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Exhibit 10.20

BAUSCH HEALTH COMPANIES INC.
AMENDED AND RESTATED
EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is hereby entered into as of February 18, 2022, by and between Bausch Health Companies Inc., a company incorporated in the Province of British Columbia, Canada (together with any successor thereto, “Bausch Health” or the “Company”), and Thomas J. Appio, an individual (the “Executive”) (hereinafter collectively referred to as “the parties”).  Where the context requires, references to the Company shall include the Company’s subsidiaries and affiliates and any successors in interest thereto, which shall include Bausch Pharma in connection with the separation of the Bausch + Lomb business (the “Separation”).
RECITALS
WHEREAS, the Company and the Executive entered into that certain employment agreement dated as of March 23, 2017, retroactive to August 17, 2016 (the “Original Agreement”), pursuant to which the Company continued to employ Executive for the term described therein;
    WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of Bausch Health and its stockholders to separate the global eye health business (such business, “Bausch + Lomb”) from the remainder of Bausch Health by providing for an initial public offering of the common shares of Bausch + Lomb Corporation (“B+L”) (such offering, the “IPO”) and subsequently separating the Bausch + Lomb business from the Company (the date of such Separation, the “Separation Date”);
WHEREAS, in connection with the IPO, the Company desires to amend and restate Executive’s Original Agreement and continue to employ Executive on the terms set forth in this Agreement, for the period provided below, and Executive desires to continue such employment with the Company, subject to the terms and conditions set forth herein; and
NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows:
1.Commencement Date; Term.  The term (the “Employment Term”) of Executive’s employment under this Agreement shall be for the period commencing retroactively on September 1, 2021 (the “Initial Commencement Date”) and ending on the third (3rd) anniversary of the Initial Commencement Date.  Thereafter, the Employment Term shall extend automatically for consecutive periods of one year unless either party provides notice of non-renewal not less than one-hundred and eighty (180) days prior to the end of the Employment Term as then in effect.
2.Employment.  During the Employment Term:
(a)Executive shall be employed as the Chief Executive Officer of the pharmaceutical business of the Company (the “Pharma Business”) as of the Initial Commencement Date, at which time Executive shall report directly to the Chief Executive Officer of Bausch Health. Contingent and effective upon the closing of the IPO, Executive shall be employed as the Chief Executive Officer of the Company (the “Bausch Pharma Commencement Date”), at which time Executive shall report directly to the Board.  Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in similar executive capacities.
(b)During the Employment Term, the Company may nominate Executive for election to the Board and Executive shall not receive separate or additional compensation for such service.  At, or any time after, the time of Executive’s termination of employment with the Company for any reason, Executive shall resign from the Board if requested to do so by the Company.  The preceding sentence shall survive any termination of the Employment Term.
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(c)Excluding periods of vacation and sick leave to which Executive is entitled and other service outside of the Company contemplated in this Section 2(c), Executive shall devote his full professional time and attention to the business and affairs of the Company to discharge the responsibilities of Executive hereunder.  Prior to joining or agreeing to serve on corporate, civil or charitable boards or committees, Executive shall obtain approval of the Board.  Executive may manage personal and family investments, participate in industry organizations and deliver lectures at educational institutions, so long as such activities do not interfere with the performance of Executive’s responsibilities hereunder.  It is understood that, during Executive’s employment by the Company, Executive shall not engage in any activities that constitute a conflict of interest with the interests of the Company or its direct and indirect subsidiaries, as outlined in the Company’s conflict of interest policies for employees and executives in effect from time to time.
(d)Executive shall be subject to and shall abide by each of the personnel policies applicable to senior executives, including any policy restricting pledging and hedging investments in Company equity by Company executives, any policy the Company adopts regarding the recovery of incentive compensation (sometimes referred to as “clawback”) and any additional clawback provisions as required by law and applicable listing rules.  This Section 2(d) shall survive the termination of the Employment Term.
(e)Subject to Sections 7, 8 and 9 hereof, Executive’s employment with the Company is “at will,” such that each of Executive or the Company has the option to terminate Executive’s employment at any time, with or without advance notice, and with or without Cause or with or without Good Reason.  This Agreement does not constitute an express or implied agreement of continuing or long-term employment.  The at-will nature of Executive’s employment can be altered only by a written agreement specifying the altered status of Executive’s employment.  Such written agreement must be signed by both Executive and the Board.
3.Annual Compensation.
(a)Base Salary.  Effective on the Initial Commencement Date, during the Employment Term, Executive shall be paid an annual base salary of $1,000,000 (“Base Salary”).  The Base Salary shall be payable in accordance with the Company’s regular payroll practices as then in effect.  During the Employment Term, the Base Salary will be reviewed annually by the Talent and Compensation Committee of the Board (the “Committee”) and is subject to adjustment at the discretion of the Committee.
(b)Performance Bonus.  Effective on the Initial Commencement Date, subject to the terms of the Company’s annual incentive cash bonus program as in effect from time to time, Executive shall be eligible to receive a target annual cash bonus of 120% of Base Salary (such target bonus, as may hereafter be increased, the “Target Bonus”) with the opportunity to receive a maximum annual cash bonus of 200% of the Target Bonus; provided that, for the avoidance of doubt, Executive’s target bonus opportunity for fiscal year 2021 shall be a blended average of Executive’s target bonus opportunity prior to the Initial Commencement Date and Executive’s Target Bonus on and after the Initial Commencement Date based on the number of days prior to the Initial Commencement Date and the number of days on and after the Initial Commencement Date, respectively. Annual bonuses, if any, will be payable in the Company’s discretion and in accordance with the Company’s customary practices applicable to bonuses paid to senior executives of the Company. During the Employment Term, the Executive’s Target Bonus will be reviewed annually by the Committee and is subject to adjustment at the discretion of the Committee.  Executive will also be eligible to continue to participate in the Bausch + Lomb Separation Bonus Opportunity, as detailed in the letter dated November 2, 2020.
4.Additional Compensation.
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(a)One-Time Promotion Award. Effective as of the Initial Commencement Date, Executive previously received a grant under the Amended and Restated 2014 Omnibus Incentive Plan (as amended and restated from time to time, the “Plan”) of (i) a number of performance stock units (the “PSUs”) with a target grant-date fair value equal to $2,500,000 and (ii) a number of restricted stock units (the “RSUs”) with a grant-date fair value equal to $2,500,000 , in each case with respect to common shares of BHC (“BHC Shares”). The PSUs and RSUs are subject to the terms and conditions of the Plan and applicable award agreements, which have been previously provided to Executive. For the avoidance of doubt, upon the Separation, the PSUs and RSUs described in this Section 4(a) shall be equitably adjusted in accordance with the Plan (including the equitable adjustment of the number BHC Shares underlying such PSUs and RSUs and the performance goals applicable to the PSUs, as applicable) and shall otherwise remain awards entirely with respect to BHC Shares, which such equitable adjustments shall be subject to the terms and conditions of the Plan, the award agreements evidencing such PSUs and RSUs and the applicable Separation-related agreements entered into in connection with the Separation (including the employee matters agreement).
(b)Ongoing Grants.  Executive will be eligible for consideration for additional equity grants during the Employment Term in the sole discretion of the Committee commensurate with his position with the Company and as provided to similarly situated executives of the Company.
5.Share Ownership Commitment.  Executive agrees to comply with any share ownership requirements adopted by the Company applicable to Executive, which shall be on the same terms as senior executives of the Company.
6.Other Benefits.  During the Employment Term:
(a)Employee Benefits.  Executive shall be entitled to participate in the employee benefit plans, practices and programs maintained by the Company, and made available to senior executives of the Company generally, including, without limitation, all pension, retirement, profit sharing, savings, medical, hospitalization, disability, dental, life or travel accident insurance benefit plans and matching share program in accordance with the terms of the plans as in effect from time to time.  Executive’s participation in such plans, practices and programs shall be on the same basis and terms as are applicable to such employees.
(b)Business Expenses.  Upon submission of proper invoices in accordance with, and subject to, the Company’s normal policies and procedures, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and travel expenses incurred by him in connection with the performance of his duties hereunder.
(c)Repatriation from China.  Effective as of December 31, 2021, Executive’s expatriate assignment from New Jersey to China, and the associated benefits provided under the Company’s expatriate program, ended.  The Company will cover reasonable and customary expenses related to the Executive’s repatriation from China to New Jersey.  In respect of the period ended December 31, 2021, the Company will continue to provide tax equalization for any trailing liabilities as a result of cash or equity compensation granted or earned while on assignment in China, and shall pay the cost of any tax preparation services required in connection with Executive’s tax equalization.
(d)Vacation and Sick Leave.  Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of Executive’s employment under this Agreement, pursuant to the following:
(1)Executive shall be entitled to annual vacation in accordance with and subject to the policies as periodically established for senior executives of the Company; and
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(2)Executive shall be entitled to sick leave (without loss of pay) in accordance with the Company’s policies as in effect from time to time.
7. Termination.  Executive’s employment with the Company hereunder may be terminated under the circumstances set forth below; provided, however, that notwithstanding anything contained herein to the contrary, to the extent required by Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement until he would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A.
(a)Death.  Executive’s employment shall be terminated as of the date of Executive’s death and Executive’s beneficiaries shall be entitled to the benefits provided in Section 9(b) hereof.
(b)Disability.  The Company may terminate Executive’s employment, on written notice to Executive after having established Executive’s Disability and while Executive remains Disabled, and Executive shall be entitled to the benefits provided in Section 9(b) hereof.  For purposes of this Agreement, “Disability” shall have the meaning assigned to such term in the Plan.
(c)Cause.  The Company may terminate Executive’s employment for Cause effective as of the date of the Notice of Termination (as defined in Section 8 hereof) and Executive shall be entitled to the benefits provided in Section 9(a) hereof.  “Cause” shall  mean, for purposes of this Agreement: (1) conviction of any felony (other than one related to a vehicular offense) or other criminal act involving fraud; (2) willful misconduct that results in a material economic detriment to the Company; (3) material violation of Company policies and directives, which is not cured after written notice and an opportunity for cure; (4) continued refusal by Executive to perform his duties after written notice identifying the deficiencies and an opportunity for cure; and (5) a material violation by Executive of any of the covenants to the Company set forth in this Agreement, any restrictive covenant or similar agreement or any compensatory plan, agreement or arrangement between Executive and the Company.  No action or inaction shall be deemed willful if (x) not demonstrably willful and (y) taken, or not taken, by Executive in good faith and with the understanding that such action, or inaction, was not adverse to the best interests of the Company.  References in this paragraph to the Company shall also include direct and indirect subsidiaries of the Company, and materiality shall be measured based on the action or inaction and the impact upon the Company taken as a whole.  Without limiting the other rights of the Company under this Section 7, the Company may suspend Executive, without pay, upon Executive’s indictment for the commission of a felony as described under clause (1) above.  Such suspension may remain effective until such time as the indictment is either dismissed or a verdict of not guilty has been entered.  If such indictment does not result in a conviction, as soon as practicable following such dismissal or verdict, the Company will pay Executive the base salary and target bonus amount that Executive would have received for the period during which Executive was suspended without pay (with interest from the date such amounts would otherwise have been paid at the short-term applicable federal rate, compounded semi-annually, as determined under Section 1274 of the Code for the month in which payment would have been made but for the delay) and Executive will receive vesting credit for purposes of Executive’s outstanding equity awards.
(d)Without Cause.  The Company may terminate Executive’s employment without Cause.  The Company shall deliver to Executive a Notice of Termination (as defined in Section 8 hereof) not less than sixty (60) days prior to the termination of Executive’s employment without Cause and the Company shall have the option of terminating Executive’s duties and responsibilities prior to the expiration of such thirty-day notice period, and Executive shall be entitled to the benefits provided in Section 9(c) hereof.
(e)Good Reason.  Executive may terminate his employment for Good Reason (as defined below) by delivering to the Company a Notice of Termination not less than thirty (30) days 
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prior to the termination of Executive’s employment for Good Reason and no more than one hundred fifty (150) days following the initial existence of the event or condition constituting Good Reason.  The Company shall have the option of terminating Executive’s duties and responsibilities prior to the expiration of such thirty (30) day notice period, and Executive shall be entitled to the benefits provided in Section 9(c) hereof.  For purposes of this Agreement, “Good Reason” shall mean the occurrence of any  of the events  or conditions described in clauses (1) through (4) below during the Employment Term, without Executive’s prior written consent, which are not cured by the  Company (if susceptible to cure by the Company) within thirty (30) days after the Company has received written notice from Executive within ninety (90) days of the initial existence of the event or condition constituting Good Reason specifying the particular events or conditions which constitute Good Reason and the specific cure requested by Executive. 
(1)Diminution of Responsibility.  (A) Any material reduction in Executive’s duties or responsibilities as (i) Chief Executive Officer of the Pharma Business between the Initial Commencement Date and the Bausch Pharma Commencement Date or (ii) Chief Executive Officer of the Company following the Bausch Pharma Commencement Date, in each case as in effect immediately prior thereto (other than a reduction where Executive is provided with other duties or responsibilities substantially comparable to Executive’s overall duties and responsibilities prior to such reduction) or (B) removal of Executive from the position of (i) Chief Executive Officer of the Pharma Business between the Initial Commencement Date and the Bausch Pharma Commencement Date or (ii) Chief Executive Officer of the Company following the Bausch Pharma Commencement Date (or, following a Change in Control or a corporate restructuring, removal from the position of Chief Executive Officer of the ultimate parent company of the resulting entity), except, in each of (A) and (B), in connection with (1) the termination of Executive’s employment for Disability, Cause, as a result of Executive’s death or by Executive other than for Good Reason, or (2) for the avoidance of doubt, the changes in the Executive’s position and reporting relationship contemplated by Section 2(a);
(2)Compensation Reduction.  Any reduction in Executive’s Base Salary or Target Bonus opportunity which is not comparable to reductions in the base salary or target bonus opportunity of other senior executives of the Company; 
(3)Relocation.  Any relocation of Executive’s primary place of business that results in an increase of Executive’s one-way commute by fifty (50) miles or more; provided that Executive’s repatriation to New Jersey in connection with Executive’s commencement of employment shall not constitute Good Reason; and provided further that the Company’s request that Executive travel from time to time on behalf of the Company shall not constitute Good Reason; or 
(4)Company Breach.  Any other material breach by the Company of any material provision of this Agreement, including, but not limited to, the failure of the Company to consummate the closing of the IPO by the second anniversary of the Initial Commencement Date as contemplated by this Agreement.
(f)Without Good Reason.  Executive may voluntarily terminate his employment without Good Reason by delivering to the Company a Notice of Termination not less than thirty (30) days prior to the termination of Executive’s employment and the Company shall have the option of terminating Executive’s duties and responsibilities prior to the expiration of such thirty (30) day notice period, and Executive shall be entitled to the benefits provided in Section 9(a) hereof through the last day of such notice period.
(g)Notice of Non-Renewal.  Executive’s employment shall terminate upon expiration of the Employment Term as then in effect following timely provision by either party of notice of 
