Document:

Exhibit (10)-ii

    
      

    

    Exhibit
      (10)-ii

    

    Summary
      of Terms For Company Contribution For Certain Participants in the 401(k) Excess
      Program

    

    

    On
      February 27, 2006, the Compensation Committee of the Company’s Board of
      Directors (the “Compensation Committee”) approved a one-time arrangement to make
      limited contributions for the benefit of employees, including named executive
      officers of the Company, participating in the 401(k) Excess Program (“Excess
      Program”) under the Company’s non-qualified Executive Deferred Compensation
      Plan.  The contributions were made as a technical correction in the
      administration of the Excess Program.  As a standard feature of the Excess
      Program, the Company made a matching contribution based on a percentage of
      the
      employee’s salary and level of contribution into that program.

     

    However,
      the Company determined that because changes in IRS regulations under Internal
      Revenue Code Section 409A did not allow previously elected deferrals of certain
      performance-based bonuses, affected employees would not be entitled to receive
      the expected benefits of the Company matching contribution on those
      deferrals.  In order to preserve the intended matching contribution, the
      Compensation Committee authorized affected employees to receive Company
      contributions into their Excess Program deferral accounts in the amounts they
      would have received if the Company had been able to permit deferral of
      performance-based bonus compensation into the Excess Program under their
      elections.Exhibit (10)-jj

    
      
        

      

      Exhibit
        (10)-jj

      

      BAUSCH
        & LOMB INCORPORATED

      EXECUTIVE
        DEFERRED COMPENSATION PLAN

      FOR
        POST-2004 DEFERRALS

      

      

      
        	
                1.

              	
                Introduction

              
	
                This
                  Executive Deferred Compensation Plan for Post-2004 Deferrals (the
                  "Plan")
                  provides that Bausch & Lomb Incorporated (the "Company") will make
                  certain contributions on behalf of eligible executives and permits
                  eligible executives to defer
                  a portion of their compensation as more particularly described
                  in Section
                  2. The Plan is effective for eligible compensation deferred on
                  and after
                  January 1, 2005 (the “Effective Date”) and amounts deferred before that
                  date under the Bausch & Lomb Incorporated Executive Deferred
                  Compensation Plan that are subject to Section 409A (as defined
                  below).
                  Provisions which specify a later effective date shall be effective
                  on the
                  date specified. The Plan shall be administered on the basis of
                  a calendar
                  year starting each January 1 (the “Plan Year”).

                 

                This
                  Plan is intended to be unfunded for tax and ERISA Title I purposes
                  and to
                  comply with the requirements of Section 409A of the Internal Revenue
                  Code
                  of 1986, as amended (the "Code"), and the Treasury regulations
                  and other
                  authoritative guidance issued thereunder ("Section 409A"). This
                  Plan and
                  each of the transactions authorized or permitted under the terms
                  of this
                  Plan have been approved by the Board of Directors of the
                  Company.

                 

              
	
                2.

              	
                Types
                  of Deferrals

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

                 

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

                 

                (2) Payments
                  under the Annual Incentive Compensation Program ("AICP") or, for
                  plan
                  years prior to 2007, payments made under a Sales Incentive Program
                  ("SIP");

                 

                (3) Cash
                  payments made under the Long-Term Performance Unit Plan; and

                 

                (4) To
                  the extent permitted by Sections 401(k) and 409A of the Code, an
                  elected
                  percentage of base salary that shall commence after such percentage
                  election under the 401(k) Account Plan results in a cessation of
                  contributions to the 401(k) Account Plan due to the application
                  of the
                  Code's limitations on compensation and contributions. A participant
                  who
                  elects to make this deferral must elect to contribute the same
                  percentage
                  of compensation to this Plan as he/she elects to contribute to
                  the 401(k)
                  Account Plan for the Plan Year, and the deferral rules that apply
                  to this
                  Plan shall apply to his/her deferral election under the 401(k)
                  Account
                  Plan (e.g., once made the election is irrevocable for the Plan
                  Year, and,
                  with certain exceptions, the election must be made before the last
                  day of
                  the Plan Year preceding the Plan Year in which the services giving
                  rise to
                  the compensation relates are to be performed, etc.).

                 

                (b) Company
                  Deferrals.
                  The Company shall contribute the following amounts on behalf of
                  participants:

                 

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

                 

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

                 

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

                 

              
	
                3.

