Document:

EX-10.1

 Exhibit 10.1 
  

 
 June 10, 2015 
 Robert
Rosiello 
 Dear Rob: 
 Effective as of the date hereof (the
“Effective Date”), this letter outlines the details of your employment with Valeant Pharmaceuticals International, Inc. or its applicable subsidiary (the “Company”), and your Company assignment. Your employment with the Company
shall commence as of June 11, 2015 (the “Commencement Date”). 
  

	 	•	 	Title: Effective as of the Commencement Date, you shall be Executive Vice President and you shall be Executive Vice President, Chief Financial Officer, effective on July 1, 2015 (the “Appointment
Date”). You shall report to the Chief Executive Officer. 

  

	 	•	 	Office Location: Your principal place of employment will be in New Jersey. 

  

	 	•	 	Base Salary: Your base salary will be $83,333.34 per month ($1,000,000 annualized). 

  

	 	•	 	Sign-on Bonus. The Company will pay you a one-time sign-on bonus payment of $6,000,000, which amount shall be payable to you on or promptly following the Appointment Date (or on such other date in as the
Chief Executive Officer may determine), subject to your continued employment on the payment date. In the event that you terminate your employment other than for Good Reason or should the Company terminate your employment for Cause, in either case
within three years of the Appointment Date, you will immediately repay to the Company a pro-rata portion of the net amount of the sign-on bonus payment actually received by you after tax and other applicable withholdings, based on the portion of
such three year period which has not elapsed as of the date of termination. 

  

	 	•	 	Annual Incentive: You will be eligible to participate in the Company’s management bonus plan beginning with the 2015 calendar year, on a pro-rata basis for the portion of 2015 during which you are
employed. Your target bonus will be 120% of your base salary, with the potential of up to 240% of your base salary. This plan, and therefore your participation, is subject to change at the discretion of the Board of Directors. Bonuses are payable at
the time the other management bonuses are paid. To be eligible for any bonus payment, you must be employed by the Company, and you must not have given or received notice of the termination of your employment, on the day on which the applicable bonus
is paid to other members of the Company management. 

 June 10, 2015 

Robert Rosiello 
 Page 2 of 10 

 

	 	•	 	Equity Awards: The Company’s Talent and Compensation Committee of the Company’s Board of Directors (the “Committee”) approved, effective as of the Appointment Date, the grant of a
target number of 68,000 Performance-based Restricted Share Units (each, a “PSU”). The Committee has also approved the additional grant of a target number of 68,000 PSUs (each, an “Additional PSU”). The PSUs and Additional PSUs
shall vest between 0-300%, based on meeting certain Company performance criteria described below, as measured approximately five years from the grant date in respect of the PSUs, and approximately three years from the grant date in respect of the
Additional PSUs. The triggers for 1x, 2x and 3x vesting shall be based on attaining a 10%, 20% and 30% 5-year or 3-year compound total shareholder return, respectively, with measurements governed by the award agreements (which shall contain terms
consistent with the terms customarily provided to other similarly situated executives of the Company, with such modifications to reflect that the applicable performance measurement period) and measured off of a base price equal to the average of the
closing price on the NYSE of the Company’s share price for the 20 trading days ending on (and including) the trading day immediately prior to the date hereof. 

 

	 	•	 	These equity awards are contingent upon your acceptance of this letter agreement and will be made pursuant to the terms of the Company’s 2014 Omnibus Incentive Plan and subject to applicable grant agreements. The
grant date for the PSUs and Additional PSUs set forth above shall be the Appointment Date. 

  

	 	•	 	Share Ownership Commitment. You also agree to comply with any share ownership requirements adopted by the Company applicable to you, which shall be on the same terms as similarly situated executives of the
Company. 

  

	 	•	 	Matching Grants for Share Purchases. In connection with such share ownership, you shall also be eligible to receive matching share units under the Company’s matching share unit program.
Notwithstanding anything in such program to the contrary, you shall receive a grant of one matching share unit for each common share of the Company purchased, up to $5,000,000 in purchases. Each such matching share unit shall vest in equal annual
portions over the 5-year period following grant and shall have such other terms consistent with the terms customarily provided to similarly situated executives of the Company. 

 

	 	•	 	 Good Reason. You may terminate your employment for Good Reason (as defined below) by delivering to the Company a Notice of Termination
(as defined below) not less than thirty (30) days prior to the termination of your employment for Good Reason. The Company shall have the option of terminating your duties and responsibilities prior to the expiration of such thirty-day notice
period, subject to the payment by the Company of the compensation and benefits provided in this letter, as may be applicable. For purposes of this letter, “Good Reason” shall mean the occurrence of any of the events or conditions described
in clauses (i) through (iii) immediately below which are not cured by the Company (if susceptible to cure by the Company) within thirty (30) days after the Company has received a “Notice of Termination.” “Notice of
Termination” means a written notice provided by you 

 June 10, 2015 

Robert Rosiello 
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within ninety (90) days of the initial existence of the event or condition constituting Good Reason specifying the particular events or conditions which constitute Good Reason and the
specific cure requested by you. 

  

	 	(i)	Diminution of Responsibility. (A) any material reduction in your duties or responsibilities as in effect immediately prior thereto, or (B) removal of you from the position of Executive Vice President, Chief
Financial Officer. For the avoidance of doubt, the term “Diminution of Responsibility” shall not include (Y) any such removal resulting from a promotion, your death or Disability, the termination of your employment for Cause, or your
termination of your employment other than for Good Reason, (Z) the reduction of or change in any particular duties or responsibilities provided you are given other duties or responsibilities such that your overall duties and responsibilities
remain substantially comparable to your overall duties and responsibilities prior to the reduction or change; 

  

	 	(ii)	Compensation Reduction. Any reduction in your base salary or target bonus opportunity which is not comparable to reductions in the base salary or target bonus opportunity of other similarly-situated senior executives at
the Company; or 

  

	 	(iii)	Company Breach. Any other material breach by the Company of any material provision of this letter. 