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non-renewal in accordance with Section 1 hereof, and Executive shall be entitled to the benefits provided in Section 9(d) hereof.
8.Notice of Termination.  Any purported termination by the Company or by Executive shall be communicated by written Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which indicates a termination date (the “Termination Date”), the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.  For purposes of this Agreement, no such purported termination of Executive’s employment hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice).
9.Compensation Upon Termination.  Upon termination of Executive’s employment during the Employment Term, Executive shall be entitled to the following benefits; provided, however, that any such benefits to which Executive is hereunder entitled shall be offset by those benefits that Executive receives, if any, under applicable law or otherwise:
(a)Termination by the Company for Cause or by Executive Without Good Reason.  If Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason, the Company shall pay Executive all amounts earned or accrued hereunder through the Termination Date, including:
(1)reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company for the period ending on the Termination Date;
(2)any previous compensation which Executive has previously deferred (including any interest earned or credited thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect;
(3)equity and incentive awards, to the extent previously vested, shall be paid or delivered to Executive in accordance with the terms of such awards (including the applicable retirement provisions set forth therein); and
(4)any amount or benefit as provided under any benefit plan or program (the foregoing items in clauses (1) through (4) being collectively referred to as the “Accrued Compensation”).
(b)Termination by the Company for Disability or Death.  If Executive’s employment is terminated by the Company for Disability or by reason of Executive’s death, then, subject to Section 17(e) hereof, Executive shall be entitled to the benefits provided in this Section 9(b).
(1)The Company shall pay Executive (or his beneficiaries, as applicable) the Accrued Compensation;
(2)The Company shall pay to Executive (or his beneficiaries, as applicable) within sixty (60) days following the Termination Date, any bonus earned but unpaid in respect of any fiscal year preceding the Termination Date; and
(3)Each unvested equity award held by Executive at the time of termination shall be governed by the terms of the applicable award agreement (including the applicable retirement provisions set forth therein).
(c)Termination by the Company Without Cause or by Executive for Good Reason.  If Executive’s employment by the Company shall be terminated by the Company without Cause or by Executive for Good Reason, then, subject to Section 17(e) hereof, Executive shall be entitled to the benefits provided in this Section 9(c).
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(1)The Company shall pay to Executive any Accrued Compensation;
(2)The Company shall pay to Executive any bonus earned but unpaid in respect of any fiscal year preceding the Termination Date within sixty (60) days following the Termination Date;
(3)The Company shall pay to Executive a bonus or incentive award in respect of the fiscal year in which Executive’s Termination Date occurs in an amount equal to the product of (A) the lesser of (x) the bonus or incentive award that Executive would have been entitled to receive based on actual achievement against the stated performance objectives and (y) Executive’s Target Bonus and (B) a fraction (x) the numerator of which is the number of days in such fiscal year through the Termination Date and (y) the denominator of which is 365 (provided that if such termination occurs in contemplation of a Change in Control (as defined in the Plan) or within twelve months following a Change in Control, then in the forgoing calculation, the amount under (A) above shall be equal to Executive’s Target Bonus).  Any bonus or incentive award payable to Executive under this clause (3) shall be paid in a lump sum payment by March 15 of the year following the fiscal year in which Executive’s Termination Date occurs;
(4)The Company shall pay Executive as severance pay, in lieu of any further compensation for the periods subsequent to the Termination Date, an amount in cash, which amount shall be payable in a lump sum payment within sixty (60) days following such termination (subject to Section 10 hereof), equal to two (2) times the sum of Executive’s Base Salary and Target Bonus, in each case, as in effect immediately prior to termination and without regard to any reduction thereto which constitutes Good Reason;
(5)Each unvested equity award held by Executive at the time of termination shall be governed by the terms of the applicable award agreement (including the applicable retirement provisions set forth therein); and
(6)The Company shall provide Executive with continued coverage through the second anniversary  of Executive’s Termination Date under any health, medical, dental or vision program or policy in which Executive (and his dependents, as applicable) participated in as of the time of his employment termination on terms no less favorable to Executive and his dependents than those applicable to actively employed senior executives of the Company; provided, however, that Executive shall be solely responsible for any taxes incurred in respect of such coverage; and provided, further, that the Company may modify the continuation coverage contemplated by this Section 9(c)(6) (including by providing a lump-sum cash payment equal to the value for Executive of the continuation coverage provided herein) to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable).
(d)Expiration of Employment Term Upon Notice of Non-Renewal.  If Executive’s employment  terminates  upon  expiration of the Employment Term as in effect following timely provision of a notice of non-renewal in accordance with Section 1 hereof, then:
(1)If such notice is submitted by Executive, then Executive shall be entitled to the benefits provided in Section 9(a) hereof.
(2)If such notice is submitted by the Company, then Executive shall be entitled to the benefits provided in Section 9(c) hereof, subject to Section 17(e) hereof.
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(e)Executive shall not be required to mitigate the amount of any payment provided for under this Section 9 by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment.
10.Section 409A.  The parties intend for the payments and benefits under this Agreement to be exempt from Section 409A or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend that this Agreement shall be construed and administered in accordance with such intention.  If any payments or benefits due to Executive hereunder would cause the application of an accelerated or additional tax under Section 409A, such payments or benefits shall be restructured in a mutually agreed upon manner that to the extent possible preserves the economic benefit and original intent thereof but does not cause such an accelerated or additional tax.  For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation.  Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following Executive’s separation from service shall instead be paid on the first business day after the date that is six months following Executive’s Termination Date (or death, if earlier).  Notwithstanding anything to the contrary in this Agreement, all (A) reimbursements and (B) in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (x) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year; (y) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (z) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.
11.Employee Protection.  Nothing in this Agreement or otherwise limits Executive’s ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”) or any other federal, state or local governmental agency or commission (“Government Agency”) regarding possible legal violations, without disclosure to the Company.  The Company may not retaliate against Executive for any of these activities, and nothing in this Agreement or otherwise requires Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other Government Agency.
12.Records and Confidential Data.
(a)Executive acknowledges that in connection with the performance of his duties during the Employment Term, the Company will make available to Executive, or Executive will have access to, certain Confidential Information (as defined below) of the Company and its affiliates.  Executive acknowledges and agrees that any and all Confidential Information disclosed to, or learned or obtained by, Executive during the course of his employment by the Company or otherwise, whether developed by Executive alone or in conjunction with others or otherwise, shall be and is the sole and exclusive property of the Company or the affiliate of the Company, as applicable, that is Executive’s employer (the “Employer”).  No license or other right to any Confidential Information is granted to Executive under this Agreement.  To the extent that Executive acquires any right, title or interest in or to any Confidential Information, Executive hereby irrevocably assigns, transfers, conveys and delivers to the Employer all such right, title and interest in and to such Confidential Information.
(b)Subject to Section 11 hereof, the Confidential Information will be kept confidential by Executive, will not be used in any manner which is detrimental to the Company or any of its subsidiaries or affiliates (including, for the avoidance of doubt, each of B+L and Solta Medical Corporation and their respective subsidiaries) (collectively, the “Company Group”), will not be used other than in connection with Executive’s discharge of his duties hereunder, and will be safeguarded by Executive from unauthorized disclosure.  Executive acknowledges and agrees that the confidentiality restrictions set forth herein shall apply to any and all Confidential Information disclosed to, or learned or obtained by, Executive, 
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whether before, on or after the date hereof.  For the avoidance of doubt, nothing in this Section 12(b) shall prevent Executive from complying with a valid legal requirement (whether by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information; provided that, subject to Section 12(e), Executive shall first give notice to the Employer and reasonably cooperate with the Employer to obtain a protective order or other measures preserving the confidential treatment of such Confidential Information and requiring that the information or documents so disclosed be used only for the purposes for which the order was issued or is otherwise required by applicable law.  For the avoidance of doubt, nothing in this Section 12(b) shall prevent Executive from exercising any legally protected whistleblower rights (including under Rule 21F under the Securities Exchange Act of 1934, as amended) as set forth in Section 11.
(c)Following the termination of Executive’s employment hereunder or upon the applicable member of the Company Group’s request, and subject to Section 11 hereof, as soon as possible after such written request, Executive will return to the applicable member of the Company Group all written Confidential Information which has been provided to Executive and Executive will return or destroy all copies of any analyses, compilations, studies or other documents prepared by Executive or for Executive’s use containing or reflecting any Confidential Information.  Within five (5) business days of the receipt of such request by Executive, he shall, upon written request of the applicable member of the Company Group, deliver to such Company Group member a document certifying that such written Confidential Information has been returned or destroyed in accordance with this Section 12(c).
(d)For the purposes of this Agreement, “Confidential Information” shall mean any and all non-public, proprietary or other confidential information of the Company Group disclosed to Executive, to which Executive has access, or of which Executive otherwise becomes aware, in each case whether in oral, written, graphic or machine readable form, including, without limitation, (A) know-how, trade secrets, inventions, discoveries, concepts, information, works, materials, processes, methods, data, software, programs, apparatus, designs and the like, and any other intellectual property the value of which is contingent upon maintaining the confidentiality thereof, (B) information regarding the business of the Company Group, including its products, services, budgets, contracts, reports, investigations, experiments, research, work in progress, drawings, designs, plans, proposals, codes, marketing and sales programs, client lists, client mailing lists, supplier lists, financial projections, cost summaries, pricing formulae, marketing studies relating to prospective business opportunities, and all other concepts, ideas, materials, or information prepared or performed for or by any member of the Company Group, (C) information regarding the skills and compensation of the employees, contractors, and any other service providers of the Company Group, (D) the existence of any business discussions, negotiations, or agreements between any member of the Company Group and any third party, (E) all documents and other work product generated by you which contain, comment upon, or relate in any way to any information disclosed by any member of the Company Group, (F) all third-party information held in confidence by the Company Group, and (G) the terms and conditions of this Agreement.  For purposes of this Agreement, the Confidential Information shall not include, and Executive’s obligation shall not extend to (A) information which is generally available to the public and (B) information obtained by Executive other than pursuant to or in connection with Executive’s employment.
(e)Pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added 18 U.S.C. § 1833(b)), the Company Group and Executive acknowledge and agree that Executive shall not have criminal or civil liability under any federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition and without limiting the preceding sentence, if Executive files a 
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lawsuit for retaliation by any member of the Company Group for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and may use the trade secret information in the court proceeding, if Executive (X) files any document containing the trade secret under seal and (Y) does not disclose the trade secret, except pursuant to court order.  Nothing in this Agreement or otherwise is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such Section.
(f)In connection with Executive’s employment with the Company, Executive will not use any confidential or proprietary information Executive may have obtained in connection with employment with any prior employer.
(g)Executive’s obligations under this Section 12 shall survive the termination of the Employment Term.
13.Covenant Not to Solicit and Not to Compete; Non-Disparagement. 
(a)Covenants Not to Solicit or to Interfere.  To protect the Confidential Information, Company Intellectual Property (as defined below) and other trade secrets of the Company Group, Executive agrees, during the Employment Term and for a period of twenty-four (24) months after Executive’s cessation of employment with the Company (the “Restricted Period”), not to solicit, hire or participate in or assist in any way in the solicitation or hire of any employees of the Company Group (or any person who was an employee of the Company or any of its subsidiaries during the six-month period preceding such action).  For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence employees of the Company or any of its subsidiaries to become employed with any other person, partnership, firm, corporation or other entity.
In addition, to protect the Confidential Information, Company Intellectual Property and other trade secrets of the Company Group, Executive agrees, during the Employment Term and the Restricted Period, not to (x) solicit any client or customer to receive services or to purchase any good or services in competition with those provided by the Company Group or any of its subsidiaries or (y) interfere or attempt to interfere in any material respect with the relationship between any member of the Company Group on one hand and any client, customer, supplier, investor, financing source or capital market intermediary on the other hand.  For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to influence clients or customers of the Company or any of its affiliates to accept the services or goods of any other person, partnership, firm, corporation or other entity in competition with those provided by the Company or any of its affiliates.
Executive agrees that the covenants contained in this Section 13(a) are reasonable and desirable to protect the Confidential Information and Company Intellectual Property of the Company and its affiliates; provided that solicitation through general advertising or the provision of references shall not constitute a breach of such obligations.
(b)Covenant Not to Compete.  To protect the Confidential Information, Company Intellectual Property and other trade secrets of the Company, the Company and its affiliates, Executive agrees (i) during the period beginning on the Initial Commencement Date and ending on the date that is 12 months after the Separation Date (but in no event later than the last day of the Restricted Period) (the “First Period”), not to engage in Prohibited Activities (as defined below) in any country in which the Company or any of its affiliates and, following the Separation Date, Bausch + Lomb, conducts business, or plans to conduct business, and (ii) following the expiration of the First Period, during the Employment Term and the Restricted Period (the “Second Period”), not to engage in Prohibited Activities in any country in which the Company or any of its affiliates conducts business, or plans to conduct business.  For the purposes of this Agreement, the term “Prohibited Activities” means directly or indirectly engaging as an owner, employee, partner, member, consultant or agent of any entity that derives more than 10% of its consolidated revenue from the 
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development, manufacturing, marketing and/or distribution (directly or indirectly) of (x) during the First Period, branded or generic prescription or non-prescription pharmaceuticals or medical devices for treatments in the fields of neurology, dermatology, gastroenterology, ophthalmology or dentistry (including, for the avoidance of doubt, the global eye health business and the global aesthetics medical device business) (y) during the Second Period, branded or generic prescription or non-prescription pharmaceuticals or medical devices for treatment in the same fields as clause (x), other than ophthalmology; provided that Prohibited Activities shall not mean Executive’s investment in securities of a publicly-traded company equal to less than five (5%) percent of such company’s outstanding voting securities; and provided, further, that, for the avoidance of doubt, Executive complies with the obligations set forth in Sections 12, 13(a) and 13(c) hereof.  Executive agrees that the covenants contained in this Section 13(b) are reasonable and desirable to protect the Confidential Information and Company Intellectual Property of the Company and its affiliates.
