Document:

EX-10.6

 Exhibit 10.6 

EMPLOYEE MATTERS AGREEMENT 

by and between 
 BAUSCH HEALTH
COMPANIES INC. 
 and 
 BAUSCH +
LOMB CORPORATION 
 Dated as of March 30, 2022 

 TABLE OF CONTENTS 

 
  

 

							
	 	  	PAGE	 
	ARTICLE I	  

	DEFINITIONS	  

			
	 Section 1.01.
	 	 Certain Definitions
	  	 	1	 
	
	ARTICLE II	  

	GENERAL ALLOCATION OF LIABILITIES; INDEMNIFICATION	  

			
	 Section 2.01.
	 	 Allocation of Employee-Related Liabilities
	  	 	9	 
	 Section 2.02.
	 	 Indemnification
	  	 	10	 
	 Section 2.03.
	 	 Agency Transfer Employee Liabilities
	  	 	10	 
	 Section 2.04.
	 	 No Duplicate Reimbursements
	  	 	10	 
	
	ARTICLE III	  

	 EMPLOYEES; EMPLOYMENT AND

COLLECTIVE BARGAINING AGREEMENTS
	  

 

			
	 Section 3.01.
	 	 Transfers of Employment
	  	 	10	 
	 Section 3.02.
	 	 Employee Agreements
	  	 	12	 
	 Section 3.03.
	 	 Collective Bargaining Agreements; Labor Relations
	  	 	12	 
	 Section 3.04.
	 	 Assignment of Specified Rights
	  	 	12	 
	 Section 3.05.
	 	 Sponsored SpinCo Employees
	  	 	12	 
	 Section 3.06.
	 	 Transfer-Related Termination Liabilities
	  	 	13	 
	
	ARTICLE IV	  

	PLANS	  

			
	 Section 4.01.
	 	 General; Plan Participation
	  	 	13	 
	 Section 4.02.
	 	 Adoption and Administration of SpinCo Plans
	  	 	14	 
	 Section 4.03.
	 	 Service Credit
	  	 	14	 
	
	ARTICLE V	  

	RETIREMENT PLANS	  

			
	 Section 5.01.
	 	 401(k) Plan
	  	 	14	 
	 Section 5.02.
	 	 SpinCo Canada DC Plans
	  	 	16	 
	 Section 5.03.
	 	 Legacy U.S
	  	 	16	 
	 Section 5.04.
	 	 Parent Deferred Compensation Plan
	  	 	17	 
	 Section 5.05.
	 	 Legacy SERP
	  	 	17	 
	 Section 5.06.
	 	 Other Non-U.S
	  	 	16	 
	
	ARTICLE VI	  

	HEALTH AND WELFARE PLANS; PAID TIME OFF AND VACATION	

 

			
	 Section 6.01.
	 	 Cessation of Participation in Parent H&W Plans; Participation in SpinCo H&W
Plans
	  	 	17	 
	 Section 6.02.
	 	 Assumption of Health and Welfare Plan Liabilities
	  	 	18	 
	 Section 6.03.
	 	 Post-Retirement Health and Welfare Benefits
	  	 	18	 
	 Section 6.04.
	 	 Flexible Spending Account Plan Treatment
	  	 	19	 
	 Section 6.05.
	 	 Workers’ Compensation Liabilities
	  	 	19	 
	 Section 6.06.
	 	 Vacation and Paid Time Off
	  	 	19	 
	 Section 6.07.
	 	 COBRA and HIPAA
	  	 	19	 

  
 i 

							
	ARTICLE VII	  

	INCENTIVE COMPENSATION	  

			
	 Section 7.01.
	 	 Cash Incentive and Cash Bonus Plans
	  	 	20	 
	 Section 7.02.
	 	 B+L Separation Bonuses
	  	 	20	 
	
	ARTICLE VIII	  

	TREATMENT OF OUTSTANDING EQUITY AWARDS	  

			
	 Section 8.01.
	 	 No Adjustments at the IPO
	  	 	21	 
	 Section 8.02.
	 	 Parent RSU and PRSU Distribution Adjustments
	  	 	21	 
	 Section 8.03.
	 	 Stock Option Distribution Adjustments
	  	 	22	 
	 Section 8.04.
	 	 SpinCo Equity Plan
	  	 	23	 
	 Section 8.05.
	 	 Employee Stock Purchase Plan; Matching Shares Program
	  	 	23	 
	 Section 8.06.
	 	 Miscellaneous Terms and Actions; Tax Reporting and Withholding
	  	 	23	 
	
	ARTICLE IX	  

	PERSONNEL RECORDS; PAYROLL AND TAX WITHHOLDING	
 

			
	 Section 9.01.
	 	 Personnel Records
	  	 	26	 
	 Section 9.02.
	 	 Payroll; Tax Reporting and Withholding
	  	 	26	 
	
	ARTICLE X	  

	NON-U.S. EMPLOYEES AND EMPLOYEE PLANS	  

			
	 Section 10.01.
	 	 Special Provisions for Employees and Employee Plans Outside of the United States
	  	 	26	 
	
	ARTICLE XI	  

	GENERAL AND ADMINISTRATIVE	  

			
	 Section 11.01.
	 	 Sharing of Participant Information
	  	 	27	 
	 Section 11.02.
	 	 Cooperation
	  	 	27	 
	 Section 11.03.
	 	 Vendor Contracts
	  	 	27	 
	 Section 11.04.
	 	 Data Privacy
	  	 	27	 
	 Section 11.05.
	 	 Notices of Certain Events
	  	 	27	 
	 Section 11.06.
	 	 No Third Party Beneficiaries
	  	 	28	 
	 Section 11.07.
	 	 Fiduciary Matters
	  	 	28	 
	 Section 11.08.
	 	 Consent of Third Parties
	  	 	28	 
	
	ARTICLE XII	  

	NON-SOLICIT; NO-HIRE	  

			
	 Section 12.01.
	 	
Non-Solicitation/No-Hire of
Covered Service Providers
	  	 	28	 
	
	ARTICLE XIII	  

	DISPUTE RESOLUTION	  

			
	 Section 13.01.
	 	 General
	  	 	29	 
	
	ARTICLE XIV	  

	MISCELLANEOUS	  

			
	 Section 14.01.
	 	 General
	  	 	29	 

  
 ii 

 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT, dated as of March 30, 2022, is by and between BAUSCH HEALTH COMPANIES INC., a corporation incorporated under
the British Columbia Business Corporations Act (“Parent”), and BAUSCH + LOMB CORPORATION, a company incorporated under the laws of Canada (the “Company” or “SpinCo”). 

R E C I T A L S 
 WHEREAS, Parent
and the Company have entered into the Master Separation Agreement, dated as of even date herewith (the “Master Separation Agreement”), pursuant to which Parent and the Company will effectuate the Transactions; 

WHEREAS, as contemplated by the Master Separation Agreement, Parent and the Company desire to enter into this Agreement for the purpose of
allocating between them the Assets, Liabilities and responsibilities with respect to certain employee matters (including employee compensation and benefit plans and programs); 

WHEREAS, Parent and the Company have agreed that, except as otherwise specifically provided herein, the general approach and philosophy
underlying this Agreement is to (a) allocate Assets, Liabilities and responsibilities to the SpinCo Group (as opposed to the Parent Group) to the extent they relate to current or former employees and other service providers primarily related to
the SpinCo Assets or the SpinCo Business and (b) allocate Assets, Liabilities and responsibilities (other than those described in clause (a) above) to the Parent Group (as opposed to the SpinCo Group); and 

WHEREAS, except as expressly set forth herein, this Agreement is not intended to address the matters specifically and expressly covered by the
Plan of Reorganization (as defined in the Master Separation Agreement). 
 NOW, THEREFORE, in consideration of the mutual agreements,
provisions and covenants contained in this Agreement, the parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01.    Certain Definitions. For purposes of this Agreement, the following terms shall have the
following meanings; provided that capitalized terms used but not otherwise defined in this Section 1.01 shall have the respective meanings ascribed to such terms in the Master Separation Agreement: 

“2021 Aggregate Cash Bonus Amount” has the meaning set forth in Section 7.01(a) hereto. 

