Document:

EX-10.12

 Exhibit 10.12 

INSTRUMENT OF GRANT—DIRECTOR RESTRICTED SHARE UNITS (ELECTIVE GRANTS) 

Unitholder:     

Date of Grant:     

Number of Units:     

Bausch + Lomb Corporation (the “Company”) hereby grants to the Unitholder named above (the “Unitholder”), the
number of restricted share units (the “Units”) of the Company set forth above, in accordance with and subject to the terms, conditions and restrictions of this Unit Agreement, together with the provisions of the Company’s 2022
Omnibus Incentive Plan (the “Plan”). 
  

	1.	 The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this Unit
Agreement and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan. 

  

	2.	 [One-hundred percent (100%) of the Units will vest on the Date of
Grant][•] and shall be settled in accordance with the Unitholder’s deferral election for the applicable calendar year, at which time the Unitholder shall receive, in accordance with Sections 7(c)(iv) and 7(c)(v) of the Plan, a number of
Common Shares equal to the number of Units set forth above. 

  

	3.	 No fractional Common Shares will be issued or provided on the vesting or settlement of the Units granted
hereunder. If, as a result of any adjustment to the number of Common Shares issuable or to be provided on the vesting or settlement of the Units granted hereunder pursuant to the Plan, the Unitholder would be entitled to receive a fractional Common
Share, the Unitholder has the right to acquire only the full number of Common Shares so adjusted and no payment or other adjustment will be made with respect to the fractional Common Shares so disregarded. 

 

	4.	 Nothing in the Plan or in this Unit Agreement will affect the Company’s right to terminate the service of
a Unitholder at any time for any reason whatsoever. 

  

	5.	 All notices to the Company relating to the Units must be delivered personally or delivered by prepaid
registered mail and, if delivered personally or by prepaid registered mail, must be addressed to Corporate Human Resources, or, if explicitly permitted by the Company, delivered or made available electronically via the electronic system designated
by the Company. All notices to the Unitholder relating to the Units will be either delivered or made available electronically via the electronic system designated by the Company (currently Fidelity) or addressed to the principal address of the
Unitholder on file with the Company. Either the Company or the Unitholder may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered or made available electronically, on the date of
delivery or on the date made available electronically, as the case may be, if delivered personally, on the date of delivery, and if sent by prepaid, registered mail, on the fifth business day following the date of mailing. Any notice given by either
the Unitholder or the Company is not binding on the recipient thereof until received. 

  

	6.	 When the issuance of Common Shares may, in the opinion of the Company, conflict or be inconsistent with any
applicable law or regulation of any governmental agency having jurisdiction, the Company reserves the right to refuse to issue or provide such Common Shares or pay such cash amount for so long as such conflict or inconsistency remains outstanding.

  

	7.	 The Units granted pursuant to this Unit Agreement may only be held by the Unitholder personally and no
assignment or transfer of the Units, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Units whatsoever in any assignee or transferee, and immediately upon any assignment or transfer or any attempt
to make such assignment or transfer, the Units granted hereunder will terminate and be of no further force or effect. Complete details of this restriction are set out in the Plan. 

 

	8.	 The Unitholder hereby agrees that: 

 

	 	(a)	 any rule, regulation or determination, including the interpretation, by the Board or appropriate committees of
the Board of the Plan, the Units granted hereunder and the vesting and settlement thereof, is final and conclusive for all purposes and binding on all persons including the Company and the Unitholder; and 

 

	 	(b)	 the grant of the Units does not affect in any way the right of the Company to terminate the service of the
Unitholder. 

  

	9.	 The Unitholder shall be solely responsible for any applicable taxes (including, without limitation, income,
payroll and excise taxes) and penalties, and any interest that accrues thereon, which they incur in connection with the vesting, receipt or settlement of the Units. The Company and its Subsidiaries shall have the right to require payment of, or may
deduct from any payment made under the Plan or otherwise to a Unitholder, an amount (if any) sufficient to cover withholding of any federal, state, provincial, territorial, local, foreign or other governmental taxes or charges required by law or
such greater amount of withholding as the Committee shall determine from time to time and to take such other action as may be necessary to satisfy any such withholding obligations (which such amount may be satisfied, at the Unitholder’s
election, with Common Shares delivered or vested in connection with the Units). It shall be a condition to the obligation of the Company to issue Common Shares upon the settlement of the Units, that the Unitholder pay to the Company, on demand, such
amount as may be requested by the Company for the purpose of satisfying any tax withholding liability. If the amount is not paid, the Company may refuse to issue shares. 

 

	10.	 The bookkeeping account maintained for the Units granted pursuant to this Unit Agreement shall, until the
settlement dates or termination and cancellation or forfeiture of the Units pursuant to the terms of the Plan, be allocated additional Units on the payment date of dividends on the Company’s Common Shares. Such dividends will be converted into
additional Common Shares covered by the Units by dividing (i) the aggregate amount or value of the dividends paid with respect to that number of Common Shares equal to the number of shares covered by the Units by (ii) the Market Price per
Common Share on the payment date for such dividend. Any such additional Units shall have the same settlement dates and vest in accordance with the same terms as the Units granted under this Unit Agreement. 