(c)Non-Disparagement.  Executive agrees not to make written or oral statements about the Company Group or any of their respective directors, executive officers or non-executive officer employees that are negative or disparaging, except as provided in Section 11 hereof.  The Company shall instruct its directors and executive officers to not make written or oral statements about Executive that are negative or disparaging. Notwithstanding the foregoing, nothing in this Agreement or otherwise shall preclude Executive, the Company, its subsidiaries and affiliates, and the Company’s directors and executive officers from communicating or testifying truthfully to the extent required by law to any federal, state, provincial or local governmental agency or in response to a subpoena to testify issued by a court of competent jurisdiction.  
(d)It is the intent and desire of Executive and the Company that the restrictive provisions of this Section 13 be enforced to the fullest extent permissible under the laws and public policies as applied in each jurisdiction in which enforcement is sought.  If any particular provision of this Section 13 shall be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either party hereto, to delete there from the portion so determined to be invalid or unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made.  
(e)Executive’s obligations under this Section 13 shall survive the termination of the Employment Term.  
14.Remedies for Breach of Obligations under Sections 12 or 13 hereof.  Executive acknowledges that the Company Group will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if Executive breaches his obligations under Sections 12 or 13 hereof.  Accordingly, Executive agrees that the applicable member of the Company Group will be entitled, in addition to any other available remedies, to obtain injunctive relief against any breach or prospective breach by Executive of his obligations under Sections 12 or 13 hereof.  Executive agrees that process in any or all of those actions or proceedings may be served by overnight courier, addressed to the last address provided by Executive to the Company, or in any other manner authorized by law (including personal service).  This Section 14 shall survive the termination of the Employment Term.
15.Cooperation.
(a)Following Executive’s termination of employment for any reason, subject to Section 11 hereof, Executive agrees to make himself reasonably available to cooperate with the Company and its affiliates in matters that materially concern: (i) requests for information about the services Executive provided to the Company and its affiliates during his  employment with the Company and its affiliates, (ii) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company and its affiliates which relate to events or occurrences that transpired while Executive was employed the Company and its affiliates and as to which Executive has, or would reasonably be expected to have, personal experience, knowledge 
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or information or (iii) any investigation or review by any federal, state or local regulatory, quasi-regulatory or self-governing authority (including, without limitation, the US Department of Justice, the US Federal Trade Commission or the SEC) as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company and its affiliates.  Executive’s cooperation shall include: (A) making himself reasonably available to meet and speak with officers or employees of the Company, the Company’s counsel or any third-parties at the request of the Company at times and locations to be determined by the Company reasonably and in good faith, taking  into  account  the  Company’s  business  and  personal  needs  (the  “Company Cooperation”) and (B) giving accurate and truthful information at any interviews and accurate  and  truthful  testimony in any legal proceedings or actions (the “Witness Cooperation”).  Nothing in this Section 15(a) shall be construed to limit in any way any rights Executive may have at applicable law not to provide testimony with regard to specific matters.  Unless required by law or legal process, Executive will not knowingly or intentionally furnish information to or cooperate with any non-governmental entity (other than the Company) in connection with any potential or pending proceeding or legal action involving matters arising during Executive’s employment with the Company and its affiliates.  In addition, at the request of the Company, Executive shall be required to complete a directors’ and officers’ questionnaire to facilitate the Company’s preparation and filing of its proxy statement and periodic reports with the SEC.
(b)Executive shall not be entitled to any payments in addition to those otherwise set forth in this Agreement in respect of any Company Cooperation or Witness Cooperation, regardless of when provided.  The Company will reimburse Executive for any reasonable, out-of-pocket travel, hotel and meal expenses incurred in connection with Executive’s performance of obligations pursuant to this Section 15 for which Executive has obtained prior approval from the Company.
(c)Nothing in this Agreement or any other agreement by and between the Parties is intended to or shall preclude or in any way limit or restrict Executive from providing accurate and truthful testimony or information to any governmental agency.
(d)This Section 15 shall survive the termination of the Employment Term.
16.Inventions and Intellectual Property.
(a)Definitions.  As used in this Agreement:
(1)”Intellectual Property” means all patents, invention disclosures, invention registrations, trademarks, service marks, trade names, trade dress, logos, domain names, copyrights, mask works, trade secrets, know-how and all other intellectual property and proprietary rights recognized by any applicable law of any jurisdiction, and all registrations and applications for registration of, and all goodwill associated with, the foregoing.
(2)”Inventions” means all inventions, discoveries, concepts, information, works, materials, processes, methods, data, software, programs, apparatus, designs and  the like.
(b)Disclosure.  Executive will disclose promptly in writing to the Company any and all Inventions and Intellectual Property, in each case that Executive conceives, develops, creates or reduces to practice, either alone or jointly with others, during the period of Executive’s employment that (1) are conceived, created or developed using any equipment, supplies, facilities, trade secrets, know-how or other Confidential Information of the Company or any of its affiliates, (2) result from any work performed by Executive for the Company or any of its affiliates and/or (3) otherwise relate to the Company’s or any of its affiliates’ business or actual or demonstrably anticipated research or development (collectively, “Company Intellectual Property”).
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(c)Ownership and Assignment.  Executive acknowledges and agrees that the Company will have exclusive title and ownership rights in and to all Company Intellectual Property.  To the extent that exclusive title and/or ownership rights may not originally vest in the Company as contemplated herein, Executive hereby irrevocably assigns, transfers, conveys and delivers to the Company all right, title and interest in and to all Company Intellectual Property.  Executive acknowledges and agrees that, with respect to any Company Intellectual Property that may qualify as a Work Made For Hire as defined in 17 U.S.C. § 101 or other applicable law, such Company Intellectual Property is and will be deemed a Work Made for Hire and the Company will have the sole and exclusive right to the copyright (or, in the event that any such Company Intellectual Property does not qualify as a Work Made for Hire, the copyright and all other rights thereto are automatically assigned to the Company as above).
(d)Prior Inventions.  Set forth in Exhibit A (Prior Inventions) attached hereto is a complete list of all Inventions that Executive has, alone or jointly with others, conceived, developed created or reduced to practice prior to the commencement of Executive’s employment with the Company, that are Executive’s property, and that the Company acknowledges and agrees are excluded from the scope of this Agreement (collectively, “Prior Inventions”).  If disclosure of any such Prior Invention would cause Executive to violate any prior confidentiality agreement, Executive understands that he is not to list such Prior Inventions in Exhibit A but is only to disclose where indicated a cursory name for each such Prior Invention, a listing of each person or entity to whom it belongs, and the fact that full disclosure as to such Prior Inventions has not been made for that reason (it being understood that, if no Invention or disclosure is provided in Exhibit A, Executive hereby represents and warrants that there are no Prior Inventions).  If, in the course of Executive’s employment with the Company, Executive incorporates any Prior Invention into any Company product, process or machine or otherwise uses any Prior Invention, Executive hereby grants to the Company and its affiliates a worldwide, non-exclusive, irrevocable, perpetual, fully paid-up and royalty-free license (with rights to sublicense through multiple tiers of sublicensees) to use, reproduce, modify, make derivative works of, publicly perform, publicly display, make, have made, sell, offer for sale, import and otherwise exploit such Prior Invention for any purpose.
(e)Non-Assignable Inventions.  If Executive is an employee whose principal work location is in California, Illinois, Kansas, Minnesota or Washington State, the provisions regarding Executive’s  assignment of Company Intellectual Property to  the  Company in Section 16(c) hereof do not apply to certain Inventions (“Non-Assignable Inventions”) as specified in the statutory code of the applicable state.  Executive acknowledges having received and reviewed notification regarding such Non-Assignable Inventions pursuant to such states’ codes.
(f)Waiver of Moral Rights.  To the extent that Executive may do so under applicable law, Executive hereby irrevocably waives and agrees never to assert any Moral Rights that Executive may have in or with respect to any Company Intellectual Property, even after termination of any work on behalf of the Company.  As used in this Agreement, “Moral Rights” means any rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, or to withdraw from circulation or control the publication or distribution of a work, and any similar right, existing under any applicable law of any jurisdiction, regardless of whether or not such right is denominated or generally referred to as a “moral right.”
(g)Further Assurances.  Executive shall give the Company and its affiliates all reasonable assistance and execute all documents necessary to assist with enabling the Company and its affiliates to prosecute, perfect, register, record, enforce and defend any of their rights in any Company Intellectual Property and Confidential Information.
(h)This Section 16 shall survive the termination of the Employment Term.
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17.Miscellaneous.
(a)Successors and Assigns.
(1)This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and permitted assigns.  The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, as applicable.  Except for purposes of determining the occurrence of a Change in Control, the term “the Company” as used herein shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company, as the case may be, (including this Agreement) whether by operation of law or otherwise.
(2)Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive, Executive’s beneficiaries or legal representatives, except by will or by the, laws of descent and distribution.
(3)This Agreement shall inure to the benefit of and be enforceable by Executive’s legal personal representatives.
(b)Notice.  For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by overnight courier, addressed to the respective addresses last given by each party to each other party; provided that all notices to the Company shall be directed to the attention of the General Counsel of the Company.  All notices and communications shall be deemed to have been received on the date of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt.
(c)Indemnity Agreement.  The Company agrees to indemnify and hold Executive harmless to the fullest extent permitted by applicable law for actions taken as a director or officer of the Company, as in effect at the time of the subject act or omission.  In connection therewith, Executive shall be entitled to the protection of any insurance policies which the Company elects to maintain generally for the benefit of the Company’s directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company.  This provision shall survive any termination of the Employment Term.
(d)Withholding.  The Company shall be entitled to withhold the amount, if any, of all taxes of any applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder.  The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any taxes hereunder and the amount hereof.
(e)Release of Claims.  The termination benefits described in Sections 9(b), 9(c) and 9(d)(2) hereof shall be conditioned on Executive delivering to the Company, and failing to revoke, a signed release of claims acceptable to the Company within twenty-one (21) days following Executive’s Termination Date; provided, however, that Executive shall not be required to release any rights Executive may have to be indemnified by the Company under Section 17(c) hereof.  Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of Executive’s execution of the release, directly or indirectly, result in Executive designating the calendar year of payment, and, to the extent required by Section 409A, if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be made in the later 
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taxable year.  Where applicable, references to Executive in this Section 17(e) shall refer to Executive’s representative or estate.
(f)Modification.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by any party which are not expressly set forth in this Agreement.
(g)Arbitration.  If any legally actionable dispute arises under this Agreement or otherwise which cannot be resolved by mutual discussion between the parties, then the Company and Executive each agree to resolve that dispute by binding arbitration before an arbitrator experienced in employment law.  Said arbitration will be conducted in accordance with the rules applicable to employment disputes of the Judicial Arbitration and Mediation Services (“JAMS”) and the law applicable to the claim.  The parties shall have 30 calendar days after notice of such arbitration has been given to attempt to agree on the selection of an arbitrator from JAMS.  In the event the parties are unable to agree in such time, JAMS will provide a list of five (5) available arbitrators and an arbitrator will be selected from such five member panel provided by JAMS by the parties alternately striking out one name of a potential arbitrator until only one name remains.  The party entitled to strike an arbitrator first shall be selected by a toss of a coin.  The parties agree that this agreement to arbitrate includes any such disputes that the Company may have against Executive, or Executive may have against the Company and/or its related entities and/or employees, arising out of or relating to this Agreement, or Executive’s employment or Executive’s termination, including any claims of discrimination or harassment in violation of applicable law and any other aspect of Executive’s compensation, employment, or Executive’s termination.  The parties further agree that arbitration as provided for in this Section 17(g) is the exclusive and binding remedy for any such dispute and will be used instead of any court action, which is hereby expressly waived, except for any request by any party for temporary, preliminary or permanent injunctive relief pending arbitration in accordance with applicable law or for breaches by either party of such party’s obligations under Sections 12, 13, 15 or 16 hereof, as applicable, or an administrative claim with an administrative agency.  The parties agree that the arbitration provided herein shall be conducted in or around Morristown, New Jersey, unless otherwise mutually agreed.  The Company shall pay the cost of any arbitration brought pursuant to this paragraph, excluding, however, the cost of representation of Executive unless such cost is awarded in accordance with law or otherwise awarded by the arbitrators.  Except as otherwise provided above, the arbitrator may award legal fees to the prevailing party in his sole discretion, provided that the percentage of fees so awarded shall not exceed 1% of the net worth of the paying party (i.e., the Company or Executive).  Subject to Section 11 hereof, except as may be required by law, neither party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of both parties.
(h)Effect of Other Law.  Anything herein to the contrary notwithstanding, the terms of this Agreement shall be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other federal law applicable to the employment arrangements between Executive and the Company.  Any delay in providing benefits or payments or any failure to provide a benefit or payment shall not in and of itself constitute a breach of this Agreement; provided, however, that the Company shall provide economically equivalent payments or benefits to Executive to the extent permitted by law.  Any request or requirement that Executive repay compensation that is required under the first sentence shall not in and of itself constitute a breach of this Agreement.
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(i)Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New Jersey applicable to contracts executed in and to be performed entirely within such State, without giving effect to the conflict of law principles thereof.
(j)No Conflicts.  As a condition to the effectiveness of this Agreement, Executive represents and warrants to the Company that he is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment of any nature), or subject to any judgment, decree, or order of any court or administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive’s ability to execute this Agreement or to carry out his duties and responsibilities hereunder.  In the event that the Company determines that Executive’s duties hereunder may conflict with an agreement or arrangement to which Executive is bound, Executive shall be required to cease engaging in any such activities, duties or responsibilities (including providing supervisory services over certain subsets of the Company’s business operations) and the Company will take steps to restrict Executive’s access to, and participation in, any such activities.  Any actions taken by the Company under this Section 17(j) to restrict or limit Executive’s access to information or provision of services shall not constitute Good Reason for purposes of Section 7(e) hereof.
(k)Severability.  The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.
18.Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including, without limitation, the Original Agreement and any term sheets or other similar presentations and that certain letter agreement to Executive from Bausch & Lomb Inc. dated as of April 8, 2010, setting forth the global service assignment details applicable to Executive.
19.Counterparts.  This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.  Signatures transmitted via facsimile or PDF will be deemed the equivalent of originals.
Remainder of page left intentionally blank

