Document:

As restated by the Board of Directors

EXHIBIT (10)-y

As restated by the Committee on Management

of the Board of Directors on July 31, 1996

Amended on January 1, 2000

Amended on December 1, 2003

EXECUTIVE DEFERRED COMPENSATION PLAN

	
1.
	
Introduction

	
 
	

The Executive Deferred Compensation Plan (the "Plan") provides the opportunity for executives of Bausch & Lomb Incorporated (the "Company") to defer all or part of their compensation as follows:

	
 
	

a)
	

Payments under the Annual Incentive Compensation Program ("AICP") or payments made under a Sales Incentive Program (SIP);

	
 
	

b)
	

Base salary;

	
 
	

c)
	

After deferrals to the Company's 401(k) Account Plan exceed the indexed cap on contributions to the 401(k) Account Plan under Section 401(k) of the Internal Revenue Code (the "401(k) Account Plan Cap"), salary may be deferred to the Plan and the Company will make matching contributions to the extent it would have made such contributions under the 401(k) Account Plan, but for the 401(k) Account Plan Cap; and

	
 
	

d)
	

Cash payments made under the Long-Term Performance Unit Plan.

	

2.
	

Restatement, Effective Date

	
 
	

This Plan is a restatement of the Company's Executive Deferred Compensation Plan dated February 25, 1992, as amended (the "1992 Plan"). The effective date of the Plan is January 1, 1997 (the "Effective Date"). It covers eligible compensation earned after the Effective Date and deferred hereunder as well as all monies previously deferred under the 1992 Plan.

	

3.
	

Eligibility

	
 
	

Commencing on the Effective Date, the Plan is available to all U.S. employees in the senior executive and executive bands and officers of the Company. Compensation deferred under the 1992 Plan by employees who are no longer eligible to defer compensation under this Plan will nonetheless be subject to the terms of this Plan; provided that no modification of the 1992 Plan effected by this Plan shall adversely affect such employees' deferrals under the 1992 Plan.

	

4.
	

Amount of Deferral

	
 
	

a)
	

An eligible employee may become a participant in the Plan by electing to defer all or part of the compensation referred to in Section 1.

	
 
	

b)
	

With respect to compensation otherwise due under AICP or SIP a minimum amount of $5,000 per year must be deferred. For deferrals of compensation otherwise payable as base salary, a minimum amount of $500 per month must be deferred over a minimum six-month period. For deferrals of salary to the Plan in excess of the 401(k) Account Plan Cap, there is no minimum amount of deferral. For deferrals of compensation otherwise payable under the Long-Term Performance Unit Plan, 100% of the amount payable must be deferred. Prior to any deferral of compensation all applicable FICA and Medicare taxes will be withheld.

	

5.
	

Time of Deferral Election

	
 
	

a)
	

A participant's election to defer compensation must be made by written notice to the Plan Administrator on behalf of the Company before the compensation is earned.

	
 
	

b)
	

In the case of compensation payable under AICP or SIP, the deferral election must be made by December 31 prior to the year during which the incentive payment will be earned. For new employees, the election to defer AICP or SIP compensation to be earned in the year of hire must be made within thirty (30) days of the date of hire.

	
 
	

c)
	

To defer base salary or salary in excess of the 401(k) Account Cap, the deferral election must be made at least 15 days prior to the first day of the month for which the participant wishes to defer salary.

	
 
	

d)
	

To defer cash payments under the Long-Term Performance Unit Plan, the deferral election must be made one year prior to the end of the performance cycle.

	
 
	

e)
	

A deferral election will continue in effect only for compensation earned in the current year and must be renewed annually for compensation earned in each subsequent year.

	

6.
	

Deferral Election

	
 
	

a)
	

To defer compensation under the Plan, a participant must give written notice to the Plan Administrator. This notice must include (1) the amount or percentage of compensation to be deferred; (2) selection of investment account(s) (as described in Section 7 hereof); (3) the payment commencement date, (i.e. retirement or date certain); (4) the method of payment desired (i.e. annual, lump sum) and, if annual, the number of years of equal installment payments; and (5) the designation of payment to the participant's estate or beneficiary in the event of the participant's death.

	
 
	

b)
	

In connection with each election to defer compensation, a participant may irrevocably elect to receive a payout at a future date. The date certain payout shall be a lump sum payment in an amount that is equal to the compensation deferred, plus, if any, related Company matching contributions described in 1(c), together with amounts credited or debited on both such amounts in the manner provided in 7(d), determined as of the valuation date immediately preceding the payout date. Each date certain payout designated by the participant must be as of December 31 of a year that is at least two years after the plan year in which the amount is actually deferred, as specifically elected by the participant. Actual payment will be made within sixty (60) days following the designated December 31 date. By way of example, if a two-year date certain payout is elected for amounts deferred in the plan year commencing January 1, 2004, the two-year payout would first become payable within sixty (60) days after January 1, 2007. Any payment will be subject to the limitation described in section 8g.