  

	 	•	 	Change in Control. For purposes of this letter and, except to the extent as would result in a violation of Section 409A of the Code, a “Change in Control” shall be deemed to occur if and
when the first of the following occurs: 

  

	 	(i)	the acquisition (other than from the Company), by any person (as such term is defined in Section 13(c) or 14(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the 1934 Act) of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities; 

 

	 	(ii)	the individuals who, as of the date hereof, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least a majority of the Board, unless the election, or nomination for
election by the Company’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, and such new director shall, for purposes of this letter, be considered as a member of the Incumbent Board;

  

	 	(iii)	 the closing of an amalgamation or similar business combination (each, an “Amalgamation”) involving the Company if (i) the shareholders
of the Company, immediately before such Amalgamation, do not, as a result of such Amalgamation, 

 June 10, 2015 

Robert Rosiello 
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own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of the entity resulting from such Amalgamation in
substantially the same proportion as their ownership of the combined voting power of the voting securities of the Company outstanding immediately before such Amalgamation or (ii) immediately following the Amalgamation, the individuals who
comprised the Board immediately prior thereto do not constitute at least a majority of the board of directors of the entity resulting from such Amalgamation (or, if the entity resulting from such Amalgamation is then a subsidiary, the ultimate
parent thereof); or 

  

	 	(iv)	a complete liquidation or dissolution of the Company or the closing of an agreement for the sale or other disposition of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur pursuant to this letter agreement, solely because fifty percent
(50%) or more of the combined voting power of the Company’s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company or any of
its subsidiaries or (ii) any corporation which, immediately prior to such acquisition, is owned directly or indirectly by the shareholders of the Company in the same proportion as their ownership of shares in the Company immediately prior to
such acquisition. In addition, notwithstanding the foregoing, solely to the extent required by Section 409A, a Change of Control shall be deemed to have occurred only if a change in the ownership or effective control of the Company or a change
in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A. 
  

	 	•	 	Disability. The Company may terminate your employment, on written notice to you after having established your Disability and while you remain Disabled, subject to the payment by the Company to you of the
applicable compensation and benefits provided pursuant to this letter agreement. For purposes of this letter agreement, “Disability” shall have the meaning assigned to such term in the 2014 Omnibus Incentive Plan. 

 

	 	•	 	 Cause. The Company may terminate your employment for “Cause”, subject to the payment by the Company to you of the applicable
compensation and benefits provided in this letter agreement. “Cause” shall mean, for purposes of this letter, “cause” as defined by applicable common law and (1) conviction of any felony or indictable offense (other than one
related to a vehicular offense) or other criminal act involving fraud; (2) willful misconduct that results in a material economic detriment to the Company; (3) material violation of Company policies and directives, which is not cured after
written notice and a reasonable opportunity for cure; (4) continued refusal by you to perform your duties after written notice identifying the deficiencies and a reasonable opportunity for cure; or (5) a material violation by you of any
material covenants to the Company. No action or inaction shall be, or be deemed to be, willful if not demonstrably willful and if taken or not taken by you in good faith 

 June 10, 2015 

Robert Rosiello 
 Page 5 of 10 

 

	 	 
and with the understanding that such action or inaction was not adverse to the best interests of the Company. Reference in this paragraph to the Company shall also include direct and indirect
subsidiaries of the Company, and materiality shall be measured based on the action or inaction and the impact upon the Company taken as a whole. The Company may suspend you, with pay, upon your indictment for the commission of a felony or indictable
offense as described under clause (1) above. Such suspension may remain effective until such time as the indictment is either dismissed or a verdict of not guilty has been entered. 

 

	 	•	 	Employee and Executive Benefits. You will be eligible to participate in the employee benefit plans and programs generally made available to similarly situated employees of the Company on the terms and
conditions applicable generally to all employees. During your employment with the Company, the Company shall provide you with (or reimburse you for the cost of) term life insurance in the face amount of $20,000,000, subject to your insurability and
you taking steps reasonably requested by the Company to obtain such insurance, if required. In addition, the Company shall reimburse you for incremental taxes incurred by you outside of the United States because of any services you provide to
the Company outside of the United States or any business that the Company conducts outside of the United States, if such incremental amount during any tax year exceeds 1% or more of your average base salary for such tax year. You
shall be required to participate in any tax equalization program the Company may have in effect from time to time in order to qualify for the benefit described in the preceding sentence. 

 

	 	•	 	Conditions to Reimbursement. The following provisions shall be in effect for any reimbursements (and in-kind benefits) to which you otherwise may become entitled under this letter, in order to assure that
such reimbursements (and in-kind benefits) do not create a deferred compensation arrangement subject to Section 409A of the Internal Revenue Code (“Section 409A”): 

 

	 	(i)	The amount of reimbursements (or in-kind benefits) to which you may become entitled in any one calendar year shall not affect the amount of expenses eligible for reimbursement (or in-kind benefits) hereunder in any
other calendar year. 

  

	 	(ii)	Each reimbursement to which you become entitled shall be made by the Company as soon as administratively practicable following your submission of the supporting documentation, but in no event later than the close of
business of the calendar year following the calendar year in which the reimbursable expense is incurred. 

  

	 	(iii)	Your right to reimbursement (or in-kind benefits) cannot be liquidated or exchanged for any other benefit or payment. 

  

	 	•	 	 At-Will Employment. Your employment with the Company is “at will”. This means that you or the Company have the option to
terminate your employment at any time, with or without advance notice, and with or without Cause or with or without Good Reason. This letter of employment does not constitute an express or implied agreement of continuing or long term employment. The
at will nature of your 

 June 10, 2015 

Robert Rosiello 
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employment can be altered only by a written agreement specifying the altered status of your employment. Such written agreement must be signed by both you and the Chief Executive Officer.

  

	 	•	 	Severance Benefits. Notwithstanding the immediately preceding bullet paragraph, if your employment is terminated by the Company without Cause or by you for Good Reason, the Company shall have the following
obligations: 

  

	 	(i)	The Company will pay you an amount equal to the sum of (A) your annual salary as of the Termination Date, plus (B) your annual target bonus as of the Termination Date, provided that, if your termination occurs
either in contemplation of a Change in Control or at any time within twelve (12) months following a Change in Control, the Company shall instead pay you an amount equal to two times the sum of (A) your annual salary as of the Termination
Date, plus (B) your annual target bonus as of the Termination Date. The “Termination Date” shall be the date specified as the effective date of the termination of your employment in any notice of termination of employment provided by
the Company to you or accepted by the Company in the event of your giving notice of the termination of your employment. 

