Document:

EX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of [•], 2022 (this “Agreement”), is made by and between Bausch Health
Companies Inc., a corporation continued under the British Columbia Business Corporations Act (“Parent”), and Solta Medical Corporation, a company incorporated under the British Columbia Business Corporations Act
(“Solta”). 
 Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement shall have the
meaning set forth in the Master Separation Agreement, dated as of the date hereof, by and between Parent and Solta (as amended, modified or supplemented from time to time in accordance with its terms, the “Separation Agreement”).

 W I T N E S S E T H: 

WHEREAS, Solta is presently a wholly-owned subsidiary of Parent; 

WHEREAS, pursuant to the Separation Agreement, Parent is offering and selling to the public Solta Common Shares pursuant to a registration
statement on Form S-1 (the “IPO”), immediately following which offering and sale Parent will own at least a majority of the outstanding Solta Common Shares; 

WHEREAS, Parent and Solta desire to enter into this Agreement to set forth the terms and conditions of the registration rights and obligations
of Parent and Solta; and 
 WHEREAS, the Separation Agreement requires execution and delivery of this Agreement by Parent and Solta at or
prior to the Separation Time. 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, it is agreed as
follows: 
 Article I 

Definitions 

Section 1.1 Definitions. As used in this Agreement, the following capitalized terms shall have the meanings ascribed to them
below. Capitalized terms that are not defined in this Agreement shall have the meanings set forth in the Separation Agreement. 

“Affiliate” shall mean, when used with respect to a specified Person, a Person that, directly or indirectly, through one or
more intermediaries, controls, is controlled by or is under common control with such specified Person. For the purpose of this definition, “control” (including, with correlative meanings, “controlled by” and
“under common control with”), when used with respect to any specified Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities or other interests, by contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment, undertaking or otherwise. It is expressly agreed that, prior to,
at and after the Separation Time, solely for purposes of this Agreement and the Ancillary Agreements, (a) no member of the Solta Group (shall be deemed to be an Affiliate of any member of the Parent Group and (b) no member of the
Parent Group shall be deemed to be an Affiliate of any member of the Solta Group. 

 “Agreement” shall have the meaning set forth in the Preamble. 

“Article III Notice” shall have the meaning set forth in Section 3.1. 

“Business Day” shall mean a day other than a Saturday, a Sunday or a day on which banking institutions located in
Québec, Canada, Toronto, Ontario or New York, New York are authorized or obligated by Law or executive order to close. 

“Damages” shall have the meaning set forth in Section 6.1. 

“Demand Registration” shall have the meaning set forth in Section 2.1. 

“Demand Request” shall have the meaning set forth in Section 2.1. 

“Disclosure Package” shall mean, with respect to any offering of securities, (a) the preliminary Prospectus,
(b) each Free Writing Prospectus (if any) and (c) all other information prepared by or on behalf of Solta, in each case, that is deemed under Rule 159 promulgated under the Securities Act to have been conveyed to purchasers of securities
at the time of sale of such securities (including a contract of sale). 
 “Exchange Act” shall mean the U.S. Securities
Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder. 
 “Free Writing
Prospectus” shall mean any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act. 

“Governmental Authority” shall mean any nation or government, any state, municipality or other political subdivision thereof,
and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign, multinational, supranational, territorial, or provincial, exercising executive,
legislative, judicial, regulatory, administrative or other similar functions of, or pertaining to, a government and any executive official thereof. 

“Holder” shall mean any member of the Parent Group holding Registrable Securities. 

“Holder Covered Persons” shall have the meaning set forth in Section 6.1. 

“Holder Free Writing Prospectus” shall mean each Free Writing Prospectus prepared by or on behalf of (unless prepared by
Solta or on behalf of Solta) a Holder and used or referred to by such Holder in connection with the offering of Registrable Securities. 

“Indemnified Party” shall have the meaning set forth in Section 6.3. 

“Indemnifying Party” shall have the meaning set forth in Section 6.3. 

“IPO” shall have the meaning set forth in the Recitals. 

  
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 “Parent” shall have the meaning set forth in the Preamble. 

“Parent Group” shall mean Parent and each Person that is a Subsidiary of Parent (other than Solta and any other member of the
Solta Group). 
 “Parties” shall mean the parties to this Agreement. 

“Person” shall mean an individual, a general or limited partnership, a corporation, a trust, a joint venture, an
unincorporated organization, a limited liability entity, any other entity and any Governmental Authority. 
 “Piggy-back
Registration” shall have the meaning set forth in Section 3.1. 
 “Prospectus” shall
mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement or any
other amendments and supplements to such prospectus, including any preliminary prospectus, any pre-effective or post-effective amendment and all material incorporated by reference in any prospectus. 

“Public Offering” shall have the meaning set forth in Section 3.1. 

“Registrable Securities” shall mean Solta Common Shares, including any other Solta Common Shares that may be acquired by any
Holder. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (b) such securities shall have been sold to the public pursuant to Rule 144 (or any successor provision) under the Securities Act,
(c) such securities shall have ceased to be outstanding or (d) such securities may be sold in the public market of the United States under Rule 144, without regard to the volume or manner of sale limitations of such rule. 

“Registration Expenses” shall have the meaning set forth in Section 5.1. 

“Registration Statement” shall mean any registration statement of Solta that covers Registrable Securities pursuant to the
provisions of this Agreement, all amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Rule 144” shall have the meaning set forth in Section 7.1. 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder. 
 “Selling Shareholders” shall have the meaning set forth in Section 3.2. 

  
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 “Separation Agreement” shall have the meaning set forth in the Recitals.

 “Shelf Registration” means a registration of the Registrable Securities under a Registration Statement of Solta for an
offering to be made on a delayed or continuous basis of Solta Common Shares pursuant to Rule 415 under the Securities Act (or any successor or similar rule). 

“Solta” shall have the meaning set forth in the Preamble. 

“Solta Common Shares” shall mean the common shares of Solta, no par value (it being understood that, if the Solta Common
Shares, as a class, shall be reclassified, exchanged or converted into another security (including as a result of a merger, consolidation or otherwise) or the right to receive such security, each reference to Solta Common Share in this Agreement
shall refer to such other security into which the Solta Common Share was reclassified, exchanged or converted). 
 “Solta Covered
Person” shall have the meaning set forth in Section 6.2. 
 “Solta Free Writing
Prospectus” shall mean each Free Writing Prospectus prepared by or on behalf of Solta. 
 “Solta Group” shall mean
(a) prior to the Separation Time, Solta and each Person that will be a Subsidiary of Solta immediately after the Separation Time, including the Transferred Entities and their respective Subsidiaries, even if, prior to the Separation Time, such
Person is not a Subsidiary of Solta, and (b) on and after the Separation Time, Solta and each Person that is a Subsidiary of Solta. 

“Underwritten Takedown” shall have the meaning set forth in Section 2.1. 

Article II 
 Demand
Registrations 
 Section 2.1 Requests for Registration. (a) Subject to the provisions of this Article II, any
Holder or group of Holders may at any time make a written request (a “Demand Request”) for registration under the Securities Act on Form S-1 or any similar long-form registration statement of
all or any portion of its Registrable Securities or if the Company is then eligible to use Form S-3, a registration statement on Form S-3 of all or any portion of its
Registrable Securities (a “Demand Registration”). Such Demand Requests shall specify the amount of Registrable Securities to be registered and the intended method or methods of disposition. Solta shall, subject to the provisions of
this Article II and to the Holders’ compliance with their obligations under the provisions of this Agreement, use its commercially reasonable efforts to file with the SEC a Registration Statement registering all Registrable Securities
included in such Demand Request for disposition in accordance with the intended method or methods set forth therein as promptly as possible following receipt of a Demand Request; provided, that if the managing underwriter(s) for a Demand
Registration in which Registrable Securities are proposed to be included pursuant to this Article II that involves an underwritten offering shall advise Solta 

  
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that, in its reasonable opinion, the number of Registrable Securities to be sold is greater than the amount that can be offered without adversely affecting the success of the offering (taking
into consideration the interests of Solta and the Holders), then Solta will be entitled to reduce the number of Registrable Securities included in such registration to the number that, in the opinion of the managing underwriter(s), can be sold
without having the adverse effect referred to above; provided, further, that in the event of such a reduction in the number of Registrable Securities included in such registration, the number of Registrable Securities registered shall
be allocated in the following priority: first, pro rata among the Holders participating in the Demand Registration, based on the number of Registrable Securities included by such Holder in the Demand Request; second, Solta Common
Shares proposed to be registered for offer and sale by Solta; and third, Solta Common Shares proposed to be registered pursuant to any piggy-back registration rights of security holders of Solta other than any Holder. Solta shall use its
commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after filing and to remain effective until the earlier of (a) ninety (90) days following the date on which it was declared
effective, and (b) the date on which all of the Registrable Securities covered thereby are disposed of in accordance with the method or methods of disposition stated therein. 