“2021 Bonus Certification Date” has the meaning set forth in Section 7.01(a) hereto. 

“2021 Bonus Plan” has the meaning set forth in Section 7.01(a) hereto. 

“2021 Cash Bonuses” has the meaning set forth in Section 7.01(a) hereto. 

“401(k) Plan Commencement Date” means January 1, 2022 (or such later date as mutually identified by the parties, but in
no event later than six (6) months following the Separation Time) or, in the case of Delayed Transfer Employees, if later, the applicable Delayed Transfer Date. 

“Adjusted Parent Awards” means, collectively, the Adjusted Parent Options, the Adjusted Parent PRSUs and the Adjusted Parent
RSUs. 
 “Adjusted Parent Option” means any Parent Option adjusted pursuant to Section 8.03(b) hereto. 

“Adjusted Parent PRSU” means any Parent PRSU adjusted pursuant to Section 8.02(a) or 8.02(b) hereto. 

  
 1 

 “Adjusted Parent Deferred RSU” means any Parent Deferred RSU adjusted
pursuant to Section 8.02(a) or 8.02(b) hereto. 
 “Adjusted Parent RSU” means any Parent RSU adjusted pursuant to
Section 8.02(a) or 8.02(b) hereto. 
 “Agency Agreement” means any agency agreement by and between Solta Medical
Ireland Limited, a member of the Solta Group (or such other applicable member of the Solta Group) and a member of the SpinCo Group (in its capacity as an “Agent” thereunder), pursuant to which the member of the SpinCo Group will act as an
agent on behalf of Solta to promote the sale of certain products of the Solta Business as specified therein. 
 “Agency Transfer
Employee” means (i) any individual who is employed by an applicable “Agent” (as defined under the applicable Agency Agreement) in a “Local Solta Business” (as defined under the applicable Agency Agreement) pursuant
to the terms of the applicable Agency Agreement, (ii) any New Agency Transfer Employee who is employed by an Agent in a Local Solta Business pursuant to the terms of the applicable Agency Agreement and (iii) any other individual who is
employed by the applicable Agent with respect to whom the applicable member of the Solta Group and the applicable Agent mutually agree will transfer to the Solta Group in accordance with the terms of the applicable Agency Agreement. 

“Agreement” means this Employee Matters Agreement, including all of the schedules and exhibits hereto, as may be amended from
time to time in accordance with its terms. 
 “Basket Ratio” has the meaning set forth in the Plan of Arrangement. 

“Benefits Commencement Date” means (a) in the case of U.S. SpinCo Participants, January 1, 2022, (b) in the case of
Non-U.S. SpinCo Participants, the date such Non-U.S. SpinCo Participant commences employment or service with the SpinCo Group in accordance with the terms of this
Agreement, and (c) in the case of Delayed Transfer Employees, if later, the applicable Delayed Transfer Date. 
 “Benefits
Transition Period” means the period, if any, beginning on the Separation Date and ending on the applicable Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date). 

“COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated
Omnibus Budget Reconciliation Act of 1985, as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA. 

“Collective Bargaining Agreements” means any and all agreements, memorandums of understanding, contracts, letters, side
letters and contractual obligations of any kind, nature and description, oral or written, that have been entered into between or that involve or apply to any employer and any labor organization, union, employee association, agency or employee
committee or plan. 
 “Company” has the meaning set forth in the preamble hereto. 

“Company Concentration Ratio” means the quotient obtained by dividing (i) the Parent Pre-Distribution Share Value by (ii) the Company Post-Distribution Share Value. 
 “Company
Post-Distribution Share Value” means the fair market value of a Resulting Entity Common Shares after the consummation of the Distribution, as determined by the Parent Board (or the Parent Compensation Committee) prior to the Distribution
Date in a manner intended to preserve the aggregate intrinsic value of the applicable outstanding equity awards. 
 “Covered Parent
Service Provider” means each Parent Employee who is or was employed by a member of the Parent Group (A) on the Separation Date, (B) at any time during the six (6) month period prior to Separation Date or (C) at any time
during the applicable Restricted Period. For the avoidance of doubt, a SpinCo Employee and a Solta Employee shall not constitute a Covered Parent Service Provider. 

  
 2 

 “Covered Solta Service Provider” means each (i) Solta Employee who is
or was employed by any member of the Parent Group, the Solta Group or the SpinCo Group (A) on the Separation Date, (B) at any time during the six (6) month period prior to the Separation Date or (C) at any time during the
applicable Restricted Period or (ii) Agency Transfer Employee. For the avoidance of doubt, a SpinCo Employee shall not constitute a Covered Solta Service Provider. 

“Covered SpinCo Service Provider” means each SpinCo Employee who is or was employed or engaged by a member of the Parent
Group or the SpinCo Group (A) on the Separation Date, (B) at any time during the six (6) month period prior to Separation Date or (C) at any time during the applicable Restricted Period. For the avoidance of doubt, none of a
Parent Employee, a Solta Employee or an Agency Transfer Employee shall constitute a Covered SpinCo Service Provider. 

“Distribution Time” means the effective time of the Distribution. 

“Delayed Transfer Date” means, with respect to any applicable Delayed Transfer Employee, the applicable date he or she
commences employment with a member of the SpinCo Group following the Separation Date. 
 “Delayed Transfer Employee” means
any (i) Post-Separation Transfer Employee, (ii) Sponsored SpinCo Employee and (iii) Other Transfer Employee, in each case, who transfers employment to a member of the SpinCo Group following the Separation Time in accordance with the
terms of this Agreement. For the avoidance of doubt, a New SpinCo Employee shall not constitute a Delayed Transfer Employee. 

“Dual Director” means any non-employee director who, as of and immediately following
the Distribution Date, serves on both the Parent Board and the SpinCo Board. 
 “Employee Plan” means any (a)
“employee benefit plan” as defined in Section 3(3) of ERISA, (b) compensation, employment, consulting, severance, termination protection, change in control, transaction bonus, retention or similar plan, agreement, arrangement,
program or policy or (c) other plan, agreement, arrangement, program or policy providing for compensation, bonuses, profit-sharing, equity or equity-based compensation or other forms of incentive or deferred compensation, vacation benefits,
insurance (including any self-insured arrangement), medical, dental, vision, prescription or fringe benefits, life insurance, relocation or expatriate benefits, perquisites, disability or sick leave benefits, employee assistance program,
supplemental unemployment benefits or post-employment or retirement benefits (including compensation, pension, health, medical or insurance benefits), in each case whether or not written. 