	
 
	

c)
	

Notwithstanding the preceding sentences or any other provision of this Plan that may be construed to the contrary, a Participant who is an active employee may, with respect to each date certain payout, on a form determined by the Plan Administrator, make one or more additional deferral elections (a "Subsequent Election") to defer payment of such date certain payout to a plan year subsequent to the plan year originally (or subsequently) elected; provided, however, any such Subsequent Election will be null and void unless accepted by the Plan Administrator no later than one (1) year prior to the first day of the plan year of earlier date certain payout election and such Subsequent Election provides for at least a two-year deferral beyond the earlier date certain payout election.

	
 
	

d)
	

For deferral amounts where the participant has selected retirement as the payment commencement date, the participant may not change the payment commencement date. However, the participant may annually change his or her election to an allowable alternative payout method by submitting a new election form at least one year prior to the participant's retirement. The most recently submitted election form will govern the payout of all deferral amounts for which a retirement payment commencement date has been elected. A lump sum payment shall be made or installment payments shall commence no later than sixty (60) days after the last day of the plan year in which the participant retires.

	
 
	

f)
	

If a participant elects to receive his or her deferred compensation in installments, the installment payments will be calculated in the following manner: the participant's account balance at the payment commencement date will be multiplied by a fraction, the numerator of which is 1, and the denominator of which is the number of remaining installment periods.

	
 
	

g)
	

Retirement, for purposes of the Plan shall mean the date on which the participant is both (i) at least age 55 and (ii) no longer employed by the Company.

	
 
	

h)
	

If a participant names someone other than his or her spouse as a beneficiary in the event of participant's death, a spousal consent form must be signed by that participant's spouse and returned to the Company.

	

7.
	

Deferred Compensation Investment Accounts

	
 
	

a)
	

Monies deferred under the Plan will be transferred to a trustee subject to a "Rabbi" Trust Agreement between the Company and a trustee designated by the Plan Administrator (the "Trust").

	
 
	

b)
	

The rate of return on deferred compensation is determined by the performance of one or more deferred compensation investment accounts selected by the participant pursuant to the Plan. Deferred compensation investment accounts available under the Plan are determined by the Company's Investment Committee ("Investment Account(s)"). Information on each Investment Account currently available under the Plan may be obtained from the Plan Administrator. The Investment Committee may, from time to time, in its discretion, deem it necessary or advisable to add or delete Investment Accounts or substitute new Investment Accounts for existing Investment Accounts. In such an event, the Plan Administrator will provide participants with reasonable notice of the effective date of the change to permit participants to change their future investment elections.

	
 
	

c)
	

All investments in Investment Accounts under the Plan are hypothetical. At the time of each deferral of compensation into the Plan, participant will be credited with an imputed number of shares for the Investment Account(s) selected by the participant. Thereafter, the value of a participant's Investment Accounts will fluctuate in accordance with the actual performance of the Investment Accounts. Dividends on the imputed shares also will be credited to the participant's Investment Account.

	
 
	

d)
	

Earnings/losses on Investment Accounts hypothetically invested in mutual funds or other assets for which daily pricing is available ("Daily-Priced Investments") shall be valued daily in accordance with the relevant terms and conditions of the Daily-Priced Investments. Earnings/losses on Investment Accounts hypothetically invested in investments other than Daily-Priced Investments shall be credited effective on the last business day of each month. All such earnings are net of expenses.

	
 
	

e)
	

The deferral of compensation on a current basis will be allocated into Investment Account(s) pursuant to the deferral election determined by the participant. The allocation must be in whole percentages; (i.e. 100% into one Investment Account, a 60-20-20 split among three Investment Accounts, etc.).

	
 
	

f)
	

A participant may elect to reallocate amounts already in his/her Investment Accounts among the various Investment Accounts at such times and in accordance with such procedures as the Plan Administrator may, in its sole discretion, prescribe; except that a reallocation into or out of the Bausch & Lomb Common Stock Investment Account by officers of the Company subject to Section 16 of the Securities Exchange Act of 1934 (i.e. Section 16(b) regulations) may not be made more than once in any twelve (12) month period. In addition, company-matching amounts must remain in Company common stock equivalents.

	

8.
	

Payment of Deferred Compensation

	
 
	

a)
	

A participant's right to payment of deferred compensation under the Plan is a contractual obligation of the Company to the participant, and his or her right to such monies shall be an unsecured claim against the general assets of the Company. However, the Company has established the Trust as an irrevocable rabbi trust for participants for the purpose of holding assets used to pay deferred compensation required by this Plan. The Company shall make periodic contributions to the Trust as may be required to fund amounts payable under the Plan. The Trust provides a participant with assurance that deferred monies will be paid to the participant in accordance with the Plan, except in the event of the Company's bankruptcy or insolvency. Amounts previously deferred have also been transferred to the Trust for the benefit of participants. Notwithstanding the establishment of the Trust, the Company remains ultimately responsible to pay deferred compensation to each participant. This obligation shall be met from the general assets of the Company if the Trust has insufficient funds to pay benefits.

	
 
	

b)
	

If, in the discretion of the Plan Administrator, a participant has a need for funds due to a financial emergency beyond the control of the participant, a payment may be made to the participant from the funds in his or her account at a date earlier than the payment commencement date chosen by the participant at the time of deferral. A distribution based upon financial hardship may not exceed the amount required to meet the immediate financial need created by the hardship less the amount reasonably available to the participant from other sources. Notwithstanding the foregoing, a participant may not, during a Section 16 Period, obtain a distribution based on financial hardship as to amounts paid into the participant's Bausch & Lomb Common Stock Investment Account (including earnings credited to those amounts). As used herein, the term "Section 16 Period" shall mean any period subsequent to the Effective Date, during which the participant was subject to Section 16 of the Securities Exchange Act of 1934.

