reference period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

  
 -9- 

 (1) acquisitions that have been made by the specified Person or any of its
Restricted Subsidiaries, including through consolidations or mergers and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be
given pro forma effect as if they had occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period will be calculated (x) on a pro forma basis in accordance with Regulation S-X promulgated
by the SEC and, in addition, (y) to give effect to any Pro Forma Cost Savings; 
 (2) the Consolidated Cash Flow
attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded; and 

(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the
Calculation Date. 
 “Fixed Charges” means, with respect to any specified Person for any period, the sum, without
duplication, of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such
period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all
payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the
effect of all payments made or received pursuant to Interest Rate Hedging Obligations; plus 
 (2) the consolidated
interest of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 
 (3) any
interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is
called upon; plus 
 (4) all dividends, whether paid or accrued and whether or not in cash, on any Disqualified Stock
or any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted
Subsidiary of the Company, in each case, on a consolidated basis and in accordance with GAAP. 
 “Foreign
Subsidiary” means a Restricted Subsidiary that is not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia or is a Restricted Subsidiary of such Foreign
Subsidiary.  
 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such 

  
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other statements by such other entity as have been approved by a significant segment of the accounting profession, as in effect on the date of this Indenture. 

“Global Securities” means the Securities that are substantially in the form attached hereto as Exhibit A and that
include the information called for by footnotes 1, 5, 6 and 8 thereof, and which are deposited with the Depositary or its custodian and registered in the name of the Depositary or its nominee. 

“Government Securities” means direct non-callable obligations of, or guaranteed by, the United States of America for
the timely payment of which guarantee or obligations the full faith and credit of the United States is pledged. 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary
course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. 

“Hedging Obligations” means, with respect to any specified Person: 

(1) Interest Rate Hedging Obligations; and 

(2) the obligations of such Person under agreements or arrangements designed to protect such Person against fluctuations in
currency exchange rates. 
 “Holder” or “Securityholder” means the Person in whose name a Security
is registered on the Registrar’s books. 
 “Indebtedness” means, with respect to any specified Person,
any indebtedness of such Person, whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing net payment obligations under any Hedging
Obligations, 
 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or
not such Indebtedness is assumed by the specified Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such asset and the amount of the obligation so secured and (y) to the extent not otherwise
included, the Guarantee by the specified Person of any Indebtedness of any other Person. 

  
 -11- 

 Notwithstanding the foregoing, in connection with the purchase by a Person or any of its
Restricted Subsidiaries of any business, the term “Indebtedness” will exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet, working
capital calculation or other similar method or such payment depends on the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable or is of a
contingent nature and, to the extent such payment thereafter becomes fixed and finally determined, the amount is paid within 60 days thereafter. 

The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past
due, in the case of any other Indebtedness. 
 “Indenture” means this Indenture as amended or supplemented from time
to time pursuant to the terms of this Indenture. 
 “Interest Rate Hedging Obligations” means, with respect
to any specified Person, the obligations of such Person under: 
 (1) interest rate swap agreements, interest rate cap
agreements and interest rate collar agreements; and 
 (2) other agreements or arrangements designed to protect such Person
against fluctuations in interest rates. 
 “Investment Grade Rating” means a rating of Baa3 or better by
Moody’s and BBB- or better by S&P (or its equivalent under any successor rating categories of Moody’s or S&P) (or, in each case, if such Rating Agency ceases to rate the Securities for reasons outside of the control of the Company,
the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If (i) the
Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no
longer a Restricted Subsidiary of the Company or (ii) a Restricted Subsidiary of the Company is redesignated as an Unrestricted Subsidiary, the Company will be deemed to have made an Investment on the date of any such sale, disposition or
redesignation equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.8(c) hereof. The acquisition by the Company or any Restricted
Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person (but only to the extent such Investment in a third person is
material to the acquired entity) in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount  

  
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determined as provided in Section 4.8(c) hereof. For the avoidance of doubt, acquisitions of or licenses for products or assets used or useful in a Permitted Business do not constitute
Investments. 
 “Issue Date” means December 2, 2013, the date of the initial issuance of the Securities under
this Indenture.  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge (fixed and/or
floating), security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Merger” means the merger of Beach Merger Corp., an indirect wholly owned Subsidiary of the Company, with and into
Valeant, with Valeant continuing as the surviving corporation and as an indirect wholly owned Subsidiary of the Company, consummated on September 28, 2010. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business thereof.

 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of preferred stock dividends. 
 “Net Proceeds”
means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received
in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes
paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, other than
Indebtedness under a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP.

 “Non-Recourse Debt” means Indebtedness: 

(1) as to which none of the Company or any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Securities) of the Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its stated maturity; and 
 (3)
as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 

  
 -13- 

 “Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Guarantee” means each Guarantee of the obligations with respect to the Securities issued by a Subsidiary of the
Company pursuant to the terms of this Indenture. 
 “Note Guarantor” means each Subsidiary of the Company
that becomes a guarantor of the Securities on the Issue Date, and each other Subsidiary of the Company that thereafter Guarantees the Securities pursuant to the terms of this Indenture. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness. 
 “Offering Circular” means the
Offering Circular dated November 15, 2013, with respect to the Securities. 
 “Officer” means the
Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief Financial Officer, the Controller, Treasurer, the Secretary or any Assistant Controller, Assistant Treasurer or Assistant Secretary of the Company.

 “Officers’ Certificate” means a certificate signed by two Officers; provided,
however, that for purposes of Section 4.4 hereof, “Officers’ Certificate” means a certificate signed by the principal executive officer, principal financial officer or principal accounting officer of the
Company and by one other Officer. 
 “Opinion of Counsel” means a written opinion from legal counsel
reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a person who has an account with the
Depositary, Euroclear or Clearstream, respectively, and, with respect to the Depository Trust Company, shall include Euroclear and Clearstream. 

“Permitted Asset Swap” means the concurrent purchase and sale or exchange of assets used or useful in a Permitted
Business or a combination of such assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in
accordance with Section 4.14 of this Indenture. 
 “Permitted Business” means any business conducted by
the Company and its Restricted Subsidiaries on the Issue Date and any business that is in the judgment of the Company reasonably related, ancillary or complementary to the business of the Company and its Restricted Subsidiaries on the Issue Date.

 “Permitted Investments” means: 

(1) any Investment in the Company or in a Restricted Subsidiary of the Company; 

(2) any Investment in cash and Cash Equivalents; 

(3) any Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment: 

(a) such Person becomes a Restricted Subsidiary of the Company; or 

  
 -14- 

 (b) such Person is merged or consolidated with or into, or transfers or conveys
substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.14 hereof; 

(5) any Investments made solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company; 
 (6) any Investments received in compromise of obligations owed to the Company or any of its Restricted
Subsidiaries created in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or in satisfaction of judgments; 

(7) receivables owing to the Company or any Restricted Subsidiary of the Company if created or acquired in the ordinary course
of business and payable or dischargeable in accordance with customary trade terms (which trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances), and other
Investments to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by
the Company or any Restricted Subsidiary; 
 (8) Investments represented by Hedging Obligations; 

(9) Investments in existence on the date of this Indenture and any extension, modification or renewal of any such Investments,
but only to the extent such extension, modification or renewal does not involve additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or accretion of
interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment as in effect on the date of this Indenture); 

(10) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be
treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (11) loans and advances
to officers, directors and employees in the ordinary course of business in the aggregate amount outstanding at any one time not to exceed $25.0 million; 

(12) Investments in a Permitted Joint Venture, when taken together with all other Investments made pursuant to this clause
(12) that are at the time outstanding, not to exceed the greater of (x) $250.0 million and (y) 2.5% of Consolidated Total Assets; and 

(13) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed the greater of (x) $500.0 million and (y) 7.5%
of Consolidated Total Assets. 

  
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 “Permitted Joint Venture” means any joint venture (which may be in the
form of a limited liability company, partnership, corporation or other entity) in which the Company or any of its Restricted Subsidiaries is a joint venturer; provided, however, that (a) the joint
venture is engaged solely in a Permitted Business and (b) the Company or a Restricted Subsidiary is required by the governing documents of the joint venture or an agreement with the other parties to the joint venture to participate in the
management of such joint venture as a member of such joint venture’s Board of Directors or otherwise. 

“Permitted Liens” means: 

(1) Liens securing Indebtedness and other Obligations under Credit Facilities that were permitted by the terms of this
Indenture to be incurred under Section 4.9(b)(i) hereof; 
 (2) Liens in favor of the Company or any Note Guarantor;

 (3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with or is
acquired by the Company or any Subsidiary of the Company; provided, that such Liens were not incurred in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person merged into,
consolidated with or acquired by the Company or the Subsidiary; 
 (4) Liens on property existing at the time of acquisition
of the property by the Company or any Subsidiary of the Company, provided, that such Liens were not incurred in contemplation of such acquisition; 

(5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of
a like nature incurred in the ordinary course of business; 
 (6) Liens to secure Indebtedness (including Capital Lease
Obligations) permitted by Section 4.9(b)(iv) or Section 4.9(b)(v) hereof, covering only the assets acquired with such Indebtedness (and improvements or accessions thereto); 

(7) Liens existing on the date of this Indenture; 

(8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently concluded, provided, that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(9) Liens securing Hedging Obligations; 

(10) Liens arising by reason of deposits necessary to obtain standby letters of credit in the ordinary course of business; 

(11) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided,
however, that: 
 (a) the new Lien shall be limited to all or part of the same property and assets that secured or,
under the written agreements pursuant to which the original Lien 

  
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arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 

(b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding
principal amount or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or
replacement; 
 (12) Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary of the
Company with respect to obligations that do not exceed the greater of (x) $100.0 million and (y) 1.0% of Consolidated Total Assets at any one time outstanding; 

(13) survey title exceptions, title defects, encumbrances, easements, reservations of, or rights of others for, rights of way,
sewers, electric lines, telegraph or telephone lines and other similar purposes or zoning or other restrictions as to the use of real property not materially interfering with the ordinary conduct of the business of the Company and its Subsidiaries
taken as a whole; 
 (14) Liens arising by operation of law in favor of landlords, mechanics, carriers, warehousemen,
materialmen, laborers, employees, suppliers or the like, incurred in the ordinary course of business for sums which are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the
collection thereof; 
 (15) Liens arising out of judgments, decrees, orders or awards in respect of which the Company or a
Restricted Subsidiary of the Company shall in good faith be prosecuting an appeal or proceedings for review which appeal or proceedings shall not have been finally terminated, or if the period within which such appeal or proceedings may be initiated
shall not have expired; 
 (16) Liens securing the Securities and the Note Guarantees with respect thereto; 

(17) Liens securing one or more local working capital facilities of Foreign Subsidiaries, so long as such Liens do not extend
to the assets of any Person other than such foreign Restricted Subsidiaries; 
 (18) Liens on assets of Foreign Subsidiaries
securing Indebtedness incurred by Foreign Subsidiaries pursuant to Section 4.9(b)(xiii) hereof; 
 (19) Liens imposed
pursuant to licenses, sublicenses, leases and subleases which do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 

(20) Liens incurred to secure cash management services in the ordinary course of business; 

(21) customary restrictions on, or options, contracts or other agreements for, transfers of assets contained in agreements
related to any sale of assets pending such sale; provided that such restrictions apply only to the assets to be sold and such sale is otherwise permitted by this Indenture; 

(22) Liens securing obligations to the Trustee arising under this Indenture; 

  
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 (23) Liens on trusts, cash or Cash Equivalents or other funds provided in
connection with the defeasance (whether by covenant or legal defeasance), discharge or redemption of Indebtedness; provided that such defeasance, discharge or redemption is otherwise permitted by this Indenture; and 

(24) Liens to secure any Indebtedness permitted to be incurred pursuant to Section 4.9, provided that, in the case
of this clause (24), at the time of its incurrence and after giving pro forma effect thereto, the Secured Leverage Ratio would be no greater than 3.50 to 1.0. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness);
provided, that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all
expenses and premiums incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity
date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment
to the Securities, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Securities on terms at least as favorable to the Holders of Securities as
those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) if the Indebtedness being refinanced is Indebtedness of the Company or a Note Guarantor, such Permitted Refinancing
Indebtedness is also Indebtedness of the Company or a Note Guarantor. 
 “Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Principal” or “principal” of a debt security, including the Securities, means the principal of the
security plus, when appropriate, the premium, if any, on the security. 
 “Pro Forma Cost Savings” means,
without duplication, with respect to any period, the reductions in costs and other operating improvements or operating synergies with respect to an acquisition that are reasonably identifiable, factually supportable, reasonably attributable to the
action specified and reasonably anticipated to result from such actions; provided that the relevant actions have been taken or initiated and the benefits resulting therefrom are anticipated to be realized within twelve months of
the date of such acquisition, as if all such reductions in costs and other operating improvements or operating synergies had been effected as of the beginning of such period, decreased by any recurring incremental expenses incurred or to be incurred
during such four-quarter period in order to achieve such reduction in costs. Pro Forma Cost Savings described in the preceding sentence shall be calculated in good faith by a  

  
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responsible financial or accounting officer of the Company and shall be accompanied by a certificate delivered to the Trustee from the Company’s chief financial officer that outlines the
specific actions taken or to be taken and the net cost reductions and other operating improvements or operating synergies achieved or to be achieved from each such action and certifies that such cost reductions and other operating improvements or
synergies meet the criteria set forth in the preceding sentence. 
 “Rating Agency” means (1) each of
Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Securities for reasons outside of the control of the Company, a nationally recognized statistical rating organization under the Exchange Act selected by the Company
as a replacement agency for Moody’s or S&P, as the case may be.  
 “Redemption Date” or
“redemption date” means the date specified for redemption of the Securities in accordance with the terms thereof and this Indenture. 

“Regulation S” means Regulation S under the Securities Act or any successor to such regulation. 

“Regulation S Global Security” means a Global Security in substantially the form of Exhibit A hereto that includes the
information called for by footnotes 1, 5, 6 and 8 thereof and that is deposited with or on behalf of and registered in the name of the Depositary or its nominee, transferred pursuant to Regulation S. 

“Restricted Definitive Security” means a Definitive Security that is a Restricted Security. 

“Restricted Global Security” means a permanent Global Security in substantially the form of Exhibit A attached hereto
that bears the Global Security Legend and that has the “Schedule of Exchanges of Interests in the Global Security” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary or a nominee of
the Depositary, representing Securities that bear the Legend. 
 “Restricted Investment” means an Investment
other than a Permitted Investment. 
 “Restricted Security” means a Security required to bear the restricted
legend set forth in the form of Securities set forth in Exhibit A of this Indenture. 
 “Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. For the avoidance of doubt, Valeant shall at all times be considered a Restricted Subsidiary of the Company. 

“Rule 144” means Rule 144 promulgated under the Securities Act or any successor to such rule. 

“Rule 144A” means Rule 144A promulgated under the Securities Act or any successor to such rule. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business
thereof. 
 “SEC” means the Securities and Exchange Commission. 

  
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 “Secured Leverage Ratio” means the ratio of (i) total consolidated
Indebtedness of the Company and its Restricted Subsidiaries that is secured by a Lien on assets of the Company and its Restricted Subsidiaries, after giving effect to all incurrences and repayments of Indebtedness on the relevant transaction date
(net of unrestricted and unencumbered cash and Cash Equivalents of the Company and its Restricted Subsidiaries as of such date in an amount not to exceed $250.0 million), to (ii) Consolidated Cash Flow of the Company for the most recent four
consecutive full fiscal quarters for which financial statements are available ending on or prior to the transaction date. In addition, the “Secured Leverage Ratio” will be calculated in a manner consistent with the definition of
“Fixed Charge Coverage Ratio” to give effect to transactions that would require pro forma adjustments to such ratio. 

“Securities” means the 5.625% Senior Notes due 2021 (each, a “Security”), as amended or supplemented
from time to time, that are issued under this Indenture. 
 “Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time. 
 “Securities
Custodian” means the Trustee, as custodian with respect to the Securities in global form, or any successor thereto. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X, promulgated by the SEC, as such regulation is in effect on the date hereof. 
 “Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such
Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
 (2) any partnership
(a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof). 
 “TIA” means the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder as in
effect on the date of this Indenture, except to the extent any amendment to the Trust Indenture Act expressly provides for application of the Trust Indenture Act as in effect on another date. 

“Total Leverage Ratio” means the ratio of (i) total consolidated Indebtedness of the Company and its Restricted
Subsidiaries, after giving effect to all incurrences and repayments of Indebtedness on the transaction date (net of unrestricted and unencumbered cash and Cash Equivalents of the Company and its Restricted Subsidiaries as of such date in an amount
not to exceed $250.0 million), to (ii) Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the most recent four consecutive full fiscal quarters for which financial statements are available ending on or prior to the 

  
 -20- 

 
transaction date. In addition, the “Total Leverage Ratio” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage Ratio” to give effect to the
transactions that would require pro forma adjustments to such ratio. 
 “Treasury Rate” means the rate per annum
equal to the yield to maturity at the time of computation of United States Treasury securities with a constant maturity most nearly equal to the period from such date of redemption to December 1, 2016; provided,
however, that if the period from such date of redemption to December 1, 2016 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be
obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such date of redemption to
December 1, 2016 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company shall obtain the Treasury Rate. 

“Trustee” means the party named as such in the first paragraph of this Indenture until a successor replaces it in
accordance with the provisions of this Indenture, and thereafter means the successor. 
 “Trust Officer”
shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Unrestricted Subsidiary” means any Subsidiary of the Company (other than Valeant) that is designated by the Board of
Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors of the Company, but only to the extent that such Subsidiary: 

(1) has no Indebtedness other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the
Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary, in each case, taken as a whole, than those that might be obtained at the time from Persons who
are not Affiliates of the Company; 
 (3) is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and 
 (4) has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of
the Company or any of its Restricted Subsidiaries. 
 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be
evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the
preceding conditions and was permitted by Section 4.8 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary
for purposes of this Indenture and any Indebtedness 

  
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of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date, and, if such Indebtedness is not permitted to be incurred as of such date under
Section 4.9 hereof, the Company will be in default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed
to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under
Section 4.9 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation.

 “Valeant” means Valeant Pharmaceuticals International, a Delaware corporation, and its successors.

 “Vice President” when used with respect to the Company or the Trustee, means any vice president, whether or
not designated by a number or a word or words added before or after the title “vice president.” 
 “Voting
Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained
by dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between
such date and the making of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 

“WURA” means the Winding-Up and Restructuring Act (Canada). 

Section 1.2 Other Definitions. 
  

			
	 TERM
	  	 DEFINED IN
SECTION

		
	 “Additional Amounts”
	  	  4.22(a)
	 “Affiliate Transaction”
	  	  4.13(a)
	 “Agent Members”
	  	  2.1(b)
	 “Asset Sale Offer”
	  	  4.14(c)/3.14
	 “Authorized Agent”
	  	11.16
	 “Benefited Party”
	  	10.1(b)
	 “Change in Tax Law”
	  	  3.7(e)
	 “Change of Control Offer”
	  	  3.8(b)
	 “Change of Control Purchase Date”
	  	  3.8(b)
	 “Change of Control Purchase Notice”
	  	  3.8(c)
	 “Change of Control Purchase Price”
	  	  3.8(a)
	 “Company Notice”
	  	  3.8(b)
	 “Company Order”
	  	  2.2

  
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	 TERM
	  	 DEFINED IN
SECTION

		
	 “Covenant Defeasance”
	  	  8.3
	 “Depositary”
	  	  2.1(a)
	 “DTC”
	  	  2.1(a)
	 “EU Savings Tax Directive”
	  	  4.22(b)(v)
	 “Event of Default”
	  	  6.1
	 “Excess Proceeds”
	  	  4.14(c)
	 “FATCA”
	  	  4.22(b)(viii)
	 “incur”
	  	  4.9(a)
	 “Judgment Currency”
	  	11.17
	 “Legal Defeasance”
	  	  8.2
	 “Legal Holiday”
	  	11.7
	 “Legend”
	  	  2.12(a)
	 “Notice of Default”
	  	  6.1
	 “Offer Amount”
	  	  3.14
	 “Offer Period”
	  	  3.14
	 “Parity Indebtedness”
	  	  3.14
	 “Paying Agent”
	  	  2.3
	 “Payment Default”
	  	  6.1(e)
	 “Payor”
	  	  4.22(a)
	 “Permitted Debt”
	  	  4.9(b)
	 “Purchase Date”
	  	  3.14
	 “QIB”
	  	  2.1(a)
	 “Registrar”
	  	  2.3
	 “Relevant Taxing Jurisdiction”
	  	  4.22(a)
	 “Restricted Payments”
	  	  4.8(a)
	 “Tax”
	  	  4.22(a)

 Section 1.3 [RESERVED] 

Section 1.4 Rules of Construction. Unless the context otherwise requires: 

(A) a term has the meaning assigned to it; 

(B) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(C) words in the singular include the plural, and words in the plural include the singular; 

(D) provisions apply to successive events and transactions; 

(E) the term “merger” includes a statutory share exchange and the term “merged” has a correlative meaning;

 (F) the masculine gender includes the feminine and the neuter; 

(G) references to agreements and other instruments include subsequent amendments thereto; 

  
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 (H) “herein,” “hereof” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (I) references to
ratings by Moody’s or S&P shall include any successor equivalent ratings if either Moody’s or S&P changes its ratings scale subsequent to the date of this Indenture; 

(J) except as otherwise provided for herein, the Securities will be treated as a single class for all purposes under this
Indenture, including, without limitations, waivers, amendments, redemptions and offers to purchase; and 
 (K) a reference to
a statute includes all regulations made pursuant to such statute and, unless otherwise specified, the provisions of any statute or regulation which amends, revises, restates, supplements or supersedes any such statute or any such regulation. 

ARTICLE 2 
 THE SECURITIES 

Section 2.1 Form and Dating. The Securities and the Trustee’s certificate of authentication shall be substantially in the
form set forth in Exhibit A, which is incorporated in and made part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. The Company shall provide any such notations, legends or
endorsements to the Trustee in writing. The Securities shall be in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. Each Security shall be dated the date of its authentication. The Securities are being offered and
sold by the Company in transactions exempt from, or not subject to, the registration requirements of the Securities Act. 