(b) Notwithstanding the provisions of Section 2.1(a), Demand Registrations shall be Shelf Registrations whenever
Solta is permitted to use any applicable short form Registration Statement on Form S-3. Solta shall use its commercially reasonable efforts to promptly cause the Shelf Registration to be declared effective
under the Securities Act as soon as reasonably practicable after the filing thereof and Solta shall use its commercially reasonable efforts to keep such shelf registration continuously effective following such registration until three (3) years
after the registration statement is declared effective. Any Holder or group of Holders may request an underwritten offering using such Shelf Registration (an “Underwritten Takedown”), and any such request shall be deemed a Demand
Registration. The provisions of Section 2.1(a) shall apply mutatis mutandis to each Underwritten Takedown, with references to “filing of the Registration Statement” or such Registration Statement being
declared “effective” being deemed references to filing of a prospectus or supplement for such offering and references to “registration” being deemed references to the offering; provided that any Holder or group of Holders
participating in the Underwritten Takedown shall only include any Holder or group of Holders whose Registrable Securities are included in such Shelf Registration or may be included therein without the need for a post-effective amendment to such
Shelf Registration (other than an automatically effective amendment). 
 Section 2.2 Limitations on Demand Registration
Requests. (a) Notwithstanding anything in this Article II to the contrary, Solta shall not be obligated to effect a Demand Registration, other than a Shelf Registration but including an Underwritten Takedown, (i) unless the
aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration equals or exceeds $50,000,000 or such lesser amount that constitutes all of such Holder’s Registrable
Securities, (ii) if a Piggy-back Registration had been available to any Holder within the ninety (90) days preceding the date of the Demand Request, (iii) within sixty (60) days after the effective date of a previous registration
effected with respect to the Registrable Securities pursuant to Section 2.1 or (iv) during any period (not to exceed one hundred eighty days (180) days) in the case of the IPO or otherwise 90 days following the
closing of the completion of an offering of securities by Solta if such Demand Registration would cause Solta to breach a “lock-up” or similar provision contained in the underwriting agreement for
such offering. Furthermore, Solta shall not be obligated to effect more than three (3) Demand Registrations in any twelve (12)-month period. 

  
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 (b) At any time prior to the effective date of the registration statement or the filing of a
prospectus statement relating to such registration, the Holder making such Demand Registration may revoke such request, without liability to any of the other Holders, by providing a notice to Solta revoking such request. A request, so revoked, shall
be considered to be a Demand Registration unless (i) such revocation arose out of the fault of the Solta (in which case Solta shall be obligated to pay all Registration Expenses in connection with such revoked request), or (ii) the Holder
making such Demand Request reimburses the Company for all Registration Expenses (other than the expenses set forth under clause (f) of the definition of the term Registration Expenses) of such revoked request. 

Section 2.3 Suspension of Registration. Notwithstanding the foregoing, if in the good faith judgment of the Board of Directors of
Solta it would be materially detrimental to Solta and its shareholders for any Registration Statement to be filed or continued to be used or for any Registration Statement or Prospectus to be amended or supplemented because such filing, continued
use, amendment or supplement would (a) require disclosure of material nonpublic information, the disclosure of which would be reasonably likely to materially and adversely affect Solta and its subsidiaries, taken as a whole, or
(b) materially interfere with any existing or prospective business transaction or negotiation involving Solta, Solta shall have the right to suspend the use of the applicable Registration Statement or delay delivery or filing, but not the
preparation, of the applicable Registration Statement or Prospectus or any document incorporated therein by reference, in each case for a reasonable period of time; provided, however, that Solta shall not be able to exercise such
suspension right more than twice in each twelve (12)-month period aggregating not more than one hundred twenty (120) days in such twelve (12)-month period. In the event that the ability of the Holders to sell shall be suspended for any reason,
the period of such suspension shall not count towards compliance with the ninety (90)-day period referred to in clause (i) of Section 2.1(a). 

Article III 
 Piggy-back
Registrations 
 Section 3.1 Right to Include Registrable Securities. If at any time Solta proposes to register (including
for this purpose a registration effected by Solta for security holders of Solta other than any Holder) securities that may include any Solta Common Shares and to file a Registration Statement under the Securities Act, whether or not for sale for its
own account (other than pursuant to a registration statement on Form S-4, Form S-8 or any successor or similar forms), in a manner that would permit registration or the
offer and sale of Registrable Securities for resale to the public under an effective Registration Statement under the Securities Act (a “Public Offering”), Solta will at each such time promptly give written notice to the Holders of
(a) its intention to do so, (b) the form of registration statement of the SEC that has been selected by Solta and (c) the rights of Holders under this Article III (the “Article III Notice”). Solta will include
in any Public Offering all Registrable Securities that Solta is requested in writing, within seven (7) days after the date the Article III Notice is delivered by Solta, to register by the Holders thereof (each, a “Piggy-back
Registration”); provided, however, 

  
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that (i) if, at any time after giving the Article III Notice and prior to the effective date of the Registration Statement, Solta shall determine to abandon such Public Offering, Solta may
give written notice of such determination to all Holders who so requested registration, and thereafter Solta shall be relieved of its obligation to register or offer for sale any Registrable Securities in connection with such abandoned Public
Offering (without prejudice to the other rights of Holders under this Article III), and (ii) Solta shall be permitted to delay such Public Offering for the same period and under the same circumstances as set forth in
Section 2.3. No Piggy-back Registration effected by Solta under this Article III shall relieve Solta of its obligations to effect Demand Registrations under Article II, except as otherwise set forth in
Section 2.2. 
 Section 3.2 Priority; Registration Form. If the managing underwriter(s) for a
Piggy-back Registration that involves an underwritten offering shall advise Solta in good faith that, in its opinion, the number of Solta Common Shares to be sold for the account of persons other than Solta (collectively, “Selling
Shareholders”) is greater than the amount that can be offered without adversely affecting the success of the offering (taking into consideration the interests of Solta and the Holders), then the number of Solta Common Shares to be sold for
the account of Selling Shareholders (including Holders) may be reduced to a number that, in the reasonable opinion of the managing underwriter(s), may reasonably be sold without having the adverse effect referred to above. The reduced number of
Solta Common Shares that may be registered in such Public Offering shall be allocated in the following priority: first, to Solta Common Shares proposed to be registered for offer and sale by Solta; second, to Solta Common Shares
proposed to be registered pursuant to any demand registration rights of security holders of Solta other than any Holder; and third, to Registrable Securities proposed to be registered by Holders as a Piggy-back Registration. If the number of
Registrable Securities proposed to be registered by Holders as a Piggy-back Registration is reduced pursuant to this Section 3.2, such Registrable Securities included in the Registration Statement shall be allocated pro
rata among the Holders participating in the Piggy-back Registration based on the number of Registrable Securities beneficially owned by the respective Holders. If, as a result of the proration provisions of this
Section 3.2, any Holder shall not be entitled to include all Registrable Securities in a registration pursuant to this Article III that such Holder has requested be included, such Holder may elect to withdraw its
Registrable Securities from such registration. 
 Article IV 

Registration Procedures 

Section 4.1 Use Commercially Reasonable Efforts. In connection with Solta’s registration obligations pursuant to Article
II and Article III, Solta shall use its commercially reasonable efforts to effect such registrations to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof and pursuant
thereto Solta shall as expeditiously as reasonably practicable, and as applicable: 
 (a) prepare and file with the SEC a Registration
Statement or Registration Statements relating to the registration on any appropriate form under the Securities Act, and to cause such Registration Statement to become effective as soon as reasonably practicable and to remain continuously effective
for the time period required by this Agreement to the extent permitted under the Securities Act; 

  
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 (b) except in the case of a Shelf Registration effected on Form S-3, prepare and file with the SEC, as applicable, such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the time period
required by this Agreement; cause the Registration Statement and the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed in accordance with the Securities Act and any rules and regulations
promulgated thereunder; and otherwise comply with the provisions of the Securities Act as may be necessary to facilitate the disposition of all Registrable Securities covered by such Registration Statement during the applicable period in accordance
with the intended method or methods of disposition by the selling Holders thereof set forth in such Registration Statement, Prospectus or Prospectus supplement; 

(c) in the case of a Shelf Registration effected on Form S-3, prepare and file with the SEC such
amendments and supplements to such Registration Statement and the Prospectus used in connection with such Registration Statement, and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
subject thereto for a period ending on the earlier of (i) thirty-six (36) months after the effective date of such Registration Statement plus the number of days that any filing or
effectiveness has been delayed under Section 2.3 and (ii) the date on which all the Registrable Securities subject thereto have been sold pursuant to such Registration Statement; 