              	
                Eligible
                  Employees

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

                 

              
	
                4.

              	
                Participant
                  Deferrals

              
	
                (a) An
                  eligible employee who chooses to defer all or part of the compensation
                  referred to in Section 2 shall become a participant in the
                  Plan.

                 

                (b) For
                  deferrals of compensation otherwise payable as base salary, a minimum
                  amount as determined from time to time by the Plan Administrator
                  (as
                  defined in Section 10 hereof) must be deferred. A deferral period
                  must be
                  for a minimum 12 months or any other minimum period established
                  by the
                  Plan Administrator. For deferrals of salary to the Plan in excess
                  of the
                  401(k) Account Plan limit, there is no minimum amount of deferral.
                  For
                  deferrals of compensation otherwise payable under the Long-Term
                  Performance Unit Plan, 100% of the amount payable must be deferred.
                  Prior
                  to the crediting of deferrals under this Plan, all applicable FICA
                  and
                  Medicare taxes will be withheld.

                 

                (c) Except
                  as provided below, a participant's election to defer compensation
                  must be
                  made by written notice to the Plan Administrator before the last
                  day of
                  the Plan Year preceding the Plan Year in which the services giving
                  rise to
                  the compensation relates are to be performed.

                 

                (1) Effective
                  January 1, 2007, notwithstanding the preceding, if and to the extent
                  permitted under Section 409A and by the Plan Administrator, an
                  employee
                  who first attains a position that permits him/her to become eligible
                  in
                  the Plan (or any similar deferred compensation plan) in the first
                  six
                  months of a Plan Year may become eligible to participate in the
                  Plan on
                  the following July 1 and may make an election no later than thirty
                  (30)
                  days after the date he or she becomes eligible to become a Plan
                  participant to defer compensation earned for services to be performed
                  after the election. Prior to January 1, 2007, notwithstanding the
                  preceding, if and to the extent permitted under Section 409A and
                  by the
                  Plan Administrator, a newly hired employee who is in the class
                  of
                  employees eligible to participate in the Plan may make an election
                  no
                  later than thirty (30) days after the date he or she is hired to
                  defer
                  compensation earned for services to be performed after the
                  election.

                 

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

                 

                (3) Also
                  notwithstanding the preceding, to the extent permitted under Section
                  409A
                  and by the Plan Administrator, a participant may make an election
                  to defer
                  compensation for services performed on or before December 31, 2005
                  (including, but not limited to, AICP payments earned in 2004 which
                  are
                  payable in 2005 and AICP payments earned in 2005 which are payable
                  in
                  2006) no later than the earlier of (i) March 15, 2005, or (ii)
                  the date
                  such compensation is otherwise payable to the participant.

                 

                (4) Finally,
                  notwithstanding the preceding, deferrals of sales commissions for
                  the 2006
                  Plan Year consist of four quarterly payments beginning with the
                  May
                  payment and ending with the fourth payment in the first quarter
                  of 2007.
                  As of January 1, 2007, the Plan Administrator has the discretion
                  to change
                  the deferral cycle or take other action to correct for the one
                  quarter lag
                  attributable to there being no deferral for the first payment made
                  in
                  2006.

                 

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

                 

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

                 

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

                 

              
	
                5.

              	
                Participants'
                  Deferral Elections

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

                 

                (b) In
                  connection with each election to defer compensation, a participant
                  may
                  irrevocably elect to receive a payout at a specified future date.
                  The date
                  certain payout shall be a lump sum payment in an amount that is
                  equal to
                  the compensation deferred, plus, if any, vested Company contributions
                  described in Section 2(b), together with amounts credited or debited
                  on
                  both such amounts in the manner provided in Section 7(d). Each
                  date
                  certain payout designated by the participant must be as of January
                  1 of a
                  year that is at least two years after the Plan Year from which
                  the amount
                  is actually deferred, as specifically elected by the participant.
                  The
                  amount of the payout will be calculated based on the value of the
                  participant's benefit as of the January 15th
                  following the designated payout date, and the actual payment will be made
                  within forty-five (45) days following the January 15th
                  valuation date. By way of example, if a date certain payout is
                  elected for
                  base salary and/or SIP payments earned during 2005, the earliest
                  date that
                  the participant could elect his benefit to be paid out would be
                  after
                  January 1, 2008. As another example, if a participant elects to
                  defer AICP
                  payments earned during 2005 and normally paid in 2006 (but for
                  the
                  deferral election), the earliest date that the participant could
                  elect to
                  receive his date certain payout would be after January 1, 2009.
                  Notwithstanding the foregoing, a participant's designated payment
                  date is
                  subject to the overriding requirements of Section 8 of the Plan
                  and Code
                  Section 409A.