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IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and year first above written, to be effective as of the Initial Commencement Date.
BAUSCH HEALTH COMPANIES INC.
By:  /s/ Joseph C. Papa    

Name:    Joseph C. Papa
Title:    Chairman of the Board and CEO

EXECUTIVE
By:  /s/ Thomas J. Appio    

Name:   Thomas J. Appio    
17EX-4.1

 Exhibit 4.1 

KENNEDY-WILSON HOLDINGS, INC. 

CERTIFICATE OF DESIGNATIONS 

Pursuant to Section 151 of the General Corporation Law of the State of Delaware 

4.75% SERIES B CUMULATIVE PERPETUAL PREFERRED STOCK 

(par value $0.0001 per share) 

Kennedy-Wilson Holdings, Inc. (the “Corporation”), a corporation organized and existing under the General Corporation Law of
the State of Delaware, does hereby certify that: 
 The Board of Directors of the Corporation, in accordance with the
resolutions of the Board of Directors of the Corporation dated February 23, 2022, the Amended and Restated Certificate of Incorporation of the Corporation, as amended from time to time (the “Certificate of Incorporation”), the
Amended and Restated Bylaws of the Corporation (the “Bylaws”) and applicable law, adopted the following resolution on such date creating a series of 300,000 shares of preferred stock, par value $0.0001 per share, of the Corporation
designated as “4.75% Series B Cumulative Perpetual Preferred Stock”: 
 RESOLVED that, pursuant to the
Certificate of Incorporation, the Bylaws and applicable law, a series of preferred stock, par value $0.0001 per share, of the Corporation be, and hereby is, created and designated as the “4.75% Series B Cumulative Perpetual Preferred
Stock,” and the Board of Directors hereby fixes and determines the number of shares, the designations, voting power, preferences, participations, optional, relative or special rights, and the qualifications, limitations and restrictions
thereof, of the shares of such series as set forth below: 
 4.75% SERIES B CUMULATIVE PERPETUAL PREFERRED STOCK 

Section 1. Designation of Series and Number of Shares. The shares of such series of Preferred Stock shall be designated
“4.75% Series B Cumulative Perpetual Preferred Stock” (the “Series B Preferred Stock”), and the authorized number of shares that shall constitute such series shall be 300,000 shares, which may be decreased (but not below
the number of shares of Series B Preferred Stock then issued and outstanding) from time to time by the Board of Directors. Shares of outstanding Series B Preferred Stock that are purchased or otherwise acquired by the Corporation shall be cancelled
and shall revert to authorized but unissued shares of preferred stock of the Corporation undesignated as to series. 
 Section 2.
Ranking. The Series B Preferred Stock will rank, with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up, (a) on a parity with (x) the
Corporation’s 5.75% Series A Cumulative Perpetual Convertible Preferred Stock (the “Series A Preferred Stock”) and (y) each other class or series of capital stock the Corporation may issue in the future the terms of which
expressly provide that such class or series will rank on a parity with the Series B Preferred Stock as to dividend and distribution rights and rights on liquidation, winding up or dissolution of the Corporation (collectively, “Parity
Securities,” which term excludes the Series B Preferred Stock) and (b) senior to the Common Stock and each other class or series of capital stock the Corporation may issue in the future the

  
 - 1 - 

 
terms of which do not expressly provide that it ranks on a parity with or senior to the Series B Preferred Stock as to dividend and distribution rights and rights on liquidation, winding-up or dissolution of the Corporation (the Common Stock and each such other class or series of capital stock referred to in this clause (b), collectively, “Junior Securities”). 

