Document:

EX-10.22

 Exhibit 10.22 
 November 7, 2006 
 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 FOR POST-2004 DEFERRALS 
  

	1.	Introduction 

 This
Executive Deferred Compensation Plan for Post-2004 Deferrals (the “Plan”) provides that Bausch & Lomb Incorporated (the “Company”) will make certain contributions on behalf of eligible executives and permits eligible
executives to defer a portion of their compensation as more particularly described in Section 2. The Plan is effective for eligible compensation deferred on and after January 1, 2005 (the “Effective Date”) and amounts deferred
before that date under the Bausch & Lomb Incorporated Executive Deferred Compensation Plan that are subject to Section 409A (as defined below). Provisions which specify a later effective date shall be effective on the date specified.
The Plan shall be administered on the basis of a calendar year starting each January 1 (the “Plan Year”). 
 This
Plan is intended to be unfunded for tax and ERISA Title I purposes and to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations and other authoritative
guidance issued thereunder (“Section 409A”). This Plan and each of the transactions authorized or permitted under the terms of this Plan have been approved by the Board of Directors of the Company. 

 

	2.	Types of Deferrals 

 (a)
Participant Deferrals. Participants may elect, on a voluntary basis, to defer the following compensation: 

(1) For plan years prior to 2007, base salary; 

(2) Payments under the Annual Incentive Compensation Program (“AICP”) or, for plan years prior to 2007, payments
made under a Sales Incentive Program (“SIP”); 
 (3) Cash payments made under the Long-Term Performance
Unit Plan; and 
 (4) To the extent permitted by Sections 401(k) and 409A of the Code, an elected percentage of
base salary that shall commence after such percentage election under the 401(k) Account Plan results in a cessation of contributions to the 401(k) Account Plan due to the application of the Code’s limitations on compensation and contributions.
A participant who elects to make this deferral must elect to contribute the same percentage of compensation to this Plan as he/she elects to contribute to the 401(k) Account Plan for the Plan Year, and the deferral rules that apply to this Plan
shall apply to his/her deferral election under the 401(k) Account Plan (e.g., once made the election is irrevocable for the Plan Year, and, with certain exceptions, the election must be made before the last day of the Plan Year preceding the Plan
Year in which the services giving rise to the compensation relates are to be performed, etc.). 

 (b) Company Deferrals. The Company shall contribute the following amounts on behalf
of participants: 
 (1) If a participant has contributed to the 401(k) Account Plan for the Plan Year the maximum
amounts permitted by the Code, the Company shall make a matching contribution to this Plan on the excess base salary contributions the participant makes to this Plan under subsection (a)(4) in the same amount it would have contributed on behalf of
the participant if his or her excess contribution had been made to the 401(k) Account Plan (ignoring Code limits). Effective for Plan Years beginning on or after January 1, 2008, the Company shall make a matching contribution to this Plan on
those AICP contributions that the participant elects to defer into this Plan in the same amount the Company would have contributed on behalf of the participant if such contribution had been made to the 401(k) Account Plan (as if the Code limits did
not apply). For the 2006 and 2007 Plan Years, the Company’s matching contribution to this Plan shall be calculated as if the participant had contributed 5% of his AICP to this Plan even if such amount was not deferred into this Plan.

 (2) Whether or not a participant actually contributes to the 401(k) Account Plan, if he or she is eligible to
receive a base contribution and/or transition credit under the 401(k) Account Plan and has compensation for the Plan Year in excess of the compensation limit under Code Section 401(a)(17), the Company shall contribute to this Plan the amount of
the base contribution and transition credit it would otherwise have made to the 401(k) Account Plan for the Plan Year on the participant’s compensation in excess of the compensation limit as if the Code limits did not apply. Effective for Plan
Years beginning 2008 and thereafter, for purposes of this subsection, compensation shall include AICP payments that were paid in such Plan Years but were deferred into this Plan. 

(3) If for a Plan Year the participant is entitled to receive a Company contribution to the 401(k) Account Plan based on
transition credits, as soon as administratively practicable following discrimination testing for the 401(k) Account Plan, the Company shall make a contribution to this Plan that is equal to the transition credit (plus interest) that the Company was
not able to make to the 401(k) Account Plan because of the Code Section 401(a)(4) nondiscrimination rules that apply to the 401(k) Account Plan. 
  

	3.	Eligible Employees 

Commencing on the Effective Date, all U.S. employees who have the title of Senior Executive/Vice President, General Manager,
Executive/Director, Country Manager or officer of the Company are eligible to make participant deferrals and to receive Company deferrals as described in Sections 2(a) and (b) above. In addition, certain designated U.S. executives not otherwise
eligible to make participant deferrals shall be eligible to receive Company deferrals as described in Section 2(b)(2) and (3). 

  
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	4.	Participant Deferrals 

(a) An eligible employee who chooses to defer all or part of the compensation referred to in Section 2 shall become a participant in
the Plan. 
 (b) For deferrals of compensation otherwise payable as base salary, a minimum amount as determined from time to
time by the Plan Administrator (as defined in Section 10 hereof) must be deferred. A deferral period must be for a minimum 12 months or any other minimum period established by the Plan Administrator. For deferrals of salary to the Plan in
excess of the 401(k) Account Plan limit, 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 the crediting of
deferrals under this Plan, all applicable FICA and Medicare taxes will be withheld. 
 (c) Except as provided below, a
participant’s election to defer compensation must be made by written notice to the Plan Administrator before the last day of the Plan Year preceding the Plan Year in which the services giving rise to the compensation relates are to be
performed. 
 (1) Effective January 1, 2007, notwithstanding the preceding, if and to the extent permitted
under Section 409A and by the Plan Administrator, an employee who first attains a position that permits him/her to become eligible in the Plan (or any similar deferred compensation plan) in the first six months of a Plan Year may become
eligible to participate in the Plan on the following July 1 and may make an election no later than thirty (30) days after the date he or she becomes eligible to become a Plan participant to defer compensation earned for services to be
performed after the election. Prior to January 1, 2007, notwithstanding the preceding, if and to the extent permitted under Section 409A and by the Plan Administrator, a newly hired employee who is in the class of employees eligible to
participate in the Plan may make an election no later than thirty (30) days after the date he or she is hired to defer compensation earned for services to be performed after the election. 

(2) Also notwithstanding the preceding, if and to the extent permitted by Section 409A and by the Plan Administrator,
a participant may make an election to defer that portion (if any) of his or her compensation which qualifies as Performance-Based Compensation no later than six (6) months prior to the last day of the period over which the services giving rise
to the Performance-Based Compensation are performed. For purposes of the Plan, the term “Performance-Based Compensation” shall mean that portion of a participant’s compensation which is based on the performance by the participant of
services for the Company over a period of at least twelve (12) months and which qualifies as “performance-based compensation” under Section 409A. 

(3) Also notwithstanding the preceding, to the extent permitted under Section 409A and by the Plan Administrator, a
participant may make an election to defer compensation for services performed on or before December 31, 2005 (including, but not 

  
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limited to, AICP payments earned in 2004 which are payable in 2005 and AICP payments earned in 2005 which are payable in 2006) no later than the earlier of (i) March 15, 2005, or
(ii) the date such compensation is otherwise payable to the participant. 
 (4) Finally, notwithstanding the
preceding, deferrals of sales commissions for the 2006 Plan Year consist of four quarterly payments beginning with the May payment and ending with the fourth payment in the first quarter of 2007. As of January 1, 2007, the Plan Administrator
has the discretion to change the deferral cycle or take other action to correct for the one quarter lag attributable to there being no deferral for the first payment made in 2006. 

(d) Unless renewed, a deferral election will expire on December 31 of the year after it is executed. 

(e) A participant may not elect to change his or her deferral election that is in effect for a Plan Year, except if and to the extent
permitted by the Plan Administrator and made in accordance with the provisions of Section 409A specifically relating to the change and/or revocation of deferral elections. 

(f) A participant’s deferrals and the earnings thereon shall be fully and immediately vested at all times. 

 

	5.	Participants’ Deferral Elections 

 (a) To defer compensation under the Plan, a participant must give written notice to the Plan Administrator on such forms or in such manner designated by the Plan Administrator. This notice must include
(1) the amount or percentage of compensation to be deferred; (2) the selection of an investment account(s) (as described in Section 7 hereof); (3) the payment commencement date (i.e., retirement or a date certain); (4) the
method of payment desired (i.e., annual installments or lump sum) and, if annual, the number of years of substantially equal installment payments (as permitted by the Plan Administrator); and (5) the designation of payment to the
participant’s estate or beneficiary (which may be the participant’s estate or a trust) 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 specified 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, vested Company contributions described in Section 2(b), together with amounts credited or debited on both such amounts in the manner provided in Section 7(d). Each date
certain payout designated by the participant must be as of January 1 of a year that is at least two years after the Plan Year from which the amount is actually deferred, as specifically elected by the participant. The amount of the payout will
be calculated based on the value of the participant’s benefit as of the January 15th following the designated payout date, and the actual payment will be made within forty-five (45) days following the January 15th valuation date. By way of example, if a date 

  
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certain payout is elected for base salary and/or SIP payments earned during 2005, the earliest date that the participant could elect his benefit to be paid out would be after January 1,
2008. As another example, if a participant elects to defer AICP payments earned during 2005 and normally paid in 2006 (but for the deferral election), the earliest date that the participant could elect to receive his date certain payout would be
after January 1, 2009. Notwithstanding the foregoing, a participant’s designated payment date is subject to the overriding requirements of Section 8 of the Plan and Code Section 409A. 