  

	 	(ii)	The Company will pay you any accrued but unpaid salary or vacation pay and any deferred compensation. In addition, the Company will pay you any bonus earned but unpaid in respect of any fiscal year preceding the
Termination Date. The Company will also pay you a bonus in respect of the fiscal year in which the Termination Date occurs, as though you had continued in employment until the payment of bonuses by the Company to its executives for such fiscal year,
in an amount equal to the product of (A) the lesser of (x) the bonus that you would have been entitled to receive based on actual achievement against the stated performance objectives or (y) the bonus that you would have been entitled
to receive assuming that the applicable performance objectives for such fiscal year were achieved at “target”, and (B) a fraction (i) the numerator of which is the number of days in such fiscal year through Termination Date and
(ii) the denominator of which is 365; provided that, if your termination occurs either in contemplation of a Change in Control or at any time within twelve (12) months following a Change in Control, then in the foregoing calculation the
amount under (A) shall be equal to (y). Any bonus payable to you under this bullet shall be paid in no event later than March 15 of the calendar year following the calendar year in which the Termination Date occurs. 

 

	 	(iii)	The Company will provide you with continued coverage under any health, medical, dental or vision program or policy in which you were eligible to participate at the time of your employment termination for 12 months
following such termination on terms no less favorable to you and your dependents (including with respect to payment for the costs thereof) than those in effect immediately prior to such termination. 

 

	 	(iv)	The Company shall provide outplacement services through one or more outside firms of your choosing up to an aggregate of $20,000, which services shall extend until the earlier of (i) 12 months following the
Termination Date or (ii) the date that you secure full time employment. 

 June 10, 2015 

Robert Rosiello 
 Page 7 of 10 

 

 Notwithstanding anything herein to the contrary, the Company shall have no obligation to pay
or provide any of the severance benefits referenced or set forth in this letter and shall have no obligations to you in respect of the termination of your employment save and except for obligations that are expressly established by applicable
employment standards legislation unless you execute and deliver, within 45 days of the date of your termination, and do not revoke, a general release in form satisfactory to the Company and any revocation period set forth in the release has lapsed.
Subject to compliance with Section 409A, the Company shall pay all cash severance benefits due within 10 business days following the satisfaction of all of the conditions set forth in the preceding sentence. You shall not be required to
mitigate the amount of any severance payment provided for under this letter by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to you in any subsequent
employment. 
 Notwithstanding anything herein to the contrary, in no event shall the timing of your execution of the general release,
directly or indirectly, result in you designating the calendar year of payment, and if a payment that is subject to execution of the general release could be made in more than one taxable year, payment shall be made in the later taxable year. 

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

	 	•	 	Covenant Not to Solicit. To protect the confidential information and other trade secrets of the Company and its affiliates, you agree, during your employment with the Company or any of its affiliates and
for a period of twelve (12) months after your cessation of employment with the Company or any of its affiliates, not to solicit, attempt to solicit, or participate in or assist in any way in the solicitation or attempted solicitation of any
employees or independent contractors of the Company or any of its affiliates. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence employees of the Company
or any of its affiliates to become employed with any other person, partnership, firm, corporation or other entity. You agree that the covenants contained in this paragraph are reasonable and necessary to protect the confidential information and
other trade secrets of the Company and its affiliates, provided, that solicitation through general advertising or the provision of references shall not constitute a breach of such obligations. For purposes of this paragraph, an “affiliate”
shall mean any direct or indirect subsidiary of the Company or any joint venture or collaboration in which any such entity or the Company participates. 

 June 10, 2015 

Robert Rosiello 
 Page 8 of 10 

 

	 	•	 	Remedies for Breach of Obligations Under the Covenants Not to Solicit Above. It is the intent and desire of you and the Company (and its affiliates) that the restrictive provisions in the paragraph
captioned “Covenant Not to Solicit” above be enforced to the fullest extent permissible under the laws and public policies as applied in each jurisdiction in which enforcement is sought. If any particular provision in such paragraph shall
be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either party hereto, to delete therefrom the portion so determined to be invalid or unenforceable, such deletion to apply only with
respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made. Your obligations under the two preceding paragraphs shall survive the termination of your employment with or any other employment
arrangement with the Company or any of its affiliates. You acknowledge that the Company or its affiliates will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if you breach your obligations under the paragraph
captioned “Covenant Not to Solicit” above. Accordingly, you agree that the Company and its affiliates will be entitled, in addition to any other available remedies, to obtain injunctive relief against any breach or prospective breach by
you of your obligations under either such paragraph in any Federal or state court sitting in the State of New Jersey, or, at the Company’s (or its affiliate’s) election, in any other state or jurisdiction in which you maintain your
principal residence or your principal place of business. You agree that the Company or its affiliates may seek the remedies described in the preceding sentence notwithstanding any arbitration or mediation agreement that you may enter into with the
Company or any of its affiliates. You hereby submit to the non-exclusive jurisdiction of all those courts for the purposes of any actions or proceedings instituted by the Company or its affiliates to obtain that injunctive relief, and you agree that
process in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided by you to the Company or its affiliates, or in any other manner authorized by law. 

 

	 	•	 	Indemnification. You shall be indemnified by the Company as provided in its articles or, if applicable, pursuant to an indemnification agreement with the Company if such agreements are provided to
similarly situated executives. 

  

	 	•	 	 Section 409A. The parties intend for the payments and benefits under this letter to be exempt from Section 409A or, if not so
exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend that this letter shall be construed and administered in accordance with such intention. Any payments that qualify for the “short-term
deferral” exception or another exception under Section 409A shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of compensation under
this letter shall be treated as a separate payment of compensation. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that
would otherwise be payable and benefits that would otherwise be provided pursuant to this letter during the six-month period immediately following your separation from service shall instead be paid on the first business day after the date that is
six months following your Termination Date (or death, if earlier), 

 June 10, 2015 

Robert Rosiello 
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with interest from the date such amounts would otherwise have been paid at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Internal
Revenue Code of 1986, as amended, for the month in which payment would have been made but for the delay in payment required to avoid the imposition of an additional rate of tax on you under Section 409A. 

 

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

You acknowledge that you have, reviewed, agreed, signed and returned the Company’s customary on-boarding documentation. 

Policies of the Company will govern any other matter not specifically covered by this letter. 

Except as specifically described in the following sentence, the terms of this letter constitute the entire agreement between the Company and you with respect
to the subject matter hereof, superseding all prior agreements and negotiations. This letter is governed by the laws of the State of New Jersey. All currency amounts set forth in the letter agreement refer to U.S. dollars. 

This letter and the documents referenced herein are the full, complete and exclusive agreement between you and the Company regarding all of the subjects
covered by this letter, and supersede in their entirety any other written or verbal agreement between you and the Company. 

