X0306 4 2014-05-20 0 0000885590 Valeant Pharmaceuticals International, Inc. VRX 0001502213 Chai-Onn Robert Roswell 2150 ST. ELZEAR BLVD. WEST LAVAL A8 H7L 4A8 QUEBEC, CANADA 0 1 0 0 EVP, Gen. Couns. & Corp. Secy. Non-Qualified Stock Options (right to purchase) 106.49 2014-05-20 4 A 0 180000 0 A 2020-12-12 2023-12-12 Common Shares, no par value 180000 180000 D Restricted Share Units 2014-05-20 4 A 0 90000 0 A Common Shares, no par value 90000 90000 D This option award was previously reported based on having been approved by the issuer's board of directors on December 12, 2013, but such award was subject to shareholder approval. Such shareholder approval was received on May 20, 2014. The options vest one-seventh per year for seven years starting from the date of grant with the first vest date falling on the first anniversary of the grant, the second vest date falling on the second anniversary of the grant, the third vest date falling on the third anniversary of the grant, the fourth vest date falling on the fourth anniversary of the grant, the fifth vest date falling on the fifth anniversary of the grant, the sixth vest date falling on the sixth anniversary of the grant, and the seventh vest date falling on the seventh anniversary of the grant. Each Restricted Share Unit ("RSUs") represents a contingent right to receive between zero and four common shares, no par value, of Valeant Pharmaceuticals International, Inc. ("Valeant"), subject to performance based vesting criteria. See note (4). The performance based RSUs are eligible to vest on the achievement of TSR targets ranging from 10% to 40% over a base price of $107.96 on each of three measurement dates: 25% would vest on October 9, 2019, 50% on January 9, 2020 and 25% on April 9, 2020, with early vesting possible at higher TSR levels. by: Nicholas Zanoni for Robert Chai-Onn 2014-05-22