Delaware | 1-11397 | 33-0628076 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| a bonus in respect of the fiscal year in which the Executives termination date occurs, as though the Executive had continued in employment until the payment of bonuses by the Company to its executives for such fiscal year, equal to the pro rata amount of the lesser of (x) the bonus that the Executive would have been entitled to receive based on actual achievement against the stated performance objectives, or (y) the bonus that the Executive would have been entitled to receive assuming that the applicable performance objectives for such year were achieved at target; payable no later than March 15 of the year following the Executives termination; provided that, if the Executives termination occurs either in contemplation of a Change in Control or at any time within 12 months following a Change in Control, then the payment would be equal to the pro rata amount of the bonus that the Executive would have been entitled to receive assuming that the applicable performance objectives for such year were achieved at target; and | ||
| a severance payment in the amount of 1.6 times the Executives base salary (or, with respect to Dr. Chaudhuri, such severance payment shall be in an amount of 2.1 times his base salary in the event that the Company does not receive on or before March 15, 2011 the favorable the private letter ruling described below with respect to vesting of performance share units); provided that, if the Executives termination occurs either in contemplation of a Change in Control or at any time within 12 months following a Change in Control, then the payment would be an amount equal to two times the sum of (A) the Executives annual salary as of the date of termination, plus (B) the Executives annual target bonus as of the date of termination. |
| if the financial performance-based goal approved by the Companys Compensation Committee for the period beginning on or after April 1, 2010 is achieved, then the first tranche of the Executives PSUs shall vest, conditioned on the issuance by the Internal Revenue Service on or before March 5, 2011 of a favorable private letter ruling that such performance goal vesting will meet the requirements for the PSUs to qualify as other performance-based compensation exempt from the limitations applicable under Section 162(m) of the Internal Revenue Code. |
(d) | Exhibits. | |
10.1 | Amendment to Employment Offer Letter, dated March 31, 2010, Bhaskar Chaudhuri and Valeant Pharmaceuticals International | |
10.2 | Amendment to Employment Offer Letter, dated March 30, 2010, Rajiv De Silva and Valeant Pharmaceuticals International | |
10.3 | Amendment to Employment Offer Letter, dated March 30, 2010, Elisa Karlson and Valeant Pharmaceuticals International | |
10.4 | Amendment to Employment Offer Letter, dated March 30, 2010, Steve T. Min and Valeant Pharmaceuticals International |
VALEANT PHARMACEUTICALS INTERNATIONAL |
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Date: April 5, 2010 | By: | /s/ Peter J. Blott | ||
Peter J. Blott | ||||
Executive Vice President and Chief Financial Officer | ||||
10.1 | Amendment to Employment Offer Letter, dated March 31, 2010, Bhaskar Chaudhuri and Valeant Pharmaceuticals International | |
10.2 | Amendment to Employment Offer Letter, dated March 30, 2010, Rajiv De Silva and Valeant Pharmaceuticals International | |
10.3 | Amendment to Employment Offer Letter, dated March 30, 2010, Elisa Karlson and Valeant Pharmaceuticals International | |
10.4 | Amendment to Employment Offer Letter, dated March 30, 2010, Steve T. Min and Valeant Pharmaceuticals International |