Document:

EX-10.4

 Exhibit 10.4 

REDACTED 
 Certain
identified information, indicated by [*****], has been excluded from the 
 exhibit because it is both (i) not material and (ii) would
likely cause competitive harm if publicly disclosed. 
 TAX MATTERS AGREEMENT 

between 
 BAUSCH HEALTH
COMPANIES INC., 
 on behalf of itself 

and the members 
 of the Parent
Group 
 and 
 BAUSCH + LOMB
CORPORATION, 
 on behalf of itself 

and the members 
 of the SpinCo
Group 
 Dated as of March 30, 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 Section 1.
	 	Definitions	  	 	1	 
	 Section 2.
	 	Sole Tax Sharing Agreement	  	 	7	 
	 Section 3.
	 	Allocation of Taxes	  	 	8	 
	 Section 4.
	 	Preparation and Filing of Tax Returns	  	 	9	 
	 Section 5.
	 	Apportionment of Tax Attributes	  	 	11	 
	 Section 6.
	 	Utilization of Tax Attributes	  	 	12	 
	 Section 7.
	 	Deductions and Reporting for Certain Awards	  	 	13	 
	 Section 8.
	 	Tax Refunds	  	 	14	 
	 Section 9.
	 	Certain Representations and Covenants	  	 	14	 
	 Section 10.
	 	[Intentionally Omitted]	  	 	17	 
	 Section 11.
	 	Indemnities	  	 	17	 
	 Section 12.
	 	Payments	  	 	18	 
	 Section 13.
	 	Guarantees	  	 	19	 
	 Section 14.
	 	Communication and Cooperation	  	 	19	 
	 Section 15.
	 	Audits and Contest	  	 	20	 
	 Section 16.
	 	Notices	  	 	21	 
	 Section 17.
	 	Costs and Expenses	  	 	22	 
	 Section 18.
	 	Effectiveness; Termination and Survival	  	 	22	 
	 Section 19.
	 	Specific Performance	  	 	22	 
	 Section 20.
	 	Construction	  	 	23	 
	 Section 21.
	 	Entire Agreement; Amendments and Waivers	  	 	24	 
	 Section 22.
	 	Governing Law	  	 	25	 
	 Section 23.
	 	Jurisdiction	  	 	25	 
	 Section 24.
	 	WAIVER OF JURY TRIAL	  	 	25	 
	 Section 25.
	 	Dispute Resolution	  	 	26	 
	 Section 26.
	 	Counterparts; Effectiveness; Third-Party Beneficiaries	  	 	26	 
	 Section 27.
	 	Successors and Assigns	  	 	26	 
	 Section 28.
	 	Authorization	  	 	27	 
	 Section 29.
	 	Change in Tax Law	  	 	27	 
	 Section 30.
	 	Performance	  	 	27	 

 Schedules 
 Schedule A
– Specified Restructuring Transactions 

  
 i 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (the “Agreement”) is entered into as of March 30, 2022 between Bausch Health Companies Inc., a
corporation continued under the laws of the Province of British Columbia, Canada (“Parent”), on behalf of itself and the members of the Parent Group, as defined below, and Bausch + Lomb Corporation, a company incorporated under the
laws of Canada (“SpinCo,” and together with Parent, the “Parties”), on behalf of itself and the members of the SpinCo Group, as defined below. 

W I T N E S S E T H: 

WHEREAS, in connection with the initial public offering of SpinCo (the “IPO”), Parent and SpinCo have entered into a Master
Separation Agreement, dated as of March 30, 2022 (the “Separation Agreement”), pursuant to which the IPO and certain other related transactions will be consummated; 

WHEREAS, the Separation Agreement also contemplates that, after the IPO, Parent may effect the Distribution; 

WHEREAS, prior to and in anticipation of the IPO, Parent effected, and caused its Subsidiaries to effect, the Separation in accordance with,
and subject to the terms of, the Separation Agreement; 
 WHEREAS, each of the Specified Restructuring Transactions and, if effected, the
Distribution, is intended to qualify for its Intended Tax Treatment; and 
 WHEREAS, Parent and SpinCo desire to set forth their agreement
on the rights and obligations of Parent, SpinCo and the members of the Parent Group and the SpinCo Group, respectively, with respect to (a) the administration and allocation of Canadian and non-Canadian
Taxes, incurred in (i) Taxable periods (or portions thereof) ending on or before the Separation Date and (ii) Taxable periods (or portions thereof) beginning after the Separation Date and ending on or before the Distribution Date,
(b) Taxes resulting from the Separation and, if effected, the Distribution, and (c) various other Tax matters. 
 NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth, the Parties agree as follows: 
 Section 1.
Definitions. 
 (a) As used in this Agreement: 

“Affiliate” has the meaning set forth in the Separation Agreement. 

“Agreement” has the meaning set forth in the recitals hereto. 

“Amalgamations” has the meaning set forth in the Separation Agreement. 

 “Ancillary Agreements” means all Ancillary Agreements (as defined in the
Separation Agreement) other than this Agreement. 
 “Applicable Law” (or “Applicable Tax Law,” as the case
may be) means, with respect to any Person, any federal, provincial, state, county, municipal, local, multinational or non-Canadian statute, treaty, law, common law, ordinance, rule, regulation, order, writ,
injunction, judicial decision, decree, permit or other legally binding requirement of any Governmental Authority applicable to such Person or any of its respective properties, assets, officers, directors, employees, consultants or agents (in
connection with such officer’s, director’s, employee’s, consultant’s or agent’s activities on behalf of such Person). 

“Arrangement Agreement” has the meaning set forth in the Separation Agreement. 

“Business Day” has the meaning set forth in the Separation Agreement. 

“Closing of the Books Method” means the apportionment of items between portions of a Taxable period based on a closing of the
books and records on the close of the Separation Date (in the event that the Separation Date is not the last day of the Taxable period, as if the Separation Date were the last day of the Taxable period), subject to adjustment for items accrued on
the Separation Date that are properly allocable to the Taxable period following the Separation Date, as determined by Parent in accordance with Applicable Law; provided that Taxes not based upon or measured by net or gross income or specific
events shall be apportioned between the Pre- and Post-Separation Periods on a pro rata basis in accordance with the number of days in each Taxable period. 

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

“Combined Group” means any group consisting of at least one member that filed or was required to file (or will file or be
required to file) a Tax Return on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one member of the Parent Group and at least one
member of the SpinCo Group. 
 “Combined Tax Return” means a Tax Return filed in respect of Taxes for a Combined Group.

 “Company” means Parent or SpinCo (or the appropriate member of each of their respective Groups), as appropriate. 

“Distribution” has the meaning set forth in the Separation Agreement. 

“Distribution Date” has the meaning set forth in the Separation Agreement. 

“Equity Interests” means any stock or other securities treated as equity for Tax purposes, options, warrants, rights,
convertible debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined by reference to the value of stock. 

  
 2 

 “Escheat Payment” means any payment required to be made to a Governmental
Authority pursuant to an abandoned property, escheat or similar law. 
 “Final Determination” means (i) with respect
to U.S. federal income Taxes, (A) a “determination” as defined in Section 1313(a) of the Code (including, for the avoidance of doubt, an executed IRS Form 906) or (B) the execution of an IRS Form 870-AD (or any successor form thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the
right of the taxpayer to file a claim for refund or the right of the IRS to assert a further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than U.S. federal
income Taxes, any final determination of liability in respect of a Tax that, under Applicable Tax Law, is not subject to further appeal, review or modification through proceedings or otherwise; (iii) with respect to any Tax, any final
disposition by reason of the expiration of the applicable statute of limitations (giving effect to any extension, waiver or mitigation thereof); or (iv) with respect to any Tax, the payment of such Tax by any member of the Parent Group or any
member of the SpinCo Group, whichever is responsible for payment of such Tax under Applicable Tax Law, with respect to any item disallowed or adjusted by a Taxing Authority; provided, in the case of this clause (iv), that the provisions of
Section 15 hereof have been complied with, or, if such section is inapplicable, that the Company responsible under this Agreement for such Tax is notified by the Company paying such Tax that it has determined that no action
should be taken to recoup such disallowed item, and the other Company agrees with such determination. 
 “Governmental
Authority” has the meaning set forth in the Separation Agreement. 
 “Group” has the meaning set forth in the
Separation Agreement. 
 “Income Tax” means any Tax imposed on, or measured by reference to, net income or gains, and any
Taxes imposed in lieu of such a Tax. 
 “Income Tax Return” means any Tax Return in respect of an Income Tax. 

“Indemnitee” means the Party which is entitled to seek indemnification from another Party pursuant to the provisions of
Section 11. 
 “Intended Tax Treatment” means the qualification of (i) the Distribution
(including the Amalgamations), if effected, for the Intended U.S. Tax Treatment,” and (ii) the Specified Restructuring Transactions as being free from Tax to the extent set forth on Schedule A. 

“Intended U.S. Tax Treatment” has the meaning set forth in the Separation Agreement. 

  
 3 

 “IPO” has the meaning set forth in the recitals hereto. 

“IRS” means the United States Internal Revenue Service. 

“Joint Tax Return” means any (i) Combined Tax Return or (ii) Tax Return that includes Tax Items attributable to
both the Parent Business and the SpinCo Business. 
 “Parent” has the meaning set forth in the recitals hereto. 

“Parent Business” has the meaning set forth in the Separation Agreement. 

“Parent Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock, stock units or other
rights with respect to the capital stock of Parent that are granted by any member of the Parent Group in connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance of doubt,
options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the IPO or any subsequent transaction). 

“Parent Group” has the meaning set forth in the Separation Agreement. 

“Parent Separate Tax Return” means any Separate Tax Return of or including any member of the Parent Group. 

“Person” has the meaning set forth in the Separation Agreement. 

“Post-Separation Period” means any Taxable period (or portion thereof) beginning after the Separation Date. 

“Pre-Separation Period” means any Taxable period (or portion thereof) ending on or
before the Separation Date. 
 “Separate Tax Return” means any Tax Return required to be filed by a member of the Parent
Group or a member of the SpinCo Group that is not a Joint Tax Return. 
 “Separation” has the meaning set forth in the
Separation Agreement. 
 “Separation Agreement” has the meaning set forth in the recitals hereto. 

“Separation Date” has the meaning set forth in the Separation Agreement. 

