Document:

Exhibit (4)-k

    
      

    

    Exhibit
      (4)-k

    

    AMENDED
      AND RESTATED

    SUPPLEMENTAL
      INDENTURE NO. 8

     

    This
      Amended and Restated Supplemental Indenture No. 8 (“Supplemental Indenture”),
      effective as of November 8, 2006, is between Bausch & Lomb Incorporated (the
“Company”) and Citibank, N.A., as trustee (the “Trustee”), and amends and
      restates Supplemental Indenture No. 8, dated as of November 8, 2006 between
      the
      Company and the Trustee and the Indenture, dated as of September 1, 1991,
      between the Company and the Trustee, as amended by Supplemental Indenture,
      dated
      as of May 13, 1998, Supplemental Indenture No. 2, dated July 29, 1998,
      Supplemental Indenture No. 3, dated November 21, 2002, Supplemental
      Indenture No. 4, dated August 1, 2003, Supplemental Indenture No. 5, dated
      August 4, 2003, Supplemental Indenture No. 6, dated December 20, 2004, and
      Supplemental Indenture No. 7, dated as of June 5, 2006 (as so amended, the
      “Original Indenture”), with respect to the following series of Securities issued
      under the Original Indenture and various indentures supplemental
      thereto:

     

    6.95%
      Notes due 2007 (CUSIP No. 071707AH6)

    5.90%
      Notes due 2008 (CUSIP No. 071707AL7)

    2004
      Senior Convertible Securities due August 1, 2023 (CUSIP No.
      071707AM5)

    Floating
      Rate Convertible Senior Notes due August 1, 2023 (CUSIP No.
      071707AK9)

    6.56%
      Medium-term Notes, Series B due 2026 (CUSIP No. 07171JAE6)

    7.125%
      Debentures due 2028 (CUSIP No. 071707AG8)

    

    The
      foregoing Securities are referred to herein as the “Affected Securities” and no
      series of Securities are amended or otherwise affected by this Supplemental
      Indenture other than the Affected Securities. Capitalized terms used in this
      Supplemental Indenture and not defined are used with the meanings given to
      such
      terms in the Original Indenture. This Supplemental Indenture is effective as
      of
      the date hereof.

    

    WHEREAS,
      Section 902 of the Original Indenture provides that the Company and the Trustee
      may enter into a supplemental indentures for the purposes of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      the Original Indenture or of modifying in any manner the rights of the Holders
      of Securities of each series with the consents of the Holders of not less than
      a
      majority in principal amount of each series affected by such supplemental
      indenture; and

     

    WHEREAS,
      the Company has received written consents of the Holders of not less than a
      majority in principal amount of each series of the Affected Securities to the
      amendments to the Original Indenture set forth in this Supplemental Indenture
      and related waivers with respect to such series; 

     

    WHEREAS,
      original Supplemental Indenture No. 8 inadvertently omitted a clause from the
      amendments to Section 704 which was approved by the Holders of not less than
      a
      majority in principal amount of each series of Affected Securities; and

     

    WHEREAS,
      all other things necessary in order to execute and deliver this Amended and
      Restated Supplemental Indenture and effect the amendments set forth herein
      have
      been obtained; 

     

    NOW,
      THEREFORE, in order to amend the terms of the Original Indenture with respect
      to
      all outstanding Securities of each series of the Affected Securities, in
      consideration of the premises, it is mutually agreed by the Company and the
      Trustee, for the equal and ratable benefit of all Holders of the Affected
      Securities, as follows:

     

    1. Supplemental
      Indenture.
      This
      Supplemental Indenture supplements and amends the Original Indenture, as
      modified by the applicable supplemental indenture(s) with respect to each series
      of Affected Securities, as set forth below:

     

    (a) The
      2004
      Senior Convertible Securities due August 1, 2023, issued pursuant to
      Supplemental Indenture No. 6, dated as of December 20, 2004 (the “Senior
      Convertible Securities”); 

    

    (b) The
      Floating Rate Convertible Senior Notes due August 1, 2023, issued pursuant
      to Supplemental Indenture No. 5, dated as of August 4, 2003 (the “Convertible
      Senior Notes”);

    

    (c) The
      7.125% Debentures due 2028, issued pursuant to Supplemental Indenture
      No. 2, dated July 29, 1998 (the “2028 Debentures”);

    

    (d) The
      6.95%
      Notes due 2007, issued pursuant to Supplemental Indenture No. 3, dated November
      21, 2002 (the “2007 Notes”); 

    

    (e) The
      5.90%
      Notes due 2008, issued pursuant to Supplemental Indenture No. 4, dated August
      1,
      2003 (the “2008 Notes”); and 

    

    (f) The
      6.56%
      Medium-Term Notes, Series B due 2026, issued pursuant to the original
      indenture.

