Debora Jorn Form 3 Valeant Pharmaceuticals International / DEBORA JORN ownership change

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

JORN DEBORA

(Last) (First) (Middle)

400 SOMERSET CORPORATE BOULEVARD

(Street)

BRIDGEWATER NJ 08807

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/20/2015

3. Issuer Name and Ticker or Trading Symbol
Valeant Pharmaceuticals International, Inc. [ VRX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
EVP, Company Group Chairman

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, no par value	22,338(1)(2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Options (right to purchase)	(3)	08/09/2023	Common shares, no par value	11,734	101.68	D

Explanation of Responses:

1. Includes Restricted Share Units ("RSUs") representing contingent rights to receive up to 16,681 shares of common stock, no par value, of Valeant Pharmaceuticals International, Inc ("Shares"). RSUs representing 7,925 Shares will vest 1/3 per year over 3 years starting from November 20, 2014 ("the equity grant date") with the first vest date falling on the first anniversary of the equity grant date, the second vest date falling on the second anniversary of equity grant date and the third vest date falling on the third anniversary of the equity grant date. The RSUs representing the remaining 8,756 Shares are subject to performance based vesting criteria described below.

2. The performance based RSUs described in footnote 1 initially represented contingent rights to receive between zero and three common shares and were eligible to vest on the achievement of TSR targets ranging from 10% to 30% over a base price of $93.39 on each of three measurement dates: 25% would vest on May 9, 2016, 50% on August 9, 2016 and 25% on November 9, 2016, with early vesting possible at higher TSR levels. Each of those performance based RSUs previously vested for two Shares on the basis of earlier achieved TSR levels and now represents only a contingent right to one additional share, subject to the applicable performance criteria.

3. The options vest 25 percent per year over 4 years starting from August 9, 2013 ("the equity grant date") with the first vest date falling on the first anniversary of the equity grant date, the second vest date falling on the second anniversary of equity grant date, the third vest date falling on the third anniversary of the equity grant date and the fourth vest date falling on the fourth anniversary of the equity grant date.

	by: Nicholas Zanoni for Debora Jorn	05/29/2015
	** Signature of Reporting Person	Date
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