A participant requesting a hardship distribution must supply the Plan Administrator with a statement indicating the nature of the need creating the financial hardship, the fact that all other available resources are insufficient to meet the need, and any other information that the Plan Administrator deems necessary to evaluate whether a financial hardship exists.

	
 
	

c)
	

A participant may make an early withdrawal of monies deferred under the Plan at anytime, subject to the following penalties:

      *   forfeiture of 10% of the amount of the early withdrawal; and

      *   suspension of eligibility to make further deferral elections for a period of five years.

	
 
	
 
	

Notwithstanding the foregoing, a participant may not, during a Section 16 Period, obtain a distribution under this Subsection as to amounts paid into the participant's Bausch & Lomb Common Stock Investment Account (including earnings credited to those amounts).

	
 
	

d)
	

In the event of a participant's death before he or she has received all of the deferred compensation payments to which he or she is entitled, payments will be made, according to the participant's deferral election pursuant to Section 6 hereof, to the participant's estate or beneficiary either (a) continuing in the same manner as designated with respect to payments to the participant while living or (b) in a single lump sum payment the value of which is determined as of the date immediately following the participant's death and paid on the first January 15 following such valuation date (or as soon as reasonably possible thereafter).

	
 
	

e)
	

All payments made to participants under the Plan shall be subject to all taxes required to be withheld under applicable laws and regulations of any governmental authorities.

	
 
	

f)
	

Notwithstanding any payout election a participant may have made under Section 6, upon termination of employment with the Company, a participant's account balance shall be paid in a lump sum unless the Plan Administrator determines, in its sole discretion for amounts over $50,000, to cause the balance to be paid in substantially equal annual installments over no more than five (5) years. The lump sum payment shall be made, or installment payments shall commence, no later than 60 days after the end of the plan year of the participant's termination of employment. Unpaid installments shall continue to be credited or debited with earnings or losses as provided in section 7(d) until distributed. Any payment made shall be subject to the limitation described in Section 8g. Termination of employment shall mean the severing of employment with the Company, voluntarily or involuntarily, for any reason other than retirement, death, or authorized leave of absence.

	
 
	

g)
	

If the Company determines in good faith that there is a reasonable likelihood that any compensation paid to a participant for a taxable year of the Company would not be deductible by the Company solely by reason of the limitation under Internal Revenue Code Section 162(m), then to the extent deemed necessary by the Company to ensure that the entire amount of any distribution to the participant pursuant to this Plan is deductible, the Company may defer all or any portion of such distribution under this Plan.

	
 
	

h)
	

Upon a Change of Control (as defined below) notwithstanding a participant's payment commencement date with respect to any compensation deferred hereunder or method of payout with respect to any compensation deferred hereunder, all amounts in a participant's deferred compensation account (including earnings credited thereto) shall be due and payable to the participant in a cash lump sum within 15 days following the Change of Control; provided, however that amounts paid into the participant's Bausch & Lomb Common Stock Investment Account during a Section 16 Period (including earnings credited to those amounts) shall be due and payable only upon termination of the participant's employment following a Change in Control or, if earlier, the payment commencement date previously elected by the participant. For purposes of this Plan, Change of Control shall mean:

	
 
	
 
	

     (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (ii) the combined voting power of the election of directors (the "Outstanding Company Voting Securities"); provided, however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company), (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii) and (iii) of subsection (c) of this Section 2 are satisfied; or

     (b) Individuals who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

     (c) Approval by the shareholders of the Company of a reorganization, merger, binding share exchange or consolidation, in each case, unless, following such reorganization, merger, binding share exchange or consolidation, (i) more than 60% of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, binding share exchange or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such reorganization, merger, binding share exchange or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, binding share exchange or consolidation, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such reorganization, merger, binding share exchange or consolidation and any Person beneficially owning, immediately prior to such reorganization, merger, binding share exchange or consolidation, directly or indirectly, 20% or more of the Outstanding Company Common Stock or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, binding share exchange or consolidation or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger, binding share exchange or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger, binding share exchange or consolidation; or

     (d) Approval by the shareholders of the Company of (i) a complete liquidation or dissolution of the Company or (ii) the sale or other disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more than 60% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding the Company and any employee benefit plan (or related trust) of the Company or such corporation and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (C) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company.

	

9.
	

Fail-Safe Provision Plan

	

	

a)
	

This Section shall become operative upon the enactment of any change in applicable statutory law or the promulgation by the Internal Revenue Service of a final regulation or other pronouncement having the force of law, which statutory law, as changed, or final regulation or pronouncement, as promulgated, would cause any participant to include in his or her federal gross income amounts accrued by the participant under the Plan on a date (an "Early Taxation Event") prior to the date on which such amounts are made available to him or her hereunder.