“Separation Taxes” means any (i) any Taxes (other than Canadian Taxes relating to the Distribution) imposed on any
member of the Parent Group or the SpinCo Group solely as a result of the transactions undertaken to effect the Separation or, if effected, the Distribution, including as a result of the failure of the Intended Tax Treatment of the Separation or, if
effected, the Distribution, and (ii) any Taxes incurred by a shareholder of Parent (or former shareholder of Parent) that are required to be paid or reimbursed by Parent pursuant to any legal determination, solely as a result of the failure of
the Intended Tax Treatment of the Separation or, if effected, the Distribution. 

  
 4 

 “Specified Restructuring Transaction” means each of the transactions set
forth on Schedule A. 
 “SpinCo Active Trade or Business” means the SpinCo Business (as defined in the Separation
Agreement). 
 “SpinCo Business” has the meaning set forth in the Separation Agreement. 

“SpinCo Carried Item” means any Tax Attribute of the SpinCo Group that may or must be carried from one Taxable period to
another prior Taxable period, or carried from one Taxable period to another subsequent Taxable period, under the Code or other Applicable Tax Law. 

“SpinCo Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock, stock units or other
rights with respect to the capital stock of SpinCo that are granted by any member of the SpinCo Group in connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance of doubt,
options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the IPO or any subsequent transaction). 

“SpinCo Disqualifying Action” means (a) any action (or the failure to take any action) by any member of the
SpinCo Group after the Separation Date, (b) any event (or series of events) after the Separation Date involving the capital stock of SpinCo or any assets of any member of the SpinCo Group, or (c) any breach by any member of the SpinCo
Group after the Separation Date of any representation, warranty or covenant made by them in this Agreement that, would affect the Intended Tax Treatment; provided, however, that the term “SpinCo Disqualifying
Action” shall not include any action entered into pursuant to the Separation Agreement and any Ancillary Document or that is undertaken pursuant to the Separation or, if effected, the Distribution. 

“SpinCo Group” has the meaning set forth in the Separation Agreement. 

“SpinCo Separate Tax Return” means any Separate Tax Return of or including any member of the SpinCo Group. 

“Tax” (and the correlative meaning, “Taxes,” “Taxing” and “Taxable”) means
(i) any tax, including any tax based on or computed by reference to net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business and occupation, value-added,
trade, goods and services, ad valorem, franchise, profits, net wealth, license, business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset, real estate
acquisition, environmental, custom duty, impost, obligation, assessment, levy, tariff or other tax, governmental fee or other like assessment or charge of any kind whatsoever (including any Escheat Payment), together with any interest and any
penalty, addition to tax or additional amount imposed by a Taxing Authority; or (ii) any liability of any member of the Parent Group or the SpinCo Group for the payment of any amounts described in clause (i) as a result of any express or
implied obligation to indemnify any other Person. 

  
 5 

 “Tax Adviser” means Davis Polk & Wardwell LLP. 

“Tax Attribute” means (i) a net operating loss, net capital loss, unused investment credit, unused foreign tax credit,
excess charitable contribution, unused general business credit, alternative minimum tax credit or any other Tax Item that could reduce a Tax liability, and (ii) to the extent not included in clause (i), any Tax basis, earnings and profits,
previously taxed earnings and profits, overall foreign loss or other Tax attribute. 
 “Tax Item” means any item of income,
gain, loss, deduction, credit, recapture of credit or any other item that can increase or decrease Taxes paid or payable. 
 “Tax
Proceeding” means any Tax audit, dispute, examination, contest, litigation, arbitration, action, suit, claim, cause of action, review, inquiry, assessment, hearing, complaint, demand, investigation or proceeding (whether administrative,
judicial or contractual). 
 “Tax Refund” means any Tax refund, credit
in lieu thereof, offset or other similar item that results in a reduction in otherwise required Tax payments. 
 “Tax Representation
Letters” means the representation letters to be provided by Parent and SpinCo to the Tax Adviser in connection with the rendering by the Tax Adviser of the US Tax Opinion. 

“Tax Return” means any return, statement, report, declaration, form, election, bill, certificate, notice, filing, claim or
surrender (including estimated Tax returns and reports, extension requests and forms, and information returns and reports), or statement or other document or written information (whether in tangible, electronic or other form) filed or required to be
filed with any Taxing Authority, including any amendment thereof and any appendix, schedule, supplement, exhibit or attachment thereto made, prepared or filed by Law in respect of Taxes. 

“Tax-Related Losses” means, with respect to any Taxes imposed pursuant to any
settlement, determination, judgment or otherwise, (i) all accounting, legal and other professional fees, and court costs incurred in connection with such Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes and (ii) all damages, costs, and expenses associated with stockholder litigation or controversies and any amount paid by any member of the
Parent Group or any member of the SpinCo Group in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, relating to any Separation Taxes. 

“Taxing Authority” means any Governmental Authority, including any province, state, municipality, political subdivision or
governmental agency, responsible for the imposition, assessment, administration, collection, enforcement or determination of any Tax. 

  
 6 

 “Transfer Taxes” means all Canadian and
non-Canadian sales, use, privilege, transfer, documentary, stamp, duties, real estate transfer, controlling interest transfer, recording and similar Taxes and fees (including any penalties, interest or
additions thereto) imposed upon any member of the Parent Group or any member of the SpinCo Group in connection with the Separation or, if effected, the Distribution. 

“Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant tax
period. 
 “US Tax Opinion” means an opinion of Davis Polk & Wardwell LLP, or such other law or accounting firm as
determined by Parent, to be dated at or prior to the Distribution Date, addressed to Parent and otherwise in a form acceptable to Parent, with respect to certain U.S. federal income tax consequences of the Distribution, if effected. 

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	 Section

	 Due Date
	  	 Section 12(a)

	 Parent Compensation Tax Asset
	  	 Section 7(a)

	 Past Practices
	  	 Section 4(f)(i)

	 Tax Arbiter
	  	 Section 25

	 Tax Refund Recipient
	  	 Section 8(c)

 (c) All capitalized terms used but not defined herein shall have the same meanings as in the Separation
Agreement. Any term used in this Agreement which is not defined in this Agreement or the Separation Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury Regulations thereunder
(as interpreted in administrative pronouncements and judicial decisions) or in comparable provisions of Applicable Tax Law. 

Section 2. Sole Tax Sharing Agreement. Any and all existing Tax sharing agreements or arrangements, written or unwritten,
between any member of the Parent Group, on the one hand, and any member of the SpinCo Group, on the other hand, if not previously terminated, shall be terminated as of the Separation Date without any further action by the Parties thereto. After the
Separation Date, no member of the Parent Group or the SpinCo Group shall have any further rights or liabilities thereunder, and this Agreement the Separation Agreement and the Ancillary Agreement (to the extent such agreements reflect an agreement
between the Parties as to Tax sharing) shall be the sole Tax sharing agreements between the members of the Parent Group, on the one hand, and the members of the SpinCo Group, on the other hand. 

  
 7 

 Section 3. Allocation of Taxes. 

(a) General Allocation Principles. Except as provided in Section 3(c), all Taxes shall be allocated as
follows: 
 (i) Allocation of Taxes Reflected on Joint Tax Returns. Parent shall be allocated all Taxes reported, or
required to be reported, on any Joint Tax Return that any member of the Parent Group or SpinCo Group files or is required to file under Applicable Tax Law; provided, however, that to the extent any such Joint Tax Return includes any
Tax Item attributable to (A) any member of the SpinCo Group or (B) the SpinCo Business, in each case, in respect of any Post-Separation Period, SpinCo shall be allocated all Taxes attributable to such member(s) of the SpinCo Group or the
SpinCo Business, as applicable, as determined pursuant to Section 3(b). 
 (ii) Allocation of
Taxes Reflected on Separate Tax Returns. 
 (A) Parent shall be allocated all Taxes reported, or required to be reported,
on a Parent Separate Tax Return. 
 (B) SpinCo shall be allocated all Taxes reported, or required to be reported, on a SpinCo
Separate Tax Return. 
 (iii) Taxes Not Reported on Tax Returns. 

(A) Parent shall be allocated any Tax attributable to any member of the Parent Group that is not required to be reported on a
Tax Return. 
 (B) SpinCo shall be allocated any Tax attributable to any member of the SpinCo Group that is not required to
be reported on a Tax Return. 
 (b) Allocation Conventions. 

(i) General. All Taxes allocated pursuant to Section 3(a) shall be allocated between the
Pre-Separation Period and the Post-Separation Period in accordance with the Closing of the Books Method; provided, however, that if Applicable Tax Law does not permit a SpinCo Group member to close its Taxable year on the Separation
Date, the Tax attributable to the operations of the members of the SpinCo Group for any Post-Separation Period shall be the Tax computed using a hypothetical closing of the books consistent with the Closing of the Books Method (except to the extent
otherwise agreed upon by Parent and SpinCo). 
 (ii) Section 3(a)(i) Proviso Allocations. For
purposes of the proviso in Section 3(a)(i), the amount of Taxes attributable to the member(s) of the SpinCo Group or the SpinCo Business, as applicable, shall be determined by Parent on a pro forma basis prepared
(A) assuming that such member(s) were not included in the group of companies filing the applicable Joint Tax Return, but rather filed a separate Joint Tax Return that includes only such member(s), (B) including only

  
 8 

 
Tax Items of such member(s), (C) except as provided in clause (E) hereof, using all elections, accounting methods and conventions used on such Joint Tax Return for such period,
(D) applying the highest statutory marginal Tax rate in effect for such period, (E) assuming that such member(s) elect not to carry back any net operating losses and (F) assuming that such member(s) utilization of any Tax Attribute
carryforward or carryback is limited to the Tax Attributes of such member(s) arising in Post-Separation Periods determined in accordance with this Section 3(b)(ii); provided that the amount of Taxes so determined
shall not be less than zero. 
 (iii) Certain Separation Date Items. Any Tax Item of SpinCo or any member of the
SpinCo Group arising from a transaction engaged in outside the ordinary course of business on the Separation Date shall be allocable to SpinCo; provided that the foregoing shall not include any action that is undertaken pursuant to the
Separation. 
 (c) Special Allocation Rules. Notwithstanding any other provision in this Section 3, the
following Taxes shall be allocated as follows: 
 (i) Taxes Relating to Parent Compensatory Equity Interests. Any Tax
liability (including, for the avoidance of doubt, the satisfaction of any withholding Tax obligation) relating to the issuance, exercise, vesting or settlement of any Parent Compensatory Equity Interest shall be allocated in a manner consistent with
Section 7. 
 (ii) Separation Taxes and Tax-Related
Losses. Any liability for (x) Separation Taxes and (y) Tax-Related Losses, in each case, resulting from a SpinCo Disqualifying Action shall, in each case, be allocated in a manner consistent with
Section 11(a)(iii) and Section 11(b)(iii). 
 (iii) Taxes
Covered by the Separation Agreement or Ancillary Agreements. Subject to the preceding clauses of Section 3(c), any liability or other matter relating to Taxes that is specifically addressed in the Separation Agreement
or any Ancillary Agreement (including, with Canadian Taxes relating to the Distribution, in the Arrangement Agreement) shall be allocated or governed as provided in such agreement. 