                 

                A
                  participant who is an active employee may, with respect to each
                  date
                  certain payout, on a form determined by the Plan Administrator,
                  make one
                  or more additional deferral elections (a "Subsequent Election")
                  to defer
                  payment of such date certain payout to a Plan Year subsequent to
                  the Plan
                  Year originally (or subsequently) elected; provided that (i) such
                  Subsequent Election may not take effect until at least 12 months
                  after the
                  date on which the Subsequent Election is made, (ii) the payment
                  with
                  respect to which such Subsequent Election is made must be deferred
                  for a
                  period of not less than 5 years from the date such payment would
                  otherwise
                  have been made; and (iii) the Subsequent Election must be made
                  at least 12
                  months prior to the date of the first scheduled payment. By way
                  of
                  example, a participant who previously elected to have a date certain
                  payout beginning on January 1, 2008 in respect of his or her base
                  salary
                  and/or SIP payments earned and deferred during 2005 may elect no
                  later
                  than January 1, 2007 to defer payment of such amounts to a new
                  date
                  certain payout beginning January 1, 2013.

                 

                (c) For
                  deferral amounts where the participant has selected retirement
                  as the
                  payment commencement date, the participant's lump sum payment shall
                  be
                  paid, or in the case of a participant who elects installment payments,
                  shall commence after the end of the Plan Year when the participant
                  retires; provided that the participant retires in the first six
                  months of
                  a Plan Year. The amount of the payout will be calculated based
                  on the
                  value of the participant's vested benefit as of the January 15
                  following
                  the year of retirement, and the actual payment will be made within
                  forty-five (45) days following the January 15 valuation date. If
                  such a
                  participant retires in the last 6 months of a Plan Year, the participant's
                  lump sum payment shall be paid, or in the case of a participant
                  who elects
                  installment payments, shall commence after the July 1 following
                  the end of
                  the Plan Year when the participant retires. The amount of the payout
                  will
                  be calculated based on the value of the participant's vested benefit
                  as of
                  the July 15 following the year of retirement and the actual payment
                  will
                  be made within forty-five (45) days following the July 15 valuation
                  date.
                  For example, if a participant elected to receive his/her benefit
                  as lump
                  sum with retirement as the payment commencement date and the participant
                  retires on March 15, 2007, the participant's benefit would be paid
                  within
                  the first 60 days of 2008. If such a participant retired on September
                  15,
                  2007, the participant's benefit would be paid within the 60 day
                  period
                  following July 1, 2008. The above rules apply to retirement payout
                  dates
                  commencing on or after January 1, 2007. Prior to January 1, 2007,
                  retirement payouts shall commence within 60 days after the end
                  of the Plan
                  Year when the participant retired, provided that payments to "specified
                  employees" (within the meaning of Section 409A) are delayed until
                  6 months
                  after termination of employment.

                 

                A
                  participant who is an active employee and who has selected retirement
                  as
                  the payment commencement date may, on a form determined by the
                  Plan
                  Administrator, make one or more additional deferral elections (a
                  "Subsequent Election") to defer payment and/or change the form
                  of payment
                  to a Plan Year subsequent to the Plan Year following his Retirement;
                  provided that (i) such Subsequent Election may not take effect
                  until at
                  least 12 months after the date on which the Subsequent Election
                  is made,
                  and (ii) the payment with respect to which such Subsequent Election
                  is
                  made must be deferred for a period of not less than 5 years from
                  the date
                  such payment would otherwise have been made.

                 

                (d) If
                  a participant elects to receive his or her deferred compensation
                  in
                  installments, the installment payments will be calculated in the
                  following
                  manner: the participant's vested account balance as of the January
                  15
                  following the payment date will be multiplied by a fraction, the
                  numerator
                  of which is 1, and the denominator of which is the number of remaining
                  installment periods. The payment date shall be the January 1 when
                  payments
                  commence (and each anniversary thereof), and the actual payment
                  shall be
                  made within 60 days of such date. For payouts commencing prior
                  to January
                  1, 2007, the payment date is such date in January that is designated
                  for
                  purposes of calculating installment payouts.