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 that (i) such Subsequent
Election may not take effect until at least 12 months after the date on which the Subsequent Election is made, (ii) the payment with respect to which such Subsequent Election is made must be deferred for a period of not less than 5 years from
the date such payment would otherwise have been made; and (iii) the Subsequent Election must be made at least 12 months prior to the date of the first scheduled payment. By way of example, a participant who previously elected to have a date
certain payout beginning on January 1, 2008 in respect of his or her base salary and/or SIP payments earned and deferred during 2005 may elect no later than January 1, 2007 to defer payment of such amounts to a new date certain payout
beginning January 1, 2013. 
 (c) For deferral amounts where the participant has selected retirement as the payment
commencement date, the participant’s lump sum payment shall be paid, or in the case of a participant who elects installment payments, shall commence after the end of the Plan Year when the participant retires; provided that the participant
retires in the first six months of a Plan Year. The amount of the payout will be calculated based on the value of the participant’s vested benefit as of the January 15 following the year of retirement, and the actual payment will be made
within forty-five (45) days following the January 15 valuation date. If such a participant retires in the last 6 months of a Plan Year, the participant’s lump sum payment shall be paid, or in the case of a participant who elects
installment payments, shall commence after the July 1 following the end of the Plan Year when the participant retires. The amount of the payout will be calculated based on the value of the participant’s vested benefit as of the
July 15 following the year of retirement and the actual payment will be made within forty-five (45) days following the July 15 valuation date. For example, if a participant elected to receive his/her benefit as lump sum with
retirement as the payment commencement date and the participant retires on March 15, 2007, the participant’s benefit would be paid within the first 60 days of 2008. If such a participant retired on September 15, 2007, the
participant’s benefit would be paid within the 60 day period following July 1, 2008. The above rules apply to retirement payout dates commencing on or after January 1, 2007. Prior to January 1, 2007, retirement payouts shall
commence within 60 days after the end of the Plan Year when the participant retired, provided that payments to “specified employees” (within the meaning of Section 409A) are delayed until 6 months after termination of employment.

  
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 A participant who is an active employee and who has selected retirement as the payment
commencement date may, on a form determined by the Plan Administrator, make one or more additional deferral elections (a “Subsequent Election”) to defer payment and/or change the form of payment to a Plan Year subsequent to the Plan Year
following his Retirement; provided that (i) such Subsequent Election may not take effect until at least 12 months after the date on which the Subsequent Election is made, and (ii) the payment with respect to which such Subsequent Election
is made must be deferred for a period of not less than 5 years from the date such payment would otherwise have been made. 
 (d)
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 vested account balance as of the January 15 following the payment
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. The payment date shall be the January 1 when payments commence (and each anniversary thereof), and
the actual payment shall be made within 60 days of such date. For payouts commencing prior to January 1, 2007, the payment date is such date in January that is designated for purposes of calculating installment payouts. 

(e) Retirement, for purposes of the Plan shall mean the date on which the participant has incurred a separation of service with the
Company (within the meaning of Section 409A) after first attaining age 55. 
 (f) 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. 

 

	6.	Company Deferrals 

 (a)
Company contributions under Section 2(b) shall be made or credited to an eligible participant’s account at such times determined by the Plan Administrator, but in no event later than a reasonable period of time after the end of the Plan
Year to which the contribution relates. A participant is not required to make any election to defer Company contributions; such contributions shall be made automatically on behalf of all eligible participants. If the participant has provided a
written notice with respect to participant deferrals under Section 5 for the Plan Year, the terms set forth in that notice (except for the amount of the contribution) shall apply equally to all Company contributions made with respect to the
same Plan Year. If the participant has not provided a notice for participant deferrals for the Plan Year, benefits attributable to the Company contributions (if vested) will be paid in accordance with Section 8(e) (assuming for this purpose
that “Termination of Employment” includes Retirement). 
 (b) For participants first hired by the Company prior to
January 1, 2005, Company contributions and the earnings thereon shall be fully and immediately vested at all times. For participants first hired by the Company or after January 1, 2005, Company contributions and the earnings thereon shall
be vested in accordance with the vesting provisions of the Company’s 401(k) Account Plan as from time to time in effect. Amounts that are unvested at the time of payout shall be forfeited. 

  
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	7.	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”); provided that no such transfer shall be
made if such transfer would result in adverse tax consequences under Section 409A. 
 (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 selected 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, a 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 and interest 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 (e.g., 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 

  
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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 six (6) month period. Company
contributions shall initially be credited to the Bausch & Lomb Common Stock Investment Account. Prior to August 1, 2005, Company contributions must remain in Company common stock equivalents. On and after August 1, 2005, a
participant may reallocate Company contributions that have been made to his or her account in the form of 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; provided that no contributions shall be made if such contributions would result in adverse tax consequences under Section 409A. The Trust
is intended to provide 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. 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 an Unforeseeable Financial Emergency, a
payment may be made to the participant from the vested 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 Unforeseeable Financial Emergency
shall not exceed the lesser of the participant’s vested account balance, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the payouts,
after taking into account the extent to which the Unforeseeable Financial Emergency is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets (to the extent the
liquidation of assets would not itself cause severe financial hardship). A distribution based upon Unforeseeable Financial Emergency shall be permitted solely to the extent permitted under Section 409A. 

For purposes of the Plan, the term “Unforeseeable Financial Emergency” shall mean an unanticipated emergency that is caused by
an event beyond the control of the participant that would result in severe financial hardship to the participant resulting from (i) an illness or accident of the participant, the participant’s spouse or a dependent of the participant,
(ii) a loss of the participant’s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant, all as determined in the sole discretion
of the Plan Administrator. 

  
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 A participant requesting a distribution on account of an Unforeseeable Financial Emergency
must supply the Plan Administrator with a statement indicating the nature of the need creating the Unforeseeable Financial Emergency, 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 an Unforeseeable Financial Emergency exists. 
 (c)
In the event of a participant’s death before he or she has received all of the vested deferred compensation payments to which he or she is entitled, payments will be made to the participant’s estate or beneficiary (as elected by the
participant or, in the absence of an election, to the participant’s estate) in a single lump sum payment. The amount of the payout will be calculated based on the value of the participant’s vested benefit as of the January 15th following the year of the participant’s death, and the actual
payment will be made within forty-five (45) days following the January 15th valuation date. 
 (d) 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. 
 (e) Notwithstanding any payout election a participant may have made under Section 5, if a participant experiences a Termination of Employment with the Company within the first six months of the Plan
Year, the participant’s vested account balance shall be paid in a lump sum after the end of a Plan Year of the participant’s Termination of Employment. The amount of the payout will be calculated based on the value of the
participant’s vested benefit as of the
January 15th following the year of such termination,
and the actual payment will be made within forty-five (45) days following the January 15th valuation date. Notwithstanding any payout election a participant may have made under Section 5, if a participant experiences a Termination of Employment with the Company within the last six months
of a Plan Year, the participant’s vested account balance shall be paid in a lump sum after the July 1 following the Plan Year of the participant’s Termination of Employment. The amount of the payout will be calculated based on the
value of the participant’s vested benefit as of the July 15th following the year of such termination, and the actual payment will be made within forty-five (45) days following the July 15th valuation date. The above rules apply to Termination of Employment payout dates commencing on or after January 1,
2007. Prior to that time, Termination of Employment payouts commenced within 60 days after the end of the Plan Year when the participant terminated employment, provided that payments to “specified employees” (within the meaning of
Section 409A) were delayed until 6 months after Termination of Employment. 
 “Termination of Employment” shall
mean the separation from service with the Company within the meaning of Section 409A, voluntarily or involuntarily, for any reason other than Retirement or death. No deferrals shall be permitted from severance benefits that are paid in lieu of
base compensation. For individuals who separate from service with the Company due to a Retirement (i.e., after first attaining age 55), refer to Section 5(c) for the distribution rules that apply to participants who elect retirement as the
payment commencement date and Section 5(b) for the rules that apply to participants who elect a date certain payout. 

  
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 (f) Subject to Section 409A, upon a Change in Control, 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 in Control. 
 For purposes of this Plan, a “Change in Control” shall mean any of the following events: 
 (1) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”) acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such Person) beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (A) the then-outstanding shares of common stock of the Company (the
“Outstanding Company Common Stock”) or (B) 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, for purposes of this Section 8(f), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the
Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates or Subsidiaries or (D) any acquisition pursuant to a transaction that complies with Sections
8(f)(3)(A), 8(f)(3)(B) and 8(f)(3)(C); 
 (2) Any time at which, during the preceding 12-month period,
individuals who, as of the beginning of such 12-month period, 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 during such 12-month period whose election, or nomination for election by the Company’s stockholders, 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 an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (3) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or
substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination,
(A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the 

  
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Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or,
for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the
case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through
one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (B) no
Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or
more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such
ownership existed prior to the Business Combination, and (C) individuals who were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination
constitute at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination; or 

(4) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 

	9.	Fail-Safe Provision 

 (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; provided, however, that no portion of this Section shall become operative to the extent that portion would result in a violation of Section 409A. 