Section 4. Preparation and Filing of Tax Returns. 

(a) Parent Prepared Tax Returns. Parent shall prepare and file, or cause to be prepared and filed, all (i) Joint Tax Returns and
(ii) Parent Separate Tax Returns. To the extent any Joint Tax Return reflects operations of the SpinCo Group for a Taxable period that includes the Separation Date, Parent shall include in such Joint Tax Return the results of such member of the
SpinCo Group, as the case may be, on the basis of the Closing of the Books Method to the extent permitted by Applicable Tax Law. If a member of the SpinCo Group is responsible for the filing of any such Tax Return under Applicable Tax Law, Parent
shall, subject to the procedures set forth in Sections 4(c), 4(d) and 4(e), deliver such prepared Tax Return to SpinCo in advance of the applicable filing deadline. 

  
 9 

 (b) SpinCo Prepared Tax Returns. SpinCo shall prepare and file all SpinCo Separate
Tax Returns. 
 (c) Determination of Responsible Party. Parent, in consultation with SpinCo, shall determine which Party or their
respective Affiliates is required to file any Joint Tax Return or Separate Tax Return under Applicable Tax Law. 
 (d) Provision of
Information. SpinCo shall maintain all necessary information for Parent (or any of its Affiliates) to file any Tax Return that Parent is required or permitted to file under this Section 4, and shall provide to Parent
all such necessary information in accordance with the Parent Group’s past practice. Parent shall maintain all necessary information for SpinCo (or any of its Affiliates) to file any Tax Return that SpinCo is required or permitted to file under
this Section 4, and shall provide SpinCo with all such necessary information in accordance with the Parent Group’s past practice. 

(e) Right to Review. The Party responsible for preparing (or causing to be prepared) any Tax Return under this
Section 4 shall make such Tax Return and related workpapers available for review by the other Party, if requested, to the extent (i) such Tax Return relates to Taxes for which the requesting Party would be liable under
Section 3, (ii) such Tax Return relates to such Taxes described in clause (i) and the requesting Party would reasonably be expected to be liable in whole or in part for any additional Taxes owing as a result of
adjustments to the amount of such Taxes reported on such Tax Return or (iii) such Tax Return relates to Taxes for which the requesting Party would reasonably be expected to have a claim for a Tax Refund under this Agreement. The Party
responsible for preparing (or causing to be prepared) the relevant Tax Return shall (x) use its reasonable best efforts to make such portion of such Tax Return available for review as required under this paragraph sufficiently in advance of the
due date for the filing of such Tax Return to provide the requesting Party with a meaningful opportunity to analyze and comment on such Tax Return and (y) use reasonable best efforts to have such Tax Return modified before filing, taking into
account the Person responsible for payment of the Tax (if any) reported on such Tax Return and whether the amount of Tax liability allocable to the requesting Party with respect to such Tax Return is material. The Parties shall attempt in good faith
to resolve any issues arising out of the review of such Tax Return. 
 (f) Special Rules Relating to the Preparation of Tax Returns.

 (i) General. Except as provided in this Section 4(f)(i), SpinCo shall prepare (or cause
to be prepared) any Tax Return, with respect to Taxable periods (or portions thereof) ending prior to or on the Separation Date, for which it is responsible under this Section 4 in accordance with past practices, accounting
methods, elections or conventions (“Past Practices”) used by the members of the Parent Group prior to the Separation Date with respect to such Tax Return to the extent permitted by Applicable Law, and to the extent any items,
methods or positions are not covered by Past Practices, as directed by Parent in its sole discretion to the extent permitted by Applicable Law. 

  
 10 

 (ii) Consistency with Intended Tax Treatment. All Tax Returns that
include any member of the Parent Group or any member of the SpinCo Group shall be prepared in a manner that is consistent with the Intended Tax Treatment. 

(iii) SpinCo Separate Tax Returns. With respect to any SpinCo Separate Tax Return, SpinCo and the other members of the
SpinCo Group shall include Tax Items in such Tax Return in a manner that is consistent with the inclusion of such Tax Items in any related Tax Return for which Parent is responsible to the extent such Tax Items are allocated in accordance with this
Agreement. 
 (iv) Election to File Joint Tax Returns. Parent shall be entitled in its sole discretion to file any
Combined Tax Return if the filing of such Tax Return is elective under Applicable Tax Law. Each member of any such Combined Group shall execute and file such consents, elections and other documents as may be required, appropriate or otherwise
requested by Parent in connection with the filing of such Joint Tax Returns. 
 (v) Preparation of Transfer Tax
Returns. The Company required under Applicable Tax Law to file any Tax Returns in respect of Transfer Taxes shall prepare and file (or cause to be prepared and filed) such Tax Returns. If required by Applicable Tax Law, Parent and SpinCo shall,
and shall cause their respective Affiliates to, cooperate in preparing and filing, and join the execution of, any such Tax Returns. 
 (g)
Payment of Taxes. Parent shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the Parent Group is responsible for filing under this Section 4,
and SpinCo shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the SpinCo Group is responsible for filing under this Section 4. If any member of the
Parent Group is required to make a payment to a Taxing Authority for Taxes allocated to SpinCo under Section 3, SpinCo (on behalf of itself or the relevant member of the SpinCo Group) shall pay the amount of such Taxes to
Parent (for the benefit of the relevant member of the Parent Group) in accordance with Section 11 and Section 12. If any member of the SpinCo Group is required to make a payment to a Taxing
Authority for Taxes allocated to Parent under Section 3, Parent (on behalf of itself or the relevant member of the Parent Group) shall pay the amount of such Taxes to SpinCo (for the benefit of the relevant member of the
SpinCo Group) in accordance with Section 11 and Section 12. 
 Section 5.
Apportionment of Tax Attributes. 
 (a) General. Any Tax Attributes arising in a
Pre-Separation Period will be allocated to (and the benefits and burdens of such Tax Attributes will inure to) the members of the Parent Group and the members of the SpinCo Group in accordance with
Parent’s historical practice (including historical methodologies for making corporate allocations) and Applicable Tax Law, as determined by Parent in its sole discretion. 

  
 11 

 (b) Procedures. Upon receipt of a written request from SpinCo, Parent shall in good
faith, based on information reasonably available to it, advise SpinCo in writing, as soon as reasonably practicable after the close of the relevant Taxable period in which the Separation Date occurs, of Parent’s estimate of the portion, if any,
of any Tax Attributes identified in such written request which Parent determines is expected to be allocated or apportioned to the members of the SpinCo Group under Applicable Tax Law. In the event of any adjustment to the previously delivered
estimate of any such Tax Attributes, Parent shall promptly advise SpinCo in writing of such adjustment. For the avoidance of doubt, Parent shall not be liable to any member of the SpinCo Group for any failure of any determination under this
Section 5(b) to be accurate under Applicable Tax Law, provided such determination was made in good faith. All members of the SpinCo Group shall prepare all Tax Returns in accordance with the written notices provided by
Parent to SpinCo pursuant to this Section 5(b). 
 (c) Adjustments. Except as otherwise provided herein, to
the extent that the amount of Tax Attribute allocated to members of the Parent Group or the SpinCo Group pursuant to Section 5(b) is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such
reduction or increase shall be allocated to the Company to which such Tax Attribute was allocated pursuant to this Section 5, as determined by Parent in good faith. 

Section 6. Utilization of Tax Attributes. 

(a) Amended Returns. Any amended Tax Return or claim for a Tax Refund with respect to any member of the SpinCo Group may be made only by
the Party responsible for preparing the original Tax Return with respect to such member of the SpinCo Group pursuant to Section 4. 

(b) No Carryback Election. The Parties hereby agree (i) not to make or cause to be made any election to claim, (A) in any Pre-Separation Period (other than in respect of a SpinCo Separate Tax Return) or (B) in any Joint Tax Return, a SpinCo Carried Item from a Post-Separation Period and (ii) to elect, to the extent permitted
by Applicable Tax Law, to forgo the right to carry back any SpinCo Carried Item from a Post-Separation Period to (A) a Pre-Separation Period (other than in respect of a SpinCo Separate Tax Return) or
(B) a Joint Tax Return. 
 (c) SpinCo Carrybacks. 

(i) General. If a member of the SpinCo Group reasonably determines that it is required by Applicable Tax Law to carry
back any SpinCo Carried Item to (i) a Pre-Separation Period (other than in respect of a SpinCo Separate Tax Return) or (ii) a Joint Tax Return, it shall notify Parent in writing of such determination at least ninety (90) days prior to
filing the Tax Return on which such carryback will be reflected. Such notification shall include a description in reasonable detail of the basis for any expected Tax Refund and the amount thereof. If Parent disagrees with such determination, the
Parties shall resolve their disagreement pursuant to the procedures set forth in Section 25. 

  
 12 

 (ii) Payment in respect of Certain Carrybacks. If a SpinCo Carried
Item is carried back to (i) a Pre-Separation Period or (ii) a Joint Tax Return pursuant to Section 6(c)(i), Parent shall be required to make a payment to the SpinCo Group in an amount equal to the Tax Refund in
respect of such SpinCo Carried Item in accordance with Section 8(c). 
 (d) Carryforwards to Separate Tax
Returns. If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to Section 5 and carried forward to a SpinCo Separate Tax Return, any Tax benefits arising from such carryforward
shall be retained by the SpinCo Group. If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to Section 5, and is carried forward to a Parent Separate Tax Return, any Tax benefits
arising from such carryforward shall be retained by the Parent Group. 
 Section 7. Deductions and Reporting for Certain Awards.