(a) Restricted Global Securities. All of the Securities are initially being offered and sold to (i) qualified
institutional buyers as defined in Rule 144A (collectively, “QIBs” or individually, each a “QIB”) in reliance on Rule 144A under the Securities Act or (ii) outside the United States to persons other than U.S.
persons in reliance upon Regulation S under the Securities Act, and shall be issued initially in the form of one or more Restricted Global Securities, which shall be deposited on behalf of the purchasers of the Securities represented thereby with
the Trustee, as custodian for the depositary, The Depository Trust Company (“DTC”) (such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of its
nominee, Cede & Co., duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Restricted Global Securities may from time to time be increased or decreased by adjustments
made on the records of the Securities Custodian as hereinafter provided, subject in each case to compliance with the Applicable Procedures. 

(b) Form of Securities. Global Securities shall be substantially in the form of Exhibit A attached hereto
(including the Global Security Legend thereon and the “Schedule of Exchanges of Interests in the Global Security” attached thereto). Definitive Securities shall be substantially in the form of Exhibit A attached hereto (but without the
Global Security Legend thereon and without the “Schedule of Exchanges of Interests in the Global Security” attached thereto). Each Global Security shall represent such of the outstanding Securities as shall be specified therein and each
shall provide that it shall represent the aggregate principal amount of outstanding Securities from time to time endorsed thereon and that the aggregate principal amount of outstanding Securities represented thereby may from time to time be reduced
or 

  
 -24- 

 
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Securities represented thereby shall be made by the Trustee or the Securities Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.12 hereof and shall be
made on the records of the Trustee and the Depositary. 
 Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary or under the Global Security, and the Depositary (including, for this purpose, its nominee) may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the Trustee or
any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder of any Security. 
 (c) Additional Securities. Subject to
compliance with the provisions of Section 4.9 hereof, the Company may issue Additional Securities in an unlimited amount under this Indenture. 

(d) Regulation S Global Securities. Securities offered and sold in reliance on Regulation S shall be issued in the form
of the Regulation S Global Security, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Trustee, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the
Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Regulation S Global
Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(e) Book Entry Provisions. The Company shall execute and the Trustee shall, in accordance with this Section 2.1(e),
authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depositary or its nominee, (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instructions and (iii) shall bear legends substantially in the form of the first paragraph of Exhibit A attached hereto. 

Section 2.2 Execution and Authentication. An Officer of the Company shall sign the Securities for the Company by manual or
facsimile signature. Typographic and other minor errors or defects in any such facsimile signature shall not affect the validity or enforceability of any Security which has been authenticated and delivered by the Trustee. 

If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security
shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

  
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 The Trustee shall authenticate and make available for delivery the Securities for original
issue in an initial aggregate principal amount of $900,000,000 upon receipt of a written order of the Company signed by an Officer of the Company (a “Company Order”). The Company Order shall specify the amount of Securities to be
authenticated and shall provide that all such Securities will be represented by a Restricted Global Security and the date on which each original issue of Securities is to be authenticated. The aggregate principal amount of Securities outstanding at
any time may not exceed the applicable amounts in the foregoing sentence, except as provided in Sections 2.1(c), 2.1(d) and 2.7 hereof. 

The Trustee shall act as the initial authenticating agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent
shall have the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 The Securities shall be issuable only in
registered form without coupons and only in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. 

Section 2.3 Registrar and Paying Agent. The Company shall maintain one or more offices or agencies where Securities may be
presented for registration of transfer or for exchange (each, a “Registrar”), one or more offices or agencies where Securities may be presented for payment (each, a “Paying Agent”) and one or more offices or
agencies where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will at all times maintain a Paying Agent, Registrar and an office or agency where notices and demands to or upon
the Company in respect of the Securities and this Indenture may be served in the Borough of Manhattan, The City of New York. The Registrar shall keep a register of the Securities and of their transfer and exchange. 

The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. If the Company fails to maintain a Registrar, Paying Agent or agent for service of
notices and demands in any place required by this Indenture, or fail to give the foregoing notice, the Trustee shall act as such. The Company or any Affiliate of the Company may act as Paying Agent (except for the purposes of Section 4.1 and
Article 8). 
 The Company hereby initially designates the Trustee as Paying Agent, Registrar and Securities Custodian, and the office or
agency of the Trustee in the Borough of Manhattan, The City of New York (which shall initially be the office located at 101 Barclay Street - 8W, New York, NY 10286) as one such office or agency of the Company for each of the aforesaid purposes. 

Section 2.4 Paying Agent to Hold Money in Trust. Prior to 11:00 a.m., New York City time, on each due date of the principal of or
interest on any Securities, the Company shall deposit with a Paying Agent a sum sufficient to pay such principal or interest, if any, so becoming due. A Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money
held by the Paying Agent for the payment of principal of or interest, on the Securities, and shall notify the Trustee of any default by the Company (or any other obligor on the Securities) in making any such payment. If the Company or an Affiliate
of the Company acts as Paying Agent, the Company or such Affiliate shall, before 11:00 a.m., New York City time, on each due date of the principal of or interest on any Securities, segregate the money and hold it as a separate trust fund. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee, and the Trustee may at any time during the continuance of any Default, upon written request to a Paying Agent, require such Paying Agent to pay forthwith to
the 

  
 -26- 

 
Trustee all sums so held in trust by such Paying Agent. Upon doing so, the Paying Agent (other than the Company) shall have no further liability for the money. 

Section 2.5 Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee on or before each interest payment date, and at such other times as the Trustee may request in writing,
a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

Section 2.6 Transfer and Exchange. 

(a) Subject to compliance with any applicable additional requirements contained in Section 2.12 hereof, when a Security is
presented to a Registrar with a request to register a transfer thereof or to exchange such Security for an equal principal amount of Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as
requested; provided, however, that every Security presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form and, if applicable, a transfer certificate in the form(s)
included in Exhibit A and Exhibit C, as applicable, and in form satisfactory to the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing. To permit registration of transfers and exchanges, upon surrender of any
Security for registration of transfer or exchange at an office or agency maintained pursuant to Section 2.3 hereof, the Company shall execute and the Trustee shall authenticate Securities of a like aggregate principal amount at the
Registrar’s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto, and
provided, that this sentence shall not apply to any exchange pursuant to Section 2.10, 2.12(a), 3.6, 3.11 or 9.5 hereof. 

Neither the Company, any Registrar nor the Trustee shall be required to exchange or register a transfer of any Securities or portions thereof
in respect of which a Change of Control Purchase Notice or a notice in connection with an Asset Sale Offer has been delivered and not withdrawn by the Holder thereof (except, in the case of the purchase of a Security in part, the portion thereof not
to be purchased). 
 All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing
the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 (b)
Any Registrar appointed pursuant to Section 2.3 hereof shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities.

 (c) Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer,
exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal, state, Canadian federal, provincial or territorial securities law. 

Section 2.7 Replacement Securities. If any mutilated Security is surrendered to the Company, a Registrar or the Trustee, or the
Company, a Registrar and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company, the applicable Registrar and the Trustee such security or indemnity as will be
required by them to save each of them harmless, then, in the absence of notice to the Company, such Registrar or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute, and upon its written request the
Trustee shall authenticate and deliver, in exchange for any such mutilated Security or 

  
 -27- 

 
in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, or is about to be purchased
by the Company pursuant to Article 3, the Company in their discretion may, instead of issuing a new Security, pay or purchase such Security, as the case may be. 

Upon the issuance of any new Securities under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Trustee or the Registrar) in connection therewith. 

Every new Security issued pursuant to this Section 2.7 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder. 
 The provisions of this Section 2.7 are (to the extent
lawful) exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.8 Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee, except for
those canceled by it, those delivered to it for cancellation or surrendered for transfer or exchange and those described in this Section 2.8 as not outstanding. 

If a Security is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding unless the Company receives proof satisfactory to
it that the replaced Security is held by a bona fide purchaser. 
 If a Paying Agent (other than the Company or an Affiliate of the Company)
holds on a Redemption Date, Change of Control Purchase Date or the Final Maturity Date money sufficient to pay the principal of (including premium, if any) and interest on Securities (or portions thereof) payable on that date, then on and after such
Redemption Date, Change of Control Purchase Date or the Final Maturity Date, as the case may be, such Securities (or portions thereof, as the case may be) shall cease to be outstanding and interest on them shall cease to accrue. 

Subject to the restrictions contained in Section 2.9 hereof, a Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security. 
 Section 2.9 Treasury Securities. In determining whether the Holders of the
required principal amount of Securities have concurred in any notice, direction, waiver or consent, Securities owned by the Company or any other obligor on the Securities or by any Affiliate of the Company or of such other obligor shall be
disregarded, except that, for purposes of determining whether the Trustee shall be protected in relying on any such notice, direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually knows are so owned shall be so
disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities and that the pledgee is
neither the Company nor any other obligor on the Securities or any Affiliate of the Company or of such other obligor. 

  
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 Section 2.10 Temporary Securities. Until Definitive Securities are ready for
delivery, the Company may prepare and execute, and, upon receipt of a Company Order, the Trustee shall authenticate and deliver, temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities but may have
variations that the Company with the consent of the Trustee considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate and deliver Definitive Securities in exchange for
temporary Securities. 
 Section 2.11 Cancellation. The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee or its agent any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee and no one else shall cancel, in accordance with its standard
procedures, all Securities surrendered for transfer, exchange, payment, conversion or cancellation and shall deliver the canceled Securities to the Company. All Securities which are purchased or otherwise acquired by the Company or any of its
Subsidiaries prior to the Final Maturity Date may be delivered to the Trustee for cancellation or resold. The Company may not hold or resell such Securities or issue any new Securities to replace any Securities delivered for cancellation 

Section 2.12 Legend; Additional Transfer and Exchange Requirements. 

(a) If Securities are issued upon the transfer, exchange or replacement of Securities subject to restrictions on transfer and bearing the
legends set forth on the form of Securities attached hereto as Exhibit A (collectively, the “Legend”), or if a request is made to remove the Legend on a Security, the Securities so issued shall bear the Legend, or the Legend shall
not be removed, as the case may be, unless there is delivered to the Company such satisfactory evidence, which shall include an opinion of counsel if requested by the Company, as may be reasonably required by the Company, that neither the Legend nor
the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144 under the Securities Act or that such Securities are not “restricted” within the meaning of Rule 144 under
the Securities Act; provided that no such evidence need be supplied in connection with the sale of such Security pursuant to a registration statement that is effective at the time of such sale. Upon (i) provision of satisfactory evidence
if requested, or (ii) notification by the Company to the Trustee and Registrar of the sale of such Security pursuant to a registration statement that is effective at the time of such sale, the Trustee, at the written direction of the Company,
shall authenticate and deliver a Security that does not bear the Legend. If the Legend is removed from the face of a Security and the Security is subsequently held by an Affiliate of the Company, the Legend shall be reinstated. 

(b) A Global Security may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor
thereof, and no such transfer to any such other Person may be registered; provided that the foregoing shall not prohibit any transfer of a Security that is issued in exchange for a Global Security but is not itself a Global Security;
provided further that in no event shall a beneficial interest in a Regulation S Global Security be transferred to a U.S. Person prior to the receipt by the Registrar of any certificates required pursuant to Regulation S, as determined by the
Company. No transfer of a Security to any Person shall be effective under this Indenture or the Securities unless and until such Security has been registered in the name of such Person. Notwithstanding any other provisions of this Indenture or the
Securities, transfers of a Global Security, in whole or in part, shall be made only in accordance with this section 2.12. 
 (c) Subject to
the succeeding paragraph, every Security shall be subject to the restrictions on transfer provided in the Legend. Whenever any Restricted Security is presented or surrendered for registration of transfer or for exchange for a Security registered in
a name other than that of the Holder, such Security must be accompanied by a certificate in substantially the form set forth in Exhibit A, dated the date of such surrender and signed by the Holder of such Security, as to compliance with such

  
 -29- 

 
restrictions on transfer. The Registrar shall not be required to accept for such registration of transfer or exchange any Security not so accompanied by a properly completed certificate. 

(d) The restrictions imposed by the Legend upon the transferability of any Security shall cease and terminate when such Security has been sold
pursuant to an effective registration statement under the Securities Act or transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto) or, if earlier, upon the expiration of the holding period applicable to
sales thereof under Rule 144(d)(1)(ii) under the Securities Act (or any successor provision). Any Security as to which such restrictions on transfer shall have expired in accordance with their terms or shall have terminated may, upon a surrender of
such Security for exchange to the Registrar in accordance with the provisions of this Section 2.12 (accompanied, in the event that such restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144 or any
successor provision, by, if requested by the Company or the Registrar, an opinion of counsel reasonably acceptable to the Company and addressed to the Company to the effect that the transfer of such Security has been made in compliance with Rule 144
or such successor provision), be exchanged for a new Security, of like tenor and aggregate principal amount, which shall not bear the restrictive Legend. The Company shall inform the Trustee of the effective date of any registration statement
registering the Securities under the Securities Act. The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned opinion of counsel or registration statement. 

(e) As used in this Section 2.12, the term “transfer” encompasses any sale, pledge, transfer, hypothecation or other
disposition of any Security. 
 (f) The provisions of clauses (iii), (iv) and (v) below shall apply only to Global Securities:

 (i) Notwithstanding any other provisions of this Indenture or the Securities, a Global Security shall not be exchanged in
whole or in part for a Security registered in the name of any Person other than the Depositary or one or more nominees thereof, provided that a Global Security may be exchanged for Securities registered in the names of any person designated
by the Depositary in the event that (A) the Depositary (x) has notified the obligors that it is unwilling or unable to continue as Depositary for such Global Security or (y) such Depositary has ceased to be a “clearing
agency” registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the obligors within 90 days after receipt of such notice or the Company becomes aware of such failure of registration or (B) an Event
of Default has occurred and is continuing with respect to the Securities. Any Global Security exchanged pursuant to clause (A) above shall be so exchanged in whole and not in part, and any Global Security exchanged pursuant to clause
(B) may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security; provided that any such Security so issued
that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security. 

(ii) Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered
form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary shall
designate and shall bear the applicable legends provided for herein. Any Global Security to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar. With regard to any Global Security to be exchanged in part, either
such Global Security shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Security, the principal amount thereof shall be reduced, by an amount equal to the
portion thereof to be so exchanged, by means of an appropriate adjustment 

  
 -30- 

 
made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depositary
or an authorized representative thereof. 
 (iii) Subject to the provisions of clause (v) below, the registered Holder
may grant proxies and otherwise authorize any Person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

(iv) In the event of the occurrence of any of the events specified in clause (i) above, the obligors will promptly make
available to the Trustee a reasonable supply of Definitive Securities in definitive, fully registered form, without interest coupons. 

(v) Neither Agent members nor any other Persons on whose behalf Agent Members may act shall have any rights under this
Indenture with respect to any Global Security registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an
Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security. 

(vi) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or beneficial owners in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so as and when expressly required by, the terms or this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 (g) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the equivalent procedures of Clearstream shall be applicable to transfers of beneficial interests in Global Securities that are held by
Participants through Euroclear or Clearstream. 
 Section 2.13 CUSIP and ISIN Numbers. The Company in issuing the Securities may
use one or more “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices of purchase as a convenience to Holders; provided that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a purchase and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such purchase shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” and “ISIN” numbers. 

  
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 ARTICLE 3 

REDEMPTION AND PURCHASES 

Section 3.1 Right to Redeem. The Company, at its option, may redeem the Securities in accordance with the provisions of
Section 3.7 hereof. 
 The Company may not redeem the Securities if it has failed to pay any interest or premium on the Securities and
such failure to pay is continuing. 
 If the Company elects to redeem the Securities, it shall notify the Trustee at least 45 days prior to
the Redemption Date (unless a shorter notice period shall be satisfactory to the Trustee) of the Redemption Date, the aggregate principal amount of the Securities to be redeemed and the Section of this Indenture pursuant to which the Securities are
being redeemed. 
 Section 3.2 Selection of Securities to Be Redeemed. If less than all the outstanding Securities are to be
redeemed, the Trustee shall select the Securities for redemption as follows: 
 (1) if such Securities are listed on any
securities exchange, in compliance with the requirements of the principal securities exchange on which such Securities are listed or pursuant to the applicable procedures of DTC; or 

(2) if such Securities are not listed on any securities exchange, by lot or pursuant to the applicable procedures of DTC. 

In the event of partial redemption by lot, the particular Securities to be redeemed will be selected, unless otherwise provided herein, not
less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Securities not previously called for redemption. 

The Trustee will promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected
for partial redemption, the principal amount thereof to be redeemed. Securities and portions of Securities selected will be in amounts of $2,000 or whole multiples of $1,000 except that if all of the Securities of a Holder are to be redeemed, the
entire outstanding amount of Securities held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption also apply to
portions of Securities called for redemption. 
 Section 3.3 Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company shall mail, or shall cause to be mailed, a notice of redemption by first-class mail, postage prepaid, (or otherwise transmit in accordance with applicable procedures of DTC) to the Trustee and to each Holder of
Securities to be redeemed. 
 The notice shall identify the Securities to be redeemed and shall state: 

 

	 	•	 	the aggregate principal amount of the Securities to be redeemed; 

  

	 	•	 	the Redemption Date (which shall be a Business Day); 

  

	 	•	 	the redemption price; 

  

	 	•	 	the name and address of the Paying Agent; 

  
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	 	•	 	that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

  

	 	•	 	if fewer than all the outstanding Securities are to be redeemed, the certificate numbers, if any, and principal amounts of the particular Securities to be redeemed; 

 

	 	•	 	that, unless the Company defaults in the deposit of the redemption price, interest on Securities called for redemption will cease to accrue on and after the Redemption Date; 

 

	 	•	 	the Section of this Indenture pursuant to which the Securities are being redeemed; and 

  

	 	•	 	the CUSIP numbers of the Securities. 

 At the Company’s request, the Trustee shall give the notice
of redemption in the Company’s name and at the Company’s expense, provided that the Company makes such request at least three Business Days prior to the date by which such notice of redemption must be given to Holders in accordance
with this Section 3.3. Concurrently with the mailing of any such notice of redemption, the Company shall issue a press release announcing such redemption, the form and content of which shall be determined by the Company. A notice of redemption
may not be conditional. Redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Securities pursuant to Sections 8.3 or 8.4 or a satisfaction and discharge of this
Indenture pursuant to Section 8.1.  
 Section 3.4 Effect of Notice of Redemption. Once notice of redemption is
given, Securities called for redemption become due and payable on the Redemption Date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice.
If the Redemption Date falls during a period starting after the close of business on an interest payment record date and ending on the opening of business on the first Business Day after the next interest payment date, or if this interest payment
date is not a Business Day, the second Business Day after the interest payment date; then the interest payment will be payable to the Holders who present the Securities for redemption. 

On and after the Redemption Date, unless the Company defaults in the deposit of the redemption price, interest will cease to accrue on the
Securities or any portion of the Securities called for redemption, and all other rights of the Holder will terminate other than the right to receive the redemption price, without interest from the Redemption Date, on surrender of the Securities.

 Section 3.5 Deposit of Redemption Price. Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Company shall
deposit with the Paying Agent (or the Trustee) money sufficient to pay the redemption price on all Securities to be redeemed on that date. 

Section 3.6 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder, without service charge, a new Security in an authorized denomination equal in principal amount to, and in exchange for, the unredeemed portion of the Security surrendered. 

Section 3.7 Optional Redemption. 

(a) At any time prior to December 1, 2016, the Company may on any one or more occasions redeem up to 35% of the aggregate principal
amount of the Securities (including the Securities issued after the Issue Date, if any) issued under this Indenture at a redemption price of 105.625% of the principal 

  
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amount thereof, plus accrued and unpaid interest to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 

(1) at least 65% of the aggregate principal amount of the Securities (including the Securities issued after the Issue Date, if
any) issued under this Indenture remains outstanding immediately after the occurrence of such redemption (excluding the Securities held by the Company and its Subsidiaries); and 

(2) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 

(b) On or after December 1, 2016, the Company may redeem all or a part of the Securities upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest on the Securities redeemed, to the applicable redemption date, if redeemed during the twelve-month period
beginning on December 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	102.813	% 
	 2017
	  	 	101.406	% 
	 2018 and thereafter
	  	 	100.000	% 

 (c) In addition, at any time prior to December 1, 2016, the Company may redeem the Securities, in whole
or in part, at a redemption price equal to the principal amount of the Securities redeemed plus the Applicable Premium plus accrued and unpaid interest to the date of redemption. 

(d) In connection with any optional redemption of the Securities, any such redemption may, at the Company’s discretion, be subject to one
or more conditions precedent. 
 (e) If the Company or any Note Guarantor becomes obligated to pay, on the next date on which any amount
will be payable with respect to the Securities, any Additional Amounts as a result of (i) any amendment to, or change in, the laws or regulations of a Relevant Taxing Jurisdiction (as defined in Section 4.22 herein), which amendment or
change is publicly announced and becomes effective after the date hereof (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a date after the date hereof, after such later date) or (ii) any amendment to,
or change in, an official written interpretation or application of such laws or regulations (including by virtue of a holding by a court of competent jurisdiction) which amendment or change is publicly announced and becomes effective after the date
hereof (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a date after the date hereof, after such later date) (each of the foregoing clauses (i) and (ii), a “Change in Tax Law”) and
the Company or applicable Note Guarantor cannot avoid any such payment obligation by taking reasonable measures available to it (including making payment through a paying agent located in another jurisdiction, but not including the substitution of
an obligor if the Company would be required to pay Additional Amounts), the Company may, at its option, redeem the Securities then outstanding, in whole but not in part, at a redemption price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), provided however that if such right to redeem is
triggered by the obligation of a Note Guarantor to pay Additional Amounts, such right to redeem will apply only if the payment giving rise to such obligation cannot be made by the Company or another Note Guarantor without the obligation to pay
Additional Amounts. Notice of the Company’s intent to redeem the Securities shall not be given until the Company delivers to the Trustee an opinion of independent tax counsel (the choice of such counsel to be subject to the prior written
approval of the 

  
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Trustee (such approval not to be unreasonably withheld)) to the effect that there has been such Change in Tax Law which would entitle the Company to redeem the Securities hereunder and an
Officers’ Certificate to the effect that the Company or applicable Note Guarantor cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it. The foregoing provisions shall apply mutatis mutandis
to any successor Person to the Company or applicable Note Guarantor, after such successor Person becomes a party to this Indenture, with respect to a Change in Tax Law that is publicly announced and becomes effective after such successor Person
becomes a party to this Indenture. 
 (f) The Company will give not less than 30 days’ nor more than 60 days’ notice of any
redemption; provided that the notice pursuant to the previous paragraph shall not be provided (i) earlier than 90 days before the next date on which the Company or applicable Note Guarantor would be obligated to pay Additional Amounts
and (ii) unless at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. If less than all of the Securities are to be redeemed, selection of the Securities for redemption will be made: 

(i) in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are
listed, or 
 (ii) if the Securities are not listed on a national securities exchange, by lot or pursuant to applicable
depositary procedures. 
 (g) Any redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections 3.1
through 3.6 hereof. 
 (h) In connection with any Redemption under this Section 3.7, the Company shall deliver to the Trustee an
Officers’ Certificate to the effect that all conditions precedent in this Indenture to the Redemption have been complied with. 