    

    The
      Senior Convertible Securities and the Convertible Senior Notes are sometimes
      collectively referred to in the Supplemental Indenture as the “Convertible
      Securities” and the 2028 Debentures, the 2007 Notes and the 2008 Notes are
      sometimes collectively referred to herein as the “Notes”.

    

    2. Definitions.
      Section
      101 of the Original Indenture is hereby amended to add the following definitions
      in appropriate alphabetical order:

     

    “Consent
      Fee” means the payment defined as such with respect to the Affected Securities
      in the Solicitation Documents.

     

    “Covenant
      Reversion Date” means 5:30 p.m., New York City time, on the earlier of
      (i) the Business Day following the Company’s failure to pay the Consent
      Fee, if due, for the Affected Securities in accordance with the Solicitation
      Documents, and (ii) January 31, 2007.

     

    “Solicitation
      Documents” means the Company’s Consent Solicitation Statement, dated as of
      September 20, 2006, and the related Consent Form, each as may be amended
      and supplemented from time to time.

     

    2. Defaults.
      

     

    (a) Clause
      (4) of Section 501 of the Original Indenture is hereby amended to read in its
      entirety as follows: 

     

    (4) except
      as
      otherwise provided in this Section 501, default in the performance, or
      breach, of any covenant or warranty of the Company in this Indenture (other
      than
      a covenant or warranty a default in whose performance or whose breach is
      elsewhere in this Section specifically dealt with or which has expressly been
      included in this Indenture solely for the benefit of series of Securities other
      than that series), and continuance of such default or breach for a period of
      60
      days after there has been given, by registered or certified mail, to the Company
      by the Trustee or to the Company and the Trustee by the Holders of at least
      10%
      in principal amount of the Outstanding Securities of that series a written
      notice specifying such default or breach and requiring it to be remedied and
      stating that such notice is a “Notice of Default” hereunder; or

     

    (b) The
      following language is hereby added at the end of Section 501:

     

    Notwithstanding
      any of the foregoing, the failure of the Company to comply with Sections 704
      and
      1004 of this Indenture, or §314 of the Trust Indenture Act, before 5:30 p.m.,
      New York City time on the Covenant Reversion Date shall not constitute an Event
      of Default under clause (4) above.

     

    3. Reports
      by Company.
      Section
      704 of the Original Indenture is hereby amended to read in its entirety as
      follows:

     

    Section
      704: Reports
      by Company.

     

    The
      Company shall, except as otherwise provided in this Section 704,
      file
      with the Trustee and the Commission, and transmit to Holders, such information,
      documents and other reports, and such summaries thereof, as may be required
      pursuant to the Trust Indenture Act at the times and in the manner provided
      pursuant to such Act; provided that any such information, documents or reports
      required to be filed with the Commission pursuant to Section 13 or 15(d) of
      the
      Securities Exchange Act of 1934 shall be filed with the Trustee within 15 days
      after the same is so required to be filed with the Commission. Notwithstanding
      any other provision of this Section 704 or this Indenture, the documents and
      reports referred to in this Section 704 that the Company would have been
      required to file with the Commission or the Trustee on any date on or before
      the
      Covenant Reversion Date but for this sentence will not be required to be filed
      the Company until the Covenant Reversion Date and the filing by the Company
      of
      its Annual Report on Form 10-K for December 31, 2005 shall satisfy the
      requirement to file reports for any periods prior to December 31,
      2005.

     

    4. Statement
      by Officers as to Default.
      Section
      1004 of the Original Indenture is hereby amended to read in its entirety as
      follows: 

     

    Section
      1004: Statement
      by Officers as to Default.

     

    The
      Company will deliver to the Trustee, within 120 days after the end of each
      fiscal year of the Company ending after the date hereof, an Officers’
Certificate, stating whether or not to the best knowledge of the signers thereof
      the Company is in default in the performance and observance of any of the terms,
      provisions and conditions of this Indenture (without regard to any period of
      grace or requirement of notice provided hereunder) and, if the Company shall
      be
      in default, specifying all such defaults and the nature and status thereof
      of
      which they may have knowledge. Notwithstanding any other provision of this
      Section 1004 or this Indenture, the Company will have no obligation to
      deliver an Officer’s Certificate, as referred to in the preceding sentence,
      relating to the breach of a covenant contained in Sections 704 or 1004 of this
      Indenture that occurred prior to the Covenant Reversion Date. 

