Document:

Document

Exhibit 10.1

Spectrum Pharmaceuticals, Inc.
2018 Long-Term Incentive Plan

(As Amended and Restated Effective April 23, 2022)

Section 1.    PURPOSE 

    The purposes of this Spectrum Pharmaceuticals, Inc. 2018 Long-Term Incentive Plan (the “Plan”) are to encourage selected Eligible Persons of the Company and its Affiliates to acquire a proprietary interest in the growth and performance of the Company, to generate an increased incentive to contribute to the Company’s future success and prosperity, thus enhancing the value of the Company for the benefit of its shareholders, and to enhance the ability of the Company and its Affiliates to attract and retain exceptionally qualified individuals on whom, in large measure, the sustained progress, growth and profitability of the Company depend. 

SECTION 2.    DEFINITIONS 

    As used in the Plan, the following terms have the meanings set forth below: 

(a)“Affiliate” shall mean (i) any entity that, directly or through one or more intermediaries, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, as determined by the Committee. 

(b)“Applicable Law” shall mean the legal requirements that apply to the Plan and Awards granted hereunder in any given circumstance as shall be in place from time to time under any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or order of any governmental authority, whether of the United States, any other country, and any provincial, state, or local subdivision, that relate to the administration of equity plans or equity awards, as well as any applicable stock exchange or automated quotation system rules or regulations. 

(c)“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent, Other Stock-Based Award or cash Award granted under the Plan. 

(d)“Award Agreement” shall mean any written agreement, contract, or other instrument or document, including an electronic communication, as may from time to time be designated by the Company as evidencing any Award granted under the Plan. 

(e)“Board” shall mean the Board of Directors of the Company. 

(f)“Cause” shall have the same meaning as set forth in any unexpired employment agreement or independent contractor agreement between the Company and the Participant for purposes of providing severance on a termination without “Cause” or, in the absence of such agreement, as set forth in the Participant’s Award Agreement. If no alternative definition for “Cause” exists in such agreements, “Cause” means that any of the following situations gave rise to a Participant’s termination from Continuous Service: (i) the Participant committed, was convicted, or pled no contest or any similar plea to a misdemeanor involving material acts of dishonesty or breach of fiduciary duty or any felony (other than non-violent felonies that do not involve dishonesty or breach of fiduciary duty for which the Participant is not required to serve any jail time or be confined to house arrest); (ii) the Participant willfully or grossly negligently failed to substantially perform his or her duties and responsibilities to the Company or deliberately violated a material Company policy; (iii) the Participant committed any act or acts of fraud, embezzlement, dishonesty, or other willful misconduct which results or could reasonably be expected to result in injury to the Company; (iv) without authorization, the Participant used or disclosed any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company or any other service recipient; or (v) Participant breached any of his or her material obligations under any written agreement with the Company. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or other service relationship at any time, in the Company’s sole discretion. Furthermore, a Participant’s Continuous Service shall be deemed to have terminated for Cause within the meaning hereof if, at any time (whether before, on, or after termination of the Participant’s Continuous Service), facts or circumstances are discovered that would have justified a termination for Cause in the Company’s sole discretion. 

(g)“Change in Control” shall mean: 
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Exhibit 10.1

    (i)        The acquisition, directly or indirectly, in one transaction or a series of related transactions, by any person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) of the beneficial ownership of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of all outstanding securities of the Company; 

    (ii)        A merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such merger or consolidation hold as a result of holding Company securities prior to such transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger or consolidation; 

    (iii)        A reverse merger in which the Company is the surviving entity but in which the holders of the outstanding voting securities of the Company immediately prior to such merger hold, in the aggregate, securities possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of the acquiring entity immediately after such merger; or 

    (iv)        The sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately after such transaction(s). 

(h)“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time and the rules and regulations issued thereunder. 

(i)“Committee” shall mean a committee of the Board, or one or more officers or managers of the Company or any Affiliate, acting in accordance with the provisions of Section 3, to the extent Applicable Laws permit. The initial Committee shall be the Compensation Committee of the Board. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director” within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

(j)“Company” shall mean Spectrum Pharmaceuticals, Inc. and, to the extent determined appropriate by the Company in its sole discretion, any Affiliate or successor thereto. 

(k)“Consultant” shall mean any person (other than an Employee or Director), including an advisor, who is engaged by the Company or any Affiliate to render services and is compensated for such services. 

(l)“Continuous Service” means a Participant’s period of service in the absence of any interruption or termination (as defined in such individual’s employment or consulting agreement with the Company, if any, as the case may be), as an Employee, Director, or Consultant. The following sentences apply notwithstanding anything to the contrary in any Participant’s employment or consulting agreement with the Company, if any, as the case may be. Continuous Service shall not be considered interrupted in the case of: (i) sick leave; (ii) military leave; (iii) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days, unless reemployment on the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; (iv) changes in status from Director to advisory director or emeritus status; or (iv) transfers between locations of the Company or between the Company and its Affiliates. Changes in status between service as an Employee, Director, and a Consultant will not constitute an interruption of Continuous Service if the individual continues to perform bona fide services for the Company. The Committee shall have the discretion to determine whether and to what extent the vesting of any Awards shall be tolled during any paid or unpaid leave of absence; provided, however, that in the absence of such determination, vesting for all Awards shall be tolled during any such unpaid leave (but not for a leave paid at full normal compensation by the Company). 

(m)“Detrimental Conduct” shall mean the Participant’s serious misconduct or unethical behavior, including any of the following acts (i) any violation of a restrictive covenant agreement (e.g., non-disclosure, non-solicitation, etc.); (ii) any conduct that could result in separation from service with the 
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Exhibit 10.1

Company for Cause; (iii) the commission of a serious criminal act (e.g., a felony of any kind or a misdemeanor involving fraud, theft, or breach of fiduciary duty); (iv) breach of a fiduciary duty; (v) intentional violation, or grossly negligent disregard of the Company’s policies, rules, or procedures; or (vi) the Participant taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that results in a significant financial loss to the Company.

(n)“Director” shall mean a member of the Board, or a member of the board of directors of an Affiliate. 

(o)“Disability” shall have the same meaning as set forth in any unexpired employment agreement or independent contractor agreement between the Company and the Participant or, in the absence of any such agreement, as set forth in the Participant’s Award Agreement. If no alternative definition for “Disability” exists in such contracts between the Participant and the Company, “Disability” means (i) for an Incentive Stock Option, that the Participant is disabled within the meaning of Section 22(e)(3) of the Code, and (ii) for other Awards, a physical or mental condition under which the Participant is receiving benefits under the Company’s long-term disability plan applicable to such Participant, and in the absence of such a plan, a Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

(p)“Dividend Equivalent” shall mean any right granted under Section 6(e) of the Plan. 

(q)“Eligible Person” shall mean (i) an Employee, Consultant, or Director, or (ii) a non-Employee, non-Consultant, or non-Director to whom an offer of a service relationship as an Employee, Consultant, or Director has been or is being extended. 

(r)“Employee” shall mean any person whom the Company or any Affiliate classifies as an employee (including an officer) for employment tax purposes or, if in a jurisdiction that does not have employment taxes, any person whom the Company or any Affiliate classifies as an employee (including an officer), in either case whether or not that classification is correct. The payment by the Company of director’s fees to a Director shall not be sufficient to constitute “employment” of such Director by the Company. 

(s)“Fair Market Value” shall mean, with respect to any Shares or other securities, the closing price of a Share or other security on the date as of which the determination is being made or as otherwise determined in a manner specified by the Committee. 

(t)“Grant Date” shall mean the later of (i) the date designated as the “Grant Date” within an Award Agreement and (ii) the date on which the Committee determines the key terms of an Award, provided that as soon as reasonably practicable thereafter the Company both notifies the Eligible Person of the Award and issues an Award Agreement to the Eligible Person. 

(u)“Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to meet the requirements of Section 422 of the Code, or any successor provision thereto. 

(v)“Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option. 

(w)“Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 

(x)“Other Stock-Based Award” shall mean any right granted under Section 6(f) of the Plan. 

(y)“Participant” shall mean an Eligible Person designated to be granted an Award under the Plan. 

(z)“Performance Award” shall mean any right granted under Section 6(d) of the Plan. 

(aa)“Performance Criteria” shall mean any quantitative and/or qualitative measures, as determined by the Committee, which may be used to measure the level of performance of the Company or any individual Participant during a Performance Period, including any Qualifying Performance Criteria. 

(bb)    “Performance Period” shall mean any period as determined by the Committee in its sole discretion. 

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Exhibit 10.1

(cc)    “Person” shall mean any individual, corporation, partnership, association, joint-stock company, trust, unincorporated organization, or government or political subdivision thereof. 

(dd)    “Plan” shall mean this amended and restated Spectrum Pharmaceuticals, Inc. 2018 Long-Term Incentive Plan, as it may be further amended and/or restated from time to time.  The original 2018 Long-Term Incentive Plan was approved by the Board on April 27, 2018 and by the Company’s shareholders on June 18, 2018, which plan was amended by the First Amendment to the Spectrum Pharmaceuticals, Inc. 2018 Long-Term Incentive Plan, which was approved by the Board on March 12, 2020 and by the Company’s shareholders on June 18, 2020 (as so amended the “2020 Amended Plan”).  The 2020 Amended Plan was further amended by the Board effective January 27, 2022 (the “January 2022 Amendment”), and further amended and restated by the Board effective April 23, 2022 (the “Restatement Effective Date”), in each case subject to approval by the stockholders of the Company, which amendment and final amendment and restatement (which includes the increase to the share limit pursuant to the January 2022 Amendment) is reflected herein.

(ee)    “Qualifying Performance Criteria” shall mean one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or related company, and measured either annually, cumulatively over a period of years or over such other period as may be determined by the Committee, on an absolute basis or relative to a pre-established target, to a previous year’s results or to a designated comparison group, in each case as specified by the Committee in the Award: sales; operating income; pre-tax income; earnings before interest, taxes, depreciation and amortization; earnings per share of Shares on a fully-diluted basis; consolidated net income of the Company divided by the average consolidated common stockholders’ equity; cash and cash equivalents derived from either (i) net cash flow from operations, or (ii) net cash flow from operations, financings and investing activities; adjusted operating cash flow return on income; cost containment or reduction; the percentage change in the market price of the Shares over a stated period; return on assets; return on stockholders’ equity; return on capital; stockholder returns; gross or net margins; price per share of common stock; market share; new Company product introductions; obtaining regulatory approvals for new or existing products; individual business objectives; Company business objectives; product acquisitions; product development or clinical trial milestones; the successful progression or completion of clinical trials; or any other criteria or criterion selected by the Committee. 

(ff)    “Restatement Effective Date” shall have the meaning given to such term in the definition of “Plan.”

(gg)    “Restricted Stock” shall mean any award of Shares granted under Section 6(c) of the Plan. 

(hh)    “Restricted Stock Award” shall mean either the issuance of Restricted Stock or the grant of Restricted Stock Units under the Plan. 

(ii)    “Restricted Stock Unit” shall mean any restricted stock unit granted under Section 6(c) of the Plan that is denominated in Shares. 

(jj)    “Retirement” shall mean that a Participant retires from the Company after attaining age 60 and 8 years of service with the Company and its Affiliates and satisfies any additional criteria as may be determined by the Committee. 

(kk)    “Shares” shall mean the common shares of the Company, and such other securities as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under Section 4(b) of the Plan. 

(ll)    “Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan. 

(mm)    “10% Shareholder” means a Person who, as of a relevant date, owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company. 

(nn)    “2009 Plan” shall mean the Company’s 2009 Incentive Award Plan, as amended. 

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Exhibit 10.1

SECTION 3.    ADMINISTRATION 

    Except as otherwise provided herein, the Plan shall be administered by the Committee, which shall have the power to interpret the Plan and to adopt such rules and guidelines for implementing the terms of the Plan as it may deem appropriate, provided however, that the Board may act in lieu of the Committee on any matter. The Committee shall have the ability to modify the Plan provisions, to the extent necessary, or delegate such authority, to accommodate any changes in Applicable Law. 

(a)    Subject to the terms of the Plan and Applicable Law, the Committee shall have full power and authority to: designate Participants; determine the type or types of Awards to be granted to each Participant under the Plan; determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; determine the terms and conditions of any Award; determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or terminated, forfeited, canceled or suspended, and the method or methods by which Awards may be settled, exercised, terminated, forfeited, canceled or suspended; determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; establish, amend, suspend, or waive such rules and guidelines; appoint such agents as it shall deem appropriate for the proper administration of the Plan; make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan; and correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it deems desirable. 