Section 3.8 Purchase of Securities at Option of the Holder Upon Change of Control. 

(a) If at any time that Securities remain outstanding there shall occur a Change of Control, Securities shall be purchased by the
Company at the option of the Holders, as of the Change of Control Purchase Date, at a purchase price equal to 101% of the principal amount of the Securities, together with accrued and unpaid interest, including interest on any unpaid overdue
interest, if any, to, but excluding, the Change of Control Purchase Date (the “Change of Control Purchase Price”), subject to satisfaction by or on behalf of any Holder of the requirements set forth in subsection (c) of this
Section 3.8. 
 (b) Within 30 days after the occurrence of a Change of Control, the Company shall mail a written notice
(“Company Notice”) of the Change of Control to the Trustee and to each Holder (and to beneficial owners as required by applicable law) pursuant to which the Company shall make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Securities at the Change of Control Purchase Price. The notice shall include the form of a Change of Control
Purchase Notice to be completed by the Holder, shall describe the transaction or transactions that constitute the Change of Control and shall state: 

(i) that the Change of Control Offer is being made pursuant to this Section 3.8 and that all Securities tendered will be
accepted for payment; 
 (ii) the date by which the Change of Control Purchase Notice pursuant to this Section 3.8 must
be given; 

  
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 (iii) the purchase date, which date shall be no earlier than 30 days and no later
than 60 days after the date the Company Notice is mailed (the “Change of Control Purchase Date”); 
 (iv)
the Change of Control Purchase Price; 
 (v) the Holder’s right to require the Company to purchase the Securities; 

(vi) the name and address of the Paying Agent; 

(vii) that, unless the Company defaults in making such payment, any Security accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the Change of Control Purchase Date; 
 (viii) the procedures that the
Holder must follow to exercise rights under this Section 3.8; and 
 (ix) the procedures for withdrawing a Change of
Control Purchase Notice, including a form of notice of withdrawal. 
 If any of the Securities is in the form of a Global Security, then the
Company shall modify such notice to the extent necessary to accord with the procedures of the Depositary applicable to the repurchase of Global Securities. 

(c) A Holder may exercise its rights specified in subsection (a) of this Section 3.8 upon delivery of a written notice (which
shall be in substantially the form included in Exhibit A hereto, as applicable, and which may be delivered by letter, overnight courier, hand delivery, facsimile transmission or in any other written form and, in the case of Global Securities, may be
delivered electronically or by other means in accordance with the Depositary’s customary procedures) of the exercise of such rights (a “Change of Control Purchase Notice”) to any Paying Agent at any time prior to the close of
business on the Business Day next preceding the Change of Control Purchase Date. 
 The delivery of such Security to any Paying Agent
(together with all necessary endorsements) at the office of such Paying Agent shall be a condition to the receipt by the Holder of the Change of Control Purchase Price therefor. 

The Company shall purchase from the Holder thereof, pursuant to this Section 3.8, a portion of a Security if the principal amount of such
portion is $2,000 or an integral multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to the purchase of all of a Security pursuant to Sections 3.8 through 3.13 also apply to the purchase of such portion of such Security.

 Notwithstanding anything herein to the contrary, any Holder delivering to a Paying Agent the Change of Control Purchase Notice
contemplated by this subsection (c) shall have the right to withdraw such Change of Control Purchase Notice in whole or in a portion thereof that is a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof at any time
prior to the close of business on the Business Day next preceding the Change of Control Purchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.9 hereof. 

A Paying Agent shall promptly notify the Company of the receipt by it of any Change of Control Purchase Notice or written withdrawal thereof.

  
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 Anything herein to the contrary notwithstanding, in the case of Global Securities, any Change of
Control Purchase Notice may be delivered or withdrawn and such Securities may be surrendered or delivered for purchase in accordance with the Applicable Procedures as in effect from time to time. 

If the Change of Control Purchase Date falls after an interest payment record date and on or before the date that is one Business Day after
the next interest payment date, then the interest payment will be payable to the Holder who presents a Security for purchase. 
 (d) The
Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements applicable to a Change
of Control Offer made by the obligors set forth in subsection (b) of this Section 3.8 and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer, (2) notice of redemption with respect to such
Securities has been given pursuant to Section 3.1 or 3.7 hereof, unless and until there is a default in payment of the applicable redemption price, or (3) after giving effect to such Change of Control, (i) no Default or Event of
Default has occurred and is continuing, (ii) the Change of Control transaction has been approved by the Board of Directors of the Company, and (iii) the Securities have received an Investment Grade Rating. In addition, a Change of Control
Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of launching the Change of Control Offer. 

(e) The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date. 
 (f) The provisions under this Indenture relative to the Company’s obligation to make an offer to repurchase the
Securities as a result of a Change of Control may be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities. 

Section 3.9 Effect of Change of Control Purchase Notice. Upon receipt by any Paying Agent of the Change of Control Purchase Notice
specified in Section 3.8(c) hereof, the Holder of the Security in respect of which such change of Control Purchase Notice was given shall (unless such Change of Control Purchase Notice is withdrawn as specified below) thereafter be entitled to
receive the Change of Control Purchase Price with respect to such Security. Such Change of Control Purchase Price shall be paid to such Holder promptly following the later of (a) the Change of Control Purchase Date with respect to such Security
(provided the conditions in Section 3.8(c) hereof have been satisfied) and (b) the time of delivery of such Security to a Paying Agent by the Holder thereof in the manner required by Section 3.8(c) hereof. 

A Change of Control Purchase Notice may be withdrawn by means of a written notice (which may be delivered by mail, overnight courier, hand
delivery, facsimile transmission or in any other written form and, in the case of Global Securities, may be delivered electronically or by other means in accordance with the Depositary’s customary procedures) of withdrawal delivered by the
Holder to a Paying Agent at any time prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date, specifying the principal amount of the Security or portion thereof (which must be a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof) with respect to which such notice of withdrawal is being submitted. 

Section 3.10 Deposit of Change of Control Purchase Price. On or before 11:00 a.m. New York City time on the Change of Control
Purchase Date, the Company shall deposit with the Trustee or with a Paying Agent (other than the Company or an Affiliate of the Company) an amount of money (in immediately available funds if deposited on such Change of Control Purchase Date)
sufficient to pay the aggregate Change of Control Purchase Price of all the Securities or portions thereof that are to be 

  
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purchased as of such Change of Control Purchase Date. The manner in which the deposit required by this Section 3.10 is made by the Company shall be at the option of the Company,
provided that such deposit shall be made in a manner such that the Trustee or a Paying Agent shall have immediately available funds on the Change of Control Purchase Date. 

If a Paying Agent holds, in accordance with the terms hereof, money sufficient to pay the Change of Control Purchase Price of any Security for
which a Change of Control Purchase Notice has been tendered and not withdrawn in accordance with this Indenture then, on the Change of Control Purchase Date, interest will cease to accrue on such Securities or any portion of the Securities as to
which a Change of Control Purchase Notice has been tendered and not withdrawn in accordance with this Indenture and all other rights of the Holder will terminate other than the right to receive the Change of Control Purchase Price, without interest
from the Change of Control Purchase Date, on surrender of the Securities. 
 Section 3.11 Securities Purchased in Part. Any
Security that is to be purchased only in part shall be surrendered at the office of a Paying Agent, and promptly after the Change of Control Purchase Date the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such
Security, without service charge, a new Security or Securities, of such authorized denomination or denominations as may be requested by such Holder, in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of
the Security so surrendered that is not purchased. 
 Section 3.12 Compliance with Securities Laws upon Purchase of Securities.
In connection with any offer to purchase or purchase of Securities under Section 3.8 hereof, the Company shall (a) comply with Rule 14e-1 (or any successor to such Rule), if applicable, under the Exchange Act, and (b) otherwise comply
with all United States federal and state securities laws and Canadian federal, provincial and territorial securities laws in connection with such offer to purchase or purchase of Securities, all so as to permit the rights of the Holders and
obligations of the Company under Sections 3.8 through 3.11 hereof to be exercised in the time and in the manner specified therein. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions
of this Article 3, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Article 3 by virtue of such conflict. 

Section 3.13 Repayment to the Company. To the extent that the aggregate amount of cash deposited by the Company pursuant to
Section 3.10 hereof exceeds the aggregate Change of Control Purchase Price (including interest thereon) of the Securities or portions thereof that the Company is obligated to purchase, then promptly after the Change of Control Purchase Date,
and upon request, the Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the Company. 
 Section 3.14
Offer to Purchase by Application of Excess Proceeds. In the event that, pursuant to Section 4.14 hereof, the Company is required to commence an offer to all Holders to purchase Securities (“Asset Sale Offer”), it shall
follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders of Securities and all holders of other
indebtedness that is pari passu with the Securities containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (“Parity Indebtedness”). The
Asset Sale Offer shall remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer
Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall apply a portion of the Excess Proceeds as calculated pursuant to Section 4.14 hereof (the
“Offer Amount”) to the purchase of Securities and such other Parity Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Securities and other Parity Indebtedness tendered in
response to the Asset 

  
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Sale Offer. Payment for any Securities so purchased shall be made in the same manner as interest payments are made. 

Upon the commencement of an Asset Sale Offer, the Company shall send, by first-class mail, a notice to the Trustee and each of the Holders.
The notice will contain all instructions and materials necessary to enable such Holders to tender Securities pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 

(1) that the Asset Sale Offer is being made pursuant to this Section 3.14 and Section 4.14 hereof and the length of
time the Asset Sale Offer will remain open; 
 (2) the Offer Amount, the purchase price and the Purchase Date; 

(3) that any Security not tendered or accepted for payment will continue to accrue interest; 

(4) that, unless the Company defaults in making such payment, any Security accepted for payment pursuant to the Asset Sale
Offer shall cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Security purchased
pursuant to an Asset Sale Offer may elect to have Securities purchased in integral multiples of $2,000 (or in integral multiples of $1,000 in excess thereof) only; 

(6) that Holders electing to have a Security purchased pursuant to any Asset Sale Offer shall be required to surrender the
Security, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Security completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date; 
 (7) that Holders shall be entitled to withdraw their
election if the Company or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security the Holder
delivered for purchase and a statement that such Holder is withdrawing his election to have such Security purchased; 
 (8)
that, if the aggregate principal amount of Securities and other Parity Indebtedness surrendered in connection with the Asset Sale offer exceeds the Offer Amount, the Company shall select the Securities and other Parity Indebtedness to be purchased
on a pro rata basis based on the principal amount of Securities and such other Parity Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Securities in denominations of $2,000 (or integral
multiples of $1,000 in excess thereof), will be purchased); and 
 (9) that Holders whose Securities were purchased only in
part will be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered (or transferred by book-entry transfer). 

On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the
Offer Amount of Securities or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Securities 

  
 -39- 

 
tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Securities or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 3.14. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase
price of the Securities tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Security, and the Trustee, upon written request from the Company, shall authenticate and mail or deliver such new
Security to such Holder, in a principal amount equal to any unpurchased portion of the Security surrendered. Any Security not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce
the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this
Section 3.14, any purchase pursuant to this Section 3.14 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 

ARTICLE 4 
 COVENANTS 

Section 4.1 Payment of Securities. The Company shall promptly make all payments in respect of the Securities on the dates and in
the manner provided in the Securities and this Indenture. An installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other than the Company) holds by 11:00 a.m., New York City time, on that date
money, deposited by the Company or an Affiliate thereof, sufficient to pay the installment. Except in the case of a redemption, a Change of Control Offer or an Asset Sale Offer, accrued and unpaid interest on any Security that is payable, and is
punctually paid or duly provided for, on any interest payment date shall be paid to the Person in whose name that Security is registered at the close of business on the record date for such interest at the office or agency of the Company maintained
for such purpose. The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal (including premium, if any) and overdue installments of interest from the original due date to the date
paid, at the rate applicable to the Security plus 1% per annum, which interest shall be payable on demand. 
 The Company will make
payments in respect of the Securities represented by the Global Securities (including principal, premium, if any, and interest) by wire transfer of immediately available funds to the accounts specified by the Holder of the Global Security. The
Company will make all payments of principal, interest and premium, if any, with respect to Definitive Securities by wire transfer of immediately available funds to the accounts specified by the Holders of the Definitive Securities, in the case of a
Holder holding an aggregate principal amount of notes of $1,000,000 or more, or, if no such account is specified or in the case of a Holder holding an aggregate principal amount of notes of less than $1,000,000, by mailing a check to each such
Holder’s registered address. All payments shall be made in immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments to any
Holder holding an aggregate principal amount of Securities in excess of $1,000,000 shall be made by wire transfer in immediately available funds to an account maintained by such Holder in the United States, if such Holder has provided wire transfer
instructions to the Company at least 10 Business Days prior to the payment date. Any wire transfer instructions received by the Trustee will remain in effect until revoked by the Holder. 

Section 4.2 Maintenance of Office or Agency. 

(a) The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee
or an affiliate of the Trustee, Registrar or co 

  
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registrar) where Securities may be surrendered for payment, registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

(b) The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in the Borough of Manhattan, The City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Company hereby designates the office of the Trustee set forth in Section 2.3 hereof as one such office or agency of the Company.

 Section 4.3 Reports. 

(a) Whether or not required by the SEC’s rules and regulations, so long as any Securities are outstanding, the Company shall furnish (to
the extent not publicly available on the SEC’s EDGAR system) to the Trustee and the Holders of Securities and post on the Company’s website (in a format that is accessible to Holders of Securities as well as prospective Holders of
Securities), within the time periods specified in the SEC’s rules and regulations: 
 (i) all quarterly and annual
reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports; and 

(ii) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such
reports. 
 All such reports shall be prepared in all material respects in accordance with all of the rules and regulations applicable to
such reports (other than consolidating financial information required by Rule 3-10 of Regulation S-X or any comparable provision so long as the Company complies with Section 4.3(d)). Each annual report on Form 10-K shall include a report on the
Company’s consolidated financial statements by the Company’s certified independent accountants. In addition, the Company shall file a copy of each of the reports referred to in clauses (i) and (ii) above with the SEC for public
availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and make such information available to securities analysts and prospective investors upon request.
For the avoidance of doubt, the Company will be required to provide the information described above regardless of whether it continues to file reports with the SEC. 

(b) If, at any time, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company
shall nevertheless continue filing with the SEC and posting on its website the reports specified in Section 4.3(a) hereof with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company agrees that
it shall not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company shall post the reports referred to in
Section 4.3(a) hereof on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 

  
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 (c) The Company further agrees that, for so long as any Securities remain outstanding, at any
time it is not required to file the reports required by Section 4.3(a) or (b) hereof with the SEC, it shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) The quarterly and annual financial information required by Sections
4.3(a), (b) and (c) hereof shall include a reasonably detailed presentation, either on the face of the financial statements, in the footnotes of the financial statements or in Management’s Discussion and Analysis of Financial
Condition and Results of Operations that discloses the total assets, liabilities, revenues and income from operations of Subsidiaries of the Company that do not Guarantee the Securities. The Trustee shall not be responsible for determining whether
clause 4.3(d) has been satisfied, nor shall it have any liability in connection therewith. 
 (e) Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(f) Notwithstanding anything herein to the contrary, in the event that the Company fails to comply with its obligation to file or provide such
information, documents and reports as required by this Section 4.3, the Company will be deemed to have cured such Default for purposes of Section 6.1(d) upon the filing or provision of all such information, documents and reports required
hereunder prior to the expiration of 60 days after written notice to the Company of such failure from the Trustee or the Holders of at least 25% of the principal amount of such Securities. 

Section 4.4 Compliance Certificates. The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of
the Company (beginning with the fiscal year ending December 31, 2013), an Officers’ Certificate as to the signer’s knowledge of the Company’s compliance with all conditions and covenants on their part contained in this Indenture
and stating whether or not the signer knows of any Default or Event of Default. If such signer knows of such a Default or Event of Default, the Officers’ Certificate shall describe the Default or Event of Default and the efforts to remedy the
same. For the purposes of this Section 4.4, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 

Section 4.5 Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

Section 4.6 Maintenance of Corporate Existence. Subject to Article 5 hereof, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence and the corporate existence of each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve the corporate existence of
any Restricted Subsidiary if (a) the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and the Restricted Subsidiaries, taken as a whole, and
that the loss thereof is not adverse in any material respect to the Holders of the Securities or (b) if a Subsidiary is to be dissolved, such Subsidiary has no assets. 

Section 4.7 Changes in Covenants When Securities Rated Investment Grade. In the event of the occurrence of a Fall Away Event (and
notwithstanding the failure of the Company subsequently to 

  
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maintain an Investment Grade Rating), the provisions of Sections 4.8, 4.9, 4.12, 4.13 and 4.14 hereof and clause (iv) of Section 5.1(a) hereof will no longer be applicable to the
Securities. 
 Section 4.8 Restricted Payments. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted
Subsidiary of the Company); 
 (ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation,
in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 

(iii) purchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or
scheduled sinking fund payment, any Indebtedness of the Company or any Note Guarantor that is subordinated to the Securities or a Note Guarantee, except (i) from the Company or a Restricted Subsidiary of the Company or (ii) the purchase,
redemption, defeasance or other acquisition or retirement of any such Indebtedness made in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase,
redemption, defeasance or other acquisition or retirement; or 
 (iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (1) no Default or
Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; 
 (2) the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.9(a) hereof; and 
 (3)
such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after September 28, 2010 (excluding Restricted Payments permitted by clauses (ii) through
(ix), (xi) and (xii) of Section 4.8(b)), is less than the sum, without duplication, of: 
 (A) 50% of the
Consolidated Net Income of the Company (or prior to September 28, 2010, the Company and Valeant on a combined basis) for the period (taken as one accounting period) from July 1, 2010 to the end of the Company’s most

  
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recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less
100% of such deficit), plus 
 (B) 100% of the aggregate net cash proceeds received by the Company since
September 28, 2010 as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or
convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company), plus

 (C) to the extent that any Restricted Investment that was made after September 28, 2010 is sold for cash or otherwise
liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) or (ii) the initial amount of such Restricted Investment, plus 

(D) to the extent that any Unrestricted Subsidiary of the Company is redesignated as a Restricted Subsidiary after
September 28, 2010, the lesser of (i) the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was originally
designated as an Unrestricted Subsidiary. 
 (b) The preceding provisions shall not prohibit: 

(i) the payment of any dividend within 60 days after the date of declaration of the dividend, if at the date of declaration the
dividend payment would have complied with the provisions of this Indenture (it being understood that the amount of any such dividend shall be included in the aggregate amount of Restricted Payments determined in Section 4.8(a)(3) only once and
not as separate Restricted Payments made at both declaration and payment); 
 (ii) the redemption, repurchase, retirement,
defeasance or other acquisition of any subordinated Indebtedness of the Company or any Note Guarantor or of any Equity Interests of the Company in exchange for, or in an amount equal to the net cash proceeds of the substantially concurrent sale
(other than to the Company or a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or other subordinated Indebtedness incurred under Section 4.9; provided, that (i) an amount
equal to such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition will be excluded from clause (3)(B) of Section 4.8(a) hereof and (ii) any such subordinated
Indebtedness shall be Permitted Refinancing Indebtedness; 
 (iii) the defeasance, redemption, repurchase or other
acquisition or retirement of subordinated Indebtedness of the Company or any Note Guarantor with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness; 

(iv) the payment of any dividend by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata
basis; 
 (v) so long as no Default or Event of Default has occurred and is continuing, the repurchase, redemption or other
acquisition or retirement for value of Equity Interests of the Company or any Restricted Subsidiary of the Company held by any present or former employee, 

  
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director, officer or consultant of, or service provider to, the Company or any of its Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Company in connection with any such repurchase, retirement or other acquisition), or any stock subscription
or shareholder agreement, including any Equity Interest rolled over by management of the Company in connection with the Merger; provided that the aggregate amount of Restricted Payments made under this clause (v) shall not exceed in any
calendar year $25.0 million (with unused amounts for any year being carried over to the next succeeding year, but not to any subsequent year, with the permitted amount for each year being used prior to any amount carried over from the previous
year); provided further that such amount in any calendar year may be increased by an amount not to exceed: 
 (i) the cash
proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the Issue Date; less 

(ii) the amount of any Restricted Payments previously made with the cash proceeds described in subclause (i) of this
clause (v); 
 (vi) payments to holders of Equity Interests (or to the holders of Indebtedness that is convertible into or
exchangeable for Equity Interests upon such conversion or exchange) in lieu of the issuance of fractional shares; 
 (vii)
[reserved]; 
 (viii) [reserved]; 

(ix) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests
represent a portion of the exercise price of such options or warrants; 
 (x) the repurchase, redemption or other acquisition
or retirement for value of any subordinated Indebtedness pursuant to provisions similar to those described under Section 3.8; provided that, prior thereto, all notes tendered by Holders in connection with a Change of Control Offer have
been repurchased, redeemed or acquired for value; 
 (xi) so long as no Default or Event of Default has occurred and is
continuing, the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or its Restricted Subsidiaries issued in accordance with Section 4.9; and 

(xii) so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments; provided,
however, that if the Total Leverage Ratio as of the date of any Restricted Payment to be made pursuant to this clause (xii) is greater than or equal to 1.75 to 1.0, such Restricted Payment shall be permitted to be made pursuant to this
clause (xii) only if the amount of such Restricted Payment, when taken together with the amount of all other Restricted Payments previously made pursuant to this clause (xii), does not exceed $500.0 million in the aggregate. 

(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value (determined, for purposes of this covenant, by the
Company or, in the case of any asset(s) valued in excess of $100.0 million, by the Board of Directors of the Company, in each case evidenced by an 

  
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Officers’ Certificate delivered to the Trustee) on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The Board of Directors’ determination shall be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair
Market Value of such non-cash assets exceeds $500.0 million. 
 Section 4.9 Incurrence of Indebtedness and Issuance of Preferred
Stock. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur”), with respect to any Indebtedness (including Acquired Debt), and the Company shall
not issue any Disqualified Stock and shall not permit any of its Restricted Subsidiaries to issue any Disqualified Stock or preferred stock; provided, however, that the Company or any Restricted Subsidiary may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock and any Restricted Subsidiary may issue preferred stock if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. 