(b) Notwithstanding any other Section of this Plan to the contrary, 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 

  
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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 or her account under
Section 8(b) (a withdrawal for an Unforeseeable Financial Emergency), the right of all participants to receive distributions under Section 8(b) 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. 
  

	10.	Administration 

 The Plan
Administrator shall be the Executive Benefits Committee which shall be comprised of such individuals designated by the Compensation Committee of the Board of Directors. The Plan Administrator has the authority to control and manage the operation and
administration of the Plan. The Plan Administrator has full and sole discretionary authority to interpret the Plan, to establish rules and forms for the Plan and to determine all questions arising in connection with the Plan. The Investment
Committee responsible for investments under the Plan 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 or modified by the Board of Directors or the Compensation Committee. No such amendment or modification will, without the consent of the participant, adversely affect the participant’s accruals in his
or her deferred compensation account. 
  

	14.	Termination 

 Although the
Company anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Company will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, the Company (through its Board
of Directors or the Compensation Committee) reserves the right to terminate the Plan at any time under such circumstances as may be permitted from time to time under Section 409A. Upon a complete or

  
 -12-

 
partial termination of the Plan, the deferral elections of the affected participants shall terminate and their Plan account balances, determined as if they had experienced a Termination of
Employment on the date of Plan termination, shall, subject to Section 15, be immediately paid to the participants; provided however, if immediate distribution of a Participant’s account balance on termination is not permitted by
Section 409A, the payment of the account balance shall be made only after Plan benefits otherwise become due hereunder. 
  

	15.	Prohibited Acceleration/Distribution Timing 

 This Section shall take precedence over any other provision of the Plan to the contrary. No provision of this Plan shall be followed if following the provision would result in the acceleration of the time
or schedule of any payment from the Plan as would require immediate income tax to participants based on the law in effect at the time the distribution is to be made, including Section 409A. 

 

	16.	Claims Procedures 

 (a)
Claim Denials. The Plan Administrator shall maintain procedures with respect to the filing of claims for benefits under the Plan. Pursuant to such procedures, any Participant or beneficiary (hereinafter called “claimant”) whose
claim for benefits under the Plan is denied shall receive written notice of such denial. The notice shall set forth: (i) the specific reasons for the denial of the claim; (ii) a reference to the specific provisions of the Plan on which the
denial is based; (iii) any additional material or information necessary to perfect the claim and an explanation why such material or information is necessary; and (iv) a description of the procedures for review of the denial of the claim
and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA following a denial on review. 
 Such notice shall be furnished to the claimant within a reasonable period of time, but no later than 90 days after receipt of the claim by the Plan, unless the Plan Administrator determines that special
circumstances require an extension of time for processing the claim. In no event shall such an extension exceed a period of 90 days from the end of the initial 90-day period. If such an extension is required, written notice thereof shall be
furnished to the claimant before the end of the initial 90-day period, which shall indicate the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render a decision. 

(b) Right to a Review of the Denial. Every claimant whose claim for benefits under the Plan is denied in whole or in part by the
Plan Administrator shall have the right to request a review of the denial. Review shall be granted if it is requested in writing by the claimant no later than 60 days after the claimant receives written notice of the denial. The review shall be
conducted by the Plan Administrator. 
 (c) Decision of the Plan Administrator on Appeal. The claimant may submit written
comments, documents, records and other information relating to the claim, and may review documents, records and other information relevant to the claim under the applicable standards under ERISA. The Plan Administrator’s decision shall be
rendered within 60 days 

  
 -13-

 
following receipt of the request for review. If additional processing time is required, the Plan Administrator shall provide the claimant with written notice thereof, which shall indicate the
special circumstances requiring the additional time and the date by which the Plan Administrator expects to render a decision. If the Plan Administrator denies the claim on review, it shall provide the claimant with written notice of its decision,
which shall set forth (i) the specific reasons for the decision, (ii) reference to the specific provisions of the Plan on which the decision is based, (iii) a statement of the claimant’s right to reasonable access to, and copies
of, all documents, records and other information relevant to the claim under the applicable standards under ERISA, and (iv) and a statement of the claimant’s right to bring a civil action under ERISA. The Plan Administrator’s decision
shall be final and binding on the claimant, and the claimant’s heirs, assigns, administrator, executor, and any other person claiming through the claimant. 

 

			
	BAUSCH & LOMB INCORPORATED
		
	By:	 	  

		 	David R. Nachbar
		 	Corporate Senior Vice President
		 	Human Resources
		
	Dated:	 	 11/7/06

  
 -14-

 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 Amendment 
 Pursuant to Section 13 of the Executive Deferred
Compensation Plan (the “Plan”), the Plan is amended as of the date set forth below, as follows: 
 1. Section 7(f)
is amended by adding the following sentence to the end of such section: 
 In addition, for company-matching amounts contributed
on behalf of a participant who is subject to Section 16 of the Securities Exchange Act of 1934 as of August 1, 2005, such amounts (including earnings credited on those amounts) must remain in Company common stock equivalents. 

2. Section 10 is amended by deleting such Section and substituting in its place the following: 

 

	 	10.	Administration 

 The Plan
Administrator shall be the Executive Benefits Committee which shall be comprised of such individuals designated by the Compensation Committee of the Board of Directors. The Plan Administrator has the authority to control and manage the operation and
administration of the Plan. The Plan Administrator has full and sole discretionary authority to interpret the Plan, to establish rules and forms for the Plan and to determine all questions arising in connection with the Plan. The Investment
Committee responsible for investments under the Plan shall be the Investment Committee of Bausch & Lomb Incorporated. 

3. The Plan is amended by adding the following new Section 14: 

 

	 	14.	Claims Procedures 

 (a) Claim Denials. The Plan Administrator shall maintain procedures with respect to the filing of claims for benefits under the Plan. Pursuant to such procedures, any Participant or beneficiary
(hereinafter called “claimant”) whose claim for benefits under the Plan is denied shall receive written notice of such denial. The notice shall set forth: (i) the specific reasons for the denial of the claim; (ii) a reference to
the specific provisions of the Plan on which the denial is based; (iii) any additional material or information necessary to perfect the claim and an explanation why such material or information is necessary; and (iv) a description of the
procedures for review of the denial of the claim and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA following a denial on review. 

 Such notice shall be furnished to the claimant within a reasonable period of
time, but no later than 90 days after receipt of the claim by the Plan, unless the Plan Administrator determines that special circumstances require an extension of time for processing the claim. In no event shall such an extension exceed a period of
90 days from the end of the initial 90-day period. If such an extension is required, written notice thereof shall be furnished to the claimant before the end of the initial 90-day period, which shall indicate the special circumstances requiring an
extension of time and the date by which the Plan Administrator expects to render a decision. 
 (b) Right to a
Review of the Denial. Every claimant whose claim for benefits under the Plan is denied in whole or in part by the Plan Administrator shall have the right to request a review of the denial. Review shall be granted if it is requested in writing by
the claimant no later than 60 days after the claimant receives written notice of the denial. The review shall be conducted by the Plan Administrator. 
 (c) Decision of the Plan Administrator on Appeal. The claimant may submit written comments, documents, records and other information relating to the claim, and may review documents, records and
other information relevant to the claim under the applicable standards under ERISA. The Plan Administrator’s decision shall be rendered within 60 days following receipt of the request for review. If additional processing time is required, the
Plan Administrator shall provide the claimant with written notice thereof, which shall indicate the special circumstances requiring the additional time and the date by which the Plan Administrator expects to render a decision. If the Plan
Administrator denies the claim on review, it shall provide the claimant with written notice of its decision, which shall set forth (i) the specific reasons for the decision, (ii) reference to the specific provisions of the Plan on which
the decision is based, (iii) a statement of the claimant’s right to reasonable access to, and copies of, all documents, records and other information relevant to the claim under the applicable standards under ERISA, and (iv) and a
statement of the claimant’s right to bring a civil action under ERISA. The Plan Administrator’s decision shall be final and binding on the claimant, and the claimant’s heirs, assigns, administrator, executor, and any other person
claiming through the claimant. 
  