Section 3. Definitions. As used herein with respect to the Series B Preferred Stock: 

“Affiliate” has the meaning set forth in Rule 144. 

“Aggregate Strike Price” has the meaning set forth in the Warrant Agreement. 

“Board of Directors” means the board of directors of the Corporation or any committee thereof duly authorized to act on
behalf of such board of directors. 
 “Business Day” means any day that is not Saturday or Sunday and that, in New York
City, is not a day on which banking institutions generally are authorized or obligated by law or executive order to be closed. 

“Bylaws” means the Amended and Restated Bylaws of the Corporation as in effect on the date hereof, as the same may hereafter
be amended from time to time. 
 “Certificate of Designations” means this Certificate of Designations relating to the
Series B Preferred Stock, as it may hereafter be amended from time to time. 
 “Certification of Incorporation” means the
Amended and Restated Certificate of Incorporation of the Corporation in effect on the date hereof, as it may hereafter be amended from time to time, and shall include this Certificate of Designations. 

The term “close of business” means 5:00 p.m., New York City time. 

“Common Stock” means the common stock, par value $0.0001 per share, of the Corporation. 

“Corporation” means Kennedy-Wilson Holdings, Inc., a Delaware corporation. 

“Depositary” means DTC or its nominee or any successor depositary duly appointed by the Corporation. 

“Dividend Payment Date” has the meaning set forth in Section 4(b). 

“Dividend Period” has the meaning set forth in Section 4(b). 

“Dividend Rate” means a rate per annum equal to 4.75%, subject to Section 9(b)(v). 

“DTC” means The Depository Trust Company and its successors or assigns. 

“Effective Date” means the date on which the relevant Fundamental Change becomes effective. 

  
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 “Excepted Person” means Fairfax Financial Holdings Limited and each
Affiliate thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Securities and Exchange Commission promulgated thereunder. 
 “Exercise Date” has the meaning set forth in the
Warrant Agreement. 
 “Exercise Notice” has the meaning set forth in the Warrant Agreement. 

“Extinguishment Date” has the meaning set forth in Section 8(d). 

“Extinguishment Right” has the meaning set forth in Section 8(a). 

“Fundamental Change” means the occurrence of any of the following: 

(i) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act (other than
(x) any Excepted Person or any “person” or “group” that includes an Excepted Person; (y) the Corporation and its Wholly Owned Subsidiaries; and (z) any employee benefit plan of the Corporation or its Wholly Owned
Subsidiaries) files a Schedule TO or any other schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of capital stock of the Corporation representing more than 50% of the total voting power of all shares of capital stock of the Corporation entitled to vote generally in the
election of the Corporation’s directors; or 
 (ii) consummation of any consolidation or merger involving the
Corporation or similar transaction or any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Corporation and its subsidiaries, taken as a whole, to any Person
other than one of the Corporation’s subsidiaries; provided, however, that any consolidation, merger or similar transaction involving the Corporation pursuant to which the Persons that directly or indirectly “beneficially
owned” (as defined in Rule 13d-3 under the Exchange Act) all classes of the Corporation’s common equity immediately before such transaction directly or indirectly “beneficially own,”
immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (ii). 

For the purposes of the preceding definition, any transaction or event described in both clause (i) and in clause (ii) above
(without regard to the proviso in clause (ii)) will be deemed to occur solely pursuant to clause (ii) above (subject to such proviso). 

“Holder” means the Person in whose name the shares of the Series B Preferred Stock are registered, which may be treated by
the Corporation, Transfer Agent, Registrar and paying agent as the absolute owner of the shares of Series B Preferred Stock for purposes of making payment and for all other purposes. 

  
 - 3 - 

 “Holder Extinguishment Demand” has the meaning set forth in
Section 8(b). 
 “Initial Holders” means the purchasers listed on Schedule I to the Purchase Agreement. 

“Issue Date” means [__]. 

“Junior Securities” has the meaning set forth in Section 2. 

“Liquidation Preference” means $1,000 per share of Series B Preferred Stock. 

“Nonpayment Event” has the meaning set forth in Section 9(b). 

“Nonpayment Remedy” has the meaning set forth in Section 9(b). 

The term “open of business” means 9:00 a.m., New York City time. 

“Parity Securities” has the meaning set forth in Section 2. 

“Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association,
joint-stock company, limited liability company or trust. 
 “Preferred Stock Director” has the meaning set forth in
Section 9(b). 
 “Purchase Agreement” means that certain 4.75% Series B Cumulative Perpetual Preferred Stock and
Warrant Purchase Agreement, dated as of February 23, 2022, among the Corporation and the purchasers named therein. 

“Record Date” has the meaning set forth in Section 4(b). 

“Redemption Date” has the meaning set forth in Section 7(c). 

“Redemption Notice” has the meaning set forth in Section 7(c). 

“Redemption Price” means the cash price at which any share of Series B Preferred Stock is redeemed, computed in accordance
with Section 7(d). 
 “Registrar” means the Transfer Agent acting in its capacity as registrar for the Series B
Preferred Stock, and its successors and assigns or any other registrar duly appointed by the Corporation. 
 “Setoff Price”
means the valuation at which any shares of Series B Preferred Stock are extinguished, computed in accordance with Section 8(c). 

“Series A Preferred Stock” has the meaning set forth in Section 2. 

“Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with
accounting principles generally accepted in the United States, and as measured from the Issue Date) resulting from the grant, vesting or exercise of equity-

  
 - 4 - 

 
based compensation to directors, employees and agents and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction. 

“Subsidiary” means, with respect to any Person, (a) any corporation, association or other business entity (other than a
partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the capital stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or
stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (b) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and
voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general
partner of, or otherwise controls, such partnership or limited liability company. 
 “Transfer Agent” means Continental
Stock Transfer & Trust Co. acting as Transfer Agent, Registrar and paying agent for the Series B Preferred Stock, and its successors and assigns, including any successor transfer agent duly appointed by the Corporation. 

“Voting Preferred Stock” means, as of any time, any and all series of preferred stock of the Corporation (other than the
Series B Preferred Stock) that rank equally with Series B Preferred Stock either or both as to the payment of dividends and/or the distribution of assets upon liquidation, dissolution or winding up of the Corporation and upon which voting rights
similar to those provided in Section 9(b) and Section 9(c) have been conferred and are exercisable as of such time. 

“Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding capital stock or other
ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. 

“Warrant Agreement” means that certain Warrant Agreement, dated the Issue date, between the Corporation and the Initial
Holders, relating to the Warrants. 
 “Warrants” means the warrants of the Corporation issued to the Initial Holders on the
Issue Date pursuant to the Warrant Agreement. 
 Section 4. Dividends. 

(a) Generally. From and after the Issue Date, Holders shall be entitled to receive, when, as and if authorized and declared by the Board
of Directors, out of legally available funds, on a cumulative basis, cash dividends in the amount determined as set forth in this Section 4. 

  
 - 5 - 

 (b) Dividend Payment Dates and Record Dates. Subject to Section 4(a), dividends
shall be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year (each, a “Dividend Payment Date”) commencing on [July 15, 2022]. Each dividend will be payable to Holders of
record as they appear in the stock register of the Corporation at the close of business on the first day of the month, whether or not a Business Day, in which the relevant Dividend Payment Date occurs (each such first day, a “Record
Date”). Each period from and including a Dividend Payment Date (or, for the first Dividend Period, the Issue Date) to, but excluding, the following Dividend Payment Date, is herein referred to as a “Dividend Period.” 

(c) Rate and Accrual of Dividends. Dividends, if, when and as authorized and declared by the Board of Directors, will be payable, for
each outstanding share of Series B Preferred Stock, at an annual rate equal to the Dividend Rate on the $1,000 per share Liquidation Preference thereof. Dividends payable for a Dividend Period will be computed on the basis of a 360-day year of twelve 30-day months. If a scheduled Dividend Payment Date falls on a day that is not a Business Day, the dividend will be paid on the next Business Day with
the same effect as if it were paid on the scheduled Dividend Payment Date, and no interest or other amount will accrue on such dividend for the period from and after that Dividend Payment Date to the date such dividend is paid. No interest or sum of
money in lieu of interest will be paid on any dividend payment on shares of Series B Preferred Stock paid later than the scheduled Dividend Payment Date. 

(d) Cumulation of Dividends. Dividends on the Series B Preferred Stock are cumulative. Dividends on each share of Series B Preferred
Stock shall accrue in the manner provided in the second sentence of Section 4(c) from and after the Issue Date, whether or not declared, and whether or not there are earnings or profits, surplus or other funds or assets of the Corporation
legally available for the payment of dividends. 
 (e) Dividend Blocker. Subject to the succeeding sentence, so long as any share of
Series B Preferred Stock remains outstanding, (i) no dividend shall be declared and paid or set aside for payment and no distribution shall be declared and made or set aside for payment on any Junior Securities; and (ii) no shares of
Junior Securities shall be purchased, redeemed or otherwise acquired for consideration by the Corporation, directly or indirectly, unless, in each case, full dividends on all outstanding shares of Series B Preferred Stock and Parity Securities for
all prior completed Dividend Periods, if any, have been paid (or have been declared and a sum sufficient for the payment thereof has been set aside). Notwithstanding anything to the contrary, this Section 4(e) will in no event prohibit or
otherwise limit any of the following: (1) any dividend or distribution payable solely in Junior Securities, together with cash in lieu of any fractional security; (2) purchases, redemptions or other acquisitions of any Junior Securities in
connection with the administration of any benefit or other incentive plan, including any employment contract, in the ordinary course of business and consistent with past practices of the Corporation prior to the Issue Date, including, without
limitation, (x) purchases to offset the Share Dilution Amount pursuant to a publicly announced repurchase plan, but only to the extent that such purchases do not exceed the Share Dilution Amount; (y) the forfeiture of unvested shares of
restricted stock or share withholdings (including withholdings effected by means of a repurchase or similar transaction) or other surrender of shares to which the holder may otherwise be entitled upon exercise, delivery or vesting of equity awards
(whether in payment of applicable taxes, the exercise price or otherwise); and (z) the payment of cash in lieu of fractional shares; (3) purchases of, or other payments in lieu of the issuance of, fractional interests in any Junior
Securities pursuant to the conversion, exercise or exchange provisions of such Junior Securities 

  
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or of any securities convertible into, or exercisable or exchangeable for, Junior Securities, (4) any dividends or distributions of rights or Junior Securities in connection with a
stockholders’ rights plan or any redemption or repurchase of rights pursuant to any stockholders’ rights plan; (5) purchases of Junior Securities pursuant to a contractually binding requirement to buy Junior Securities existing prior
to the immediately preceding Dividend Payment Date (or, if no prior Dividend Payment Date, the Issue Date), provided that (x) such requirement is pursuant to a contract that is with a nationally recognized independent investment banking
firm and provides for the purchase of such Junior Securities pursuant to an algorithm or other form of equity repurchase instructions customary for contracts of such nature; and (y) at the time such contractually binding requirement was entered
into, the condition set forth in the first sentence of this Section 4(e) with respect to dividends on the outstanding shares of Series B Preferred Stock and Parity Securities was satisfied; (6) the exchange, reclassification or conversion
of Junior Securities for or into other Junior Securities (together with the payment of cash in lieu of fractional securities); and (7) the adoption and implementation of an employee stock purchase program on customary terms, provided
that the aggregate amount paid by the Corporation pursuant to this clause (7) cannot exceed $20,000,000 in any period of five years or $5,000,000 in any period of one year. 