(b)    Actions of the Committee may be taken by: the Chair of the Committee; a subcommittee, designated by the Committee; the Committee but with one or more members abstaining or recusing himself or herself from acting on the matter, so long as two (2) or more members remain to act on the matter (such action, authorized by such a subcommittee or by the Committee on the abstention or recusal of such members, shall be the action of the Committee for purposes of the Plan); or one or more officers or managers of the Company or any Affiliate, or a committee of such officers or managers whose authority is subject to such terms and limitations set forth by the Committee, and only with respect to Eligible Persons who are not officers or directors of the Company for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. This delegation shall include modifications necessary to accommodate changes in the laws or regulations of jurisdictions outside the U.S. 

(c)    Without limiting the foregoing, the Committee shall have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms as it deems to be appropriate in its sole discretion and to make any findings of fact needed in the administration of this Plan or Award Agreements. The Committee’s prior exercise of its discretionary authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee’s interpretation and construction of any provision of this Plan, or of any Award or Award Agreement, and all determinations the Committee or the Company makes pursuant to this Plan shall be final, binding, and conclusive (subject only to the Committee’s or the Company’s inherent authority to change their determinations). The validity of any such interpretation, construction, decision or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly affected by fraud. 

(d)    Any determination made by the Committee or the Company with respect to any provisions of this Plan may be made on an Award-by-Award basis. The Committee and the Company have no obligation to be uniform, consistent, or nondiscriminatory between classes of similarly-situated Eligible Persons, Participants, Awards or Award Agreements, except as required by Applicable Law. 

(e)    Any Participant who believes he or she is being denied any benefit or right under this Plan or under any Award or Award Agreement may file a written claim with the Committee. Any claim must be delivered to the Committee within six (6) months of the specific event giving rise to the claim. Untimely claims will not be processed and shall be deemed denied. The Committee, or its designee, generally will notify the Participant of its decision in writing as soon as administratively practicable. Claims shall be deemed denied if the Committee does not respond in writing within 180 days of the date the written claim is delivered to the Committee. The Committee’s decision is final and conclusive and binding on all Persons. No lawsuit or arbitration relating to this Plan may be filed or commenced before a written claim is filed with the Committee and is denied or deemed denied, and any lawsuit must be filed within one year of such denial or deemed denial or be forever barred. 

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Exhibit 10.1

(f)    Neither the Board nor any Committee member, nor any Person acting at the direction of the Board or the Committee, shall be liable for any act, omission, interpretation, construction, or determination made in good faith with respect to this Plan, any Award, or any Award Agreement. The Company shall pay or reimburse any Director, Employee, or Consultant who in good faith takes action on behalf of this Plan, for all expenses incurred with respect to this Plan, and to the full extent allowable under Applicable Law shall indemnify each and every one of them for any claims, liabilities, and costs (including reasonable attorney’s fees) arising out of their good faith performance of duties on behalf of this Plan. The Company may, but shall not be required to, obtain liability insurance for this purpose. 

(g)    The Company shall bear the expenses of administering this Plan. 

SECTION 4.    SHARES AVAILABLE FOR AWARDS AND NON-EMPLOYEE DIRECTOR COMPENSATION LIMITS 

    (a)    SHARES AVAILABLE. Subject to adjustment as provided in this Section 4: 

        (i)    The total number of Shares that may be issued under the Plan pursuant to Awards may not exceed 39,031,359 million, plus any Shares that become eligible for issuance under this Plan on or after the Restatement Effective Date because of forfeited Awards under the 2009 Plan, as described below. This is the “Share Reserve.” Notwithstanding the foregoing, no more than 39,031,359 Shares shall be available for delivery pursuant to the exercise of Incentive Stock Options. 

        Except as otherwise provided herein, any Award made under the 2009 Plan shall continue to be subject to the terms and conditions of the 2009 Plan and the applicable Award Agreement. Under this Plan, (i) every Share issued to a Participant pursuant to the exercise of an Option or Stock Appreciation Right shall reduce the Share Reserve by one Share and (ii) every Share issued to a Participant pursuant to an Award other than an Option or Stock Appreciation Right shall reduce the Share Reserve by 1.5 Shares. 

        If any Shares issued to a Participant under the Plan are subject to an Award that is terminated, forfeited or canceled (e.g., unvested Restricted Stock Awards), the Share Reserve shall be increased by 1.5 Shares. If any awards granted under the 2009 Plan and outstanding as of the Restatement Effective Date (“Prior Awards”) are terminated, forfeited, canceled or expire unexercised, in whole or in part, new Awards may be issued under this Plan, rather than the 2009 Plan, with respect to the Shares covered by such Prior Awards. In the event that withholding tax liabilities arising from an Award under this Plan or the 2009 Plan other than an Option or Stock Appreciation Right are satisfied by the withholding of Shares by the Company, then the Shares so withheld shall be not available for Awards under the Plan and the Share Reserve shall be not increased on account of such withholding.

        (ii)    ACCOUNTING FOR AWARDS. For purposes of this Section 4, unless the Committee determines otherwise: 

            (A)    if an Award (other than a Dividend Equivalent) is denominated in Shares, the number of Shares covered by such Award, or to which such Award relates, shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan; 

            (B)    Dividend Equivalents denominated in Shares and Awards not denominated, but potentially payable, in Shares shall be counted against the aggregate number of Shares available for granting Awards under the Plan in such amount and at such time as the Dividend Equivalents and such Awards are settled in Shares, provided, however, that Awards that operate in tandem with (whether granted simultaneously with or at a different time from), or that are substituted for, other Awards or awards granted under the 2009 Plan may only be counted once against the aggregate number of Shares available, and the Committee shall adopt procedures, as it deems appropriate, in order to avoid double counting. Any Shares that are delivered by the Company, and any Awards that are granted by, or become obligations of, the Company through the assumption by the Company or an Affiliate of, or in substitution for, outstanding awards previously granted by an acquired company, shall not be counted against the Shares available for granting Awards under this Plan; 

            (C)    notwithstanding anything herein to the contrary, any Shares subject to Awards under this Plan or the 2009 Plan that terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares, or are exchanged with the Committee’s permission, prior to the issuance of Shares, for Awards not involving Shares, shall be available for grant under this Plan. Shares subject to an Award under this Plan or the 2009 Plan may not 
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Exhibit 10.1

be made available for issuance under the Plan if such Shares are: (x) Shares that were subject to an Option or a Share-settled Stock Appreciation Right and were not issued on the net settlement or net exercise of such Option or Stock Appreciation Right, (y) Shares delivered to or withheld by the Company to pay the exercise price or the withholding taxes under Options or Stock Appreciation Rights, or (z) Shares repurchased on the open market with the proceeds of an Option exercise; and 

            (D)    Shares subject to Awards that qualify as inducement grants under Nasdaq Listing Rule 5635 or its successor shall not be counted against the Shares available for granting Awards under this Plan nor shall they be counted for purposes of applying the limits set forth in Section 4(a). 

        (iii)    SOURCES OF SHARES DELIVERABLE UNDER AWARDS. The Shares to be issued, transferred, and/or sold under the Plan shall be made available from authorized and unissued Shares or from the Company’s treasury shares. 

    (b)    ADJUSTMENTS. 

        (i)    In the event that the Committee determines that any dividend or other distribution (whether in the form of cash, Shares, or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event constitutes an equity restructuring transaction, as that term is defined in Accounting Standards Codification Topic 718 (or any successor thereto) or otherwise affects the Shares, then the Committee may adjust the following in a manner that is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan: 

            (A)    the number and type of Shares or other securities which thereafter may be made the subject of Awards including the limit specified in Section 4(a)(i); 

            (B)    the number and type of Shares or other securities subject to outstanding Awards; 

            (C)    the grant, purchase, or exercise price with respect to any Award, or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; and 

            (D)    other value determinations applicable to outstanding Awards. 

provided, however, in each case, that with respect to Awards of Incentive Stock Options no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate Section 422(b)(1) of the Code or any successor provision thereto; and provided further, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number. 

        (ii)    ADJUSTMENTS OF AWARDS ON CERTAIN ACQUISITIONS. In the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by its shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other formula used in such transaction to determine the consideration payable to the holders of common stock of such acquired company) may be used for similar Awards under the Plan and shall not reduce the Shares authorized for issuance or transfer under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination. 

        (iii)    ADJUSTMENTS OF AWARDS ON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS. The Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or of changes in Applicable Law or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits to be made available under the Plan. 

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Exhibit 10.1

    (c)    NON-EMPLOYEE DIRECTOR LIMITS. Notwithstanding anything to the contrary herein, no non-Employee Director shall receive in excess of $600,000 of compensation in any calendar year, determined by adding (i) all cash compensation to such non-Employee Director and (ii) the Fair Market Value of all Awards granted to such non-Employee Director in such calendar year, based on the Fair Market Value of such Awards on the Grant Date (as determined in a manner consistent with that used for non-Employee Director compensation for proxy statement disclosure purposes in the year in which the Award occurs); provided, however, the Board may make exceptions to this limit for individual non-Employee Directors in extraordinary circumstances, so long as this paragraph would not be violated if the $600,000 figure were instead $750,000, as the Board may determine in its sole discretion, provided that the non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving non-Employee Directors. 

SECTION 5.    ELIGIBILITY 

    Any Eligible Person is eligible to be designated a Participant. The Committee shall determine which Eligible Persons may receive Awards. If the Committee does not determine that an Eligible Person is to receive a specific Award, he or she shall not be entitled to any such Award. Each Award shall be evidenced by an Award Agreement that: sets forth the Grant Date and all other terms and conditions of the Award; is signed on behalf of the Company; and (unless waived by the Committee) is signed by the Eligible Person in acceptance of the Award. The grant of an Award shall not obligate the Company or any Affiliate to continue the employment or service of any Eligible Person, or to provide any future Awards or other remuneration at any time thereafter. 

SECTION 6.    AWARDS 

    (a)    OPTIONS. The Committee is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan, as the Committee shall determine: 

        (i)    EXERCISE PRICE. The purchase price per Share purchasable under an Option shall be determined by the Committee; provided, however, and except as provided in Section 4(b), that such purchase price shall not be less than (A) 100% of the Fair Market Value of a Share on the date of grant of such Option or (B) if the Person to whom an Incentive Stock Option is granted is a 10% Shareholder on the date of grant, the exercise price shall be not less than 110% of the Fair Market Value on the date the Incentive Stock Option is granted. However, an Incentive Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Incentive Stock Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424 of the Code or if the Award is designated as a “Section 409A Award” and has either a fixed exercise date or a fixed delivery date. 

        (ii)    OPTION TERM. The term of each Option shall not exceed ten (10) years from the date of grant; provided, however, that with respect to Incentive Stock Options issued to 10% Shareholders, the term of each such Option shall not exceed five (5) years from the date it is granted. 

        (iii)    TIME AND METHOD OF EXERCISE. The Committee shall establish in the applicable Award Agreement the time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or forms, including, without limitation, cash, Shares, or other Awards, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made. The Company shall not be required to deliver Shares pursuant to the exercise of an Option and the Option will be deemed unexercised until the Company has received sufficient funds or value to cover the full exercise price due and all applicable withholding obligations. The Committee may in its sole discretion set forth in an Award Agreement that a Participant may exercise an unvested Option, in which case the Shares then issued shall be restricted Shares having the same vesting restrictions as the unvested Option. 

        (iv)    TERMINATION OF CONTINUOUS SERVICE. The Committee may set forth in the applicable Award Agreement, or a severance agreement, employment agreement, service agreement or severance plan, the terms and conditions by which an Option is exercisable, if at all, after the date of a Participant’s termination of Continuous Service. The Committee may waive or modify these provisions at any time. To the extent that a Participant is not entitled to exercise an Option on the date of a Participant’s termination of Continuous Service, or if the Participant (or other Person entitled to exercise the Option) does not exercise the Option within the time and as specified in the Award Agreement or below (as 
8

Exhibit 10.1

applicable), the Option shall terminate. Notwithstanding the foregoing, if the Company has a contingent contractual obligation to provide for accelerated vesting or extended exercisability after termination of a Participant’s Continuous Service, such Options shall not terminate at the time they otherwise would terminate but instead shall remain outstanding, but unexercisable, until the maximum contractual time for determining whether such contingency will occur, and terminate at such time if the contingency has not then occurred; provided that no such extension shall cause an Option to be exercisable after the 10-year anniversary of its Grant Date or the date such Option otherwise would have terminated had the Participant remained in Continuous Service. 

    Subject to the preceding paragraph and Section 6(a)(vi) and to the extent an Award Agreement, or a severance agreement, employment agreement, service agreement or severance plan, does not otherwise specify the terms and conditions on which an Option shall terminate when a Participant terminates Continuous Service, the following provisions apply: 

									
	Reason for Terminating Continuous Service		Option Termination Date
	(I)     By the Company for Cause, or what would have been Cause if the Company had known all of the relevant facts, or due to Participant’s material breach of his or her unexpired employment agreement or independent contractor agreement with the Company.
		All Options, whether or not vested, shall immediately expire effective on the date of termination of the Participant’s Continuous Service, or when Cause first existed if earlier.
	

