EXHIBIT 10.3
RELEASE AGREEMENT
Valeant Pharmaceuticals International
(the “ Company ”) has agreed that, in return for
my signing this Release Agreement, dated as of February 1st, 2008
(the “Agreement”), the Company will provide me with the
benefits described in the Separation Agreement, dated as of
February 1, 2008 between me and the Company (the “
Separation Agreement ”). I understand that I am not
entitled to severance benefits unless I sign this Agreement. I
understand that, regardless of whether I sign this Agreement, the
Company will pay me any accrued salary and vacation to which I am
entitled by law. In consideration for the benefits I am receiving
under this Agreement:
(1) I hereby release the Company
and its parent, subsidiaries, predecessors, successors, and
affiliates, and their officers, directors, employees, shareholders,
and agents from any and all claims, liabilities, or obligations of
every kind, but only to the extent (a) actually known by me
or, if unknown, are of such a nature that a prudent person acting
under similar circumstances would know of such claims; and
(b) arising at any time prior to and through the date I sign
this Agreement. This general release includes, but is not limited
to: all federal and state statutory and common law claims; claims
related to my employment, termination of my employment, breach of
contract, tort, discrimination, harassment, retaliation, fraud,
emotional distress, compensation or benefits; and claims for any
form of equity or compensation. In releasing claims potentially
unknown to me at present, I acknowledge that I have understood and
waived all rights and benefits under Section 1542 of the
California Civil Code, and any law or legal principle of similar
effect in any jurisdiction. California Civil Code Section 1542
provides as follows: “A general release does not extend to
claims which the creditor does not know or suspect to exist in his
favor at the time of executing the release, which if known by him
must have materially affected his settlement with the
debtor.”
(2) I acknowledge that I am
knowingly and voluntarily waiving and releasing an