(b) Subsection (a) of this Section 4.9 shall not prohibit the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”): 
 (i) the incurrence by the Company and its Restricted
Subsidiaries of Indebtedness under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (i) not to exceed $2,500 million plus an aggregate principal amount of Indebtedness secured by a Lien
outstanding at any time such that, on a pro forma basis (including a pro forma application of the proceeds therefrom), the Secured Leverage Ratio would not exceed 3.50 to 1.00; 

(ii) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness; 

(iii) the incurrence by the Company and the Note Guarantors of Indebtedness represented by the Securities issued on the Issue
Date (including the Note Guarantees); 
 (iv) the incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness represented by Capital Lease Obligations, in an aggregate amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (iv), not to exceed the
greater of (x) $100.0 million and (y) 1.0% of Consolidated Total Assets at any time outstanding; 
 (v) mortgage
financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or any
Restricted Subsidiary of the Company, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (v), not to exceed the greater of
(x) $250.0 million and (y) 2.5% of Consolidated Total Assets at any time outstanding; 

  
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 (vi) the incurrence by the Company or any of its Restricted Subsidiaries of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under
Section 4.9(a) hereof or clause (ii), (iii), (xii) or (xiv) of this Section 4.9(b) or this clause (vi) or, solely to the extent of the excess (if any) of the amount of Indebtedness incurred and outstanding under clause
(i) of this Section 4.9(b) prior to the applicable refinancing over the maximum aggregate amount permitted to be incurred and outstanding under clause (i) of this Section 4.9(b) at the time of such refinancing, clause (i) of
this Section 4.9(b); 
 (vii) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany
Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 

(A) if a Note Guarantor is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior
payment in full in cash of all Obligations with respect to the Securities; and 
 (B) (i) any subsequent issuance or transfer
of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the
Company or a Restricted Subsidiary of the Company shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that is not permitted by this clause (vii); 

(viii) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are incurred in the
ordinary course of business and not for speculative purposes; 
 (ix) the Guarantee by the Company or any Restricted
Subsidiary of the Company of Indebtedness of the Company or any Restricted Subsidiary that was permitted to be incurred under this Section 4.9 (other than the Note Guarantees); provided that if the Indebtedness being guaranteed is
subordinated to or pari passu with the Securities or any Note Guarantee, then the Guarantee shall be subordinated to the same extent as the Indebtedness guaranteed; 

(x) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this covenant; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued; 

(xi) Obligations in respect of performance and surety bonds and completion guarantees provided by the Company or any Restricted
Subsidiary of the Company in an aggregate principal amount at any time outstanding not to exceed $100.0 million; 
 (xii) the
incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt; provided, however, that on the date of acquisition and after giving effect thereto on a pro forma basis, the Fixed Charge Coverage Ratio of the Company
(A) would be at least 2.0 to 1.0 or (B) would be greater than such Fixed Charge Coverage Ratio immediately prior to such acquisition; 

  
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 (xiii) the incurrence by any Foreign Subsidiary of Indebtedness in an aggregate
principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xiii), not to exceed the greater of (x) $250.0 million or
(y) 2.5% of Consolidated Total Assets; 
 (xiv) Indebtedness of the Company or any Note Guarantor incurred in connection
with or in contemplation of, or to provide all or any portion of the funds or credit support utilized to consummate, the acquisition by the Company or any Restricted Subsidiary of the Company of property used or useful in a Permitted Business
(whether through the direct purchase of assets or the purchase of Capital Stock of, or merger or consolidation with, any Person owning such assets); provided, however, on the date of such incurrence and after giving effect thereto on a
pro forma basis, the Fixed Charge Coverage Ratio of the Company (A) would be at least 2.0 to 1.0 or (B) would be greater than such Fixed Charge Coverage Ratio immediately prior to such incurrence; 

(xv) Indebtedness incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, death, disability or other employee benefits or property, casualty or liability insurance or
self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such
Indebtedness, such obligations are reimbursed within 30 days following such drawing or incurrence; 
 (xvi) Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within five
Business Days of notice of its incurrence; 
 (xvii) Indebtedness of the Company or any of its Restricted Subsidiaries
supported by a letter of credit issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; 

(xviii) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of (i) the financing of insurance
premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, incurred in the ordinary course of business; and 

(xix) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xix), not to exceed the greater of
(x) $250.0 million and (y) 2.5% of Consolidated Total Assets. 
 (c) The Company shall not, and shall not permit any Note
Guarantor to, incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or the Note Guarantors unless such Indebtedness is also contractually subordinated in
right of payment to the Securities on substantially identical terms; provided, however, that no Indebtedness of the Company or the Note Guarantors shall be deemed to be contractually subordinated in right of payment to any other
Indebtedness of the Company or any Note Guarantor solely by virtue of being unsecured or having a junior lien priority. 

  
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 (d) For purposes of determining compliance with this Section 4.9, in the event that an item
of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xix) of Section 4.9(b) hereof, or is entitled to be incurred pursuant to subsection (a) of this
Section 4.9, the Company shall be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify from time to time all or a portion of such item of Indebtedness, in any manner that complies with this
Section 4.9. Indebtedness permitted by this Section 4.9 need not be permitted solely by reference to one clause permitting such Indebtedness but may be permitted in part by one such clause and in part by one or more other clauses of this
Section 4.9 permitting such Indebtedness. Indebtedness under Credit Facilities outstanding on the date on which Securities are first issued and authenticated under this Indenture will be deemed to have been incurred on such date in reliance on
the exception provided by clause (i) of Section 4.9(b) hereof. 
 Section 4.10 [Reserved]. 

Section 4.11 Liens. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer
to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens, unless contemporaneously therewith: 

(i) in the case of any Lien securing an obligation that ranks pari passu with the Securities or a Note Guarantee,
effective provision is made to secure the Securities or such Note Guarantee, as the case may be, equally and ratably with or prior to such obligation with a Lien on the same assets of the Company or such Restricted Subsidiary, as the case may be;
and 
 (ii) in the case of any Lien securing an obligation that is subordinated in right of payment to the Securities or a
Note Guarantee, effective provision is made to secure the Securities or such Note Guarantee, as the case may be, with a Lien on the same assets of the Company or such Restricted Subsidiary, as the case may be, that is prior to the Lien securing such
subordinated obligation. 
 Section 4.12 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to: 
 (i) pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 

(ii) make loans or advances to the Company or any of its Restricted Subsidiaries; or 

(iii) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 

(b) The restrictions set forth in Section 4.12(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of:

 (i) agreements, including agreements governing Existing Indebtedness as in effect on the date of this Indenture and any
amendments, modifications, restatements, renewals, 

  
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increases, supplements, refundings, replacements or refinancings of those agreements, provided that the amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are not more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this Indenture; 

(ii) this Indenture, the Securities and the Note Guarantees; 

(iii) any encumbrance or restriction pursuant to Credit Facilities incurred under clause (i) of Section 4.9(b)
hereof; 
 (iv) applicable law, rule, regulation or order, approval, license, permit or similar restriction, including under
contracts with foreign governments or agencies thereof entered into in the ordinary course of business; 
 (v) any instrument
governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred, or such Capital Stock was issued, in
connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired,
provided that, in the case of Indebtedness, such Indebtedness was permitted to be incurred under Section 4.9 hereof; 

(vi) customary non-assignment provisions in leases, contracts and licenses entered into in the ordinary course of business and
consistent with past practices; 
 (vii) purchase money obligations for property acquired in the ordinary course of business
that impose restrictions on that property of the nature described in clause (iii) of Section 4.12(a) hereof; 

(viii) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions, transfers,
loans or advances by that Restricted Subsidiary pending its sale or other disposition; 
 (ix) Permitted Refinancing
Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being
refinanced; 
 (x) Permitted Liens securing Indebtedness that limit the right of the debtor to dispose of the assets subject
to such Liens; 
 (xi) customary provisions with respect to the disposition or distribution of assets or property in joint
venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; 

(xii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; and 
 (xiii) restrictions in agreements or instruments which prohibit the payment or making of dividends
or other distributions other than on a pro rata basis. 

  
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 Section 4.13 Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $10.0 million, unless: 

(i) the Affiliate Transaction is on terms that are no less favorable, taken as a whole, to the Company or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 

(ii) the Company delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this Section 4.13(a) and
that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company. 

(b) The following items shall be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions of
Section 4.13(a) hereof: 
 (i) any employment agreement or benefit plan entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business and consistent with the past practice of the Company or such Restricted Subsidiary; 

(ii) transactions between or among the Company and/or its Restricted Subsidiaries; 

(iii) transactions with a Person that is an Affiliate of the Company solely because the Company owns, directly or through a
Restricted Subsidiary, an Equity Interest in, or controls, such Person; 
 (iv) the payment of reasonable compensation and
fees to, and the provision of customary indemnities to, current or former officers, directors, employees or consultants of the Company or any of its Restricted Subsidiaries; 

(v) issuances or sales of Equity Interests (other than Disqualified Stock) of the Company to Affiliates or employees of or
consultants to the Company; 
 (vi) Restricted Payments that are permitted by the provisions of Section 4.8 hereof and
Permitted Investments; 
 (vii) transactions effected pursuant to agreements in effect on the date of this Indenture and any
amendment, modification or replacement to such agreement (so long the as amendment, modification or replacement is not disadvantageous to the Holders in any material respect as compared to the applicable agreement as in effect on the date of this
Indenture); 
 (viii) advances to employees in the ordinary course of business not to exceed $5.0 million in the aggregate at
any one time outstanding; 

  
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 (ix) transactions with a Permitted Joint Venture in which the Company or any
Restricted Subsidiary holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions are no less favorable, taken as a whole, to the Company or the Restricted Subsidiary
participating in such joint venture than they are to other joint venture partners; and 
 (x) transactions in which the
Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an accounting, appraisal or investment banking firm of national standing stating that such transaction meets the requirements of Section 4.13(a)(i).

 Section 4.14 Asset Sales. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(i) the Company (or its Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value (determined, for purposes of this clause (i), by the Company or, in the case of any asset(s) valued in excess of $750.0 million, by the Board of Directors of the Company, in each case evidenced by an
Officers’ Certificate delivered to the Trustee) of the assets or Equity Interests issued or sold or otherwise disposed of; and 

(ii) except in the case of a Permitted Asset Swap, at least 75% of the consideration received in the Asset Sale by the Company
or such Restricted Subsidiary is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(A) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Securities and the Note Guarantees) that are assumed by the transferee of any such assets pursuant to an agreement that releases the Company or
such Restricted Subsidiary from further liability; 
 (B) any securities, notes or other obligations received by the Company
or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days after the consummation of the applicable Asset Sale, to the extent of the cash received in that
conversion; and 
 (C) any Designated Noncash Consideration having an aggregate Fair Market Value that, when taken together
with all other Designated Noncash Consideration previously received and then outstanding, does not exceed at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated Noncash
Consideration being measured at the time received and without giving effect to subsequent changes in value) the greater of $100.0 million or 1.0% of Consolidated Total Assets. 

(b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or the applicable Restricted Subsidiary may apply
those Net Proceeds: 
 (i) to repay Indebtedness and other Obligations under (A) a Credit Facility and, if the
Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments 

  
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with respect thereto, (B) other secured Indebtedness or (C) other Indebtedness of a Subsidiary that does not Guarantee the Securities, so long as the relevant assets were assets of such
Subsidiary (provided, in the case of (B), that such Indebtedness is not subordinated in right of payment to the Securities); 

(ii) to acquire all or substantially all of the assets of, or a majority of the Voting Stock of, another Permitted Business;

 (iii) to make payments with respect to the acquisition or license of intellectual property rights that are used in a
Permitted Business; 
 (iv) to make a capital expenditure in or that is useful in a Permitted Business; 

(v) to retire Securities pursuant to privately negotiated transactions, open market purchases or otherwise; or 

(vi) to acquire other assets that are not classified as current assets (for the avoidance of doubt, including acquisitions of
in-process research and development) under GAAP and that are used or useful in a Permitted Business. 
 Notwithstanding Sections 4.14(a) and
4.14(b), the Company and its Restricted Subsidiaries will not be required to apply an amount equal to any Net Proceeds in accordance with this covenant except to the extent that the aggregate Net Proceeds from all Asset Sales which are not applied
in accordance with this covenant exceed the greater of $100.0 million or 1.0% of Consolidated Total Assets at the time of receipt of such Net Proceeds. Pending application of an amount equal to Net Proceeds pursuant to this Section 4.14, the
Company or a Restricted Subsidiary may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 

(c) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.14(b) hereof shall constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds the greater of $100.0 million or 1.0% of Consolidated Total Assets, the Company shall make an offer (an “Asset Sale Offer”) to all Holders of
Securities and all holders of Parity Indebtedness to purchase the maximum principal amount of Securities and such other Parity Indebtedness that may be purchased out of the amount of such Excess Proceeds. The offer price in any Asset Sale Offer
shall be equal to 100% of principal amount plus accrued and unpaid interest to the date of purchase, and shall be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company and its Restricted Subsidiaries
may use the amount of such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Securities and other Parity Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Company shall select the Securities and such other Parity Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Securities pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale
provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such compliance. 

  
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 Section 4.15 Additional Note Guarantees. If any one of the Company’s
Subsidiaries that is not a Note Guarantor Guarantees any Indebtedness of the Company or any Restricted Subsidiary, that Subsidiary shall (i) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the
Trustee and a notation of Note Guarantee substantially in the form of Exhibit B hereto or, in the case that such Subsidiary of the Company is a Canadian Note Guarantor, a Canadian Note Guarantee, pursuant to which such Subsidiary shall
unconditionally Guarantee, on a senior unsecured (unless the Securities are secured pursuant to Section 4.11) basis, all of the Company’s obligations under the Securities and this Indenture on the terms set forth in this Indenture and, if
applicable, the Canadian Note Guarantee, and (ii) deliver to the Trustee an Opinion of Counsel that such supplemental indenture and notation of Note Guarantee or, if applicable, Canadian Note Guarantee, has been duly authorized, executed and
delivered by such Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Subsidiary. Thereafter, such Subsidiary shall be a Note Guarantor for all purposes hereof until such Note Guarantee is released in accordance
herewith. 
 Section 4.16 Designation of Restricted and Unrestricted Subsidiaries. The Company’s Board of Directors may
designate any Restricted Subsidiary (other than Valeant) to be an Unrestricted Subsidiary if that designation would not cause a Default. Any designation of a Subsidiary as an Unrestricted Subsidiary will be deemed to be a designation of each of such
entity’s Subsidiaries as Unrestricted Subsidiaries. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in
the Subsidiary designated as an Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.8 hereof or under one or more of the
clauses of the definition of “Permitted Investments,” as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. The Company’s Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the redesignation would not cause a Default and the Fixed Charge Coverage Ratio for the Company would
be greater than immediately prior to such redesignation. 
 Section 4.17 Business Activities. The Company shall not, and shall
not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 

Section 4.18 Payments for Consent. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Securities for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture relating to such Securities or
such consent unless such consideration is offered to be paid and is paid to all Holders of the Securities that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.

 Section 4.19 Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall
not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of,
premium, if any, or interest on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and the Company (to the extent it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law and covenant that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted. 

  
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 Section 4.20 [Reserved]. 

Section 4.21 Notice of Default. In the event that any Default or Event of Default under Section 6.1 hereof shall occur, the
Company shall give prompt written notice of such Default or Event of Default to the Trustee. 
 Section 4.22 Payment of Additional
Amounts. 
 (a) All payments made by or on behalf of the Company under or with respect to the Securities, or by or on behalf of
any Note Guarantor under or with respect to any Note Guarantee (each such Person, a “Payor”) will be made free and clear of any withholding or deduction for or on account of any tax, duty, levy, impost, assessment or other
governmental charge of whatever nature (collectively, “Tax”) imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or doing business for tax purposes or from or through which such Payor
makes any payment on its Securities or Note Guarantee or any department or political subdivision of any of the foregoing (each, a “Relevant Taxing Jurisdiction”), unless an applicable withholding agent is required to withhold or
deduct Taxes by law. If an applicable withholding agent is required by law to withhold or deduct any amount for or on account of Taxes of any Relevant Taxing Jurisdiction from any payment made under or with respect to any Securities or Note
Guarantee, the Payor, subject to the exceptions listed below, will pay additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder or beneficial owner of the Securities after
such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been withheld or
deducted. 
 (b) A Payor will not, however, pay Additional Amounts to a Holder or beneficial owner of Securities: 

(i) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the existence of any
present or former connection between the Holder or beneficial owner (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an
estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (other than any connection resulting solely from the acquisition, ownership, holding or disposition of Securities, the receipt of payments thereunder or under any Note
Guarantee and/or the exercise or enforcement of rights under any Securities or any Note Guarantee); 
 (ii) to the extent the
Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Securities, following the Company’s or the Payor’s written request addressed to the Holder, to the extent
such Holder or beneficial owner is legally eligible to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant
Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner
is not resident in the Relevant Taxing Jurisdiction); 
 (iii) with respect to any estate, inheritance, gift, sales or any
similar Taxes; 
 (iv) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the
presentation by the Holder or beneficial owner of any Security, where presentation is required, for payment on a date more than 30 days after the date on which 

  
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payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(v) with respect to any withholding or deduction that is imposed on a payment to an individual and that is required to be made
pursuant to European Council Directive 2003/48/EC on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any law or agreement whether or not solely between Member States of the European Union implementing
or complying with, or introduced in order to conform to or supplement, such directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation
dated October 26, 2004 providing for measures equivalent to those laid down in the EU Savings Tax Directive or any law or other governmental regulation implementing or complying with, or introduced in order to conform to, such agreement; 

(vi) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder or
beneficial owner not dealing at arm’s length, within the meaning of the Income Tax Act (Canada), with such Payor; 

(vii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for such Holder or
beneficial owner being, or not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with, a “specified shareholder” of the Company as defined in subsection 18(5) of the Income Tax Act (Canada) for
purposes of the thin capitalization rules in the Income Tax Act (Canada); 
 (viii) to the extent the Taxes giving
rise to such Additional Amounts are United States federal withholding tax imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended as of the date of hereof (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations, official interpretations or administrative authority promulgated thereunder and any agreements entered into pursuant to
Section 1471(b)(1) of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and, for the avoidance of doubt, any intergovernmental
agreement (and related legislation, rules or practices) implementing the foregoing (taken together, “FATCA”), except to the extent that such Taxes result from a failure of any Paying Agent to comply with FATCA; and 

(ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii). 

(c) The applicable withholding agent will (i) make any such withholding or deduction required by applicable law and (ii) remit the
full amount deducted or withheld to the relevant authority in accordance with applicable law. The Payor, as the applicable withholding agent, will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes
so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Payor, as the applicable withholding agent, will provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld
are due pursuant to applicable law, either a certified copy or tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to the Payor, such other documentation that provides reasonable evidence of such payment by
the Payor. 
 (d) Where Tax is payable pursuant to Regulation 803 of the Income Tax Act (Canada) by a Holder or beneficial owner of
the Securities in respect of any amount payable under the Securities to the Holder (other than by reason of a transfer of the Securities to a person resident in Canada with whom the 

  
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transferor does not deal at arm’s length for the purposes of such Act), but no Additional Amount is paid in respect of such Tax, the Payor will pay as or on account of interest to the Holder
an amount equal to such Tax within 45 days after receiving from the Holder a notice containing reasonable particulars of the Tax so payable, provided such Holder or beneficial owner would have been entitled to receive Additional Amounts on account
of such Tax (and only to the extent of such Additional Amounts that such Holder or beneficial owner would have been entitled to receive) but for the fact that it is payable otherwise than by deduction or withholding from payments made under or with
respect to the Securities. 
 (e) Prior to the date on which the payment of any Additional Amounts are due, the Payor will deliver to the
Trustee such Additional Amounts payable together with an Officers’ Certificate stating that such Additional Amounts will be payable on the applicable payment date, and setting forth the Additional Amounts so payable and will also set forth such
other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the applicable payment date. Any such Officers’ Certificate will be delivered to the Trustee at least 2 Business Days in advance of when the payments
in question are required to be made (unless a shorter period of time is acceptable to the Trustee in its reasonable discretion). The Payor will promptly publish a notice in accordance with Section 11.2 hereof stating that such Additional
Amounts will be payable and describing the obligation to pay such amounts. 
 (f) The Payors, jointly and severally, will reimburse the
Holders of Securities, upon written request of such Holder of Securities and certified proof of payment for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder in connection with payments
made under or with respect to the Securities or under or with respect to any Note Guarantee; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount
received by such Holder after such reimbursement will not be less than the net amount such Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided,
however, that the indemnification obligation provided for in this Section 4.22(f) shall not extend to Taxes imposed for which the Holder of the Securities would not have been eligible to receive payment of Additional Amounts hereunder by
virtue of clauses (i) through (ix) of Section 4.22(b) hereof, or to the extent such Holder received Additional Amounts with respect to such payments. 

(g) In addition, the Payor will pay any stamp, issue, registration, court, documentary, excise or other similar taxes, charges and duties,
including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Securities or any Note Guarantee or any other document or
instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction at any time as a result of, or in connection with, (i) any payments made pursuant to the Securities, any Note Guarantee or any
other such document or instrument referred to thereunder and/or (ii) the enforcement of the Securities or any Note Guarantee or any other such document or instrument referred to thereunder. 

(h) The obligations described under this Section 4.22 will survive any termination, defeasance or discharge of this Indenture and will
apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized, doing business or is otherwise resident for Tax purposes or any jurisdiction from or through which payment is made by
such successor or its respective agents. 
 (i) Whenever this Indenture refers to, in any context, the payment of principal, premium, if
any, interest or any other amount payable under or with respect to any Security or under any Note Guarantee, such reference includes the payment of Additional Amounts or other payments that would be payable pursuant to this Section 4.22, if
applicable. 

  
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 ARTICLE 5 

MERGER, CONSOLIDATION OR SALE OF ASSETS 

Section 5.1 Merger, Consolidation or Sale of Assets. 