	
	(II)     Retirement of the Participant.
		All unvested Options shall immediately expire effective on the date of termination of the Participant’s Continuous Service. All vested and unexercised Options shall expire six (6) months after the date of termination of the Participant’s Continuous Service.
	

	
	(III)     Disability or Death of the Participant during Continuous Service (in either case unless Reason I applies).
		All unvested Options shall immediately expire effective as of the date of termination of the Participant’s Continuous Service, and all vested and unexercised Options shall expire 12 months after such termination.
	

	
	(IV)     Any other reason.
		All unvested Options shall immediately expire effective on the date of termination of the Participant’s Continuous Service. All vested Options, to the extent unexercised, shall expire effective 90 days after the date of termination of the Participant’s Continuous Service.

(v)    BLACKOUT PERIODS. If there is a blackout period (whether under the Company’s insider trading policy, Applicable Law, or a Committee-imposed blackout period) that prohibits buying or selling Shares during any part of the ten (10) day period before an Option expires (as described above), the Option exercise period shall be extended until ten (10) days beyond the end of the blackout period. Notwithstanding anything to the contrary in this Plan or any Award Agreement, no Option can be exercised beyond the later of the date its original term expires as set forth in the Award Agreement, the date on which the Option otherwise would become unexercisable, or the ten-year anniversary of its Grant Date. 

(vi)    COMPANY CANCELLATION RIGHT. Subject to Applicable Law, if the Fair Market Value for Shares subject to any Option is more than 50% below their exercise price for more than 90 consecutive business days, the Committee unilaterally may declare the Option terminated, effective on the date the Committee provides written notice to the Option holder. The Committee may take such action with respect to any or all Options granted under the Plan and with respect to any individual Option holder or class(es) of Option holders. 

9

Exhibit 10.1

(vii)    NON-EXEMPT EMPLOYEES. An Option granted to an Employee who is non-exempt for purposes of the Fair Labor Standards Act of 1938, as amended, will not be first exercisable for any Shares until at least twelve (12) months after the Grant Date of the Option. Notwithstanding the foregoing, consistent with the provisions of the Worker Economic Opportunity Act, the vested portion of any Options may be exercised earlier than twelve (12) months after the Grant Date: (A) if the non-exempt Employee dies or suffers a Disability; (B) in connection with a corporate transaction in which the Option is not assumed, continued, or substituted; (C) on a Change in Control; or (D) on the Participant’s retirement (as may be defined in the Participant’s Award Agreement or other agreement with the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines). The foregoing provision is intended to operate so that any income derived by a non-exempt Employee in connection with the exercise or vesting of an Option will be exempt from his or her regular rate of pay.

        (viii)    INCENTIVE STOCK OPTIONS. By law, only Employees are eligible to receive Incentive Stock Options. The terms of any Incentive Stock Option granted under the Plan shall be designed to comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder. Notwithstanding anything in this Section 6(a) to the contrary, Options designated as Incentive Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options (and will be deemed to be Non-Qualified Stock Options) to the extent that either (A) the aggregate Fair Market Value of Shares (determined as of the time of grant) with respect to which such Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (B) such Options otherwise remain exercisable but are not exercised within three (C) months of termination of Continuous Service (or such other period of time provided in Section 422 of the Code). 

        (ix)    NO RELOAD OPTIONS. No Option shall include terms entitling the Participant to a grant of Options or Stock Appreciation Rights on exercise of the Option. 

    (b)    STOCK APPRECIATION RIGHTS. The Committee is hereby authorized to grant Stock Appreciation Rights to Participants. Subject to the terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive, on exercise thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the right as specified by the Committee. 

        (i)    GRANT PRICE. The grant price shall be determined by the Committee, provided, however, and except as provided in Section 4(b), that such price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right, except that if a Stock Appreciation Right is at any time granted in tandem with an Option, the grant price of the Stock Appreciation Right shall not be less than the exercise price of such Option. 

        (ii)    TERM. The term of each Stock Appreciation Right shall not exceed ten (10) years from the date of grant. 

        (iii)    OTHER RULES. The rules of Sections 6(a)(iii) – 6(a)(ix) shall apply to Stock Appreciation Rights as if the Award were an Option. 

    (c)    RESTRICTED STOCK AND RESTRICTED STOCK UNITS. 

(i)    ISSUANCE. The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants. 

(ii)    RESTRICTIONS. Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may establish in the applicable Award Agreement (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. Unrestricted Shares, evidenced in such manner as the Committee shall deem appropriate, shall be delivered to the holder of Restricted Stock promptly after such restrictions have lapsed. Subject to Applicable Law, the Committee may make Awards of Restricted Stock and Restricted Stock Units with or without the requirement for payment of cash or other consideration. 

(iii)    REGISTRATION. Any Restricted Stock or Restricted Stock Units granted under the Plan may be evidenced in such manner as the Committee may deem appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock 
10

Exhibit 10.1

certificate is issued in respect of Shares of Restricted Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

(iv)    FORFEITURE. On termination of Continuous Service during the applicable restriction period, except as otherwise determined by the Committee, all Shares of Restricted Stock and all Restricted Stock Units still, in either case, subject to restriction shall be forfeited and, to the extent applicable, reacquired by the Company. However, if the Participant paid cash or other consideration for Restricted Stock that is so forfeited, the Company shall return to the Participant the lower of the Fair Market Value of the Shares on the date of forfeiture or their original purchase price, to the extent set forth in an Award Agreement or required by Applicable Law. 

    (d)    PERFORMANCE AWARDS. The Committee is hereby authorized to grant Performance Awards to Participants. Performance Awards include arrangements under which the grant, issuance, retention, vesting and/or transferability of any Award are subject to Performance Criteria and such additional conditions or terms as the Committee may designate. Subject to the terms of the Plan and any applicable Award Agreement, a Performance Award granted under the Plan: 

(i)    may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock), other securities, or other Awards; and 

(ii)    shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable by, the holder of the Performance Award, in whole or in part, on the achievement of such performance goals during such Performance Periods as the Committee shall establish. 

(iii)    AMENDING PERFORMANCE CONDITIONS. After a Performance Award has been granted, the Committee may, if it determines appropriate, amend any Performance Criteria, at its sole and absolute discretion. 

(iv)    SATISFACTION OF PERFORMANCE GOALS. If, as a result of the applicable Performance Criteria being met, a Performance Award becomes vested and/or exercisable in respect of some, but not all of the number of Shares underlying such Award, which did not become vested and exercisable by the end of the Performance Period, such Performance Award shall thereupon lapse and cease to be exercisable in respect of the balance of the Shares which did not vest and/or become exercisable by the end of the Performance Period. 

    (e)    DIVIDEND EQUIVALENTS. The Committee is hereby authorized to grant to Participants Awards (other than Options and Stock Appreciation Rights) under which the holders thereof shall be entitled to receive payments equivalent to dividends or interest with respect to a number of Shares determined by the Committee, and the Committee may provide that such amounts (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested. Subject to the terms of the Plan and any applicable Award Agreement, such Awards may have such terms and conditions as the Committee shall determine.  

    (f)    OTHER STOCK-BASED AWARDS. The Committee is authorized to grant to Participants such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as are deemed by the Committee to be consistent with the purposes of the Plan, provided, however, that such grants must comply with Applicable Law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of such Awards. Shares or other securities delivered pursuant to a purchase right granted under this Section 6(f) shall be purchased for such consideration, as the Committee shall determine, the value of which consideration, as established by the Committee, and except as provided in Section 4(b), shall not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted. 

    (g)    GENERAL. 

        (i)    NO CASH CONSIDERATION FOR AWARDS. Awards shall be granted for no cash consideration or for such cash consideration as may be required by Applicable Law or determined by the Committee; however, Participants may be required to pay any amount the Committee determines in connection with Awards not inconsistent with the terms of this Plan. 

11

Exhibit 10.1

        (ii)    AWARDS MAY BE GRANTED SEPARATELY OR TOGETHER. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate. 

        (iii)    FORMS OF PAYMENT UNDER AWARDS. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate on the grant, exercise, or payment of an Award may be made in such form or forms as the Committee shall determine, including, without limitation, cash, Shares, rights in or to Shares issuable under the Award or other Awards, other securities, or other Awards, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or deferred payments. 

        (iv)    LIMITS ON TRANSFER OF AWARDS. Except as provided by the Committee, no Award and no right under any such Award, shall be assignable, alienable, saleable, or transferable by a Participant otherwise than by will or by the laws of descent and distribution provided, however, that, if so determined by the Committee, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant with respect to any Award on the death of the Participant. Each Award, and each right under any Award, shall be exercisable, during the Participant’s lifetime, only by the Participant or, if permissible under Applicable Law, by the Participant’s guardian or legal representative. No Award and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment, or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate. 

        (v)    CONDITIONS AND RESTRICTIONS ON SECURITIES SUBJECT TO AWARDS. The Committee may provide that the Shares issued on exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award, including without limitation, conditions on vesting or transferability and forfeiture or repurchase provisions or provisions on payment of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may address the timing and manner of any re-sales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including without limitation: (A) restrictions under an insider trading policy or pursuant to Applicable Law, (B) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation arrangements, (C) restrictions as to the use of a specified brokerage firm for such re-sales or other transfers and (D) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or other obligations. The Committee shall include in any Award Agreement any claw back or forfeiture provisions required by Applicable Law. The Committee also may include in any Award Agreement provisions providing for forfeiture of the Award or requiring the Participant to return the Shares underlying the Award to the Company in the event the Participant engages in specified behavior that is adverse to the Company’s interests, including after termination of his or her service relationship with the Company, such as for competing with the Company, soliciting its Employees, or breaching a written agreement with the Company. 

        (vi)    SHARE CERTIFICATES. All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange on which such Shares or other securities are then listed, and any applicable federal, state, or local securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

        (vii)    FORFEITURE FOR DETRIMENTAL CONDUCT AND CLAWBACK. In the event the Committee determines that a Participant has committed any Detrimental Conduct, then (1) no additional Shares subject to any outstanding Participant Award shall become vested and/or exercisable, (2) the Participant shall forfeit the right to receive the Shares underlying any Award Agreement, to exercise any vested but unexercised portion of an Award, and to vest in any unvested portion of an Award, and (3) the Participant shall pay the Company any gains realized by the Participant from any Award within one year prior to and including the last day of Participant’s status as an Director, Employee, or Consultant, or at any time after the end of such service. The amount of the realized gains shall be the difference between the amount (if any) paid by the Participant and the fair market value of the Shares on the date such Shares were delivered to the Participant. Participant agrees to pay immediately upon 
12

Exhibit 10.1

demand these amounts to the Company. In lieu of requiring payment of the realized gains upon violation of the terms of this Section 6(g)(vii), the Company, may in its sole discretion as exercised by the Committee, choose to buy back the applicable Shares at the stated exercise price as set forth in the applicable Award Agreement, or, if none, $.01 per Share, and Participant agrees to take all actions necessary to effectuate such buy back. If the Company is required to bring an arbitration or other legal or equitable action in order to enforce the provisions and remedies of this Section 6(g)(vii), and if the Company prevails in such arbitration or other action, the Participant shall be required to reimburse the Company for its reasonable costs and attorneys’ fees expended in pursuing such arbitration or other action.

        (viii)    MINIMUM VESTING.  Notwithstanding any other provision of the Plan to the contrary, no Award (or portion thereof) granted hereunder shall vest earlier than the first anniversary of the Grant Date; provided, however, that the foregoing shall not apply to: (A) substitute awards issued by the Company in connection with an acquisition or other corporate transaction; (B) Awards delivered in lieu of fully-vested cash awards or payments; (C) Awards delivered in lieu of cash compensation otherwise payable to a non-employee Director, where such Director has elected to receive an Award in lieu of such cash compensation; (D) Awards granted to non-employee Directors for which the vesting period runs from the date of one annual meeting of the Company’s shareholders to the next annual meeting of the Company’s shareholders and which is at least 50 weeks after the immediately preceding year’s annual meeting; or (E) any other Awards that result in the issuance of an aggregate of up to 5% of the Share Reserve. In addition, the Committee may provide that such one-year vesting restrictions may lapse or be waived upon the Participant’s termination of Continuous Service and/or in connection with a Change in Control.

SECTION 7.    AMENDMENT AND TERMINATION 

    This amended and restated Plan shall terminate on January 26, 2032, but no such termination shall affect any outstanding grants under the Plan. Except to the extent prohibited by Applicable Law and unless otherwise expressly provided in an Award Agreement or in the Plan: 

    (a)    AMENDMENTS TO THE PLAN. The Board may amend, alter, suspend, discontinue, or terminate the Plan, in whole or in part; provided, however, that without the prior approval of the Company’s shareholders, no material amendment shall be made if shareholder approval is required by Applicable Law; and provided, further, that, notwithstanding any other provision of the Plan or any Award Agreement, no such amendment, alteration, suspension, discontinuation, or termination shall be made without the approval of the shareholders of the Company that would: 

        (i)    increase the total number of Shares available for Awards under the Plan, except as provided in Section 4 hereof; 

        (ii)    materially expand the class of Eligible Persons under the Plan, materially increase the benefits accruing to Participants under the Plan, materially extend the term of the Plan with respect to Share-based Awards, or expand the types of Share-based Awards available for issuance under the Plan; or 

        (iii)    except as provided in Section 4(b), permit Options, Stock Appreciation Rights, or other Stock-Based Awards encompassing rights to purchase Shares to be repriced, replaced, or regranted through cancellation, or by lowering the exercise price of a previously granted Option or the grant price of a previously granted Stock Appreciation Right, or the purchase price of a previously granted Other Stock-Based Award. 