									
	 Dated : 11/7/06
	 		 	BAUSCH & LOMB INCORPORATED
					
		 		 		 	By	 	  

									
					
		 		 		 	Tital	 	  

		 		 		 		 	    David R. Nachbar
		 		 		 		 	    Corporate Senior Vice President
		 		 		 		 	    Human Resources

  
 -2-

 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 FOR POST-2004 DEFERRALS 
 AMENDMENT 

Pursuant to Section 13 of the Bausch & Lomb Incorporated Executive Deferred Compensation Plan for Post-2004 Deferrals (the
“Plan), the Plan is amended, as follows: 
 1. Section 2(b)(2) of the Plan is amended by replacing such section with
the following: 
 (2) Whether or not a participant actually contributes to the 401(k) Account Plan, if he or she is eligible to
receive a base contribution and/or transition credit under the 401(k) Account Plan, the Company shall contribute to this Plan the amount of the base contribution and transition credit it would otherwise have made to the 401(k) Account Plan for the
Plan Year on the participant’s compensation if the Code Section 401(a)(17) compensation limit did not apply and base compensation deferred into this Plan was treated as compensation under the 401(k) Account Plan. Effective for Plan Years
beginning 2008 and thereafter, for purposes of this subsection, such base contributions and transition credits to this Plan shall be calculated by assuming that AICP payments that were paid in such Plan Years but were deferred into this Plan were
treated as compensation under the 401(k) Account Plan. 
 2. Section 4(c)(1) of the Plan is amended by replacing the first
sentence of such section with the following: 
 Effective January 1, 2007, notwithstanding the preceding, if and to the
extent permitted under Section 409A and by the Plan Administrator, an employee who first attains a position that permits him/her to become eligible to make elective deferrals under the Plan (or any elective deferral plan aggregated with this
Plan under Section 409A) in the first six months of a Plan Year may become eligible to participate in the Plan on the following July 1 and may make an election no later than thirty (30) days after the date he or she becomes eligible
to become a Plan participant to defer compensation earned for services to be performed after the election. 
 3.
Section 4(c)(2) of the Plan is amended by replacing the first sentence of such section with the following: 
 Also
notwithstanding the preceding, if and to the extent permitted by Section 409A and by the Plan Administrator, a participant may make an election to defer 

 
that portion (if any) of his or her compensation which qualifies as Performance-Based Compensation no later than six (6) months prior to the last day of the period over which the services
giving rise to the Performance-Based Compensation are performed; provided that the participant performs services continuously from the later of the beginning of the performance period or the date the performance criteria are established through the
date an election is made under this paragraph (c)(2), and provided further that in no event may an election to defer performance-based compensation be made after such compensation has become readily ascertainable. 

4. The last sentence of Section 4(c)(4) is deleted. 
 5 Section 5(d) of the Plan is amended by replacing the first three sentences of that section with the following: 
 If a participant elects to receive his or her deferred compensation in installments, the first installment payment will be calculated as follows: the participant’s vested account balance as of
January 15 or July 15 (depending on when the participant retires per subsection (c) above) will be multiplied by a fraction, the numerator of which is 1, and the denominator of which is the number of remaining installment periods.
Subsequent annual installment payments shall be calculated as follows: the participant’s vested account balance as of January 15 will be multiplied by a fraction, the numerator of which is 1, and the denominator of which is the number of
remaining installment periods. Actual payments will be made within forty-five (45) days following the valuation date. 
 6.
Section 6(a) of the Plan is replacing the third sentence of that section with the following: 
 If the participant has
provided a written notice with respect to participant deferrals under Section 5 for the Plan Year, the terms set forth in that notice (except for the amount of the contribution) shall apply equally to all Company contributions made with respect
to the same Plan Year provided that such notice is given in a year prior to the Plan Year to which the Company contribution relates. 
  

			
	BAUSCH & LOMB INCORPORATED
	
	By:
	
	  

	 David R. Nachbar

	 Senior Vice President, Human Resources

		
	 Dated:
	 	 10/4/07

  
 -2-

 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 FOR POST-2004 DEFERRALS 
 AMENDMENT 

Pursuant to Section 13 of the Bausch & Lomb Incorporated Executive Deferred Compensation Plan for Post-2004 Deferrals (the
“Plan), the Plan is amended, as follows: 
 Effective October 26, 2007, Section 7(f) of the Plan is amended by
replacing such subsection in its entirety with the following: 
 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. 

 

			
	BAUSCH & LOMB INCORPORATED
		
	By:	 	  

		 	David Nachbar
		 	Senior Vice President, Human Resources

 
			
		
	Dated:	 	   December 20, 2007

 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 FOR POST-2004 DEFERRALS 
 AMENDMENT 

Pursuant to Section 13 of the Bausch & Lomb Incorporated Executive Deferred Compensation Plan for Post-2004 Deferrals (the
“Plan), the Plan is amended, as follows: 
 1. Effective April 1, 2008, Section 3 of the Plan is amended by
replacing “the Company” with “the Company or affiliate(s) of the Company listed on Schedule A”. 
 2.
Effective April 1, 2008, the Plan is amended by adding Schedule A to the Plan as follows: 
 BAUSCH & LOMB
INCORPORATED 
 EXECUTIVE DEFERRED COMPENSATION PLAN FOR POST-2004 DEFERRALS 

SCHEDULE A 
 The
following Bausch & Lomb Incorporated affiliate(s) may participate in the Plan, in which case for purposes of the Plan where such reference is appropriate (but not including the definition of Change in Control), the reference to
“Company” in the Plan shall include such participating affiliate: 
 eyeonics, inc. 

 

			
	BAUSCH & LOMB INCORPORATED
		
	By:	 	  

		 	David R. Nachbar
		 	Corporate Vice President & Chief Human
		 	Resources Officer

 

			
	Dated:	 	 3/3/08

 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 FOR POST-2004 DEFERRALS 
 AMENDMENT 

Pursuant to Section 13 of the Bausch & Lomb Incorporated Executive Deferred Compensation Plan for Post-2004 Deferrals (the
“Plan), the Plan is amended, as follows: 
 1. Section 2(b)(2) of the Plan is amended by adding the following provision
to the end of such Section: 
 Notwithstanding any provision to the contrary, effective for compensation paid for payroll periods
beginning on and after February 28, 2009, the Company shall no longer make transition or supplemental contributions (as defined in the 401(k) Account Plan) to this Plan. 
 2. Section 2(b)(3) of the Plan is amended by adding the following provision to the end of such Section: 
 Notwithstanding any provision to the contrary, effective for compensation paid for payroll periods beginning on and after February 28, 2009, the Company shall no longer make transition or
supplemental contributions (as defined in the 401(k) Account Plan) to this Plan. 
 IN WITNESS WHEREOF, the Employer has caused
its duly authorized officer to execute this Plan amendment on its behalf this 26th day of January, 2009. 
  

			
	BAUSCH & LOMB INCORPORATED
		
	By:	 	  

		 	Jean F. Geisel

 
			
		
	Title:	 	       Corporate Secretary

 BAUSCH & LOMB INCORPORATED 

EXECUTIVE DEFERRED COMPENSATION PLAN 
 FOR POST-2004 DEFERRALS 
 AMENDMENT 

Pursuant to Section 13 of the Bausch & Lomb Incorporated Executive Deferred Compensation Plan for Post-2004 Deferrals (the
“Plan), the Plan is amended, as follows: 
 Effective January 1, 2011, Section 2(a)(4) of the Plan is amended by
replacing such Section with the following: 
 (4) To the extent permitted by Sections 401(k) and 409A of the
Code, an elected deferral percentage of base salary into this Plan shall commence after the participant’s percentage deferral election under the 401(k) Account Plan results in a cessation of contributions to the 401(k) Account Plan due to the
application of the Code’s limitations on contributions under Code Section 402(g) (including catch-up contributions under Code Section 414(v)). A participant who elects to defer base salary into this Plan must elect to contribute a
percentage of compensation to this Plan after the deferral percentage the participant elects to contribute to the 401(k) Account Plan for the Plan Year results in a cessation of contributions to the 401(k) Account Plan due to the application of the
Code’s limitations on contributions under Code Section 402(g) (including catch-up contributions under Code Section 414(v)). The percentage deferral election to this Plan and the percentage deferral election to the 401(k) Account Plan
do not have to be the same unless the Plan Administrator requires them to be the same. However, the deferral rules that apply to this Plan shall apply to the participant’s percentage deferral election to the 401(k) Account Plan (e.g., with
certain exceptions, the participant’s percentage deferral election under the 401(k) Account Plan must be made before the last day of the Plan Year preceding the Plan Year to which the election relates, the election is irrevocable for the Plan
Year, etc.). 
  

			
	BAUSCH & LOMB INCORPORATED
		
	By:	 	  

		 	    Michael L. Rowe
		 	    Corporate Vice President, Human Resources

 
			
		
	Dated:	 	 November 4, 2010EX-10.23

 Exhibit 10.23 
 WP PRISM INC. 
 MANAGEMENT STOCK OPTION PLAN 

Adopted November 30, 2007 (the “Effective Date”) and amended and restated on 

November 14, 2012 
 1.    Purpose of the Plan 
 The purpose of the
WP Prism Inc. Management Stock Option Plan (the “Plan”) is to promote the interests of the Company and its shareholders by providing certain key employees, directors, service providers and consultants of the Company and its
Affiliates with an appropriate incentive to encourage them to continue in the employ of the Company or its Affiliates and to improve the growth and profitability of the Company. 

2.    Definitions 
 As used in this Plan, the following capitalized terms shall have the following meanings: 
 (a) “Affiliate” shall mean the Company and any of its direct or indirect subsidiaries. 
 (b) “Board” shall mean the Board of Directors of the Company or any committee appointed by the Board to administer the Plan pursuant to Section 3. 

(c) “BOL” shall mean Bausch & Lomb Incorporated, a New York corporation. 