(d) notify the selling Holders and the managing underwriter(s), if any, promptly if at any time (i) any Prospectus, Registration Statement
or amendment or supplement thereto is filed, (ii) any Registration Statement, or any post-effective amendment thereto, becomes effective, (iii) the SEC or any other Governmental Authority requests any amendment or supplement to, or any
additional information in respect of, any Registration Statement or Prospectus, (iv) the SEC or any other Governmental Authority issues any stop order suspending the effectiveness of a Registration Statement or initiates any proceedings for
that purpose, (v) Solta receives any notice that the qualification of any Registrable Securities for sale in any jurisdiction has been suspended or that any proceeding has been initiated for the purpose of suspending such qualification,
(vi) upon the discovery of any event which requires that any changes be made in such Registration Statement or any related Prospectus so that such Registration Statement or Prospectus will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, in light of the circumstances under which they were made (provided, however, that, in the case of this subclause
(vi), such notice need only state that an event of such nature has occurred, without describing such event), (vii) of the determination by counsel of Solta that a post-effective amendment to a Registration Statement is advisable; or
(viii) if, at any time, the representations and warranties of Solta in any applicable underwriting agreement cease to be true and correct in all material respects. Solta hereby agrees to promptly reimburse any selling Holders for any reasonable
out-of-pocket losses and expenses incurred in connection with any uncompleted sale of any Registrable Securities in the event that Solta fails to timely notify such
Holder that the Registration Statement then on file with the SEC is no longer effective or qualifying the distribution of Registrable Securities, as applicable; 

  
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 (e) make every reasonable effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement, or the qualification of any Registrable Securities for sale in any jurisdiction, at the earliest reasonably practicable time; 

(f) if requested by the managing underwriter(s) or any Holder of Registrable Securities being sold in connection with an underwritten offering,
incorporate into a Prospectus, or a supplement or a post-effective amendment to the Registration Statement any information that the managing underwriter(s), such Holder and Solta reasonably agree is required to be included therein relating to such
sale of Registrable Securities; and file such supplement or amendment as soon as practicable in accordance with the Securities Act and the rules and regulations promulgated thereunder; 

(g) upon the written request of a Holder or managing underwriter, if any, furnish to such Persons, one signed copy of the Registration
Statement or Registration Statements or any Solta Free Writing Prospectus and any post-effective amendment thereto, including all financial statements and schedules thereto, all documents incorporated therein by reference and all exhibits thereto
(including exhibits incorporated by reference) as promptly as practicable after filing such documents with the SEC; 
 (h) upon the written
request of a Holder or managing underwriter, if any, deliver to such Persons, as many copies of the Prospectus or Prospectuses (including each preliminary Prospectus), and any amendment, supplement or exhibit thereto as such Persons may reasonably
request; and consent to the use of such Prospectus or any amendment, supplement or exhibit thereto by each such selling Holder and underwriter, if any, in connection with the offering and sale of the Registrable Securities covered by such
Prospectus, amendment, supplement or exhibit, in each case, in accordance with the intended method or methods of disposition thereof; 
 (i)
prior to any public offering of Registrable Securities, register or qualify, or cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration or qualification of, such Registrable
Securities for offer and sale under the securities or blue sky laws of such jurisdictions as may be requested by the Holders of a majority of the Registrable Securities included in such Registration Statement; keep each such registration or
qualification effective during the period that the applicable Registration Statement is required to be maintained effective under this Agreement; and do any and all other acts or things necessary to enable the disposition in such jurisdictions of
the Registrable Securities covered by such Registration Statement; provided, however, that Solta will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that
would subject it to general service of process in any jurisdiction where it is not then so subject; 
 (j) furnish to counsel selected by the
Holders, prior to the filing of a Registration Statement, Prospectus or any Solta Free Writing Prospectus thereto with the SEC, copies of such documents and with a reasonable and appropriate opportunity to review and comment on such documents,
subject to such documents being under Solta’s control; 

  
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 (k) cooperate with the selling Holders and the underwriter(s), if any, in the preparation
and delivery of certificates representing the Registrable Securities to be sold, such certificates to be in such denominations and registered in such names as such selling Holders or underwriter(s) may request at least five (5) Business Days
prior to any sale of Registrable Securities represented by such certificates; 
 (l) subject to Section 4.3, upon
the occurrence of any event described in Section 4.1(d)(vi), promptly prepare and file a supplement or post-effective amendment to the applicable Registration Statement, Prospectus or any document incorporated therein by
reference, and any other required documents, so that such Registration Statement, Prospectus or any amendment or supplement thereto, will not thereafter contain an untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein not misleading, in light of the circumstances under which they were made, and to cause such supplement or post-effective amendment to become effective as soon as practicable; 

(m) take all other actions in connection therewith as are reasonably necessary or desirable to expedite or facilitate the disposition of the
Registrable Securities included in such Registration Statement and, in the case of an underwritten offering: (i) enter into an underwriting agreement in customary form with the managing underwriter(s) (such agreement to contain standard and
customary indemnities, representations, warranties and other agreements of or from Solta, as the case may be); (ii) obtain opinions of counsel to Solta (which, if reasonably acceptable to the underwriter(s), may be Solta’s inside counsel)
addressed to the underwriter(s), such opinions to be in customary form; and (iii) obtain “comfort” letters from Solta’s independent certified public accountants addressed to the underwriter(s), such letters to be in customary
form; 
 (n) with respect to each Solta Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that no
Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such Solta Free Writing Prospectus or other materials without the Holders whose Registrable Securities are being registered
having first been provided with a reasonable opportunity to review and comment on such documents; 
 (o) within the deadlines specified by
the Securities Act, make all required filings of all Prospectuses and Solta Free Writing Prospectuses with the SEC; 
 (p) make available for
inspection by any selling Holder of Registrable Securities, any underwriter(s) participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by any such selling Holder or
underwriter(s) all reasonably requested financial and other records, pertinent corporate documents and properties of Solta; and cause Solta’s officers, directors, employees, attorneys and independent accountants to supply all information
reasonably requested by any such selling Holders, underwriter(s), attorneys, accountants or agents in connection with such Registration Statement (each selling Holder of Registrable Securities agrees, on its own behalf and on behalf of all its
underwriter(s), accountants, attorneys and agents, that the information obtained by it as a result of such inspections shall be kept confidential by it and, except as required by law, not disclosed by it, in each case, unless and until such
information is made generally available to the 

  
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public other than by such selling Holder; and each selling Holder of Registrable Securities further agrees, on its own behalf and on behalf of all its underwriter(s), accountants, attorneys and
agents, that it will, upon learning that disclosure of such information is sought in a court of competent jurisdiction, promptly give notice to Solta and allow Solta at its expense, to undertake appropriate action to prevent disclosure of the
information deemed confidential); 
 (q) in the case of underwritten offerings, consider in good faith any reasonable request of the selling
Holders and underwriters for the participation of management of Solta in “road shows” and similar sales events during normal business hours, upon reasonable notice and in a manner that does not unreasonably interfere with the operations of
Solta’s business; 
 (r) reasonably cooperate with the selling Holders and each underwriter or agent participating in the disposition of
such Registrable Securities and their respective counsel, in connection with any filings required to be made with the Financial Industry Regulatory Authority; 

(s) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which Solta
Common Shares are then listed or quoted; and 
 (t) take all other customary steps reasonably necessary to effect the registration or to
qualify for the offer and sale of the Registrable Securities contemplated hereby. 
 Section 4.2 Holders’ Obligation to Furnish
Information. Solta may require each Holder of Registrable Securities as to which any registration is being effected to furnish to Solta such information regarding the distribution of such Registrable Securities, and other customary
certifications and agreements as Solta may from time to time reasonably request in writing. 
 Section 4.3 Suspension of Sales
Pending Amendment of Prospectus. Each Holder shall, upon receipt of any notice from Solta of the happening of any event of the kind described in clauses (iii) through (vi) of Section 4.1(d), suspend the disposition of any
Registrable Securities covered by such Registration Statement or Prospectus until such Holder’s receipt of the copies of a supplemented or amended Prospectus or until it is advised in writing by Solta that the use of the applicable Prospectus
may be resumed, and, if so directed by Solta such Holder will deliver to Solta all copies, other than permanent file copies, then in such Holder’s possession of any Prospectus covering such Registrable Securities. If Solta shall have given any
such notice during a period when a Demand Registration is in effect, the ninety (90)-day period referred to in clause (i) of Section 2.1 shall be extended by the number of days
of such suspension period. 
 Article V 

Registration Expenses 

Section 5.1 Registration Expenses. Except as otherwise expressly provided herein to the contrary, all reasonable and documented
expenses incident to Solta’s performance of or compliance with its obligations under this Agreement, including without limitation all (a) registration and filing fees, (b) fees and expenses of compliance with securities or blue sky
laws, (c) expenses in connection with the preparation, printing, mailing and delivery of any Registration Statements or Prospectuses and other documents in connection therewith and any 

  
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amendments or supplements thereto, (d) fees and disbursements of its counsel and its independent certified public accountants (including the expenses of any special audit or
“comfort” letters required by or incident to such performance or compliance), (e) fees and disbursements of one counsel for the selling Holders, (f) internal expenses of the Solta Group (including all salaries and expenses of its
officers and employees performing legal or accounting duties, (g) securities acts liability insurance (if Solta elects to obtain such insurance) and (h) the expenses and fees for listing securities to be registered on any securities
exchange, shall be borne by Solta (all such expenses being herein referred to as “Registration Expenses”); provided, however, that Registration Expenses shall not include any underwriting discounts or commissions or
transfer taxes, which underwriting discounts or commissions and transfer taxes shall in all cases be borne solely by the Holders. 