 

	11.	 This Unit Agreement has been made in and is to be construed under and in accordance with the laws of the
Province of Ontario and the laws of Canada applicable therein. 

  
 2EX-10.18

 Exhibit 10.18 

ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT 

This assignment, assumption and amendment agreement (the “Agreement”) is dated January 3, 2022 among Bausch Health Companies Inc., a
corporation a corporation incorporated under the British Columbia Business Corporations Act (the “Assignor”), Bausch + Lomb Corporation, a company incorporated under the laws of Canada (the “Assignee”) and Joseph C.
Papa (the “Executive”) (the “Parties”, and each a “Party”). 
 RECITALS: 

 

	 	(a)	 The Assignor and the Executive are parties to the Executive Employment Agreement dated as of
April 25, 2016 (the “Employment Agreement”). 

  

	 	(b)	 The Board of Directors of the Assignor (the “Board”) has determined that it is in the best
interests of Assignor and its stockholders to separate the Assignee’s business from the remainder of the Assignor by providing for an initial public offering of the Assignee’s stock (the “IPO”) and subsequently separating
the Assignee’s business from the Assignor. 

  

	 	(a)	 In connection with the IPO, the Assignor intends to assign all of its rights, title and interest in and to the
Employment Agreement to the Assignee. 

  

	 	(b)	 The Assignee intends to assume all of the obligations and liabilities of the Employment Agreement from the
Assignor. 

  

	 	(c)	 The Parties desire to amend the Employment Agreement as set forth herein. 

 

	 	(d)	 This Agreement shall be effective as of the date of the closing of the IPO (the “IPO Closing
Date”), subject to the closing of the IPO. 

  

	 	(e)	 Capitalized terms used herein but not defined shall have the meaning ascribed thereto in the Employment
Agreement. 

 In consideration of the above and for other good and valuable consideration, including, the Executive’s employment in a
new role with the Assignee, the Parties hereto agree as follows: 
 Section 1 Amendment of the Employment Agreement 

The Parties hereto hereby agree that the Employment Agreement shall be amended as follows, effective as of the IPO Closing Date, subject to the closing of the
IPO: 
  

	 	(a)	 Company. All references to the “Company” shall instead refer to Bausch + Lomb
Corporation, a company incorporated under the laws of Canada. 

  

	 	(b)	 Records and Confidential Data. 

 

	 	a.	 The following sentence shall be added to the end of Section 11(d) of the Employment Agreement:

 “For purposes of this Section 11(d), all references to the “Company and its affiliates” shall be
deemed to include each of the Company, Bausch Health Companies Inc. (together with any successor thereto) (“BHC”), Solta Medical Corporation (together with any successor thereto) (“Solta”) and each of their
respective subsidiaries and affiliates.” 
  

	 	(c)	 Covenant Not to Solicit. 

 

	 	a.	 The first sentence of Section 12(a) of the Employment Agreement shall be amended and restated in its
entirety and replaced with the following: 

 “To protect the Confidential Information and other trade secrets of the
Company and its affiliates, Executive agrees that during the Employment Term and for a period of twenty-four (24) months after Executive’s cessation of employment with the Company (the “Restricted Period”), not to solicit,
hire or participate in or assist in any way in the solicitation or hire of any Covered Employees (as defined below).” 
  

	 	b.	 The following sentence shall be added to the end of Section 12(a) of the Employment Agreement:

 “For purposes of this covenant, “Covered Employee” means (A) during the period ending on the
date that is 12 months after the IPO Closing Date, (x) any employee of BHC, Solta, the Company or any of their respective subsidiaries or affiliates (including, for the avoidance of doubt, with respect to the Company’s global eye health
business (the “B+L Business”) or the global aesthetics medical device business) or (y) any person who was an employee of BHC, Solta, the Company or any of their respective subsidiaries or affiliates during the six-month period preceding such action and (B) at any time following the end of the period described in clause (A), any employee of (x) the Company or any of its subsidiaries or affiliates or the B+L
Business (including, for the avoidance of doubt, if employed by BHC or Solta or any of their subsidiaries or affiliates in the B+L Business) or (y) any person who was an employee of the Company or any of its subsidiaries or affiliates or the
B+L Business (including by BHC or Solta), in each case during the six-month period preceding such action.” 
  

	 	(d)	 Covenant Not to Compete. 

 

	 	a.	 The first sentence of Section 12(b) of the Employment Agreement shall be amended and restated in its
entirety and replaced with the following: 

 “To protect the Confidential Information and other trade secrets of the
Company and its affiliates, Executive agrees (i) during the period beginning on the date hereof and ending on the date that is 12 months after the IPO Closing Date, or the last day of the Restricted Period, if earlier (such period, the
“First Period”), not to engage in Prohibited Activities (as defined below) in any country in which the Company, BHC, Solta or any of their affiliates conducts business, or plans to conduct business, and (ii) following the
expiration of the First Period, during the Employment Term and the Restricted Period (the “Second Period”), Executive agrees not to engage in Prohibited Activities in any country in which the Company or any of its affiliates
conducts business, or plans to conduct business. For the purposes of this Agreement, the term “Prohibited Activities” means directly or indirectly engaging as an owner, employee, partner, member, consultant or agent of any entity
that derives more than 10% of its consolidated revenue from the development, manufacturing, marketing and/or distribution (directly or indirectly) of (x) during the First Period, branded or generic prescription or
non-prescription pharmaceuticals or medical devices for treatments in the fields of neurology, dermatology, gastroenterology, ophthalmology or dentistry (including, for the avoidance of