(a) The Company shall not, directly or indirectly, consolidate, amalgamate or merge with or into another Person (whether or not the Company is
the surviving corporation) or sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to
another Person, unless: 
 (i) either (x) the Company is the surviving corporation; or (y) the Person formed by or
surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is organized and validly existing under the laws of the United States,
any state of the United States or the District of Columbia or under the laws of Canada or any province thereof; 
 (ii) the
Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made expressly assumes all the obligations of
the Company under the Securities and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; 
 (iii)
immediately after such transaction, no Default or Event of Default exists; 
 (iv) either (a) the Company or the Person
formed by or surviving any such consolidation, amalgamation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made shall, on the date of such transaction after giving pro
forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.9(a) hereof or (b) the Company or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or
other disposition has been made would, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, have a
Fixed Charge Coverage Ratio for such Person and its Restricted Subsidiaries that would be equal to or greater than such ratio for such Person and its Restricted Subsidiaries immediately prior to such action; and 

(v) the Company has delivered to the Trustee an Officers’ Certificate stating that such consolidation, amalgamation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with and an Opinion of Counsel stating that the supplemental indenture, if any, and the related transactions do not conflict with this Indenture. 

(b) The Company may not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related
transactions, to any other Person. 

  
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 (c) The Company will not permit any Note Guarantor to, directly or indirectly,
(1) consolidate, amalgamate or merge with or into another Person; or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to another Person
unless: 
 (i) except in the case of a Note Guarantor (x) that has been disposed of in its entirety to another Person
(other than to the Company or an Affiliate of the Company), whether through a merger, amalgamation, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to
be a Subsidiary of the Company, in both cases in compliance with its obligations pursuant to Section 4.14 in respect of such disposition, the resulting, surviving or transferee Person (if not such Note Guarantor) shall be a Person organized and
existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, any state thereof or the District of Columbia, and such Person shall expressly assume, by a guarantee agreement
in a form reasonably satisfactory to the Trustee, all the obligations of such Note Guarantor under its Note Guarantee; and 

(ii) immediately after such transaction, no Default or Event of Default exists. 

Notwithstanding the foregoing: (A) any Restricted Subsidiary may consolidate or amalgamate with, merge into or transfer all or part of
its properties and assets to the Company or any Note Guarantor and (B) the Company may merge or amalgamate with an Affiliate of the Company solely for the purpose of reincorporating the Company in another jurisdiction within the United States
of America, any state thereof or the District of Columbia or Canada or any province thereof. 
 Section 5.2 Successor
Substituted. Upon any consolidation of the Company with, or merger or amalgamation of the Company into, any other Person or any conveyance, transfer or lease of all or substantially all of the properties and assets of the Company in accordance
with Section 5.1 hereof, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities. 
 ARTICLE 6 

DEFAULT AND REMEDIES 

Section 6.1 Events of Default. Each of the following is an “Event of Default”: 

(a) default in the payment of any principal of (including, without limitation, any premium, if any, on) the Securities when the same becomes
due and payable (whether at maturity, upon a Redemption Date, Change of Control Purchase Date, Purchase Date or otherwise); 
 (b) default
in the payment of any interest payable on the Securities when the same becomes due and payable and the Default continues for a period of 30 days; 

(c) failure by the Company or any of its Restricted Subsidiaries 

(i) to comply with any of the provisions of Sections 3.8, 3.14, 4.8, 4.9 or 4.14 of this Indenture, which failure remains
uncured for 30 days after notice; or 

  
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 (ii) to comply with the provisions described in Section 5.1 of this
Indenture; 
 (d) the Company or any of its Restricted Subsidiaries fails to comply with any of the other covenants contained in the
Securities or this Indenture and the Default continues for 60 days after notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding; 

(e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after
the date of this Indenture, if that default: 
 (i) is caused by a failure to pay principal when due on such Indebtedness
within any applicable grace period provided in such Indebtedness (a “Payment Default”); or 
 (ii) results
in the acceleration of such Indebtedness prior to its express maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $75.0 million or more; 

(f) failure by the Company or any of its Restricted Subsidiaries to pay final non-appealable judgments aggregating in excess of $75.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days after becoming final; 
 (g) any Note Guarantee by a Significant
Subsidiary ceases to be in full force and effect in all material respects (except as contemplated by the terms thereof) or any Note Guarantor that is a Significant Subsidiary denies or disaffirms such Note Guarantor’s obligations under this
Indenture or any Note Guarantee and such Default continues for 10 days after receipt of the notice as specified in this Indenture; 
 (h)
the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case or proceeding; 

(ii) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property; or 

(iv) makes a general assignment for the benefit of its creditors; 

(i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case or proceeding; 

  
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 (ii) appoints a Custodian of the Company, any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company, any Restricted Subsidiary that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 
 (iii) orders
the liquidation of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 

and in each case the order or decree described in this clause (i) remains unstayed and in effect for 60 consecutive days. 

Any notice given pursuant to Section 6.1(d) hereof must be in writing and must specify the Default, demand that it be remedied and state
that the notice is a “Notice of Default.” When any Default under this Section 6.1 is cured, it ceases. 

Section 6.2 Acceleration. If an Event of Default (other than an Event of Default specified in clause (h) or (i) of
Section 6.1 hereof with respect to the Company) occurs and is continuing, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding may, by notice to the Company
and the Trustee, declare all unpaid principal to the date of acceleration on the Securities then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable.
If an Event of Default specified in clause (h) or (i) of Section 6.1 hereof with respect to the Company occurs, all unpaid principal (including, without limitation, any premium, if any), and accrued interest, if any, on the Securities
then outstanding shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the Securities then
outstanding by notice to the Trustee may rescind an acceleration and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of
acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest at a rate of 1% per annum over the amount of interest otherwise payable on such Securities on overdue installments of interest and
overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (d) all payments due to
the Trustee and any predecessor Trustee under Section 7.7 hereof have been made. No such rescission shall affect any subsequent default or impair any right consequent thereto. 

Section 6.3 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may, but shall not be obligated to,
pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of or interest on the Securities or to enforce the performance of any provision of such Securities or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive
of any other remedy. All available remedies are cumulative to the extent permitted by law. 
 Section 6.4 Waiver of Defaults and
Events of Default. Subject to Sections 6.7 and 9.2 hereof, the Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may waive an existing Default or Event of Default and its
consequences, except a 

  
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Default or Event of Default in the payment of the principal of, premium, if any, or interest on any Securities when due or any Default or Event of Default in respect of any provision of this
Indenture or the Securities which, under Section 9.2 hereof, cannot be modified or amended without the consent of the Holder of each Security affected. When a Default or Event of Default is waived, it is cured and ceases. 

Section 6.5 Control by Majority. The Holders of a majority in aggregate principal amount of the Securities then outstanding may
direct the time, method and place of conducting any proceeding for exercising any remedy or power available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with
law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of another Holder of Securities or the Trustee, or that may involve the Trustee in personal liability unless the Trustee is offered indemnity satisfactory to
it; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 6.6 Limitations on Suits. A Holder may not pursue any remedy with respect to this Indenture or the Securities (except
actions for payment of overdue principal, premium, if any, or interest) unless: 
 (a) the Holder gives to the Trustee
written notice of a continuing Event of Default; 
 (b) the Holders of at least 25% in aggregate principal amount of the then
outstanding Securities make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer to the
Trustee reasonable indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not
comply with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (e) no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Securities. 

A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over such
other Securityholder. 
 Section 6.7 Rights of Holders to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security to receive payment of the principal of, or interest on the Security, on or after the respective due dates expressed in the Security and this Indenture and to bring suit for the enforcement of any such
payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

Section 6.8 Collection Suit by Trustee. If an Event of Default in the payment of principal or interest specified in clause
(a) or (b) of Section 6.1 hereof occurs and is continuing with respect to any Securities, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for
the whole amount of principal and accrued interest remaining unpaid, together with, to the extent that payment of such interest is lawful, interest on overdue principal and overdue installments of interest, in each case at a rate equal to the
interest rate then in effect on such Security plus 1% per annum and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 

  
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 Section 6.9 Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its property and shall be entitled and empowered to collect and receive any money or other property payable or
deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.7 hereof, and to the extent that such payment of the reasonable compensation, expenses, disbursements and advances in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be
paid out of, any and all distributions, dividends, money, securities and other property which the Holders may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to, or, on behalf of any Holder, to authorize, accept or adopt any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following
order: 
 First, to the Trustee for amounts due under Section 7.7 hereof; 

Second, to Holders for amounts due and unpaid on the Securities for principal and interest ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities for principal and interest respectively; and 

Third, the balance, if any, to the Company. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit made by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the Securities then outstanding. 

ARTICLE 7 
 TRUSTEE 

Section 7.1 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its 

  
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exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(b) Except during the continuance of an Event of Default: 

(A) the Trustee need perform only those duties as are specifically set forth in this Indenture and no others; and 

(B) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine any certificates and opinions which by any provision
hereof are specifically required to be delivered to the Trustee to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that: 
 (A) this paragraph does not limit the effect of subsection (b) of this
Section 7.1; 
 (B) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (C) the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5 hereof. 

(d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers unless the Trustee shall have received satisfactory indemnity in its opinion against potential costs and liabilities incurred by it relating thereto. 

(e) Every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (c) and (d) of this
Section 7.1. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.2 Rights of Trustee. Subject to Section 7.1 hereof: 

(a) The Trustee may rely conclusively on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel (or both), which shall conform to Section 11.4(b) hereof. The Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officers’ Certificate or Opinion of Counsel. 

  
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 (c) The Trustee may act through its agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its rights or powers. 
 (e) The Trustee may
consult with counsel of its selection, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection in respect of any such action taken, omitted or suffered by it hereunder in good faith and
in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation. 
 (h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless
written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office, and such notice references the Securities and this Indenture. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

(j) In no event shall the Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 

  
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 Section 7.3 Individual Rights of Trustee. The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee
is subject to Sections 7.10 and 7.11 hereof. 
 Section 7.4 Trustee’s Disclaimer. The Trustee makes no representation as to
the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its certificate
of authentication. 
 Section 7.5 Notice of Default or Events of Default. If a default or an Event of Default occurs and is
continuing and if it is known to the Trustee, the Trustee shall mail to each Securityholder notice of the Default or Event of Default within 90 days after it is known by the Trustee. However, the Trustee may withhold the notice if and so long as a
committee of its Trust Officers in good faith determines that withholding notice is in the interests of Securityholders, except in the case of a Default or an Event of Default in payment of the principal (including premium, if any) of or interest on
any Security. 
 Section 7.6 [RESERVED] 

Section 7.7 Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation (as agreed to
from time to time by the Company and the Trustee in writing) for its services (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the Trustee
upon request for all reasonable disbursements, expenses and advances incurred or made by it. Such expenses may include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Company shall indemnify the Trustee or any predecessor Trustee (which for purposes of this Section 7.7 shall include its officers,
directors, employees and agents) for, and hold it harmless against, any and all loss, liability or expense including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), (including reasonable legal fees and
expenses) incurred by it in connection with the acceptance or administration of its duties under this Indenture or any action or failure to act as authorized or within the discretion or rights or powers conferred upon the Trustee hereunder including
the reasonable costs and expenses of the Trustee and its counsel in defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company
promptly of any claim asserted against the Trustee for which it may seek indemnity. The Company need not pay for any settlement effected without its prior written consent, which shall not be unreasonably withheld. 

The Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability determined by a court of competent
jurisdiction to have been caused by its own gross negligence or willful misconduct. 
 To secure the Company’s payment obligations in
this Section 7.7, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held or collected by the Trustee, except such money or property held in trust to pay the principal of and
interest on the Securities. The obligations of the Company under this Section 7.7 shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee. 

When the Trustee incurs expenses or renders services after an Event of Default specified in clause (g) or (h) of Section 6.1
hereof occurs, the expenses and the compensation for the services are intended to 

  
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constitute expenses of administration under any Bankruptcy Law to the extent permitted by law. The provisions of this Section shall survive the termination of this Indenture. 

Section 7.8 Replacement of Trustee. The Trustee may resign by so notifying the Company. The Holders of a majority in aggregate
principal amount of the Securities then outstanding may remove the Trustee by so notifying the Trustee and may, with the Company’s written consent, appoint a successor Trustee. The Company may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10 hereof; 

(b) the Trustee is adjudged a bankrupt or an insolvent; 

(c) a Custodian or other public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a
successor Trustee. The resignation or removal of a Trustee shall not be effective until a successor Trustee shall have delivered the written acceptance of its appointment as described below. 

If a successor Trustee does not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company
or the Holders of 10% in principal amount of the Securities then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Company. 

If the Trustee fails to comply with Section 7.10 hereof, any Holder may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately after that, the retiring Trustee, upon payment of its charges hereunder, shall transfer all property held by it as Trustee to the successor Trustee and be released from its obligations (exclusive of
any liabilities that the retiring Trustee may have incurred while acting as Trustee) hereunder, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder. 
 A retiring Trustee shall not be
liable for the acts or omissions of any successor Trustee after its succession. 
 Notwithstanding replacement of the Trustee pursuant to
this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee. 

Section 7.9 Successor Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust assets (including the administration of this Indenture) to, another corporation, the resulting, surviving or transferee corporation, without any further act, shall be the successor Trustee, provided
such transferee corporation shall qualify and be eligible under Section 7.10 hereof. Such successor Trustee shall promptly mail notice of its succession to the Company and each Holder. 

  
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 Section 7.10 Eligibility; Disqualification. The Trustee shall always satisfy the
requirements of paragraphs (1), (2) and (5) of TIA Section 310(a). The Trustee (or its parent holding company) shall have a combined capital and surplus of at least $50,000,000. If at any time the Trustee shall cease to satisfy any
such requirements, it shall resign immediately in the manner and with the effect specified in this Article 7. The Trustee shall be subject to the provisions of TIA Section 310(b). 

Section 7.11 Preferential Collection of Claims Against the Company. The Trustee shall comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 

ARTICLE 8 
 DEFEASANCE;
SATISFACTION AND 
 DISCHARGE OF INDENTURE 

Section 8.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect, and the Trustee, on
demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 

(a) either 

(i) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 2.7 hereof and (ii) Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 8.5 hereof)
have been delivered to the Trustee for cancellation; or 
 (ii) all Securities not theretofore delivered to the Trustee for
cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be irrevocably deposited cash,
non-callable U.S. government securities or a combination thereof with the Trustee or a Paying Agent (other than the Company or any of their Affiliates) as trust funds in trust for the purpose of and in an amount sufficient to pay and discharge the
entire indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(b) no Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the
deposit and the deposit will not result in a breach or violation of or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound, and as to which the rights of the other parties thereto are
senior to those of the Holders; 
 (c) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and 
 (d) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with. 

  
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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 7.7 hereof shall survive and, if cash, non-callable U.S. government securities or a combination thereof shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section,
the provisions of Sections 2.3, 2.4, 2.5, 2.6, 2.7, 2.12, 4.2, 4.3 and 7.8, this Article 8 and Section 11.5, shall survive until the Securities have been paid in full. 

Section 8.2 Legal Defeasance. The Company and the Note Guarantors shall be deemed to have paid and will be discharged from any and
all obligations in respect of this Indenture and the Securities and the related Note Guarantees on the date of the deposit referred to in clause (a) of this Section 8.2, and the provisions of this Indenture shall no longer be in effect
(“Legal Defeasance”), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same, except for the following provisions, which shall survive until otherwise terminated or discharged
hereunder: (i) the rights of Holders of outstanding Securities to receive solely from the trust fund described in clause (a) below payments in respect of the principal of, premium, if any, and interest on the Securities when such payments
are due, (ii) the Company’s obligations under Article 2 and Section 4.2 hereof, (iii) the rights, powers, trusts, duties, indemnities and immunities of the Trustee hereunder, including, without limitation, Section 7.7 hereof
and the Company’s obligations in connection therewith and (iv) this Section 8.2. Subject to compliance with this Section 8.2, the Company may exercise their option under this Section 8.2 notwithstanding the prior exercise of
their option under Section 8.3 hereof. The following conditions shall apply to Legal Defeasance: 
 (a) the Company
shall have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Securities, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Securities on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company
must specify whether the Securities are being defeased to their Stated Maturity or to a particular Redemption Date; 
 (b)
the Company shall have delivered to the Trustee an Opinion of Counsel (based on a ruling published by the United States Internal Revenue Service or other change in the applicable U.S. federal income tax law) in the United States reasonably
acceptable to the Trustee to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and Legal Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such deposit and Legal Defeasance had not occurred; 

(c) the Company shall have delivered to the Trustee either (i) an Opinion of Counsel in Canada to the effect that, based
upon Canadian law then in effect, the Holders of the outstanding Securities will not recognize income, gain or loss for Canadian federal, provincial or territorial or other tax purposes, as a result of such Legal Defeasance and will be subject to
Canadian taxes on the same amounts and in the same manner and at the same time as would have been the case if such Legal Defeasance had not occurred or (ii) a ruling directed to the Trustee received from tax authorities of Canada to the same
effect as the Opinion of Counsel described in clause (i) above; 
 (d) no Default or Event of Default shall have
occurred and be continuing either: (i) on the date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit) or (ii) insofar as Events of Default from bankruptcy or
insolvency events are concerned, at the time in the period ending on the 91st day after the date of deposit; 

  
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 (e) the Legal Defeasance shall not result in a breach or violation of, or
constitute a default under any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiary is bound; 

(f) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Securities over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(g) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance have been complied with. 
 After any such irrevocable deposit, the Trustee upon
request shall acknowledge in writing the discharge of the Company’s obligations under the Securities and this Indenture except for those surviving obligations in the immediately preceding paragraph. 

Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.2(b) hereof with respect to a Legal Defeasance need not be
delivered if all Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable upon maturity or redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 8.3
Covenant Defeasance. The Company and the Note Guarantors may omit to comply with any term, provision or condition set forth in clause (iv) of Section 5.1(a) hereof, and the Company may omit to comply with any term, provision or
condition set forth in Sections 4.8 through 4.18 hereof and any breach of clauses (c), (d), (e), or (f), or with respect to Significant Subsidiaries only, clauses (h) or (i) under Section 6.1 hereof shall be deemed not to be an Event
of Default on the date of deposit referred to in clause (a) of this Section 8.3 (“Covenant Defeasance”), if in each case: 

(a) the Company shall have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Securities,
cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if
any, on the outstanding Securities on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Securities are being defeased to their Stated Maturity or to a particular Redemption Date;

 (b) the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to
such Trustee confirming that the Holders of the outstanding Securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if the Covenant Defeasance had not occurred; 

(c) the Company shall have delivered to the Trustee either (i) an Opinion of Counsel in Canada to the effect that, based
upon Canadian law then in effect, the Holders of the outstanding Securities will not recognize income, gain or loss for Canadian federal, provincial or territorial or other tax purposes, as a result of such Covenant Defeasance and will be subject to
Canadian taxes on the same amounts and in the same manner and at the same time as would have 

  
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been the case if such Covenant Defeasance had not occurred or (ii) a ruling directed to the Trustee received from tax authorities of Canada to the same effect as the Opinion of Counsel
described in clause (i) above; 
 (d) no Default or Event of Default shall have occurred and be continuing either:
(i) on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or (ii) insofar as Events of Default from bankruptcy or insolvency events are concerned, at the
time in the period ending on the 91st day after the date of deposit; 
 (e) the Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

(f) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders of Securities over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(g) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Covenant Defeasance have been complied with. 
 If the funds deposited with the Trustee to effect
Covenant Defeasance are insufficient to pay the principal of and interest on the Securities when due, then the obligations of the Company and the Note Guarantors under this Indenture will be revived and no such defeasance will be deemed to have
occurred. 
 Upon the occurrence of a Covenant Defeasance, the Trustee shall send written notice of such Covenant Defeasance to the Company.

 Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.3(b) hereof with respect to a Covenant Defeasance need
not be delivered if all Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable upon maturity or redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 8.4
Application of Trust Money. Subject to the provisions of Section 8.5 hereof, the Trustee or a Paying Agent shall hold in trust, for the benefit of the Holders of Securities, all money deposited with it pursuant to Section 8.1, 8.2
or 8.3 hereof and shall apply the deposited money in accordance with this Indenture and the Securities to the payment of the principal of and interest on the Securities. 

Section 8.5 Repayment to the Company. The Trustee and each Paying Agent shall promptly pay to the Company upon request any excess
money (i) deposited with them pursuant to Section 8.1, 8.2 or 8.3 hereof and (ii) held by them at any time. 
 The Trustee
and each Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years after a right to such money has matured; provided, however, that the
Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be mailed to each Holder entitled to 

  
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such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least 30 days from the date of such mailing, any unclaimed balance of such money
then remaining will be repaid to the Company. After payment to the Company, Holders entitled to money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 

Section 8.6 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 8.5
hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1, 8.2 or 8.3 hereof until such time as the Trustee or such Paying Agent is permitted to apply all such money or Government Securities in
accordance with Section 8.5 hereof; provided, however, that if the Company has made any payment of the principal of or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated to
the rights of the Holders of such Securities to receive any such payment from the money or Government Securities held by the Trustee or such Paying Agent. 

ARTICLE 9 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 Section 9.1 Without Consent of Holders. The Company and the Trustee may amend or supplement this
Indenture or the Securities without notice to or consent of any Holder: 
 (a) to comply with Section 5.1 hereof; 

(b) to cure any ambiguity, defect or inconsistency; 

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d) to provide for the assumption of the Company’s or any Note Guarantor’s obligations to Holders of Securities in
the case of a consolidation or merger or sale of all or substantially all of the Company’s or a Note Guarantor’s assets; 

(e) to make any change that would provide any additional rights or benefits to the Holders of Securities or that does not
adversely affect the legal rights under this Indenture of any such Holder; 
 (f) to comply with requirements of the SEC in
order to effect or maintain the qualification of this Indenture under the TIA; 
 (g) to conform the text of this Indenture
or the Securities to any provision of the section of the Offering Circular dated November 15, 2013 captioned “Description of the Notes” to the extent that such provision was intended to be a verbatim recitation of a provision of this
Indenture or the Securities; 
 (h) to provide for the issuance of Additional Securities in accordance with the limitations
set forth in this Indenture as of the date hereof; 

  
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 (i) to add additional Note Guarantees with respect to the Securities or to
confirm and evidence the release, termination or discharge of any Note Guarantee with respect to such Securities when such release, termination or discharge is permitted under this Indenture; or 

(j) to appoint a successor Trustee. 

