Company: BLCO
Filing Date: 2025-07-23
Form Type: 8-K
Source: 0000950103-25-009183
Chunk: 0

Company: Bausch & Lomb Corp
Filing Date: 2025-07-23
Form: 8-K
Item: Item 5.02
Chunk 0
---
Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;  

On July 21, 2025, Bausch + Lomb Corporation (the
“ Company” or “ Bausch + Lomb”) entered into an amendment to the employment agreement, dated as of February 14,
2023, between the Company and Brenton L. Saunders, the Company’s Chief Executive Officer, pursuant to which Mr. Saunders agreed
to limit the scope of his “good reason” severance rights relating to a spin-off of the Company from Bausch Health Companies
Inc. by removing the provision triggering such severance right based on the timing of the Distribution Date (as defined in that certain
Master Separation Agreement by and between Bausch Health Companies Inc. and the Company, dated as of March 30, 2022, as amended from time
to time). In addition, the Company and Mr. Saunders also entered into an amended and restated award agreement governing the terms of Mr.
Saunders’ award of performance stock units previously granted to him in connection with his appointment as our Chief Executive Officer
on February 23, 2023 (the “ New Hire PSUs”). Pursuant to this amendment, the New Hire PSUs will now vest and payout between
120% - 330% of the target award on February 23, 2029 (the “ New Performance End Date”), based on the level of achievement of
(i) specified share-price hurdle goals ranging from US$26.57 per share to US$39.06 per share measured as of the New Performance End Date
and (ii) a new cumulative Adjusted EBITDA performance modifier goal for the Company’s 2025 - 2028 fiscal years measured against
specified cumulative targets (which modifies the payout between a range of -40% to +40% of the payout level under the share-price hurdle
performance goal), subject to Mr. Saunders’ continued employment through the New Performance End Date (subject to certain exceptions).

The foregoing is a summary description of the
terms of the employment agreement amendment and the New Hire PSU award amendment which, by their nature, are incomplete. It is qualified
in its entirety by the full text of the such amendments, copies of which will be filed with the Company’s Quarterly Report on Form
10-Q for the quarter ending September 30, 2025.

Signatures