Article VI 

Indemnification 

Section 6.1 Indemnification by Solta. In the event of any registration of any securities of Solta under the Securities Act
pursuant to Article II or Article III, Solta will indemnify and hold harmless each selling Holder of any Registrable Securities covered by such Registration Statement, its directors, officers and agents and each other Person, if any,
who controls such selling Holder within the meaning of Section 15 of the Securities Act (each such selling Holder and such other Persons, collectively, “Holder Covered Persons”), against any and all out-of-pocket losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and expenses) (collectively, “Damages”) actually
and as incurred by such Holder Covered Person under the Securities Act, common law or otherwise, to the extent that such Damages (or actions or proceedings in respect thereof) arise out of or result from (a) any untrue statement or alleged
untrue statement of a material fact contained in the Disclosure Package, any Registration Statement or Prospectus under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or (b) any untrue statement or alleged untrue statement of a material fact contained in
any preliminary Prospectus or in the Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if Solta shall have filed with the SEC any amendment thereof or supplement thereto), or the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that Solta shall
not be liable to any Holder Covered Person in any such case to the extent that any such Damage (or action or proceeding in respect thereof) arises out of or relates to any untrue statement or alleged untrue statement or omission or alleged omission
made in such Registration Statement or amendment thereof or supplement thereto or in any such preliminary, final or summary Prospectus in reliance upon and in conformity with written information furnished to Solta by or on behalf of any such Holder
Covered Person specifically for use in the preparation thereof. 
 Section 6.2 Indemnification by the Selling Holders. Each
Holder selling Registrable Securities in any Registration Statement filed pursuant to Article II or Article III will indemnify and hold harmless, severally and not jointly, Solta, its directors, officers and agents and each Person
controlling Solta within the meaning of Section 15 of the Securities Act (each, an “Solta  

  
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Covered Person”) against any and all Damages actually and as incurred by such Solta Covered Person under the Securities Act, common law or otherwise, to the extent that such Damages
(or actions or proceedings in respect thereof) arise out of or result from any statement or alleged statement in or omission or alleged omission from the Disclosure Package, such Registration Statement, any preliminary, final or summary Prospectus
contained therein, any Holder Free Writing Prospectus for such Holder or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information
furnished to Solta or its representatives in writing by or on behalf of any selling Holder specifically for use in the preparation of such Disclosure Package, Registration Statement, preliminary, final or summary Prospectus, Holder Free Writing
Prospectus or amendment or supplement thereto. In no event shall the liability of any Holder hereunder be greater than the net proceeds received by such Holder under the sale of the Registrable Securities giving rise to such indemnification
obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of Solta or any of its directors, officers, agents, or controlling Persons. Solta may require as a condition to its including
Registrable Securities in any Registration Statement filed hereunder that each such selling Holder acknowledge its agreement to be bound by the provisions of this Agreement (including this Article VI) applicable to it. 

Section 6.3 Notices of Claims. Promptly after receipt by a Holder Covered Person or an Solta Covered Person (each, an
“Indemnified Party”) of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Article VI, such Indemnified Party will, if a claim in
respect thereof is to be made against, respectively, Solta, on the one hand, or any selling Holder, on the other hand (such Person or Persons, the “Indemnifying Party”), give written notice to the latter of the commencement of such
action; provided, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or their obligations under this Article VI, except to the extent that the
Indemnifying Party is actually materially prejudiced by such failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any other liability that it may have to such Indemnified Party. If any such claim or action
shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof in accordance with this Section 6.3, the Indemnifying Party shall be entitled to participate therein, and, to the extent that
it wishes, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party
shall not be liable to such Indemnified Party under this Article VI for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof, other than reasonable cost of investigation;
provided, further, that if, in the Indemnified Party’s reasonable judgment, a conflict of interest between the Indemnified Party and the Indemnifying Party exists in respect of such claim, then such Indemnified Party shall have
the right to participate in the defense of such claim and to employ one firm of attorneys at the Indemnifying Party’s expense to represent such Indemnified Party. No Indemnified Party will consent to entry of any judgment or enter into any
settlement without the Indemnifying Party’s written consent to such judgment or settlement, which shall not be unreasonably withheld, conditioned or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of any judgment or enter into any settlement in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding. 

  
 -13- 

 Section 6.4 Contribution. If the indemnification provided for in this Article
VI is unavailable or insufficient to hold harmless an Indemnified Party under this Article VI, then each Indemnifying Party shall have a several and not joint obligation to contribute to the amount paid or payable by such Indemnified
Party as a result of the Damages referred to in this Article VI in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, in connection with
the offering that resulted in such Damages, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether an untrue or alleged untrue statement of a material fact or an
omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such untrue statements or omission. Notwithstanding anything in this Section 6.4 to the contrary, no Holder shall be required to contribute any amount pursuant to this Section 6.4 in excess of the
amount by which (a) the net proceeds received by such Holder from the sale of Registrable Securities in the offering to which the misstatement or omission relates exceeds, and (b) the amount of any Damages that such Holder has otherwise
been required to pay by reason of such misstatement or omission. Solta and the Holders agree that it would not be just and equitable if contributions pursuant to this Section 6.4 were to be determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 6.4. The amount paid by an Indemnified Party as a result of the Damages referred to in the first
sentence of this Section 6.4 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any action or claim (which shall be limited as
provided in Section 6.3 if the Indemnifying Party has assumed the defense of any such action in accordance with the provisions thereof) that is the subject of this Section 6.4. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Promptly after receipt by an Indemnified Party
under this Section 6.4 of notice of the commencement of any action against such party in respect of which a claim for contribution may be made against an Indemnifying Party under this Section 6.4,
such Indemnified Party shall notify the Indemnifying Party in writing of the commencement thereof if the notice specified in Section 6.3 has not been given with respect to such action; provided, however, that
the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its or their obligations under this Article VI, except to the extent that the Indemnifying Party is actually materially
prejudiced by such failure to give notice, and in no event shall such failure relieve the Indemnifying Party from any other liability that it may have to such Indemnified Party. 

  
 -14- 

 Article VII 

Rule 144 
 Section 7.1
Rule 144. Solta shall file the reports required to be filed by it under the Securities Act and the Exchange Act so long as it is subject to such reporting requirements, all to the extent required from time to time to enable the Holders to
sell Registrable Securities without registration under the Securities Act within the limits of the exemptions provided by Rule 144 (or any successor or similar provision) of the Securities Act (“Rule 144”). Upon the request of a
Holder, Solta shall deliver to such Holder a written statement stating whether it has complied with such requirements and will take such further action as such Holder may reasonably request, all to the extent required from time to time to enable
such Holder to sell Registrable Securities without registration under the Securities Act within the limits of the exemptions provided by Rule 144. 

Article VIII 

Underwritten Registrations 

Section 8.1 Selection of Underwriter(s). In each registration under Article II or Article III, the underwriter or
underwriters and managing underwriter or managing underwriters that will administer the offering shall be selected by the Holders of a majority in aggregate amount of Registrable Securities included in such offering; provided that such
underwriter or underwriters and managing underwriter or managing underwriters shall also be approved by Solta, such approval not to be unreasonably withheld, conditioned or delayed. 