                 

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

                 

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

                 

              
	
                6.

              	
                Company
                  Deferrals

              
	
                (a) Company
                  contributions under Section 2(b) shall be made or credited to an
                  eligible
                  participant's account at such times determined by the Plan Administrator,
                  but in no event later than a reasonable period of time after the
                  end of
                  the Plan Year to which the contribution relates. A participant
                  is not
                  required to make any election to defer Company contributions; such
                  contributions shall be made automatically on behalf of all eligible
                  participants. If the participant has provided a written notice
                  with
                  respect to participant deferrals under Section 5 for the Plan Year,
                  the
                  terms set forth in that notice (except for the amount of the contribution)
                  shall apply equally to all Company contributions made with respect
                  to the
                  same Plan Year. If the participant has not provided a notice for
                  participant deferrals for the Plan Year, benefits attributable
                  to the
                  Company contributions (if vested) will be paid in accordance with
                  Section
                  8(e) (assuming for this purpose that “Termination of Employment” includes
                  Retirement).

                 

                (b) For
                  participants first hired by the Company prior to January 1, 2005,
                  Company
                  contributions and the earnings thereon shall be fully and immediately
                  vested at all times. For participants first hired by the Company
                  or after
                  January 1, 2005, Company contributions and the earnings thereon
                  shall be
                  vested in accordance with the vesting provisions of the Company’s 401(k)
                  Account Plan as from time to time in effect. Amounts that are unvested
                  at
                  the time of payout shall be forfeited.

                 

              
	
                7.

              	
                Investment
                  Accounts

              
	
                (a) Monies
                  deferred under the Plan will be transferred to a trusted subject
                  to a
                  “Rabbi” Trust Agreement between the Company and a trustee designated by
                  the Plan Administrator (the “Trust”); provided that no such transfer shall
                  be made if such transfer would result in adverse tax consequences
                  under
                  Section 409A.

                 

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

                 

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

                 

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

                 

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

                 

                (f) A
                  participant may elect to reallocate amounts already in his/her
                  Investment
                  Accounts among the various Investment Accounts at such times and
                  in
                  accordance with such procedures as the Plan Administrator may,
                  in its sole
                  discretion, prescribe; except that a reallocation into or out of
                  the
                  Bausch & Lomb Common Stock Investment Account by officers of the
                  Company subject to Section 16 of the Securities Exchange Act of
                  1934
                  (i.e., Section 16(b) regulations) may not be made more than once
                  in any
                  six (6) month period. Company contributions shall initially be
                  credited to
                  the Bausch & Lomb Common Stock Investment Account. Prior to August 1,
                  2005, Company contributions must remain in Company common stock
                  equivalents. On and after August 1, 2005, a participant may reallocate
                  Company contributions that have been made to his or her account
                  in the
                  form of Company common stock equivalents.

                 

              
	
                8.

              	
                Payment
                  of Deferred Compensation

              
	
                (a) A
                  participant’s right to payment of deferred compensation under the Plan is
                  a contractual obligation of the Company to the participant, and
                  his or her
                  right to such monies shall be an unsecured claim against the general
                  assets of the Company. However, the Company has established the
                  Trust as
                  an irrevocable rabbi trust for participants for the purpose of
                  holding
                  assets used to pay deferred compensation required by this Plan.
                  The
                  Company shall make periodic contributions to the Trust as may be
                  required
                  to fund amounts payable under the Plan; provided that no contributions
                  shall be made if such contributions would result in adverse tax
                  consequences under Section 409A. The Trust is intended to provide
                  a
                  participant with assurance that deferred monies will be paid to
                  the
                  participant in accordance with the Plan, except in the event of
                  the
                  Company’s bankruptcy or insolvency. Notwithstanding the establishment of
                  the Trust, the Company remains ultimately responsible to pay deferred
                  compensation to each participant. This obligation shall be met
                  from the
                  general assets of the Company if the Trust has insufficient funds
                  to pay
                  benefits.