“Employee Transfer Schedule” means Exhibit A attached hereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, together with the rules and regulations
promulgated thereunder. 
 “Former Parent Employee” means (i) each individual (other than a SpinCo Employee) who, as
of immediately prior to the Separation Time (or, solely for purposes of Article VIII hereof, immediately prior to the Distribution), is a former employee of any member of the Parent Group (including the Solta Group) or the SpinCo Group (and
excluding, for the avoidance of doubt, any Former SpinCo Employee) and (ii) each individual who is, as of immediately prior to the Separation Time (or, solely for purposes of Article VIII hereof, immediately prior to the Distribution) on
long-term disability regardless of whether such individual was last actively employed primarily with respect to the SpinCo Assets or the SpinCo Business. For the avoidance of doubt, (i) a Delayed Transfer Employee shall not constitute a Former
Parent Employee and (ii) a Former Solta Employee shall constitute a Former Parent Employee. 
 “Former Solta Employee”
means each individual (other than a SpinCo Employee) who, as of immediately prior to the Separation Time (or, solely for purposes of Article VIII hereof, immediately prior to the Distribution), is a former employee of the Parent Group, the Solta
Group or the SpinCo Group who was last actively employed primarily with respect to the Solta Business (and excluding, for the avoidance of doubt, any Former SpinCo Employees). 

  
 3 

 “Former SpinCo Employee” means each individual who, as of immediately prior
to the Separation Time (or, solely for purposes of Article VIII hereof, immediately prior to the Distribution), is a former employee who was last actively employed primarily with respect to the SpinCo Assets or the SpinCo Business by any member of
the Parent Group or the SpinCo Group. 
 “H&W Plan” means any Employee Plan that is (a) an “employee welfare
benefit plan” or “welfare plan” (as defined under Section 3(1) of ERISA) or (b) a similar plan that is sponsored, maintained, administered, contributed to or entered into outside of the United States. 

“HIPAA” means the health insurance portability and accountability requirements for “group health plans” under the
Health Insurance Portability and Accountability Act of 1996, as amended, together with the rules and regulations promulgated thereunder. 

“Intended Transfer Date” means the date specified for each jurisdiction of employment set forth on the Employee Transfer
Schedule on which the applicable SpinCo Employees who are employed by a member of the Parent Group in such jurisdiction are intended by the parties to be transferred to a member of the SpinCo Group (or such other date as may be mutually agreed
between the parties). 
 “Interim Period” has the meaning set forth in the applicable Agency Agreement. 

“ITA” means the Income Tax Act (Canada). 

“Legacy Retiree H&W Plan” means the Bausch + Lomb Post-Retirement Benefits Plan. 

“Legacy SERP” means the Bausch + Lomb Supplemental Retirement Income Plan I, as amended and restated. 

“Legacy U.S. Pension Plan” means The Bausch & Lomb Retirement Benefit Plans (2020 Restatement). 

“Master Separation Agreement” has the meaning set forth in the recitals hereto. 

“New Agency Transfer Employee” has the meaning set forth in Section 3.01(c). 

“New Hire Grant” means any “initial” or “sign-on” Parent Award
granted to any Parent Employee or SpinCo Employee (other than any Former Parent Employee (including any Former Solta Employee) or Former SpinCo Employee, respectively) granted by Parent on or following September 1, 2021 in connection with such
applicable Parent Employee’s or SpinCo Employee’s external new hire into an executive role with Parent or SpinCo, as applicable. 

“New SpinCo Employee” means any individual who is externally hired by a member of the SpinCo Group following the Separation
Time. 
 “Non-U.S. Parent Employee” means any Parent Employee who is employed (or,
in the case of former employees, was last actively employed) outside of the United States. 

“Non-U.S. Parent Participant” means any Parent Participant who is employed or engaged
(or, in the case of former employees, individual independent contractors or consultants, was last actively employed or engaged, as applicable) outside of the United States. 

“Non-U.S. SpinCo Employee” means any SpinCo Employee who is not a U.S. SpinCo
Employee. 
 “Non-U.S. SpinCo Participant” means any SpinCo Participant who is not
a U.S. SpinCo Participant. 

  
 4 

 “Other Transfer Employee” means any individual who, upon mutual agreement
of Parent and the Company, transfers employment from the Parent Group to the SpinCo Group following the Separation Time. For the avoidance of doubt, each of a Sponsored SpinCo Employee and a Post-Separation Transfer Employee is not an Other Transfer
Employee. 
 “Parent” has the meaning set forth in the preamble hereto. 

“Parent 401(k) Plan” means any Parent Plan that is a defined contribution plan intended to qualify under Section 401(a)
of the Code and related trust intended to be exempt under Section 501(a) of the Code. 
 “Parent Awards” means,
collectively, the Parent Options, the Parent PRSUs, the Parent RSUs and the Parent Deferred RSUs. 
 “Parent Bonus Plan”
has the meaning set forth in Section 7.01 hereto. 
 “Parent Compensation Committee” means the Talent and Compensation
Committee of the Parent Board. 
 “Parent Concentration Ratio” means the quotient obtained by dividing (i) the Parent Pre-Distribution Share Value by (ii) the Parent Post-Distribution Share Value. 
 “Parent
Deferred Compensation Plan” means the Biovail Americas Corp. Executive Deferred Compensation Plan, as amended and restated effective January 1, 2009. 

“Parent Deferred RSU” means each award of deferred restricted share units with respect to Parent Common Shares granted under
the Parent Equity Plan. 
 “Parent Director” means any non-employee director
serving on the Parent Board as of and immediately following the Distribution Date, provided that such non-employee director does not also serve on the SpinCo Board as of and immediately following the
Distribution Date. 
 “Parent Employee” means each individual who, as of the Separation Time, is (a) not a SpinCo
Employee and (b) either (i) actively employed by any member of the Parent Group (including the Solta Group) or the SpinCo Group, (ii) an inactive employee (including any employee on short- or long-term disability leave or other authorized
leave of absence) of any member of the Parent Group (including the Solta Group) or the SpinCo Group or (iii) a Former Parent Employee. For the avoidance of doubt, a Solta Employee shall constitute a Parent Employee. 

“Parent Equity Plan” means the Bausch Health Companies Inc. 2014 Omnibus Incentive Plan (As Amended and Restated, Effective
as of April 28, 2020) (and any predecessor plan thereto). 
 “Parent ESPP” means the Bausch Health Companies Inc. 2013
Stock Purchase Plan. 
 “Parent FSA” means any Parent Plan that is a flexible spending account for health and dependent
care expenses. 
 “Parent H&W Plan” means any Parent Plan that is an H&W Plan. For the avoidance of doubt,
(i) Parent FSAs are Parent H&W Plans and (ii) no SpinCo H&W Plan is a Parent H&W Plan. 
 “Parent
Matching Share Program” means the Bausch Health Companies Matching Share Program. 
 “Parent MRSU” means each
award of matching share restricted stock units with respect to Parent Common Shares granted under the Parent Equity Plan in connection with the purchase of Parent Common Shares under either the Parent ESPP or the Parent Matching Share Program. 

  
 5 

 “Parent New CEO Grant” means each of the awards of Parent PRSUs and Parent
RSUs granted on September 1, 2021 to the Parent Employee who is intended to become the CEO of Parent effective as of the Separation Date. 

“Parent Option” means each outstanding option to acquire Parent Common Shares granted under the Parent Equity Plan. 

“Parent Participant” means any individual who is a Parent Employee (including, for the avoidance of doubt, a Solta Employee),
and any beneficiary, dependent, or alternate payee of such individual, as the context requires. 
 “Parent Plan” means any
Employee Plan (other than a SpinCo Plan) sponsored, maintained, administered, contributed to or entered into by any member of the Parent Group (including any member of the Solta Group). For the avoidance of doubt, no SpinCo Plan is a Parent Plan.