Section 9.2 With Consent of Holders. The Company and the Trustee may amend or supplement this Indenture with respect to the
Securities with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding. The Holders of at least a majority in aggregate principal amount of the Securities then outstanding may waive
compliance in a particular instance by the Company with any provision of this Indenture or the Securities without notice to any Holder. However, notwithstanding the foregoing but subject to Section 9.4 hereof, without the written consent of
each Holder of Securities affected hereby, an amendment, supplement or waiver, including a waiver pursuant to Section 6.4 hereof, may not: 

(a) reduce the principal amount of such Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the principal of or change the Stated Maturity of any such Security or alter the provisions with respect to the
redemption of such Securities (excluding, for the avoidance of doubt, provisions relating to Sections 3.8, 3.14 and 4.14); 

(c) reduce the rate of or change the time for payment of interest on any such Security; 

(d) make any such Security payable in money other than U.S. dollars; 

(e) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of such
Securities to receive payments of principal of, or interest or premium, if any, on such Securities; 
 (f) waive a redemption
payment with respect to any such Security (excluding, for the avoidance of doubt, a payment required by Sections 3.8, 3.14 and 4.14); 

(g) impair the right to institute suit for the enforcement of any payment on or with respect to such Securities; 

(h) modify the Note Guarantees with respect to such Securities in any manner adverse to the Holders of such Securities; or 

(i) make any change in the preceding amendment and waiver provisions with respect to such Securities. 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver
under Section 9.1 or this Section 9.2 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect

  
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therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

Section 9.3 [Reserved]. 

Section 9.4 Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a
Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.
However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses
(a) through (i) of Section 9.2 hereof. In that case the amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the
same debt as the consenting Holder’s Security. 
 Section 9.5 Notation on or Exchange of Securities. If an amendment,
supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder.
Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 

Section 9.6 Trustee to Sign Amendments, Etc. The Trustee shall sign any amendment or supplemental indenture authorized pursuant to
this Article 9 if the amendment or supplemental indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, in its sole discretion, but need not sign it. In signing or refusing to
sign such amendment or supplemental indenture, the Trustee shall be provided with and, subject to Section 7.1 hereof, shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate stating that such amendment
or supplemental indenture is authorized or permitted by this Indenture and all conditions precedent in this Indenture to such execution have been complied with. The Company may not sign an amendment or supplemental indenture until its Board of
Directors approves it in writing. 
 Section 9.7 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby. 
 ARTICLE 10 

NOTE GUARANTEES 

Section 10.1 Note Guarantees. 

(a) Each of the Note Guarantors, jointly and severally, hereby unconditionally Guarantees to each Holder of a Security authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Securities or the obligations of the Company hereunder or thereunder that: (i) the due and
punctual payment of principal, premium and interest on the Securities shall be promptly paid in full when due, whether at maturity, by 

  
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acceleration, redemption or otherwise, (ii) the due and punctual payment of interest on the overdue principal of and interest on the Securities, if any, if lawful, and all other obligations
of the Company to the Holders or the Trustee under this Indenture or any Security shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof, and (iii) in case of any extension of time of payment or renewal
of any Securities or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration pursuant to Section 6.2
hereof or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Note Guarantors shall be jointly and severally obligated to pay the same immediately. Each Note Guarantor shall agree
that this is a Guarantee of payment and not a Guarantee of collection. 
 (b) Each of the Note Guarantors hereby agrees that its obligations
with regard to its Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Securities or the obligations of the Company under this Indenture, the absence of any action to enforce the same, the
recovery of any judgment against the Company or any other obligor with respect to this Indenture, the Securities or the obligations of the Company under this Indenture or the Securities, any action to enforce the same or any other circumstances
(other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Note Guarantor. Each Note Guarantor further, to the extent permitted by law, shall waive and relinquish all claims, rights and remedies
accorded by applicable law to guarantors and shall agree not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (i) any right to require any of the Trustee, the Holders or the Company (each a
“Benefited Party”), as a condition of payment or performance by such Note Guarantor, to (A) proceed against the Company, any other guarantor (including any other Note Guarantor) of the obligations under the Note Guarantees or
any other person, (B) proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any
Benefited Party in favor of the Company or any other person, or (D) pursue any other remedy in the power of any Benefited Party whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other
defense of the Company including any defense based on or arising out of the lack of validity or the unenforceability of the obligations under the Note Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the
liability of the Company from any cause other than payment in full of the obligations under the Note Guarantees; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in
amount nor in other respects more burdensome than that of the principal; (iv) any defense based upon any Benefited Party’s errors or omissions in the administration of the obligations under the Note Guarantees, except behavior which
amounts to bad faith; (v) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of the Note Guarantees and any legal or equitable discharge of such Note Guarantor’s
obligations hereunder and under its Note Guarantee, (B) the benefit of any statute of limitations affecting such Note Guarantor’s liability hereunder and under its Note Guarantee or the enforcement hereof and thereof, (C) any rights
to set-offs, recoupments and counterclaims and (D) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or insure any security interest or lien or any property subject thereto; (vi) notices, demands,
presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Note Guarantees, notices of default under the Securities or any agreement or instrument related thereto, notices of
any renewal, extension or modification of the obligations under the Note Guarantees or any agreement related thereto, and notices of any extension of credit to the Company and any right to consent to any thereof; (vii) to the extent permitted
under applicable law, the benefits of any “One Action” rule; and (viii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with
the terms of the Note Guarantees. Except as set forth in Section 10.5, each Note Guarantor shall covenant that its Note Guarantee shall not be 

  
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discharged except by complete performance of the obligations contained in its Note Guarantee and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Note Guarantors or any custodian,
trustee, liquidator or other similar official acting in relation to either the Company or the Note Guarantors, any amount paid to either the Trustee or such Holder, any Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
 (d) Each Note Guarantor shall agree that it shall not be entitled to any right of subrogation in relation to the
Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Note Guarantor shall further agree that, as between the Note Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.2 hereof for the purposes of any Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby and (ii) in the event of any declaration of acceleration of such obligations as provided in Section 6.2 hereof, such obligations (whether or not due and payable) shall forthwith
become due and payable by the Note Guarantors for the purpose of any such Guarantee. The Note Guarantors shall have the right to seek contribution from any non-paying Note Guarantor so long as the exercise of such right does not impair the rights of
the Holders under the applicable Guarantee. 
 Section 10.2 Execution and Delivery of Note Guarantees. To evidence its Guarantee
set forth in Section 10.1 hereof, each Note Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form of Exhibit B hereto or, in the case of a Note Guarantor organized under the laws of Canada or any province or
territory thereof, a Canadian Note Guarantee, shall be endorsed by an officer of such Note Guarantor on each Security authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Note Guarantor by any of its
Officers. Each of the Note Guarantors, jointly and severally, hereby agrees that its Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation of such
Note Guarantee. If an officer or Officer whose signature is on this Indenture or on the Note Guarantee of a Note Guarantor no longer holds that office at the time the Trustee authenticates the Security on which the Note Guarantee of such Note
Guarantor is endorsed, the Note Guarantee of such Note Guarantor shall be valid nevertheless. The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantees set forth in
this Indenture on behalf of the Note Guarantors. 
 Section 10.3 Limitation on Note Guarantor Liability. Each Note Guarantor
shall confirm, and by its acceptance of Securities, each Holder hereby confirms, that it is the intention of all such parties that any Guarantee of such Note Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar applicable law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee and the Holders irrevocably agree, and
the Note Guarantors shall irrevocably agree, that the obligations of such Note Guarantor under this Article 10 shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities
of such Note Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Note Guarantor in respect of the obligations of such other
Note Guarantor under this Article 10, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 

  
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 Section 10.4 Merger and Consolidation of Note Guarantors. 

(a) In case of any sale or other disposition, consolidation, amalgamation, merger, sale or conveyance and upon the assumption by the successor
person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Securities and the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Note Guarantor, such successor person shall succeed to and be substituted for the Note Guarantor with the same effect as if it had been named herein as a Note Guarantor. Such successor person thereupon may cause to
be signed any or all of the Note Guarantees to be endorsed upon all of the Securities available hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the
execution hereof. 
 (b) Except as set forth in Articles 4 and 5 hereof, and notwithstanding clause (a) of this Section 10.4,
nothing contained in this Indenture or in any of the Securities shall prevent any consolidation, amalgamation or merger of a Note Guarantor with or into the Company or another Note Guarantor, or shall prevent any sale or conveyance of the property
of a Note Guarantor as an entirety or substantially as an entirety to the Company or another Note Guarantor. 
 Section 10.5
Release. 
 (a) In the event (i) of a sale or other disposition of all or substantially all of the assets of any Note Guarantor,
by way of merger, amalgamation, consolidation or otherwise, or a sale or other disposition of all the Equity Interests of any Note Guarantor, in each case to a person that is not (either before or after giving effect to such transactions) a
Subsidiary of the Company, so long as the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.14 hereof, (ii) of a designation by
the Company of any Restricted Subsidiary that is a Note Guarantor as an Unrestricted Subsidiary in accordance with the definition thereof, (iii) upon the release or discharge of any Note Guarantee in respect of any Indebtedness that resulted in
the issuance after the Issue Date of the Note Guarantee by such Note Guarantor or (iv) the Company discharges this Indenture under Section 8.1 or exercises its legal or covenant defeasance options under Section 8.2 or 8.3,
respectively, such Note Guarantor or, in the case of a sale or other disposition of all or substantially all of the assets of such Note Guarantor, the Person acquiring such property, shall be released and relieved of any obligations under its
Guarantee without any further action being required by the Trustee or any Holder. If the Company discharges this Indenture under Section 8.1 or exercises its legal or covenant defeasance options under Section 8.2 or 8.3, respectively, the
Company shall be released and relieved of any obligations under its Note Guarantee without any further action being required by the Trustee or any Holder. 

(b) Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or
other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.8 hereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any
Note Guarantor from its obligations under its Guarantee. 
 (c) Any Note Guarantor not released from its obligations under its Note
Guarantee shall remain liable for the full amount of principal of and interest on the Securities and for the other obligations of any Note Guarantor under this Indenture as provided in this Article 10. 

  
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 Section 10.6 Canadian Note Guarantee. The Company confirms that each Canadian Note
Guarantor has delivered a duly executed Canadian Note Guarantee to the Trustee for the benefit of the Holders. 
 ARTICLE 11 

MISCELLANEOUS 
 Section 11.1
Certain Trust Indenture Act Sections. 
 The Company shall comply with Sections 314(a)(4), 314(c) and 314(e) of the TIA. 

Section 11.2 Notices. Any demand, authorization notice, request, consent or communication shall be given in writing and delivered
in person or mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission (confirmed by delivery in person or mail by first-class mail, postage prepaid, or by guaranteed overnight courier) to the
following facsimile numbers: 
 If to the Company, to: 

Valeant Pharmaceuticals International, Inc. 

700 Route 202/206 North 

Bridgewater, NJ 08807 
 Attention:
Corporate Secretary 
 Facsimile No.: (949) 461-6661 

With a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 Four Times Square 

New York, New York 10036 

Attention: Richard Aftanas 

Facsimile No.: (212) 735-2000 

If to the Trustee, to: 
 The Bank
of New York Mellon Trust Company, N.A. 
 400 South Hope Street, Suite 400 

Los Angeles, CA 90071 
 Attn:
Corporate Trust Unit 
 Facsimile No.: (213) 630-6298 

Such notices or communications shall be effective when received. 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication mailed to a Holder shall be mailed by first-class mail or delivered by an overnight delivery service to it at
its address shown on the register kept by the Registrar. 

  
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 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication to a Holder is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to
act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and
compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Notwithstanding anything to the contrary contained herein, as long as the Securities are in the form of a Global Security, notice to the
Holders may be made electronically in accordance with procedures of the Depositary. 
 Section 11.3 Communications by Holders With
Other Holders. Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and any other person shall
have the protection of TIA Section 312(c). 
 Section 11.4 Certificate and Opinion of Counsel as to Conditions Precedent.

 (a) Upon any request or application by the Company to the Trustee to take any action under this Indenture other than the initial issuance
of the Securities and the Note Guarantees, the Company shall furnish to the Trustee at the request of the Trustee: 
 (A) an
Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including any covenants, compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed
action have been complied with; and 
 (B) an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with. 
 (b) Each
Officers’ Certificate and Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(A) a statement that the person making such certificate or opinion has read such covenant or condition; 

(B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (C) a statement that, in the opinion of such person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
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 (D) a statement as to whether or not, in the opinion of such person, such
condition or covenant has been complied with; 
 provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials. 
 Section 11.5 Record Date for Vote or Consent of Holders. The
Company (or, in the event deposits have been made pursuant to Section 8.1, 8.2 or 8.3 hereof, the Trustee) may set a record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent
authorized or permitted under this Indenture, which record date shall not be more than thirty (30) days prior to the date of the commencement of solicitation of such action. Notwithstanding the provisions of Section 9.4 hereof, if a record
date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or consent or to revoke any vote or
consent previously given, whether or not such persons continue to be Holders after such record date. 
 Section 11.6 Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules (not inconsistent with the terms of this Indenture) for action by or at a meeting of Holders. Any Registrar or Paying Agent may make reasonable rules for its functions.

 Section 11.7 Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or a day on which state or federally
chartered banking institutions in New York, New York and the state in which the Corporate Trust Office is located are not required to be open. If a payment date, including any Redemption Date, Purchase Date, Change of Control Purchase Date and Final
Maturity Date, is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period on such payment. If an interest record date is a Legal Holiday, the record date
shall not be affected. 
 Section 11.8 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York, without
regard to principles of conflicts of laws. 
 (b) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or
United States Federal court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Indenture. The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or
hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. 

(c) EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.9 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
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 Section 11.10 No Recourse Against Others. All liability described in paragraph 13 of
the Form of the Securities attached hereto as Exhibit A of any director, officer, employee or shareowner, as such, of the Company or any Note Guarantor is waived and released. 

Section 11.11 Successors. All agreements of the Company in this Indenture and the Securities shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successor. 
 Section 11.12 Multiple Counterparts. The parties may
sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent the same agreement. 

Section 11.13 Separability. In case any provisions in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 11.14 Table of Contents, Headings, etc. The table of contents, cross-reference sheet and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 11.15 Calculations in Respect of the Securities. The Company and its agents shall make all calculations under this
Indenture and the Securities in good faith. In the absence of manifest error, such calculations shall be final and binding on all Holders. The Company shall provide a copy of such calculations to the Trustee as required hereunder. 

Section 11.16 Agent for Service and Waiver of Immunities. By the execution and delivery of this Indenture, the Company and each
Note Guarantor that is not a Domestic Subsidiary, within 10 days of becoming a Note Guarantor that is not a Domestic Subsidiary, as applicable, will (i) acknowledge that they will designate and appoint CT Corporation or another Person
satisfactory to the Trustee (the “Authorized Agent”), as their authorized agent upon whom process may be served in any suit or proceeding arising out of or relating to this Indenture or the Securities that may be instituted in any
federal or state court in the State of New York or brought under federal or state securities laws, and acknowledge that the Authorized Agent has accepted such designation, (ii) submit to the jurisdiction of any such court in any such suit or
proceeding, and (iii) agree that service of process upon the Authorized Agent and written notice of said service to the Company or the Note Guarantor that is not a Domestic Subsidiary, as applicable, in accordance with Section 11.2 shall
be deemed effective service of process in any such suit or proceeding. The Company and each Note Guarantor that is not a Domestic Subsidiary further agrees to take any reasonable action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as any of the Securities shall be outstanding; provided, however, that the Company and
each Note Guarantor that is not a Domestic Subsidiary, as applicable, may, by written notice to the Trustee, designate such additional or alternative agent for service of process under this Section 11.16 that (i) maintains an office
located in the Borough of Manhattan, The City of New York, in the State of New York, (ii) is either (x) counsel for the Company or such Note Guarantor, as applicable or (y) a corporate service company which acts as agent for service
of process for other persons in the ordinary course of its business and (iii) agrees to act as agent for service of process in accordance with this Section 11.16. Such written notice shall identify the name of such agent for process and
the address of the office of such agent for process in the Borough of Manhattan, The City of New York, State of New York. Upon the written request of any Holder, the Trustee shall deliver a copy of such notice to such Holder. 

  
 -81- 

 Section 11.17 Judgment Currency. The Company and each Note Guarantor shall indemnify
each Holder and each Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any loss incurred by such party as a result of any judgment or order being given
or made against the Company or any Note Guarantor for any U.S. dollar amount due under this Indenture and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a
result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York
at which such party on the date of payment of such judgment or order is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase
U.S. dollars upon such party’s receipt thereof. The foregoing indemnity shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and
costs of exchange payable in connection with the purchase of, or conversion into, U.S. dollars. 
 Section 11.18 Foreign Currency
Equivalent. For purposes of determining compliance with any U.S. dollar-denominated restriction or amount, the U.S. dollar equivalent principal amount of any amount denominated in a foreign currency will be the Dollar Equivalent calculated on
the date the Indebtedness was incurred or other transaction was entered into; provided that if any Permitted Refinancing Indebtedness denominated in a currency other than U.S. dollars is incurred to refinance Indebtedness denominated in the
same currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated on the date of such refinancing, such Permitted Refinancing Indebtedness shall be deemed not to exceed the principal
amount of such Indebtedness being refinanced. Notwithstanding any other provision in this Indenture, no restriction or amount will be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

Section 11.19 Usury Savings Clause. If any provision of this Indenture or any Security would obligate the Company to make any
payment of or on account of interest or other amount in an amount or calculated at a rate which would result in a receipt by any Holder of interest at a criminal rate (as such term is construed under the Criminal Code (Canada)), then
notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not so result in a receipt by such Holder of interest at a
criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Holder, and (2) thereafter, by reducing any fees, commissions,
premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). 

Section 11.20 Interest Act (Canada). For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of
interest or fees to which the rates of interest or fees provided for in this Indenture and any Security (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other period of time less than a calendar
year) are equivalent are the rates so provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time, respectively. 

[SIGNATURE PAGES FOLLOW] 

  
 -82- 

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

					
	VALEANT PHARMACEUTICALS
	INTERNATIONAL, INC.
		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 (Signature Page to
Indenture) 

 
					
	GUARANTORS:
	
	VALEANT PHARMACEUTICALS
	INTERNATIONAL
	as Guarantor
		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 ATON PHARMA, INC.
 as
Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 CORIA LABORATORIES, LTD.
 as
Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 DOW PHARMACEUTICAL SCIENCES, INC.

as Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 (Signature Page to
Indenture) 

 
					
	DR. LEWINN’S PRIVATE FORMULA
	INTERNATIONAL, INC.
	as Guarantor
		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 MEDICIS PHARMACEUTICAL CORPORATION

as Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	 OCEANSIDE PHARMACEUTICALS, INC.

as Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 PRINCETON PHARMA HOLDINGS, LLC

as Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 PRIVATE FORMULA CORP.
 as
Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	RENAUD SKIN CARE LABORATORIES, INC.
	as Guarantor
		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VALEANT BIOMEDICALS, INC.
 as
Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 VALEANT PHARMACEUTICALS NORTH

AMERICA LLC
 as Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 BIOVAIL AMERICAS CORP.
 as
Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer
	
	 ORAPHARMA, INC.
 as
Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	ORAPHARMA TOPCO HOLDINGS, INC.
	as Guarantor
		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	 PRESTWICK PHARMACEUTICALS, INC.

as Guarantor

		
	By:	 	 /s/ Howard B. Schiller

		 	Name:	 	Howard B. Schiller
		 	Title:	 	Chief Financial Officer and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	BAUSCH & LOMB HOLDINGS INCORPORATED
	as Guarantor
		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President, Treasurer
	
	 BAUSCH & LOMB INCORPORATED

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President, Treasurer

  
 (Signature Page to
Indenture) 

 
					
	OBAGI MEDICAL PRODUCTS, INC.
	as Guarantor
		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Treasurer
	
	 OMP, INC.
 as
Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Treasurer

  
 (Signature Page to
Indenture) 

 
					
	IOLAB CORPORATION
	as Guarantor
		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Treasurer

  
 (Signature Page to
Indenture) 

 
					
	TECHNOLAS PERFECT VISION, INC.
	as Guarantor
		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 BAUSCH & LOMB PHARMA HOLDINGS CORP.

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 BAUSCH & LOMB CHINA, INC.

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 BAUSCH & LOMB SOUTH ASIA, INC.

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 BAUSCH & LOMB TECHNOLOGY CORPORATION

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Treasurer

  
 (Signature Page to
Indenture) 

 
					
	RHC HOLDINGS, INC.
	as Guarantor
		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Treasurer
	
	 SIGHT SAVERS, INC.
 as
Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 ISTA PHARMACEUTICALS, LLC
 as
Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 BAUSCH & LOMB INTERNATIONAL INC.

