----

**Exhibit      (10)-v**

**BAUSCH      & LOMB INCORPORATED**

**LONG      TERM EQUITY EQUIVALENT ACCUMULATION PLAN**

**ARTICLE      ONE**

**Definitions**

| 1.1   | “Board”                means the Board of Directors of Bausch & Lomb                Incorporated. |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

| 1.2   | “Change                of Control” means a Change of Control as defined in Section 7.3 of this                Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------|

| 1.3   | “Code”                means the Internal Revenue Code of 1986, as                amended. |
|-----------------|-------------------------------------------------------------------------------------------------------|

| 1.4   | “Committee”                or “Compensation Committee” means the Compensation Committee of the                Board. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5   | “Company”                means Bausch & Lomb                Incorporated. |
|-----------------|-------------------------------------------------------------------------------------------|

| 1.6   | “Company                Stock Unit” means a hypothetical unit having a value at any time equal to                the closing price of a share of Company Common Stock at such time.                The                closing price shall be unless otherwise determined by the Committee,                the                closing price during normal business hours for the Shares as reported                on                the New York Stock Exchange (or on any national securities exchange                on                which the Shares are then listed) for a date or, if no such price                is                reported for that date, the closing price on the preceding date for                which                such prices were reported, all as reported by such source as the                Committee                may select. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7   | “Compensation”                means, for any calendar year, the gross remuneration (including any                amount                salary reduced under Code sections 125, 132(f), or 401(k)) paid to a                Participant by the Company for personal services actually rendered                including salary, wages, overtime, annual incentive bonuses, and                base                severance benefits but not including long-term incentive awards,                suggestion awards, tuition refunds, relocation expenses, enhanced                severance benefits or other extra remuneration of whatever nature,                contributions made under any other employee benefit or deferred                compensation plan, or any amount in excess of the amount permitted                under                Section 401(a)(17) of the Code. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.8   | “Effective                Date” means January 1, 2006. |
|-----------------|--------------------------------------------------------------------|

| 1.9   | “Officer”                means any corporate officer of the Company elected by the                Board. |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| 1.10   | “Participant”                means an eligible Officer. |
|------------------|---------------------------------------------------------------------|

| 1.11   | “Participant                Account” or “Account” means the hypothetical account maintained to record                contributions awarded to a Participant plus adjustments thereto to                reflect                earnings (and losses) and                withdrawals. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.12   | “Plan”                means this Bausch & Lomb Incorporated Long Term Equity Equivalent                Accumulation Plan. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 1.13   | “Trust”                means any rabbi trust established by the Company for the purposes                of                providing funds for the Company to meet its obligations to pay benefits                under this Plan. The rabbi trust established under the Executive                Deferred                Compensation Plan may be used as the Trust vehicle for both this                Plan and                the Executive Deferred Compensation Plan. |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.14   | “Year”                or “Plan Year” means the calendar                year. |
|------------------|------------------------------------------------------------------------------------------------------|

**ARTICLE      TWO**

**Purpose      of Plan**

| 2.1   | The                purpose of this Plan is to provide a means to attract and retain                key                officers and, through the award of Company Stock Units, to further                align                the interests of Officers with the interests of the Company’s                shareholders. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      THREE**

**Eligibility**

| 3.1   | Any                Officer designated in the sole discretion of the Compensation Committee,                shall be eligible to participate in this Plan, provided that no Officer                shall be eligible unless he or she is within a “select group of management                or highly compensated employees” as this term is defined in Title I of                ERISA. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      FOUR**