    (b)    AMENDMENTS TO AWARDS. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue, or terminate, any Awards theretofore granted, prospectively or retroactively. No such amendment or alteration shall be made which would impair the rights of any Participant, without such Participant’s consent, under any Award theretofore granted, provided that no such consent shall be required with respect to any amendment or alteration if the Committee determines in its sole discretion that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy or conform to Applicable Law or to meet the requirements of any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under such Award. 

13

Exhibit 10.1

SECTION 8.    GENERAL PROVISIONS 

    (a)    NO RIGHTS TO AWARDS. No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, or, having been selected to receive an Award under this Plan, to be selected to receive a future Award, and further there is no obligation for uniformity of treatment of Eligible Persons, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. 

    (b)    WITHHOLDING. The Company or any Affiliate shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan the amount (in cash, Shares, other securities, or other Awards) of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under the Plan and to take such other action as may be necessary in the opinion of the Company or Affiliate to satisfy statutory withholding obligations for the payment of such taxes. Notwithstanding any provision of this Plan or an Award Agreement to the contrary, Participants are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards, and neither the Company, nor any Affiliate, nor any of their employees, directors, or agents, shall have any duty or obligation to mitigate, minimize, indemnify, or to otherwise hold any Participant harmless from any or all of such tax consequences. The Company’s obligation to deliver Shares (or to pay cash or other consideration) to Participants pursuant to Awards is at all times subject to such Participant’s prior or coincident satisfaction of all withholding taxes. 

    (c)    NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

    (d)    NO RIGHT TO EMPLOYMENT. The grant of an Award shall not constitute an employment contract nor be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement. 

    (e)    GOVERNING LAW. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware and applicable Federal law without regard to conflict of law. 

    (f)    SEVERABILITY. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to Applicable Law, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

    (g)    NO TRUST OR FUND CREATED. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 

    (h)    NO FRACTIONAL SHARES. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 

    (i)    HEADINGS. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

    (j)    COMPLIANCE WITH THE CODE. Except to the extent specifically provided otherwise by the Committee, Awards under the Plan are intended to satisfy the requirements of Section 409A of the Code so as to avoid the imposition of any additional taxes or penalties under Section 409A of the Code. If the Committee determines that an Award, Award Agreement, payment, distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if 
14

Exhibit 10.1

undertaken, cause a Participant to become subject to any additional taxes or other penalties under Section 409A of the Code, or adverse tax consequences under another Code provision, then unless the Committee specifically provides otherwise, such Award, Award Agreement, payment, distribution, deferral election, transaction or other action or arrangement shall not be given effect to the extent it causes such result and the related provisions of the Plan and/or Award Agreement will be deemed modified, or, if necessary, suspended in order to comply with the requirements of Section 409A of the Code or another Code provision to the extent determined appropriate by the Committee, in each case without the consent of or notice to the Participant. Notwithstanding the foregoing or any provision of the Plan or an Award Agreement to the contrary, Participants shall be solely responsible for the satisfaction of any taxes or interest or other consequence, that may arise pursuant to Awards (including taxes arising under Code Section 409A), and neither the Company nor the Committee nor anyone other than the Participant, his or her estate or beneficiaries, shall have any obligation whatsoever to pay such taxes or interest or to otherwise indemnify or hold any Participant harmless from any or all of such taxes. 

    (k)    NO REPRESENTATIONS OR COVENANTS WITH RESPECT TO TAX QUALIFICATION. Although the Company may endeavor to (i) qualify an Award for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan. 

    (l)    AWARDS TO NON-U.S. EMPLOYEES. The Committee shall have the power and authority to determine which Affiliates shall be covered by this Plan and which employees outside the U.S. shall be eligible to participate in the Plan. The Committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and administration of the Plan to accommodate the specific requirements of local laws, procedures, and practices. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, Disability or Retirement or on termination of Continuous Service; available methods of exercise or settlement of an Award; payment of income, social insurance contributions and payroll taxes; and the withholding procedures and handling of any stock certificates or other indicia of ownership which vary with local requirements. The Committee may also adopt rules, procedures or sub-plans applicable to particular Affiliates or locations. 

    (m)    DATA PRIVACY. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this section by and among, as applicable, the Company and its Affiliates for the exclusive purpose of implementing, administering, and managing this Plan and Awards and the Participant’s participation in this Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may hold certain personal information about a Participant with respect to one or more Awards under the Plan, including, but not limited to, the Participant’s name, home address, telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the “Data”). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan, the Company and its Affiliates each may transfer the Data to any third parties assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan. Recipients of the Data may be located in the Participant’s country or elsewhere, and the Participant’s country and any given recipient’s country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting such Participant’s local human resources representative. The Company may cancel the Participant’s eligibility to participate in this Plan, and in the Committee’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative. 

15

Exhibit 10.1

    (n)    NO DUTY TO NOTIFY. The Company shall have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising an Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. 

    (o)    COMPLIANCE WITH LAWS. The granting of Awards and the issuance of Shares under the Plan shall be subject to all Applicable Law. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under the Plan prior to: 

        (i)    obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and 

        (ii)    completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable or at a time when any such registration or qualification is not current, has been suspended or otherwise has ceased to be effective. 

    The inability or impracticability of the Company to obtain or maintain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. Notwithstanding anything to the contrary herein or in any Award Agreement, the Committee shall have the absolute discretion to impose a “blackout” period on the exercise of any Option or Stock Appreciation Right, as well as the settlement of any Award, with respect to any or all Participants to the extent the Committee determines that doing so is desirable or required to comply with applicable securities laws. 

SECTION 9.    EFFECTIVE DATE OF THE PLAN; STOCKHOLDER APPROVAL 

    This amended and restated Plan shall be effective as of the Restatement Effective Date.  This amended and restated Plan shall be submitted for stockholder approval prior to January 26, 2023. Awards may be granted or awarded prior to such stockholder approval of this Plan; provided that no Shares shall be issued upon the exercise, vesting, distribution or payment of any such Awards prior to the time when the Plan is approved by the Company’s stockholders; and, provided, further, that if such approval has not been obtained at the end of said 12-month period, all Awards previously granted or awarded out of the increase to the share reserve pursuant to the January 2022 Amendment or under the Plan after the Restatement Effective Date and subject to stockholder approval shall thereupon be cancelled and become null and void. If such stockholder approval is not obtained within such 12-month period, the January 2022 Amendment, this amended and restated Plan, and all Awards previously granted or awarded out of the increase to the share reserve pursuant to the January 2022 Amendment or under this amended and restated Plan after the Restatement Effective Date shall thereupon be cancelled and become null and void, and the 2020 Amended Plan Plan, as in effect prior to the January 2022 Amendment, and all Awards thereunder, shall continue in full force and effect in accordance with their terms.

16Exhibit 10.1

 

Execution Version

 

 

REDACTED

 

Certain identified information, indicated
by [*****], has been omitted pursuant to Item 601(b)(10) because it is (i) not material and (ii) contains personal information.

 

AMENDED AND RESTATED DIRECTOR APPOINTMENT
AND NOMINATION AGREEMENT

 

This Amended and Restated
Director Appointment and Nomination Agreement, dated as of June 21, 2022 (this “Agreement”), is by and among the persons
and entities listed on Schedule A (collectively, the “Icahn Group”, and each individually a “member”
of the Icahn Group) and Bausch + Lomb Corporation (the “Company”). In consideration of and reliance upon the mutual
covenants and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

 

		1.	Board Representation and Board Matters.

 

		(a)	The Company and the Icahn Group agree as follows:

 

		(i)	as soon as practicable following the date hereof, the Company shall take or shall have taken all necessary
action to increase the size of the Board of Directors of the Company (the “Board”) by two, and following consultation
with the Icahn Group, to appoint two individuals identified by the Icahn Group and reasonably acceptable to the Company (such individuals,
collectively, the “Icahn Designees” and each an “Icahn Designee”) to fill the resulting vacancies,
each with a term expiring at the first annual general meeting of stockholders of the Company following such written election (the “First
Annual Meeting”). Prior to such date as the Icahn Designees are seated as members of the Board, the Icahn Group shall not request
and the Company shall not provide any material non-public information relating to or involving the Company. For the avoidance of doubt,
it shall not be deemed unreasonable for the Company to reject a designee in accordance with this Section 1(a)(i) if such designee
does not satisfy the Director Criteria (as hereafter defined) or the criteria set forth on Annex 1 attached hereto (the “Tax
Criteria”).

 

		(ii)	the Company shall use reasonable best efforts to cause the election of each of the Icahn Designees at
the First Annual Meeting (including by (x) recommending that the Company’s stockholders vote in favor of the election of each of
the Icahn Designees, (y) including each of the Icahn Designees in the Company’s proxy statement and proxy card for the First Annual
Meeting, and (z) otherwise supporting each of the Icahn Designees for election in a manner no less rigorous and favorable than the manner
in which the Company supports its other nominees in the aggregate). The Icahn Group agrees not to conduct a proxy contest regarding any
matter, including the election of directors, with respect to the First Annual Meeting. As a condition to the Icahn Designees’ appointment
to the Board, the Icahn Designees shall execute and deliver a customary joinder to this Agreement. Prior to the execution and delivery
of such joinder to the Company, the Icahn Group shall cause the Icahn Designees to comply with the covenants, agreements and other provisions
herein applicable to the Icahn Designees.

 

		(iii)	that as a condition to the Icahn Designees’ appointment to the Board and subsequent nomination for
election, the Icahn Designees each agree to provide to

 

     

     

    

the Company, prior
to nomination and appointment and on an on-going basis while serving as a member of the Board, such information and materials as the Company
routinely receives from other members of the Board or as is required to be disclosed in proxy statements under applicable law or as is
otherwise reasonably requested by the Company from time-to-time from all members of the Board in connection with the Company’s legal,
regulatory, auditor or stock exchange requirements, including, but not limited to, a completed D&O Questionnaire in the form separately
provided by the Company to the Icahn Group (the “Nomination Documents”).

 

		(iv)	That, subject to Section 1(c) below, should any Icahn Designee resign from the Board or be rendered
unable to, or refuse to, be appointed to, or for any other reason fail to serve or is not serving, on the Board (other than as a result
of not being nominated by the Company for election at an annual meeting of stockholders subsequent to the First Annual Meeting, following
which the Icahn Group’s replacement rights pursuant to this Section 1(a)(iv) shall terminate with respect to such Icahn Designee),
as long as the Icahn Group has not materially breached this Agreement and failed to cure such breach within five (5) business days of
written notice from the Company specifying any such breach, the Icahn Group shall be entitled to designate, and the Company shall cause
to be added as a member of the Board, or as a nominee on the Company’s slate of nominees for election to the Board at the First
Annual Meeting (collectively, the “First BLCO Slate”), as applicable, a replacement that is approved by the Board,
such approval not to be unreasonably withheld, conditioned or delayed (an “Acceptable Person”) (and if such proposed
designee is not an Acceptable Person, the Icahn Group shall be entitled to continue designating a recommended replacement until such proposed
designee is an Acceptable Person) (a “Replacement Designee”). Any Replacement Designee who becomes a Board member in
replacement of any Icahn Designee pursuant to this Section 1(a)(iv) or Section 1(e) shall be deemed to be an Icahn Designee for all purposes
under this Agreement and, as a condition to being appointed to the Board, shall be required to sign a customary joinder to this Agreement.

 

		(v)	For the avoidance of doubt, the Board’s approval of a Replacement Designee pursuant to Section
1(a)(iv) or Section 1(e) shall not be considered unreasonably withheld if: (1) such replacement does not (A) qualify as
“independent” pursuant to the NYSE Rules (as defined below), (B) have the relevant financial and business experience to be
a director of the Company, or (C) satisfy the requirements set forth in the Company Policies (as defined below), in each case as in effect
as of the date hereof or such additional or amended guidelines and policies approved by the Board that are applicable to all directors
of the Company (collectively clauses (A) through (C), the “Director Criteria”); provided that no Director Criteria
will be adopted that would prevent any employee or affiliate of the Icahn Group from becoming directors by virtue of the fact that such
person is an employee or affiliate of the Icahn Group had such criteria been in effect today; or (2) such Replacement Designee does
not satisfy the Tax Criteria.