Subject to the succeeding sentence, for so long as any shares of Series B Preferred Stock remain outstanding, (i) no dividends shall be
declared or paid or set aside for payment on any Parity Securities for any period (other than a dividend payable solely in shares of Junior Securities); and (ii) no shares of Parity Securities shall be purchased, redeemed or otherwise acquired
for consideration by the Corporation, directly or indirectly (other than as a result of a reclassification of Parity Securities for or into Junior Securities or the exchange or conversion of Parity Securities for or into Junior Securities), unless,
in each case, full dividends on all outstanding shares of Series B Preferred Stock for all prior completed Dividend Periods have been paid in full or declared and a sum sufficient for the payment thereof set aside for all outstanding shares of
Series B Preferred Stock. To the extent the Corporation declares dividends on the Series B Preferred Stock and on any Parity Securities but does not make full payment of such declared dividends, the Corporation shall allocate the dividend payments
on a pro rata basis among the holders of the shares of Series B Preferred Stock and the holders of any Parity Securities then outstanding. For purposes of calculating the pro rata allocation of partial dividend payments, the Corporation shall
allocate those payments so that the respective amounts of those payments bear the same ratio to each other as all accrued and unpaid dividends per share on the Series B Preferred Stock and all Parity Securities (which, in the case of any such Parity
Securities shall not include any accumulation in respect of unpaid dividends for past dividend periods if such Parity Securities do not have a cumulative dividend) bear to each other. 

Except as provided in the preceding paragraphs of this Section 4(e), this Certificate of Designations will not prohibit or otherwise
restrict the declaration or payment of any dividend or distribution on Junior Securities or Parity Securities. 
 (f) No Right to
Participatory Dividends. Without limiting the generality of Section 4(e), the Series B Preferred Stock shall not be entitled to participate in dividend or other distribution on any other class of capital stock of the Corporation. 

  
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 (g) Method of Payment of Cash Dividends. Payments of cash for a declared
dividend on any share of Series B Preferred Stock will be delivered to the Holder of such share by wire transfer to the account of such Holder provided in writing to the Corporation no later than the related Record Date (or, in the case of Series B
Preferred Stock held in book-entry form through the Depositary, through a book-entry transfer through the Depositary). 
 (h)
Treatment of Dividends When the Redemption Date or Extinguishment Date Occurs After a Record Date and on or Before the Related Dividend Payment Date. Notwithstanding anything to the contrary in this Certificate of
Designations, if the Redemption Date or Extinguishment Date for any share of Series B Preferred Stock to be redeemed or extinguished is after the Record Date for any declared dividend and on or prior to the related Dividend Payment Date, then
(i) the Holder of record of such share as of the close of business on such Record Date shall receive such dividend on or, at the Corporation’s election, before such Dividend Payment Date, notwithstanding such redemption or extinguishment,
as applicable; and (ii) the Redemption Price (in the case of a redemption) or the Setoff Price (in the case of an extinguishment) will not include any accrued dividends in respect of the Dividend Period corresponding to such declared dividend
referred to in this Section 4(h). 
 Section 5. Liquidation. 

(a) In the event the Corporation voluntarily or involuntarily liquidates, dissolves or winds up, the Holders of each share of Series B
Preferred Stock at the time shall be entitled to receive liquidating distributions in an amount equal to the Liquidation Preference of such share, plus an amount equal to all accrued and unpaid dividends on such share to, and including, the date of
such liquidation, out of assets legally available for distribution to the Corporation’s stockholders, before any distribution of assets is made to the holders of the Common Stock or any other Junior Securities. After payment of the full amount
of such liquidating distributions, the Holders will not be entitled to any further participation in any distribution of assets by, and shall have no right or claim to any remaining assets of, the Corporation. 

(b) In the event the assets of the Corporation available for distribution to stockholders upon any liquidation, dissolution or winding-up of the affairs of the Corporation, whether voluntary or involuntary, shall be insufficient to pay in full the amounts payable with respect to all outstanding shares of the Series B Preferred Stock and
amounts payable on any Parity Securities, Holders and the holders of such Parity Securities shall share ratably in any distribution of assets of the Corporation in proportion to their full respective liquidating distributions (including, if
applicable, accrued and unpaid dividends) to which they would otherwise be respectively entitled. 
 (c) The Corporation’s consolidation
or merger with or into any other entity, the consolidation or merger of any other entity with or into the Corporation, or the sale of all or substantially all of the Corporation’s property or business will not constitute its liquidation,
dissolution or winding up. 
 Section 6. Maturity. The Series B Preferred Stock shall be perpetual unless redeemed, extinguished
or otherwise cancelled in accordance with this Certificate of Designations. 

  
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 Section 7. Redemption Rights. 

(a) Corporation’s Right to Redeem at its Option. The Corporation shall have the right, at its option,
to redeem the Series B Preferred Stock, in whole or in part, at any time, on a Redemption Date determined in accordance with Section 7(c). 

(b) Redemption in Connection with a Fundamental Change. If the Corporation executes and delivers an agreement whose
performance would constitute a Fundamental Change, the Corporation shall, to the extent the Corporation has funds legally available to do so, be required to redeem the Series B Preferred Stock, in whole, on a Redemption Date (determined in
accordance with Section 7(c)) occurring on or before the Effective Date of such Fundamental Change, at the Redemption Price. A redemption pursuant to this Section 7(b) will be deemed to occur immediately before the consummation of such
Fundamental Change. Notwithstanding anything to the contrary in this Section 7(b), if, after sending a Redemption Notice for a redemption pursuant to this Section 7(b), the Corporation publicly announces that the related Fundamental Change
will not occur, then such Redemption Notice will be deemed to be automatically rescinded, without the need for any further action on the part of the Corporation or any other Person. In the case of any such rescission, the Corporation will, as soon
as reasonably practicable, send notice of the same to each Holder. 
 (c) Redemption Notice. In order to exercise its right to
redeem the Series B Preferred Stock pursuant to Section 7(a) or its requirement to redeem the Series B Preferred Stock pursuant to Section 7(b), the Corporation shall send notice (in accordance with Section 13) of such redemption (a
“Redemption Notice”) not less than 30 days (and, in the case of a redemption pursuant to Section 7(a), no more than 60 days) prior to the date fixed for redemption (the “Redemption Date”) to the Holders,
stating: 
 (i) the Redemption Date; 

(ii) the Redemption Price; and 

(iii) the place or places where certificates for such shares of Series B Preferred Stock are to be surrendered for payment of
the Redemption Price. 
 Any such Redemption Notice provided by the Corporation shall be irrevocable, except as provided in
Section 7(b). 
 (d) Redemption Price. Subject to Section 4(h), the Redemption Price for any share of Series B Preferred
Stock to be redeemed on a Redemption Date will be a cash amount equal to the Liquidation Preference of such share plus accrued and unpaid dividends on such share to, but excluding, such Redemption Date. 

(e) Effect of Redemption Notice. If notice of redemption of any shares of Series B Preferred Stock has been given and if the funds
necessary for such redemption have been irrevocably set aside by the Corporation, separate and apart from its other funds, in trust for the benefit of the holders of the shares of Series B Preferred Stock so called for redemption, then, subject to
Section 4(h), from and after the Redemption Date (unless default shall be made by the Corporation in providing for the payment of the Redemption Price), dividends will cease to 

  
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accrue on such shares of Series B Preferred Stock, such shares of Series B Preferred Stock shall no longer be deemed outstanding and all rights of the holders of such shares will terminate,
except the right to receive the Redemption Price. In the event that any Redemption Date shall not be a Business Day, then payment of the Redemption Price need not be made on such Redemption Date but may be made on the next succeeding Business Day
with the same force and effect as if made on such redemption date and no interest or other sums shall accrue on the amount so payable for the period from and after such Redemption Date to such next succeeding Business Day. 

Upon surrender, in accordance with such notice, of the certificates representing shares of Series B Preferred Stock to be so redeemed (or, in
the case of shares of Series B Preferred Stock held in book-entry form through the Depositary, upon satisfaction of the applicable procedures of the Depositary with respect to redemptions), such shares of Series B Preferred Stock shall be redeemed
by the Corporation at the Redemption Price. 
 (f) No Other Rights of Redemption. Subject to Section 8, the Series B Preferred
Stock shall not be redeemable by the Corporation or exchangeable by the Holders other than in accordance with this Section 7. 
 (g)
No Sinking Fund Obligations. Subject to Section 8, the Series B Preferred Stock shall not be subject to any sinking fund or other obligation to redeem, repurchase or retire the Series B Preferred Stock other than to the extent set
forth in this Section 7. 
 Section 8. Exercise of Warrants. 

(a) Extinguishment of Series B Preferred Stock in Connection Warrant Exercises. If a Holder exercises any or all Warrants owned by it,
then such Holder will have the right (the “Extinguishment Right”), at its option, to require the Corporation to extinguish a number of shares of Series B Preferred Stock held by it that is no greater than is required for the Setoff
Price to equal the Aggregate Strike Price for such exercised Warrants. Pursuant to Section 5(c)(i) of the Warrant Agreement, the Setoff Price for the Series B Preferred Stock to be extinguished pursuant to the preceding sentence will be applied
to reduce (in whole or in part) the amount payable in respect of the Aggregate Strike Price for such exercised Warrants. Upon the Holder’s exercise of the Extinguishment Right with respect to any shares of Series B Preferred Stock, the
Corporation shall extinguish and cancel such shares of Series B Preferred Stock pursuant to this Section 8. For the avoidance of doubt, if the Setoff Price for any shares of Series B Preferred Stock that are extinguished is less than the
Aggregate Strike Price due in respect of the exercise of any Warrant, then the shortfall must be paid in cash or by the extinguishment of additional share(s) of Series B Preferred Stock by the Holder. 

(b) Extinguishment Demand. In order to exercise its Extinguishment Right pursuant to Section 8(a) with respect to any Warrants to
be exercised, the Holder shall accompany the Exercise Notice for such exercised Warrants, when delivered to the Corporation pursuant to Section 5(c) of the Warrant Agreement, with (1) the shares of Series B Preferred Stock to be
extinguished pursuant to such exercise of the Extinguishment Right (which, if such shares of Series B Preferred Stock are in certificated form, must be duly endorsed and in proper form for transfer); and (2) such a notice to the Corporation (in
accordance with Section 13) (a “Holder Extinguishment Demand”), stating: 

  
 - 10 - 

 (i) that Holder is exercising its Extinguishment Right; 

(ii) the number of Warrants to be exercised; and 

(iii) the number of shares of Series B Preferred Stock to be extinguished. 

Any such Holder Extinguishment Demand provided by a Holder shall be irrevocable. 