Section 8.2 Agreements of Selling Holders. No Holder shall sell any of its Registrable Securities in any underwritten offering
pursuant to a registration hereunder, unless such Holder (a) agrees to sell such Registrable Securities on a basis provided in any underwriting agreement in customary form, including the making of customary representations, warranties and
indemnities and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting agreements or as reasonably requested by Solta (whether or
not such offering is underwritten). 
 Article IX 

Holdback Agreements 

Section 9.1 Restrictions on Public Sales by Holders. To the extent not inconsistent with applicable law, each Holder that is
timely notified in writing by the managing underwriter(s) or underwriter(s) shall not effect any public sale or distribution (including a sale pursuant to Rule 144) of any securities of Solta of the same class or series being registered in an
underwritten offering (other than pursuant to an employee stock option, stock purchase, stock bonus or similar plan, or pursuant to a merger, exchange offer, plans of arrangement or transaction of the type specified in Rule 145(a) under the
Securities Act) or any securities of Solta convertible into or exchangeable or exercisable for securities of the same class or series, during the seven (7)-day period prior to the effective date of the
applicable Registration Statement, if such date is known, or during the period beginning on such effective date and ending either (a) sixty (60) days after such effective date or (b) any such earlier date as may be requested by the
managing underwriter(s) or underwriter(s) of such registration, except as part of such registration. 

  
 -15- 

 Article X 

Representations and Warranties 

Section 10.1 Representations and Warranties of the Parties. Solta and Parent hereby represent and warrant to each other as
follows: 
 (a) The execution, delivery and performance by such party of this Agreement and the consummation by such party of the
transactions contemplated by this Agreement are within its corporate powers and have been duly authorized by all necessary corporate (or similar) action on its part. This Agreement constitutes a legal, valid and binding agreement of such party
enforceable against it in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditor’s rights and
to general equity principles (it being understood that such exception shall not in itself be construed to mean that this Agreement is not enforceable in accordance with its terms). 

(b) The execution, delivery or performance of this Agreement by such party and the consummation by it of the transactions contemplated hereby
do not and will not contravene or conflict with such party’s certificate of incorporation, bylaws or similar governing documents, or conflict with, result in a breach or constitute a default under any statute, loan agreement, mortgage,
indenture, deed or other agreement to which it is a party or to which any of its properties is subject, except in each case as would not reasonably be expected to have a material adverse effect on such party. 

Article XI 

Effectiveness and Termination 

Section 11.1 Effectiveness. This Agreement shall take effect on the date of the closing of the IPO and shall remain in effect
until it is terminated pursuant to Section 11.2. 
 Section 11.2 Termination. Other than the termination
provisions applicable to particular Sections of this Agreement that are specifically provided elsewhere in this Agreement, this Agreement shall terminate upon the earliest to occur of: (a) June 30, 2022, only if the closing of the IPO
shall not have occurred on or prior to such date, (b) the mutual written agreement of each of the parties hereto to terminate this Agreement and (c) the date on which no Registrable Securities shall remain outstanding. 

Article XII 

Miscellaneous 

Section 12.1 Interpretation. In this Agreement, (a) words in the singular shall be deemed to include the plural and vice
versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole (including all of the schedules, exhibits and appendices hereto and thereto) and not to any particular provision of this Agreement; (c) Article, Section, schedule, exhibit and appendix references
are to the Articles, Sections, schedules, exhibits and appendices to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement) shall be deemed to include the exhibits,
schedules and annexes 

  
 -16- 

 
(including all schedules, exhibits and appendixes) to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean “including,
without limitation,” unless otherwise specified; (f) the word “or” need not be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days; (h) references herein to
this Agreement or any other agreement contemplated herein shall be deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise
specified; (i) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all
be references to [•], 2022; and (j) the word “extent” and the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such word or phrase shall not merely mean “if”. 

Section 12.2 Amendments and Waivers. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by
a Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or modification. 

Section 12.3 Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party hereto or other parties
thereto, as applicable. Notwithstanding the foregoing, no such consent shall be required for the assignment of a Party’s rights and obligations under the Separation Agreement, this Agreement and the other Ancillary Agreements (except as may be
otherwise provided in any such other Ancillary Agreement) in whole (i.e., the assignment of a Party’s rights and obligations under the Separation Agreement, this Agreement and all other Ancillary Agreements all at the same time) in
connection with a change of control of a Party so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant Party thereto by operation of Law or pursuant to an agreement in form and substance reasonably
satisfactory to the other Party. 
 Section 12.4 Third-Party Beneficiaries. Except for the indemnification rights under this
Agreement of any Holder Covered Person or Solta Covered Person in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon any Person, except the
Parties any rights or remedies hereunder, and (b) there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, liability, reimbursement, claim of action or other right in
excess of those existing without reference to this Agreement. 
 Section 12.5 Entire Agreement. The Separation Agreement, this
Agreement, the other Ancillary Agreements and the exhibits, schedules and appendices hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous agreements, negotiations,
discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein or therein. The Separation
Agreement, this Agreement and the other Ancillary Agreements together govern the arrangements in connection with the Transactions and would not have been entered independently. 

  
 -17- 

 Section 12.6 Notices. All notices, requests, claims, demands or other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, or by facsimile or electronic transmission
with receipt confirmed, to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 12.6). 

If to Parent: 
 Bausch Health
Companies Inc. 
 2150 St. Elzéar Blvd. West 

Laval, Québec, Canada H7L 4A8 

Attention: General Counsel 
 E-mail: [•] 
 If to Solta: 

Solta Medical Corporation 
 520
Applewood Crescent 
 Vaughan, Ontario, Canada 

L4K 5X3 
 Attention: General
Counsel 
 E-mail: [•] 

A Party may, by notice to the other Party, change the address to which such notices are to be given. 

Section 12.7 Survival. The representations and warranties made herein shall survive through the term of this Agreement. 

Section 12.8 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and
equitable provision to effect the original intent of the Parties. 
 Section 12.9 Governing Law. This Agreement (and any claims
or disputes arising out of or related hereto or to the transactions contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or
otherwise) shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware irrespective of the choice of laws principles of the State of Delaware, including all matters of validity, construction, effect,
enforceability, performance and remedies. Each Party agrees that all actions or proceedings arising out of or in connection with this Agreement, or for recognition and enforcement of any 

  
 -18- 

 
judgment arising out of or in connection with this Agreement, shall be determined exclusively in the state or federal courts in the State of Delaware and each Party hereby irrevocably submits
with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each Party hereby expressly waives any right it may have to assert, and
agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for any reason; (b) that it or its
property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding,
(ii) venue is not proper in any of the aforesaid court, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by any of the aforesaid courts. 

Section 12.10 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. Each Party acknowledges that it and each other Party may execute this Agreement by facsimile,
stamp or mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by e-mail in
portable document format (PDF) shall be effective as delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by
mail, by courier, by facsimile or by e-mail in portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert that any such
signature or delivery is not adequate to bind such Party to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request of the other Party at any time, it will as promptly as reasonably
practicable cause this Agreement to be manually executed (any such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by courier. 

Section 12.11 Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms,
conditions and provisions of this Agreement, the Party or Parties who are, or are to be, thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief in respect of its or their rights under this Agreement,
in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are
inadequate compensation for any loss and that any defense in any Action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the
Parties. 
 Section 12.12 Waivers of Default. Waiver by a Party of any default by the other Party of any provision of this
Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party. No failure or delay by a Party in exercising any right, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

  
 -19- 

 Section 12.13 Headings. The article, section and paragraph headings contained in
this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 12.14 Mutual Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of
construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 

Section 12.16 Ancillary Agreements. In the event of any conflict or inconsistency between the terms of this Agreement and the
terms of the Separation Agreement, the terms of this Agreement shall control with respect to the subject matter addressed by this Agreement to the extent of such conflict or inconsistency. In the event of any conflict or inconsistency between the
terms of this Agreement or the Separation Agreement or any other Specified Ancillary Agreement, on the one hand, and any Transfer Document, on the other hand, including with respect to the allocation of Assets and Liabilities as among the Parties or
the members of their respective Groups, this Agreement, the Separation Agreement or such Specified Ancillary Agreement shall control. 

[Remainder of page left intentionally blank] 

  
 -20- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date set forth above. 
  

			
	BAUSCH HEALTH COMPANIES INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	SOLTA MEDICAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Registration Rights Agreement]Exhibit 4.1

         

        

      

      
        DESCRIPTION OF THE REGISTRANT’S SECURITIES

        REGISTERED PURSUANT TO SECTION 12 OF THE

        SECURITIES EXCHANGE ACT OF 1934

        

        

      

      
        As of December 31, 2021, KKR Real Estate Finance Trust Inc. had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): its
          common stock, par value $0.01 per share (our “common stock”), and its 6.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (our “Series A Preferred Stock”). References herein to “we,” “us,” “our” and the “Company” refer
          to KKR Real Estate Finance Trust Inc. and not to any of its subsidiaries.

        

        

        The following description of our common stock and preferred stock is a summary and does not purport to be complete. It is subject to and qualified in its
          entirety by reference to the Company’s charter (our “charter”), and Amended and Restated Bylaws (our “bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part. We
          encourage you to read our charter, bylaws and the applicable provisions of the Maryland General Corporation Law (the “MGCL”) for additional information.