	
 
	

b)
	

Notwithstanding any other Section of this Plan to the contrary (but subject to subsection (c), below), as of an Early Taxation Event, the feature or features of this Plan that would cause the Early Taxation Event shall be null and void, to the extent, and only to the extent, required to prevent the participant from being required to include in his or her federal gross income amounts accrued by the participant under the Plan prior to the date on which such amounts are made available to him or her hereunder. By way of example, but not by way of limiting the generality of the foregoing, if a statute is enacted that would require a participant to include in his or her federal gross income amounts accrued by the participant under the Plan prior to the date on which such amounts are made available to him or her because of the participant's right to receive a distribution of a portion of his of her account under Section 8c, the right of all participants to receive distributions under Section 8c shall be null and void as of the effective date of that statute. If only a portion of a participant's account is impacted by the change in the law, then only such portion shall be subject to this Section, with the remainder of the account not so affected being subject to such rights and features as if the law were not changed. If the law only impacts participants who have a certain status with respect to the Company, then only such participants shall be subject to this Section.

	
 
	

c)
	

If an Early Taxation Event is earlier than the date on which the statute, regulation or pronouncement giving rise to the Early Taxation Event is enacted or promulgated, as applicable (i.e., if the change in the law is retroactive), there shall be distributed to each participant, as soon as practicable following such date of enactment or promulgation, the amounts that became taxable on the Early Taxation Event.

	

10.
	

Administration

	
 
	

The Treasurer of the Company, as the designee of the Compensation Committee of the Board of Directors, shall be the Plan Administrator and has the authority to control and manage the operation and administration of the Plan. The Investment Committee shall be the Investment Committee of Bausch & Lomb Incorporated.

	

11.
	

Assignability

	
 
	

No right to receive payments under the Plan is transferable or assignable by a participant except by will or by the laws of descent and distribution.

	

12.
	

Business Days

	
 
	

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

	

13.
	

Amendment

	
 
	

The Plan may at any time or from time to time be amended, modified, or terminated by the Board of Directors or the Compensation Committee of the Board of Directors of the Company. No such amendment, modification, or termination will, without the consent of the participant, adversely affect the participant's accruals in his or her deferred compensation account.

BAUSCH & LOMB INCORPORATED

 

By   /s/ David R. Nachbar                 

David R. Nachbar

Corporate Senior Vice President

Human Resources

Dated:31st of December, 2003isoagmt.doc

EXHIBIT (10)-z

OPTION AGREEMENT PURSUANT TO 2003 LONG-TERM INCENTIVE PLAN

STOCK OPTION

 

	
     OPTION AGREEMENT by Bausch & Lomb Incorporated, a New York corporation (referred to hereinafter as the "Company"), dated as of the date which appears on the "Date of Award and Agreement" in the Award Summary attached hereto (the "Award Summary") in favor of the individual whose name appears on the Award Summary (the "Recipient").

	

     In accordance with the provisions of the Company's 2003 Long-term Incentive Plan (referred to hereinafter as the "Plan"), approved by the shareholders of the Company on April 29, 2003 the Committee on Management (referred to hereinafter as the "Committee") of the Board of Directors of the Company has authorized the execution and delivery of this Agreement.  The Award Summary contains the details of the awards covered by this Agreement and is incorporated herein in its entirety.

	

     NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the Company and Recipient agree as follows:

	

1.
	

Grant of Option.  Subject to all the terms and conditions of the Plan and this Agreement, including, without limitation, Section 6 of the Plan, the Company has granted to the Recipient on the date set forth on the Award Summary the option to purchase the number of $0.40 par value common stock of the Company shown on the Award Summary (such number being subject to adjustment as provided in Sections 10 and 11 of this Agreement).

	

2.
	

Exercise Price.  The exercise price per share of stock covered by this option shall be the price set forth in the Award Summary, which is 100% of the market value of such stock on the Date of Award and Agreement computed as the average of the high and low trading prices during normal business hours of the Company's common stock on the New York Stock Exchange on that day.

	

3.
	

Vesting.  Recipient's right to purchase shares under this option shall vest (meaning that the option shall be exercisable) as provided in the Award Summary.  The Recipient must be a full time, active employee of the Company on the respective Vesting Date as indicated on the Award Summary as a condition to any non-vested portion becoming vested.  The vesting requirements of this Section shall be waived automatically and the option granted hereunder shall be fully vested (a) upon a Change in Control (as defined below), or (b) termination of employment due to death or disability.

For purposes of this Agreement, "Change in Control" shall mean:

	 	

A.
	

The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company), (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (iv) any acquisition by any corporation pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii) and (iii) of paragraph C below are satisfied; or

	 	

B.
	

Individuals who, as of April 28, 2003, constitute the Board of Directors of the Company (the "Board" and, as of April 28, 2003, the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to April 28, 2003 whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

	 	

C.
	

Approval by the shareholders of the Company of a reorganization, merger, binding share exchange or consolidation, in each case, unless, following such reorganization, merger, binding share exchange or consolidation, (i) more than 60% of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, binding share exchange or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such reorganization, merger, binding share exchange or consolidation in substantially the same proportions as their ownership, immediately prior to such reorganization, merger, binding share exchange or consolidation, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such reorganization, merger, binding share exchange or consolidation and any Person beneficially owning, immediately prior to such reorganization, merger, binding share exchange or consolidation, directly or indirectly, 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger, binding share exchange or consolidation or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors, and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger, binding share exchange or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger, binding share exchange or consolidation; or

	 	

D.
	