 (a) Deductions. The Parent Group shall be allocated, and be entitled to receive the Tax benefit of, any Tax deduction relating to
(i) the issuance, exercise, vesting and/or settlement after the Separation Date of any Parent Compensatory Equity Interests and (ii) any liability after the Separation Date with respect to compensation or benefits assumed, retained,
required to be paid, satisfied or provided by, or otherwise allocated to, any member of the Parent Group under the Separation Agreement or any Ancillary Agreement (each such deduction, a “Parent Compensation Tax Asset”). Parent and
SpinCo acknowledge and agree that, to the extent permitted by Applicable Tax Law, Parent or a member of the Parent Group shall be entitled to, and shall, claim any such Tax deduction on a Tax Return of Parent or a member of the Parent Group. 

(b) Payments for Parent Compensation Tax Assets. If, notwithstanding clause (a), a Parent Compensation Tax Asset gives rise to a Tax
deduction for any member of the SpinCo Group in any Post-Separation Period, SpinCo shall pay over to Parent the actual Tax benefit received by SpinCo from the utilization of such Parent Compensation Tax Asset, determined using a “with and
without” methodology (treating any deductions attributable to the use by a member of the SpinCo Group of a Parent Compensation Tax Asset as the last item claimed for any Taxable period, including after the utilization of any available Tax
Attributes). 
 (c) Withholding and Reporting. All applicable withholding and reporting responsibilities (including all income,
payroll or other Tax reporting related to income to any current or former employee) with respect to the issuance, exercise, vesting or settlement of any Parent Compensatory Equity Interests or SpinCo Compensatory Equity Interests shall be the
responsibility of the Party to which such responsibility has been prescribed by Section 8.06 of the Employee Matters Agreement. Parent and SpinCo acknowledge and agree that the Parties shall cooperate with each other and with third-party
providers to effectuate withholding and remittance of Taxes, as well as required Tax reporting, in a timely manner. 

  
 13 

 Section 8. Tax Refunds. 

(a) Parent Tax Refunds. Parent shall be entitled to any Tax Refund (including any interest actually received on or in respect thereof)
received by any member of the Parent Group or any member of the SpinCo Group, other than any Tax Refund to which SpinCo is entitled pursuant to Section 8(b) (or, with respect to any SpinCo Carried Item,
Section 6). SpinCo shall not be entitled to any Tax Refund received by any member of the Parent Group or the SpinCo Group, except as set forth in Section 8(b). 

(b) SpinCo Tax Refunds. SpinCo shall be entitled to any Tax Refund (including any interest actually received on or in respect thereof)
received by any member of the Parent Group or any member of the SpinCo Group after the Separation Date with respect to any Tax allocated to a member of the SpinCo Group under this Agreement (including, for the avoidance of doubt, any amounts
allocated to SpinCo pursuant to Section 3(c)(ii)), other than any Tax Refund resulting from a SpinCo Carried Item, which shall be governed by Section 6. 

(c) Payment Procedures. A Company receiving (or realizing) a Tax Refund to which another Company is entitled hereunder (a “Tax
Refund Recipient”) shall pay over the amount of such Tax Refund (including interest received from the relevant Taxing Authority, but net of any Taxes imposed with respect to such Tax Refund and any other reasonable costs associated
therewith) within thirty (30) days of receipt thereof (or from the due date for payment of any Tax reduced thereby); provided, however, that the other Company, upon the request of such Tax Refund Recipient, shall repay the amount
paid to the other Company (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax Refund that gave rise to such payment is subsequently
disallowed. 
 Section 9. Certain Representations and Covenants. 

(a) Representations. 

(i) SpinCo and each other member of the SpinCo Group represents that as of the date hereof, it does not have any plan or
intention, and covenants that, if the Distribution is effected, as of the Distribution Date it will not have any plan or intention: 

(A) other than in connection with the Distribution, to liquidate SpinCo or to merge, amalgamate or consolidate any member of
the SpinCo Group with any other Person subsequent to the Distribution; 
 (B) to sell, transfer or otherwise dispose of any
material asset of any member of the SpinCo Group, except in the ordinary course of business; 

  
 14 

 (C) to take or fail to take any action in a manner that is inconsistent with
the written information and representations furnished or to be furnished by SpinCo to the Tax Adviser in connection with the Tax Representation Letters or the Tax Opinion; 

(D) to repurchase stock of SpinCo other than in a manner that satisfies the requirements of Section 4.05(1)(b) of IRS
Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) and consistent with any representations made to the Tax Adviser in connection with the Tax Representation Letters; or 

(E) to take or fail to take any action in a manner that management of SpinCo knows, or should know, is reasonably likely to
contravene any agreement with a Taxing Authority entered into prior to the Separation Date or, if the Distribution is effected, the Distribution Date to which any member of the SpinCo Group or the Parent Group is a party. 

(b) Covenants. 

(i) So long as a Distribution could, in the reasonable discretion of Parent, be effected, SpinCo will not knowingly take or
fail to take, or permit any member of the SpinCo Group to knowingly take or fail to take, any action that could reasonably be expected to preclude Parent from effectuating the Distribution in a manner that qualifies for its Intended Tax Treatment.
If Parent determines, in its sole discretion, to effectuate a Distribution, SpinCo will take, and will cause any member of the SpinCo Group to take, any action reasonably requested by Parent in order to enable Parent to effectuate a Distribution in
a manner that qualifies for its Intended Tax Treatment. 
 (ii) If the Distribution is effected, SpinCo shall not, and shall
not permit any other member of the SpinCo Group to, take or fail to take any action that constitutes a SpinCo Disqualifying Action. 

(iii) SpinCo shall not, and shall not permit any other member of the SpinCo Group to, take or fail to take any action that is
inconsistent with the information and representations furnished or to be furnished by SpinCo to the Tax Adviser in connection with the Tax Representation Letters or the Tax Opinion. 

(iv) SpinCo shall not, and shall not permit any other member of the SpinCo Group to, take or fail to take any action in a
manner that management of SpinCo knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to the Separation Date or, if the Distribution is effected, the Distribution Date to which any member
of the SpinCo Group or the Parent Group is a party. 

  
 15 

 (v) If the Distribution is effected, during the two-year period following the Distribution Date: 
 (A) SpinCo shall (x) maintain its
status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code, (y) not engage in any transaction that would result in it ceasing to be a company engaged in the Active Trade or Business for
purposes of Section 355(b)(2) of the Code, taking into account Section 355(b)(3) of the Code for purposes of each of clauses (x) and (y) hereof; 

(B) SpinCo shall not repurchase stock of SpinCo in a manner contrary to the requirements of Section 4.05(1)(b) of IRS
Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations made or to be made by SpinCo to the Tax Adviser in connection with the Tax
Representation Letters; 
 (C) SpinCo shall not, and shall not agree to, merge, consolidate or amalgamate with any other
Person other than in connection with the Distribution; and 
 (D) SpinCo shall not, and shall not permit any other member of
the SpinCo Group to, (1) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Interests of SpinCo or any member of the SpinCo Group, (2) participate in or support any unsolicited tender offer for, or
other acquisition or disposition of, the Equity Interests of SpinCo or any member of the SpinCo Group or (3) approve or otherwise permit any proposed business combination or any transaction which would result in any acquisition or disposition
of the Equity Interests of SpinCo or any member of the SpinCo Group. 
 (vi) SpinCo shall not take or fail to take, or permit
any other member of the SpinCo Group to take or fail to take, any action which prevents or could reasonably be expected to result in any Specified Restructuring Transaction or, if effected, the Distribution from qualifying for its Intended Tax
Treatment. 
 (c) SpinCo Covenants Exceptions. Notwithstanding the provisions of Section 9(b), SpinCo and
the other members of the SpinCo Group may take any action that would reasonably be expected to be inconsistent with the covenants contained in Section 9(b), if, prior to taking such action, either: (i) SpinCo notifies Parent of its
proposal to take such action and SpinCo and Parent obtain a ruling from the IRS to the effect that such action will not affect the Intended Tax Treatment, provided that SpinCo agrees in writing to bear any expenses associated with obtaining
such a ruling, and provided further that the SpinCo Group shall not be relieved of any liability under Section 11(a) of this Agreement by reason of seeking or having obtained such a ruling; or (ii) SpinCo
notifies Parent of its proposal to take such action and delivers to Parent an unqualified opinion of counsel (A) from a Tax advisor recognized as an expert in federal income Tax matters, (B) acceptable to Parent in its sole discretion,
(C) on which Parent may rely and (D) to the effect that such action “will” not affect the Intended Tax Treatment, provided that the SpinCo Group shall not be relieved of any liability under
Section 11(a) of this Agreement by reason of having obtained such an opinion. 

  
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 Section 10. [Intentionally Omitted] 

Section 11. Indemnities. 

(a) SpinCo Indemnity to Parent. Except in the case of any liabilities described in Section 11(b), SpinCo and
each other member of the SpinCo Group shall jointly and severally indemnify Parent and the other members of the Parent Group against, and hold them harmless, without duplication, from: 

(i) any Tax liability allocated to SpinCo pursuant to Section 3; 

(ii) any Tax liability and Tax-Related Losses attributable to a breach, after the
Separation Date, by SpinCo or any other member of the SpinCo Group of any representation, covenant or provision contained in this Agreement (including, for the avoidance of doubt, any Taxes and Tax-Related
Losses resulting from any breach for which the conditions set forth in Section 9(c) are satisfied); 

(iii) any Separation Taxes and Tax-Related Losses attributable to a SpinCo
Disqualifying Action (including, for the avoidance of doubt, any Taxes and Tax-Related Losses resulting from any action for which the conditions set forth in Section 9(c) are
satisfied); and 
 (iv) all liabilities, costs, expenses (including reasonable expenses of investigation and attorneys’
fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (i), (ii) or (iii), including those incurred in the contest
in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage. 
 (b)
Parent Indemnity to SpinCo. Except in the case of any liabilities described in Section 11(a), Parent and each other member of the Parent Group will jointly and severally indemnify SpinCo and the other members of the
SpinCo Group against, and hold them harmless, without duplication, from: 
 (i) any Tax liability allocated to Parent
pursuant to Section 3; 
 (ii) any Taxes imposed on any member of the SpinCo Group under Treasury
Regulations Section 1.1502-6 (or similar or analogous provision of state, local or foreign law) solely as a result of any such member being or having been a member of a Combined Group; 

  
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 (iii) any Separation Taxes and
Tax-Related Losses, other than any such Separation Taxes and Tax-Related Losses described in Section 11(a)(iii); and 

(iv) all liabilities, costs, expenses (including reasonable expenses of investigation and attorneys’ fees and expenses),
losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (i) or (ii), including those incurred in the contest in good faith in
appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage. 
 (c) Discharge of
Indemnity. SpinCo, Parent and the members of their respective Groups shall discharge their obligations under Section 11(a) or Section 11(b) hereof, respectively, by paying the relevant amount
in accordance with Section 12, within thirty (30) Business Days of demand therefor or, to the extent such amount is required to be paid to a Taxing Authority prior to the expiration of such thirty (30) Business
Days, at least ten (10) Business Days prior to the date by which the demanding party is required to pay the related Tax liability. Any such demand shall include a statement showing the amount due under Section 11(a) or
Section 11(b), as the case may be. Notwithstanding the foregoing, if any member of the SpinCo Group or any member of the Parent Group disputes in good faith the fact or the amount of its obligation under
Section 11(a) or Section 11(b), then no payment of the amount in dispute shall be required until any such good faith dispute is resolved in accordance with Section 25
hereof; provided, however, that any amount not paid within thirty (30) Business Days of demand therefor shall bear interest as provided in Section 12. 

