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Statement Regarding Howard Schiller’s Employment Letter

February 3, 2016

  • Our agreement with Howard Schiller reflects his unique qualifications to serve as Valeant’s Interim CEO and his willingness to lead the company at this important time.  While we have agreed on an initial two-month period,  if the Board asks Howard to continue as Interim CEO at that point, he has indicated he would be willing to do so.
  • In setting compensation, we reviewed Howard’s qualifications and ability to lead the company at a time of intense public scrutiny, the commitment involved on his part, and CEO compensation metrics, and we believe the compensation reflects this.
  • Under the terms of the Employment Letter, Mr. Schiller is not entitled to participate in the Company’s annual incentive plan or receive additional grants under the Company’s long-term incentive plan (other than certain equity grants that he may be entitled to receive as a member of the Board).
  • Per the terms of the July 17 separation agreement between Mr. Schiller and Valeant, 100,000 PSUs would vest on the expiration or termination of the consulting period (in this case, January 6, 2016) subject to him providing reasonably requested consulting services and signing a general release of claims (which he did).
  • The PSUs did not vest on January 31, 2016, as erroneously reported in the media.

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