Approval by the shareholders of the Company of (i) a complete liquidation or dissolution of the Company or (ii) the sale or other disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (a) more than 60% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (b) no Person (excluding the Company and any employee benefit plan (or related trust) of the Company or such corporation and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors, and (c) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company.

	

4.
	

Exercise.  Vested portions of this option shall be exercisable in part or in full at any time after each corresponding Vesting Date, as indicated in the Award Summary, but no part of this option shall be exercisable after the expiration of ten (10) years from the Date of Award and Agreement.  Except as provided in Section 3 or Section 8 hereof, no option may be exercised at any time unless the holder thereof is then a full time, active employee of the Company or one of its subsidiaries.  Rights under this option which have become vested may be exercised as to full shares; provided, however, that no partial exercise may be for less than ten (10) full shares of the Company's common stock.

	

5.
	

Method of Exercising Option.  Subject to the other provisions of the Plan and this Agreement, the Recipient may exercise any option in whole or in part at such time or times, (i) by delivering written notice of exercise to the Company or its written designee specifying the number of shares of Common Stock subject to the option to be purchased and (ii) by making payment of the option price in such form or forms, including, without limitation, payment by delivery of cash, delivery of shares (either actually or by attestation) already held by the Recipient for such period of time and in such manner as is required by Generally Accepted Accounting Principles to prevent the exercise of such option from being deemed additional cash compensation to the Recipient chargeable against the earnings of the Company registered in the name of the Recipient duly assigned to the Company with the assignment guaranteed by a bank, trust company or member firm of the New York Stock Exchange or delivery of other consideration (including, where permitted by law and the Committee), Awards having a Fair Market Value on the exercise date equal to the total option price, or by any combination of cash, such shares and other consideration specified herein.  If approved by the Committee, except to the extent prohibited by applicable law, payment in full or in part may also be made by delivering a properly executed exercise notice to the Company or its written designee, together with a copy of irrevocable instructions to a broker designated, in writing, by the Company to deliver promptly to the Company the amount of proceeds necessary to pay the option price, and, if requested, the amount of any federal, state, local or foreign withholding taxes.  No shares of Common Stock shall be delivered until full payment therefore has been made. Any shares so delivered to Company by Recipient under the foregoing shall be deemed to have a value per share equal to the fair market value of the shares on such date.

	

6.
	

Rights as a Shareholder.  Except as otherwise provided herein, a Recipient shall have all of the rights of a shareholder of the Company holding the class or series of Common Stock that is subject to such option (including, if applicable, the right to vote the shares and the right to receive dividends), when the Recipient has delivered written notice of exercise and has paid in full for such shares, as provided in Section 5 hereof.  No adjustment shall be made for dividends or other rights for which the record date is prior to the date identified above.

	

7.
	

Limited Transferability of Option.  The option granted under this Agreement shall not be transferable by the Recipient except by will or the laws of descent or distribution, and except that the option granted may be transferred to immediate family members and charities. During the life of Recipient, the option shall be exercisable only by the Recipient or his or her guardian or legal representative.

	

8.
	

Termination of Employment.

	 	

(a)
	

Termination by Reason of Death.  If the employment of Recipient shall terminate by reason of death, any option held by Recipient shall vest in full and shall remain exercisable (i) in the case of an option other than an Incentive Stock Option, as defined below, until the first anniversary of such termination of service (notwithstanding any earlier expiration of the stated term of such option) and (ii) in the case of an option granted that is intended to meet the requirements of Section 422 of the Internal Revenue Code or any successor legislation ("Incentive Stock Option") until the earlier of (A) the first anniversary of the date of death or (B) the expiration of the stated term of such Incentive Stock Option.

	 	

(b)
	

Termination by Reason of Disability.  If the employment of Recipient shall terminate by reason of disability, any option held by Recipient shall vest in full and remain exercisable until (i) in the case of an option other than an Incentive Stock Option the first anniversary of such termination of service (notwithstanding any earlier expiration of the stated term of such option) and (ii) in the case of an Incentive Stock Option, the earlier of (A) the first anniversary of such termination of service or (B) the expiration of the stated term of such option; provided, however, that if the Recipient dies within such period, notwithstanding the expiration of such period, any unexercisable option, may thereafter be exercised (x) in the case of an option other than an Incentive Stock Option, for a period of one year from the date of such death (notwithstanding any earlier expiration of the stated term of such option) and (y) in the case of an Incentive Stock Option, until the earlier of (1) the first anniversary of the date of death or (2) the expiration of the stated term of such Incentive Stock Option.  In the event of termination of service by reason of disability, if an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the Code, such Option will thereafter be treated as an option other than an Incentive Stock Option.