      

      
        

        

        General

        

        

      

      
        Under our charter, we may issue up to 350,000,000 shares of stock comprised of the following:

        

        

      

      	

            	•	
              300,000,000 shares of common stock, par value $0.01 per share; and

            

      	

            	•	
              50,000,000 shares of preferred stock, par value $0.01 per share.

            

      

      

      As of February 3, 2022, there were issued and outstanding:

      

      

      	

            	•	
              61,370,732 shares of common stock; and

            

      
        	

              	•	
                13,110,000 shares of preferred stock that have been classified and designated as Series A Preferred Stock.

              

      

      
        

        

      

      
        Under Maryland law, our stockholders generally are not liable for our debts or obligations.

        

        

        Our charter authorizes our board of directors, without stockholder approval, to:

        

        

      

      	

            	•	
              classify and reclassify any unissued shares of our common stock and preferred stock into other classes or series of stock; and

            

      	

            	•	
              amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that may be issued.

            

      

      

      
        We believe that the power to (i) issue additional shares of our common stock or preferred stock, (ii) increase the aggregate number of shares of stock or the number of shares of stock of any
          class or series that we have the authority to issue and (iii) classify or reclassify unissued shares of our common or preferred stock and thereafter to issue the classified or reclassified shares of stock, provides us with increased flexibility
          in structuring possible future financings and acquisitions and in meeting other needs which might arise. In addition, under Maryland law, our board of directors may authorize the amendment of our charter to effect a reverse stock split that
          results in a combination of shares of stock at a ratio of not more than ten shares of stock into one share of stock in any 12-month period. These actions may be taken without stockholder approval, unless stockholder approval is required by
          applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.

        

        

        Prior to the issuance of shares of each class or series, our board of directors is required by Maryland law and by our charter to set, subject to our charter restrictions on ownership and
          transfers of our stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, our board
          could authorize the issuance of shares of common stock or preferred stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control of our company that might involve a premium
          price for holders of our common stock or otherwise be in their best interests.

      

      
        

        

      

      
        
          

      

      
        Common Stock

        

        

      

      
        Holders of our common stock are entitled to receive dividends when authorized by our board of directors and declared by us out of assets legally available for the payment of dividends. They are
          also entitled to share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up, after payment of, or adequate provision for, all of our known debts and liabilities.
          These rights are subject to the preferential rights of any other class or series of our stock, including our preferred stock. All shares of common stock have equal dividend and liquidation rights.

         

        Subject to our charter restrictions on ownership and transfer of our stock and except as may otherwise be specified in the terms of a class or series of our stock, each outstanding share of
          common stock is entitled to one vote on all matters submitted to a vote of the stockholders. There is no cumulative voting in the election of our directors and our directors are elected by a plurality of the votes cast, so the holders of a simple
          majority of the outstanding common stock, voting at a stockholders meeting at which a quorum is present, will have the power to elect all of the directors nominated for election at the meeting. Holders of our common stock generally have no
          exchange, sinking fund, redemption or appraisal rights, except the right to receive fair value in connection with certain control share acquisitions, and have no preemptive rights to subscribe for any of our securities. Because holders of our
          common stock do not have preemptive rights, we may issue additional shares of stock that may reduce each stockholder’s proportionate voting and financial interest in our company. Rights to receive dividends on our common stock may be restricted
          by the terms of any future classified and issued shares of our stock.

         

        Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, convert, consolidate, sell all or substantially all of its assets or engage in a statutory share
          exchange unless declared advisable by its board of directors and approved by the affirmative vote of stockholders holding at least two-thirds of the shares entitled to vote on the matter. However, a Maryland corporation may provide in its charter
          for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter provides for approval of these matters by a majority of all of the votes entitled to be cast on
          the matter, except that the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on such matter is required to amend the provisions of our charter relating to the removal of directors, corporate
          opportunities and the vote required to amend our charter.

         

      

      
        Preferred Stock

        

        

      

      
        We are authorized to issue 50,000,000 shares of preferred stock, including:

        

        

      

      	

            	•	
              one share of special non-voting preferred stock; and

            

      	

            	•	
              13,160,000 shares of Series A Preferred Stock.

            

      
        

        

      

      
        As of February 3, 2022, there were issued and outstanding: no shares of special non-voting preferred stock and 13,110,000 shares of Series A Preferred Stock.

        

        

        Our board of directors has the authority, without further action by the stockholders, to authorize us to issue shares of preferred stock in one or more series and to fix the number of shares,
          preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption applicable to each such series of preferred stock. Thus, our board of
          directors could authorize the issuance of shares of preferred stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or change in control that might involve a premium price for holders of our
          common stock or otherwise be in their best interest. Our issued and outstanding preferred stock has, and any additional preferred stock we may issue could have, a preference on dividend payments that affects our ability to make dividend
          distributions to the common stockholders.

      

      
        

        

        Series A Preferred Stock

        

        

      

      
        The Series A Preferred Stock, with respect to dividend rights and rights upon our liquidation, dissolution or winding up, rank: (i) senior to our common stock and any class or series of our
          capital stock expressly designated as

         

      

      
        
          

      

      
        ranking junior to the Series A Preferred Stock as to dividend rights and rights upon our liquidation, dissolution or winding up (“Junior Stock”); (ii) on parity with any class or series of our capital stock
          expressly designated as ranking on parity with the Series A Preferred Stock as to dividend rights and rights upon our liquidation, dissolution or winding up (the “Parity Stock”); and (iii) junior to any class or series of our capital stock
          expressly designated as ranking senior to the Series A Preferred Stock as to dividend rights and rights upon our liquidation, dissolution or winding up. Dividends on outstanding shares of Series A Preferred Stock are cumulative and are payable
          quarterly in arrears at the rate of 6.50% per annum of the $25.00 liquidation preference, or $1.625 per annum per share. Unless full cumulative dividends on the Series A Preferred Stock for all past dividend periods have been or contemporaneously
          are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment, except by conversion into or exchange for shares of, or options, warrants or rights to purchase or subscribe for, our Junior Stock or
          pursuant to an exchange offer made on the same terms to all holders of Series A Preferred Stock and all holders of our Parity Stock, we generally may not: (i) declare or pay any dividends, or set aside any assets for the payment of dividends, on
          our Junior Stock or our Parity Stock; or (ii) redeem or otherwise acquire our Junior Stock (other than a distribution paid in shares of, or options, warrants or rights to subscribe for or purchase shares of our Junior Stock) or our Parity Stock.

         

      

      
        Each holder of the Series A Preferred Stock is entitled to receive a liquidation preference of $25.00 per share of Series A Preferred Stock, plus any accumulated and unpaid distributions thereon
          (whether or not authorized or declared), before the holders of our common stock or other Junior Stock receive any distributions in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of our company.

         

        The Series A Preferred Stock is not redeemable by us before April 16, 2026, except as described in this paragraph and below under “Certain Provisions of Our Charter and Bylaws and of Maryland Law
          - REIT Qualification Restrictions on Ownership and Transfer.” On and after April 16, 2026, we may, at our option, redeem the Series A Preferred Stock, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid
          dividends (whether or not declared) to, but not including, the date of redemption. In addition, upon the occurrence of certain change of control transactions after which our common stock (or the common stock of the successor) is not listed (as
          defined in our charter, a “Change of Control”), we may, subject to certain conditions and at our option, redeem the Series A Preferred Stock, within 120 days after the first date on which such Change of Control occurred by paying $25.00 per
          share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption.

         

        Unless we have elected to redeem the Series A Preferred Stock prior to a Change of Control, beginning on the first anniversary of the first date on which any shares of Series A Preferred Stock
          are issued, upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder into a number of shares of our common stock per share
          of Series A Preferred Stock to be converted equal to the lesser of: (A) the quotient obtained by dividing the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends (whether or not declared) to, but not
          including, the conversion date by the Common Stock Price (as defined below); and (B) 2.6427 (the “Share Cap”), subject to certain adjustments; subject, in each case, to the provisions for the receipt of alternative consideration upon conversion
          as described in the articles supplementary designating the terms of the Series A Preferred Stock.

         

        The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by the holders of our common stock is solely cash, the amount of cash consideration per share of
          our common stock or (ii) if the consideration to be received in the Change of Control by holders of our common stock is other than solely cash (x) the average of the closing sale prices per share of our common stock (or, if no closing sale price
          is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not
          including, the effective date of the Change of Control as reported on the principal U.S. securities exchange on which our common stock is then traded, or (y) the average of the last quoted bid prices for our common stock in the over-the-counter
          market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if our common stock is not then listed for trading on
          a U.S. securities exchange.