 “Parent Post-Distribution Share Value” means the fair market value of a Parent Common Share after the consummation of
the Distribution, as determined by the Parent Board (or the Parent Compensation Committee) prior to the Distribution Date in a manner intended to preserve the aggregate intrinsic value of the applicable outstanding equity awards. 

“Parent Pre-Distribution Share Value” means the fair market value of a Parent Common
Share prior to the consummation of the Distribution, as determined by the Parent Board (or the Parent Compensation Committee) prior to the Distribution Date in a manner intended to preserve the aggregate intrinsic value of the applicable outstanding
equity awards. 
 “Parent PRSU” means each award of restricted share units with respect to Parent Common Shares granted
under the Parent Equity Plan subject to performance-based vesting conditions. 
 “Parent Retained Employee Liabilities” has
the meaning set forth in Section 2.01(a) hereto. 
 “Parent RSU” means each award of restricted share units with
respect to Parent Common Shares granted under the Parent Equity Plan (other than Parent PRSUs and Parent Deferred RSUs), including, for the avoidance of doubt, any Parent MRSUs. 

“Parent Specified Rights” means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants,
including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property,
pursuant to any Employee Plan covering or with any SpinCo Employee or Parent Employee and to which any member of the SpinCo Group or Parent Group is a party (other than SpinCo Specified Rights). 

“Personnel Records” has the meaning set forth in Section 9.01 hereto. 

“Post-Separation Transfer Employee” means, if any, any SpinCo Employee who, as of immediately following the Separation Date,
is employed by a member of the Parent Group. For the avoidance of doubt, (i) a Post-Separation Transfer Employee is any SpinCo Employee employed by a member of the Parent Group (A) whose employment is not transferred to a member of the
SpinCo Group on or prior to the Separation Date and (B) whose employment is intended to transfer from the Parent Group to a member of the SpinCo Group following the Separation Date on his or her applicable Intended Transfer Date in accordance
with Section 3.01(b), and (ii) a Sponsored SpinCo Employee and an Other Transfer Employee are not a Post-Separation Transfer Employee. 

“Restricted Period” means, (A) with respect to a Covered Parent Service Provider, Covered SpinCo Service Provider or
Covered Solta Service Provider that holds the title of Vice President or higher (including Executive Vice President and Senior Vice President), the period (i) commencing on the Separation Time and (ii) ending on the 24-month anniversary of the Distribution Date, and (B) with respect to all other Covered Parent Service Providers, Covered SpinCo Service Providers and Covered Solta Service Providers, the period
(i) commencing on the Separation Time and (ii) ending on the 12-month anniversary of the Distribution Date. 

  
 6 

 “Solta” means Solta Medical Corporation, a corporation existing under the
laws of the Province of British Columbia, together with any successors thereto. 
 “Solta Board” means the Board of
Directors of Solta. 
 “Solta Business” means the business, operations and activities (whether or not such businesses,
operations or activities are or have been terminated, divested, discontinued or paused) of the “global aesthetics medical device” business of the BHC Group (including the Solta Group) conducted immediately prior to the Separation Time.

 “Solta Director” means any non-employee director serving on the Solta Board as
of and immediately following the Distribution Date (provided that such non-employee director does not also serve on the SpinCo Board as of and immediately following the Distribution Date). 

“Solta Employee” means each individual (other than a SpinCo Employee) who, as of the Separation Time, is (i) actively
employed primarily with respect to the Solta Business by any member of the Parent Group, the Solta Group or the SpinCo Group, (ii) an inactive employee (including any employee on short-term disability leave, parental, military or other
authorized leave of absence) primarily employed with respect to the Solta Business by any member of the Parent Group, the Solta Group or the SpinCo Group and (iii) a Former Solta Employee; provided that, for the avoidance of doubt, for
purposes of this Agreement, an Agency Transfer Employee shall constitute a Solta Employee. 
 “Solta Group” means,
collectively, Solta and its subsidiaries. 
 “SpinCo 401(k) Plan” means any SpinCo Plan that is a defined contribution plan
intended to qualify under Section 401(a) of the Code. 
 “SpinCo Assumed Employee Liabilities” has the meaning set
forth in Section 2.01(b) hereto. 
 “SpinCo Awards” means the SpinCo Options and the SpinCo RSUs. 

“SpinCo Bonus Plan” has the meaning set forth in Section 7.01 hereto. 

“SpinCo Canada DC Plan” means any SpinCo Plan that is a defined contribution plan maintained for SpinCo Participants employed
in Canada. 
 “SpinCo CBA” means any Collective Bargaining Agreement listed on Exhibit B hereto to the extent
covering SpinCo Employees. 
 “SpinCo Change in Control” has the meaning set forth in Section 8.06(b) hereto. 

“SpinCo Director” means any non-employee director serving on the SpinCo Board as of
and immediately following the Distribution Date, regardless of whether such non-employee director serves on the Solta Board, provided that such non-employee
director does not also serve on the Parent Board as of and immediately following the Distribution Date. For the avoidance of doubt, any non-employee director who serves on both the Parent Board and the SpinCo
Board as of the Separation Time, but ceases to serve on the Parent Board as of the Distribution Date shall constitute a SpinCo Director for purposes of this Agreement. 

“SpinCo Employee” means each individual who, (a) as of the Separation Time, is (i) actively employed primarily with
respect to the SpinCo Assets or the SpinCo Business by any member of the Parent Group or the SpinCo Group (which, for the avoidance of doubt, includes any Post-Separation Transfer Employees), (ii) an inactive employee (including any employee on
short-term disability leave, parental, military or other authorized leave of absence) primarily employed with respect to the SpinCo Assets or SpinCo Business by any member of the Parent Group or the SpinCo Group, (iii) a Former SpinCo Employee,
(b) as of his or her date of commencement of employment with the applicable member of the SpinCo Group, is a New SpinCo Employee or (c) as of the applicable Delayed Transfer Date, an Other Transfer Employee who becomes a Delayed Transfer
Employee. For the 

  
 7 

 
avoidance of doubt, (A) an Other Transfer Employee shall not constitute a SpinCo Employee for purposes of this Agreement unless and until his or her applicable Delayed Transfer Date, if any,
and (B) a Solta Employee shall not be considered a SpinCo Employee for purposes of this Agreement (notwithstanding the fact that such Solta Employee may be employed by a member of the SpinCo Group, including pursuant to the terms of any
applicable Agency Agreement or otherwise be deemed an Agency Transfer Employee). 
 “SpinCo Equity Plan” has the meaning
set forth in Section 8.04 hereto. 
 “SpinCo FSAs” has the meaning set forth in Section 6.04 hereto. 

“SpinCo H&W Plan” means any SpinCo Plan that is an H&W Plan. For the avoidance of doubt, SpinCo FSAs are SpinCo
H&W Plans. 
 “SpinCo Option” has the meaning set forth in Section 8.03(a) hereto. 

“SpinCo Participant” means any individual who is a SpinCo Employee, and any beneficiary, dependent, or alternate payee of
such individual, as the context requires. 
 “SpinCo Plan” means any Employee Plan that (a) is or was sponsored,
maintained, administered, contributed to or entered into by any member of the SpinCo Group, whether before, as of or after the Separation Date or (b) for which Liabilities transfer to any member of the SpinCo Group under this Agreement or
pursuant to applicable Law as a result of the Distribution. For the avoidance of doubt, SpinCo Plans shall include the Legacy U.S. Pension Plan, the Legacy Retiree H&W Plan and the Legacy SERP. 