(d) Corresponding Tax Benefits. If an indemnification obligation of any member of the Parent Group or any member of the SpinCo Group, as
the case may be, under this Section 11 arises in respect of an adjustment that makes allowable to an Indemnitee any reduction in Taxes payable by the Indemnitee or other Tax benefit which would not, but for such adjustment,
be allowable, then any such indemnification obligation shall be an amount equal to (i) the amount otherwise due but for this Section 11(d), minus (ii) the reduction in actual cash Taxes payable by the
Indemnitee in the Taxable year in which such indemnification obligation arises, determined on a “with and without” basis. 

Section 12. Payments. 

(a) Timing. All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to a Taxing Authority
described herein) shall be made in immediately available funds. Except as otherwise provided, all such payments will be due sixty (60) Business Days after the receipt of notice of such payment or, where no notice is required, sixty
(60) Business Days after the fixing of liability or the resolution of a dispute (the “Due Date”). Payments shall be deemed made when received. Any payment that is not made on or before the Due Date shall bear interest at the
rate equal to the “prime” rate as published on such Due Date in the Wall Street Journal, Eastern Edition, for the period from and including the date immediately following the Due Date through and including the date of payment. With respect
to any payment required to be made under this Agreement, Parent has the right to designate, by written notice to SpinCo, which member of the Parent Group will make or receive such payment. 

  
 18 

 (b) [Intentionally Omitted] 

(c) No Duplicative Payment. It is intended that the provisions of this Agreement shall not result in a duplicative payment of any amount
required to be paid under the Separation Agreement or any Ancillary Agreement, and this Agreement shall be construed accordingly. 

Section 13. Guarantees. Parent and SpinCo, as the case may be, each hereby guarantees and agrees to otherwise perform the
obligations of each other member of the Parent Group or the SpinCo Group, respectively, under this Agreement. 
 Section 14.
Communication and Cooperation. 
 (a) Consult and Cooperate. Parent and SpinCo shall consult and cooperate (and shall cause
each other member of their respective Groups to consult and cooperate) fully at such time and to the extent reasonably requested by the other Party in connection with all matters subject to this Agreement. Such cooperation shall include: 

(i) the retention, and provision on reasonable request, of any and all information including all books, records, documentation
or other information pertaining to Tax matters relating to the SpinCo Group (or, in the case of any Tax Return of the Parent Group, the portion of such return that relates to Taxes for which the SpinCo Group may be liable pursuant to this
Agreement), any necessary explanations of information, and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension, waiver or mitigation thereof); 

(ii) the execution of any document that may be necessary (including to give effect to Section 15) or
helpful in connection with any required Tax Return or in connection with any audit, proceeding, suit or action; and 
 (iii)
the use of the parties’ commercially reasonable efforts to obtain any documentation from a Governmental Authority or a third party that may be necessary or helpful in connection with the foregoing. 

(b) Provide Information. Except as set forth in Section 15, Parent and SpinCo shall keep each other reasonably
informed with respect to any material development relating to the matters subject to this Agreement. 
 (c) Tax Attribute Matters.
Parent and SpinCo shall promptly advise each other with respect to any proposed Tax adjustments that are the subject of an audit or investigation, or are the subject of any proceeding or litigation, and that may affect any Tax liability or any Tax
Attribute (including, but not limited to, basis in an asset or the amount of earnings and profits) of any member of the Parent Group or any member of the SpinCo Group, respectively. 

  
 19 

 (d) Confidentiality and Privileged Information. Any information or documents provided
under this Agreement shall be kept confidential by the party receiving the information or documents, except as may otherwise be necessary in connection with the filing of required Tax Returns or in connection with any audit, proceeding, suit or
action. Without limiting the foregoing (and notwithstanding any other provision of this Agreement or any other agreement), (i) no member of the Parent Group or SpinCo Group, respectively, shall be required to provide any member of the SpinCo Group
or Parent Group, respectively, or any other Person access to or copies of any information or procedures other than information or procedures that relate solely to SpinCo, the business or assets of any member of the SpinCo Group, or matters for which
the SpinCo Group or the Parent Group, respectively, has an obligation to indemnify under this Agreement and (ii) in no event shall any member of the Parent Group or the SpinCo Group, respectively, be required to provide any member of the SpinCo
Group or Parent Group, respectively, or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any privilege. Notwithstanding the foregoing, in the event that Parent or SpinCo,
respectively, determines that the provision of any information to any member of the SpinCo Group or Parent Group, respectively, could be commercially detrimental or violate any law or agreement to which Parent or SpinCo, respectively, is bound,
Parent or SpinCo, respectively, shall not be required to comply with the foregoing terms of this Section 14(d) except to the extent that it is able, using commercially reasonable efforts, to do so while avoiding such harm
or consequence (and shall promptly provide notice to SpinCo or Parent, respectively, to the extent such access to or copies of any information is provided to a Person other than a member of the Parent Group or SpinCo Group, respectively). 

Section 15. Audits and Contest. 

(a) Notice. Each of Parent and SpinCo shall promptly notify the other in writing upon the receipt of any notice of Tax Proceeding from
the relevant Taxing Authority or upon becoming aware of an actual or potential Tax Proceeding by a Taxing Authority that may affect the liability of any member of the SpinCo Group or the Parent Group, respectively, for Taxes under Applicable Law or
this Agreement; provided that a Party’s right to indemnification under this Agreement shall not be limited in any way by a failure to so notify, except to the extent that the indemnifying Party is prejudiced by such failure. 

(b) Parent Control. Notwithstanding anything in this Agreement to the contrary but subject to Section 15(d),
Parent shall have the right to control all matters relating to any Joint Tax Return, any Parent Separate Tax Return, and any Tax Return or any Tax Proceeding with respect to any Tax matters of a Combined Group or any member of a Combined Group (as
such). Parent shall have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any Tax matter described in the preceding sentence; provided, however, that to the extent
that any Tax Proceeding relating to such a Tax matter is reasonably likely to give rise to an indemnity obligation of SpinCo under Section 11 hereof, (i) Parent shall keep SpinCo informed of all material developments
and events relating to any such Tax Proceeding described in this proviso and (ii) at its own cost and expense, SpinCo shall have the right to participate in (but not to control) the defense of any such Tax Proceeding. 

  
 20 

 (c) SpinCo Assumption of Control;
Non-Separation Taxes. If Parent determines that the resolution of any matter pursuant to a Tax Proceeding (other than a Tax Proceeding relating to Separation Taxes) is reasonably likely to have an adverse
effect on the SpinCo Group with respect to any Post-Separation Period, Parent, in its sole discretion, may permit SpinCo to elect to assume control over disposition of such matter at SpinCo’s sole cost and expense; provided,
however, that if SpinCo so elects, it will (i) be responsible for the payment of any liability arising from the disposition of such matter notwithstanding any other provision of this Agreement to the contrary and (ii) indemnify the
Parent Group for any increase in a liability and any reduction of a Tax asset of the Parent Group arising from such matter. 
 (d)
Separation Taxes. Parent shall have the right to control any Tax Proceeding relating to Separation Taxes; provided that Parent shall keep SpinCo fully informed of all material developments and shall permit SpinCo a reasonable
opportunity to participate in the defense of the matter. 
 Section 16. Notices. Any notice, instruction, direction or demand
under the terms of this Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, email transmission or mail, to the following addresses: 

if to Parent or the Parent Group, to: 

Bausch Health Companies Inc. 

2150 St. Elzéar Blvd. West 

Laval, Québec, Canada H7L 4A8 

Attention: General Counsel 
 E-mail: [*****] 
 with a copy (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Michael Mollerus 

Email: [*****] 
 if to SpinCo or
the SpinCo Group, to: 
 Bausch + Lomb Corporation 

400 Somerset Corporate Blvd 

Bridgewater, NJ 08807, USA 

Attention: General Counsel 
 E-mail: [*****] 

  
 21 

 with a copy (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Michael Mollerus 

Email: [*****] 
 or such other address or email
address as such party may hereafter specify for the purpose by notice to the other party hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00
p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 17. Costs and Expenses. The Party that prepares any Tax Return shall bear the costs and expenses incurred in the
preparation of such Tax Return. Except as expressly set forth in this Agreement or the Separation Agreement, (i) each Party shall bear the costs and expenses incurred pursuant to this Agreement to the extent the costs and expenses are directly
allocable to a liability or obligation allocated to such Party and (ii) to the extent a cost or expense is not directly allocable to a liability or obligation, it shall be borne by the Party incurring such cost or expense. For purposes of this
Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys’ fees, accountants’ fees and other related professional fees and disbursements. 

Section 18. Effectiveness; Termination and Survival. Except as expressly set forth in this Agreement, as between Parent and
SpinCo, this Agreement shall become effective on the Separation Date. All rights and obligations arising hereunder shall survive until they are fully effectuated or performed; provided that, notwithstanding anything in this Agreement to the
contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period of all applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any
claim hereunder initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved. This agreement shall terminate without any further action at any time before the Separation Date upon termination of the Separation
Agreement. 
 Section 19. Specific Performance. Each Party to this Agreement acknowledges and agrees that damages for a breach
or threatened breach of any of the provisions of this Agreement would be inadequate and irreparable harm would occur. In recognition of this fact, each Party agrees that, if there is a breach or threatened breach, in addition to any damages, the
other nonbreaching Party to this Agreement, without posting any bond, shall be entitled to seek and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, attachment, or any other
equitable remedy which may then be available to obligate the breaching Party (i) to perform its obligations under this Agreement or (ii) if the breaching Party is unable, for whatever reason, to perform those obligations, to take any other
actions as are necessary, advisable or appropriate to give the other Party to this Agreement the economic effect which comes as close as possible to the performance of those obligations (including transferring, or granting liens on, the assets of
the breaching party to secure the performance by the breaching party of those obligations). 

