EXHIBIT (10)-v

Amended and Restated as of
February 25, 2003
Amended January 27, 2004



Bausch & Lomb Incorporated

ANNUAL INCENTIVE COMPENSATION PLAN

|I.    | Introduction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      | The Bausch & Lomb Incorporated Annual Incentive Compensation Plan (the "Plan") is established to create effective incentives for managers of Bausch & Lomb Incorporated (the "Company") to set and achieve objectives that are designed to enhance business performance and increase shareholder value. The Plan is also designed to provide competitive levels of compensation to enable the Company to attract and retain managers who are able to exert a significant impact on the value of the Company for its shareholders.                                                                                                                                
|II.   | Plan Participants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | Employees of the Company who are in the mid management band and above and are selected to participate in the Plan are eligible to participate in the Plan ("Participants").                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|III.  | Definitions. Capitalized terms not otherwise defined when used in this Plan shall have the following meanings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | D.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | E.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | F.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | G.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | H.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | I.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | J.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | K.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|IV.   | Performance Measurement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|      | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|V.    | Threshold, Target and Stretch Goals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|      | Total Company and Operating Unit Objectives will be set with a "target" goal, a "stretch" goal and a "threshold" goal. Achievement of the "target" goal should reflect performance which is in line with expected performance, and which supports expected Company performance. "Stretch" goals should assume performance well in excess of that required to achieve the target goal, while "threshold" goals should define a minimum level of performance warranting funding of a Bonus Pool. "Stretch" and "threshold" goals must be approved with respect to each Objective at the same time and in the same manner that the respective Objective is approved.
|VI.   | Bonus Calculation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|VII.  | Change in Status During Plan Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|      | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | D.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      | E.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|VIII. | Change of Control.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|IX.   | Miscellaneous.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|      | A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | C.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | D.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | E.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | F.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      | G.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               



BAUSCH & LOMB INCORPORATED

By:/s/ David Nachbar            David Nachbar
            Corporate Senior Vice President
            Human Resources
            Dated:  January 27, 2004





APPENDIX LIST

Appendix A -           STANDARD INCENTIVE PERCENTAGE TABLE 
Appendix B -           INCENTIVE WEIGHTINGS





APPENDIX A

Amended and Restated as of February 25, 2003
Amended January 27, 2004

STANDARD INCENTIVE PERCENTAGE





|BAND/GRADE                                                                                                                                                                                            | STANDARD INCENTIVE 
PERCENTAGE (AS A % OF 
BASE SALARY)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------
|NON-OFFICERS:                                                                                                                                                                                         |                                                        
|MM/T                                                                                                                                                                                                  | 15%                                                    
|                                                                                                                                                                                                      |                                                        
|EXEC                                                                                                                                                                                                  | 30%                                                    
|                                                                                                                                                                                                      |                                                        
|SR. EXEC                                                                                                                                                                                              | 35%                                                    
|                                                                                                                                                                                                      |                                                        
|OFFICERS*:                                                                                                                                                                                            |                                                        
|                                                                                                                                                                                                      |                                                        
|                                                                                                                                                                                                      |                                                        
|*Standard incentive levels will range from 50% to 100% of base salary, depending on position, as approved at the beginning of each Plan Year by the Compensation Committee of the Board of Directors.







Amended and Restated as of February 25, 2003
Amended January 27, 2004

Appendix B

Bonus Pool Funding





|                                             | Total Company | Operating Unit
|-------------------------------------------- | ------------- | --------------
|Corporate Officers(1)                        | 100%          | --            
|Corporate Staff                              | 100%          | --            
|Global Supply Chain:                         | 75%           | 25%           
|Global RD&E:                                 | 75%           | 25%           
|Regional/Commercial:                         | 75%           | 25%           
|Global Category Groups                       | 75%           | 25%           
|Other Operating Units as approved by the CEO | 75%           | 25%           

(1)