“SpinCo RSU” has the meaning set forth in Section 8.02(a) hereto. 

“SpinCo Specified Rights” means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants,
including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property,
applicable or related, in whole or in part, to the SpinCo Assets or the SpinCo Business pursuant to any Employee Plan covering or with any SpinCo Employee and to which any member of the SpinCo Group or Parent Group is a party; provided that,
with respect to any Intellectual Property existing, conceived, created, developed or reduced to practice prior to the Separation Time, the foregoing rights to enjoy, benefit from or enforce any restrictive covenants related to Intellectual Property
is limited to those restrictive covenants related to Intellectual Property included in the SpinCo Assets. 
 “Sponsored SpinCo
Employee” means any SpinCo Employee working on a visa or work permit sponsored by a member of the Parent Group as of immediately prior to the Separation Time. 

“U.S. Parent Participant” means any Parent Participant employed or engaged (or, in the case of former employees, individual
independent contractors or consultants, last actively employed or engaged, as applicable) in the United States. 
 “U.S. SpinCo
Employee” means any SpinCo Employee who is employed (or, in the case of former employees, was last actively employed) in the United States. 

“U.S. SpinCo Participant” means any SpinCo Participant who is employed or engaged (or, in the case of former employees,
individual independent contractors or consultants, was last actively employed or engaged, as applicable) in the United States. 

  
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 ARTICLE II 

GENERAL ALLOCATION OF LIABILITIES; INDEMNIFICATION 

Section 2.01.    Allocation of Employee-Related Liabilities. 

(a)    Subject to the terms and conditions of this Agreement, effective as of the Separation Time, Parent shall, or shall
cause the applicable member of the Parent Group to, assume and retain, and no member of the SpinCo Group shall have any further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any Parent
Participant or any Parent Plan, in each case, other than any SpinCo Assumed Employee Liabilities, in each case (x) whether arising before, on or after the Separation Date, (y) whether based on facts occurring before, on or after the
Separation Date and (z) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of applicable Law or contract, or (ii) expressly assumed or retained, as applicable, by any
member of the Parent Group pursuant to this Agreement (collectively, “Parent Retained Employee Liabilities”). For the avoidance of doubt, all Parent Retained Employee Liabilities are Parent Liabilities for purposes of the Master
Separation Agreement. 
 (b)    Subject to the terms and conditions of this Agreement, effective as of the Separation
Time, the Company shall, or shall cause the applicable member of the SpinCo Group to, assume, and no member of the Parent Group shall have any further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in
respect of any SpinCo Participant (including, for the avoidance of doubt, any Former SpinCo Employee) or any SpinCo Plan, in each case (x) whether arising before, on or after the Separation Date, (y) whether based on facts occurring
before, on or after the Separation Date and (z) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of applicable Law or contract or (ii) expressly assumed or
retained, as applicable, by any member of the SpinCo Group pursuant to this Agreement (collectively, “SpinCo Assumed Employee Liabilities”), including without limitation, in the case of clause (i) above: 

(ii)    employment, separation or retirement agreements or arrangements to the extent applicable to any
SpinCo Participant; 
 (iii)    wages, salaries, incentive compensation, commissions, bonuses and other
compensation payable to any SpinCo Participants, without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses and other compensation are or may have been earned; 

(iv)    severance or similar termination-related pay or benefits applicable to any SpinCo Participant; 

(v)    claims made by or with respect to any SpinCo Participant in connection with any employee benefit
plan, program or policy, without regard to when such claim is in respect of; 
 (vi)    workers’
compensation and unemployment compensation benefits for all SpinCo Participants; 
 (vii)    transaction
bonus, retention and stay bonuses payable to any SpinCo Participants; 
 (viii)    the SpinCo CBAs; 

(ix)    any applicable Law (including ERISA and the Code) to the extent related to participation by any
SpinCo Participant in any Employee Plan; 
 (x)    any Actions, allegations, demands, assessments,
settlements or judgments relating to or involving any SpinCo Participant (including, without limitation, those relating to labor and employment, wages, hours, overtime, employee classification, hostile workplace, civil rights, discrimination,
harassment, affirmative action, work authorization, immigration, safety and health, information privacy and security, workers’ compensation, continuation coverage under group health plans, wage payment, hiring practice and the payment and
withholding of Taxes); 
 (xi)    any costs or expenses incurred in designing, establishing and
administering any SpinCo Plans or payroll or benefits administration for SpinCo Participants; and 

  
 9 

 (xii)    the employer portion of any employment, payroll
or similar Taxes relating to any of the foregoing or any SpinCo Participant. 
 For the avoidance of doubt, all SpinCo Assumed Employee Liabilities are
SpinCo Liabilities for purposes of the Master Separation Agreement. 
 Section 2.02.    Indemnification. For
the avoidance of doubt, the provisions of Article V of the Master Separation Agreement shall apply to and govern the indemnification rights and obligations of the parties with respect to the matters addressed by this Agreement. 

Section 2.03.    Agency Transfer Employee Liabilities. Notwithstanding anything to the contrary herein, any
Liabilities relating to the employment, or termination of employment, including in respect of any compensation or benefits, of any Agency Transfer Employees shall be subject to the terms of the applicable Agency Agreement. 

Section 2.04.    No Duplicate Reimbursements. For the avoidance of doubt, and notwithstanding anything to the
contrary in this Agreement or any other Ancillary Agreement, neither Parent nor the Company shall be required to reimburse the other party for any amounts under this Agreement if and to the extent that such party (or an applicable member of its
Group) has otherwise previously reimbursed the other party (or an applicable member of its Group) for such amounts pursuant to any other Ancillary Agreement (including, for the avoidance of doubt, the Transition Services Agreement), as applicable.

 ARTICLE III 

EMPLOYEES; EMPLOYMENT AND 

COLLECTIVE BARGAINING AGREEMENTS 

Section 3.01.    Transfers of Employment. 

(a)    Prior to the Separation Time, Parent and the Company shall have taken all necessary or appropriate actions to
(i) cause the employment of each SpinCo Employee (other than any Delayed Transfer Employee or Former SpinCo Employee), who is employed by a member of the Parent Group as of immediately prior to the Separation Time to be transferred to a member
of the SpinCo Group, effective as of or prior to the Separation Time and (ii) cause the employment of each SpinCo Employee (other than any Delayed Transfer Employee or Former SpinCo Employee), to the extent employed by a member of the SpinCo
Group as of immediately prior to the Separation Time, to be continued with a member of the SpinCo Group, effective as of the Separation Time. 

(b)    Following the Separation Time, (i) Parent shall, and shall cause the members of the Parent Group to, make
available the services of the Post-Separation Transfer Employees, to the extent employed by a member of the Parent Group at such time, to the SpinCo Group and the SpinCo Business prior to the applicable Delayed Transfer Date, and (ii) Parent
and the Company shall cooperate in good faith and use reasonable best efforts to cause the transfer and assignment of the employment of each Delayed Transfer Employee (whose employment, for the avoidance of doubt, was not transferred to a member of
the SpinCo Group on or prior to the Separation Time in accordance with Section 3.01(a)) from a member of the Parent Group to an applicable member of the SpinCo Group, in each case in accordance with the terms of this Agreement, applicable Law
(including any applicable automatic transfer regulations) and the terms of any applicable employment or service agreement. The transfer of such Delayed Transfer Employees shall be made by assigning such individual’s employment to a member of
the SpinCo Group or, to extent required by applicable Law or otherwise determined by the parties to be necessary or appropriate, by having a member of the SpinCo Group make an offer of employment to such Delayed Transfer Employee, or by operation of
any applicable automatic transfer regulations, in each case which such assignment or transfer shall be on terms and conditions of employment consistent with this Agreement and the terms and conditions of employment applicable to such Delayed
Transfer Employee as of immediately prior to the applicable Delayed Transfer Date (and such other terms and conditions as may be required by applicable Law, including any applicable automatic transfer regulations). To the extent any such transfers
of employment of any Delayed Transfer Employees will occur following the Distribution Date, the parties agree to mutually cooperate in good faith to cause the transfer of the employment of such individuals to the SpinCo Group as soon as possible
following the Distribution Date.  