  
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 Section 20. Construction. In this Agreement, unless the context clearly
indicates otherwise: 
 (a) words used in the singular include the plural and words used in the plural include the singular; 

(b) references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by this Agreement; 
 (c) except as otherwise clearly indicated, reference to any gender includes all genders; 

(d) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without
limitation”; 
 (e) reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule
to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition; 

(f) the words “herein,” “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed
references to this Agreement as a whole and not to any particular Section or other provision hereof; 
 (g) reference to any agreement,
instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement; 

(h) reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as
amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 
 (i)
relative to the determination of any period of time, “from” means “from and including,” “to” means “to and including” and “through” means “through and including”; 

(j) the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall
not be deemed to be a part of or to affect the meaning or interpretation of this Agreement; 
 (k) unless otherwise specified in this
Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States, and, unless otherwise specified herein or agreed between the parties, all payments required under this Agreement shall be made in U.S.
dollars; and 

  
 23 

 (l) any capitalized term used in an Exhibit or Schedule but not otherwise defined therein
shall have the meaning set forth in this Agreement. 
 Section 21. Entire Agreement; Amendments and Waivers. 

(a) Entire Agreement. 

(i) This Agreement, the Separation Agreement and the Ancillary Agreements constitute the entire understanding of the parties
with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the parties with respect to the subject matter hereof and thereof. No representation,
inducement, promise, understanding, condition or warranty not set forth herein or in the Separation Agreement or any Ancillary Agreement has been made or relied upon by any Party hereto or any member of their Group with respect to the transactions
contemplated by this Agreement, the Separation Agreement or any Ancillary Agreement. This Agreement is an “Ancillary Agreement” as such term is defined in the Separation Agreement
and shall be interpreted in accordance with the terms of the Separation Agreement in all respects; provided that 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 in all respects. 
 (ii) THE PARTIES ACKNOWLEDGE AND AGREE THAT NO
REPRESENTATION, WARRANTY, PROMISE, INDUCEMENT, UNDERSTANDING, COVENANT OR AGREEMENT HAS BEEN MADE OR RELIED UPON BY ANY PARTY OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT, THE SEPARATION AGREEMENT AND THE ANCILLARY AGREEMENTS. WITHOUT
LIMITING THE GENERALITY OF THE DISCLAIMER SET FORTH IN THE PRECEDING SENTENCE, NEITHER PARENT NOR ANY OF ITS AFFILIATES HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY REPRESENTATIONS OR WARRANTIES IN ANY PRESENTATION OR WRITTEN INFORMATION RELATING TO
THE SPINCO BUSINESS GIVEN OR TO BE GIVEN IN CONNECTION WITH THE CONTEMPLATED TRANSACTIONS OR IN ANY FILING MADE OR TO BE MADE BY OR ON BEHALF OF PARENT OR ANY OF ITS AFFILIATES WITH ANY GOVERNMENTAL AUTHORITY, AND NO STATEMENT MADE IN ANY SUCH
PRESENTATION OR WRITTEN MATERIALS, MADE IN ANY SUCH FILING OR CONTAINED IN ANY SUCH OTHER INFORMATION SHALL BE DEEMED A REPRESENTATION OR WARRANTY HEREUNDER OR OTHERWISE. SPINCO ACKNOWLEDGES THAT PARENT HAS INFORMED IT THAT NO PERSON HAS BEEN
AUTHORIZED BY PARENT OR ANY OF ITS AFFILIATES TO MAKE ANY REPRESENTATION OR WARRANTY IN RESPECT OF THE SPINCO BUSINESS OR IN CONNECTION WITH THE CONTEMPLATED TRANSACTIONS, UNLESS IN WRITING AND CONTAINED IN THIS AGREEMENT, THE SEPARATION AGREEMENT
OR IN ANY OF THE OTHER ANCILLARY AGREEMENTS TO WHICH THEY ARE A PARTY. 

  
 24 

 (b) Amendments and Waivers. 

(i) Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is
signed, in the case of an amendment, by each of Parent and SpinCo, or in the case of a waiver, by the Party against whom the waiver is to be effective. 

(ii) No failure or delay by any Party (or the applicable member of such Party’s Group) in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law. 
 Section 22. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state. 

Section 23. Jurisdiction. The Parties agree that any suit, action or proceeding seeking to enforce any provision of, or based on
any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or if the
Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court therefrom), and each of the Parties hereto hereby
irrevocably consents to the exclusive jurisdiction of such courts in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of
any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any Party anywhere
in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of process on such Party as provided in Section 16 shall be deemed effective service
of process on such Party. 
 Section 24. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 25 

 Section 25. Dispute Resolution. In the event of any dispute relating to this
Agreement, the Parties shall work together in good faith to resolve such dispute within thirty (30) days. In the event that such dispute is not resolved, upon written notice by a Party after such thirty
(30)-day period, the matter shall be referred to, as applicable, a Canadian or U.S. Tax counsel or other Canadian or U.S. Tax advisor of recognized national standing (the “Tax Arbiter”) that
will be jointly chosen by Parent and SpinCo; provided, however, that, if Parent and SpinCo do not agree on the selection of the Tax Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of a panel
of, as applicable, three Canadian or U.S. Tax counsel or other Canadian or U.S. Tax advisors of recognized national standing with one member chosen by Parent, one member chosen by SpinCo, and a third member chosen by mutual agreement of the other
members within the following ten (10)-day period. Each decision of a panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter may, in its discretion, obtain the services of any third
party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the Parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety (90) days after
acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the Parties, and the Parties shall take, or cause to be taken, any action necessary to implement such resolution. All fees and expenses of the Tax
Arbiter shall be shared equally by the Parties to the dispute. In the case of any dispute involving the Tax laws of a jurisdiction other than Canada or the United States, the provisions of this Section 25 shall apply to
such dispute mutatis mutandis. 
 Section 26. Counterparts; Effectiveness; Third-Party Beneficiaries. This Agreement may
be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party hereto shall have received
a counterpart hereof signed by the other Party hereto. Until and unless each Party has received a counterpart hereof signed by the other Party hereto, this Agreement shall have no effect and no Party shall have any right or obligation hereunder
(whether by virtue of any other oral or written agreement or other communication). Except for Section 14(d) and the indemnification and release provisions of Section 11, neither this Agreement nor
any provision hereof is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the Parties hereto and their respective successors and permitted assigns. 

Section 27. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties
hereto and their respective successors and permitted assigns; provided that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other Party hereto. If any
Party or any of its successors or permitted assigns (i) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or
substantially all of its properties and assets to any Person, then, and in each such case, proper provisions shall be made so that the successors and assigns of such Party shall assume all of the obligations of such Party under the Separation
Agreement and any Ancillary Agreements. 

  
 26 

 Section 28. Authorization. Each of Parent and SpinCo hereby represents and
warrants that it has the power and authority to execute, deliver and perform this Agreement, on its behalf and on behalf of each member of its Group, that this Agreement has been duly authorized by all necessary corporate action on the part of such
Party and each member of its Group, that this Agreement constitutes a legal, valid and binding obligation of each such Party and each member of its Group, and that the execution, delivery and performance of this Agreement by such Party and each
member of its Group does not contravene or conflict with any provision or law or of its charter or bylaws or any agreement, instrument or order binding on such Party or member of its Group. 

Section 29. Change in Tax Law. Any reference to a provision of the Code, Treasury Regulations or any other Applicable Tax Law
shall include a reference to any applicable successor provision of the Code, Treasury Regulations or other Applicable Tax Law. 

Section 30. Performance. Each Party shall cause to be performed all actions, agreements and obligations set forth herein to be
performed by any member of such Party’s Group. 
 [Signature Page Follows] 

  
 27 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the day and
year first written above. 
  

			
	Bausch Health Companies Inc., on its own behalf and on behalf of the members of the Parent Group
		
	By:	 	 /s/ Thomas J. Appio

		 	Name: Thomas J. Appio
		 	Title: Chief Executive Officer, Pharma Business
	
	Bausch + Lomb Corporation, on its own behalf and on behalf of the members of the SpinCo Group
		
	By:	 	 /s/ Joseph C. Papa

		 	Name: Joseph C. Papa
		 	Title: Chief Executive OfficerEX-10.5

 Exhibit 10.5 

REDACTED 
 Certain
identified information, indicated by [*****], has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm if publicly disclosed. 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of March 30, 2022 (this “Agreement”), is made by and between Bausch Health
Companies Inc., a corporation continued under the laws of the Province of British Columbia, Canada (“Parent”), and Bausch + Lomb Corporation, a company incorporated under the laws of Canada (“SpinCo”). 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 SpinCo (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, SpinCo is presently a wholly-owned subsidiary of Parent; 

WHEREAS, pursuant to the Separation Agreement, Parent will offer and sell to the public Initial Common Shares in an initial public offering
(the “IPO”), immediately following which offering and sale Parent will own 80.1% or more of the outstanding Initial Common Shares; 

WHEREAS, Parent currently intends to, after the IPO, effect the Distribution; 

WHEREAS, Parent and SpinCo desire to enter into this Agreement to set forth the terms and conditions of the registration rights and
obligations of Parent and SpinCo; and 
 WHEREAS, the Separation Agreement requires execution and delivery of this Agreement by Parent and
SpinCo at or prior to the Separation Time. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained in this
Agreement, Parent and SpinCo, intending to be legally bound, hereby agree 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 the Separation Agreement, this Agreement and the other Ancillary Agreements, (a) no member of the SpinCo 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 SpinCo 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. 

“Canadian Long-Form Prospectus” means a prospectus prepared in accordance with the requirements of Canadian Securities Laws
for an initial public offering of securities in Canada, or for any other offering of securities that is not eligible to use a Canadian Short-Form Prospectus, pursuant to National Instrument 41-101 –
General Prospectus Requirements of the Canadian Securities Administrators, or any successor to that instrument. 
 “Canadian
Prospectus” means a Canadian Long-Form Prospectus or a Canadian Short-Form Prospectus. 
 “Canadian Securities
Authorities” means the Canadian securities authorities in each of the provinces or territories of Canada, and any of their successors. 