**Awards/Contributions**

| 4.1   | Type                and Amount of Awards.                Each Plan Year the Company shall, at each Participant’s election, allocate                to his or her Account either a dollar amount equal to five percent                of the                Participant’s Compensation for the Year or Company Stock Units with a                notional value of 15 percent of the Participant’s Compensation for the                Plan Year. Company                contributions shall be allocated to a Participant’s Account as soon as                administratively practicable following the end of each calendar quarter,                based on the Participant’s Compensation during such period, or more                frequently as determined by the Company in its administration of                the                Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2   | Vesting.                  Cash awards shall be immediately and fully vested at all times.                  Company                  Stock Unit awards shall vest at the earliest of the                  following: |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Five                years from the first day of the calendar year to which the award                relates; |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| §   | The                Participant’s termination of employment on account of disability as                defined under the Company’s long-term disability plan or, in the absence                of such a plan, the Participant’s entitlement to Social Security                disability benefits; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The                Participant’s death; |
|--------------------|-----------------------------------------------|

| §   | In                the event of the Participant’s retirement from the Company at or after age                55, unvested Company Stock Unit Awards shall vest partially and in                20%                increments depending on how many years out of five have passed since                the                first day of the calendar year to which the award relates (such that,                for                example, a Participant who retires with a Company Stock Unit Award                that                was granted more than three but less than four years before retirement                will be vested in 60% of that particular Company Stock Unit Award);                or |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The                Compensation Committee shall have the ability to accelerate vesting                under                any other circumstances in its sole                discretion. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3   | Officer                  Contributions.                  Participant contributions to this Plan are neither required nor                  permitted. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      FIVE**

**Deferral      of Awards **

| 5.1   | Participant                  Elections.                  Each Participant shall have the right to make the following elections                  with                  respect to Company Stock Unit (but not cash) contributions made                  on his or                  her behalf |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Whether                to receive payment, adjusted for earnings and losses, if any, as                soon as                administratively practicable after it vests or to defer payment pursuant                to Section 5.2 to a fixed date or to the Participant’s date of                retirement; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                method of deferred payment desired (i.e., equal annual installments                or                lump sum) and, if annual installments, the number of years of installment                payments; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                designation of a beneficiary to receive any benefit payable on account                of                the Participant’s death. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2   | Deferral                  Elections to follow Deferred Compensation Plan.                  For all Participants who are initially eligible to participate                  on the                  Effective Date of this Plan, the elections under Section 5.1 must                  be made                  to the Company in writing no later than December 31, 2005, and                  shall be                  effective only with respect to Compensation earned after the election                  is                  made. Except as specified in the prior sentence with respect to                  the timing                  requirements for the initial election following the Effective Date,                  all                  deferrals of awards under this Plan shall be made in accordance                  with the                  terms of Sections 5 and 6 of the Company’s Executive Deferred Compensation                  Plan whose terms are incorporated by this                  reference. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      SIX**

**Investment      of Participant Accounts**

| 6.1   | Earnings                  on Accounts.                  Company Stock Unit awards shall have earnings determined independently                  as                  follows. The                  rate of return on deferred Company Stock Unit awards shall match                  the rate                  of return on the Company’s Common Stock. Each Company Stock Unit shall                  have an initial value equal to the closing price of a share of                  Company                  Common Stock on the date, no less than once per quarter, as determined                  by                  the Company in its administration of the Plan, that allocated                  contributions are converted to Company Stock Units. Its value on                  any date                  thereafter shall equal the value of the Company Common Stock on                  such later                  date. If any dividends are issued on Company Common Stock while                  Company                  Stock Units are held in the Plan, each unit shall be deemed to                  generate on                  the date dividends on Company Common Stock are paid, dividend equivalents                  equal to the dividends on the Common Stock and the amount of such                  dividend                  equivalents shall be converted to additional Company Stock Units                  based on                  the closing price of Company Common Stock on such conversion date.                  No                  amounts credited to deferred Company Stock Unit accounts may be                  transferred from these accounts to other investment accounts under                  the                  Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2   | Account                  Recordkeeping.                  All Company Stock Unit accounts under the Plan are hypothetical.                  The value                  of a Participant’s Company Stock Unit Accounts will fluctuate in                  accordance with the actual performance of Company Stock. That is,                  earnings                  and losses on Company Stock Unit accounts shall track changes in                  the fair                  market value of Company Common Stock as determined by the Compensation                  Committee or its designee. Dividends on the imputed shares also                  will be                  credited to the Participant’s Company Stock Unit                  accounts. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      SEVEN**