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer
	
	 BAUSCH & LOMB REALTY CORPORATION

as Guarantor

		
	By:	 	 /s/ Linda LaGorga

		 	Name:	 	Linda LaGorga
		 	Title:	 	Vice President and Treasurer

  
 (Signature Page to
Indenture) 

 
					
	VALEANT INTERNATIONAL BERMUDA
	as Guarantor
		
	By:	 	 /s/ Simon Payne

		 	Name:	 	Simon Payne
		 	Title:	 	Secretary
	
	 VALEANT PHARMACEUTICALS NOMINEE BERMUDA

as Guarantor

		
	By:	 	 /s/ Simon Payne

		 	Name:	 	Simon Payne
		 	Title:	 	Secretary

  
 (Signature Page to
Indenture) 

 
					
	VALEANT HOLDINGS (BARBADOS) SRL
	as Guarantor
		
	By:	 	 /s/ Mauricio Zavala

		 	Name:	 	Mauricio Zavala
		 	Title:	 	Manager and Assistant Secretary
	
	 VALEANT PHARMACEUTICALS HOLDINGS (BARBADOS) SRL

as Guarantor

		
	By:	 	 /s/ Mauricio Zavala

		 	Name:	 	Mauricio Zavala
		 	Title:	 	Manager and Assistant Secretary
	
	 HYTHE PROPERTY INCORPORATED

as Guarantor

		
	By:	 	 /s/ Mauricio Zavala

		 	Name:	 	Mauricio Zavala
		 	Title:	 	Assistant Secretary

  
 (Signature Page to
Indenture) 

 
					
	VALEANT CANADA GP LIMITED
	as Guarantor
		
	By:	 	 /s/ Robert R. Chai-Onn

		 	Name:	 	Robert R. Chai-Onn
		 	Title:	 	Executive Vice President and General Counsel
	
	 V-BAC HOLDING CORP.
 as
Guarantor

		
	By:	 	 /s/ Robert R. Chai-Onn

		 	Name:	 	Robert R. Chai-Onn
		 	Title:	 	Vice President
	
	 VALEANT CANADA LP by its sole general partner,

VALEANT CANADA GP LIMITED
 as Guarantor

		
	By:	 	 /s/ Robert R. Chai-Onn

		 	Name:	 	Robert R. Chai-Onn
		 	Title:	 	Executive Vice President and General Counsel

  
 (Signature Page to
Indenture) 

 
					
	VALEANT PHARMACEUTICALS IRELAND
	as Guarantor
		
	By:	 	 /s/ Graham Jackson

		 	Name:	 	Graham Jackson
		 	Title:	 	Director

  
 (Signature Page to
Indenture) 

 
					
	BIOVAIL INTERNATIONAL S.À R.L.
	as Guarantor
		
	By:	 	 /s/ Kuy-Ly Ang

		 	Name:	 	Kuy-Ly Ang
		 	Title:	 	Manager
	
	 VALEANT PHARMACEUTICALS LUXEMBOURG S.À R.L.

as Guarantor

		
	By:	 	 /s/ Kuy-Ly Ang

		 	Name:	 	Kuy-Ly Ang
		 	Title:	 	Secretary

  
 (Signature Page to
Indenture) 

 
					
	PHARMASWISS SA
	as Guarantor
		
	By:	 	 /s/ Matthias Courvoisier

		 	Name:	 	Matthias Courvoisier
		 	Title:	 	Director

  
 (Signature Page to
Indenture) 

 
					
	LABENNE PARTICIPAÇÕES LTDA.
	as Guarantor
		
	By:	 	 /s/ Marcelo Noll Barboza

		 	Name:	 	Marcelo Noll Barboza
		 	Title:	 	Officer
		
	By:	 	 /s/ Mauricio Santos da Luz

		 	Name:	 	Mauricio Santos da Luz
		 	Title:	 	Officer
	
	 PROBIÓTICA LABORATÓRIOS LTDA.

as Guarantor

		
	By:	 	 /s/ Marcelo Noll Barboza

		 	Name:	 	Marcelo Noll Barboza
		 	Title:	 	Officer
		
	By:	 	 /s/ Mauricio Santos da Luz

		 	Name:	 	Mauricio Santos da Luz
		 	Title:	 	Officer

  
 (Signature Page to
Indenture) 

 
					
	AKCINE BENDROVE SANITAS
	as Guarantor
		
	By:	 	 /s/ Saulius Žemaitis

		 	Name:	 	Saulius Žemaitis
		 	Title:	 	General Manager

  
 (Signature Page to
Indenture) 

 
					
	UCYCLYD PHARMA INC.
	as Guarantor
		
	By:	 	 /s/ Ryan Weldon

		 	Name:	 	Ryan Weldon
		 	Title:	 	President & Chief Financial Officer

  
 (Signature Page to
Indenture) 

 
					
	VALEANT EUROPE B.V.
	as Guarantor
		
	By:	 	 /s/ Robert Chai-Onn

		 	Name:	 	Robert Chai-Onn
		 	Title:	 	Director

  
 (Signature Page to
Indenture) 

 
					
	PRZEDSIĘBIORSTWO FARMACEUTYCZNE JELFA S.A.
		
	By:	 	 /s/ Marcin Wnukowski

		 	Name:	 	Marcin Wnukowski
		 	Title:	 	Attorney-in-fact
	
	 VALEANT SP. Z O.O.
 as
Guarantor

		
	By:	 	 /s/ Robert Chai-Onn

		 	Name:	 	Robert Chai-Onn
		 	Title:	 	Member of the management board
	
	 VP VALEANT SPÓLKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SP. J.

as Guarantor

		
	By:	 	 /s/ Robert Chai-Onn

		 	Name:	 	Robert Chai-Onn
		 	Title:	 	Member of the management board of Valeant Sp. Z o.o., general partner of VP Valeant spółka z ograniczoną odpowiedzialmością sp.j.
	
	VALEANT SPÓLKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ SP. J.
		
	By:	 	 /s/ Marcin Wnukowski

		 	Name:	 	Marcin Wnukowski
		 	Title:	 	Attorney-in-fact

  
 (Signature Page to
Indenture) 

					
	Signed by	 		 	
	Valeant Holdco 2 Pty Ltd (ACN 154 341 367)	 		 	
	 as Guarantor
 in accordance with
Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert R. Chai-Onn
	 		 	 /s/ Howard B. Schiller

	Signature of director	 		 	Signature of director
			
	 Robert R. Chai-Onn
	 		 	 Howard B. Schiller

	Name of director (please print)	 		 	Name of director (please print)
			
	Signed by	 		 	
	 Wirra Holdings Pty Limited (ACN 122 216 577)

as Guarantor
 in accordance with Section 127 of the
Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert R. Chai-Onn
	 		 	 /s/ Howard B. Schiller

	Signature of director	 		 	Signature of director
			
	 Robert R. Chai-Onn
	 		 	 Howard B. Schiller

	Name of director (please print)	 		 	Name of director (please print)

  
 (Signature Page to
Indenture) 

					
	Signed by	 		 	
	Wirra Operations Pty Limited (ACN 122 250 088)	 		 	
	 as Guarantor
 in accordance with
Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert R. Chai-Onn
	 		 	 /s/ Howard B. Schiller

	Signature of director	 		 	Signature of director
			
	 Robert R. Chai-Onn
	 		 	 Howard B. Schiller

	Name of director (please print)	 		 	Name of director (please print)

  
 (Signature Page to
Indenture) 

					
	Signed by	 		 	
	iNova Pharmaceuticals (Australia) Pty Limited (ACN 000 222 408)	 		 	
	 as Guarantor
 in accordance with
Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert R. Chai-Onn
	 		 	 /s/ Howard B. Schiller

	Signature of director	 		 	Signature of director
			
	 Robert R. Chai-Onn
	 		 	 Howard B. Schiller

	Name of director (please print)	 		 	Name of director (please print)
			
	Signed by	 		 	
	 Wirra IP Pty Limited (ACN 122 536 350)

as Guarantor
 in accordance with Section 127 of the
Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert R. Chai-Onn
	 		 	 /s/ Howard B. Schiller

	Signature of director	 		 	Signature of director
			
	 Robert R. Chai-Onn
	 		 	 Howard B. Schiller

	Name of director (please print)	 		 	Name of director (please print)
			
	 Signed by
 iNova Sub Pty Limited (ACN
134 398 815)
 as Guarantor
 in accordance with
Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert R. Chai-Onn
	 		 	 /s/ Howard B. Schiller

	Signature of director	 		 	Signature of director
			
	 Robert R. Chai-Onn
	 		 	 Howard B. Schiller

	Name of director (please print)	 		 	Name of director (please print)

  
 (Signature Page to
Indenture) 

					
	Signed by	 		 	
	Valeant Pharmaceuticals Australasia Pty Limited (ACN 001 083 352)	 		 	
	 as Guarantor
 in accordance with
Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Robert Chai-Onn
	 		 	 /s/ Linda LaGorga

	Signature of director	 		 	Signature of director
			
	 Robert Chai-Onn
	 		 	 Linda LaGorga

	Name of director (please print)	 		 	Name of director/secretary (please print)
			
	Signed by	 		 	
	 DermaTech Pty Ltd (ACN 003 982 161)
 as
Guarantor
 in accordance with Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Howard B. Schiller
	 		 	 /s/ Robert Chai-Onn

	Signature of director	 		 	Signature of director
			
	 Howard B. Schiller
	 		 	 Robert Chai-Onn

	Name of director (please print)	 		 	Name of director/secretary (please print)
			
	Signed by	 		 	
	 Private Formula International Holdings Pty Ltd (ACN 095 450 918)

as Guarantor
 in accordance with Section 127 of the
Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Howard B. Schiller
	 		 	 /s/ Robert Chai-Onn

	Signature of director	 		 	Signature of director
			
	 Howard B. Schiller
	 		 	 Robert Chai-Onn

	Name of director (please print)	 		 	Name of director/secretary (please print)

  
 (Signature Page to
Indenture) 

					
	Signed by	 		 	
	Private Formula International Pty Ltd (ACN 095 451 442)	 		 	
	 as Guarantor
 in accordance with
Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Howard B. Schiller
	 		 	 /s/ Robert Chai-Onn

	Signature of director	 		 	Signature of director
			
	 Howard B. Schiller
	 		 	 Robert Chai-Onn

	Name of director (please print)	 		 	Name of director/secretary (please print)
			
	Signed by	 		 	
	 Ganehill Pty Ltd (ACN 065 261 538)
 as
Guarantor
 in accordance with Section 127 of the Corporations Act 2001 by two directors:
	 		 	
			
	 /s/ Howard B. Schiller
	 		 	 /s/ Robert Chai-Onn

	Signature of director	 		 	Signature of director
			
	 Howard B. Schiller
	 		 	 Robert Chai-Onn

	Name of director (please print)	 		 	Name of director/secretary (please print)

  
 (Signature Page to
Indenture) 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE
		
	By:	 	 /s/ Teresa Petta

		 	Name: Teresa Petta
		 	Title: Vice President

  
 (Signature Page to
Indenture) 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 
 [THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT
AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”),
(2) AGREES THAT IT WILL NOT PRIOR TO THE FIRST ANNIVERSARY OF THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY 

 

	1 	 Include only if the Security is a Global Security. 

  
 A-1 

 
RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF
THE ISSUER SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE
ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.]2 
 [CANADIAN RESALE LEGEND 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A
DAY AFTER THE LATER OF (I) DECEMBER 2, 2013, AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.]3 

[THIS SECURITY AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER
TRANSFERS OF THIS NOTE TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS SECURITY SHALL BE DEEMED BY THE
ACCEPTANCE OF THIS NOTE TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.]4 

 

	2 	Include only if the Security is a Restricted Security. 

	3 	Include until no longer necessary under Canadian securities laws. 

	4 	Include only if the Security is a Restricted Security. 

  
 A-2 

 VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

 

			
	CUSIP: [            ]	  	No. [    ]

 5.625% SENIOR NOTES DUE 2021 

Valeant Pharmaceuticals International, Inc., a corporation continued under the British Columbia Business Corporations Act (the
“Company,” which term shall include any successor corporation under the Indenture referred to on the reverse hereof) promises to pay to
                                         or its
registered assigns, the principal sum of
                                         Dollars
($        ) on December 1, 2021 [or such greater or lesser amount as is indicated on the Schedule of Exchanges of Notes on the other side of this
Note]5 and to pay interest thereon as provided on the other side of this Note. 

Interest Payment Dates: June 1 and December 1, beginning June 1, 2014. 

Record Dates: May 15 and November 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	VALEANT PHARMACEUTICALS
	INTERNATIONAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

	5 	Include only if the Security is a Global Security. 

  
 A-3 

			
	Trustee’s Certificate of Authentication:
	This is one of the Securities referred to in the within-mentioned Indenture for the 5.625% Senior Notes due 2021.
	
	THE BANK OF NEW YORK MELLON
	TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

			
	Authorized Signatory
		
	Dated:	 	  

  
 A-4 

 [FORM OF REVERSE SIDE OF SECURITY] 

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. 

5.625% SENIOR NOTES DUE 2021 
  

	1.	INTEREST 

 The Company shall pay interest on this Note semiannually in arrears on June 1
and December 1, each an “interest payment date,” of each year, commencing on June 1, 2014, at the rate per annum specified in the title of this Note. Interest shall accrue from and including December 2, 2013 or else
the most recent interest payment date to which interest had been paid or duly provided for to but excluding the date on which such interest is paid. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months. 

The Company shall, (in immediately available funds) to the fullest extent permitted by law, pay interest on overdue principal (including
premium, if any) and overdue installments of interest from the original due date to the date paid, at the rate applicable to this Note plus 1% per annum, which interest shall be payable on demand. 

The interest so payable and punctually paid or duly provided for on any interest payment date will be paid to the Person in whose name this
Note is registered at the close of business on May 15 or November 15 preceding such interest payment date (the “Record Date”) except as provided in the Indenture. Payment of the principal of (and premium, if any) and
interest on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and as otherwise provided in the Indenture. 

 

	2.	METHOD OF PAYMENT 

 [The Company will make payments in respect of this Note (including
principal, premium, if any, interest) by wire transfer of immediately available funds to the accounts specified by the Holder.]6 [The Company will make all payments of principal, interest and
premium, if any, with respect to this Note by wire transfer of immediately available funds to the accounts specified by the Holders, in the case of a Holder holding an aggregate principal amount of Securities of $1,000,000 or more, or, if no such
account is specified or in the case of a Holder holding an aggregate principal amount of Securities of less than $1,000,000, by mailing a check to each such Holder’s registered address.]7 All
payments shall be made in immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments to any Holder holding an aggregate principal
amount of Securities in excess of $1,000,000 shall be made by wire transfer in immediately available funds to an account maintained by such Holder in the United States, if such Holder has provided wire transfer instructions to the Company at least
10 Business Days prior to the payment date. Any wire transfer instructions received by the Trustee will remain in effect until revoked by the Holder. Notwithstanding the foregoing, so long as this Note is registered in the name of a Depositary or
its nominee, all payments hereon shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

 

	6 	Include only if the Security is a Global Security. 

	7 	Include only if the Security is a Definitive Security. 

  
 A-5 

	3.	PAYING AGENT AND REGISTRAR 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee,” which term shall include any successor trustee under the Indenture hereinafter referred to) will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holder. The
Company or any of their Subsidiaries may, subject to certain limitations set forth in the Indenture, act as Paying Agent or Registrar. 
  

	4.	INDENTURE, LIMITATIONS 

 This Note is one of a duly authorized issue of Securities of the
Company designated as its 5.625% Senior Notes due 2021 (the “Notes”), issued under an Indenture dated as of December 2, 2013 (together with any supplemental indentures thereto, the “Indenture”), among the
Company, the Note Guarantors and the Trustee. The terms of this Note include those stated in the Indenture. This Note is subject to all such terms, and the Holder of this Note is referred to the Indenture and said Act for a statement of them.
Capitalized terms used and not defined herein have the meanings assigned to such terms in the Indenture. 
 The Company shall be entitled to
issue Additional Securities pursuant to Section 2.1(c) of the Indenture. 
  

	5.	OPTIONAL REDEMPTION; PURCHASE OF NOTES AT OPTION OF HOLDER. 

 (a) Optional Redemption.
The Notes are redeemable at the option of the Company at the prices, and upon the terms and conditions, set forth in Section 3.7 of the Indenture. 

(b) Repurchase at Option of Holder. If there is a Change of Control, the Company shall be required to make an offer (a “Change
of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and
unpaid interest thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company shall mail a notice to each Holder setting forth the procedures
governing the Change of Control Offer as required by the Indenture. 
 If after the Company or a Restricted Subsidiary consummates any Asset
Sale, the aggregate amount of Excess Proceeds exceeds the greater of $100.0 million or 1.0% of Consolidated Total Assets, the Company shall commence an offer to all Holders of Notes and all holders of other Parity Indebtedness to purchase the
maximum aggregate principal amount of Notes and such other Parity Indebtedness that may be purchased (or repaid, prepaid or redeemed) equal to the aggregate Excess Proceeds (an “Asset Sale Offer”) pursuant to Section 4.14 of
the Indenture to purchase the maximum principal amount of Notes and other Parity Indebtedness that may be purchased out of the amount of such Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus
accrued and unpaid interest thereon, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and other Parity Indebtedness tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other
Parity Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the Company shall select the Notes and other Parity Indebtedness to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer
to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes.

  
 A-6 

 (d) Notice of Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes
held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  

	6.	DENOMINATIONS, TRANSFER, EXCHANGE, CANCELLATION 

 The Notes are in registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes or other governmental charges that may be imposed in relation thereto by law or permitted by the Indenture. 

All Notes surrendered for payment, registration of transfer or exchange or conversion will, if surrendered to the Company or any of its other
Agents with respect to the Notes, be delivered to the Trustee. The Trustee will promptly cancel all Notes delivered to it. No Notes will be authenticated in exchange for any Notes cancelled, except as provided in the Indenture. 

 

	7.	PERSONS DEEMED OWNERS 

 The Holder of a Note may be treated as the owner of it for all purposes.

  

	8.	UNCLAIMED MONEY 

 If money for the payment of principal or interest remains unclaimed for two
years, the Trustee or Paying Agent will pay the money back to the Company at its written request, subject to applicable unclaimed property law. After that, Holders entitled to money must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another person. 
  

	9.	AMENDMENT, SUPPLEMENT AND WAIVER 

 Subject to certain exceptions, the Indenture (with respect to
the Notes) or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and an existing default or Event of Default and its consequence or compliance
with any provision of the Indenture or the Notes may be waived in a particular instance with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without the consent of or notice to any Holder, the
Company and the Trustee may amend or supplement the Indenture (with respect to the Notes) or the Notes to, among other things, cure any ambiguity, defect or inconsistency or make any other change that does not adversely affect the rights of any
Holder. 
  

	10.	SUCCESSOR ENTITY 

 When a successor corporation assumes all the obligations of its predecessor
under the Notes and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor corporation (except in certain circumstances specified in the Indenture) shall be released from those obligations. 

 

	11.	DEFAULTS AND REMEDIES 

 Under the Indenture, an Event of Default includes: (i) default in
payment of any principal (including, without limitation, any premium) on the Notes when due; (ii) default for 30 days in payment 

  
 A-7 

 
of interest on any Notes; (iii) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to it to comply with certain covenants contained in the Indenture or the
Notes; (iv) default in the payment of certain indebtedness of the Company or a Significant Subsidiary; (v) certain events of bankruptcy, insolvency or reorganization of the Company or any Significant Subsidiary and (vi) certain other
events described in the Indenture. If an Event of Default (other than as a result of certain events of bankruptcy, insolvency or reorganization of the Company) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the Notes then outstanding may declare all unpaid principal, premium, if any, and accrued interest, if any, to the date of acceleration on the Notes then outstanding to be due and payable immediately, all as and to the extent
provided in the Indenture. If an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization of the Company, unpaid principal, premium, if any, and accrued interest, if any, on the Notes then outstanding shall
become due and payable immediately without any declaration or other act on the part of the Trustee or any Holder, all as and to the extent provided in the Indenture. Holders may not enforce the Indenture or the Notes except as provided in the
Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the Trustee
in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their interests. The Company is
required to file periodic reports with the Trustee as to the absence of default. 
  

	12.	TRUSTEE DEALINGS WITH THE COMPANY 

 The Bank of New York Mellon Trust Company, N.A., the Trustee
under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the Company or an Affiliate of the Company and may otherwise deal with the Company or an Affiliate of the Company as if it
were not the Trustee. 
  

	13.	NO RECOURSE AGAINST OTHERS 

 A director, officer, employee or shareowner, as such, of the
Company or any Note Guarantor shall not have any liability for any obligations of the Company or any Note Guarantor under the Notes or the Indenture nor for any claim based on, in respect of or by reason of such obligations or their creation. The
Holder of this Note by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of this Note. 
  

	14.	AUTHENTICATION 

 This Note shall not be valid until the Trustee or an authenticating agent
manually signs the certificate of authentication on the other side of this Note. 
  

	15.	ABBREVIATIONS AND DEFINITIONS 

 Customary abbreviations may be used in the name of the Holder or
an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and UGMA (= Uniform Gifts to Minors Act). 

  
 A-8 

	16.	INDENTURE TO CONTROL; GOVERNING LAW 

 In the case of any conflict between the provisions of this
Note and the Indenture, the provisions of the Indenture shall control. This Note shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of law. 

The Company will furnish to any Holder, upon written request and without charge, a copy of the Indenture. Requests may be made to: Valeant
Pharmaceuticals International, Inc., 700 Route 202/206 North, Bridgewater, New Jersey 08807, Telephone: (905) 286-3000, Attention: Investor Relations. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  
  

 
  
  

 
  

(Print or type assignee’s name, address and zip code) 

and irrevocably appoint 
  

 
  

agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 

 

							
		 		 		 	Your Signature:
				
	Date:	 	  
	 		 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Note)

  

			
	*Signature guaranteed by:
		
	By:	 	  

  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the New
York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  
 A-10 

 OPTION TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 3.8 or Section 4.14 of the Indenture, check the appropriate box
below: 

 ̈        Section 3.8     
        ̈        Section 4.14 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 3.8 or Section 4.14 of the Indenture, state the
amount you elect to have purchased: 
 $         

 

			
	Date:	 	  

  

			
	Your Signature:
	
	  

	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	 	  

		 	

  

			
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-11 

 SCHEDULE OF EXCHANGES OF NOTES8 

The following exchanges, repurchases or conversions of a part of this global Note have been made: 

 

							
	 PRINCIPAL AMOUNT

OF THIS GLOBAL

SECURITY FOLLOWING

SUCH DECREASE DATE
 OF
EXCHANGE
 (OR INCREASE)
	  	AUTHORIZED
SIGNATORY OF
SECURITIES
CUSTODIAN	  	AMOUNT OF DECREASE
IN PRINCIPAL AMOUNT
OF THIS GLOBAL
SECURITY	  	AMOUNT OF INCREASE
IN PRINCIPAL AMOUNT
OF THIS GLOBAL
SECURITY
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

	8 	This schedule should be included only if the Security is a Global Security. 

  
 A-12 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION 

OF TRANSFER OF RESTRICTED SECURITIES9 

 

	Re:	5.625% Senior Notes due 2021 (the “Notes”) of Valeant 

 Pharmaceuticals International, Inc.
(the “Company”). 
 This certificate relates to $         principal amount of Notes
owned in (check applicable box) 
  ̈ book-entry or
 ̈ definitive form by                      (the “Transferor”). 

The Transferor has requested a Registrar or the Trustee to exchange or register the transfer of such Notes. 

In connection with such request and in respect of each such Note, the Transferor does hereby certify that the Transferor is familiar with
transfer restrictions relating to the Notes as provided in Section 2.12 of the Indenture dated as of December 2, 2013 among Valeant Pharmaceuticals International, Inc., the Note Guarantors party thereto and The Bank of New York Mellon
Trust Company, N.A., as trustee (the “Indenture”), and the transfer of such Note is in accordance with any applicable securities laws of any state and is being made pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Securities Act”) (check applicable box) or the transfer or exchange, as the case may be, of such Note does not require registration under the Securities Act because (check applicable box):

  

	 	 ̈	Such Note is being transferred pursuant to an effective registration statement under the Securities Act. 

  

	 	 ̈	Such Note is being acquired for the Transferor’s own account, without transfer. 

  

	 	 ̈	Such Note is being transferred to the Company or a Subsidiary (as defined in the Indenture) of the Company. 

  

	 	 ̈	Such Note is being transferred to a person the Transferor reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A or any successor provision thereto (“Rule 144A”)
under the Securities Act) that is purchasing for its own account or for the account of a “qualified institutional buyer,” in each case to whom notice has been given that the transfer is being made in reliance on such Rule 144A, and in each
case in reliance on Rule 144A. 