(c) Setoff Price. Subject to Section 4(h), the Setoff Price for any shares of Series B Preferred Stock to be extinguished on
an Extinguishment Date will be an amount equal to the aggregate Liquidation Preference of such shares plus accrued and unpaid dividends on such shares to, but excluding, such Extinguishment Date, subject to Section 4(h). 

(d) Extinguishment Date. The date (the “Extinguishment Date”) for any share of Series B Preferred Stock to be
extinguished pursuant to Section 8(a) shall be the Exercise Date for the related Warrants being exercised. 
 Section 9. Voting
Rights. Holders of Series B Preferred Stock shall have the voting rights set forth in this Section 9 and any other voting rights as may from time to time be required by applicable law. 

(a) Right to Vote with Common Stockholders as Single Class. Subject to the continued listing standards of the New York Stock Exchange,
(i) Holders of Series B Preferred Stock shall have the right to vote, together with holders of the outstanding shares of Common Stock as a single class, on any and all matters requiring the vote of common stockholders under applicable law and
on all other matters put before holders of the Common Stock for a vote; and (ii) for these purposes, each Holder will be deemed, for purposes of such vote, to be the holder of record, on the applicable record date for such vote, of a number of
shares of Common Stock equal to the whole number of shares of Common Stock that such Holder (or its Affiliates) would have been entitled to receive upon exercise of all of such Holder’s (or its Affiliates’) Warrants outstanding as of such
record date, assuming the Exercise Date for such Warrants occurred on such record date; provided, however, that (x) a Holder will have voting rights pursuant to this Section 9(a) only to the extent, if any, that such Holder
or its Affiliates are a “Holder” (as defined in the Warrant Agreement) of any Warrants; (y) such number of shares shall be determined assuming “Physical Settlement” (as defined in the Warrant Agreement) applies to such
exercise; and (z) solely for these purposes, a Warrant will be deemed not to be outstanding if it is or has been transferred in breach of Section 3(g)(i)(1) of the Warrant Agreement. Absent manifest error, the number of votes ascribed to
the Series B Preferred Stock of any Holder pursuant to this Section 9(a) will be determined by the Corporation pursuant to the Registrar for the Series B Preferred Stock and the registrar for the Warrants, and each Holder agrees to provide the
Corporation will all documents or other evidence as the Corporation may reasonably request for purposes of making or confirming such determination. 

(b) Right to Elect Two Directors Upon Nonpayment Events. 

  
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 (i) Whenever dividends on any shares of Series B Preferred Stock or any
other series of Voting Preferred Stock shall not have been declared and paid, on a cumulative basis, for the equivalent of four or more Dividend Periods, whether or not consecutive (a “Nonpayment Event”), the number of directors
then constituting the Board of Directors shall (subject to the terms of the Certificate of Incorporation) automatically be increased by two and the holders of Series B Preferred Stock, together with the holders of any outstanding shares of Voting
Preferred Stock, voting together as a single class, shall be entitled to vote for the election of the two additional directors (each, a “Preferred Stock Director”), provided that it shall be a qualification for election for
any such Preferred Stock Director that the election of such director shall not cause the Corporation to violate the corporate governance requirements of the New York Stock Exchange (or any other exchange or automated quotation system on which the
Corporation’s securities may then be listed or quoted) that requires listed or quoted companies to have a majority of independent directors; and provided further that the Board of Directors shall, at no time, include more than two
Preferred Stock Directors. 
 (ii) In the event that the holders of the Series B Preferred Stock, and such other holders of
Voting Preferred Stock, shall be entitled to vote for the election of the Preferred Stock Directors following a Nonpayment Event, such directors shall be initially elected following such Nonpayment Event only at a special meeting called at the
request of the holders of record of at least 20% of the Series B Preferred Stock or of any other such series of Voting Preferred Stock then outstanding (provided that such request is received at least 90 calendar days before the date fixed
for the next annual or special meeting of the stockholders of the Corporation, failing which election shall be held at such next annual or special meeting of stockholders), and at each subsequent annual meeting of stockholders during the continuance
of such Nonpayment Event. Such request to call a special meeting for the initial election of the Preferred Stock Directors after a Nonpayment Event shall be made by written notice, signed by the requisite holders of Series B Preferred Stock or
Voting Preferred Stock then outstanding, and delivered to the Secretary of the Corporation in such manner as provided for in Section 13 below, or as may otherwise be required by law. 

(iii) If and when all accrued and unpaid dividends in respect of all prior completed Dividend Periods have been paid in full,
or declared and a sum sufficient for such payment shall have been set aside, on the Series B Preferred Stock and any other series of Voting Preferred Stock for at least two consecutive Dividend Periods after a Nonpayment Event (a “Nonpayment
Remedy”), the holders of the Series B Preferred Stock shall immediately and, without any further action by the Corporation, be divested of the foregoing voting rights, subject to the revesting of such rights in the event of each subsequent
Nonpayment Event (and the number of Dividend Periods in which dividends have not been declared and paid shall be reset to zero). If such voting rights for the Series B Preferred Stock and all other holders of Voting Preferred Stock shall have
terminated, the term of office of each Preferred Stock Director so elected shall forthwith terminate and the number of directors on the Board of Directors shall automatically be reduced accordingly. In determining whether dividends have been paid
for two Dividend Periods following a Nonpayment Event, the Corporation may take account of any dividend that it elects to pay for such a Dividend Period after the regular Dividend Payment Date for that Dividend Period has passed. 

  
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 (iv) Any Preferred Stock Director may be removed with cause in accordance
with the Delaware General Corporation Law. Any Preferred Stock Director may also be removed at any time without cause by the holders of record of a majority of the outstanding shares of the Series B Preferred Stock and Voting Preferred Stock, when
they have the voting rights described above (voting together as a single class). In the event that a Nonpayment Event shall have occurred and there has not been a Nonpayment Remedy, any vacancy in the office of a Preferred Stock Director (other than
prior to the initial election of Preferred Stock Directors after a Nonpayment Event) may be filled by the written consent of the Preferred Stock Director remaining in office, or, if none remains in office, by a vote of the holders of record of a
majority of the outstanding shares of the Series B Preferred Stock and Voting Preferred Stock (voting together as a single class), when they have the voting rights described above; provided that the filling of each vacancy will not cause the
Corporation to violate the corporate governance requirements of the New York Stock Exchange (or any other exchange or automated quotation system on which the Corporation’s securities may be listed or quoted) that requires listed or quoted
companies to have a majority of independent directors. Any such vote of stockholders to remove, or to fill a vacancy in the office of, a Preferred Stock Director may be taken only at a special meeting of such stockholders, called as provided above
for an initial election of Preferred Stock Director after a Nonpayment Event (provided that such request is received at least 90 calendar days before the date fixed for the next annual or special meeting of the stockholders, failing which election
shall be held at such next annual or special meeting of stockholders). The Preferred Stock Directors shall each be entitled to one vote per director on any matter that shall come before the Board of Directors for a vote. Each Preferred Stock
Director elected at any special meeting of stockholders or by written consent of the other Preferred Stock Director shall hold office until the next annual meeting of the stockholders if such office shall not have previously terminated as above
provided. 
 (v) Notwithstanding anything to the contrary in this Section 9(b), if the Holders of the Series B Preferred
Stock and the holders of any Voting Preferred Stock have the right to vote for the election of any Preferred Stock Director, and the addition of such Preferred Stock Director to the Board of Directors would cause the size of the Board of Directors
to exceed the limitations set forth in the Certificate of Incorporation, then such Preferred Stock Director will not take office until and unless the addition of such Preferred Stock Director to the Board of Directors would not cause the size of the
Board of Directors to exceed the limitations set forth in the Certificate of Incorporation. 
 If any Preferred Stock
Director is unable to take office as result of the preceding paragraph, then the Dividend Rate will be increased to 6.75% per annum during the period from, and including, the date on which the related Nonpayment Event shall have first occurred and
ending on, but excluding, the earlier of the date on which (x) such Preferred Stock Director takes office in accordance with the provisions of this Section 9(b); or (y) all accrued and unpaid dividends in respect of all prior
completed Dividend Periods have been paid in full, or declared and a sum sufficient for such payment shall have been set aside, on the Series B Preferred Stock and any series of Voting Preferred Stock for at least two consecutive Dividend Periods
after such Nonpayment Event, and on and after such earlier date, the Dividend Rate will be 4.75% per annum (subject to the application of this paragraph to any subsequent Nonpayment Event). 

  
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 (c) Other Voting Rights. So long as any shares of Series B Preferred Stock are
outstanding, in addition to any other vote or consent of stockholders required by law or by the Certificate of Incorporation, the vote or consent of the holders of at least two-thirds of the outstanding shares
of Series B Preferred Stock and any Voting Preferred Stock then outstanding (subject to the last paragraph of this Section 9(c)) at the time outstanding and entitled to vote thereon, voting together as a single class, given in person or by
proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating: 

(i) Authorization of Senior or Parity Stock. Any amendment or alteration of the Certificate of Incorporation or this
Certificate of Designations to authorize or create, or increase the authorized amount of, any shares of any specific class or series of capital stock of the Corporation ranking senior to or equal with the Series B Preferred Stock with respect to
either or both the payment of dividends or the distribution of assets on any liquidation, dissolution or winding up of the Corporation; 

(ii) Amendment of Series B Preferred Stock. Any amendment, alteration or repeal of any provision of the Certificate of
Incorporation or this Certificate of Designations so as to adversely affect the rights, preferences, privileges or voting powers of the Series B Preferred Stock; or 

(iii) Share Exchanges, Reclassifications, Mergers and Consolidations. Any consummation of a binding share exchange or
reclassification involving the Series B Preferred Stock, or of a merger or consolidation of the Corporation with another corporation or other entity, unless, in each case, (x) the shares of Series B Preferred Stock remain outstanding or, in the
case of any such merger or consolidation with respect to which the Corporation is not the surviving or resulting entity, are converted into or exchanged for preference securities of the surviving or resulting entity or its parent, in each case, that
is an entity organized and existing under the laws of the United States of America, any state thereof of the District of Columbia and (y) such shares of Series B Preferred Stock remaining outstanding or such preference securities, as the case
may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and limitations
and restrictions thereof, of the Series B Preferred Stock immediately prior to such consummation; or (B) such exchange, reclassification, merger or consolidation constitutes or would constitute a Fundamental Change as to which the Corporation
is required to redeem all outstanding Series B Preferred Stock pursuant to Section 7(b); 

  
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 provided, however, that for all purposes of this Section 9(c), (x) none of the following will be
deemed to adversely affect the rights, preferences, privileges or voting powers of the Series B Preferred Stock: (1) any increase in the amount of the Corporation’s authorized but unissued shares of preferred stock; and (2) the
creation and issuance, or an increase in the authorized or issued amount, of other series of preferred stock of the Corporation ranking junior to the Series B Preferred Stock with respect to the payment of dividends (whether such dividends are
cumulative or non-cumulative) and the distribution of assets upon the liquidation, dissolution or winding up of the Corporation; and (y) any binding share exchange, reclassification, merger or
consolidation that satisfies the requirements of clause (A) or (B) of Section 9(c)(iii) will not require the consent of any Holders pursuant to Section 9(c)(i) or Section 9(c)(ii). 