     

    5. Waiver
      of Past Defaults.
      Pursuant to Section 513 of the Original Indenture, the Holders of a majority
      in
      aggregate principal amount of the relevant series of the Affected Securities
      have waived all defaults with respect to any breaches of Sections 501(4),
      704 and 1004 of the Original Indenture and any defaults that shall have occurred
      with prior to the effective date of this Supplemental Indenture are deemed
      to
      have been cured for all purposes. 

     

    6. Miscellaneous.
      

     

    (a) Recitals
      by the Company. The recitals in this Supplemental Indenture are made by the
      Company only and not by the Trustee, and all of the provisions contained in
      the
      Original Indenture in respect of the rights, privileges, immunities, powers
      and
      duties of the Trustee shall be applicable in respect of the Affected Securities
      and of this Supplemental Indenture as fully and with like effect as if set
      forth
      herein in full.

     

    (b) Ratification
      and Incorporation of Original Indenture. As supplemented hereby, the Original
      Indenture is in all respects ratified and confirmed, and the Original Indenture
      and this Supplemental Indenture shall be read, taken and construed as one and
      the same instrument.

     

    (c) Executed
      in Counterparts. This Supplemental Indenture may be executed in several
      counterparts, each of which shall be deemed to be an original, and such
      counterparts shall together constitute but one and the same
      instrument.

     

    (d) Governing
      Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
      ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CHOICE
      OF LAW PRINCIPLES THEREOF.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, each party hereto has caused this instrument to be signed
      in
      its name and behalf by its duly authorized officers, to be effective as of
      the
      day and year first above written.

     

    BAUSCH
      & LOMB INCORPORATED

    

    By:
      /s/Efrain
      Rivera

    Name:
      Efrain Rivera

    Title:
      Vice President and Treasurer

    January
      23, 2007

    

     

    Attest:

     

    /s/
      Jean F. Geisel

    Name: Jean
      F.
      Geisel

    Title: Secretary

     

     

    CITIBANK,
      N.A.,

    as
      Trustee

    

    By:
      /s/
      John J. Byrnes, Jr.

    Name: John
      J.
      Byrnes, Jr.

    Title: Vice
      President

    January
      24, 2007

     

    Attest:

     

    /s/
      Wafaa Orfy 

    Name:
      Wafaa Orfy

    Title: Vice
      PresidentExhibit (10)-q

    
      
        

      

      Exhibit
        (10)-q

      Amended
        and Restated as of

      February
        25, 2003

      Amended
        January 27, 2004

      Amended
        July 19, 2004

      Amended
        January 25, 2005

      Amended
        July 25, 2006

      

      Bausch
        & Lomb Incorporated

      ANNUAL
        INCENTIVE COMPENSATION PLAN

      

      I.     Introduction.

      

      The
        Bausch & Lomb Incorporated Annual Incentive Compensation Plan (the “Plan”)
        is established to create
        effective incentives for managers of Bausch & Lomb Incorporated (the
“Company”) to set and achieve objectives that are designed to enhance business
        performance and increase shareholder value. The Plan is also designed to
        provide
        competitive levels of compensation to enable the Company to attract and retain
        managers who are able to exert a significant impact on the value of the Company
        for its shareholders.

      

      
        	
                II.

              	
                Plan
                  Participants.

              

      

      

      
        	 	
                Employees
                  of the Company who are in the mid management band and above and
                  are
                  selected to participate in the Plan are eligible to participate
                  in the
                  Plan (“Participants”).

              

      

      

      
        	
                III.

              	
                Definitions.
                  Capitalized terms not otherwise defined when used in this Plan
                  shall have
                  the following meanings.

              

      

      

      
        	 	
                A.
                    

              	
                “Approved
                  Incentive Award”
                  or “Bonus”.
                  An Approved Incentive Award or Bonus is the incentive which has
                  been
                  approved in accordance with this Plan to be paid by the Company
                  to the
                  Participant.

              

      

      

      
        	 	
                B.  
                  

              	
                “Bonus
                  Pool”.
                  shall have the meaning set forth in Section
                  VI.A.1.

              

      

      

      	C.  	
              “Committee”.
                means Compensation Committee of the Company’s Board of
                Directors.