 June 10, 2015 

Robert Rosiello 
 Page 10 of 10 

 

 As confirmation of acceptance of this letter agreement, please sign this letter indicating your agreement and
acceptance of the terms and conditions of employment. In addition, please mail the original signed letter in the envelope provided. A duplicate copy of this letter is included for your records. 

 

			
	Sincerely,
	
	Valeant Pharmaceuticals International, Inc.
		
	By:	 	         /s/ J. Michael Pearson

		 	J. Michael Pearson
		 	Chief Executive Officer
		
		 	         /s/ Robert Rosiello

		 	Robert RosielloEX-10.2

 Exhibit 10.2 

SEPARATION AGREEMENT 

SEPARATION AGREEMENT dated the 14 day of July, 2015 between Valeant Pharmaceuticals International, Inc. (“Valeant”) and
Howard B. Schiller (“Mr. Schiller” and together with Valeant, the “Parties”). 
 WHEREAS, Mr. Schiller
served as Valeant’s Executive Vice President and Chief Financial Officer pursuant to an agreement entered into on November 10, 2011 (the “2011 Agreement”); 

WHEREAS, Mr. Schiller voluntary resigned from his employment with Valeant, and ceased to serve as Valeant’s Executive Vice
President and Chief Financial Officer, effective as of the Termination Date (as defined below); 
 WHEREAS, the Parties have agreed
that Mr. Schiller will serve as a consultant to Valeant during the Consulting Period (as defined below); 
 WHEREAS, in
connection with his ceasing to serve as Valeant’s Executive Vice President and Chief Financial Officer and his continuing service as a consultant to Valeant, Valeant has agreed to provide Mr. Schiller with certain payments and benefits;
and 
 WHEREAS, Valeant and Mr. Schiller desire to enter into this Separation Agreement (this “Agreement”) to set
forth the Parties’ agreement as to Mr. Schiller’s entitlements and continuing obligations in connection with his termination of employment with Valeant and service as a consultant to Valeant. 

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

	1.	Capitalized Terms. Unless otherwise defined herein, capitalized terms shall have the meaning set forth in the 2011 Agreement. 

 

	2.	Termination Date. The Parties agree that June 30, 2015 was the last day of Mr. Schiller’s employment with Valeant (the “Termination Date”) and that Mr. Schiller’s service as
Valeant’s Executive Vice President and Chief Financial Officer terminated as of the Termination Date. Effective as of the Termination Date, Mr. Schiller resigned from all positions he held as an officer, director, benefit plan trustee or
otherwise with respect to Valeant and its subsidiaries, other than his role as a member of Valeant’s board of directors. Mr. Schiller became eligible to receive compensation as a non-employee director of Valeant following the Termination
Date in accordance with Valeant’s non-employee director compensation program as then in effect, pro-rated for any portion of the year for which he did not qualify as a non-employee director. It is intended that the Termination Date shall
constitute Mr. Schiller’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”). 

	3.	Consulting Services. 

  

	 	(a)	For a period beginning on July 1, 2015 and expiring on January 31, 2016 (the “Consulting Period”), Mr. Schiller agrees to make himself reasonably available to consult with Valeant as reasonably
requested by Valeant from time to time (the “Services”), provided that it is the intent that such consulting services shall not exceed twenty percent (20%) of the average level of services that Mr. Schiller performed during the
three year period prior to July 1, 2015. Valeant may terminate the Services by written notice at any time prior to the end of the Consulting Period. 

  

	 	(b)	In exchange for the Services performed hereunder, Valeant agrees to pay Mr. Schiller $2,500.00 per month. Valeant shall reimburse Mr. Schiller for any reasonable and documented out of pocket travel and meal
expenses incurred by Mr. Schiller in providing the Services, provided that they are consistent with Valeant’s travel policy applicable to non-CEO executives of Valeant and that appropriate proof of expenditure is provided. The fee for the
Services shall be paid within forty-five (45) days following the last day of each calendar month during the Consulting Period, with the last payment due within forty-five (45) days following the termination or expiration of the Consulting
Period. 

  

	 	(c)	In all matters relating to the Services, Mr. Schiller shall be acting as an independent contractor. Neither Mr. Schiller, nor any affiliated employees or subcontractors, shall be the agent(s) or employee(s) of
Valeant under the meaning or application of any federal or state laws, including but not limited to unemployment insurance or worker’s compensation laws. Mr. Schiller will be solely responsible for all income, business or other taxes
imposed on the recipient and payable as a result of the fees paid for the Services. Mr. Schiller shall not sign any agreement or make any commitments on behalf of Valeant, or bind Valeant in any way, nor shall Mr. Schiller make any public
statements concerning the Services that purport to be on behalf of Valeant, in each case without prior express written consent from Valeant. 

  

	4.	Remuneration Upon Termination. The Parties acknowledge that in connection with Mr. Schiller’s termination of employment with Valeant on the Termination Date, he became entitled to any accrued but unpaid
salary or vacation pay, payable in accordance with Valeant’s policies with respect to such remuneration. 

  

	5.	Treatment of Outstanding Equity Awards Upon Termination. Any equity compensation awards held by Mr. Schiller that were unvested as of the Termination Date immediately terminated, except as specifically set
forth below: 

  

	 	(a)	 subject to Mr. Schiller executing the general release of claims attached hereto as Annex A (the “Release”), within 60 days following
the Termination Date, and the applicable seven (7) calendar day revocation period expiring (the date upon which such revocation expires being referred to hereinafter as the “Effective Date”) and Mr. Schiller providing the
Services as reasonably requested by Valeant during the 

  
 2 

	 	
Consulting Period, any stock options held by Mr. Schiller shall remain outstanding and stock options which were unvested as of the Termination Date shall continue to vest during the
Consulting Period in accordance with their existing terms. Upon the expiration or termination of the Consulting Period, any stock options that are unvested shall immediately terminate; provided however that, if the Consulting Period is terminated by
Valeant other than for Cause (as defined in the 2011 Agreement) prior to January 31, 2016, any such stock options that would have vested on or prior to January 31, 2016 shall vest in full as of immediately prior to the termination of the
Consulting Period. Any outstanding stock options that are vested as of the expiration or termination of the Consulting Period (including stock options that vest in accordance with the prior sentence) shall remain exercisable for ninety
(90) days following the later of (i) the expiration or termination of the Consulting Period and (ii) Mr. Schiller ceasing to serve as a member of Valeant’s board of directors (but, in either case, in no event beyond the
expiration of the original term of the applicable stock option; provided, however if the stock option would otherwise expire under the terms of this Section 5(a) during a period self-imposed by Valeant (within the meaning of Section 613(m)
of the TSX Company Manual) when Mr. Schiller is prohibited from trading in the Company’s securities (a “Blackout Period”). the term of such stock option shall be extended until the tenth business day following the end of the
Blackout Period, at which time any unexercised portion of the stock option shall expire); 