  

	 	 ̈	Such Note is being transferred pursuant to and in compliance with an exemption from the registration requirements under the Securities Act in accordance with Rule 144 (or any successor thereto) (“Rule
144”) under the Securities Act. 

  

	 	 ̈	Such Note is being transferred to a Non-U.S. Person in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities Act (or any successor thereto). 

 

	9 	This certificate should be included only if this Security is a Restricted Security. 

  
 A-13 

	 	 ̈	Such Note is being transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of the Securities Act) that has provided a letter addressed to the Company, in
the form of Exhibit C attached to the Indenture, containing certain representations and agreements. 

 The Transferor
acknowledges and agrees that, if the transferee will hold any such Notes in the form of beneficial interests in a global Note which is a “restricted security” within the meaning of Rule 144 under the Securities Act, then such transfer can
only be made pursuant to (i) Rule 144A under the Securities Act and such transferee must be a “qualified institutional buyer” (as defined in Rule 144A) or (ii) Regulation S under the Securities Act. 

 

							
	Date:	 	  
	 		 	  

		 		 		 	(Insert Name of Transferor)

  
 A-14 

 EXHIBIT B 

FORM OF GUARANTEE 
 [Name of Note
Guarantor] and its successors under the Indenture, jointly and severally with any other Note Guarantors, hereby irrevocably and unconditionally (i) guarantee the due and punctual payment of the principal of, premium, if any, and interest on the
Securities, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue principal of and interest, if any, on the Securities, to the extent lawful, and the due and punctual performance of
all other obligations of Valeant Pharmaceuticals International, Inc. (the “Company”) to the Holders or the Trustee, all in accordance with the terms set forth in Article 10 of the Indenture and (ii) in case of any extension of
time of payment or renewal of any Securities or any of such other obligations, guarantee that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. Capitalized terms used herein have the meanings assigned to them in the Indenture unless otherwise indicated. 

No stockholder, officer, director or incorporator, as such, past, present or future, of [name of Note Guarantor] shall have any personal
liability under this Note Guarantee by reason of his, her or its status as such stockholder, officer, director or incorporator. This Note Guarantee shall be binding upon [name of Note Guarantor] and its successors and assigns and shall inure to the
benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and
be vested in such transferee or assignee, all subject to the terms and conditions hereof. 
 This Note Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Security upon which this Note Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. 

THE TERMS OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

This Note Guarantee shall be governed by and construed in accordance with the laws of the State of New York. 

 

			
	[NAME OF NOTE GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE FROM ACQUIRING 

INSTITUTIONAL ACCREDITED INVESTOR 
 Valeant
Pharmaceuticals International, Inc. 
 700 Route 202/206 North 

Bridgewater, NJ 08807 
 Attention: General Counsel 

Facsimile No.: (949) 461-6609 
  

	 	Re:	5.625% SENIOR NOTES DUE 2021 

 Dear Sirs: 

Reference is hereby made to the Indenture, dated as of December 2, 2013 (the “Indenture”), among Valeant Pharmaceuticals
International, Inc., as issuer (the “Company”), the Note Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., a banking corporation duly organized under the laws of the State of New York, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 In connection with our proposed
purchase of $         aggregate principal amount of 5.625% Senior Notes due 2021 (the “Securities”), we confirm that: 

1. We understand that any subsequent transfer of the Securities or any interest therein is subject to certain restrictions and conditions set
forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Securities or any interest therein except in compliance with, such restrictions and conditions and the United States Securities Act
of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the Securities have not been
registered under the Securities Act, and that the Securities and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Securities or any interest therein, we will do so only (A) to the Company or any of its subsidiaries, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) inside the United States to an institutional “accredited investor” (as defined below) purchasing for its own account or for the account of another institutional accredited investor
that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and, if the proposed transfer is in respect of an aggregate principal
amount of Securities of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities Act, (D) pursuant to the provisions of Rule 144 under the
Securities Act (if available), (E) in accordance with another exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Company) or (F) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any person purchasing the Securities from us in a transaction meeting the requirements of clauses (A) through (F) of this paragraph a notice advising such purchaser
that resales thereof are restricted as stated herein. 
 3. We understand that, on any proposed resale of the Securities or beneficial
interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies

  
 C-1 

 
with the foregoing restrictions. We further understand that the Securities purchased by us will bear a legend to the foregoing effect. 

4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Securities, and we and any accounts for which we are acting are each able to bear
the economic risk of our or its investment. 
 5. We are acquiring the Securities or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “Accredited Investor”) as to each of which we exercise sole investment discretion. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
 Dated: 

 

			
	[Insert Name of Accredited Investor]
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-2 

 EXHIBIT D 

FORM OF CANADIAN NOTE GUARANTEE 

THIS CANADIAN NOTE GUARANTEE (as amended, restated, modified, renewed or extended from time to time, and including, for the avoidance of any
doubt, the preamble and recitals hereto, this “Canadian Note Guarantee”), is executed and delivered as of — by —
(“Guarantor”) in favour of The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized under the laws of the United States, as trustee (the “Trustee”) for the benefit of each
Holder (together with the Trustee, collectively, the “Beneficiaries”). 
 RECITALS: 

 

	A.	Reference is made to that Indenture dated as of December 2, 2013 among Valeant Pharmaceuticals International, Inc., a corporation continued under the British Columbia Business Corporations Act (the
“Company”), the Note Guarantors party thereto and, the Trustee (as amended, supplemented, restated, extended, renewed, or replaced from time to time, the “Indenture”). 

 

	B.	Guarantor is an Affiliate of the Company, and, as such, will benefit by virtue of the financial accommodations extended to the Company pursuant to the Indenture. 

THEREFORE, Guarantor agrees as follows: 

Section 1. 

Definitions and Principles of Interpretation 
  

	1.1.	Definitions. 

 All capitalized terms used and not defined elsewhere in this Canadian Note Guarantee, and
all capitalized terms used and not defined in the provisions incorporated by reference into this Canadian Note Guarantee, shall have the meanings ascribed to them in the Indenture (such meanings to be determined as if such terms were to be
interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario) and shall be incorporated by reference into this Canadian Note Guarantee, and the following words and terms have
the meanings set out below: 
 “Guaranteed Obligations” has the meaning given to it in Section 2.1(a). 

“Indenture” has the meaning given to it in the recitals to this Canadian Note Guarantee. 

“Insolvency Proceeding” means (a) any proceeding by or against any Person seeking to adjudicate it a bankrupt or insolvent, or seeking
dissolution, liquidation, winding-up, reorganization, administration, arrangement, adjustment, protection, relief, rescheduling or composition of it or its debts under any Bankruptcy Law, or seeking the entry of an order for relief or the
appointment of a monitor, receiver, interim receiver, administrative receiver, administrator, receiver-manager, manager, examiner, trustee, custodian, liquidator, sequestrator, agent or other similar official for any such Person or for any
substantial part of its property under any provision of any Bankruptcy Law, or (b) the appointment of a 

  
 D-1 

 
monitor, receiver, interim receiver, administrative receiver, administrator, receiver-manager, manager, examiner, trustee, liquidator, custodian, sequestrator, agent or similar official for such
Person or a substantial part of its assets shall occur under any Bankruptcy Law. 
  

	1.2.	Certain Rules of Interpretation. 

 In this Canadian Note Guarantee: 

 

	(a)	Governing Law – This Canadian Note Guarantee (including terms incorporated by reference to the Indenture) is a contract made under and shall be governed by and construed in accordance with the laws of the
Province of Ontario and the federal laws of Canada applicable in the Province of Ontario. 

  

	(b)	Headings – Headings of Articles and Sections are inserted for convenience of reference only and shall not affect the construction or interpretation of this Canadian Note Guarantee. 

 

	(c)	Including – Where the word “including” or “includes” is used in this Canadian Note Guarantee, it means “including (or includes) without limitation”. 

 

	(d)	No Strict Construction – The language used in this Canadian Note Guarantee is the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against
any party. 

  

	(e)	Number and Gender – Unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders. 

 

	(f)	Statutory references – A reference to a statute includes all regulations made pursuant to such statute and, unless otherwise specified, the provisions of any statute or regulation which amends, revises,
restates, supplements or supersedes any such statute or any such regulation. 

  

	(g)	Time – Time is of the essence in the performance of Guarantor’s obligations under this Canadian Note Guarantee. 

Section 2. 
 GUARANTEE

  

	2.1.	Guarantee of the Obligations. 

  

	(a)	 Guarantor hereby unconditionally Guarantees to each Holder of a Security authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Securities or the obligations of the Company thereunder that: (i) the due and punctual payment of principal, premium and interest on the Securities
shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, (ii) the due and punctual payment of interest on the overdue principal of and interest on the Securities, if any, if lawful, and all other
obligations of the Company to the Holders or the Trustee under the Indenture or any Security shall be promptly paid in full or performed, all in accordance with the terms thereof, and (iii) in case of any extension of time of payment or renewal
of any Securities or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration pursuant to Section 6.2 of
the Indenture or 

  
 D-2 

	 	
otherwise (collectively, the “Guaranteed Obligations”). Guarantor agrees that this Canadian Note Guarantee is a guarantee of payment and not a guarantee of collection. Failing
payment when due of any Guaranteed Obligations for whatever reason, Guarantor shall be obligated to pay the same immediately. 

  

	(b)	Guarantor hereby agrees that its obligations with regard to its Canadian Note Guarantee shall be unconditional, irrespective of the validity or enforceability of the Securities or the obligations of the Company under
the Indenture, the absence of any action to enforce the same, the recovery of any judgment against the Company or any other obligor with respect to the Indenture, the Securities or the obligations of the Company under the Indenture or the
Securities, any action to enforce the same or any other circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Guarantor further, to the extent permitted by
applicable law, hereby waives and relinquishes all claims, rights and remedies accorded by applicable law to guarantors and shall agree not to assert or take advantage of any such claims, rights or remedies, including but not limited to:
(i) any right to require any Beneficiary, as a condition of payment or performance by Guarantor, to (A) proceed against the Company, any other guarantor (including any other Note Guarantor) of the Guaranteed Obligations or any other
person, (B) proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Beneficiary in
favour of the Company or any other person, or (D) pursue any other remedy in the power of any Beneficiary whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Company
including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Company from any cause
other than payment in full of the Guaranteed Obligations; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of
the principal; (iv) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (v) (A) any principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of this Canadian Note Guarantee and any legal or equitable discharge of Guarantor’s obligations hereunder and under this Canadian Note Guarantee, (B) the benefit of
any statute of limitations affecting Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims and (D) promptness, diligence and any requirement that any Beneficiary protect,
secure, perfect or insure any security interest or lien or any property subject thereto; (vi) notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of this
Canadian Note Guarantee, notices of default under the Securities or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, and notices of any
extension of credit to the Company and any right to consent to any thereof; and (vii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict
with the terms of this Canadian Note Guarantee. 

  

	(c)	If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Note Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or
any Note Guarantor, any amount paid to either the Trustee or such Holder, this Canadian Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  
 D-3 

	(d)	Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Guarantor
further agrees that, as between Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations may be accelerated as provided in Section 6.2 of the Indenture for the purposes
of this Canadian Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations and (ii) in the event of any declaration of acceleration of such obligations as
provided in Section 6.2 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by Guarantor for the purpose of this Canadian Note Guarantee. Guarantor shall not exercise any right to seek
contribution from any non-paying Note Guarantor if the exercise of such right impairs the rights of the Holders under the Note Guarantees. 

  

	2.2.	Merger and Consolidation of Guarantors 

  

	(a)	In case of any sale or other disposition, consolidation, merger, amalgamation or conveyance and upon the assumption by the successor person on terms and conditions satisfactory to the Trustee of the obligations of
Guarantor under this Canadian Note Guarantee, and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by Guarantor, such successor person shall succeed to and be substituted for Guarantor under
this Canadian Note Guarantee with the same effect as if it had been named herein as Guarantor. 

  

	(b)	Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clause (a) of this Section 2.2, nothing contained in the Indenture or in any of the Securities shall prevent any consolidation,
merger or amalgamation of a Note Guarantor with or into the Company or another Note Guarantor, or shall prevent any sale or conveyance of the property of a Note Guarantor as an entirety or substantially as an entirety to the Company or another Note
Guarantor. 

  

	2.3.	Release 

  

	(a)	In the event (i) of a sale or other disposition of all or substantially all of the assets of Guarantor, by way of merger, amalgamation, consolidation or otherwise, or a sale or other disposition of all the Equity
Interests of any Guarantor, in each case to a person that is not (either before or after giving effect to such transactions) a Subsidiary of the Company, so long as the Net Proceeds of such sale or other disposition are applied in accordance with
the applicable provisions of the Indenture, including without limitation Section 4.14 thereof, (ii) of a designation by the Company of Guarantor as an Unrestricted Subsidiary in accordance with the definition thereof, (iii) upon the
release or discharge of this Canadian Note Guarantee in respect of any Indebtedness that resulted in the issuance after the Issue Date of this Canadian Note Guarantee by Guarantor or (iv) the Company discharges the Indenture under
Section 8.1 thereof or exercises its legal or covenant defeasance options under Section 8.2 or 8.3 thereof, respectively, Guarantor or, in the case of a sale or other disposition of all or substantially all of the assets of Guarantor, the
Person acquiring such property, shall be released and relieved of any obligations under this Canadian Note Guarantee without any further action being required by the Trustee or any Holder. 

 

	(b)	Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of the
Indenture, including without limitation Section 4.8 thereof, the Trustee shall execute any documents reasonably required in order to evidence the release of Guarantor from its obligations under this Canadian Note Guarantee. 

  
 D-4 

 Section 3. 

Miscellaneous 
  

	3.1.	Limitations Act, 2002 (Ontario) 

 Any and all limitation periods provided for in the
Limitations Act, 2002 (Ontario), as amended from time to time, or any other applicable law limiting the time for which an action may be commenced shall be excluded from application to the obligations of Guarantor hereunder to
fullest extent permitted by such Act or applicable law. 
  

	3.2.	Usury Savings Clause 

 If any provision of this Canadian Note Guarantee, the Indenture or any Security
would obligate any Canadian Note Guarantor to make any payment of or on account of interest or other amount in an amount or calculated at a rate which would result in a receipt by any Holder of interest at a criminal rate (as such term is construed
under the Criminal Code (Canada)), then notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not so result
in a receipt by such Holder of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such Holder, and
(2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). 

 

	3.3.	Interest Act (Canada) 

 For purposes of disclosure pursuant to the Interest Act (Canada), the
annual rates of interest or fees to which the rates of interest or fees provided for in this Canadian Note Guarantee, the Indenture or the Securities (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any
other period of time less than a calendar year) are equivalent are the rates so provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time,
respectively. 
  

	3.4.	Counterparts; Execution 

 This Canadian Note Guarantee may be executed in any number of counterparts and
by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart
of this Canadian Note Guarantee facsimile or other similar method of electronic transmission (including by way of email attachment) shall be equally as effective as delivery of an original executed counterpart of this Canadian Note Guarantee. 

 

	3.5.	Severability 

 If, in any jurisdiction, any provision of this Canadian Note Guarantee or its application
to any party or circumstance is restricted, prohibited or unenforceable, such provision shall, as to that jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining
provisions of this Canadian Note Guarantee and without affecting the validity or enforceability 

  
 D-5 

 
of such provision in any other jurisdiction or without affecting its application to other parties or circumstances. 
  

	3.6.	Notices 

 All notices and other communications hereunder shall be in writing and shall be mailed, sent,
or delivered in accordance with the terms of the Indenture. 
  

	3.7.	Successors 

 This Canadian Note Guarantee shall be binding upon Guarantor and its successors and shall
inure to the benefit of the successors of the Beneficiaries. 
  

	3.8.	Judgment Currency 

 Guarantor shall indemnify each Holder and each Person, if any, who controls any
Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any loss incurred by such party as a result of any judgment or order being given or made against Guarantor for any U.S. dollar amount
due under this Canadian Note Guarantee and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at
which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which such party on the date of payment of such judgment or order
is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase U.S. dollars upon such party’s receipt thereof. Any amount due
from Guarantor under this Section 3.8 shall be due as a separate debt and shall not be affected by such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, U.S. dollars. 
  

	3.9.	Payment of Additional Amounts 

  

	(a)	All payments made under or with respect to this Canadian Note Guarantee by Guarantor will be made free and clear of any withholding or deduction for or on account of any tax, duty, levy, impost, assessment or other
governmental charge of whatever nature (collectively, “Tax”) imposed or levied by or on behalf of Canada or any other jurisdiction in which Guarantor is organized, resident or doing business for tax purposes or from or through which
Guarantor makes any payment on the Canadian Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless Guarantor is required to withhold or deduct Taxes by law. If Guarantor is
required by law to withhold or deduct any amount for or on account of Taxes of any Relevant Taxing Jurisdiction from any payment made under or with respect to this Canadian Note Guarantee, Guarantor, subject to the exceptions listed below, will pay
additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder or beneficial owner of the Securities after such withholding or deduction (including withholding or deduction
attributable to Additional Amounts payable hereunder) will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been withheld or deducted. 

 

	(b)	Guarantor will not, however, pay Additional Amounts to a Holder or beneficial owner of Securities: 

  
 D-6 

	 	(i)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the existence of any present or former connection between the Holder or beneficial owner (or between a fiduciary,
settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (other than any
connection resulting solely from the acquisition, ownership, holding or disposition of Securities, the receipt of payments thereunder or under this Canadian Note Guarantee and/or the exercise or enforcement of rights under any Securities or this
Canadian Note Guarantee); 

  

	 	(ii)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Securities, following Guarantor’s written request addressed to the
Holder, to the extent such Holder or beneficial owner is legally eligible to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative
practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the
Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); 

  

	 	(iii)	with respect to any estate, inheritance, gift, sales or any similar Taxes; 

  

	 	(iv)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the presentation by the Holder or beneficial owner of any Security, where presentation is required, for payment on a
date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	 	(v)	with respect to any withholding or deduction that is imposed on a payment to an individual and that is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income which was
adopted by the ECOFIN Council on June 3, 2003 or any law or agreement whether or not solely between Member States of the European Union implementing or complying with, or introduced in order to conform to or supplement, such directive (the
“EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated October 26, 2004 providing for measures equivalent to those laid down in the EU
Savings Tax Directive or any law or other governmental regulation implementing or complying with, or introduced in order to conform to, such agreement; 

  

	 	(vi)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder or beneficial owner not dealing at arm’s length, within the meaning of the Income Tax Act
(Canada), with the Company or Guarantor; 

  

	 	(vii)	to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for such Holder or beneficial owner being, or not dealing at arm’s length (within the meaning of the Income Tax Act
(Canada)) with, a “specified shareholder” of the Company as defined in subsection 18(5) of the Income Tax Act (Canada) for purposes of the thin capitalization rules in the Income Tax Act (Canada); 

  
 D-7 

	 	(viii)	to the extent the Taxes giving rise to such Additional Amounts are United States federal withholding tax imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended as of the date of
hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations, official interpretations or administrative authority promulgated thereunder and any
agreements entered into pursuant to Section 1471(b)(1) of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and, for the avoidance of
doubt, any intergovernmental agreement (and related legislation, rules or practices) implementing the foregoing (taken together, “FATCA”), except to the extent that such Taxes result from a failure of any Paying Agent to comply with
FATCA; and 

  

	 	(ix)	any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii). 

  

	(c)	Guarantor will (i) make any such withholding or deduction required by applicable law and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law.
Guarantor will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. Guarantor will provide to the Trustee, within a
reasonable time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy or tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to Guarantor,
such other documentation that provides reasonable evidence of such payment by Guarantor. 

  

	(d)	Where Tax is payable pursuant to Regulation 803 of the Income Tax Act (Canada) by a Holder or beneficial owner of the Securities in respect of any amount payable under the Canadian Note Guarantee to the Holder
(other than by reason of a transfer of the Securities to a person resident in Canada with whom the transferor does not deal at arm’s length for the purposes of such Act), but no Additional Amount is paid in respect of such Tax, Guarantor will
pay as or on account of interest to the Holder an amount equal to such Tax within 45 days after receiving from the Holder a notice containing reasonable particulars of the Tax so payable, provided such Holder or beneficial owner would have been
entitled to receive Additional Amounts on account of such Tax (and only to the extent of such Additional Amounts that such Holder or beneficial owner would have been entitled to receive) but for the fact that it is payable otherwise than by
deduction or withholding from payments made under or with respect to the Canadian Note Guarantee. 

  

	(e)	Prior to the date on which the payment of any Additional Amounts are due, Guarantor will deliver to the Trustee such Additional Amounts payable together with an Officers’ Certificate stating that such Additional
Amounts will be payable on the applicable payment date, and setting forth the Additional Amounts so payable and will also set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the applicable
payment date. Any such Officers’ Certificate will be delivered to the Trustee at least 2 Business Days in advance of when the payments in question are required to be made (unless a shorter period of time is acceptable to the Trustee in its
reasonable discretion). Guarantor will promptly publish a notice in accordance with Section 11.2 of the Indenture stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. 

 

	(f)	 Guarantor will reimburse the Holders of Securities, upon written request of such Holder of Securities and certified proof of payment for the amount of
(i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder in connection with payments made under or with respect to this Canadian Note Guarantee; and (ii) any Taxes levied or imposed with

  
 D-8 

	 	
respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder after such reimbursement will not be less than the net amount
such Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided, however, that the indemnification obligation provided for in this Section 3.9(f) shall
not extend to Taxes imposed for which the Holder of the Securities would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (ix) of Section 3.9(b) hereof, or to the extent such
Holder received Additional Amounts with respect to such payments. 

  

	(g)	In addition, Guarantor will pay any stamp, issue, registration, court, documentary, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant
Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of this Canadian Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant
Taxing Jurisdiction at any time as a result of, or in connection with, (i) any payments made pursuant to any Guarantee or any other such document or instrument referred to thereunder and/or (ii) the enforcement of this Canadian Note
Guarantee or any other such document or instrument referred to thereunder. 

  

	(h)	Obligations described under this Section 3.9 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to Guarantor and to any jurisdiction in
which such successor is organized, doing business or is otherwise resident for Tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. 

 

	(i)	Whenever this Canadian Note Guarantee refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Security or under this Canadian Note
Guarantee, such reference includes the payment of Additional Amounts or other payments that would be payable pursuant to this Section 3.9, if applicable. 

- remainder of page intentionally left blank - 

  
 D-9 

 IN WITNESS WHEREOF, Guarantor has executed and delivered this Guarantee as of the first
date written above. 
  

			
	—, as Canadian Note Guarantor
		
	By:	 	  

		 	Name:
		
		 	Title:

  
 D-10

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