            

      

      	D.  	
              “Performance
                Management Process (PMP) objectives”.
                PMP objectives are team or individual performance measures which
                are
                established in accordance with guidelines issued by the Corporate
                Senior
                Vice President - Human Resources, and approved by the immediate manager
                of
                the individual or team to whom the measure applies and that person’s
                immediate manager, as further defined in Section IV B
                hereof.

            

      

      	E.  	
              “Operating
                Unit Objective”.
                An Operating Unit Objective is a performance target for one or more
                of the
                Company’s geographic regional businesses (e.g. Americas; Asia; Europe,
                Middle East and Africa) or functional centers (Research Development
&
                Engineering; Global Supply Chain or Global Category Groups), which
                is
                established early in a Plan Year with approval from the relevant
                Operating
                Unit head, the Corporate Senior Vice President-Human Resources, the
                Senior
                Vice President and Chief Financial Officer and the Chief Executive
                Officer, as further defined in Article IV B
                hereof.

            

      

      	F.  	
              “Plan
                Year”
                means each one year period coincident with a fiscal year of the
                Company.

            

      

      	G.  	
              “Standard
                Incentive Funding”.
                is the Bonus Pool funding at Standard Incentive percentage for all
                Participants in a particular group or Operating Unit. A standard
                incentive
                percentage has been established by job band and is applied to eligible
                base salary earnings to determine the appropriate
                funding.

            

      

      	H.  	
              “stretch
                goal”.
                Defined in Article V.

            

      

      	I.  	
              “target
                goal”.
                Defined in Article V.

            

      

      	J.  	
              “threshold
                goal”.
                Defined in Article V.

            

      

      	K.  	
              “Total
                Company Objective”.
                A Total Company Objective is a performance target set for the Company
                as a
                whole, which is established early in a Plan Year with approval by
                the
                Committee, as further defined in Article IV B
                hereof.

            

      

      
        	
                IV.

              	
                Performance
                  Measurement.

              

      

      

      
        	 	
                A. 
                  

              	
                Each
                  Plan Year, the Company and each Operating Unit and eligible Participant
                  will set objectives in accordance with this Plan. These will be
                  applied
                  for Incentive Plan purposes either to fund a Bonus Pool (as to
                  Total
                  Company and Operating Unit Objectives) or to allocate a Bonus Pool
                  among
                  Participants. 

              

      

      

      
        	 	
                B. 
                  

              	
                Total
                  Company, Operating Unit and PMP Objectives will be set early in
                  the Plan
                  Year in which performance is to occur. Total Company performance
                  will be
                  evaluated based on Total Company Objectives which are set with
                  approval
                  from the Committee. Operating Unit Objectives for commercial business
                  units shall be based on objective identifiable measures of business
                  performance, including, for example, sales and operating earnings,
                  return
                  on assets/equity and cash flow. Operating Unit Objectives for units
                  other
                  than commercial business units (e.g., RD&E, Global Supply Chain) shall
                  be based on deliverables required to meet annual plan and longer
                  term
                  objectives, including, for example, cost containment, cost improvement,
                  product launch, product quality and cash flow goals. Global Category
                  Group
                  objectives shall be based on financial measures such as category
                  sales,
                  category distribution margin and/or strategic imperatives such
                  as market
                  share goals. All Operating Unit Objectives shall be approved by
                  the
                  relevant Operating Unit head as well as the Senior Vice President-
                  Human
                  Resources, Senior Vice President and Chief Financial Officer, and
                  the
                  Chief Executive Officer.

              

      

      

      
        	 	 	
                Company
                  and Operating Unit Objectives will be assigned a weighting for
                  Bonus Pool
                  funding purposes, assuming Company performance at threshold levels
                  as set
                  forth in Section VI.A.1 below . (Bonus Pool funding is described
                  further
                  under Section VI of this Plan). The weighting of Company and Operating
                  Unit Objectives will be approved by the Committee at the time Company
                  Objectives are approved. 2003 Annual Incentive Plan weightings
                  for Bonus
                  Pool Funding are set forth in Appendix B
                  hereto.

              

      

      

      
        	 	 	
                PMP
                  objectives will be team or individual measures which will, where
                  possible,
                  impact the Operating Unit Objectives and ultimately the Total Company
                  Objectives. PMP objectives shall be set in accordance with guidelines
                  issued by the Senior Vice President-Human Resources, and shall
                  be approved
                  by the immediate manager of the individual or team to whom the
                  measure
                  applies, and
                  that person’s immediate manager (i.e., a “one-over-one”
                  approval).