	 	

(c)
	

Termination by Reason of Retirement.  Unless otherwise determined by the Committee, if the employment of Recipient shall terminate by reason of retirement, any option held may thereafter be exercised by the Recipient to the extent it was exercisable at the time of such termination of service, or on such accelerated basis as the Committee may determine, until the earlier of (i) the third anniversary of such termination of service or (ii) the expiration of the stated term of such option; provided, however, that if the Recipient dies within such period, any unexercised option may to the extent exercisable on the death thereafter be exercised (A) in the case of an option other than an Incentive Stock Option, until the later of (x) the first anniversary of the date of death (notwithstanding any earlier expiration of the stated term of such option) or (y) the third anniversary of the termination of service by reason of retirement and (B) in the case of an Incentive Stock Option, until the earlier of (xx) the later of (1) the first anniversary of the date of death or (2) the third anniversary of the termination of service by reason of retirement or (yy) the expiration of the stated term of such Incentive Stock Option.  In the event of termination of service by reason of retirement, if an Incentive Stock Option is exercised after the expiration of the exercise periods that apply for purposes of Section 422 of the Code, such option will thereafter be treated as an option other than an Incentive Stock Option.

	 	

(d)
	

Other terminations.  (i) If employment of Recipient shall terminate for cause, all options held shall thereupon immediately terminate; (ii) if employment of the Recipient shall terminate due to a termination by the Company for any reason other than death, disability, retirement or for cause, any option held, may, to the extent it was exercisable at the time of termination of service, be exercised until the earlier of (A) 90 days from the date of such termination or (B) the expiration of the stated term of the option; and (iii) if employment of Recipient shall terminate due to a voluntary termination by the Recipient (other than for retirement), any option held, may, to the extent it was exercisable at the time of termination of service, be exercised until the earlier of (A) 30 days from the date of such termination of service or (B) the expiration of the stated term of the option; provided, however, that if the Recipient dies within either of the exercise periods established by Sections6(j)(ii) and 6(j)(iii) of the Plan any unexercised option held shall, continue to be exercisable to the extent to which it was exercisable at the time of death until (x) in the case of option other than Incentive Stock Options, the first anniversary of the date of death (notwithstanding any earlier expiration of the stated term of such option) or (y) in the case of Incentive Stock Options, the earlier of (A) the first anniversary of the date of death or (B) the expiration of the stated term of such option.

	 	

(e)
	

Change in Control Termination.  Notwithstanding any other provision of this Agreement or the Plan to the contrary, in the event employment of Recipient shall terminate other than for cause during the 24-month period following a Change in Control, any option held may thereafter be exercised, to the extent it was exercisable at the time of such termination of service until the earlier of (i) the latest of (A) the second anniversary of such date of termination of service or (B) such other date as may be provided in the Plan for such termination of service or (C) any employment, consulting or similar agreement between Recipient and Company or one of its subsidiaries or affiliates, or (ii) the expiration of the stated term of such option; provided, however, that if the Recipient dies within such period, notwithstanding the expiration of such period, any unexercised option may to the extent exercisable on the date of death thereafter be exercised (x) in the case of an option other than an Incentive Stock Option, until the later of (i) the end of such exercise period or (ii) the first anniversary of the date of death (notwithstanding any earlier expiration of the stated term of such option) or (y) in the case of an Incentive Stock Option, until the earlier of (i) the later of (A) the end of such exercise period or (B) the first anniversary of the date of death or (ii) the expiration of the stated term of such Incentive Stock Option.  If an Incentive Stock Option is exercised after the expiration of the post-termination exercise periods that apply for purposes of Section 422 of the Code, such option will thereafter be treated as an option other than an Incentive Stock Option.

	 	

(f)
	

The Committee or the Board of Directors shall determine whether authorized leave of absence shall constitute termination of employment which determination shall be final and conclusive.  Nothing contained in this Section shall be interpreted or have the effect of extending the period during which this option may be exercised beyond the terms or the expiration date provided in this Agreement or established by law or regulation.  Death of Recipient subsequent to termination shall not extend such periods.

	 	

(g)
	

(i)
	

Notwithstanding anything to the contrary contained herein or in the Plan, if Recipient voluntarily terminates his or her employment with the Company or is terminated for misconduct or failure or refusal to perform his or her duties of employment (as determined by the Committee), and within a period of one (1) year after such termination shall, directly or indirectly, engage in a competing activity (as defined below), Recipient shall be required to remit to the Company, with respect to any exercise of this option on or after the date twelve (12) months prior to such termination, an amount in cash or a certified or bank check equal to 100% of the excess of (A) the fair market value per share of the Company's Common Stock on the date of exercise, multiplied by the number of shares with respect to which the option is exercised; over (B) the aggregate option price for such number of shares.  This provision shall, however, become null and void, and Company's rights to any remittance under this provision automatically shall be deemed waived, upon a Change in Control (as defined in Section 3 of this Agreement).

	 	 	

(ii)
	

For purposes of this Section, Recipient will be deemed to be "engaged in a competing activity" if he or she owns, manages, operates, controls, is employed by, or otherwise engages in or assists another to engage in any activity or business which competes with any business or activity of the Company in which Recipient was engaged or involved, or which, as of the time of Recipient's termination, was in a state of research or development by any such business of the Company.

	 	 	

(iii)
	

Nothing contained in this Section shall be interpreted as or deemed to constitute a waiver of, or diminish or be in lieu of, any other rights the Company may possess as a result of Recipient's direct or indirect involvement with a business competing with the business of the Company.

	

9.
	