**Payment      of Benefits**

| 7.1   | Normal                  Payment Date.                  On the payment date elected by the Participant in the deferral                  election                  (but in no event later than the date the Participant terminates                  employment                  other than for retirement after age 55, or death), the vested amount                  credited to the Participant’s Account as of the Plan’s valuation date                  immediately preceding the distribution date shall be payable to                  the                  Participant or, in the event of death, to his or her beneficiary.                  The form                  of payment shall be a single lump sum payment or equal annual installment                  payments. Regardless of the form of benefit, all payments shall                  be made in                  cash. No benefits shall be payable in Company stock or other property.                  The                  value of a Participant’s Account shall be based on the hypothetical value                  of the accumulated contributions and earnings credited to the Account                  under ARTICLE SIX regardless of the value of any actual investments,                  if                  any, invested by the trustee of the Rabbi                  Trust. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2   | Hardship                  Distribution.                  In the case of an unforeseeable emergency, the Committee shall                  distribute                  all or a portion of the vested portion of an Account before the                  fixed date                  specified in the Participant’s deferral election, but the amount of the                  distribution shall not exceed the amount needed to relieve the                  unforeseeable emergency. For this purpose, the Committee shall                  determine                  the existence of an unforeseeable emergency under such rules as                  it may                  establish provided that in no event shall a distribution be made                  that                  fails to satisfy the definition of an unforeseeable emergency as                  set forth                  in Code Section 409A. Currently, Section 409A defines the term                  “unforeseeable emergency” as a severe financial hardship to the                  Participant resulting from an illness or accident of the Participant,                  the                  Participant’s spouse, or a dependent (as defined in Code Section 152(a))                  of the Participant, loss of the Participant’s property due to casualty, or                  other similar extraordinary and unforeseeable circumstances arising                  as a                  result of events beyond the control of the                  Participant. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3   | Change                  of Control Distribution.                  Upon a Change of Control (as defined below), notwithstanding a                  Participant’s payment date with respect to any compensation deferred                  hereunder, all amounts in a Participant’s Account (including earnings                  credited thereto) shall be due and payable to the Participant in                  a lump                  sum cash payment within 15 days following the Change of Control.                  For                  purposes of this Plan, Change of Control shall mean an event that                  satisfies one of the conditions in (i) through (iv) below and is                  either a                  “change in the ownership or effective control” or a “change in the                  ownership of a substantial portion of the assets of the Company” as these                  terms are defined in Code Section 409A and the regulations                  thereunder: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4   | Death                  Distribution.                  In the case of the death of any Participant before distribution                  of the                  full amount of his or her Account, any remaining amounts shall                  be                  distributed to the Participant’s beneficiary in a single cash sum. If a                  Participant has not designated a beneficiary, or if no designated                  beneficiary is living on the date of distribution, then, notwithstanding                  any provision herein to the contrary, such amounts shall be distributed                  to                  such Participant’s estate in a lump sum cash distribution as soon as                  administratively feasible following such Participant’s                  death. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5   | Termination                  Distribution.                  Notwithstanding any payout election a Participant may have made,                  upon his                  or her termination of employment with the Company, a Participant’s Account                  balance shall be automatically paid in a lump sum cash payment                  no later                  than 60 days after the end of the Plan Year of the Participant’s                  termination of employment; provided, however, that any Participant                  who is                  a Specified Employee and who incurs a termination of employment                  with the                  Company shall not be entitled to receive his or her Plan account                  balance                  under this paragraph prior to the date which is six (6) months                  after the                  date of his or her termination of employment (or, if earlier, his                  or her                  death). For purposes of the Plan, the term “Specified Employee” shall mean                  a key employee, as defined in Code Section 416(i) (without regard                  to                  paragraph (5) thereof). As of the Effective Date, this section                  defines a                  key employee to mean an employee of the Company who, at any time                  during                  the Plan Year, is (1) an officer of the Company having an annual                  compensation greater than one hundred thirty-five thousand dollars                  ($135,000) for 2005 (indexed for inflation in future years); (ii)                  a five                  percent (5%) owner of the Company; or (iii) a one percent (1%)                  owner of                  the Company having an annual compensation from the Company of more                  than                  one hundred fifty thousand dollars ($150,000). Termination                  of employment shall mean the separation of service with the Company                  (within the meaning of Code Section 409A), voluntarily or involuntarily,                  for any reason other than retirement, death, or authorized leave                  of                  absence. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.6   | Taxes.                  All payments made to Participants under the Plan shall be subject                  to all                  taxes required to be withheld under applicable laws and regulations                  of any                  governmental authorities. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      EIGHT**