              

      

      

      	V.  	
              Threshold,
                Target and Stretch Goals

            

      

      Total
        Company and Operating Unit Objectives will be set with a “target” goal, a
“stretch” goal and a “threshold” goal. Achievement of the “target” goal should
        reflect performance which is in line with expected performance, and which
        supports expected Company performance. “Stretch” goals should assume performance
        well in excess of that required to achieve the target goal, while “threshold”
goals should define a minimum level of performance warranting funding of
        a Bonus
        Pool. “Stretch” and “threshold” goals must be approved with respect to each
        Objective at the same time and in the same manner that the respective Objective
        is approved. 

      

      
        	
                VI.

              	
                Bonus
                  Calculation. 

              

      

      

      
        	 	
                A.
                    

              	
                The
                  amount of an individual Participant’s Approved Incentive Award (or Bonus)
                  in any Plan Year is determined as
                  follows:

              

      

      

      	1.  	
              A
                Bonus Pool for Corporate Officers, Corporate Staff and for each Operating
                Unit will be calculated and funded based on a factor taking into
                account
                (a) Standard Incentive Funding within the Operating Unit or Staff
                and (b)
                performance against Company Objectives and, where applicable, Operating
                Unit Objectives. Where an Operating Unit has multiple Operating Unit
                Objectives, performance will be assessed in accordance with guidelines
                established by the Corporate Senior Vice President - Human Resources.
                In
                order for the Operating Unit portion of a Bonus Pool to be funded,
                the
                Company must achieve at least the threshold level of
                performance.

            

      

      	2.  	
              The
                Bonus Pool which is so determined shall then be allocated among the
                individual participants within a group (Corporate Officers or Corporate
                Staff) or Operating Unit based upon achievement by the members of
                that
                group or Operating Unit against PMP objectives. The total of Annual
                Incentive Awards with respect to a group or Operating Unit shall
                not
                exceed the Bonus Pool for such group or Operating Unit but may be
                less
                than the Bonus Pool

            

      

      
        	 	
                3.
                    

              	
                The
                  Approved Incentive Award is based on the extent to which the relevant
                  Bonus Pool is funded and on an assessment of performance against
                  PMP
                  objectives. Assessment of performance against PMP objectives shall
                  be in
                  accordance with guidelines issued by the Senior Vice President,
                  Human
                  Resources, and shall be subject to discretionary upward or downward
                  modification in accordance with such
                  guidelines.

              

      

      

      
        	 	
                4.  
                  

              	
                Where
                  performance against Company or Operating Unit Objectives meets
                  or exceeds
                  the “stretch goal” established with respect to that Objective, the
                  calculation of the funded Bonus Pool which is attributable to that
                  Objective shall be 200% of the Standard Incentive Funding. Conversely,
                  where performance against a Company or Operating Unit Objective
                  meets the
                  “threshold goal” established with respect to that Objective, the
                  calculation of the funded Bonus Pool will start at 0% of the Standard
                  Incentive Funding. 

              

      

      

      
        	 	
                5.  
                  

              	
                Where
                  actual performance on a particular Objective falls between “threshold”,
                  “target” and “stretch” goals, the Bonus Pool Funding which is attributable
                  to that Objective shall be calculated on a pro-rata basis with
                  respect to
                  the payouts set for achievement of goals (50%, 100%, and 200%)
                  depending
                  on where performance lies between such
                  goals.

              

      

      

      
        	 	
                B.  
                  

              	
                Bonus
                  Pool Funding may be modified as a result of the
                  following:

              

      

      

      
        	 	
                1.  
                  

              	
                Performance
                  against Company or Operating Unit Objectives may be modified by
                  the
                  Committee based on the Committee’s overall assessment of the manner in
                  which such performance was achieved or, with respect to Operating
                  Unit
                  performance, relative contribution to Total Company
                  Performance.

              

      

      

      	2.  	
              In
                addition, Bonus Pool Funding for a group or Operating Unit may be
                modified
                by the Chief Executive Officer, in his sole discretion, to reflect
                a
                group’s or Operating Unit’s relative contribution to Total Company
                performance, provided that such modification shall not have the effect
                of
                increasing the total Funded Bonus Pool for the Company as a whole
                beyond
                the level approved by the Committee.

            

      

      	3.  	
              Any
                modification to the Chief Executive Officer’s Approved Incentive Award
                shall be approved by the Committee.

            

      

      
        	 	
                C.  
                  