  
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doubt, the global eye health business and the global aesthetics medical device business) and (y) during the Second Period, the global eye health business; provided that Prohibited
Activities shall not mean (i) Executive’s investment in securities of a publicly-traded company equal to less than five (5%) percent of such company’s outstanding voting securities or (ii) Executive serving as a member of a board
of directors of a company provided that, for the avoidance of doubt, Executive complies with the obligations set forth in Sections 11 and 12(a) of this Agreement. 

 

	 	(e)	 Remedies for Breach of Obligations under Sections 11 or 12 hereof. The following is added to the end of
Section 13 of the Employment Agreement: 

 “Executive agrees and acknowledges that BHC shall at all times
following the date hereof have the right to enforce, and be an express third-party beneficiary hereunder with respect to, Executive’s obligations under Section 11 and Section 12 of this Agreement and, accordingly, that BHC shall have
all of the rights and remedies (including to the right to obtain injunctive relief against any breach or prospective breach of such obligations by Executive) as are afforded under this Agreement to the Company.” 

Section 2 Assignment. 
 Effective as of and from
the IPO Closing Date, subject to the occurrence of the closing of the IPO, the Assignor hereby assigns to the Assignee all of the Assignor’s rights, title and interest in and to, and all benefits of the Assignor under, the Employment
Agreement. In the event the closing of the IPO does not occur for any reason, this Agreement will be null and void and of no force or effect and the Employment Agreement will continue in effect in accordance with its terms without giving effect to
this Agreement. 
 Section 3 Assumption by Assignee. 

Effective as of and from the IPO Closing Date, subject to the occurrence of the closing of the IPO, the Assignee hereby assumes and agrees to perform
and discharge all the obligations and liabilities of the Assignor under the Employment Agreement, and accordingly the Parties agree that as and from the IPO Closing Date, the term the “Company” under the Employment Agreement shall
refer to the Assignee except as otherwise set forth in this Agreement. 
 Section 4 Further Assurances. 

On or after the date of this Agreement, each Party hereto shall execute and deliver such documents and take all such action as is reasonably required to carry
out the intent and purpose of this Agreement. Except as specifically amended and supplemented hereby, the Employment Agreement shall remain in full force and effect in accordance with its terms. 

Section 5 Successors and Assigns. 
 This Agreement
shall be binding upon and shall inure to the benefit of the Parties hereto, their successors and permitted assigns and the Parties shall require any successor or assign to expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the applicable Party would be required to perform if no such succession or assignment had taken place. The Parties may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Party, as applicable. 

  
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 Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the
Executive, the Executive’s beneficiaries or legal representatives, except by will or by the, laws of descent and distribution. 
 This Agreement shall
inure to the benefit of and be enforceable by the Executive’s legal personal representatives. 
 Section 6 No Third Party Beneficiaries.

 The Parties hereto shall have the sole right to enforce the performance of the provisions of this Agreement. Except for the Parties hereto or as expressly
contemplated by Section 1(e) of this Agreement, this Agreement is not intended for the benefit of, and is not intended to be relied upon by, any other person and no such person (or any other person acting on its behalf) shall be entitled to the
benefit of or to enforce this Agreement. 
 Section 7 Amendment and Waiver. 

No provision of this Agreement may be altered, amended and/or waived except by a written document signed by all Parties hereto setting forth such alteration,
amendment, and/or waiver. The Parties hereto agree that the failure to enforce any provision or obligation under this Agreement shall not constitute a waiver thereof or serve as a bar to the subsequent enforcement of such provision or obligation or
any other provisions or obligations under this Agreement. No course of dealing between or among any persons having any interest in this Agreement will be deemed effective to modify or amend any part of this Agreement or any rights or obligations of
any person under or by reason of this Agreement. 
 Section 8 Severability. 

The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 
 Section 9 Governing Law. 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New Jersey applicable to contracts executed in and
to be performed entirely within such State, without giving effect to the conflict of law principles thereof. 
 Section 10 Counterparts. 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the
same instrument. 
 [Signature page follows] 

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

  

			
	BAUSCH HEALTH COMPANIES INC.
		
	By:	 	 /s/ Christina M. Ackermann

		 	Name: Christina M. Ackermann
		 	Title: Executive Vice President & General Counsel and President, Ophthalmic Pharmaceuticals
	
	BAUSCH + LOMB CORPORATION
		
	By:	 	 /s/ Kelly Webber

		 	Name: Kelly Webber
		 	Title: Executive Vice President and Chief Human Resources Officer
	
	JOSEPH C. PAPA
	
	 /s/ Joseph C. Papa

 [Signature Page to Assignment, Assumption and Amendment Agreement – Employment Agreement]

  
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