  

	 	(b)	subject to the occurrence of the Effective Date and Mr. Schiller providing the Services as reasonably requested by Valeant during the Consulting Period, any matching share units held by Mr. Schiller which were
unvested as of the Termination Date shall remain outstanding and continue to vest during the Consulting Period and shall be settled (less any amount withheld in respect of any applicable withholding taxes) as soon as practicable (but in any event no
later than March 15, 2016) following the vesting date of such matching share units. Upon the expiration or termination of the Consulting Period, any matching share units that are unvested shall immediately terminate; provided however that, if
the Consulting Period is terminated by Valeant other than for Cause prior to January 31, 2016, any such matching share units that would have vested on or prior to January 31, 2016 shall vest in full as of immediately prior to the
termination of the Consulting Period; and 

  

	 	(c)	 subject to the occurrence of the Effective Date, Mr. Schiller executing the general release of claims attached hereto as Annex B (the
“Second Release”) within ten (10) days following the earlier to occur of the events described in clauses (i) and (ii) below (the date upon which the Second Release is executed being referred to hereinafter as the
“Second Effective Date”), and Mr. Schiller providing the Services as reasonably requested by Valeant during the Consulting Period, any performance restricted share units held by Mr. Schiller which were unvested as of the
Termination Date shall remain outstanding during the Consulting Period and shall vest upon the earlier of (i) the expiration or termination of the Consulting Period (including by reason of Mr. Schiller’s death or disability (as
defined in the 

  
 3 

	 	
2011 Agreement)) and (ii) any qualifying vesting event under the terms of the applicable performance restricted share award agreement. Notwithstanding anything to the contrary in the
applicable award agreement or plan, outstanding performance restricted share units that vest in accordance with the terms of this Section 5(c) shall be settled in the form of 100,000 common shares of Valeant (less any amount withheld in respect
of any applicable withholding taxes) as soon as practicable following the Second Effective Date (but in any event no later than March 15, 2016). 

  

	6.	Covenant Not to Solicit and Not to Compete. 

  

	 	(a)	To protect the confidential information and other trade secrets of Valeant and its affiliates, Mr. Schiller hereby agrees, through January 31, 2017, not to solicit, attempt to solicit, or participate in or
assist in any way in the solicitation or attempted solicitation of any employees or independent contractors of Valeant or any its affiliates. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly
influencing or attempting to influence employees of Valeant or any of its affiliates to become employed with any other person, partnership, firm, corporation or other entity, provided that solicitation through general advertising or the provision of
references shall not constitute a breach of such obligations. 

  

	 	(b)	To protect the confidential information and other trade secrets of Valeant and its affiliates, Mr. Schiller hereby agrees, through January 31, 2017, not to engage in “prohibited activities” (as
defined below) in any country in which Valeant conducts business or plans to conduct business as of the Termination Date. For purposes of this covenant, “prohibited activities” means directly or indirectly engaging as an owner, director,
employee, consultant or agent of any entity that develops, manufactures, markets and/or distributes (directly or indirectly) consumer products, branded or generic prescription or non-prescription pharmaceuticals or medical devices for treatments in
the fields of neurology, dermatology, oncology, ophthalmology/eye health, hepatology, or the treatment or prevention of gastro-intestinal conditions or diseases; provided that “prohibited activities” shall not mean Mr. Schiller’s
investment in securities of a publicly-traded company equal to less than five (5%) percent of such company’s outstanding voting securities and provided further that passive ownership of equity in private or public companies shall not be a
violation of this section if owned through private equity firms, other comingled accounts or discretionary accounts so long as Mr. Schiller has no involvement in the investment or discretion in the selection of the investment.

  

	 	(c)	Mr. Schiller agrees that the covenants contained in this Section 6 are reasonable and necessary to protect the confidential information and other trade secrets of Valeant and its affiliates. For the purposes
of this Section, an “affiliate” shall mean any direct or indirect subsidiary of Valeant or any joint venture or collaboration in which any such entity or Valeant participates. 

  
 4 

	 	(d)	It is the intent and desire of Mr. Schiller and Valeant (and its affiliates) that the restrictive provisions in this subsection be enforced to the fullest extent permissible under the laws and public policies as
applied in each jurisdiction in which enforcement is sought. If any particular provision in this Section shall be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either Party, to delete
therefrom the portion so determined to be invalid or unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made. Mr. Schiller acknowledges that
Valeant or its affiliates will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if Mr. Schiller breaches his obligations under this subsection. Accordingly, Mr. Schiller agree that Valeant and its
affiliates will be entitled, in addition to any other available remedies, to obtain injunctive relief against any breach or prospective breach by Mr. Schiller of his obligations under this subsection in any Federal or state court sitting in the
State of New Jersey, or, at Valeant’s (or its affiliate’s) election, in any other state or jurisdiction in which Mr. Schiller maintains his principal residence or his principal place of business. Mr. Schiller agrees that Valeant
or its affiliates may seek the remedies described in the preceding sentence notwithstanding any arbitration or mediation agreement that Mr. Schiller may enter into with Valeant or any of its affiliates. Mr. Schiller hereby submits to the
non-exclusive jurisdiction of all those courts for the purposes of any actions or proceedings instituted by Valeant or its affiliates to obtain that injunctive relief, and Mr. Schiller agrees that process in any or all of those actions or
proceedings may be served by overnight courier (including FedEx), addressed to the last address provided by Mr. Schiller to Valeant, or in any other manner authorized by law. 

 

	7.	Confidentiality. Mr. Schiller will not disclose to, or use for the benefit of, any third party any confidential information other than in the good faith performance of his duties for Valeant. For purposes of
this covenant, “confidential information” means any information about Valeant or any of its affiliates, their clients, directors, officers, employees, consultants or other similar personnel which is not known or available publicly or
generally within the pharmaceutical industry, including, but not limited to, information relating to business operations, including customer and supply lists, customer files, marketing data, business plans, strategies, compensation terms, employee
lists, contracts, financial records and accounts, products in development, product plans, projections and budgets, and similar information. Anything herein to the contrary notwithstanding, the provisions of this Section shall not apply (i) when
disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) of competent jurisdiction to order Mr. Schiller to disclose or make accessible any information, or
(ii) as to information that is or becomes available to Mr. Schiller on a non-confidential basis from a source outside of Valeant and such source does not breach any confidentiality or other obligation in making such disclosure to
Mr. Schiller. Mr. Schiller may retain his address books provided they contain only contact information. 