 

		(vi)	that (1) for any annual general meeting of stockholders subsequent to the First Annual Meeting, the Company
shall notify the Icahn Group in writing no less than thirty-five (35) calendar days before the advance notice deadline set forth in the
Company’s Articles of Incorporation whether the Icahn Designees will be

 

    2 

     

    

nominated by the
Company for election as directors at such annual general meeting and, (2) if the Icahn Designees are to be so nominated, shall use reasonable
best efforts to cause the election of the Icahn Designees so nominated by the Company (including by (x) recommending that the Company’s
stockholders vote in favor of the election of the Icahn Designees, (y) including the Icahn Designees in the Company’s proxy statement
and proxy card for such annual general meeting and (z) otherwise supporting the Icahn Designees for election in a manner no less rigorous
and favorable than the manner in which the Company supports its other nominees in the aggregate), and the Icahn Group agrees not to conduct
a proxy contest regarding any matter, including the election of directors, with respect to any such annual general meeting at which the
Company has nominated Icahn Designees and such Icahn Designees have consented to being named, and are named, in the proxy statement relating
to such annual general meeting.

 

		(vii)	that from and after the date of this Agreement, so long as an Icahn Designee is seated as a member of
the Board, without the approval of the Icahn Designees then on the Board (such approval not to be unreasonably withheld, delayed or conditioned),
(w) the Board shall not form an Executive Committee or any other committee with functions similar to those customarily granted to an Executive
Committee; (x) the Board shall not form any other new committee (other than committees formed with respect to matters for which there
are actual conflicts of interest between the Icahn Designees and the Company) without offering to at least one Icahn Designee the opportunity
to be a member of such committee (provided, however that if such committee has more than five (5) members then both Icahn Designees shall
be offered to be appointed to such committee (to the extent there are two Icahn Designees then on the Board)), (y) the Board shall not
increase the size of any committee and (z) any Board consideration of appointment and employment of named executive officers, mergers
and acquisitions of material assets, or dispositions of material assets, or similar extraordinary transactions, such consideration, and
voting with respect thereto shall take place only at the full Board level or in committees of which one of the Icahn Designees is a member
(for the avoidance of doubt, nothing in this Agreement changes, amends, or modifies the authority, duties and obligations of the Talent
& Compensation Committee of the Board).

 

		(viii)	each of the Icahn Designees confirms that he or she will recuse himself or herself from such portions
of Board or committee meetings, if any, involving actual conflicts between the Company and the Icahn Group. Promptly following the receipt
of the Nomination Documents, the Board shall make a determination as to whether the Icahn Designees, based solely upon the representations
provided by the Icahn Group in Section 7 of this Agreement (which representations shall be updated by the Icahn Group to be current
as of the date of the written election made pursuant to Section 1(a)(i)) and the information provided to the Board by the Icahn
Designees in the Nomination Documents, are independent under the Board’s independence guidelines, the independence requirements
of the New York Stock Exchange (the “NYSE Rules”), and the independence standards applicable to the Company under paragraph
(a)(1) of Item 407 of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

		(ix)	that, to the extent permitted by law and the Company’s then-existing insurance coverage, from and
after the date that the Icahn Designees are seated as members

 

    3 

     

    

of the Board, the
Icahn Designees shall be covered by the same indemnification and insurance provisions and coverage as are applicable to the individuals
that are directors of the Company as of such time, and at such time the Icahn Designees are no longer members of the Board, then the same
indemnification and insurance provisions and coverage as are applicable to former directors of the Company as of such time.

 

		(i)	notwithstanding the foregoing, the Company acknowledges that for so long as the Icahn Designees are members
of the Board, the Icahn Designees shall have the same rights as any other director with respect to being permitted to attend (as an observer
and without voting rights) any committee meeting regardless of whether such director is a member of such committee.

 

		(b)	At all times from the date that the Icahn Designees are seated as members of the Board through the termination
of their service as a member of the Board, each of the Icahn Designees shall comply with all written policies, procedures, processes,
codes, rules, standards and guidelines applicable to all non-employee Board members and of which the Icahn Designees have been provided
written copies in advance (or which have been filed with the Securities and Exchange Commission (“SEC”) or posted on
the Company’s website), including the Company’s code of business conduct, corporate policies on ethical business conduct,
political contributions, lobbying and other political activities policy, conflicts of interest policy, insider trading policy, anti-hedging
policy and governance policies (collectively, the “Company Policies”), and shall preserve the confidentiality of Company
business and information, including discussions or matters considered in meetings of the Board or Board committees (except to the extent
permitted in the Confidentiality Agreement (as defined below) to be entered into pursuant to Section 5 of this Agreement). In addition,
each of the Icahn Designees is aware of and shall act in accordance with his or her fiduciary duties with respect to the Company and its
stockholders. For the avoidance of doubt, the Parties agree that notwithstanding the terms of any Company Policies, in no event shall
any Company Policy apply to the Icahn Group, other than the Icahn Designees in their capacity as members of the Board.

 

		(c)	Any provision in this Agreement to the contrary notwithstanding, if at any time after the date hereof,
the Icahn Group, together with any Icahn Affiliates (as defined below), ceases collectively to beneficially own (for all purposes in this
Agreement, the terms “beneficially own” and “beneficial ownership” shall have the meaning ascribed to such terms
as defined in Rule 13d-3 (as in effect from time to time) promulgated by the SEC under the Exchange Act), an aggregate Net Long Position
(x) in at least six percent (6%) of the total outstanding (A) common shares of Bausch Health Companies Inc. (“BHC”
and such common shares, “BHC Common Shares”), for so long as BHC owns at least 80% of the common shares of the Company
(“Common Shares”), or (B) Common Shares, at any other time, in each case as of the date hereof (as adjusted for any
stock dividends, combinations, splits, recapitalizations and similar type events), (1) one of the Icahn Designees (or, if applicable,
his or her Replacement Designee) shall, and the Icahn Group shall cause such Icahn Designee to, promptly tender his or her resignation
from the Board and any committee of the Board on which he or she then sits and (2) the Icahn Group shall not have the right to replace
such Icahn Designee; or (y) in at least three percent (3%) of the total outstanding (A) BHC Common Shares, for so long as BHC owns at
least 80% of the Common Shares, or (B) Common Shares, at any other time, in each case as of the date hereof (as adjusted for any stock
dividends, combinations, splits, recapitalizations and similar type events), (1) each of the Icahn Designees (or, if applicable, his or
her Replacement Designee) shall, and

 

    4 

     

    

the Icahn Group shall
cause such Icahn Designee to, promptly tender his or her resignation from the Board and any committee of the Board on which he or she
then sits and (2) the Icahn Group shall not have the right to replace such Icahn Designee(s). For clarity, “Common Shares”
will include the shares of the entity resulting from the amalgamation of the Company expected to be effected in connection with the consummation
of the spin-off transaction by which BHC transfers any or all of its remaining indirect equity interest in the Company to BHC’s
then-current shareholders (the “B+L Distribution”) for which the Common Shares are exchanged pursuant to such amalgamation.

 

The Icahn Group, upon
request, shall keep the Company regularly apprised of the Net Long Position of the Icahn Group and the Icahn Affiliates to the extent
that such position differs from the ownership positions publicly reported on the Icahn Schedule 13D and amendments thereto.

 

For purposes of this
Agreement: the term “Net Long Position” shall mean: such Common Shares beneficially owned, directly or indirectly, that constitute
such person’s net long position as defined in Rule 14e-4 under the Exchange Act mutatis mutandis, provided that “Net
Long Position” shall not include any shares as to which such person does not have the right to vote or direct the vote, or as to
which such person has entered into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or
in part, directly or indirectly, any of the economic consequences of ownership of such shares; and the terms “person” or “persons”
shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability
company, joint venture, estate, trust, association, organization or other entity of any kind or nature.

 

Each of the Icahn Designees
shall, prior to his or her appointment to the Board (including any Replacement Designee), and each member of the Icahn Group shall cause
each of the Icahn Designees (including any Replacement Designee) to, execute an irrevocable resignation in the form attached to this Agreement
as Exhibit A.

 

		(d)	So long as the Icahn Group, together with the Icahn Affiliates, beneficially owns an aggregate Net Long
Position in at least six percent (6%) of the total outstanding (A) BHC Common Shares, for so long as BHC owns at least 80% of the Common
Shares, or (B) Common Shares, at any other time, in each case as of the date hereof (as adjusted for any stock dividends, combinations,
splits, recapitalizations or similar type events), the Company shall not adopt a Rights Plan with an “Acquiring Person” beneficial
ownership threshold below 20.0% of the then-outstanding Common Shares, unless (x) such Rights Plan provides that, if such Rights Plan
is not ratified by the Company’s stockholders within 105 days of such Rights Plan being adopted, such Rights Plan shall automatically
expire and (y) the “Acquiring Person” definition of such Rights Plan exempts the Icahn Group up to a beneficial ownership
of 19.95% of the then-outstanding Common Shares. The term “Rights Plan” shall mean any plan or arrangement of the sort
commonly referred to as a “rights plan” or “stockholder rights plan” or “shareholder rights plan”
or “poison pill” that is designed to increase the cost to a potential acquirer of exceeding the applicable ownership thresholds
through the issuance of new rights, common stock or preferred shares (or any other security or device that may be issued to stockholders
of the Company, other than ratably to all stockholders of the Company) that carry severe redemption provisions, favorable purchase provisions
or otherwise, and any related rights agreement.

 

		(e)	If, on any date that is ten or fewer business days prior to the Distribution Effective Date, an Icahn
Designee would not satisfy the Tax Criteria if such Icahn Designee were initially

 

    5 

     

    

designated immediately
after the Distribution Effective Date, (i) such Icahn Designee shall, and the Icahn Group shall cause such Icahn Designee to, promptly
tender his or her resignation from the Board and any committee of the Board on which he or she then sits, and (ii) the Icahn Group shall
be entitled to designate, and the Company shall cause to be added as a member of the Board, a Replacement Designee.

 

		2.	Additional Agreements.

 

		(a)	Unless the Company or the Board has breached any material provision of this Agreement and failed to cure
such breach within five (5) business days following the receipt of written notice from the Icahn Group specifying any such breach, solely
in connection with the First Annual Meeting, each member of the Icahn Group shall (1) cause, in the case of all Voting Securities owned
of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities beneficially owned but not owned
of record, directly or indirectly, by it, or by any Icahn Affiliate, in each case as of the record date of the First Annual Meeting, in
each case that are entitled to vote at the First Annual Meeting, to be present for quorum purposes and to be voted, at the First Annual
Meeting or at any adjournment or postponement thereof, (A) for each nominee on the First BLCO Slate, (B) against any nominees that are
not nominated by the Board for election at the First Annual Meeting, (C) against any stockholder proposal to increase the size of the
Board and (D) in favor of the ratification of the Company’s auditors. Except as provided in the foregoing sentence and in Section
2(b), the Icahn Group shall not be restricted from voting “For”, “Against” or “Abstaining” from any
other proposals at any annual or special meeting.

 

		(b)	Unless the Company or the Board has breached any material provision of this Agreement and failed to cure
such breach within five (5) business days following the receipt of written notice from the Icahn Group specifying any such breach, that
for any annual general meeting or special meeting of stockholders subsequent to the First Annual Meeting, if the Board has agreed to nominate
the Icahn Designees then serving on the Board for election at such annual general meeting or special meeting and the Icahn Designees have
consented to be nominated at such annual general meeting or special meeting, each member of the Icahn Group shall (1) cause, in the case
of all Voting Securities owned of record, and (2) instruct and cause the record owner, in the case of all shares of Voting Securities
beneficially owned but not owned of record, directly or indirectly, by it, or by any Icahn Affiliate, in each case as of the record date
of the applicable annual general meeting or special meeting, in each case that are entitled to vote at such annual general meeting or
special meeting, to be present for quorum purposes and to be voted at such annual general meeting or special meeting or at any adjournment
or postponement thereof, (A) for each director nominated by the Board for election at such annual general meeting, (B) against any (i)
stockholder proposal to increase the size of the Board and (ii) nominees that are not nominated by the Board for election at such annual
general meeting or special meeting, and (C) in favor of the ratification of the Company’s auditors. Except as provided in the foregoing
sentence, the Icahn Group shall not be restricted from voting “For”, “Against” or “Abstaining” from
any other proposals at any annual general meeting or special meeting following the First Annual Meeting.

 

As used in this Agreement,
the term “Voting Securities” shall mean the Common Shares that such person has the right to vote or has the right to
direct the vote. For purposes of this Section 2, no person shall be, or be deemed to be, the “beneficial owner” of, or to
“beneficially own,” any securities beneficially owned by any director of the Company to the extent such securities were acquired
directly from the Company by such director as or

 

    6 

     

    

pursuant to director
compensation for serving as a director of the Company. For purposes of this Agreement, (A) the term “Affiliate” shall
have the meaning set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act, and the term “Icahn Affiliate”
shall mean such Affiliates that are controlled by the members of the Icahn Group, and (B) the
term “Associate” shall mean (A) any trust or other estate in which such person has a substantial beneficial interest
or as to which such person serves as trustee or in a similar fiduciary capacity, and (B) any relative or spouse of such person, or
any relative of such spouse, who has the same home as such person or who is a director or officer of such person or of any of its parents
or subsidiaries.