(d) “Cause”, when used in connection with the termination of a Participant’s Employment, shall mean, unless
otherwise provided in any applicable Stock Option Grant Agreement entered between the Company and the Participant with respect to any Options that may be granted under the Plan, (i) a failure of the Participant to substantially perform his or
her duties (other than as a result of physical or mental illness or injury) that has continued after BOL or the Company has provided written notice of such failure and the Participant has not cured such failure within 30 days of the date of such
written notice, provided that a failure to meet financial performance expectations shall not, by itself, constitute a failure by the Participant to substantially perform his or her duties; (ii) the Participant’s willful misconduct or gross
negligence in the performance of his or her duties for BOL or the Company; (iii) a willful or grossly negligent breach by the Participant of the Participant’s fiduciary duty or duty of loyalty to BOL, the Company or their respective
Affiliates; (iv) the commission by the Participant of any felony or other serious crime involving moral turpitude; (v) a material breach of the Participant’s obligations under any agreement entered into between the Participant and the
Company or any of its Affiliates, which, if such breach is reasonably susceptible to cure, has continued after BOL or the Company has provided written notice of such breach and the Participant has not cured such failure within 30 days of the date of
such written notice; or (vii) a material breach of BOL or the Company’s written policies or procedures that have been communicated to the Participant and that causes material harm to BOL, the Company or their respective Affiliates or their
respective business reputations. 

 (e) “Change in Control” shall mean (i) the sale or disposition, in one
or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries, as a whole, to any “person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the
Exchange Act) other than the Sponsor or its affiliates (as defined in Rule 501(b) of the Securities Act); or (ii) a merger, consolidation or similar transaction where (A) any person or group, other than the Sponsor or its affiliates, is or
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of, directly or indirectly, or (B) all Persons who were beneficial owners of the outstanding Shares immediately prior to the transaction will
cease to beneficially own, directly or indirectly, more than 50% of the total voting power of the voting stock of the Company, and, in each case, the Sponsor ceases to control the Board. 

(f) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(g) “Commission” shall mean the U.S. Securities and Exchange Commission. 

(h) “Common Stock” shall mean the common stock of the Company, par value $0.01 per share. 

(i) “Committee” shall mean the Board or a committee designated by the Board. 

(j) “Company” shall mean WP Prism Inc., a Delaware corporation. 

(k) “Confidential Information” shall mean all material information regarding the Company and any of its Affiliates, any
Company activity or the activity of any Affiliate, Company business or the business of any Affiliate or Company Customer or the Customers of any Affiliate that is not generally known to persons not employed or retained (as employees or as
independent contractors or agents) by the Company, that is not generally disclosed by Company practice or authority to persons not employed by the Company, that does not rise to the level of a Trade Secret and that is the subject of reasonable
efforts to keep it confidential. Confidential Information shall, to the extent such information is not a Trade Secret and to the extent material, include, but not be limited to product code, product concepts, production techniques, technical
information regarding the Company or Affiliate products or services, production processes and product/service development, operations techniques, product/service formulas, information concerning Company or Affiliate techniques for use and
integration of its website and other products/services, current and future development and expansion or contraction plans of the Company or any Affiliate, sale/acquisition plans and contacts, marketing plans and contacts, information concerning the
legal affairs of the Company or any Affiliate and certain information concerning the strategy, tactics and financial affairs of the Company or any Affiliate. “Confidential Information” shall not include information that has become
generally available to the public, other than information that has become available as a result, directly or indirectly, of the Participant’s failure to comply with any of his or her obligations to the Company or its Affiliates. This definition
shall not limit any definition of “confidential information” or any equivalent term under the Uniform Trade Secrets Act or any other state, local or federal law. 

  
 2 

 (l) “Customer” shall have the meaning ascribed thereto in the Stock Option
Grant Agreement. 
 (m) “Disability” shall mean (i) the inability of a Participant to engage in any
substantial gainful activity or (ii) the receipt by the Participant of income replacement benefits for a period of not less than 3 months under an accident and health plan covering Employees of BOL or the Company, in each case by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
 (n) “Eligible Employee” shall mean certain Employees who are key executives of BOL or the Company, and certain Employees, directors, service providers or consultants in each case who, in
the judgment of the Committee, should be eligible to participate in the Plan due to the services they perform on behalf of BOL, the Company or any Affiliate thereof. 
 (o) “Employment” shall mean employment with BOL, the Company or any Affiliate thereof and shall include the provision of services as a director or consultant for the Company or any
Affiliate. “Employee” and “Employed” shall have correlative meanings. 
 (p) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (q) “Exercise Date” shall have the
meaning set forth in Section 4.9 herein. 
 (r) “Exercise Notice” shall have the meaning set forth in
Section 4.9 herein. 
 (s) “Exercise Price” shall mean the price that the Participant must pay under the
Option for each Share as determined by the Committee for each Grant and initially specified in the Stock Option Grant Agreement, which shall be no less than the Fair Value of a Share on the Grant Date, subject to any increase or other adjustment
that may be made following the Grant Date in accordance with the Plan. 
 (t) “Fair Value” shall mean, as of
any date, (i) prior to the occurrence of a QPO, the value per Share determined pursuant to a valuation made in good faith by the Board and based upon a reasonable valuation method, which reflects the full enterprise value per Share with no
minority or liquidity discounts, or (ii) following a QPO, (1) the closing price on such day of a Share as reported on the principal securities exchange on which such Shares are then listed or admitted to trading or (2) if not so
reported, the average of the closing bid and ask prices on such day as reported on the National Association of Securities Dealers Automated Quotation System or (3) if not so reported, as furnished by any member of the National Association of
Securities Dealers, Inc. (“NASD”) reasonably selected by the Board. The Fair Value of a Share as of any such date on which the applicable exchange or inter-dealer quotation system through which trading in the Shares regularly occurs
is closed shall be the Fair Value determined 

  
 3 

 
pursuant to the preceding sentence as of the immediately preceding date on which a Share is traded, a bid and ask price is reported or a trading price is reported by any member of NASD selected
by the Board. In the event that the price of a Share shall not be so reported or furnished, the Fair Value shall be determined by the Board in good faith to reflect the fair market value of a Share, which reflects the full enterprise value per Share
with no minority or liquidity discounts. 
 (u) “Follow-On Offering” shall mean the first follow-on public
offering following a QPO. 
 (v) “Good Reason”, when used in connection with the termination of a
Participant’s Employment, shall mean, unless otherwise provided in any applicable Stock Option Grant Agreement entered between the Company and the Participant with respect to any Options that may be granted under the Plan, the occurrence of the
following without the Participant’s consent (i) a material diminution in the Participant’s duties and responsibilities as of the date of the Participant’s first acquisition of Shares pursuant to a subscription agreement, other
than a change in such Participant’s duties and responsibilities that results from becoming part of a larger organization following a Change in Control or (ii) a relocation of the Participant’s primary work location more than 50 miles;
provided that, within thirty days following the occurrence of any of the events set forth herein, the Participant shall have delivered written notice to BOL and the Company of his or her intention to terminate his or her Employment for Good Reason,
which notice specifies in reasonable detail the circumstances claimed to give rise to the Participant’s right to terminate Employment for Good Reason, and BOL or the Company shall not have cured such circumstances within thirty days following
the Company’s receipt of such notice. 
 (w) “Grant” shall mean a grant of an Option under the Plan
evidenced by a Stock Option Grant Agreement. 
 (x) “Grant Date” shall mean the Grant Date as defined in
Section 4.2 herein. 
 (y) “IRR” shall mean the internal rate of return upon a Specified Event, measured
as follows: (i) in the event of a Change in Control, the cash or value of marketable securities (as determined by the Board in good faith) actually received by the Sponsor in exchange for its Shares in connection with such Change in Control and
calculated as a percentage return on the Sponsor’s aggregate investment amount, provided that once the Sponsor has disposed of at least 80% of its initial Shares, IRR shall be determined solely with respect to the pro-rata amount disposed of by
the Sponsor in the Change in Control or any subsequent transaction in which the 80% threshold is achieved versus the same pro-rata portion of the Sponsor’s aggregate investment; or (ii) in the event of a QPO or a Follow-On Offering, the
value of the Sponsor’s Shares immediately following the QPO or Follow-On Offering, plus all cash or property received by the Sponsor in connection with the QPO or Follow-On Offering, calculated as a percentage return on the Sponsor’s
aggregate investment. 
 (z) “Non-Qualified Stock Option” shall mean an Option that is not intended to qualify
as an “incentive stock option” within the meaning of Section 422 of the Code. 

  
 4 

 (aa) “Option” shall mean the option to purchase Shares granted to any
Participant under the Plan. Each Option granted under the Plan shall be a Non-Qualified Stock Option. 
 (bb)
“Participant” shall mean an Eligible Employee to whom a Grant of an Option under the Plan has been made, and, where applicable, shall include Permitted Transferees. 

(cc) “Performance-Based Option” shall have the meaning set forth in Section 4.3.2. 

(dd) “Permitted Transferee” shall have the meaning set forth in Section 4.6. 