**Miscellaneous**

| 8.1   | Fail                Safe Provision.(a)This                Section shall become operative upon the enactment of any change in                applicable statutory law or the promulgation by the Internal Revenue                Service of a final regulation or other pronouncement having the force                of                law, which statutory law, as changed, or final regulation or                pronouncement, as promulgated, would cause any Participant to include                in                his or her federal gross income amounts accrued by the Participant                under                the Plan on a date (an "Early Taxation Event") prior to the date                on which                such amounts are made available to him or her hereunder; provided,                however, that no portion of this Section shall become operative to                the                extent that portion would result in a violation of Section 409A (e.g.,                by                causing an impermissible distribution under Section                409A). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2   | Administration.                The Treasurer of the Company, as the designee of the Compensation                Committee, shall be the plan administrator and has the authority                to                control and manage the operation and administration of the Plan. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.3   | Assignability.                No right to receive payments under the Plan is transferable or assignable                by a Participant except by will or by the laws of descent and                distribution. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.4   | Business                Days.                In the event any date specified falls on a Saturday, Sunday, or holiday,                such date will be deemed to refer to the next business day                thereafter. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5   | Amendment.                The Plan may at any time or from time to time be amended or modified                by                the Board of Directors or the Compensation Committee. No such amendment                or                modification will, without the consent of the Participant, adversely                affect the Participant's accruals in his or her Participant Account. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6   | Termination.                Although the Company anticipates that it will continue the Plan for                an                indefinite period of time, there is no guarantee that the Company                will                continue the Plan or will not terminate the Plan at any time in the                future. Accordingly, the Company (through its Board of Directors                or the                Compensation Committee) reserves the right to terminate the Plan                at any                time. Upon a complete or partial termination of the Plan, the deferral                elections of the affected Participants shall terminate and their                Plan                Account balances, determined as if they had experienced a termination                of                employment on the date of Plan termination, shall be immediately                paid to                the Participants; provided however, if immediate distribution of                a                Participant's account balance on termination is not permitted by                Section                409A, the payment of the Account balance shall be made only after                Plan                benefits otherwise become due hereunder.                The                termination of the Plan shall not adversely affect any Participant                or                beneficiary who has become entitled to the payment of any benefits                under                the Plan as of the date of termination. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.7   | Prohibited                Acceleration/Distribution Timing.                This Section shall take precedence over any other provision of the                Plan to                the contrary. No provision of this Plan shall be followed if following                the                provision would result in the acceleration of the time or schedule                of any                payment from the Plan as would require immediate income tax to                Participants based on the law in effect at the time the distribution                is to                be made, including Section 409A. In addition, if the timing of any                distribution election would result in any tax or other penalty (other                than                ordinarily payable Federal, state or local income or payroll taxes),                which                tax or penalty can be avoided by payment of the distribution at a                later                time, then the distribution shall be made (or commence, as the case                may                be) on (or as soon as practicable after) the first date on which                such                distributions can be made (or commence) without such tax or                penalty. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**BAUSCH      & LOMB INCORPORATED**