  
 5 

	8.	Non-Disparagement. Mr. Schiller agrees not to make written or oral statements about Valeant, its subsidiaries or affiliates, or its directors, executive officers or non-executive officer employees that are
negative or disparaging. Valeant shall require its directors and executive officers not to make written or oral statements about Mr. Schiller that are negative or disparaging. Notwithstanding the forgoing, nothing in this Agreement shall
preclude (a) either Party (and, in the case of Valeant, its directors, executive officers, and non-executive officer employees) from communicating or testifying truthfully to the extent required by law to any federal, state, provincial or local
governmental agency or in response to a subpoena to testify issued by a court of competent jurisdiction, (b) Mr. Schiller, if after consulting with Valeant it is determined in good faith by Mr. Schiller that a false or misleading
statement concerning Mr. Schiller has been made by a director, executive officer or non-executive officer employee, from making statements specifically to rebut any such false or misleading statements made by such director, officer or employee,
or (c) Valeant’s directors, executive officers or non-executive officer employees, if after consulting with Mr. Schiller it is determined in good faith by such director, officer or employee that a false or misleading statement
concerning such director, officer or employee has been made by Mr. Schiller, from making statements specifically to rebut any such false or misleading statements made by Mr. Schiller. 

 

	9.	Cooperation. 

  

	 	(a)	During the eighteen (18) month period following the Termination Date, Mr. Schiller agrees to make himself reasonably available (after taking into account his personal and professional schedule) to cooperate
with Valeant and its affiliates in matters that materially concern: (i) requests for information about the services Mr. Schiller provided to Valeant, its affiliates and their predecessors during his employment with Valeant, its affiliates
and their predecessors, (ii) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of Valeant, its affiliates and their predecessors which relate to events or occurrences
that transpired while Mr. Schiller was employed by Valeant, its affiliates or their predecessors or (iii) any investigation or review by any federal, state or local regulatory, quasi-regulatory or self-governing authority (including,
without limitation, the US Department of Justice, the US Federal Trade Commission or the US Securities and Exchange Commission) as any such investigation or review relates to events or occurrences that transpired while Mr. Schiller was employed
by Valeant, its affiliates and their predecessors. Mr. Schiller’s cooperation shall include: (A) making himself reasonably available to meet and speak with officers or employees of Valeant, Valeant’s counsel or any third-parties
at the request of Valeant at times and locations to be determined by Valeant reasonably and in good faith, taking into account Mr. Schiller’s business and personal needs and (B) giving accurate and truthful information at any
interviews and accurate and truthful testimony in any legal proceedings or actions. Unless required by law or legal process, Mr. Schiller will not knowingly or intentionally furnish information to or cooperate with any non-governmental entity
(other than Valeant) in connection with any potential or pending proceeding or legal action involving matters arising during Mr. Schiller’s employment with Valeant, its affiliates and their predecessors. 

  
 6 

	 	(b)	If Valeant requests services pursuant this Section, Mr. Schiller shall not be entitled to any payments above those set forth in this Agreement; provided, however, that Valeant will reimburse Mr. Schiller for
any reasonable, out-of-pocket travel, hotel and meal expenses incurred in connection with Mr. Schiller’s performance of obligations pursuant to this Section for which Mr. Schiller has obtained prior approval from Valeant.

  

	 	(c)	If Mr. Schiller reasonably determines that he should be represented by counsel in connection with any matter described in this Section, he shall be represented by counsel selected by Valeant, which may be (at
Valeant’s election) the same counsel representing Valeant or its affiliates in such matter unless Mr. Schiller reasonably determines that he should be separately represented due to Valeant’s counsel having an actual conflict of
interest, in which case Valeant shall agree to, and shall, pay the reasonable costs and expenses of separate counsel selected by Valeant in consultation with Mr. Schiller for matters with respect to which Mr. Schiller is cooperating with
Valeant pursuant to this Section. 

  

	 	(d)	Nothing in this Agreement, the 2011 Agreement, or any other agreement by and between the Parties is intended to or shall preclude or in any way limit or restrict Mr. Schiller from providing accurate and truthful
testimony in response to a valid subpoena, court order, regulatory or governmental request or other judicial, administrative or legal process or otherwise as required by law (in the case of formal legal process) in which event Mr. Schiller
shall notify Valeant in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten (10) days prior to providing such testimony (or, if such notice is not possible under the circumstances,
with as much prior notice as is possible). 

  

	10.	Other Valeant Policies. Mr. Schiller agrees that he shall continue to be bound by and comply with the terms of his confidentiality obligations to Valeant, the Standards of Business Conduct and any other
policies of Valeant and its affiliates that survive termination of employment. 

  

	11.	Indemnification. From and after the date hereof, Mr. Schiller shall be indemnified by Valeant as provided in its articles, director and officer indemnification policies, and any other indemnification
policies or plans in effect and applicable to directors or non-CEO executives of Valeant, including with respect to Mr. Schiller’s actions or inactions prior to the date hereof. 

 

	12.	 Section 409A; Other Tax Matters. The Parties intend for the payments and benefits under this Agreement to be exempt from Section 409A
or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend that this Agreement shall be construed and administered in accordance with such intention. Any payments that qualify for the
“short-term deferral” exception or another exception under Section 409A shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of
compensation under this Agreement shall be treated as a separate payment of 

  
 7 

	 	
compensation. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise
be provided pursuant to this Agreement during the six (6) month period immediately following Mr. Schiller’s separation from service shall instead be paid on the first business day after the date that is six (6) months following
his termination of employment (or upon his death, if earlier). Notwithstanding any other provision of this Agreement, Valeant may withhold from amounts payable under this Agreement all amounts that are required or authorized to be withheld,
including, but not limited to, federal, state, local and foreign taxes required to be withheld by applicable laws or regulations. 

  

	13.	Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without regard to the application of any choice-of-law rules that would result in the
application of another state’s laws. 