(ee) “Person” shall mean an individual, partnership, corporation, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 (ff) “Public
Market” shall be deemed to exist for purposes of the Plan if any securities of the Company or its Affiliates are registered under Section 12(b) or 12(g) of the Exchange Act and trading regularly occurs in such securities in, on or
through the facilities of securities exchanges and/or inter-dealer quotation systems in the United States (within the meaning of Section 902(n) of the Securities Act) or any designated offshore securities market (within the meaning of Rule
902(a) of the Securities Act). 
 (gg) “Qualified Public Offering” or “QPO” means the first
underwritten public offering and sale of equity securities of the Company, BOL or their respective successors for cash pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act with
the aggregate net proceeds to the Company, BOL or such successor, as applicable, under such offering or sale, in combination with any previous underwritten public offering or sale of equity securities of the Company, BOL or such successor, as
applicable, for cash pursuant to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act, in excess of $300,000,000. 
 (hh) “Securities Act” shall mean the Securities Act of 1933, as amended. 
 (ii) “Shareholders’ Agreement” shall mean the Employee Shareholders’ Agreement, substantially in the form attached hereto as Exhibit B, or such other shareholders’
agreement as may be entered into between the Company and any Participant. 
 (jj) “Shares” shall mean the
shares of Common Stock, and any shares of the capital stock of the Company issued with respect to such Common Stock by way of a stock dividend or distribution payable thereon or stock split, reverse stock split, recapitalization, reclassification,
reorganization, exchange, subdivision or combination thereof. 
 (kk) “Specified Event” shall mean (a) a
QPO, (b) a Follow-On Offering or (c) a Change in Control, and if the Sponsor has not disposed of at least 80% of its initial Shares in connection with the Change in Control, any subsequent transaction in which the Sponsor disposes of at
least 80% of its initial Shares. 

  
 5 

 (ll) “Sponsor” means, collectively, Warburg Pincus Private Equity IX, L.P.,
Warburg Pincus Private Equity X, L.P., Warburg Pincus X Partners, L.P., any successor fund thereto, and their respective Affiliates that are direct or indirect equity investors in the Company (excluding any Participant and each of WP Prism Co-Invest
A LLC, WP Prism Co-Invest C LLC, WP Prism Bridge Co-Invest LLC, and WP Prism Co-Invest, L.P.). 
 (mm) “Stock Option
Grant Agreement” shall mean an agreement, substantially in the form which is attached hereto as Exhibit A, entered into by each Participant and the Company evidencing the Grant of each Option pursuant to the Plan, provided the Committee may
make such changes to the form of Stock Option Grant Agreement for any particular Grant as the Committee may determine pursuant to its powers set forth in Section 3.1(c) of the Plan. 

(nn) “Time-Based Option” shall have the meaning set forth in Section 4.3.1. 

(oo) “Trade Secret” shall mean all secret, proprietary or confidential information regarding the Company (which shall
mean and include all of the Company’s subsidiaries and all affiliated companies and joint ventures connected by ownership to the Company at any time) or any Company activity that fits within the definition of “trade secrets” under the
Uniform Trade Secrets Act or other applicable law. Without limiting the foregoing or any definition of Trade Secrets, Trade Secrets protected hereunder shall include all source codes and object codes for the Company’s software and all website
design information to the extent that such information fits within the Uniform Trade Secrets Act. Nothing in this agreement is intended, or shall be construed, to limit the protections of any applicable law protecting trade secrets or other
confidential information. “Trade Secrets” shall not include information that has become generally available to the public, other than information that has become available as a result, directly or indirectly, of your failure to comply with
any of your obligations to the Company or its Affiliates. This definition shall not limit any definition of “trade secrets” or any equivalent term under the Uniform Trade Secrets Act or any other state, local or federal law. 

(pp) “Transfer” shall mean any transfer, sale, assignment, hedge, gift, testamentary transfer, pledge, hypothecation or
other disposition of any interest. “Transferee” and “Transferor” shall have correlative meanings. 
 (qq) “Vesting Date” shall mean the date an Option becomes exercisable as provided for in Section 4.3 hereof. 
 3.    Administration of the Plan 
 The Committee
shall administer the Plan. In the absence of a Committee, the Board shall function as the Committee for all purposes under the Plan, and to the extent that the Board so acts, references in the Plan to the Committee shall refer to the Board as
applicable. In addition, the Committee, in its discretion, may delegate its authority to grant Options to an officer or committee of officers of the Company, subject to reasonable limits and guidelines established by the Committee at the time of
such delegation. 
 3.1 Powers of the Committee. In addition to the other powers granted to the Committee
under the Plan, the Committee shall have the power: (a) to determine the Eligible 

  
 6 

 
Employees to whom Grants shall be made; (b) to determine the time or times when Grants shall be made and to determine the number of Shares subject to each such Grant; (c) to prescribe
the form of and terms and conditions of any instrument evidencing a Grant, so long as such terms and conditions are not otherwise inconsistent with the terms of the Plan; (d) to adopt, amend and rescind such rules and regulations as, in its
opinion, may be advisable for the administration of the Plan; (e) to construe and interpret the Plan, such rules and regulations and the instruments evidencing Grants; and (f) to make all other determinations necessary or advisable for the
administration of the Plan. 
 3.2 Determinations of the Committee. Any Grant, determination, prescription or
other act of the Committee shall be final and conclusively binding upon all Persons. 
 3.3 Indemnification of the
Committee. No member of the Committee nor the Sponsor or its employees, partners, directors or associates shall be liable for any action or determination made in good faith with respect to the Plan or any Grant. To the full extent permitted
by law, the Company shall indemnify and hold harmless each Person made or threatened to be made a party to any civil or criminal action or proceeding by reason of the fact that such Person, or such Person’s testator or intestate, is or was a
member of the Committee or is or was a Sponsor or an employee, partner, director or associate thereof, to the extent such criminal or civil action or proceeding relates to the Plan. 

3.4 Compliance with Applicable Law; Securities Matters; Effectiveness of Option Exercise. The Company shall be under no
obligation to effect the registration pursuant to the Securities Act of any Shares to be issued hereunder or to effect similar compliance under any state or non-U.S. laws. Notwithstanding anything herein to the contrary, the Company shall not be
required to issue or deliver any certificates evidencing the Shares pursuant to the exercise of any Options, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance
with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. In addition to the terms and conditions provided herein, the Committee may require that
a Participant make such reasonable covenants, agreements and representations as the Committee, in its sole discretion, deems advisable in order to comply with any such laws, regulations or requirements. The Company may, in its sole discretion, defer
the effectiveness of an exercise of an Option hereunder or the issuance or transfer of the Shares pursuant to any Grant pending or to ensure compliance under federal, state or non-U.S. securities laws. The Company shall inform the Participant in
writing of its decision to defer the effectiveness of the exercise of an Option or the issuance or transfer of the Shares pursuant to any Grant. During the period that the effectiveness of the exercise of an Option has been deferred, the Participant
may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 
 3.5
Inconsistent Terms. In the event of a conflict between the terms of the Plan, the terms of the Shareholders’ Agreement and the terms of any Stock Option Grant Agreement, the terms of the Plan shall govern except as otherwise
provided herein. 

  
 7 

 3.6 Plan Term. The Committee shall not Grant any Options under this Plan on or
after the seventh anniversary of the Effective Date. All Options which remain outstanding after such date shall continue to be governed by the Plan. 
 4.    Options 
 Subject to adjustment as
provided in Section 4.12 hereof, the Committee may grant to Participants Options to purchase up to 15,307,018 Shares. To the extent that any Option granted under the Plan terminates, expires or is canceled without having been exercised, the
Shares covered by such Option shall again be available for Grant under the Plan. 
 4.1 Exercise Price. The
Exercise Price of any Option granted under the Plan shall be such price as the Board shall determine (provided that such Exercise Price must be at least equal to the Fair Value of a Share on the Grant Date and must be the minimum price otherwise
required by applicable law) and which shall be specified in the Stock Option Grant Agreement. 
 4.2 Grant Date.
The Grant Date of the Options shall be the date designated by the Committee and specified in the Stock Option Grant Agreement as of the date the Option is granted. 
 4.3 Vesting and Forfeiture; Company Call Right and Clawback 
 4.3.1
Time-Based Option. 
 4.3.1.1 Generally. Unless otherwise specified in a Participant’s Stock Option Grant
Agreement or in an effective employment agreement, 50% of each Option granted under the Plan (the “Time-Based Option”) shall vest and become exercisable with respect to twenty percent (20%) of such Option on each of the first
five anniversaries of the Grant Date, until 100% of the Time-Based Option is fully vested and exercisable, subject in all cases to the Participant’s continued Employment through the applicable Vesting Date. Unless the Committee provides
otherwise, the vesting of the Time-Based Option may be suspended during any leave of absence as may be set forth by Company policy, if any. 
 4.3.1.2 Vesting on a Change in Control. Unless otherwise specified in a Participant’s Stock Option Grant Agreement, in the event of a Change in Control, (i) for Time-Based Options granted
on or before November 9, 2011, 100% of the then outstanding Time-Based Option held by the Participant shall immediately vest and become exercisable as of the date of such Change in Control and (ii) for Time-Based Options granted after
November 9, 2011, the then outstanding unvested Time-Based Option held by the Participant shall not vest and become exercisable solely as a result of such Change in Control; provided, however, that, notwithstanding anything herein to the
contrary, the Committee may, in its sole discretion, (i) vest all or any portion of a Participant’s unvested Time-Based Option such that it immediately becomes exercisable as of the date of such Change in Control; (ii) provide for the
exchange of each such Time-Based Option outstanding immediately prior to such Change in Control for an option on some or all of the property for which the Shares underlying such Time-Based Option are exchanged and, incident thereto, make an
equitable adjustment, as determined 

  
 8 

 
by the Committee, in the exercise price of the options, or the number or kind of consideration or securities or amount of property subject to the options; (iii) provide for the assumption or
continuation of some or all of such Time-Based Option or for the grant of new awards in substitution therefor by the acquiror or survivor or an Affiliate of the acquiror or survivor; or (iv) cancel, effective immediately prior to such event,
any outstanding Time-Based Option and in full consideration of such cancellation pay to the Participant an amount in cash, with respect to each underlying Share, equal to the excess of (1) the value, as determined by the Committee in its sole
discretion of securities and/or property (including cash) received by such holders of Shares as a result of such event over (2) the Exercise Price of such Time-Based Option. 