General Restriction.  This option shall be subject to the requirement that if at any time the Board of Directors shall determine, in its discretion, that the listing, registration or qualification of the shares subject to such option upon any securities exchange or under any state or federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such option or the issue or purchase of shares thereunder, such option may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board of Directors.

	

10.
	

Recapitalization.  In the event there is any recapitalization in the form of a stock dividend, distribution, split, subdivision or combination of shares of common stock of the Company, resulting in an increase or decrease in the number of common shares outstanding, the number of shares for which the option hereunder may thereafter be exercised and the price per share shall be increased or decreased proportionately, as the case may be, without change in the aggregate purchase price.

	

11.
	

Reorganization.  If, pursuant to any reorganization, sale or exchange of assets, consolidation or merger, outstanding common stock is or would be exchanged for other securities of the Company or of another company which is a party to such transaction, or for property, this option shall apply to the securities or property into which the common stock would have been exchanged had such common stock been outstanding at the time.  In any of such events the total number and class of shares then remaining available for issuance under the Plan (including shares reserved for this option) shall likewise be adjusted so that the Plan and this option shall thereafter cover the number and class of shares equivalent to the shares so covered immediately prior to such event

	

12.
	

Right to Employment.

	 	

(a)
	

Benefits and rights provided under the Plan are wholly discretionary and, although provided by the Company, do not constitute regular and periodic payments.  The benefits and rights provided under the Plan are not to be considered part of the Recipient's salary or compensation under Recipient's employment for purposes of calculating any severance, resignation, redundancy or other end of service payments, vacation, bonuses, long-term service awards, indemnification, pension or retirement benefits, or any other payments, benefits or rights of any kind.

	 	

(b)
	

The grant of options, hereunder, and any future grant of options under the Plan is entirely voluntary, and at the complete discretion of the Company.  Neither the grant of the option nor any future grant of an option by the Company shall be deemed to create any obligation to grant any further options, whether or not such a reservation is explicitly stated at the time of such a grant.  The Company has the right, at any time and/or on an annual basis, to amend, suspend or terminate the Plan; provided, however, that no such amendment, suspension, or termination shall adversely affect the Recipient's rights hereunder.

	 	

(c)
	

The Plan shall not be deemed to constitute, and shall not be construed by the Recipient to constitute, part of the terms and conditions of employment.  The Company shall not incur any liability of any kind to the Recipient as a result of any change or amendment, or any cancellation, of the Plan at any time.

	 	

(d)
	

Participation in the Plan shall not be deemed to constitute, and shall not be deemed by the Recipient to constitute, an employment or labor relationship of any kind with the Company.

	

13.
	

Definitions.  Any terms or provisions used herein which are defined in Sections 83, 421, 422A or 425 of the Internal Revenue Code of 1986, as amended, or the regulations thereunder or corresponding provisions of subsequent laws and regulations in effect at the time this option is granted shall have the meanings as therein defined.

	

14.
	

Amendment of this Option Agreement.  The Board of Directors of the Company or the Committee may, from time to time, require the modification or amendment of the terms of this Agreement, including, without limitation the generality of the foregoing, the making of such amendments and revisions as the Board or the Committee shall deem advisable, provided, however, that no termination, modification or amendment of this Agreement shall, without the consent of the Recipient, impair his or her rights hereunder.

	

15.
	

Notices.  Notices hereunder shall be in writing and if to the Company shall be delivered personally to the Secretary of the Company or mailed to its principal office, One Bausch & Lomb Place, Rochester, New York 14604-2701, addressed to the attention of the Secretary, and if to Recipient shall be delivered personally or mailed to Recipient at his or her address as the same appears on the records of the Company.

	

16.
	

Interpretation of this Agreement.  All decisions and interpretations made by the Board of Directors or the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on the Company and the Recipient. In the event there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern.

	

17.
	

Successors and Assigns.  This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company and, to the extent provided herein, to the personal representatives, legatees and heirs of the Recipient.

	

18.
	

Severability and Saving Provision.  The parties intend that this Agreement shall be enforced to the maximum extent possible.  If a court of competent jurisdiction: (i) finds any provision of this Agreement to be unenforceable, that provision shall be deemed excised and the remainder of the Agreement shall continue in full force and effect; and (ii) finds any provision of this Agreement to be unenforceable by reason of its being extended for too great a period of time, over too large a geographic area, or over too great a range of activities, the Agreement shall be interpreted to extend over the maximum period of time, geographic range and range of activities as to which it may be enforceable.

	

19.
	

Accelerated Rights.  If the The option granted pursuant to this Agreement, as is a grant to a Recipienta Recipient who is or who in the future becomes an officer or director of the Company who is subject to Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), the option automatically includes alternate rights(referred to herein as "Accelerated Rights") which entitle the Recipient to the rights specified in Subsection (a) below.