                 

                (b) If,
                  in the discretion of the Plan Administrator, a participant has
                  a need for
                  funds due to an Unforeseeable Financial Emergency, a payment may
                  be made
                  to the participant from the vested funds in his or her account
                  at a date
                  earlier than the payment commencement date chosen by the participant
                  at
                  the time of deferral. A distribution based upon Unforeseeable Financial
                  Emergency shall not exceed the lesser of the participant’s vested account
                  balance, or the amount reasonably needed to satisfy the Unforeseeable
                  Financial Emergency plus amounts necessary to pay taxes reasonably
                  anticipated as a result of the payouts, after taking into account
                  the
                  extent to which the Unforeseeable Financial Emergency is or may
                  be
                  relieved through reimbursement or compensation by insurance or
                  otherwise
                  or by liquidation of the participant’s assets (to the extent the
                  liquidation of assets would not itself cause severe financial hardship).
                  A
                  distribution based upon Unforeseeable Financial Emergency shall
                  be
                  permitted solely to the extent permitted under Section 409A.

                 

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

                 

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

                 

                (c) In
                  the event of a participant’s death before he or she has received all of
                  the vested deferred compensation payments to which he or she is
                  entitled,
                  payments will be made to the participant’s estate or beneficiary (as
                  elected by the participant or, in the absence of an election, to
                  the
                  participant’s estate) in a single lump sum payment. The amount of the
                  payout will be calculated based on the value of the participant’s vested
                  benefit as of the January 15th
                  following the year of the participant’s death, and the actual payment will
                  be made within forty-five (45) days following the January 15th
                  valuation date.

                 

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

                 

                (e) Notwithstanding
                  any payout election a participant may have made under Section 5,
                  if a
                  participant experiences a Termination of Employment with the Company
                  within the first six months of the Plan Year, the participant’s vested
                  account balance shall be paid in a lump sum after the end of a
                  Plan Year
                  of the participant’s Termination of Employment. The amount of the payout
                  will be calculated based on the value of the participant’s vested benefit
                  as of the January 15th
                  following the year of such termination, and the actual payment
                  will be
                  made within forty-five (45) days following the January 15th
                  valuation date. Notwithstanding any payout election a participant
                  may have
                  made under Section 5, if a participant experiences a Termination
                  of
                  Employment with the Company within the last six months of a Plan
                  Year, the
                  participant’s vested account balance shall be paid in a lump sum after the
                  July 1 following the Plan Year of the participant’s Termination of
                  Employment. The amount of the payout will be calculated based on
                  the value
                  of the participant’s vested benefit as of the July 15th
                  following the year of such termination, and the actual payment
                  will be
                  made within forty-five (45) days following the July 15th
                  valuation date. The above rules apply to Termination of Employment
                  payout
                  dates commencing on or after January 1, 2007. Prior to that time,
                  Termination of Employment payouts commenced within 60 days after
                  the end
                  of the Plan Year when the participant terminated employment, provided
                  that
                  payments to “specified employees” (within the meaning of Section 409A)
                  were delayed until 6 months after Termination of Employment.

                 

                “Termination
                  of Employment” shall mean the separation from service with the Company
                  within the meaning of Section 409A, voluntarily or involuntarily,
                  for any
                  reason other than Retirement or death. No deferrals shall be permitted
                  from severance benefits that are paid in lieu of base compensation.
                  For
                  individuals who separate from service with the Company due to a
                  Retirement
                  (i.e., after first attaining age 55), refer to Section 5(c) for
                  the
                  distribution rules that apply to participants who elect retirement
                  as the
                  payment commencement date and Section 5(b) for the rules that apply
                  to
                  participants who elect a date certain payout.

                 

                (f) Subject
                  to Section 409A, upon a Change in Control, notwithstanding a participant’s
                  payment commencement date with respect to any compensation deferred
                  hereunder or method of payout with respect to any compensation
                  deferred
                  hereunder, all amounts in a participant’s deferred compensation account
                  (including earnings credited thereto) shall be due and payable
                  to the
                  participant in a cash lump sum within 15 days following the Change
                  in
                  Control.