“Canadian Securities Laws” means the applicable securities laws, regulations and rules of the provinces and territories of
Canada, the forms and disclosure requirements made or promulgated under those laws, regulations or rules, the policy statements, rules, orders and companion policies of or administered by the Canadian Securities Authorities, and applicable
discretionary rulings, blanket orders or orders issued by the Canadian Securities Authorities pursuant to such laws, regulations, rules and policy statements, all as amended and in effect from time to time. 

“Canadian Shelf Prospectus” means a Canadian Short-Form Prospectus used to qualify a distribution of securities in Canada on
a delayed or continuous basis, pursuant to National Instrument 44-102 – Shelf Distributions of the Canadian Securities Administrators, or any successor to that instrument. 

“Canadian Short-Form Prospectus” means a prospectus prepared in accordance with the requirements of Canadian Securities Laws
pursuant to rules and procedures that permit the incorporation by reference of previously filed Canadian continuous disclosure documents, pursuant to National Instrument 44-101 – Short Form Prospectus
Distributions of the Canadian Securities Administrators, or any successor to that instrument, including, as applicable, a Canadian Shelf Prospectus and a Canadian Shelf Prospectus Supplement. 

“Canadian Shelf Prospectus Supplement” means a shelf prospectus supplement prepared in accordance with National Instrument 44-102 – Shelf Distributions of the Canadian Securities Administrators, or any successor to that instrument, to supplement the disclosure of a Canadian Shelf Prospectus. 

  
 -2- 

 “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), (c) all other information prepared by or on behalf of SpinCo, 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), and (d) such other information or documents as may be required to be provided to purchasers of securities under applicable Canadian Securities
Laws. 
 “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
SpinCo or on behalf of SpinCo) 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. 

“Initial Common Shares” shall mean the common shares of SpinCo (it being understood that, if the Initial 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 Initial Common Share in this Agreement shall refer to
such other security into which the Initial Common Share was reclassified, exchanged or converted). 

  
 -3- 

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

“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 SpinCo and any other member of
the SpinCo 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 Initial Common Shares, including Initial Common Shares issued or transferred or to be
issued or transferred to any Holder pursuant to and in accordance with the Distribution and any other Initial 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, (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, or (e) such securities shall have been disposed of in accordance with applicable Canadian Securities Laws and
pursuant to a Canadian Prospectus or otherwise in accordance with available exemptions from the Canadian prospectus requirements; provided, that such securities shall only cease to constitute Registrable Securities in the case of this clause
(e) if such securities also meet the requirements of any of clauses (a)-(d). 
 “Registration Expenses” shall have the
meaning set forth in Section 5.1. 
 “Registration Statement” shall mean any registration
statement of SpinCo 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. 

  
 -4- 

 “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. 

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

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

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

“SpinCo Covered Person” shall have the meaning set forth in Section 6.2. 

“SpinCo Free Writing Prospectus” shall mean each Free Writing Prospectus prepared by or on behalf of SpinCo. 

“SpinCo Group” shall mean (a) prior to the Separation Time, SpinCo and each Person that will be a Subsidiary of SpinCo
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 SpinCo, and (b) on and after the Separation Time, SpinCo and
each Person that is a Subsidiary of SpinCo. 
 “Underwritten Takedown” shall have the meaning set forth in
Section 2.1(b). 
 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 (i) 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 and/or the
filing of a Canadian Prospectus under applicable Canadian Securities Laws with respect to Registrable Securities or (ii) if the Company is then eligible to use Form S-3 or a Canadian Shelf Prospectus, a
Shelf Registration of all or any portion of its Registrable Securities, as the case may be, in accordance with registration requirements under the Securities Act and/or applicable Canadian Securities Laws (a “Demand Registration”).
Such Demand Requests shall specify the amount of Registrable Securities to be registered and/or qualified for issue and sale, the intended method or methods of disposition and the jurisdiction(s) in which such registration is to take place.
SpinCo shall, subject to the provisions of this Article II and to the Holders’ compliance with their obligations under the 

  
 -5- 

 
provisions of this Agreement, use its commercially reasonable efforts to, as applicable, file with the SEC a Registration Statement registering all Registrable Securities included in such Demand
Request, and/or file with, and obtain a receipt (if applicable) from, the applicable Canadian Securities Authorities a Canadian Prospectus with respect to 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 SpinCo 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 SpinCo and the Holders), then SpinCo 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, Initial Common Shares proposed to be registered for offer and sale by SpinCo; and third, Initial Common Shares proposed to be registered pursuant to any piggy-back registration rights of security holders of SpinCo
other than any Holder. SpinCo shall (A) 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 (1) ninety (90)
days following the date on which it was declared effective and (2) 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 and (B) with
respect to a Demand Registration that relates to the filing of a Canadian Prospectus, from the period beginning on the date of a receipt obtained from the applicable Canadian Securities Authority until the completion of the distribution of all
Registrable Securities covered by the Demand Request (or the closing date of the offering of such Registrable Securities thereunder, if later), comply with applicable Canadian Securities Laws, and prepare and file promptly any prospectus or
marketing material amendment which, in the opinion of SpinCo, acting reasonably, may be necessary or advisable for the distribution of such Registrable Securities, and will otherwise comply with all legal requirements and take all actions necessary
or advisable, and will otherwise comply with all legal requirements and take all actions necessary to continue to qualify such Registrable Securities for distribution in the applicable provinces and territories of Canada for as long as may be
necessary to complete the distribution of such Registrable Securities. 
 (b) Notwithstanding the provisions of
Section 2.1(a), Demand Registrations shall be Shelf Registrations whenever SpinCo is permitted to use any applicable short form Registration Statement on Form S-3 or Canadian Shelf
Prospectus. SpinCo shall use its commercially reasonable efforts to promptly file the Canadian Shelf Prospectus in accordance with applicable Canadian Securities Laws and cause the Shelf Registration to be declared effective under the Securities Act
as soon as reasonably practicable after the filing thereof and SpinCo 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

  
 -6- 

 
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, SpinCo 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 case of IPO or otherwise 90 days) following the closing of the completion of an offering of securities by SpinCo if such Demand Registration would cause SpinCo to breach a
“lock-up” or similar provision contained in the underwriting agreement for such offering. Furthermore, SpinCo shall not be obligated to effect more than four (4) Demand Registrations in any
twelve (12)-month period. 
 (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 SpinCo 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 SpinCo (in which case SpinCo 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 ofhte 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
SpinCo it would be materially detrimental to SpinCo and its shareholders for any Registration Statement or Canadian Prospectus to be filed or continued to be used or for any Registration Statement, Prospectus or Canadian 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 SpinCo and its
subsidiaries, taken as a whole, or (b) materially interfere with any existing or prospective business transaction or negotiation involving SpinCo, SpinCo shall have the right to suspend the use of the applicable Registration Statement and/or
Canadian Prospectus or delay delivery or filing, but not the preparation, of the 

  
 -7- 

 
applicable Registration Statement, Prospectus, Canadian Prospectus or any document incorporated therein by reference, in each case for a reasonable period of time; provided,
however, that SpinCo 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 SpinCo proposes to register (including for this purpose a
registration effected by SpinCo for security holders of SpinCo other than any Holder) securities that may include any Initial Common Shares and to file a Registration Statement or Canadian Prospectus with respect thereto under the Securities Act and
applicable Canadian Securities Laws, 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 (a) an effective Registration Statement under the Securities Act, (b) a Canadian Prospectus or
(c) a combination of (a) and (b) (a “Public Offering”), SpinCo will at each such time promptly give written notice to the Holders of (i) its intention to do so, (ii) the form of registration statement of the SEC
and Canadian Prospectus, as applicable, that has been selected by SpinCo and (iii) the rights of Holders under this Article III (the “Article III Notice”). SpinCo will include in any Public Offering all Registrable
Securities that SpinCo is requested in writing, within seven (7) days after the date the Article III Notice is delivered by SpinCo, to register by the Holders thereof (each, a “Piggy-back Registration”); provided,
however, that (A) if, at any time after giving the Article III Notice and prior to the effective date of the Registration Statement or the filing of a Canadian Prospectus filed in connection therewith, SpinCo shall determine to abandon
such Public Offering, SpinCo may give written notice of such determination to all Holders who so requested registration, and thereafter SpinCo 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 (B) SpinCo 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 SpinCo under this Article III shall relieve SpinCo 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 SpinCo in good faith that, in its opinion, the number of Initial Common Shares to be sold for the account of persons other than SpinCo (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 SpinCo and the Holders), then the number of Initial 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
Initial Common Shares that may be registered in such Public Offering shall be allocated in the following priority: first, to Initial Common 

  
 -8- 

 
Shares proposed to be registered for offer and sale by SpinCo; second, to Initial Common Shares proposed to be registered pursuant to any demand registration rights of security holders of
SpinCo 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 and/or qualified for issue and sale by the Canadian Prospectus 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 SpinCo’s registration obligations
pursuant to Article II and Article III, SpinCo 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 SpinCo 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; 
 (b) prepare
and file with the applicable Canadian Securities Authorities a Canadian Prospectus (and obtain a receipt therefor from the applicable Canadian Securities Authorities) or file a Canadian Shelf Prospectus Supplement in accordance with applicable
Canadian Securities Laws, and take all actions necessary to continue to qualify such Registrable Securities for distribution in the applicable provinces and territories of Canada as long as may be necessary to complete the distribution of such
Registrable Securities; 
 (c) except in the case of a Shelf Registration effected on Form S-3 or
pursuant to a Canadian Shelf Prospectus, 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, the related Prospectus and the Canadian Prospectus, as applicable, to be supplemented by any required Prospectus supplement or supplement to such Canadian Prospectus, and as so
supplemented to be filed in accordance with the Securities Act, applicable Canadian Securities Laws and any rules and regulations promulgated thereunder; and otherwise comply with the provisions of the Securities Act and applicable Canadian
Securities Laws as may be necessary to facilitate the disposition of all Registrable Securities covered by such Registration Statement and/or Canadian Prospectus 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, Prospectus supplement, Canadian Prospectus or supplement to such Canadian Prospectus; 