4.3.2 Performance-Based Option. Unless otherwise specified in a Participant’s Stock Option Grant Agreement or in an
effective employment agreement, 50% of each Option granted under the Plan (the “Performance-Based Option”) shall vest and become exercisable only upon a Specified Event in which the Sponsor achieves a minimum IRR, as set forth in
this Section 4.3.2, subject to the Participant’s continued Employment with the Company up to and through the effective date of a Specified Event: (A) 33.33% of the Performance-Based Option will vest and become exercisable if the
Sponsor realizes an IRR of at least 20% as of (and taking into account) the Specified Event, (B) 66.66% of the Performance-Based Option will vest and become exercisable if the Sponsor realizes an IRR of at least 25% as of (and taking into
account the Specified Event) and (C) 100% of the Performance-Based Option will vest and become exercisable if the Sponsor realizes an IRR of at least 30% as of (and taking into account) the Specified Event; provided that, solely for purposes of
determining vesting of Performance-Based Options employees of the Company who are employees of the Company as of the date of the applicable Specified Event, the Committee shall use straight-line interpolation in determining the percentage of the
Performance-Based Option that vests if the IRR that has been achieved is at a level that is in between the IRR thresholds expressly set forth herein. For the avoidance of doubt, the foregoing straight-line interpolation method shall apply only with
respect to Performance-Based Options held by Optionees who are employees of the Company at the time of the applicable Specified Event determination; any Performance-Based Options held by Optionees who are not employed by the Company at such time
shall not be entitled to the straight-line interpolation set forth in the foregoing proviso and shall instead continue to be subject to “cliff” vesting based on achievement of the IRR thresholds in (A), (B) and (C) above. Except
as otherwise provided in a Participant’s Stock Option Grant Agreement, following the earlier of (i) a Change in Control or a subsequent transaction or transactions, in either case, as a result of which the Sponsor has disposed of at least
80% of its initial Shares, and (ii) a Follow-On Offering, any Performance-Based Option that has not vested and become exercisable upon such Specified Event shall be forfeited. 

4.3.3 Forfeiture. All unvested Options will be immediately canceled and forfeited upon the occurrence of either of the following:
(i) any termination of a Participant’s Employment or (ii) a Participant’s (A) violation of any non-solicitation and non-competition covenants or (B) material violation of the non-disclosure of Confidential Information
covenants set forth in the applicable Stock Option Grant Agreement. Notwithstanding the foregoing, upon a termination of a Participant’s Employment by the Company without Cause or by the Participant for Good Reason, such Participant’s
Performance-Based Options shall remain eligible for vesting in accordance with Section 4.3.2 or in accordance with such Participant’s Stock Option Grant Agreement with respect to Specified Events that occur during the 6-month period
following the date of such Participant’s termination of Employment. 

  
 9 

 4.3.4 Company Call Right. Prior to a QPO, Shares issued pursuant to Options
granted under the Plan shall be subject to a right of the Company (or its designated Transferee) to repurchase all or any portion of the Shares on terms and conditions as set forth in the applicable Shareholders’ Agreement. 

4.3.5 Clawback. Following a QPO, in the event Participant (i) violates any non-solicitation or non-competition
covenants or (ii) prior to the second anniversary of the termination of such Participant’s Employment, materially violates any of the non-disclosure of Confidential Information covenants set forth in the applicable Stock Option Grant
Agreement, such Participant shall pay to the Company, within fifteen (15) days of such violation, all gains realized upon the sale of any Shares acquired pursuant to the exercise of an Option. 

4.4 Expiration of Options. With respect to each Participant, such Participant’s Option(s), or
portion thereof, which have not become exercisable shall expire on the date such Participant’s Employment is terminated for any reason unless otherwise specified in the Stock Option Grant Agreement. With respect to each Participant, each
Participant’s Option(s), or any portion thereof, which have become exercisable on or before the date such Participant’s Employment is terminated (or that become exercisable as a result of such termination) shall, unless otherwise provided
in the Participant’s Stock Option Grant Agreement, expire on the earliest of (i) the commencement of business on the date the Participant’s Employment is terminated for Cause; (ii) 30 days after the date the Participant’s
Employment is terminated voluntarily other than for Good Reason; (iii) 90 days after the date the Participant’s Employment is terminated by the Company without Cause or by the Participant for Good Reason; (iv) one year after the date
the Participant’s Employment is terminated by reason of death or Disability; or (iv) the 10th anniversary of the Grant Date for such Option(s). Notwithstanding the foregoing, all Options, whether vested or unvested that have not expired sooner, shall expire on the 10th anniversary of the Grant Date. Any Option, or portion thereof, that
has become exercisable by a Permitted Transferee on account of the death of a Participant shall expire one year after the date such deceased Participant’s Employment terminated by reason of death, unless otherwise provided in the
Participant’s Stock Option Grant Agreement, and any Option or portion thereof that has been transferred to a Permitted Transferee during the lifetime of a Participant shall expire in connection with the Participant’s termination of
Employment at the time set forth under this Section 4.5 as if the Option were held directly by the Participant, unless otherwise provided in the Participant’s Stock Option Grant Agreement. Notwithstanding the foregoing, the Committee may
specify in the Stock Option Grant Agreement a different expiration date or period (not to exceed 10 years from the Grant Date) for any Option granted hereunder, and such expiration date or period shall supersede the foregoing expiration period.

 4.5 Limitation on Transfer. Each Option granted to a Participant shall be exercisable only by such Participant,
except that a Participant may assign or transfer his or her rights with respect to any or all of the Options held by such Participant to: (i) such Participant’s beneficiaries or estate upon the death of the Participant (by will, by the
laws of descent and distribution or otherwise) and (ii) subject to the prior written approval by the Committee and 

  
 10 

 
compliance with all applicable tax, securities and other laws, any trust or custodianship created by the Participant, the beneficiaries of which may include only the Participant, the
Participant’s spouse or the Participant’s lineal descendants (by blood or adoption) (each of (i) and (ii), a “Permitted Transferee”). 
 4.6 Condition Precedent to Transfer of Any Option. It shall be a condition precedent to any Transfer of any Option by any Participant that the Transferee, shall agree prior to the Transfer
in writing with the Company to be bound by the terms of the Plan, the Stock Option Grant Agreement and the applicable Shareholder’s Agreement as if he, she or it had been an original signatory thereto, except that any provisions of the Plan
based on the Employment (or termination thereof) of the original Participant shall continue to be based on the Employment (or termination thereof) of the original Participant. 
 4.7 Effect of Void Transfers. In the event of any purported Transfer of any Options in violation of the provisions of the Plan, such purported Transfer shall, to the extent permitted by
applicable law, be void and of no effect. 
 4.8 Exercise of Options. A Participant (or his or her Permitted
Transferee, guardian or legal representative, if applicable) may exercise any or all of the vested Options by serving an Exercise Notice on the Company as provided in Section 4.9 hereto. 

4.9 Method of Exercise. The Option shall be exercised by delivery of written notice to the Company’s principal office
(the “Exercise Notice”), to the attention of its Secretary, no less than five business days in advance of the effective date of the proposed exercise (the “Exercise Date”). Such notice shall (a) specify the
number of Shares with respect to which the Option is being exercised, the Grant Date of such Option and the Exercise Date, (b) be signed by the Participant (or his or her Permitted Transferee, guardian or legal representative, if applicable),
(c) prior to a QPO, indicate in writing that the Participant agrees to be bound by the Shareholders’ Agreement, and (d) if the Option is being exercised by the Participant’s Permitted Transferee(s), such Permitted Transferee(s)
shall indicate in writing that they agree to and shall be bound by the Plan and Stock Option Grant Agreement as if they had been original signatories thereto (as provided in Section 4.6 hereof) and, prior to a QPO, by the Shareholders’
Agreement. The Exercise Notice shall include payment in cash for an amount equal to the Exercise Price multiplied by the number of Shares specified in such Exercise Notice or any method otherwise approved by the Committee. In addition, the
Participant shall be responsible for the payment of applicable withholding and other taxes in cash (or Shares if approved by the Committee) that may become due as a result of the exercise of such Option. The Committee may, in its sole discretion,
permit the person exercising an Option to make the above-described payments in forms other than cash. In all cases, the Company will permit a Participant (or his or her Permitted Transferee, guardian or legal representative, if applicable) to
exercise all or any portion of his or her then-exercisable Option through cashless exercise (to satisfy both the exercise price and any applicable withholding taxes), but only to the extent such right or the utilization of such right would not cause
the Option to be subject to Section 409A of the Code. The partial exercise of the Option, alone, shall not cause the expiration, termination or cancellation of the remaining Options. 