(a)Upon the occurrence of a Change in Control (as defined above), this option (i) shall become immediately and fully exercisable and (ii) will entitle the holder, in lieu of exercising the option, to elect to surrender all or part of the option to the Company, provided that written notice of the election (the "Election") is given to the Company within the sixty (60) day period from and after the Change in Control (the "Election Period").  Upon making such an Election, the holder shall be entitled to receive in cash, within thirty (30) days of such Election, an amount equal to the amount by which the Change in Control Price (as defined in Subsection (b) below ) per share of the Company's common stock on the date of such Election shall exceed the exercise price per share of stock under this option, multiplied by the number of shares of stock granted under this option as to which the Accelerated Right has been exercised (such excess referred to herein as the "Aggregate Spread"); provided, however, that the Election provided for herein shall not be made prior to six months from the Date of Grant.  Notwithstanding any other provision of the Plan or this Agreement, if the end of the Election Period is within six months of the Date of Grant, this option shall be canceled in exchange for a cash payment equal to the Aggregate Spread on the day which is six months and one day after the Date of Grant.

(b)In the event of a Change in Control under Subsection 3(B), the "Change in Control Price" shall mean the highest reported sales price of a share of Common Stock on the Composite Tape for New York Stock Exchange Listed Stocks (the "Market High") during the sixty (60) day period prior to and ending on the date of the Change in Control.  If the Change of Control is the result of a transaction or series of transactions described in Subsection 3(A), (C), or (D) above, the "Change in Control Price" shall mean the higher of (i) the highest price per share of the Common Stock paid in such transaction or series of transactions by the person having made the acquisition, and (ii) the Market High as determined above.  Notwithstanding the foregoing, to the extent required by Section 422A of the Internal Revenue Code of 1986, as amended, the Change in Control Price shall not exceed the market price of a share of Common Stock on the date of surrender thereof. provided for in Section 11(b) of the Plan.

	

20.
	

Tax Matters.

	 	

(a)
	

The Company shall have the power and the right to deduct or withhold, or require Recipient to remit to the Company, an amount sufficient to satisfy taxes imposed under the laws of any country, state, province, city or other jurisdiction, including but not limited to income taxes, capital gain taxes, transfer taxes, and social security contributions, that are required by law to be withheld with respect to the grant of the option, any exercise of the Recipient's rights under the Plan and this Agreement, the sale of shares acquired from the exercise of the option, and/or payment of dividends on shares acquired pursuant to the option.

	 	

(b)
	

Recipient agrees to take all steps necessary to comply with all applicable provisions of laws of any country, state, province, city or other jurisdiction in exercising his or her rights under the Plan and this Agreement.

	

21.
	

Administration and Compliance with Laws.

	 	

(a)
	

This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

	 	

(b)
	

The Company is granting the options hereunder.  Furthermore, this Agreement is not derived from any preexisting labor relationship between the Recipient and the Company, but rather from a mercantile relationship.

	 	

(c)
	

The Company will administer the Plan from the U.S. and New York State law and the Federal laws of the United States (except those provisions relating to conflicts of law) will govern all options granted under the Plan.

	

22.
	

Privacy.  As a condition of the grant of the options, the Recipient expressly consents to the collection, use, and transfer of personal data as described in this Section to the full extent permitted by and in full compliance with applicable law.

	 	

(a)
	

The Recipient understands that the Company holds, by means of an automated data file, certain personal information about the Recipient, including, but not limited to, name, home address and telephone number, date of birth, social insurance number, salary, nationality, job title, any shares or directorships held in the Company, details of all options or other entitlement to shares awarded, cancelled, exercised, vested, unvested, or outstanding in the Recipient's favor, for the purpose of managing and administering the Plan ("Data").

	 	

(b)
	

The Recipient further understands that part or all of his/her Data may be also held by the Company and/or it Subsidiaries, pursuant to a transfer made in the past with his/her consent, in respect of any previous grant of options or awards, which was made for the same purposes of managing and administering of previous award/incentive plans, or for other purposes.

	 	

(c)
	

The Recipient further understands that his/her local employer will transfer Data to the Company and/or its Subsidiaries among themselves as necessary for the purposes of implementation, administration, and management of the Recipient's participation in the Plan, and that the Company and/or its Subsidiary may transfer data among themselves, and/or each, in turn, further transfer Data to any third parties assisting the Company in the implementation, administration, and management of the Plan ("Data Recipients").

	 	

(d)
	

The Recipient understands that the Company and/or its Subsidiaries, as well as the Data Recipients, are or may be located in his or her country of residence or elsewhere, such as the United States.  The Recipient authorizes the Company and/or its Subsidiaries, as well as Data Recipients to receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing his or her participation in the Plan, including any transfer of such Data, as may be required for the administration of the Plan and/or the subsequent holding of shares on his or her behalf, to a broker or third party with whom the shares acquired on exercise may be deposited.

	 	

(e)
	

The Recipient understands that he or she may show his/her opposition to the processing and transfer of his/her Data, and, may at any time, review the Data, request that any necessary amendments be made to it, or withdraw his or her consent herein in writing by contacting the Company.  The Recipient further understands that withdrawing consent may affect his or her ability to participate in the Plan.

	

23.
	

General.  The Recipient has received, and therefore has full knowledge of and understands, the terms and conditions of this Agreement.  The Recipient acknowledges that copies of the complete rules of the Plan have also been made available to him/her at his/her work center with his/her local employer.

IN WITNESS WHEREOF, the Company has executed this Agreement on the day and year set forth on the Award Summary.

 

 

	
RECIPIENT
	
BAUSCH & LOMB INCORPORATED

	 	 
	
By:                                              
	
By:                                              

          Jean F. Geisel, Secretary

	
Name Printed:

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