 

		3.	Icahn Group Restrictions

 

		(a)	From and after the date that the Icahn Designees are seated as members of the Board, until the later of
(i)(x) the end of the First Annual Meeting and (y) such date as no Icahn Designee is on the Board and the Icahn Group has no right to
designate a Replacement Designee (including if the Icahn Group has irrevocably waived such right in writing), and (ii) solely with respect
to Section 3(a)(i)(x), the Butterfly Date (as hereafter defined) (the “Standstill Period”), so long as the Company
has not breached any material provision of this Agreement and failed to cure such breach within five (5) business days following the receipt
of written notice from the Icahn Group specifying any such breach, no member of the Icahn Group shall, directly or indirectly, and each
member of the Icahn Group shall cause each of the Icahn Affiliates and its Associates not to, directly or indirectly (it being understood
that the foregoing shall not restrict the Icahn Designees from discussing the matters set forth below with other members of the Board):

 

		(i)	acquire, offer or propose to acquire any voting securities (or beneficial ownership thereof), or rights
or options to acquire any voting securities (or beneficial ownership thereof) of the Company if after any such case, immediately after
the taking of such action the Icahn Group, together with its respective Icahn Affiliates, would in the aggregate, beneficially own more
than 19.95% of the then outstanding Common Shares (excluding, for the avoidance of doubt, any cash-settled swaps or other cash-settled
instruments); provided that: (x) if, solely as a result of their acquisition of Common Shares or securities or other instruments convertible
into Common Shares, the Icahn Group, together with its respective Icahn Affiliates and its Associates, become the beneficial owners of
more than 9.95% of the then outstanding Common Shares (excluding, for the avoidance of doubt, any cash-settled swaps or other cash-settled
instruments), then neither the Icahn Group nor the Icahn Affiliates nor its Associates shall sell any Common Shares or securities or other
instruments convertible into Common Shares (but excluding, for the avoidance of doubt, any swaps or other instruments that do not allow
for settlement in property other than cash) following the date of the B+L Distribution (the “Distribution Effective Date”)
and prior to the Butterfly Date without first obtaining a supplemental tax ruling from the Canada Revenue Agency (“CRA”)
or an opinion of a nationally recognized accounting firm or law firm that is in form and substance satisfactory to the Company, acting
reasonably, that such sale will not cause the B+L Distribution to be taxed in a manner inconsistent with that provided for in the tax
ruling issued by the CRA in connection with the B+L Distribution; and (y) the term “Butterfly Date” shall mean the
date that is the earlier of (A) eighteen (18) months after the Distribution Effective Date and (B) the date the Company delivers written
notice to the Icahn Group in accordance

 

    7 

     

    

with Section 12
confirming that BHC is not proceeding with a Canadian “butterfly” form of spin out with respect to the B+L Distribution;

 

		(ii)	except with respect to the signatories to the Icahn Group’s Schedule 13D filed with the SEC with
respect to the Company (the “Icahn Schedule 13D”), form or join in a partnership, limited partnership, syndicate or
a “group” as defined under Section 13(d) of the Exchange Act, with respect to the securities of the Company;

 

		(iii)	present (or request to present) at any annual general meeting or any special meeting of the Company’s
stockholders, any proposal for consideration for action by stockholders or engage in any solicitation of proxies or consents or become
a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) of proxies
or consents (including, without limitation, any solicitation of consents that seeks to call a special meeting of stockholders) or, except
as provided in this Agreement, otherwise publicly propose (or publicly request to propose) any nominee for election to the Board or seek
representation on the Board or the removal of any member of the Board;

 

		(iv)	grant any proxy, consent or other authority to vote with respect to any matters (other than to the named
proxies included in the Company’s proxy card for any annual general meeting or special meeting of stockholders) or deposit any Voting
Securities in a voting trust or subject them to a voting agreement or other arrangement of similar effect (excluding customary brokerage
accounts, margin accounts, prime brokerage accounts and the like), in each case, except as provided in Sections 2(a) or (b);

 

		(v)	call or seek to call any special meeting of the Company or action by consent resolutions;

 

		(vi)	institute, solicit, assist or join, as a party, any litigation, arbitration or other proceeding against
or involving the Company;

 

		(vii)	separately or in conjunction with any other person in which it is or proposes to be either a principal,
partner or financing source or is acting or proposes to act as broker or agent for compensation, submit a proposal for or offer of (with
or without conditions), any Extraordinary Transaction (as defined below); provided that the Icahn Group shall be permitted to sell or
tender their Common Shares, and otherwise receive consideration, pursuant to any Extraordinary Transaction; and provided further that
(A) if a third party (other than the Icahn Group or an Icahn Affiliate) commences a tender offer or exchange offer for all of the outstanding
Common Shares that is not rejected by the Board in its Recommendation Statement on Schedule 14D-9, then the Icahn Group shall similarly
be permitted to make an offer for the Company or commence a tender offer or exchange offer for all of the outstanding Common Shares at
the same or higher consideration per share, provided that the foregoing (y) will not relieve the Icahn Group of its obligations under
the Confidentiality Agreement and (z) will not be deemed to require the Company to make any public disclosures and (B) the Company may
waive the restrictions in this Section 3(a)(vii) with the approval of the Board. “Extraordinary Transaction” means, collectively,
any of the following involving the Company or any of its subsidiaries or its or their securities or all or substantially all of the assets
or businesses of the Company and its subsidiaries: any tender offer or exchange

 

    8 

     

    

offer, merger,
acquisition, business combination, reorganization, restructuring, recapitalization, sale or acquisition of material assets, or liquidation
or dissolution; provided that Extraordinary Transaction shall not include, and neither this Section 3(a) nor any other term of this Agreement,
shall restrict the Icahn Group from commencing and consummating a tender offer pursuant to applicable Canadian laws and regulations to
acquire additional Common Shares, so long as upon consummation of such tender offer(s) the Icahn Group would comply with Section 3(a)(i);
provided, further that this Section 3(a)(vi) shall not prevent an Icahn Designee acting in his or her capacity as a director of the Company
from raising such matter privately at the Board;

 

		(viii)	seek, or encourage any person, to submit nominations in furtherance of a “contested solicitation”
for the election or removal of directors with respect to the Company or, except as expressly provided in this Agreement, seek, encourage
or take any other action with respect to the election or removal of any directors;

 

		(ix)	make any public communication in opposition to (A) any merger, acquisition, amalgamation, recapitalization,
restructuring, disposition, distribution, spin-off, asset sale, joint venture or other business combination (including the B+L Distribution)
or (B) any financing transaction, in each case involving the Company;

 

		(x)	seek to advise, encourage, support or influence any person with respect to the voting or disposition of
any securities of the Company at any annual general meeting or special meeting of stockholders, except in accordance with Section 2(a)
or (b);

 

		(xi)	publicly disclose any intention, plan or arrangement inconsistent with any provision of this Section 3;
or

 

		(xii)	publicly encourage or support any other person to take any of the actions described in this Section 3
that the Icahn Group is restricted from doing.

 

		(b)	Subject to applicable law, from the date of this Agreement until the end of the Standstill Period, (i)
so long as the Company has not breached any material provision of this Agreement and failed to cure such breach within five (5) business
days following the receipt of written notice from the Icahn Group specifying any such breach, neither a member of the Icahn Group nor
any of the Icahn Affiliates or its Associates (including such persons’ officers, directors and persons holding substantially similar
positions however titled) shall make, or cause to be made, by press release or similar public statement, including to the press or media
(including social media), or in an SEC or other public filing, any statement or announcement that disparages (as distinct from objective
statements reflecting business criticism) the Company or the Company’s respective current or former officers or directors and (ii)
so long as the Icahn Group has not breached any material provision of this Agreement and failed to cure such breach within five (5) business
days following the receipt of written notice from the Company specifying any such breach, neither the Company nor any of its Affiliates
or Associates (including such persons’ officers, directors and persons holding substantially similar positions however titled) shall
make, or cause to be made, by press release or similar public statement, including to the press or media (including social media), or
in an SEC or other public filing, any statement or announcement that disparages (as distinct from objective statements reflecting business

 

    9 

     

    

criticism) any member
of the Icahn Group or Icahn Affiliates or any of their respective current or former officers or directors.

 

		4.	Public Announcements. The Company acknowledges that the Icahn Group intends to file this Agreement
as an exhibit to the Icahn Group’s Schedule 13D with respect to the Company promptly following the date hereof, and the Icahn Group
acknowledges that the Company intends to file this Agreement as an exhibit to a Current Report on Form 8-K promptly following the execution
of this Agreement. The Icahn Group will not issue a press release. The Company shall have an opportunity to review in advance any Schedule
13D filing made by the Icahn Group with respect to this Agreement, and the Icahn Group shall have an opportunity to review in advance
the relevant portion of the Current Report on Form 8-K filing to be made by the Company with respect to this Agreement.

 

		5.	Confidentiality Agreement. The Company hereby agrees that, following the appointment of the Icahn
Designees to the Board: (i) the Icahn Designees are permitted to and may provide confidential information subject to and in accordance
with the terms of the confidentiality agreement in the form attached to this Agreement as Exhibit B (the “Confidentiality
Agreement”) (which the Icahn Group agrees to execute upon the Icahn Group’s valid exercise of its nomination rights pursuant
to Section 1(a)(i) and deliver to the Company and cause the Icahn Designees to abide by) and (ii) the Company will execute and
deliver the Confidentiality Agreement to the Icahn Group substantially contemporaneously with execution and delivery thereof by the other
signatories thereto. At any time an Icahn Designee is a member of the Board, the Board shall not adopt a policy precluding members of
the Board from speaking to Mr. Icahn, and the Company confirms that it will advise members of the Board, including the Icahn Designees,
that they may, but are not obligated to, speak to Mr. Icahn (but subject to the Confidentiality Agreement), if they are willing to do
so and subject to their fiduciary duties and Company Policies (but may caution them regarding specific matters, if any, that involve conflicts
between the Company and the Icahn Group).

 

		6.	Representations and Warranties of All Parties. Each of the parties represents and warrants to the
other party that: (a) such party has all requisite company power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; (b) this Agreement has been duly and validly authorized, executed and delivered by it and is a valid and binding
obligation of such party, enforceable against such party in accordance with its terms; and (c) this Agreement will not result in a violation
of any terms or conditions of any agreements to which such person is a party or by which such party may otherwise be bound or of any law,
rule, license, regulation, judgment, order or decree governing or affecting such party.

 

		7.	Representations and Warranties of Icahn Group. Each member of the Icahn Group jointly represents
and warrants that, as of the date of this Agreement, (a) the Icahn Group collectively beneficially own, an aggregate of 34,721,118 BHC
Common Shares and 3,500,000 Common Shares (in each case excluding, for the avoidance of doubt, any cash-settled swaps or other cash-settled
instruments), (b) except as set forth in the preceding clause (a) and the Icahn Group’s Schedule 13Ds with respect to BHC or the
Company or as otherwise disclosed to the Company, no member of the Icahn Group, individually or in the aggregate with any Icahn Affiliate,
has any other beneficial ownership of, or economic exposure to, any BHC Common Shares or Common Shares, nor does it currently have or
have any right to acquire any interest in any other securities of BHC or the Company (or any rights, options or other securities convertible
into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of
time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities of
BHC, the Company or any of their respective controlled Affiliates, including any swaps or other derivative arrangements designed to produce

 

    10 

     

    

economic benefits
and risks that correspond to the ownership of BHC Common Shares or Common Shares, whether or not any of the foregoing would give rise
to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery
of BHC Common Shares or Common Shares, payment of cash or by other consideration, and without regard to any short position under any such
contract or arrangement), and (c) no member of the Icahn Group has any knowledge of any other stockholder of BHC or the Company that intends
to submit a notice to the Company to nominate directors at the next Annual Meeting of shareholders of BHC or the Company.

 

		8.	Representations and Warranties and Covenants of the Company. The Company represents and warrants,
that as of the date of this Agreement, the directors identified in the Company’s final prospectus filed with the SEC and dated May
5, 2022 are all of the directors on the Board. Further, the Company agrees that if the Company enters into an agreement, arrangement or
understanding, or otherwise grants any rights, to any other stockholder of the Company to avoid a proxy or similar contest with such stockholder
at any time during the three (3) months following the date that the Icahn Designees are seated as directors of the Company, then to the
extent such agreement, arrangement or understanding grants any right or rights that are more favorable than those set forth in this Agreement,
the Company agrees it shall offer the same such rights to the Icahn Group.