  

	14.	Entire Agreement. This Agreement sets forth the entire agreement between Mr. Schiller and Valeant concerning the termination of Mr. Schiller’s employment and his service as a consultant to Valeant,
and supersedes any other written or oral promises concerning the subject matter of this Agreement, including, without limitation, those set forth in the 2011 Agreement. No waiver or amendment of this Agreement will be effective unless it is in
writing, refers to this Agreement, and is signed by Mr. Schiller and Valeant’s Chief Executive Officer. 

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

			
	VALEANT PHARMACEUTICALS
	INTERNATIONAL, INC.
		
	By:	 	 /s/ J. Michael Pearson

		 	J. Michael Pearson
		
	 	 	/s/ Howard B. Schiller
	Howard B. Schiller

  
 8 

 ANNEX A  

General Waiver & Release 

This Legal Release (“Release”) dated as of the last date executed below (the “Release Date”) is between Valeant
Pharmaceuticals International, Inc. (“Valeant”) and Howard B. Schiller (“Employee”). 
 Employee Release.
Employee, on behalf of himself, and Employee’s heirs, executors, administrators, and/or assigns, does hereby RELEASE AND FOREVER DISCHARGE Valeant, together with its parents, subsidiaries, affiliates, predecessors, and successor
corporations and business entities, past, present and future, and its and their agents, directors, officers, employees, shareholders, insurers and reinsurers, and employee benefit plans (and the trustees, administrators, fiduciaries, agents,
insurers, and reinsurers of such plans) past, present and future, and their heirs, executors, administrators, predecessors, successors, and assigns (collectively, the “RELEASEES”), of and from any and all legally waivable claims,
causes of actions, suits, lawsuits, debts, promises, agreements and demands whatsoever in law or in equity, known or unknown, suspected or unsuspected, which Employee or which Employee’s heirs, executors administrators, or assigns hereafter
ever had, now have, or may have, from the beginning of time to the date Employee executes this Release arising out of or attributable to (i) Employee’s employment, consultancy, directorship or other service relationship with the Company or
any Releasees or the termination of such relationship or service or (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date of this Release relating to Valeant and its affiliates, in each
case, except as expressly set forth herein. This general waiver and release does not include any claims, causes of actions, suits, lawsuits, debts, and demands whatsoever in law or in equity, known or unknown, suspected or unsuspected which may come
into existence post the date of this Release. 
 The claims being waived and released include, without limitation: 

 

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

  

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

  

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

 

	 	(d)	 any and all claims for violation of any state or federal statute or regulation relating to termination of employment, unlawful discrimination,
harassment or retaliation under applicable federal, state and local constitutions, statutes, laws, and regulations (which includes, but is not limited to, the Age Discrimination in 

  
 9 

	 	
Employment Act, as amended (“ADEA”), Title VII of the Civil Rights Act of 1964, 42 U.S.C. 1981, the Employee Retirement Income Security Act (“ERISA”), the Family and Medical
Leave Act of 1993, the Americans with Disabilities Act, the Rehabilitation Act, the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the New Jersey Law Against Discrimination and Conscientious Employee Protection Act, the
California Fair Employment and Housing Act and the California Family Rights Act), the Ontario Employment Standards Act, 2000, Human Rights Code, and Workplace Safety and Insurance Act; and 

 

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

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

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

  

	 	(b)	continuation of existing participation in Valeant-sponsored group health benefit plans under the United States federal law known as “COBRA” and/or under any applicable state counterpart law; 

 

	 	(c)	any benefit entitlements that are vested as of the date of termination pursuant to the terms of a Valeant-sponsored benefit plan, policy or other arrangement, whether or not governed by the United States federal law
known as “ERISA;” 

  

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

 

	 	(e)	any claims, causes of actions, suits, lawsuits, debts, or demands whatsoever arising out of or relating to Employee’s right to enforce the terms of this Release and the Separation Agreement dated July 14, 2015
between Employee and Valeant (the “Separation Agreement”); and 

  

	 	(f)	any rights or claims for indemnification under any written agreements with any of the Releasees, the charter, by-laws or operating agreements of the Company, or under applicable law or the Employment Letter, dated
November 10, 2011 between Employee and Valeant (the “Employment Letter”) or any rights as an insured, or to coverage, under any director’s and officer’s liability insurance policy; 

  
 10 

	 	(g)	any claims relating to Employee’s rights under the Employment Letter that are intended to survive the termination of Employee’s employment 

 

	 	(h)	any wrongful act or omission occurring after the date Employee signs this Release and 

  

	 	(i)	any rights relating to your ongoing service as a member of Valeant’s board of directors. 

Nothing in this Release shall prevent Employee from filing a charge with the Equal Employment Opportunity Commission (or similar state or
local agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar state or local agency); provided, however, that Employee acknowledges and agrees that any claims by Employee for personal relief
in connection with such a charge or investigation (such as reinstatement or monetary damages) hereby are barred. 
 No
Admission. Nothing about the fact or content of this Release shall considered to be or treated by Employee or Valeant as an admission of any wrongdoing, liability or violation of law by Employee or by any Releasee. 

Consideration & Revocation Periods; Effective Date. Employee acknowledges that (a) Valeant has advised him
in this writing of his right to consult with an attorney prior to signing this Release; (b) he has carefully read and fully understands all of the provisions of this Release, and (c) he is entering into this Release, including the releases
set forth herein, knowingly, freely and voluntarily in exchange for good and valuable consideration (including, but not limited to, the payments to be made under the Separation Agreement to which he would not be entitled in the absence of signing
this Release. Employee has twenty-one (21) calendar days to consider this Release, although Employee may sign it sooner, but not before June 30, 2015. 

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

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

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

  
 11 

 Valeant Pharmaceuticals International, Inc. 

400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807 
 Attn:
General Counsel 
 Judicial Interpretation/Modification; Severability. In the event that this Release shall be held
to be void, voidable, unlawful or, for any reason, unenforceable, the Release shall be voidable at the sole discretion of Valeant. 

Changes to Release. No changes to this Release can be effective except by another written agreement signed by Employee and by
Valeant’s Chief Executive Officer. 
 Complete Agreement. Except for the Separation Agreement, and any equity or other
employee benefit plans, programs or policies referenced herein or therein as surviving this Release, this Release, assuming it is executed and not revoked during the 7-day Revocation Period, cancels, supersedes and replaces any and all prior
agreements (written, oral or implied-in-fact or in-law) between Employee and Valeant regarding all of the subjects covered by this Release. This Release, together with the Separation Agreement and any equity or other employee benefit plans, programs
or policies referenced herein or therein as surviving this Release, is the full, complete and exclusive agreement between Employee and Valeant regarding all of the subjects covered by this Release and the Separation Agreement, and neither Employee
nor Valeant is relying on any representation or promise that is not expressly stated in this Release or the Separation Agreement. 