  
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 (c)    During the applicable Interim Period, the Company shall, and
shall cause the members of the SpinCo Group (including the applicable Agents) to, cooperate with the Solta Group in good faith and use commercially reasonable efforts to facilitate (i) the hiring of employees into the applicable Local Solta
Business by the Agent under the applicable Agency Agreement or (ii) the termination of any applicable Agency Transfer Employees, in each case as soon as reasonably practicable after such Agent receives a reasonable written request from the
applicable member of the Solta Group, subject to (A) such procedures as mutually determined between the applicable members of the Solta Group and the SpinCo Group and (B) applicable Law. Any new employees hired by an Agent into a Local
Solta Business pursuant to this Section 3.01(c) shall, as of the date he or she commences employment with the applicable Agent, be referred to as “New Agency Transfer Employees” and shall constitute Agency Transfer Employees
for purposes of this Agreement. Any and all costs relating to the hiring of the New Agency Transfer Employees that are incurred by the Parent Group, the Solta Group or the SpinCo Group, as applicable, shall constitute Parent Retained Employee
Liabilities, and shall be reimbursed by Parent or Solta, as applicable, to the applicable member of the SpinCo Group, as applicable. Following the Separation Time, any Solta Employees employed by a member of the SpinCo Group as contemplated by any
applicable Agency Agreement (or who otherwise constitute an Agency Transfer Employee) shall be transferred to an applicable member of the Solta Group in accordance with the terms of the applicable Agency Agreement. 

(d)    Notwithstanding anything to the contrary herein, unless otherwise expressly provided by this Agreement,
(i) the Company shall be responsible for, and shall reimburse Parent for, the cost of any compensation or benefits under any Employee Plan and other employment-related costs relating to any Post-Separation Transfer Employees and Sponsored
SpinCo Employees, in each case that are incurred by any member of the Parent Group and that relate to the period following the Separation Time and prior to the applicable Delayed Transfer Date (including, to the extent applicable, in accordance with
the terms of the Transition Services Agreement), (ii) unless and until an applicable Delayed Transfer Date occurs with respect to any Other Transfer Employee, the Parent Group shall be responsible for the cost of any compensation or benefits under
any Employee Plan and other employment-related costs relating to any applicable Other Transfer Employees and that relate to the period prior to the Delayed Transfer Date and (iii) the party responsible for the cost of any compensation or
benefits under any Employee Plan and other employment-related costs relating to any Agency Transfer Employees will be determined in accordance with, and subject to the terms of, the applicable Agency Agreement. 

(e)    Each of the parties hereto agrees to execute, and to use their reasonable best efforts to have the applicable
employees execute, any such documentation or consents as may be necessary or desirable to reflect or effectuate any such assignments or transfers contemplated by this Section 3.01. Parent and SpinCo shall cooperate in good faith with respect to
any applicable information and consultation requirements under any applicable automatic transfer regulations to the extent that they apply to the transactions contemplated by this Agreement, including the transfers of SpinCo Employees contemplated
by this Section 3.01. 
 (f)    Effective as of the Separation Time, (i) the Company shall adopt or maintain,
and shall cause each member of the SpinCo Group to adopt or maintain, leave of absence programs and (ii) the Company shall honor, and shall cause each member of the SpinCo Group to honor, all terms and conditions of authorized leaves of absence
which have been granted to any SpinCo Participant before the Separation Time, including such leaves that are to commence on or after the Separation Time. 

(g)    In the event that the parties reasonably determine following the Separation Time that (i) any individual
employed outside of the United States who is not a SpinCo Employee has inadvertently become employed by a member of the SpinCo Group (due to the operation of transfer of undertakings or similar applicable Law), the parties shall cooperate and take
such actions as may be reasonably necessary in order to cause the employment of such individual to be promptly transferred to a member of the Parent Group, and Parent shall reimburse the applicable members of the SpinCo Group for all compensation,
benefits, severance and other employment-related costs incurred by the SpinCo Group members in employing and transferring such individuals or (ii) any individual employed outside the United States who was intended to transfer to, and become
employed by, a member of the SpinCo Group pursuant to the operation of transfer of undertakings or similar applicable Law instead continues to be employed by the Parent Group, the parties shall cooperate and take such actions as may be reasonably
necessary in order to cause the employment of such individual to be promptly transferred to a member of the SpinCo Group, and the Company shall reimburse the applicable members of the Parent Group for all compensation, benefits, severance and other
employment-related costs incurred by Parent Group members in employing and transferring such individuals. 

  
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 Section 3.02.    Employee Agreements.  

(a)    Except as agreed between Parent and the Company, with respect to any employment, retention, severance, restrictive
covenant or similar agreements with any SpinCo Employees to which a member of the SpinCo Group is not a party, or which do not otherwise transfer to a SpinCo Group member by operation of applicable Law (including pursuant to any applicable automatic
transfer regulations), the parties shall use reasonable best efforts to assign, effective as of the Separation Time or, if applicable, such other date as such SpinCo Employee transfers employment to a member of the SpinCo Group in accordance with
Section 3.01 (including, any applicable Delayed Transfer Date), the applicable agreement, as applicable, to a member of the SpinCo Group, and the Company shall, or shall cause a member of the SpinCo Group to assume responsibility for, and
perform and honor, such agreement in accordance with its terms, in each case as if originally entered into by such applicable member of the SpinCo Group, and the Parent Group shall cease to have any Liabilities or responsibilities with respect
thereto. 
 (b)    Except as agreed between Parent and the Company, with respect to any employment, retention,
severance, restrictive covenant or similar agreements with Parent Employees to which a member of the Parent Group is not a party, or which do not otherwise transfer to a Parent Group member by operation of applicable Law, the parties shall use
reasonable best efforts to assign, effective on or before the Separation Time (or, in the case of any Agency Transfer Employees, such date as such Agency Transfer Employee transfers employment to a member of the Solta Group in accordance with the
applicable Agency Agreement), the applicable agreement to a member of the Parent Group, and Parent shall, or shall cause a member of the Parent Group to assume responsibility for, and perform and honor, such agreement in accordance with its terms,
in each case as if originally entered into by such applicable member of the Parent Group, and the SpinCo Group shall cease to have any Liabilities or responsibilities with respect thereto. 

Section 3.03.    Collective Bargaining Agreements; Labor Relations. 

(a)    From and after the Separation Time, the Company hereby agrees to comply with and honor the SpinCo CBAs and become,
and fulfill its obligations as, a successor employer to the applicable Parent Group member for all purposes under the SpinCo CBAs with respect to any SpinCo Employee, and the Company assumes responsibility for, and Parent or the relevant member of
the Parent Group hereby ceases to be responsible for or to otherwise have any Liability in respect of, the SpinCo CBAs to the extent they pertain to any SpinCo Employee. 