  
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 (d) in the case of a Shelf Registration effected on Form
S-3 or pursuant to a Canadian Shelf Prospectus, prepare and file with the SEC and the applicable Canadian Securities Authorities such amendments and supplements to such Registration Statement and the
Prospectus used in connection with such Registration Statement, and, as applicable, to such Canadian Shelf Prospectus or Canadian Shelf Prospectus Supplement as may be necessary to keep such Registration Statement and Canadian Shelf Prospectus or
Canadian Shelf Prospectus Supplement effective and to comply with the provisions of the Securities Act and applicable Canadian Securities Laws 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. Prior to the expiration of any Canadian Shelf Prospectus, unless otherwise
directed by the selling Holders, SpinCo shall use commercially reasonable efforts to renew such Canadian Shelf Prospectus such that SpinCo shall at all relevant times required to comply with this Section 4.1(d) have an
effective Canadian Shelf Prospectus with sufficient capacity to qualify the distribution of all the applicable Registrable Securities, subject to Section 2.3; 

(e) notify the selling Holders and the managing underwriter(s), if any, promptly if at any time (i) any Prospectus, Registration
Statement, Canadian Prospectus or amendment or supplement thereto is filed, (ii) any Registration Statement, or any post-effective amendment thereto, becomes effective, (iii) the SEC, a Canadian Securities Authority or any other
Governmental Authority requests any amendment or supplement to, or any additional information in respect of, any Registration Statement, Prospectus, Canadian Prospectus or Canadian Shelf Prospectus, (iv) the SEC, a Canadian Securities Authority
or any other Governmental Authority issues any stop order suspending the effectiveness of a Registration Statement, Canadian Prospectus or initiates any proceedings for that purpose, (v) SpinCo 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 or any Canadian Prospectus so that such Registration Statement, Prospectus or Canadian 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 SpinCo that a post-effective amendment to a Registration Statement or Canadian Prospectus (including any amendment or
supplement thereto) is advisable or (viii) if, at any time, the representations and warranties of SpinCo in any applicable underwriting agreement cease to be true and correct in all material respects. SpinCo 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
SpinCo fails to timely notify such Holder that the Registration Statement then on file with the SEC, or the Canadian Prospectus (including any amendment or supplement thereto) as filed with a Canadian Securities Authority, is no longer effective or
qualifying the distribution of Registrable Securities, as applicable; 

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

(g) 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, or into an amendment or supplement to a Canadian Prospectus any information that the managing underwriter(s), such Holder and SpinCo
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, applicable Canadian Securities Laws and the
rules and regulations promulgated thereunder; 
 (h) 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, any SpinCo Free Writing Prospectus, or any Canadian Prospectus (and any amendments or supplements thereto) 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 and the Canadian
Securities Authorities, as applicable; 
 (i) 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), or any Canadian Prospectus or Prospectuses and any amendment, supplement or exhibit thereto as such Persons may reasonably request; and consent to the use of
such Prospectus, Canadian 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, Canadian
Prospectus, amendment, supplement or exhibit, in each case, in accordance with the intended method or methods of disposition thereof; 
 (j)
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 SpinCo 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; 

  
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 (k) furnish to counsel selected by the Holders, prior to the filing of a Registration
Statement, Prospectus, Canadian Prospectus or any supplement or post-effective amendment or any SpinCo Free Writing Prospectus thereto with the SEC and the applicable Canadian Securities Authorities, copies of such documents and with a reasonable
and appropriate opportunity to review and comment on such documents, subject to such documents being under SpinCo’s control; 
 (l)
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; 

(m) subject to Section 4.3, upon the occurrence of any event described in
Section 4.1(e)(vi), promptly prepare and file a supplement or post-effective amendment to the applicable Registration Statement, Prospectus, Canadian Prospectus or any supplement or amendment thereto, or any document
incorporated therein by reference, and any other required documents, so that such Registration Statement, Prospectus, Canadian Prospectus, 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;

 (n) 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 or Canadian Prospectus 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 SpinCo, as the case may be); (ii) obtain opinions of counsel to SpinCo (which, if reasonably acceptable to the underwriter(s), may be
SpinCo’s inside counsel) addressed to the underwriter(s), such opinions to be in customary form; and (iii) obtain “comfort” letters from SpinCo’s independent certified public accountants addressed to the underwriter(s), such
letters to be in customary form; 
 (o) with respect to each SpinCo 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 SpinCo 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; 
 (p)
within the deadlines specified by the Securities Act, make all required filings of all Prospectuses and SpinCo Free Writing Prospectuses with the SEC; 

(q) within the deadlines specified under applicable Canadian Securities Laws, make all required filings of any Canadian Prospectus or any
amendment or supplement thereto with the applicable Canadian Securities Authorities; 

  
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 (r) 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 SpinCo; and cause SpinCo’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 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 SpinCo and allow SpinCo at its expense, to undertake appropriate action to prevent disclosure of the information deemed confidential); 

(s) 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 SpinCo 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 SpinCo’s business; 

(t) 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 or any similar authority in Canada; 

(u) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which Initial
Common Shares are then listed or quoted; and 
 (v) 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. SpinCo may require each Holder of Registrable Securities as to which any registration is being effected to furnish to SpinCo such information regarding the distribution of such Registrable Securities, and other customary
certifications and agreements, as SpinCo 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 SpinCo of the happening of any event of the kind described in clauses (iii) through (vi) of Section 4.1(e), suspend
the disposition of any Registrable Securities covered by such Registration Statement, Prospectus, Canadian Prospectus (or any amendment or supplement thereto), until such Holder’s receipt of the copies of a supplemented or amended Prospectus or
supplemented or amended Canadian Prospectus or until 

  
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it is advised in writing by SpinCo that the use of the applicable Prospectus or Canadian Prospectus may be resumed, and, if so directed by SpinCo such Holder will deliver to SpinCo all copies,
other than permanent file copies, then in such Holder’s possession of any Prospectus or Canadian Prospectus covering such Registrable Securities. If SpinCo 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(a) 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 SpinCo’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, Prospectuses or Canadian Prospectuses and other documents in connection therewith and any 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 SpinCo Group (including all salaries and expenses of its officers and employees performing legal or accounting duties), (g)
securities acts liability insurance (if SpinCo 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 SpinCo (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 SpinCo. In the event of any registration of any securities of SpinCo under the Securities Act
pursuant to Article II or Article III, SpinCo 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, Prospectus, Canadian Prospectus or in any amendment or supplement thereto, under which such securities were registered under the Securities Act or
qualified for offer and sale under applicable Canadian Securities Laws or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements 

  
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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 preliminary Canadian Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if SpinCo shall have filed with the SEC or applicable Canadian Securities Authorities any amendment thereof or
supplement thereto), if used prior to the effective date of such Registration Statement or prior to the filing of a final Canadian Prospectus (including a final Canadian Shelf Prospectus Supplement, as applicable), or contained in the Prospectus or
the Canadian Prospectus, together with the documents incorporated by reference therein (as amended or supplemented if SpinCo shall have filed with the SEC or applicable Canadian Securities Authorities 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 SpinCo 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, Canadian Prospectus or amendment thereof or supplement thereto or in any such preliminary, final or summary Prospectus or Canadian Prospectus in reliance upon and in conformity with written
information furnished to SpinCo 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 or
Canadian Prospectus filed pursuant to Article II or Article III will indemnify and hold harmless, severally and not jointly, SpinCo, its directors, officers and agents and each Person controlling SpinCo within the meaning of
Section 15 of the Securities Act (each, an “SpinCo Covered Person”) against any and all Damages actually and as incurred by such SpinCo Covered Person under the Securities Act, applicable Canadian Securities Laws, 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 or Canadian 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 SpinCo 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 or Canadian 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 SpinCo or any of its directors, officers,
agents or controlling Persons. SpinCo may require as a condition to its including Registrable Securities in any Registration Statement or Canadian Prospectus 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. 

  
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 Section 6.3 Notices of Claims. Promptly after receipt by a Holder Covered Person
or a SpinCo 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, SpinCo, 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. 

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. SpinCo 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 

  
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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. 
 Article VII 

Rule 144 
 Section 7.1
Rule 144. SpinCo shall file the reports required to be filed by it under the Securities Act, the Exchange Act, applicable Canadian Securities Laws and the rules and regulations promulgated thereunder, 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”) and applicable Canadian Securities Laws. Upon the request of a Holder, SpinCo 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 and applicable Canadian Securities Laws. 
 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 SpinCo, such approval not to be unreasonably withheld, conditioned or delayed. 

  
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 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 SpinCo (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 or under an available prospectus exemption pursuant to applicable Canadian Securities
Laws) of any securities of SpinCo 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 equivalent under applicable Canadian Securities Laws) or any securities of SpinCo 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. 

Article X 

Representations and Warranties 

Section 10.1 Representations and Warranties of the Parties. SpinCo 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. 

  
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 Article XI 

Effectiveness and Termination 

Section 11.1 Effectiveness. This Agreement shall take effect on the date hereof 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) the mutual written agreement of each of the parties hereto to
terminate this Agreement and (b) 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 (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,” and words of similar import shall all be references to March 30, 2022; and (j) the word
“extent” and the phrase “to the extent” shall mean the degree (if any) 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. 

  
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 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. 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 SpinCo 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. 

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, to: 

Bausch Health Companies Inc. 

2150 St. Elzéar Blvd. West 

Laval, Québec, Canada H7L 4A8 

Attention: General Counsel 

E-mail:       [*****] 

with a copy to: 

  
 -20- 

 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Attention: Igor Kirman 

                 Mark F. Veblen 

Facsimile: [*****] 

Email:        [*****] 

 
 If to SpinCo, to: 

Bausch + Lomb Corporation 

400 Somerset Corporate Blvd 

Bridgewater, NJ 08807, USA 

Attention: General Counsel 

E-mail: [*****] 

with a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, New York 10019 

Attention: Igor Kirman 

                 Mark F. Veblen 

Facsimile: [*****] 

Email:        [*****] 

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. 

  
 -21- 

 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 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. 

  
 -22- 

 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. 

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, the Arrangement 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, the Arrangement Agreement or such Specified Ancillary Agreement shall control. 

[Remainder of page left intentionally blank] 

  
 -23- 

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

					
	BAUSCH HEALTH COMPANIES INC.
		
	By:	 	 /s/ Thomas J. Appio

		 	Name: Thomas J. Appio
		 	Title: Chief Executive Officer, Pharma Business
	
	BAUSCH + LOMB CORPORATION
		
	By:	 	 /s/ Joseph C. Papa

		 	Name: Joseph C. Papa
		 	Title: Chief Executive Officer

 [Signature Page to Registration Rights Agreement]

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