Pershing Square Activist Presentation Deck
Management Is Incentivized To Create
Shareholder Value
CEO Mike Pearson and his senior team have the potential to be richly
rewarded for outstanding long-term share price performance
► Annual Cash Incentive Compensation
■ Up to 200% of base salary possible if
goals are achieved
► Long-Term Incentive Compensation
■ 50% time-vested stock options
■ 50% performance share units;
three-year annualized Total
Shareholder Return (TSR) vesting
Michael Pearson &
Howard Schiller
55
Annualized
TSR (IRR)
<15%
15%
30%
45%
60%
% of
PSUS
vesting
0%
100%
200%
300%
400%
Mike Pearson and his team own significant stock in Valeant, further
aligning management with shareholders. Pearson owns ~10.6mm shares
(or -$1.3 billion) which he is restricted from selling until 2017
Source: Valeant 2014 Schedule 14AView entire presentation