If any amendment, alteration, repeal, share exchange, reclassification, merger or consolidation specified in this Section 9(c) would
materially and adversely affect one or more but not all series of Voting Preferred Stock (including the Series B Preferred Stock for the purpose of this paragraph), then only the series of Voting Preferred Stock materially and adversely affected and
entitled to vote shall vote as a class in lieu of all other series of Voting Preferred Stock. 
 (d) Change for Clarification. Without
the consent of the Holders of the Series B Preferred Stock, the Corporation may amend, alter, supplement or repeal any terms of the Series B Preferred Stock: 

(i) to cure any ambiguity, or to cure, correct or supplement any provision contained in this Certificate of Designations that
may be ambiguous, defective or inconsistent; or 
 (ii) to make any provision with respect to matters or questions relating
to the Series B Preferred Stock that is not inconsistent with the provisions of this Certificate of Designations, so long as the same does not adversely affect the rights, preferences, privileges and voting powers, and limitations and restrictions
thereof of the Series B Preferred Stock; 
 provided, however, that if any such amendment, alteration, supplement or repeal pursuant to clause
(i) adversely affects the rights, preferences, privileges or voting powers of the Series B Preferred Stock, then, prior to, or concurrently with, effectuating the same, the Corporation will provide, to the Transfer Agent (with a copy to each
Holder upon request), a certificate signed by one of its officers, together with a legal opinion (which may be issued by an employee of the Corporation) addressed to the Holders, each providing that such amendment, alteration, supplement or repeal
is permitted by this Certificate of Designations. 
 (e) Procedures for Voting and Consents. The rules and procedures for calling and
conducting any meeting of the holders of Series B Preferred Stock (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any
other aspect or matter with regard to such a meeting or such consents shall be governed by any rules the Board of Directors or a duly authorized committee of the Board of Directors, in its discretion, may adopt from time to time, which rules and
procedures shall conform to the requirements of the Certificate of Incorporation, the Bylaws, applicable law and any national securities exchange or other trading facility, if any, on which the Series B Preferred Stock or the Common Stock is listed
or traded at the time. Whether the vote or consent of the holders of a plurality, majority or other portion of the shares of Series B Preferred Stock and any Voting Preferred Stock has been cast or given on any matter on which the holders of shares
of Series B Preferred Stock are entitled to vote shall be determined by the Corporation by reference to the specified liquidation preference amounts of the Series B Preferred Stock and such other Voting Preferred Stock voted or covered by the
consent. 

  
 - 15 - 

 Section 10. Sufficiency of Legally Available Funds. 

(a) Sufficiency of Legally Available Funds. If on any due date for a required payment on the Series B Preferred Stock hereunder, the
Corporation shall not have funds legally available for distribution to Holders of Series B Preferred Stock sufficient to satisfy such payment obligation in full, then the Corporation shall not be relieved of its obligations in respect of such
payment and shall make such payment immediately upon the availability of funds legally available therefor. During the pendency non-payment of any required amounts in respect of the Series B Preferred Stock in
accordance with the foregoing (other than the non-payment of dividends the remedies for which are as set forth in Section 4), the Corporation shall be deemed to not have paid dividends on the Series B
Preferred Stock for all prior completed Dividend Periods for purposes of Section 4(e) and shall be subject to the restrictions set forth therein. 

The Corporation shall not execute and deliver any agreement whose performance would constitute a Fundamental Change unless, at the time of
such execution and delivery, the Corporation in good faith believes the Corporation or its successor, as applicable, has or will have sufficient funds legally available to redeem the Series B Preferred Stock in accordance with this
Section 7(b). 
 Section 11. Transfer Agent, Registrar and Paying Agent. The duly appointed Transfer Agent,
Registrar and paying agent for the Series B Preferred Stock shall initially be Continental Stock Transfer & Trust Co. The Corporation may, in its sole discretion, remove the Transfer Agent, provided that the Corporation shall appoint
a successor transfer agent who shall accept such appointment prior to the effectiveness of such removal. 
 Section 12. Stock
Certificates. 
 (a) Shares of the Series B Preferred Stock shall initially be represented by either (i) stock certificates
substantially in the form set forth as Exhibit A hereto, with such changes or revisions thereto as the Corporation may reasonably deem is appropriate; or (ii) book entries reflected at the facilities of the Transfer Agent representing
such shares. Shares of Series B Preferred Stock may not be transferred into the book-entry system of the Depositary without the consent of the Corporation. 

(b) Stock certificates representing shares of the Series B Preferred Stock shall be signed by two authorized officers of the Corporation in
accordance with the Bylaws and applicable Delaware law, by manual or facsimile signature. 
 (c) A stock certificate representing shares of
Series B Preferred Stock shall not be valid until manually countersigned by an authorized signatory of the Transfer Agent. Each stock certificate representing shares of Series B Preferred Stock shall be dated the date of its countersignature. 

  
 - 16 - 

 (d) If any officer of the Corporation who has signed a stock certificate no longer holds
that office at the time the Transfer Agent countersigns the stock certificate, the stock certificate shall be valid nonetheless. 

Section 13. Notices. All notices referred to in this Certificate of Designations shall be in writing, and, unless otherwise
specified herein, all notices hereunder shall be deemed to have been given upon the earlier of receipt thereof or three Business Days after the mailing thereof if sent by registered or certified mail (unless first-class mail shall be specifically
permitted for such notice under the terms of this Certificate of Designations) with postage prepaid, addressed: (i) if to the Corporation, to the principal executive office of the Corporation at its principal office in the United States of
America, or to an agent of the Corporation designated in writing as permitted by this Certificate of Designations, or (ii) if to any Holder of shares of Series B Preferred Stock, to such Holder at the address of such Holder as listed in the
stock record books of the Corporation (which may include the records of the Transfer Agent), or (iii) to such other address as the Corporation or any such Holder, as the case may be, shall have designated in writing by notice similarly given.
Without limiting the generality of the foregoing, notice to the Corporation or any Holder may be provided by electronic mail to the address theretofore specified by the recipient to the other party, and any such notice provided in such manner will
be deemed, as of the time it is sent, to have been duly given in writing to the other party but only if such notice is also sent not later than the following Business Day via next day mail or a similar service to the address specified in the
preceding sentence. 
 Any Redemption Notice provided to a Holder in accordance with this Section 13 will be conclusively presumed to
have been duly given, whether or not the Holder receives such notice, but the failure to duly give such notice in accordance with this Section 13, or any defect in such notice, to any Holder of any share of Series B Preferred Stock will not
affect the validity of the proceedings for the redemption of any other share of Series B Preferred Stock. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 17 - 

 IN WITNESS WHEREOF, KENNEDY-WILSON HOLDINGS, INC. has caused this Certificate of
Designations to be signed by In Ku Lee, its Secretary, this [__] day of [__], [__]. 
  

			
	KENNEDY-WILSON HOLDINGS, INC.
		
	By:	 	  

		 	Name: In Ku Lee
		 	Title: Secretary

  
 [Signature Page to
Certificate of Designations] 

 Exhibit A 

[FORM OF FACE OF 4.75% SERIES B CUMULATIVE 

PERPETUAL PREFERRED STOCK CERTIFICATE] 
 THE OFFER
AND SALE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING PURSUANT TO RULE 144A THEREUNDER. 

[INCLUDE FOR GLOBAL SECURITIES] 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR THE TRANSFER AGENT NAMED ON THE FACE OF THIS CERTIFICATE, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO. HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
  

			
	Certificate Number [__]	  	[Initial] Number of Shares: [__]
		  	[CUSIP: [ ]]

 KENNEDY-WILSON HOLDINGS, INC. 

4.75% SERIES B CUMULATIVE PERPETUAL PREFERRED STOCK 

(Liquidation Preference as specified below) 

Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “Corporation”), hereby certifies that [__] (the
“Holder”), is the registered owner of [__] [the number shown on Schedule I hereto of] fully paid and non-assessable shares of the Corporation’s designated 4.75% Series B Cumulative
Perpetual Preferred Stock having a Liquidation Preference of $1,000.00 per share (the “Series B Preferred Stock”). The shares of Series B Preferred Stock are transferable on the books and records of the Registrar, in person or by a
duly authorized attorney, upon surrender of 

  
 A-1 

 
this certificate duly endorsed and in proper form for transfer. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Series B Preferred Stock
represented hereby are and shall in all respects be subject to the provisions of the Certificate of Designations establishing the terms of the Series B Preferred Stock, as the same may be amended from time to time (the “Certificate of
Designations”). Capitalized terms used herein but not defined shall have the meaning given them in the Certificate of Designations. The Corporation will provide a copy of the Certificate of Designations to the Holder without charge upon
written request to the Corporation at its principal place of business. 
 Reference is hereby made to the provisions of the Series B
Preferred Stock set forth on the reverse hereof and in the Certificate of Designations, which provisions shall for all purposes have the same effect as if set forth at this place. If the terms of this certificate conflict with the terms of the
Certificate of Designations, then the terms of the Certificate of Designations will control to the extent of such conflict. 
 Upon receipt
of this executed certificate, the Holder is bound by the Certificate of Designations and is entitled to the benefits thereunder. 
 Unless
the Transfer Agent and Registrar have properly countersigned, these shares of Series B Preferred Stock shall not be entitled to any benefit under the Certificate of Designations or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, KENNEDY-WILSON HOLDINGS, INC. has caused this certificate to be signed
by [__], its [__], this [__]th day of [__], [__]. 
  

			
	KENNEDY-WILSON HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	  

		 	Name:
		 	Title:

 COUNTERSIGNATURE 

These are shares of Series B Preferred Stock referred to in the within-mentioned Certificate of Designations. 

Dated: [__], [__] 
  

			
	Continental Stock Transfer& Trust Co, as Registrar and Transfer Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 [FORM OF REVERSE OF 4.75% SERIES B CUMULATIVE 

PERPETUAL PREFERRED STOCK CERTIFICATE] 

Cumulative dividends on each share of Series B Preferred Stock shall be payable at the applicable rate provided in the Certificate of
Designations. 
 The shares of Series B Preferred Stock shall be redeemable by the Corporation in the manner and in accordance with, and
subject to, the terms set forth in the Certificate of Designations. 

  
 A-4 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers the shares of Series B Preferred Stock evidenced hereby to: 

 
  

(Insert assignee’s social security or taxpayer identification number, if any) 

 
  
  

 
  

 
 (Insert address and zip code of
assignee) 
 and irrevocably appoints: 
 as agent to transfer
the shares of the Series B Preferred Stock evidenced hereby on the books of the Transfer Agent. The agent may substitute another to act for him or her. 
  

			
	Date:	 	
		
	Signature:	 	  

		 	(Sign exactly as your name appears on the other side of this Certificate)

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Transfer Agent,
which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Transfer Agent in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.)

  
 A-5 

 Schedule I1 

Kennedy-Wilson Holdings, Inc. 

Global Preferred Stock Certificate 

4.75% Series B Cumulative Perpetual Preferred Stock 

Certificate Number: 
 The number of shares of Series B Preferred
Stock initially represented by this Global Preferred Stock Certificate shall be [__]. Thereafter the Transfer Agent and Registrar shall note changes in the number of shares of the Series B Preferred Stock evidenced by this Global Preferred Stock
Certificate in the table set forth below: 
  

							
	 Amount of Decrease

in Number of Shares
 Represented by
this
 Global Preferred
 Stock
Certificate
	  	 Amount of Increase in

Number of Shares
 Represented by
this
 Global Preferred
 Stock
Certificate
	  	 Number of Shares

Represented by this
 Global
Preferred
 Stock Certificate

following
 Decrease or
Increase
	  	 Signature of

Authorized Officer of

Transfer Agent and

Registrar

 
 1 Attach Schedule I only to Global Securities 

  
 A-6

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