(b)    To the extent required by applicable Law, any SpinCo CBA, Parent CBA or any other Collective Bargaining Agreement,
the parties shall cooperate and consult in good faith to provide notice, engage in consultation, and take any similar action which may be required on its part in connection with the Separation or the Distribution. 

Section 3.04.    Assignment of Specified Rights. To the extent permitted by applicable Law and the applicable
agreement, if any, effective as of the Separation Time, (i) Parent hereby assigns, to the maximum extent possible, on behalf of itself and the Parent Group, the SpinCo Specified Rights, to the Company (and the Company shall be a third party
beneficiary with respect thereto) and (ii) the Company hereby assigns, to the maximum extent possible, on behalf of itself and the SpinCo Group, the Parent Specified Rights, to Parent (and Parent shall be a third party beneficiary with respect
thereto). 
 Section 3.05.    Sponsored SpinCo Employees. Each of the Company and Parent shall, and shall
cause the members of the SpinCo Group and the Parent Group, respectively, to, cooperate in good faith with each other and the applicable Governmental Authorities with respect to the process of obtaining work authorization for each Sponsored SpinCo
Employee to work with a member of the SpinCo Group, including but not limited to, petitioning the applicable Governmental Authorities for the transfer of each Sponsored SpinCo Employee’s (as well as any spouse or dependent thereof, as
applicable) visa or work permit, or the grant of a new visa or work permit, to any SpinCo Group member. Any costs or expenses incurred with the foregoing shall constitute SpinCo Assumed Employee Liabilities. In the event that it is not legally
permissible for a Sponsored SpinCo Employee to continue work with the SpinCo Group from and after the Separation Date, the Parties shall reasonably cooperate to provide for the services of such Sponsored SpinCo Employee to be made available
exclusively to the SpinCo Group under 

  
 12 

 
an employee secondment or similar arrangement, which such costs incurred by the Parent Group (including those relating to compensation and benefits in respect of such Sponsored SpinCo Employee)
shall constitute SpinCo Assumed Employee Liabilities. 
 Section 3.06.    Transfer-Related Termination
Liabilities.  
 (a)    Except as expressly contemplated by this Agreement, neither the Separation or the
Distribution, nor any assignment, transfer or continuation of the employment of any employees as contemplated by this Article III (or any other Ancillary Agreement) shall be deemed a termination of employment or service of any Parent Participant or
SpinCo Participant for purposes of this Agreement, any Parent Plan, any SpinCo Plan or any employment, severance, retention, change in control, consulting or similar agreements, plans, policies or arrangements. Each of the Parties shall cooperate in
good faith and use reasonable best efforts to avoid and mitigate, to the maximum extent possible, the incurrence of any severance or other termination-related obligations (including, without limitation, by the provision of all appropriate notices,
assurances and offers of employment and the assignment and assumption of obligations or undertakings with respect to employment, compensation, benefits, protections or other obligations) in connection with the Separation, the Distribution and any
assignment or transfer of employment contemplated by this Agreement or any other Ancillary Agreement. 
 (b)    Without
limiting the generality of Section 3.06(a), in the event that any severance or other termination-related payments become payable as a result of the transfer of the employment of a SpinCo Employee contemplated by this Article III the SpinCo
Group shall be solely responsible for all such severance and termination-related payments, and such amounts shall constitute SpinCo Assumed Employee Liabilities. 

ARTICLE IV 
 PLANS

 Section 4.01.    General; Plan Participation.  

(a)    Except as otherwise expressly provided in this Agreement, and subject to the terms of the Transition Services
Agreement, effective as of immediately prior to the applicable Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date), (i)(A) all SpinCo Participants shall cease any active participation in, and
benefit accrual under, Parent Plans and (B) all members of the SpinCo Group shall cease to be participating employers under the Parent Plans and shall have no further obligations with respect to any Parent Pans, (ii) to the extent
applicable, (A) all Parent Participants shall cease any participation in, and benefit accrual under, SpinCo Plans and (B) all members of the Parent Group shall cease to be participating employers under the SpinCo Plans and shall have no
further obligations with respect to any Parent Plans. 
 (b)    Prior to the Separation Date (or, to the extent
applicable, the applicable Benefits Commencement Date or the 401(k) Plan Commencement Date, as applicable), each of Parent and the Company shall take all actions necessary to effectuate the actions contemplated by this Section 4.01 and to cause
(i) the applicable SpinCo Group member to assume or retain all Liabilities with respect to each SpinCo Plan and the applicable Parent Group member to assume or retain all Liabilities with respect to each Parent Plan, in each case, effective as
of no later than the Separation Time and (ii) all Assets of any SpinCo Plan to be transferred to or retained by the applicable SpinCo Group member in the applicable jurisdiction and all Assets of any Parent Plan to be transferred to or retained
by the applicable Parent Group member in the applicable jurisdiction, effective as of no later than the Separation Time (or such other applicable date provided by this Article IV). 

(c)     Notwithstanding anything to the contrary herein, except as expressly provided in this Agreement, each SpinCo
Participant shall continue to be eligible to participate in the Parent Plans during the applicable Benefits Transition Period, subject to the terms of such Parent Plans and applicable Law and, if applicable, the Transition Services Agreement. Except
as set forth in Article V or Article VI, SpinCo shall be required to reimburse Parent for the cost of the SpinCo Participants’ participation in the Parent Plans during the period beginning on the Separation Date and ending on the applicable
Benefits Commencement Date (or, in the case of the Parent 401(k) Plan, the 401(k) Plan Commencement Date), subject to, and in accordance with, the applicable terms of the Transition Services Agreement, to the extent applicable. 

  
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 (d)    Notwithstanding anything to the contrary in this Agreement, with
respect to any Solta Employees who are employed by a member of the SpinCo Group pursuant to the terms of any applicable Agency Agreement (or who otherwise constitute an Agency Transfer Employee), such Solta Employees shall, to the extent applicable,
continue to be eligible to participate in the applicable SpinCo Plans until the date such Solta Employee transfers employment to a member of the Solta Group in accordance with the terms of the applicable Agency Agreement (or, if earlier, the date of
his or her termination of employment), subject to the terms and conditions of such applicable SpinCo Plans; provided that the allocation of the costs of such continued participation shall be determined in accordance with the applicable Agency
Agreement. 
 Section 4.02.    Adoption and Administration of SpinCo Plans. 

(a)    To the extent necessary to comply with its obligations under this Agreement, the Company or a member of the SpinCo
Group shall adopt, or cause to be adopted, at the Company’s expense, SpinCo Plans to be effective from and after the applicable Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date). Any and
all costs and expenses incurred by the Parent Group before the applicable Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date) to design or establish any SpinCo Plan will be retained by Parent and
will constitute Parent Retained Employee Liabilities. The Company expressly agrees to reimburse Parent for any and all costs and expenses incurred by the Parent Group before the applicable
Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date) to administer any SpinCo Plan. 

(b)    For the avoidance of doubt, from and after the applicable Benefits Commencement Date, the applicable member of the
SpinCo Group shall be responsible for the administration of the applicable SpinCo Plan, and no member of the Parent Group shall have any Liability or obligation (including any administration obligation) with respect to any SpinCo Plans. 