                 

                For
                  purposes of this Plan, a “Change in Control” shall mean any of the
                  following events:

                 

                (1)
                  Any individual, entity or group (within the meaning of Section
                  13(d)(3) or
                  14(d)(2) of the Exchange Act (a "Person") acquires (or has acquired
                  during
                  the 12-month period ending on the date of the most recent acquisition
                  by
                  such Person) beneficial ownership (within the meaning of Rule 13d-3
                  promulgated under the Exchange Act) of 35% or more of either (A)
                  the
                  then-outstanding shares of common stock of the Company (the "Outstanding
                  Company Common Stock") or (B) the combined voting power of the
                  then-outstanding voting securities of the Company entitled to vote
                  generally in the election of directors (the "Outstanding Company
                  Voting
                  Securities"); provided,
                  however,
                  that, for purposes of this Section 8(f), the following acquisitions
                  shall
                  not constitute a Change in Control: (A) any acquisition directly
                  from the
                  Company, (B) any acquisition by the Company, (C) any acquisition
                  by any
                  employee benefit plan (or related trust) sponsored or maintained
                  by the
                  Company or any of its Affiliates or Subsidiaries or (D) any acquisition
                  pursuant to a transaction that complies with Sections 8(f)(3)(A),
                  8(f)(3)(B) and 8(f)(3)(C);

                 

                (2)
                  Any time at which, during the preceding 12-month period, individuals
                  who,
                  as of the beginning of such 12-month period, constitute the Board
                  (the
                  "Incumbent Board") cease for any reason to constitute at least
                  a majority
                  of the Board; provided,
                  however,
                  that any individual becoming a director during such 12-month period
                  whose
                  election, or nomination for election by the Company's stockholders,
                  was
                  approved by a vote of at least a majority of the directors then
                  comprising
                  the Incumbent Board shall be considered as though such individual
                  were a
                  member of the Incumbent Board, but excluding, for this purpose,
                  any such
                  individual whose initial assumption of office occurs as a result
                  of an
                  actual or threatened election contest with respect to the election
                  or
                  removal of directors or other actual or threatened solicitation
                  of proxies
                  or consents by or on behalf of a Person other than the Board;

                 

                (3)
                  Consummation of a reorganization, merger, statutory share exchange
                  or
                  consolidation or similar transaction involving the Company or any
                  of its
                  subsidiaries, a sale or other disposition of all or substantially
                  all of
                  the assets of the Company, or the acquisition of assets or stock
                  of
                  another entity by the Company or any of its Subsidiaries (each,
                  a
                  "Business Combination"), in each case unless, following such Business
                  Combination, (A) all or substantially all of the individuals and
                  entities
                  that were the beneficial owners of the Outstanding Company Common
                  Stock
                  and the Outstanding Company Voting Securities immediately prior
                  to such
                  Business Combination beneficially own, directly or indirectly,
                  more than
                  50% of the then-outstanding shares of common stock (or, for a
                  non-corporate entity, equivalent securities) and the combined voting
                  power
                  of the then-outstanding voting securities entitled to vote generally
                  in
                  the election of directors (or, for a non-corporate entity, equivalent
                  governing body), as the case may be, of the entity resulting from
                  such
                  Business Combination (including, without limitation, an entity
                  that, as a
                  result of such transaction, owns the Company or all or substantially
                  all
                  of the Company's assets either directly or through one or more
                  subsidiaries) in substantially the same proportions as their ownership
                  immediately prior to such Business Combination of the Outstanding
                  Company
                  Common Stock and the Outstanding Company Voting Securities, as
                  the case
                  may be, (B) no Person (excluding any corporation resulting from
                  such
                  Business Combination or any employee benefit plan (or related trust)
                  of
                  the Company or such corporation resulting from such Business Combination)
                  beneficially owns, directly or indirectly, 35% or more of, respectively,
                  the then-outstanding shares of common stock of the corporation
                  resulting
                  from such Business Combination or the combined voting power of
                  the
                  then-outstanding voting securities of such corporation, except
                  to the
                  extent that such ownership existed prior to the Business Combination,
                  and
                  (C) individuals who were members of the Incumbent Board at the
                  time of the
                  execution of the initial agreement or of the action of the Board
                  providing
                  for such Business Combination constitute at least a majority of
                  the
                  members of the board of directors (or, for a non-corporate entity,
                  equivalent governing body) of the entity resulting from such Business
                  Combination; or

                 

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

                 

              
	
                9.