              	
                An
                  individual Participant’s Approved Incentive Award shall be determined
                  based upon relevant performance against PMP objectives, which will
                  allow
                  for allocation to the Participant of a portion of the funded Bonus
                  Pool of
                  such Participant’s group or Operating Unit. Assessment of performance
                  against PMP objectives shall be in accordance with guidelines issued
                  by
                  the Senior Vice President, Human Resources. Approved Incentive
                  Awards may
                  vary upward or downward against the targeted level based on evaluation
                  of
                  a participant’s performance against PMP objectives. The total of all
                  Bonuses within each group or Operating Unit cannot exceed 100%
                  of the
                  funded Bonus Pool as to such group or Operating
                  Unit.

              

      

      

      
        	
                VII.

              	
                Change
                  in Status During Plan Year

              

      

      

      
        	 	
                A.  
                  

              	
                New
                  Hires and Promotions

              

      

      

      
        	 	 	
                For
                  Plan Years 2006 and Prior:

              

      

      

      
        	 	
                1.  
                  

              	
                A
                  newly hired or recently promoted employee of the Company who is
                  a
                  Participant in the Plan for at least six months of his/her first
                  Plan Year
                  will be eligible for a Bonus which is based on salary paid during
                  the
                  partial Plan Year after the effective date of hire or promotion,
                  as the
                  case may be.

              

      

      

      
        	 	
                2.  
                  

              	
                A
                  newly hired or recently promoted employee of the Company who is
                  a
                  Participant for less than six months in his/her initial Plan Year
                  will be
                  eligible for a Bonus for a portion of that Plan Year after the
                  effective
                  date of hire or promotion, as the case may be, only if the terms
                  of such
                  partial Plan Year bonus are agreed to in writing between the Participant
                  and the Company at the time of hire. These arrangements must be
                  approved
                  in writing in advance by Corporate Senior Vice President Human
                  Resources
                  and normal one-over-one approval
                  matrix.

              

      

      

      
        	 	 	
                For
                  Plan Years 2007 and Forward:

              

      

      
        	 	 	
                1.  
                  

              	
                A
                  newly hired or recently promoted employee of the Company who is
                  a
                  Participant in the Plan will be eligible for a pro-rata Bonus which
                  is
                  based on eligible wages and applicable target percentage during
                  the
                  partial Plan Year after the effective date of hire or promotion,
                  as the
                  case may be.

              

      

      

      
        	 	
                B.  
                  

              	
                Transfers.

              

      

      

      
        	 	
                1.  
                  

              	
                Where
                  a Participant transfers from one Operating Unit or group to another
                  during
                  a Plan Year, the Bonus for the Plan Year in which the transfer
                  occurs will
                  be based on Bonus Pool Funding as to the particular Operating Unit
                  or
                  group in which the Participant worked for the majority of the Plan
                  Year,
                  or as otherwise approved by the Corporate Senior Vice President
                  Human
                  Resources.

              

      

      

             
        C.  Terminations.

      

      
        	 	
                1.  
                  

              	
                A
                  Participant who terminates voluntarily (other than retirement)
                  from the
                  Company either (i) during a Plan Year or (ii) after the Plan Year
                  ends but
                  before the date on which the Approved Incentive Award or Bonus
                  with
                  respect to such Plan Year is actually paid by the Company to the
                  Participant will not be eligible for any bonus for that Plan Year,
                  or the
                  Plan Year in which the termination
                  occurs.

              

      

      

      
        	 	
                2.  
                  

              	
                In
                  cases of retirement or involuntary termination due to death, disability,
                  reduction in work force, or the sale or closing of a plant or business
                  unit before completion by the Participant of at least six months
                  service
                  as an eligible Participant during the Plan Year, such Participant
                  will not
                  be eligible for any Bonus for that Plan Year. In cases of retirement
                  or
                  involuntary termination due to death, disability, reduction in
                  work force,
                  or the sale or closing of a plant or business unit after completion
                  by the
                  Participant of at least six months service as an eligible Participant
                  during the Plan Year, a pro rata Bonus will be calculated and paid
                  in
                  accordance with the Plan.

              

      

      

      
        	 	
                3.  
                  

              	
                A
                  Participant who is terminated involuntarily for any other reason
                  either
                  (i) during a Plan Year or (ii) after the Plan Year ends but before
                  the
                  date on which the Approved Incentive Award or Bonus with respect
                  to such
                  Plan Year is actually paid by the Company to the Participant will
                  not be
                  eligible for any Bonus for that Plan Year, or the Plan Year in
                  which the
                  termination occurs.

              

      

      

      
        	 	
                D.  
                  

              	
                Leave
                  of Absence.