  
 11 

 4.10 Shareholders’ Agreement. Subject to Section 3.4 herein, upon
the exercise of the Options in accordance with Section 4.9 and, prior to a QPO, no Shares shall be issued to or recorded in the name of any Participant until such Participant agrees to be bound by and executes the applicable Shareholders’
Agreement. 
 4.11 Amendment of Terms of Options. The Committee may, in its sole discretion, amend the Plan
or terms of any Option, provided, however, that any such amendment shall not impair or adversely affect the Participants’ existing rights under the Plan or such Option without such Participant’s written consent. 

4.12 Adjustment Upon Changes in Common Stock. 
 4.12.1 Increase or Decrease in Issued Shares Without Consideration. Subject to any required action by the shareholders of the Company, in the event of any increase or decrease in the number
of issued Shares resulting from a subdivision or consolidation of Shares, or any other increase or decrease in the number of such Shares effected without receipt of consideration by the Company (including the payment of an extraordinary dividend),
the Committee shall make such adjustments to prevent the enlargement or dilution of rights with respect to the number of Shares subject to grant under this Plan, the number of Shares subject to the Options and/or the Exercise Price per Share, in
accordance with Section 409A of the Code; provided that in the case of extraordinary dividends, the Company will have the discretion to pay an equivalent cash bonus to the Participants upon vesting of the Options in lieu of adjusting such
Options. 
 4.12.2 Certain Mergers. Subject to any required action by the shareholders of the Company, in the event that
the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of Shares receive securities of another corporation), the Options outstanding on the date of such merger
or consolidation shall pertain to and apply to the securities that a holder of the number of Shares subject to any such Option would have received in such merger or consolidation (it being understood that if, in connection with such transaction, the
shareholders of the Company retain their Shares and are not entitled to any additional or other consideration, the Options shall not be affected by such transaction). 
 4.12.3 Certain Other Transactions. Except as otherwise provided in a Participant’s Stock Option Grant Agreement, in the event of (i) a dissolution or liquidation of the Company,
(ii) a sale of all or substantially all of the Company’s assets, (iii) a merger or consolidation involving the Company in which the Company is not the surviving corporation or (iv) a merger or consolidation involving the Company
in which the Company is the surviving corporation but the holders of Shares receive securities of another corporation and/or other property, including cash, the Committee shall, in its sole discretion, (a) have the power to provide for the
exchange of each Option outstanding immediately prior to such event (whether or not then exercisable) for an option on some or all of the property for which the Shares underlying such Options are exchanged and, incident thereto, make an equitable
adjustment, as determined by the Committee, in the exercise price of the options, or the number or kind of securities or amount of property subject to the options and/or, (b) if appropriate, cancel, effective immediately prior to such event,
any outstanding Option (whether or not exercisable or vested) and in full 

  
 12 

 
consideration of such cancellation pay to the Participant an amount in cash, with respect to each underlying Share, equal to the excess of (1) the value, as determined by the Committee in
its sole discretion of securities and/or property (including cash) received by such holders of Shares as a result of such event over (2) the Exercise Price, as the Committee may consider appropriate to prevent dilution or enlargement of rights.

 4.12.4 Other Changes. In the event of any change in the capitalization of the Company or a corporate change other
than those specifically referred to in Sections 4.12.1 through 4.12.3 hereof, or in the event a Public Market exists for the securities of any Affiliate of the Company, the Committee shall, in its good faith discretion, make such adjustments in the
number and kind of shares or securities subject to Options outstanding on the date on which such change occurs and in the per-share Exercise Price of each such Option, as the Committee may consider appropriate, to prevent dilution or enlargement of
rights. In such event, references to Shares herein shall be deemed to be a reference to such other kind of shares or securities subject to Options hereunder. 
 4.12.5 No Other Rights. Except as expressly provided in the Plan or the Stock Option Grant Agreements evidencing the Options, the Participants shall not have any rights as a holder of Options by
reason of (i) any subdivision or consolidation of Shares or any other securities of any class, (ii) the payment of any distribution, any increase or decrease in the number of Shares, or (iii) any dissolution, liquidation, merger or
consolidation of the Company or any other corporation. Except as expressly provided in the Plan or the Stock Option Grant Agreements evidencing the Options, no issuance by the Company of Shares or shares of any class, or securities convertible into
Shares or shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to the Options or the Exercise Price of such Options. 

4.12.6 Tax Requirements. Any adjustments or changes to the Options or Shares pursuant to this Section 4.12 shall be made in
accordance with any applicable requirements of Section 409A of the Code and any guidance issued thereunder. 

5.    Miscellaneous 
 5.1 Rights as Shareholders. The Participants shall not have any rights as shareholders with respect to any Shares covered by or relating to the Options granted pursuant to the Plan until the
date the Participants become the registered owners of such Shares. Except as otherwise expressly provided in Sections 4.11 and 4.12 hereof, no adjustment to the Options shall be made for dividends or other rights for which the record date occurs
prior to the effective date such stock is registered. 
 5.2 No Special Employment Rights. Nothing contained in
the Plan shall confer upon the Participants any right with respect to the continuation of their Employment or interfere in any way with the right of the Company or an Affiliate, subject to the terms of any separate Employment agreements to the
contrary, at any time to terminate such Employment or to increase or decrease the compensation of the Participants from the rate in existence at the time of the grant of any Option. 

  
 13 

 5.3 No Obligation to Exercise. The Grant to the Participants of the Options
shall impose no obligation upon the Participants to exercise such Options. 
 5.4 Restrictions on Common Stock.
The rights and obligations of the Participants with respect to the Shares obtained through the exercise of any Option provided in the Plan shall be governed by the terms and conditions of the applicable Shareholders’ Agreement. 

5.5 Notices. Each notice and other communication hereunder shall be in writing and shall be given and shall be deemed to
have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable overnight courier, or the third business day if sent by registered mail, return receipt requested, to the parties
as follows: 
 If to the Participant: 
 To the most recent address shown on records of the Company or its Affiliate. 

If to the Sponsor, to: 
 WP Prism Inc. 
 c/o Warburg Pincus LLC 

450 Lexington Avenue 
 New York, NY 10017 
 Attention:
        Scott Arenare 

                       
  Sean Carney 
 Telephone: +1 (212) 878-0600 

Fax: +1 (212) 878-9351 
 Email: notices@warburgpincus.com 
 With a copy to (which shall not
constitute notice): 
 Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 

New York, NY 10006 
 Attention: Robert J. Raymond 
 If to the Company, to: 

WP Prism Inc. 

c/o Bausch & Lomb Incorporated 
 One Bausch & Lomb Place 
 Rochester, NY 14604 

  
 14 

 Attention: General Counsel 

With a copy to (which shall not constitute notice) the General Counsel of Bausch

& Lomb Incorporated 
 With a copy to (which shall not constitute notice): 
 Cleary Gottlieb
Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Attention: Robert J. Raymond 

or to such other address as any party may have furnished to the other in writing in accordance herewith. 

5.6 Descriptive Headings. The headings in the Plan are for convenience of reference only and shall not limit or otherwise
affect the meaning of the terms contained herein. 
 5.7 Severability. In the event that any one or more of the
provisions, subdivisions, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of
any such provision, subdivision, word, clause, phrase or sentence in every other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights,
powers and privileges of the Company and Participants shall be enforceable to the fullest extent permitted by law. 
 5.8
Governing Law. The Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to the provisions governing conflict of laws. 

5.9 Information to Participants. Beginning on the earlier of (i) the date that the aggregate number of Participants in
this Plan is five hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) of the Exchange Act and (ii) the date the Company is required to deliver information to Participants pursuant to Rule 701 of
the Securities Act, and until such time as the Company becomes subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, is no longer relying on the exemption provided by Rule 12h-1(f)(1) of the Exchange Act
or is no longer required to deliver information to Participants pursuant to Rule 701 of the Securities Act, the Company shall provide to each Participant the information described in paragraphs (e)(3), (4), and (5) of Rule 701 of the Securities
Act not less frequently than every six (6) months with the financial statements being not more than one hundred eighty (180) days old and with such information provided either by physical or electronic delivery to the Participants or by
written notice to the Participants of the availability of the information on an Internet site that may be password-protected and of any password needed to access such information. The Company may request that Participants agree to keep the
information to be provided pursuant to this Section 5.9 confidential. If a Participant does not agree to keep the information to be provided pursuant to 

  
 15 

 
this Section 5.9 confidential, then the Company will not be required to provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) of the Exchange Act or Rule 701 of the
Securities Act. 

  
 16

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