 

		9.	Miscellaneous. This Agreement shall terminate and be of no further force or effect upon the earliest
of the occurrence of any of the following events: (a) following the Board’s appointment of the Icahn Designees to the Board pursuant
to Section 1(a)(i), (i) no Icahn Designee then serving on the Board and (ii) the Icahn Group no longer being entitled to designate
a Replacement Designee for any Icahn Designee, (b) [reserved], (c) the Icahn Group not collectively beneficially owning an aggregate Net
Long Position in at least three percent (3%) of the total outstanding (A) BHC Common Shares, for so long as BHC owns at least 80% of the
Common Shares, or (B) Common Shares, at any other time, in each case as of the date hereof (as adjusted for any stock dividends, combinations,
splits, recapitalizations and similar type events), and (d) any breach by the Icahn Group of its covenants and obligations set forth in
Section 1(a)(ii) and Section 3(a) (including any action taken prior to the commencement of the Standstill Period that would
be a breach of Section 3(a) if taken during the Standstill Period). Notwithstanding anything herein to the contrary, Section
3(a)(i) shall survive any such termination through the Butterfly Date. The parties hereto recognize and agree that if for any reason
any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate
and irreparable harm or injury would be caused for which money damages would not be an adequate remedy. Accordingly, each party agrees
that in addition to other remedies the other party shall be entitled to at law or equity, the other party shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively
in the Delaware Court of Chancery or other federal or state courts of the State of Delaware. In the event that any action shall be brought
in equity to enforce the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is
an adequate remedy at law. Furthermore, each of the parties hereto (i) consents to submit itself to the personal jurisdiction of the Delaware
Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Agreement or the
transactions contemplated by this Agreement, (ii) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion
or other request for leave from any such court, (iii) agrees that it shall not bring any action relating to this Agreement or the transactions
contemplated by this Agreement in any court other than the Delaware Court of Chancery or the other federal or state courts of the State
of Delaware, and each of the parties irrevocably waives the right to trial by jury, (iv) agrees to waive any bonding requirement under
any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (v) irrevocably consents to
service of process by a reputable overnight mail

 

    11 

     

    

delivery service,
signature requested, to the address of such party’s principal place of business or as otherwise provided by applicable law. THIS
AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE
TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

 

		10.	No Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate
as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The
failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver
or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

		11.	Entire Agreement. This Agreement and the Confidentiality Agreement contain the entire understanding
of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto.

 

		12.	Notices. All notices, consents, requests, instructions, approvals and other communications provided
for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given
by telecopy and email, when such telecopy and email is transmitted to the telecopy number set forth below and sent to the email address
set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal
business hours at the address specified in this subsection:

 

if to the Company:

 

Bausch + Lomb Corporation

520 Applewood Crescent

Vaughan, Ontario, Canada L4K
4B4

Email: [*****]

Attention: Christina Ackermann, General Counsel

 

With copies to (which shall
not constitute notice):

 

Wachtell, Lipton, Rosen & Katz 

51 West 52 Street

New York, NY 10019 

	 	Attention: 	Igor Kirman, [*****]
	 	 	Mark Veblen, [*****]
	 	 	Sabastian Niles, [*****]

 

if to the Icahn Group:

	 	Icahn Capital LP
	 	16690 Collins Avenue, Penthouse Suite 
	 	Sunny Isles Beach, FL 33160
	 	Attention: Jesse Lynn, Chief Operating Officer
	 	Email: [*****]

    12 

     

    

		13.	Severability. If at any time subsequent to the date of this Agreement, any provision of this Agreement
shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect,
but the illegality or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision
of this Agreement.

 

		14.	Counterparts. This Agreement may be executed (including by facsimile or PDF) in two or more counterparts
which together shall constitute a single agreement.

 

		15.	Successors and Assigns. This Agreement shall not be assignable by any of the parties to this Agreement.
This Agreement, however, shall be binding on successors of the parties hereto.

 

		16.	No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and
is not enforceable by any other persons.

 

		17.	Fees and Expenses. Neither the Company, on the one hand, nor the Icahn Group, on the other hand,
will be responsible for any fees or expenses of the other in connection with this Agreement.

 

		18.	Interpretation and Construction. Each of the parties hereto acknowledges that it has been represented
by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the
same with the advice of said independent counsel. Each party and its counsel cooperated and participated in the drafting and preparation
of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed
the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly,
any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted
or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations
of this Agreement shall be decided without regards to events of drafting or preparation. The section headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless context otherwise
requires, references herein to Exhibits, Sections or Schedules mean the Exhibits, Sections or Schedules attached to this Agreement. The
term “including” shall be deemed to mean “including without limitation” in all instances. In all instances, the
term “or” shall not be deemed to be exclusive. For all purposes of this Agreement, and any exhibit, appendix or attachment
hereto (including, for the avoidance of doubt, Exhibit A), the Icahn Group and its Icahn Affiliates shall in no event be deemed to beneficially
own less than six percent (6%), or three percent (3%), as applicable, of the outstanding Common Shares unless the Icahn Group’s
crossing of any such threshold is the result of sales of Common Shares or transactions described in Rule 14e-4(a)(1) of the Exchange Act
(but excluding, for the avoidance of doubt, any cash-settled swaps or other cash-settled instruments) by, or on behalf of, the Icahn Group
or its Icahn Affiliates (i.e., issuances of Common Shares, or similar actions, by the Company shall have no effect on the deemed beneficial
ownership of Common Shares by the Icahn Group and its Icahn Affiliates for purposes of this this Agreement, or any exhibit, appendix or
attachment hereto (including, for the avoidance of doubt, Exhibit A)).

 

[Signature Pages Follow]

 

    13 

     

    

IN WITNESS WHEREOF,
each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of
the date first above written.

 

	 	BAUSCH + LOMB CORPORATION	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Christina Ackermann	 
	 	Name:	 Christina Ackermann	 
	 	Title:	 EVP, General Counsel	 

    [Signature Page to Director Appointment and Nomination Agreement between Bausch + Lomb Corporation and the Icahn Group]

     

    

	 	ICAHN GROUP	 
	 	 	 
	 	CARL C. ICAHN	 
	 	 	 
	 	/s/ Carl C. Icahn	 
	 	Carl C. Icahn	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	ICAHN PARTNERS LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	ICAHN PARTNERS MASTER FUND LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	ICAHN ENTERPRISES G.P. INC.	 
	 	 	 
	 	By:	/s/ Ted Papapostolou	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 

 

 

 

    [Signature Page to Director Appointment and Nomination Agreement between Bausch + Lomb Corporation and the Icahn Group]

     

    

	 	ICAHN ENTERPRISES HOLDINGS L.P.	 
	 	 	 	 
	 	By: Icahn Enterprises G.P. Inc., its general partner	 
	 	 	 
	 	By:	/s/ Ted Papapostolou	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	IPH GP LLC	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	ICAHN CAPITAL LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	ICAHN ONSHORE LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	ICAHN OFFSHORE LP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	BECKTON CORP	 
	 	 	 
	 	By:	/s/ Jesse Lynn	 
	 	Name:	Jesse Lynn	 
	 	Title:	Vice President	 

    [Signature Page to Director Appointment and Nomination Agreement between Bausch + Lomb Corporation and the Icahn Group]

     

    

SCHEDULE A

 

CARL C. ICAHN

 

ICAHN PARTNERS LP

 

ICAHN PARTNERS MASTER FUND LP

 

ICAHN ENTERPRISES G.P. INC.

 

ICAHN ENTERPRISES HOLDINGS L.P.

 

IPH GP LLC

 

ICAHN CAPITAL LP

 

ICAHN ONSHORE LP

 

ICAHN OFFSHORE LP

 

BECKTON CORP.

 

     

     

    

EXHIBIT A

 

[FORM OF RESIGNATION]

 

[DATE]

 

Board of Directors

Bausch + Lomb Corporation 

520 Applewood Crescent

Vaughan, Ontario, Canada L4K 4B4

 

Re: Resignation

 

Ladies and Gentlemen:

 

This
irrevocable resignation is delivered pursuant to that certain Director Appointment and Nomination Agreement, dated as of April __, 2022
(the “Agreement”) among Bausch + Lomb Corporation and the Icahn Group. Capitalized terms used herein but not defined shall
have the meaning set forth in the Agreement.

 

Pursuant
to Section 1(c) of the Agreement, effective only upon, and subject to, such time as the Icahn Group (together with the Icahn Affiliates)
ceases collectively to beneficially own (as defined in Rule 13d-3 (as in effect from time to time) promulgated by the SEC under the Exchange
Act) an aggregate Net Long Position in at least six percent (6%) of the total outstanding (A) BHC Common Shares, for so long as BHC owns
at least 80% of the Common Shares, or (B) Common Shares, at any other time, in each case as of June [ ], 2022, I hereby irrevocably resign
from my position as a director of the Company and from any and all committees of the Board on which I serve; provided, however,
that if this resignation is tendered pursuant to Section 1(c) of the Agreement, this resignation shall not be effective if any other resignation
of an Icahn Designee is tendered and accepted pursuant to Section 1(c) of the Agreement (and the Icahn Group shall determine in its sole
discretion which resignation of the Icahn Designees shall be effective) unless and until the Icahn Group (together with the Icahn Affiliates)
ceases collectively to beneficially own (as defined in Rule 13d-3 (as in effect from time to time) promulgated by the SEC under the Exchange
Act) an aggregate Net Long Position in at least three percent (3%) of the total outstanding (A) BHC Common Shares, for so long as BHC
owns at least 80% of the Common Shares, or (B) Common Shares, at any other time, in each case as of June [ ], 2022.

 

Sincerely,

 

	 	 

 

Name:

 

    A-1

     

    

EXHIBIT B

 

[CONFIDENTIALITY
AGREEMENT]

 

    B-1

     

    

CONFIDENTIALITY AGREEMENT

 

BAUSCH + LOMB CORPORATION

 

[DATE]

 

To: Each of the persons or entities listed on Schedule A (the “Icahn
Group” or “you”)

 

Ladies and Gentlemen:

 

This
letter agreement shall become effective upon the appointment of any Icahn Designee to the Board of Directors (the “Board”)
of Bausch + Lomb Corporation (the “Company”). Capitalized terms used but not otherwise
defined herein shall have the meanings given to such terms in the Amended and Restated Director Appointment and Nomination Agreement (the
“Nomination Agreement”), dated as of June 21, 2022, among the Company and the Icahn Group. The Company understands
and agrees that, subject to the terms of, and in accordance with, this letter agreement, an Icahn Designee may, if and to the extent he
or she desires to do so, disclose information he or she obtains while serving as a member of the Board to you and your Representatives
(as hereinafter defined), and may discuss such information with any and all such persons, subject to the terms and conditions of this
Agreement, and that other members of the Board may similarly disclose information to you. As a result, you may receive certain non-public
information regarding the Company. You acknowledge that this information is proprietary to the Company and may include trade secrets or
other business information the disclosure of which could harm the Company. In consideration for, and as a condition of, the information
being furnished to you and your agents, representatives, attorneys, advisors, directors, officers or employees, subject to the restrictions
in paragraph 2 (collectively, the “Representatives”), you agree to treat any and all information concerning or relating
to the Company or any of its subsidiaries or current or former affiliates that is furnished to you or your Representatives (regardless
of the manner in which it is furnished, including in written or electronic format or orally, gathered by visual inspection or otherwise)
by any Icahn Designee, or by or on behalf of the Company or any Company Representative (as defined below), including discussions or matters
considered in meetings of the Board or Board committees, together with any notes, analyses, reports, models, compilations, studies, interpretations,
documents, records or extracts thereof containing, referring, relating to, based upon or derived from such information, in whole or in
part (collectively, “Evaluation Material”), in accordance with the provisions of this letter agreement, and to take
or abstain from taking the other actions hereinafter set forth.

 

		1.	The term “Evaluation Material” does not include information that (i) is or has become generally
available to the public other than as a result of a direct or indirect disclosure by you or your Representatives in violation of this
letter agreement or any other obligation of confidentiality, (ii) was within your or any of your Representatives’ possession on
a non-confidential basis prior to its being furnished to you by any Icahn Designee, or by or on behalf of the Company or its agents, representatives,
attorneys, advisors, directors (other than the Icahn Designees), officers or employees (collectively, the “Company Representatives”),
or (iii) is received from a source other than any Icahn Designee, the Company or any of the Company Representatives; provided, that
in the case of (ii) or (iii) above, the source of such information was not believed by you, after reasonable inquiry, to be bound by a
confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company or any other person
with respect to such information at the time the information was disclosed to you.