              	
                Fail-Safe
                  Provision

              
	
                (a) This
                  Section shall have become operative upon the enactment of any change
                  in
                  applicable statutory law or the promulgation by the Internal Revenue
                  Service of a final regulation or other pronouncement having the
                  force of
                  law, which statutory law, as changed, or final regulation or
                  pronouncement, as promulgated, would cause any participant to include
                  in
                  his or her federal gross income amounts accrued by the participant
                  under
                  the Plan on a date (an "Early Taxation Event") prior to the date
                  on which
                  such amounts are made available to him or her hereunder; provided,
                  however, that no portion of this Section shall become operative
                  to the
                  extent that portion would result in a violation of Section
                  409A.

                 

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

                 

              
	
                10.

              	
                Administration

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

                 

              
	
                11.

              	
                Assignability

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

                 

              
	
                12.

              	
                Business
                  Days

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

                 

              
	
                13.

              	
                Amendment

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

                 

              
	
                14.

              	
                Termination

              
	
                Although
                  the Company anticipates that it will continue the Plan for an indefinite
                  period of time, there is no guarantee that the Company will continue
                  the
                  Plan or will not terminate the Plan at any time in the future.
                  Accordingly, the Company (through its Board of Directors or the
                  Compensation Committee) reserves the right to terminate the Plan
                  at any
                  time under such circumstances as may be permitted from time to
                  time under
                  Section 409A. Upon a complete or partial termination of the Plan,
                  the
                  deferral elections of the affected participants shall terminate
                  and their
                  Plan account balances, determined as if they had experienced a
                  Termination
                  of Employment on the date of Plan termination, shall, subject to
                  Section
                  15, be immediately paid to the participants; provided however,
                  if
                  immediate distribution of a Participant's account balance on termination
                  is not permitted by Section 409A, the payment of the account balance
                  shall
                  be made only after Plan benefits otherwise become due
                  hereunder.

                 

              
	
                15.

              	
                Prohibited
                  Acceleration/Distribution Timing

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

                 

              
	
                16.

              	
                Claims
                  Procedures

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

                 

                Such
                  notice shall be furnished to the claimant within a reasonable period
                  of
                  time, but no later than 90 days after receipt of the claim by the
                  Plan,
                  unless the Plan Administrator determines that special circumstances
                  require an extension of time for processing the claim. In no event
                  shall
                  such an extension exceed a period of 90 days from the end of the
                  initial
                  90-day period. If such an extension is required, written notice
                  thereof
                  shall be furnished to the claimant before the end of the initial
                  90-day
                  period, which shall indicate the special circumstances requiring
                  an
                  extension of time and the date by which the Plan Administrator
                  expects to
                  render a decision.

                 

                (b) Right
                  to a Review of the Denial.
                  Every claimant whose claim for benefits under the Plan is denied
                  in whole
                  or in part by the Plan Administrator shall have the right to request
                  a
                  review of the denial. Review shall be granted if it is requested
                  in
                  writing by the claimant no later than 60 days after the claimant
                  receives
                  written notice of the denial. The review shall be conducted by
                  the Plan
                  Administrator.

                 

                (c) Decision
                  of the Plan Administrator on Appeal.
                  The claimant may submit written comments, documents, records and
                  other
                  information relating to the claim, and may review documents, records
                  and
                  other information relevant to the claim under the applicable standards
                  under ERISA. The Plan Administrator's decision shall be rendered
                  within 60
                  days following receipt of the request for review. If additional
                  processing
                  time is required, the Plan Administrator shall provide the claimant
                  with
                  written notice thereof, which shall indicate the special circumstances
                  requiring the additional time and the date by which the Plan Administrator
                  expects to render a decision. If the Plan Administrator denies
                  the claim
                  on review, it shall provide the claimant with written notice of
                  its
                  decision, which shall set forth (i) the specific reasons for the
                  decision,
                  (ii) reference to the specific provisions of the Plan on which
                  the
                  decision is based, (iii) a statement of the claimant's right to
                  reasonable
                  access to, and copies of, all documents, records and other information
                  relevant to the claim under the applicable standards under ERISA,
                  and (iv)
                  and a statement of the claimant's right to bring a civil action
                  under
                  ERISA. The Plan Administrator's decision shall be final and binding
                  on the
                  claimant, and the claimant's heirs, assigns, administrator, executor,
                  and
                  any other person claiming through the claimant.

                 

              
	 	
                BAUSCH
                  & LOMB INCORPORATED

                 

                 

                By:         
                  /s/
                  David R. Nachbar  

                Corporate
                  Senior Vice President

                Human
                  Resources

              
	 	
                Dated: November
                  7, 2006

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