         

      

      
        
          

      

      
        Holders of Series A Preferred Stock generally have no voting rights. However, if we do not pay dividends on the Series A Preferred Stock for six quarterly periods, whether or not consecutive,
          holders of shares of Series A Preferred Stock, voting together as a single class with the holders of shares of our Parity Stock having similar voting rights, will be entitled to vote for the election of two additional directors to serve on our
          board of directors until we pay all dividends which we owe on the Series A Preferred Stock for all past dividend periods and the then current dividend period. In addition, the affirmative vote of the holders of at least two-thirds of the
          outstanding shares of Series A Preferred Stock and all other classes or series of our Parity Stock upon which like voting rights have been conferred and are exercisable, voting together as a single class, is required for us to authorize or
          create, or increase the authorized or issued amount of, any class or series of our capital stock expressly designated as ranking senior to the Series A Preferred Stock as to dividend rights and rights upon our liquidation, dissolution or winding
          up, or reclassify any authorized shares of our capital stock into any such shares, or create, authorize or issue any obligations or security convertible into or evidencing the right to purchase any such shares. The affirmative vote of at least
          two-thirds of the outstanding shares of Series A Preferred Stock (voting as a separate class) is required to amend our charter (including the Articles Supplementary setting forth the terms of the Series A Preferred Stock) in a manner that
          materially and adversely affects the rights of the holders of shares of Series A Preferred Stock.

         

      

      
        Transfer Agent and Registrar

        

        

      

      
        The transfer agent and registrar for shares of our common stock and Series A Preferred Stock is American Stock Transfer & Trust Company, LLC.

        

        

      

      
        Certain Provisions of Our Charter and Bylaws and of Maryland Law

        

        

        REIT Qualification Restrictions on Ownership and Transfer

        

        

      

      
        Our charter contains restrictions on the number of shares of our capital stock that a person may own. No person may beneficially or constructively own in excess of 9.8% in value or
            number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock unless such person receives an exemption from our board of directors. Subject to
            certain limitations, our board of directors, in its sole discretion, may exempt (prospectively or retroactively) a person from, or modify, these limits, if it obtains such representations, covenants and undertakings as it deems appropriate to
            conclude that granting the exemption will not cause us to lose our status as a REIT. Our charter provides for limited exemptions to certain persons, including KKR & Co. Inc. (together with its subsidiaries, “KKR”) and its affiliates and any
            direct or indirect beneficial owner of KKR.

        

        

        Our charter further prohibits any person from, among other things:

        

        

      

      	

            	•	
              beneficially owning shares of our capital stock that would result in our being “closely held” under Section 856(h) of the Internal Revenue Code of 1986, as amended (the “Code”);

            

      	

            	•	
              transferring shares of our capital stock if such transfer would result in our capital stock being beneficially owned by less than 100 persons;

            

      	

            	•	
              beneficially or constructively owning shares of our capital stock if such ownership would cause us to constructively own 10% or more of the ownership interests in a tenant of our company (other than a taxable
                REIT subsidiary); and

            

      	

            	•	
              any other beneficial or constructive ownership of our capital stock that would otherwise cause us to fail to qualify as a REIT.

            

      

      

      
        Any person who acquires or attempts or intends to acquire shares of our capital stock that may violate any of these restrictions, or who is the intended transferee of shares of our capital stock
          that are transferred to the trust, as described below, is required to give us immediate written notice, or in the case of a proposed or attempted transaction, at least 15 days prior written notice, and provide us with such information as we may
          request in order to determine the effect of the transfer on our status as a REIT. The above restrictions will not apply if our board of directors determines that it is no longer in our best interests to continue to qualify as a REIT or that
          compliance with such restrictions is no longer required for us to qualify as a REIT.

        

        

      

      
        Any attempted transfer of our capital stock that, if effective, would result in violation of the above limitations (except for a transfer that results in shares being owned by less than 100
          persons, in which case such transfer will be void and of no force and effect and the intended transferee will not acquire any rights in the shares)

         

      

      
        
          

      

      
        will cause the number of shares causing the violation to be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries designated by us and the intended transferee will
          not acquire any rights in the shares. The automatic transfer will be deemed to be effective as of the close of business on the business day, as defined in our charter, prior to the date of the transfer. Shares of our capital stock held in the
          trust will continue to be issued and outstanding shares. The proposed transferee will not benefit economically from ownership of any shares held in the trust, will have no rights to dividends or other distributions and no rights to vote or other
          rights attributable to the shares held in the trust. The trustee of the trust will have all voting rights and rights to dividends or other distributions with respect to shares held in the trust. These rights will be exercised for the exclusive
          benefit of the charitable beneficiaries. Any dividend or other distribution paid prior to our discovery that shares of capital stock have been transferred to the trust will be paid by the proposed transferee to the trustee upon demand. Any
          dividend or other distribution authorized but unpaid will be paid when due to the trustee. Any dividend or other distribution paid to the trustee will be held in trust for the charitable beneficiaries. Subject to Maryland law, the trustee will
          have the authority to rescind as void any vote cast by the proposed transferee prior to our discovery that the shares have been transferred to the trust and to recast the vote. However, if we have already taken irreversible corporate action, then
          the trustee will not have the authority to rescind and recast the vote.

         

      

      
        Within 20 days of receiving notice from us that shares of our capital stock have been transferred to the trust, the trustee will sell the shares to a person, designated by the
            trustee, whose ownership of the shares will not violate the above ownership limitations. Upon the sale, the interest of the charitable beneficiaries in the shares sold will terminate and the trustee will distribute the net proceeds of the sale
            to the proposed transferee and to the charitable beneficiaries as follows. The proposed transferee will receive the lesser of (i) the price paid by the proposed transferee for the shares or, if the proposed transferee did not give value for the
            shares in connection with the event causing the shares to be held in the trust, such as a gift, devise or other similar transaction, the market price, as defined in our charter, of the shares on the day of the event causing the shares to be
            held in the trust and (ii) the price per share received by the trustee (net of any commissions and other sale expenses) from the sale or other disposition of the shares. Any net sale proceeds in excess
            of the amount payable to the proposed transferee will be paid immediately to the charitable beneficiaries. If, prior to our discovery that shares of our capital stock have been transferred to the trust, the shares are sold by the proposed
            transferee, then the shares will be deemed to have been sold on behalf of the trust and, to the extent that the proposed transferee received an amount for the shares that exceeds the amount the proposed transferee was entitled to receive, the
            excess will be paid to the trustee upon demand.

         

        In addition, shares of our stock held in the trust will be deemed to have been offered for sale to us, or our designee, at a price per share equal to the lesser of (i) the price per share in the
          transaction that resulted in the transfer to the trust (or, in the case of a devise or gift, the market price at the time of the devise or gift) and (ii) the market price on the date we, or our designee, accept the offer. We will have the right
          to accept the offer until the trustee has sold the shares. Upon a sale to us, the interest of the charitable beneficiaries in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the proposed transferee.

         

        If the transfer to the trust as described above is not automatically effective for any reason to prevent violation of the above limitations, then the transfer of the number of shares that
          otherwise cause any person to violate the above limitations will be void and the intended transferee will acquire no rights in such shares.

         

        Each certificate, if any, or any notice in lieu of a certificate, representing shares of our capital stock will bear a legend summarizing the restrictions described above. Instead of a legend,
          the certificate, if any, may provide that we will furnish a full statement about certain restrictions on transferability to a stockholder on request and without charge.

         

        Every beneficial owner of more than 5% in number or value of our outstanding shares of capital stock (or such lower percentage as required by the Code or the regulations promulgated thereunder),
          within 30 days after the end of each taxable year, is required to give us written notice, stating the owner’s name and address, the number of shares of capital stock beneficially owned and a description of the manner in which the shares are held.
          Each such owner will be required to provide us with such additional information as we may request in order to determine the effect, if any, of its beneficial ownership on our status as a REIT and to ensure compliance with the ownership

         

      

      
        
          

      

      
        limits. In addition, each stockholder will be required to provide us with such information as we may request in good faith to determine our status as a REIT and to ensure compliance with the ownership limits.

         

      

      
        These ownership limits could delay, defer or prevent a transaction or a change in control that might involve a receipt of a premium price for the common stock or otherwise be in the best interest
          of the stockholders.

         

      

      
        Business Combinations

        

        

      

      
        Under the MGCL, certain “business combinations” between a Maryland corporation and an interested stockholder or any affiliate of an interested stockholder are prohibited for five years after the
          most recent date on which the interested stockholder became an interested stockholder. These business combinations include a merger, consolidation, statutory share exchange, or, in circumstances specified in the statute, an asset transfer or
          issuance or reclassification of equity securities. An interested stockholder is defined as:

        

        

      

      	

            	•	
              any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or

            

      	

            	•	
              an affiliate or associate of the corporation who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then
                outstanding stock of the corporation.