 

		2.	You and your Representatives will, and you will cause your Representatives to, (a) keep the Evaluation
Material strictly confidential and (b) not disclose any of the Evaluation Material in any manner whatsoever without the prior written
consent of the Company; provided, however, that you

 

    B-2

     

    

may privately disclose
any of such information: (A) to your Representatives (i) who need to know such information for the purpose of advising you on your investment
in the Company and (ii) who are informed by you of the confidential nature of such information and agree to be bound by the terms of this
Agreement as if they were a party hereto; provided, further, that you will be responsible for any violation of this letter agreement
by your Representatives as if they were parties to this letter agreement; and (B) to the Company and the Company Representatives. It is
understood and agreed that no Icahn Designee shall disclose to you or your Representatives any Legal Advice (as defined below) that may
be included in the Evaluation Material with respect to which such disclosure would constitute waiver of the Company’s attorney client
privilege or attorney work product privilege. “Legal Advice” as used in this letter agreement shall be solely and exclusively
limited to the advice provided by legal counsel and shall not include factual information or the formulation or analysis of business strategy
that is not protected by the attorney-client or attorney work product privilege.

 

		3.	In the event that you or any of your Representatives are required by applicable subpoena, legal process
or other legal requirement to disclose any of the Evaluation Material, you will (a) promptly notify (except where such notice would be
legally prohibited) the Company in writing by email, facsimile and certified mail so that the Company may seek a protective order or other
appropriate remedy (and if the Company seeks such an order, you will provide such cooperation as the Company shall reasonably request),
at its cost and expense and (b) produce or disclose only that portion of the Evaluation Material which your outside legal counsel of national
standing advises you in writing is legally required to be so produced or disclosed and you inform the recipient of such Evaluation Material
of the existence of this letter agreement and the confidential nature of such Evaluation Material. In no event will you or any of your
Representatives oppose action by the Company to obtain a protective order or other relief to prevent the disclosure of the Evaluation
Material or to obtain reliable assurance that confidential treatment will be afforded the Evaluation Material. For the avoidance of doubt,
it is understood that there shall be no “legal requirement” requiring you to disclose any Evaluation Material solely by virtue
of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in derivative or other voluntary
transactions with respect to the Common Shares of the Company or otherwise proposing or making an offer to do any of the foregoing, or
you would be unable to file any proxy or other solicitation materials in compliance with Section 14(a) of the Exchange Act or the rules
promulgated thereunder.

 

		4.	You acknowledge that (a) none of the Company or any of the Company Representatives makes any representation
or warranty, express or implied, as to the accuracy or completeness of any Evaluation Material, and (b) none of the Company or any of
the Company Representatives shall have any liability to you or to any of your Representatives relating to or resulting from the use of
the Evaluation Material or any errors therein or omissions therefrom. You and your Representatives (or anyone acting on your or their
behalf) shall not directly or indirectly initiate contact or communication with any executive or employee of the Company other than the
Chairman of the Board, Chief Executive Officer, Chief Financial Officer, General Counsel, or such other persons approved by the foregoing
or the Board concerning Evaluation Material, or to seek any information in connection therewith from any such person other than the foregoing,
without the prior consent of the Company; provided, however, the restriction in this sentence shall not in any way apply to any
Icahn Designee acting in his or her capacity as a Board member (nor shall it apply to any other Board members).

 

		5.	All Evaluation Material shall remain the property of the Company. Neither you nor any of your Representatives
shall by virtue of any disclosure of or your use of any Evaluation Material acquire any rights with respect thereto, all of which rights
(including all intellectual property rights) shall

 

    B-3

     

    

remain exclusively
with the Company. At any time after the date on which no Icahn Designee is a director of the Company, upon the request of the Company
for any reason, you will promptly return to the Company or destroy all hard copies of the Evaluation Material and use reasonable best
efforts to permanently erase or delete all electronic copies of the Evaluation Material in your or any of your Representatives’
possession or control (and, upon the request of the Company, shall promptly certify to the Company that such Evaluation Material has been
erased or deleted, as the case may be). Notwithstanding the foregoing, the obligation to return or destroy Evaluation Material shall not
cover information (i) that is maintained on routine computer system backup tapes, disks or other backup storage devices as long as such
backed-up information is not used, disclosed, or otherwise recovered from such backup devices or (ii) retained on a confidential basis
solely to the extent required to comply with applicable law and/or any internal record retention requirements; provided that such materials
referenced in this sentence shall remain subject to the terms of this Agreement applicable to Evaluation Material, and you and your Representatives
will continue to be bound by the obligations contained herein for as long as any such materials are retained by you or your Representatives.

 

		6.	You acknowledge, and will advise your Representatives, that the Evaluation Material may constitute material
non-public information under applicable federal, state or provincial securities laws, and you agree that you shall not, and you shall
use reasonable best efforts to ensure that your Representatives do not, trade or engage in any derivative or other transaction on the
basis of such information in violation of such laws.

 

		7.	You hereby represent and warrant to the Company that (i) you have all requisite company power and authority
to execute and deliver this letter agreement and to perform your obligations hereunder, (ii) this letter agreement has been duly authorized,
executed and delivered by you, and is a valid and binding obligation, enforceable against you in accordance with its terms, (iii) this
letter agreement will not result in a violation of any terms or conditions of any agreements to which you are a party or by which you
may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting you, and (iv) your entry
into this letter agreement does not require approval by any owners or holders of any equity or other interest in you (except as has already
been obtained).

 

		8.	Any waiver by the Company of a breach of any provision of this letter agreement shall not operate as or
be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this letter agreement. The
failure of the Company to insist upon strict adherence to any term of this letter agreement on one or more occasions shall not be considered
a waiver or deprive the Company of the right thereafter to insist upon strict adherence to that term or any other term of this letter
agreement.

 

		9.	You acknowledge and agree that the value of the Evaluation Material to the Company is unique and substantial,
but may be impractical or difficult to assess in monetary terms. You further acknowledge and agree that in the event of an actual or threatened
violation of this letter agreement, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate
remedy. Accordingly, you acknowledge and agree that, in addition to any and all other remedies which may be available to the Company at
law or equity, the Company shall be entitled to an injunction or injunctions to prevent breaches of this letter agreement and to enforce
specifically the terms and provisions of this letter agreement exclusively in the Delaware Court of Chancery or other federal or state
courts of the State of Delaware. In the event that any action shall be brought in equity to enforce the provisions of this letter agreement,
you shall not allege, and you hereby waive the defense, that there is an adequate remedy at law.

 

    B-4

     

    

		10.	Each of the parties (a) consents to submit itself to the personal jurisdiction of the Delaware Court of
Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this letter agreement or the
transactions contemplated by this letter agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this letter agreement
or the transactions contemplated by this letter agreement in any court other than the Delaware Court of Chancery or other federal or state
courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding
requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (e) irrevocably
consents to service of process by a reputable overnight delivery service, signature requested, to the address of such party’s principal
place of business or as otherwise provided by applicable law. THIS LETTER AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY,
INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH
STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE.

 

		11.	This letter agreement and the Nomination Agreement contain the entire understanding of the parties with
respect to the subject matter hereof and thereof and supersedes all prior or contemporaneous agreements or understandings, whether written
or oral. This letter agreement may be amended only by an agreement in writing executed by the parties hereto.

 

		12.	All notices, consents, requests, instructions, approvals and other communications provided for in this
letter agreement and all legal process in regard to this letter agreement shall be in writing and shall be deemed validly given, made
or served, if (a) given by telecopy and email, when such telecopy is transmitted to the telecopy number set forth below and sent to the
email address set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received
during normal business hours at the address specified in this subsection:

 

if to the Company:

 

Bausch + Lomb Corporation 

520 Applewood Crescent

Vaughan, Ontario, Canada L4K 4B4

Email: [*****]

Attention: Christina Ackermann, General Counsel

 

With copies to (which shall
not constitute notice):

 

Wachtell, Lipton, Rosen & Katz

51 West 52 Street

New York, NY 10019

	 	Attention: 	Igor Kirman, [*****]
	 	 	Mark Veblen, [*****]
	 	 	Sabastian Niles, [*****]

    B-5

     

    

if to the Icahn Group:

 

	 	Icahn Capital LP
	 	16690 Collins Avenue, Penthouse Suite 
	 	Sunny Isles Beach, FL 33160
	 	Attention: Jesse Lynn, Chief Operating Officer
	 	Email: [*****]

 

		13.	If at any time subsequent to the date hereof, any provision of this letter agreement shall be held by
any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality
or unenforceability of such provision shall have no effect upon the legality or enforceability of any other provision of this letter agreement.

 

		14.	This letter agreement may be executed (including by facsimile or PDF) in two or more counterparts which
together shall constitute a single agreement.

 

		15.	This letter agreement and the rights and obligations herein may not be assigned or otherwise transferred,
in whole or in part, by you without the express written consent of the Company. This letter agreement, however, shall be binding on successors
of the parties to this letter agreement.

 

		16.	The Icahn Group shall cause any Replacement Designee appointed to the Board pursuant to the Nomination
Agreement to execute a copy of this letter agreement.

 

		17.	This letter agreement shall expire two (2) years from the date on which no Icahn Designee remains a director
of the Company; except that you shall maintain in accordance with the confidentiality obligations set forth herein any Evaluation Material
constituting trade secrets for such longer time as such information constitutes a trade secret of the Company as defined under 18 U.S.C.
§ 1839(3) and (ii) retained pursuant to Section 5.

 

		18.	No licenses or rights under any patent, copyright, trademark, or trade secret are granted or are to be
implied by this letter agreement.

 

		19.	Each of the parties acknowledges that it has been represented by counsel of its choice throughout all
negotiations that have preceded the execution of this letter agreement, and that it has executed the same with the advice of said counsel.
Each party and its counsel cooperated and participated in the drafting and preparation of this agreement and the documents referred to
herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and
may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that
would require interpretation of any ambiguities in this agreement against any party that drafted or prepared it is of no application and
is hereby expressly waived by each of the parties, and any controversy over interpretations of this agreement shall be decided without
regards to events of drafting or preparation. The term “including” shall in all instances be deemed to mean “including
without limitation.” In all instances, the term “or” shall not be deemed to be exclusive.

 

[Signature Pages Follow]

 

    B-6

     

    

Please confirm your agreement with the foregoing
by signing and returning one copy of this letter agreement to the undersigned, whereupon this letter agreement shall become a binding
agreement between you and the Company.

 

	 	Very truly yours,	 
	 	 	 
	 	BAUSCH + LOMB CORPORATION	 
	 	 	 	 
	 	By:		 
	 	Name:	 	 
	 	Title:	 	 

Accepted and agreed as of the date first written above:

 

	 	CARL C. ICAHN	 
	 	 	 	 
	 	Carl C. Icahn	 
	 	 	 	 
	 	ICAHN PARTNERS LP	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 

    [Signature Page to Confidentiality Agreement between Bausch + Lomb Corporation and the Icahn Group]
 

     

    

	 	ICAHN PARTNERS MASTER FUND LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ENTERPRISES G.P. INC.	 
	 	 	 
	 	By:	 	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ENTERPRISES HOLDINGS L.P.	 
	 	 	 
	 	By: Icahn Enterprises G.P. Inc., its general partner	 
	 	 	 
	 	By:	 	 
	 	Name:	Ted Papapostolou	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	IPH GP LLC	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	ICAHN CAPITAL LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	 	 	 
	 	ICAHN ONSHORE LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 

    [Signature Page to Confidentiality Agreement between Bausch + Lomb Corporation and the Icahn Group]
 

     

    

	 	ICAHN OFFSHORE LP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Chief Operating Officer	 
	 	 	 	 
	 	BECKTON CORP	 
	 	 	 
	 	By:	 	 
	 	Name:	Jesse Lynn	 
	 	Title:	Vice President	 

    [Signature Page to Confidentiality Agreement between Bausch + Lomb Corporation and the Icahn Group]
 

     

    

SCHEDULE A

 

Beckton Corp.

 

Icahn Capital LP

 

Icahn Enterprises Holdings L.P.

 

Icahn Enterprises G.P. Inc.

 

Icahn Offshore LP

 

Icahn Onshore LP

 

Icahn Partners LP

 

Icahn Partners Master Fund LP

 

IPH GP LLC

 

Icahn Capital LP

 

Carl C. Icahn

 

     

     

    

ANNEX 1

 

Tax Criteria

 

Subject to Section 1(e), from and
after the Distribution Effective Date, the Icahn Group shall not be permitted to designate any individual as a director of the Company
if: (x) such individual, at the time of such designation, is also a member of the board of directors of BHC; and (y) immediately following
such designation, more than two (2) individuals are members of the boards of directors of both BHC and the Company.

 

For example, if on the date of any such designation,
Brett Icahn and Steven Miller continue to be members of the board of directors of BHC, then: (x) if no other individuals are members of
the boards of directors of both BHC and the Company, then both Brett Icahn and Steven Miller would be permitted to join the board of directors
of the Company; (y) if two (2) other individuals are members of the boards of directors of both BHC and the Company, then neither Brett
Icahn nor Steven Miller would be permitted to join the board of directors of the Company; and (z) if one (1) other individual is a member
of the boards of directors of both BHC and the Company, then Brett Icahn or Steven Miller (but not both) would be permitted to join the
board of directors of the Company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]