  
 12 

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

 

							
	Date:	 	  
	 		 	  

		 		 		 	Howard B. Schiller

  
 13 

 ANNEX B  

General Waiver & Release 

This Legal Release (“Release”) dated as of the last date executed below (the “Release Date”) is between Valeant
Pharmaceuticals International, Inc. (“Valeant”) and Howard B. Schiller (“Employee”). 
 Employee Release.
Employee, on behalf of himself, and Employee’s heirs, executors, administrators, and/or assigns, does hereby RELEASE AND FOREVER DISCHARGE Valeant, together with its parents, subsidiaries, affiliates, predecessors, and successor
corporations and business entities, past, present and future, and its and their agents, directors, officers, employees, shareholders, insurers and reinsurers, and employee benefit plans (and the trustees, administrators, fiduciaries, agents,
insurers, and reinsurers of such plans) past, present and future, and their heirs, executors, administrators, predecessors, successors, and assigns (collectively, the “RELEASEES”), of and from any and all legally waivable claims,
causes of actions, suits, lawsuits, debts, promises, agreements and demands whatsoever in law or in equity, known or unknown, suspected or unsuspected, which Employee or which Employee’s heirs, executors administrators, or assigns hereafter
ever had, now have, or may have, from the beginning of time to the date Employee executes this Release arising out of or attributable to (i) Employee’s employment, consultancy, directorship or other service relationship with the Company or
any Releasees or the termination of such relationship or service or (ii) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date of this Release, in each case, except as expressly set forth
herein. This general waiver and release does not include any claims, causes of actions, suits, lawsuits, debts, and demands whatsoever in law or in equity, known or unknown, suspected or unsuspected which may come into existence post the date of
this Release. 
 The claims being waived and released include, without limitation: 

 

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

  

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

  

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

 

	 	(d)	 any and all claims for violation of any state or federal statute or regulation relating to termination of employment, unlawful discrimination,
harassment or retaliation under applicable federal, state and local constitutions, statutes, laws, and regulations (which includes, but is not limited to, Title VII of the Civil Rights Act

  
 14 

	 	
of 1964, 42 U.S.C. 1981, the Employee Retirement Income Security Act (“ERISA”), the Family and Medical Leave Act of 1993, the Americans with Disabilities Act, the Rehabilitation Act,
the Equal Pay Act, the Worker Adjustment and Retraining Notification Act, the New Jersey Law Against Discrimination and Conscientious Employee Protection Act, the California Fair Employment and Housing Act and the California Family Rights Act), the
Ontario Employment Standards Act, 2000, Human Rights Code, and Workplace Safety and Insurance Act; and 

  

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

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

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

  

	 	(b)	continuation of existing participation in Valeant-sponsored group health benefit plans under the United States federal law known as “COBRA” and/or under any applicable state counterpart law; 

 

	 	(c)	any benefit entitlements that are vested as of the date of termination pursuant to the terms of a Valeant-sponsored benefit plan, policy or other arrangement, whether or not governed by the United States federal law
known as “ERISA;” 

  

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

 

	 	(e)	any claims, causes of actions, suits, lawsuits, debts, or demands whatsoever arising out of or relating to Employee’s right to enforce the terms of this Release and the Separation Agreement dated July 14, 2015
between Employee and Valeant (the “Separation Agreement”); and 

  

	 	(f)	any rights or claims for indemnification under any written agreements with any of the Releasees, the charter, by-laws or operating agreements of the Company, or under applicable law or the Employment Letter, dated
November 10, 2011 between Employee and Valeant (the “Employment Letter”) or any rights as an insured, or to coverage, under any director’s and officer’s liability insurance policy; 

  
 15 

	 	(g)	any claims relating to Employee’s rights under the Employment Letter that are intended to survive the termination of Employee’s employment 

 

	 	(h)	any wrongful act or omission occurring after the date Employee signs this Release. 

 Nothing in
this Release shall prevent Employee from filing a charge with the Equal Employment Opportunity Commission (or similar state or local agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar
state or local agency); provided, however, that Employee acknowledges and agrees that any claims by Employee for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) hereby are barred. 

No Admission. Nothing about the fact or content of this Release shall considered to be or treated by Employee or Valeant
as an admission of any wrongdoing, liability or violation of law by Employee or by any Releasee. 
 Consideration Periods; Effective
Date. Employee acknowledges that (a) Valeant has advised him in this writing of his right to consult with an attorney prior to signing this Release; (b) he has carefully read and fully understands all of the provisions of
this Release, and (c) he is entering into this Release, including the releases set forth herein, knowingly, freely and voluntarily in exchange for good and valuable consideration (including, but not limited to, the payments to be made under the
Employment Letter, to which he would not be entitled in the absence of signing this Release. Employee has twenty-one (21) calendar days to consider this Release, although Employee may sign it sooner, but not before the last day of the
Consulting Period (as defined in the Separation Agreement). 
 Delivery to Valeant. Employee should return this
Release, signed by Employee to: 
 Valeant Pharmaceuticals International, Inc. 

400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807 
 Attn:
General Counsel 
 Judicial Interpretation/Modification; Severability. In the event that this Release shall be held
to be void, voidable, unlawful or, for any reason, unenforceable, the Release shall be voidable at the sole discretion of Valeant. 

Changes to Release. No changes to this Release can be effective except by another written agreement signed by Employee and by
Valeant’s Chief Executive Officer. 
 Complete Agreement. Except for the Separation Agreement, and any equity or other
employee benefit plans, programs or policies referenced herein or therein as surviving this Release, this Release, assuming it is executed, cancels, supersedes and replaces any and all prior agreements (written, oral or implied-in-fact or in-law)
between Employee and Valeant regarding 

  
 16 

 
all of the subjects covered by this Release. This Release, together with the Separation Agreement and any equity or other employee benefit plans, programs or policies referenced herein or therein
as surviving this Release, is the full, complete and exclusive agreement between Employee and Valeant regarding all of the subjects covered by this Release and the Separation Agreement, and neither Employee nor Valeant is relying on any
representation or promise that is not expressly stated in this Release or the Separation Agreement. 

  
 17 

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

 

							
	Date:	 	  
	 		 	  

		 		 		 	 Howard B. Schiller

  
 18

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