            

      

      

      
        A person is not an interested stockholder under the statute if the board of directors approved in advance the transaction by which such person otherwise would have become an interested
          stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

        

        

        After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder or any affiliate of an interested stockholder generally must be
          recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

        

        

      

      	

            	•	
              80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

            

      	

            	•	
              two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to
                be effected or the shares held by any affiliate or associate of the interested stockholder.

            

      

      

      
        These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under the MGCL, for their shares in the form of cash or other
          consideration in the same form as previously paid by the interested stockholder for its shares. The statute permits various exemptions from its provisions, including, but not limited to, business combinations that are exempted by the board of
          directors prior to the time that an interested stockholder becomes an interested stockholder. Our board of directors has by resolution exempted business combinations between us and any other person, provided that such business combination is
          first approved by our board of directors.

      

      
        

        

        Control Share Acquisitions

        

        

      

      
        The MGCL provides that a holder of “control shares” of a Maryland corporation acquired in a “control share acquisition” has no voting rights with respect to such shares except to the extent
          approved by a vote of two-thirds of the votes entitled to be cast on the matter, excluding all interested shares. A control share acquisition means the acquisition of control shares, subject to certain exceptions. Shares owned by the acquiror or
          by officers or directors of the target corporation who are also employees are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock that, if aggregated with all other shares of stock owned by the acquiror
          or in respect of which the acquiror is able to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, would entitle the acquiror to exercise voting power in electing directors within one of the following
          ranges of voting power:

         

        

      

      
        
          

      

      	

            	•	
              one-tenth or more but less than one-third;

            

      	

            	•	
              one-third or more but less than a majority; or

            

      	

            	•	
              a majority or more of all voting power.

            

      

      

      
        Control shares do not include shares the acquiror is entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly from the corporation.

        

        

        A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50 days of
          demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting and delivering an
          “acquiring person statement” as described in the MGCL. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

        

        

        If voting rights are not approved at the meeting or if the acquiring person does not deliver an “acquiring person statement” as required by the statute, then the corporation may redeem for fair
          value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without
          regard to the absence of voting rights for the control shares, as of the date of any meeting of stockholders at which the voting rights of the shares are considered and not approved or, if no meeting is held, as of the date of the last control
          share acquisition by the acquiror. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal
          rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.

      

       

      The control share acquisition statute does not apply to shares acquired in a merger, consolidation or statutory share exchange if the corporation is a party to the transaction, or to acquisitions
        approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting any acquisition of our stock by any person from the foregoing provisions on control shares. In the event that our bylaws are amended to
        modify or eliminate this provision, acquisitions of our common stock may constitute a control share acquisition.

      
        

        

        Maryland Unsolicited Takeovers Act

        

        

      

      
        The Maryland Unsolicited Takeovers Act (“MUTA”) permits a Maryland corporation with at least three directors who are not officers or employees of the corporation or affiliates of, or nominated
          by, a person seeking to acquire control of the corporation and a class of stock registered under the Exchange Act to elect to be subject to any or all of the following provisions, by provision in its charter or bylaws or a resolution of its board
          of directors and notwithstanding any contrary provision in the charter or bylaws:

        

        

      

      	

            	•	
              a classified board;

            

      	

            	•	
              a two-thirds vote requirement for removing a director;

            

      	

            	•	
              a requirement that the number of directors be fixed only by the board of directors;

            

      	

            	•	
              a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; or

            

      	

            	•	
              a majority requirement for the calling by stockholders of a special meeting of stockholders.

            

      
        

        

        Our charter contains a provision whereby we have elected to be subject to the provisions of MUTA relating to the filling of vacancies on our board of directors. Through provisions in our charter
          and bylaws unrelated to MUTA, we already (1) require a two-thirds vote for the removal of any director from the board, which removal will be allowed only for cause, (2) vest in the board the exclusive power to fix the number of directorships,
          subject to limitations set forth in our charter and bylaws, and (3) require, unless called by the chairman of our board of directors or our president, chief executive officer or board of directors, the request of stockholders entitled to cast not
          less than a majority of all votes entitled to be cast on a matter at such meeting to call a special meeting to consider and vote on any matter that may properly be considered at a meeting of stockholders. We have not elected to create a
          classified board. In the future, our board of directors may elect, without stockholder approval, to create a classified board or be subject to one or more of the other provisions of MUTA.

      

      
        

        

      

      
        
          

      

      
        Advance Notice of Director Nominations and New Business

        

        

      

      
        Our bylaws provide that with respect to an annual meeting of stockholders, nominations of individuals for election to the board of directors and the proposal of business to be considered by
          stockholders may be made only:

        

        

      

      	

            	•	
              pursuant to our notice of the meeting;

            

      	

            	•	
              by or at the direction of the board of directors; or

            

      	

            	•	
              by a stockholder who was a stockholder of record as of the record date set by our board of directors for the purposes of determining stockholders entitled to vote at the meeting, at the time of giving of
                notice and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws.

            

      

      

      
        With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of individuals for election to the board
          of directors at a special meeting at which directors are to be elected may only be made:

        

        

      

      	

            	•	
              pursuant to our notice of the meeting;

            

      	

            	•	
              by or at the direction of the board of directors; or

            

      	

            	•	
              provided that the board of directors has determined that directors will be elected at the meeting, by a stockholder who is a stockholder of record as of the record date set by our board of directors for the
                purposes of determining stockholders entitled to vote at the meeting, at the time of giving of notice and at the time of the special meeting and who is entitled to vote at the meeting and has complied with the advance notice provisions of
                the bylaws.

            

      
        

        

        Nomination Right

        

        

      

      
        Our Bylaws provide that, so long as our Manager or any of its affiliates serve as our manager, in order for an individual to be qualified to be nominated for election as a director or to serve as
          a director, the nominee together with all other individuals nominated for election and any individuals who will continue to serve as a director after such election must include at least one individual that is or was designated by KKR Group
          Holdings L.P. (successor to KKR Fund Holdings L.P.).

      

      
        

        

        Exclusive Forum

        

        

      

      
        Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b)
          any action asserting a claim of breach of any duty owed by us or by any director or officer or other employee to us or to our stockholders, (c) any action asserting a claim against us or any director or officer or other employee arising pursuant
          to any provision of the MGCL or our charter or bylaws or (d) any action asserting a claim against us or any director or officer or other employee that is governed by the internal affairs doctrine shall be the Circuit Court for Baltimore City,
          Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division.

        

        

      

      
        Limitation of Liability and Indemnification of Directors and Officers

        

        

      

      
        Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages
          except for liability resulting from (i) actual receipt of an improper benefit or profit in money, property or services or (ii) active and deliberate dishonesty that is established by a final judgment and that is material to the cause of action.
          Our charter contains such a provision that eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law.

        

        

        Our charter and bylaws obligate us, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while a director or officer of
          the company and at the request of the company, serves or has served another corporation, real estate investment trust, limited liability

      

      

      

      
        
          

      

      
        company, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, trustee, member or manager, is made or threatened to be made a party to, or witness in, a
          proceeding by reason of his or her service in that capacity, and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our charter and bylaws also permit us to indemnify and advance expenses to any
          individual who served a predecessor of the company in any of the capacities described above and any employee or agent of the company or a predecessor of the company. Our charter expressly authorizes us, to the fullest extent permitted by law, to
          carry directors’ and officers’ liability insurance on behalf of any person described above against any liability that may be asserted against such person.

      

      
        

        

        Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of
            any proceeding to which he or she is made or threatened to be made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against
            judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities
            unless it is established that (i) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of
            active and deliberate dishonesty, (ii) the director or officer actually received an improper personal benefit in money, property or services or (iii) in the case of any criminal proceeding, the director or officer had reasonable cause to
            believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that
            personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the
            corporation’s receipt of (i) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (ii) a written undertaking by him
            or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

        

        

        We have entered into indemnification agreements with our directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent permitted under
          Maryland law and our charter and bylaws against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they may be indemnified. The indemnification
          provided under the indemnification agreements will not be exclusive of any other indemnity rights.

      

      
        

        

        Corporate Opportunities

        

        

      

      
        Our charter includes a provision that provides, among other things, subject to certain exceptions, neither our Manager nor its affiliates (including those serving as our directors or officers)
          will have any duty to refrain from engaging, directly or indirectly, in any business opportunities (except those opportunities that are expressly offered to such person in his or her capacity as a director or officer of our company), including
          any business opportunities in the same or similar business activities or lines of business in which we or any of our affiliates may from time to time be engaged or propose to engage, or from competing with us.

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