X0303 4 2010-11-11 0 0000885590 Valeant Pharmaceuticals International, Inc. VRX 0001502213 Chai-Onn Robert Roswell 7150 MISSISSAUGA ROAD MISSISSAUGA A6 L5N 8M5 ONTARIO, CANADA 0 1 0 0 EVP, GC & Corp. Sec. Stock Options (right to purchase) 26.41 2010-11-11 4 A 0 175000 0 A 2015-11-11 Common Shares, no par value 175000 175000 D Restricted Share Units 2010-11-11 4 A 0 75000 0 A Common Shares, no par value 75000 75000 D Restricted Share Units 2010-11-11 4 A 0 5000 0 A Common Shares, no par value 5000 5000 D The Stock Options vest in four equal annual installments commencing on October 8, 2011. Each Restricted Share Unit ("RSUs") represents a contingent right to receive between zero and three common shares, no par value, of Valeant Pharmaceuticals International, Inc. ("Valeant"), subject to performance based vesting criteria. See note (3). The performance based RSUs will vest based on total shareholder return (TSR) between a price of $26.51 starting on September 28, 2010 and the average stock price for the prior 20 trading days as of three measurement dates: 25% would vest on June 28, 2013, 50% on September 28, 2013 and 25% on December 28, 2013. Unit vesting is contingent on TSR performance between 15% and 45% into between one and three shares of common stock, respectively, with early vesting possible at higher TSR levels. Each RSU represents a contingent right to receive one common share, no par value, of Valeant. The RSUs vest in three equal annual installments commencing on October 8, 2011. By: Angie Palmer For: Robert Chai-Onn 2010-11-15