              

      

      

      
        	 	 	
                An
                  employee whose status as an active employee is changed during a
                  Plan Year
                  as a result of a leave of absence may, at the discretion of the
                  Committee,
                  be eligible for a pro rata Bonus determined in the same way as
                  in
                  Subsection VII A.

              

      

      

      
        	 	
                E.  
                  

              	
                Demotions.

              

      

      
        	 	 	
                For
                  Plan Years 2006 and Prior:

              

      

      
        	 	
                1.  
                  

              	
                An
                  employee who is transferred into a non-eligible group of employees
                  after
                  having served six months during the Plan Year shall be paid a pro-rata
                  Bonus determined in the same manner as in Subsection VII
                  A.

              

      

      

      
        	 	
                2.  
                  

              	
                An
                  employee who is transferred into a non-eligible group of employees
                  prior
                  to having served six months during the Plan Year in an eligible
                  group of
                  employees shall not be entitled to a
                  Bonus.

              

      

      

      
        	 	
                3.  
                  

              	
                Where
                  an employee is transferred into a lower band position within a
                  Plan Year,
                  such employee’s Standard Incentive Award percentage shall be based on the
                  band or position in which the employee spent the majority of the
                  Plan
                  Year.

              

      

      

      
        	 	 	
                For
                  Plan Years 2007 and Forward:

              

      

      
        	 	
                1.  
                  

              	
                An
                  employee who is transferred into a lower band or a non-eligible
                  group of
                  employees during the Plan Year shall be paid a pro-rata Bonus determined
                  in the same manner as in Subsection VII
                  A.

              

      

      

      VIII.     Change
        of Control.

      

      
        	 	 	
                Notwithstanding
                  any other provision of this Plan, a special incentive bonus shall
                  be paid
                  to Participants if there is a change in control of the Company
                  during the
                  Plan Year.

              

      

      

      	1.  	
              The
                amount of the special incentive bonus shall equal the greater of
                (a) the
                Bonus based upon “target” performance without regard to any other
                calculations under the Plan, prorated where applicable, through the
                date
                of termination of the Participant’s employment where it is terminated
                involuntarily other than for good cause, or (b) the Bonus which would
                be
                payable to the Participant based on results for the full Plan Year,
                prorated where applicable, through the date of termination of the
                Participant’s employment where it is terminated involuntarily other than
                for good cause, as applicable.

            

      

      A
        change
        of control of the Company is defined as follows:

      

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

      

      (b)
        Individuals who, as of February 25, 2003, constitute the Board (the "Incumbent
        Board") cease for any reason to constitute at least a majority of the Board;
        provided, however, that any individual becoming a director subsequent to
        February 25, 2003 whose election, or nomination for election by the Company's
        shareholders, was approved by a vote of at least a majority of the directors
        then comprising the Incumbent Board shall be considered as though such
        individual were a member of the Incumbent Board, but excluding, for this
        purpose, any such individual whose initial assumption of office occurs as
        a
        result of either an actual or threatened election contest (as such terms
        are
        used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act)
        or
        other actual or threatened solicitation of proxies or consents by or on behalf
        of a Person other than the Board; or

      

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

      

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

      

      
        	
                IX.

              	
                Miscellaneous.

              

      

      

      
        	 	
                A.  
                  

              	
                Amendments.
                  The Committee shall have the right to modify or amend this Plan
                  from time
                  to time, or suspend it or terminate it entirely; provided that
                  no such
                  modification, amendment, suspension, or termination may, without
                  the
                  consent of any affected Participants (or beneficiaries of such
                  Participants in the event of death), reduce the rights of any such
                  Participants (or beneficiaries, as applicable) to a payment or
                  distribution already payable under Plan terms in effect prior to
                  such
                  change.

              

      

      

      
        	 	
                B.  
                  

              	
                Role
                  of the Committee.
                  (i) Interpretation
                  of the Plan.
                  Any decision of the Committee with respect to any issue concerning
                  individuals selected as Participants, the amount, terms, form and
                  time of
                  payment of bonuses, and interpretation of any Plan guideline, definition,
                  term or requirement shall be final and
                  binding.

              

      

      

      (ii)
        Administration.
        The
        Committee has designated the Corporate Senior Vice President Human Resources
        to
        control and manage the operation and administration of the Plan. The Corporate
        Senior Vice President Human Resources shall administer the Plan in accordance
        with its terms and shall have all powers necessary to carry out the provisions
        of the Plan, except such powers as are specifically reserved to the Committee
        or
        some other person. These powers include the power to make and publish such
        rules
        and regulations as he or she may deem necessary to carry out the provisions
        of
        the Plan. 

      

      (iii)
        Adjustment
        to Objectives.
        If any
        event occurs during a performance period which requires changes to preserve
        the
        incentive features of this Plan, the Committee may make appropriate upward
        or
        downward adjustments in the specified performance levels.

      

      
        	 	
                C.  
                  

              	
                Right
                  to Continued Employment; Additional Awards.
                  Participation in the Plan or the receipt of a bonus under the Plan
                  shall
                  not give the recipient any right to continued employment (such
                  employment
                  shall be “at will”), and the right and power to dismiss any employee is
                  specifically reserved to the Company. In addition, the receipt
                  of a bonus
                  with respect to any Plan Year shall not entitle the recipient to
                  any bonus
                  with respect to any subsequent Plan Year, except as expressly provided
                  in
                  the Plan.

              

      

      

      
        	 	
                D.  
                  

              	
                Withholding
                  Taxes.
                  The Company shall have the right to deduct from all payments under
                  this
                  Plan any Federal or state taxes required by law to be withheld
                  with
                  respect to such payments.

              

      

      

      
        	 	
                E.  
                  

              	
                Deferred
                  Compensation.
                  Participants may elect to defer all or part of a Bonus in accordance
                  with
                  the procedures set forth in the Company’s Executive Deferred Compensation
                  Plan.

              

      

      

      
        	 	
                F.  
                  

              	
                Interaction
                  with Management Incentive Compensation Plan.
                  Amounts payable under this Plan shall be offset against amounts
                  actually
                  paid to a Participant under the Bausch & Lomb Incorporated Management
                  Incentive Compensation Plan, dated as of January 1,
                  1998.

              

      

      

      
        	 	
                G.  
                  

              	
                Governing
                  Law.
                  This Plan shall be construed in accordance with and governed by
                  the laws
                  of the State of New York.

              

      

      

      

      BAUSCH
        & LOMB INCORPORATED

      

      

      By:
        ___/s/
        David Nachbar___________

      David
        Nachbar

      Corporate
        Senior Vice President

      Human
        Resources

       

      Dated:
        July 25, 2006

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
        LIST

      

      

      

      Appendix
        A - STANDARD
        INCENTIVE PERCENTAGE TABLE

      

      

      

      

      

      Appendix
        B - INCENTIVE
        WEIGHTINGS

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
        A

      Amended
        and Restated as of February 25, 2003

      Amended
        January 27, 2004

      Amended
        July 19, 2004

      Amended
        January 25, 2005

      Amended
        July 25, 2006

      

      

      STANDARD
        INCENTIVE PERCENTAGE

      

      

      

      
        	
                BAND/GRADE

              	
                STANDARD
                  INCENTIVE PERCENTAGE (AS A % OF BASE SALARY)

              
	
                 

                 

                 

                NON-OFFICERS:

              	 
	
                Manager/Technical

              	
                15%

              
	 	 
	
                Director/Country
                  Manager

              	
                30%

              
	 	 
	
                Vice
                  President/General Manager

              	
                35%

              
	 	 
	
                 

                 

                OFFICERS*:

              	 
	 	 
	 	 
	
                *Standard
                  incentive levels will range from 50% to 100% of base salary, depending
                  on
                  position, as approved at the beginning of each Plan Year by the
                  Compensation Committee of the Board of Directors.
                  

              

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Amended
        and Restated as of February 25, 2003

      Amended
        January 27, 2004

      Amended
        July 19, 2004

      Amended
        January 25, 2005

      Amended
        July 25, 2006

      

      Appendix
        B

      

      Bonus
        Pool Funding

      

      

      
        	 	
                 

                Total
                  Company

              	
                 

                Operating
                  Unit

              
	
                Corporate
                  Officers(1)

                 

              	
                100%

                 

              	
                --

                 

              
	
                Corporate
                  Staff

                 

              	
                100%

                 

              	
                --

                 

              
	
                Global
                  Operations and Engineering:

                 

              	
                75%

              	
                25%

              
	
                Global
                  Research and Development

                 

              	
                75%

              	
                25%

              
	
                Regional/Commercial:

                 

              	
                75%

              	
                25%

              
	
                Global
                  Category Groups

              	
                75%

              	
                25%

                 

              
	
                Other
                  Operating Units as approved by the CEO

              	
                75%

              	
                25%

                 

              

      

      

      (1)
        Includes
        officers with no operating unit responsibilities.

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