Section 4.03.    Service Credit. From and after the applicable Benefits Commencement Date (or, in the case of
the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date), for purposes of determining eligibility to participate, vesting and benefit accrual under any SpinCo Plan in which a SpinCo Participant is eligible to participate on and following the
applicable Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date), such SpinCo Participant’s service with any member of the Parent Group or the SpinCo Group, as the case may be, prior to the
applicable Benefits Commencement Date (or, in the case of the SpinCo 401(k) Plan, the 401(k) Plan Commencement Date) shall be treated as service with the SpinCo Group, to the extent recognized by the Parent Group or the SpinCo Group, as applicable,
under an analogous Parent Plan or SpinCo Plan, as applicable, prior to the applicable Benefits Commencement Date; provided, however, that such service shall not be recognized to the extent that such recognition would result in any
duplication of benefits. Notwithstanding anything to the contrary herein, unless otherwise required by applicable Law, the SpinCo Plans covering New SpinCo Employees (which, for the avoidance of doubt, does not include any Delayed Transfer
Employees) will not be required to recognize such New SpinCo Employee’s prior service with the Parent Group (if any). 
 ARTICLE V 

RETIREMENT PLANS 

Section 5.01.    401(k) Plan.  

(a)    On or before the applicable 401(k) Plan Commencement Date, SpinCo or another member of the SpinCo Group will adopt
the SpinCo 401(k) Plan. From and after the applicable 401(k) Plan Commencement Date, the applicable member of the SpinCo Group shall be responsible for the administration of the SpinCo 401(k) Plan, and no member of the Parent Group shall have any
Liability or obligation (including any administration obligation) with respect to the SpinCo 401(k) Plan. A member of the SpinCo Group will be solely responsible for taking all necessary, reasonable, and appropriate actions (including the submission
of the SpinCo 401(k) Plan to the U.S. Internal Revenue Service for a determination of tax-qualified status) to establish, maintain and administer the SpinCo 401(k) Plan so that it is qualified under
Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. 

  
 14 

 (b)    During the period, if any, between the Separation Time and the
401(k) Plan Commencement Date, each SpinCo Participant shall continue to remain eligible to participate in the Parent 401(k) Plan, subject to the terms of such plan. Effective as of the 401(k) Plan Commencement Date, each SpinCo Participant, other
than a Former SpinCo Employee, who actively participates in the Parent 401(k) Plan as of immediately prior to such date (i) will cease active participation in the Parent 401(k) Plan and (ii) will become eligible to participate in the
SpinCo 401(k) Plan. For the avoidance of doubt, (A) all employee pre-tax deferrals and employer contributions with respect to such active SpinCo Participants will be made to the SpinCo 401(k) Plan on and
following such date and (B) any Former SpinCo Employees under the Parent 401(k) Plan as of immediately prior to such date will not become eligible to participate in the SpinCo 401(k) Plan in accordance with this Section 5.01(b) (and, for
the avoidance of doubt, will continue participation under the Parent 401(k) Plan, subject to the terms of the Parent 401(k) Plan) unless and to the extent they become a Delayed Transfer Employee. 

(c)    On or as soon as reasonably practicable following the 401(k) Plan Commencement Date (but not later than 180 days
thereafter), the account balances (whether vested or unvested) and any related participant loans of each SpinCo Participant, other than a Former SpinCo Employee or Delayed Transfer Employee whose Delayed Transfer Date is following the 401(k) Plan
Commencement Date, that is an active participant in the Parent 401(k) Plan as of immediately prior to the applicable Benefits Commencement Date will be transferred from the Parent 401(k) Plan to the SpinCo 401(k) Plan via a trust-to-trust transfer. The transfer of assets will be in cash or in kind (as determined by Parent) and will be made in accordance with applicable Law, including the Code and
ERISA. For the avoidance of doubt, the account balances of any SpinCo Participants who are inactive or former participants under the Parent 401(k) Plan (including any Former SpinCo Employees) will not be transferred to the SpinCo 401(k) Plan
pursuant to this Section 5.01(c) and will instead remain under the Parent 401(k) Plan (and such inactive or former participants will not become eligible to participate in the SpinCo 401(k) Plan in accordance with Section 5.01(b). Effective
as of and following the time in which the applicable trust-to-trust transfer is complete, SpinCo and/or the SpinCo 401(k) Plan shall assume all Liabilities of Parent
under the Parent 401(k) Plan with respect to all applicable participants in the Parent 401(k) Plan whose account balances (whether vested or unvested) were transferred to the SpinCo 401(k) Plan pursuant to this Section 5.01(c), and Parent and
the Parent 401(k) Plan shall have no Liabilities to provide such participants with benefits under the Parent 401(k) Plan following such transfer. Following the time in which the
trust-to-trust transfer is complete, SpinCo and/or the SpinCo 401(k) Plan shall assume all Liabilities of Parent under the Parent Plan with respect to all participants
in the Parent 401(k) Plan whose balances and loans were transferred to the SpinCo 401(k) Plan pursuant to this Section 5.01(c) and Parent and the Parent 401(k) Plan shall have no Liabilities to provide such participants with benefits under the
Parent 401(k) Plan following such transfer. 
 (d)    The account balances of any Delayed Transferred Employees whose
Delayed Transfer Date occurs following the 401(k) Plan Commencement Date will not be transferred from the Parent 401(k) Plan to the SpinCo 401(k) Plan via a
trust-to-trust transfer in accordance with Section 5.01(c). Instead, on or as soon as reasonably practicable following the applicable Delayed Transfer Date, such
Delayed Transfer Employee will be eligible to elect a distribution of his or her account balance under the Parent 401(k) Plan, including a voluntary “rollover distribution” of such Delayed Transfer Employee’s eligible account balance
under the Parent 401(k) Plan to either the SpinCo 401(k) Plan or an Individual Retirement Account (or, for the avoidance of doubt, such Delayed Transfer Employee may otherwise continue to maintain his or her account under the Parent 401(k) Plan in
accordance with the terms of the Parent 401(k) Plan), as determined by each such Delayed Transfer Employee; provided that any portion of such Delayed Transfer Employee’s account balance under the Parent 401(k) Plan (including participant
loans) to be “rolled over” to the SpinCo 401(k) Plan shall be done in the form of cash (i.e., no in-kind transfers will be permitted) except, for the avoidance of doubt, with respect to promissory
notes evidencing participant loans. In the event that a Delayed Transfer Employee elects to roll over his or her account balance from the Parent 401(k) Plan to the SpinCo 401(k) Plan, (i) Parent and SpinCo shall cooperate in good faith to take
any and all commercially reasonable efforts needed to permit each applicable Delayed Transfer Employee with an outstanding loan balance under the Parent 401(k) Plan as of the applicable Delayed Transfer Date to continue to make scheduled loan
payments to the Parent 401(k) Plan after such date, pending the distribution and rollover of the promissory notes evidencing such participant loans from the Parent 401(k) Plan to the SpinCo 401(k) Plan, as provided in this Section 5.01(d), so
as to prevent, to the extent reasonably possible, a deemed distribution or loan offset with respect to such outstanding participant loans and (ii) SpinCo agrees to cause the SpinCo 401(k) Plan to accept such rollover (including participant
loans), to the extent permitted by Applicable Law. 

  
 15 

 (e)    For the avoidance of doubt, all Liabilities under the Parent
401(k) Plan relating to Parent Participants and Former SpinCo Employees, including with respect to participant loans, will be retained by Parent and the Parent 401(k) Plan and will constitute Parent Retained Employee Liabilities. 

(f)    Effective as of the applicable 401(k) Plan Commencement Date, with respect to U.S. SpinCo Participants who become
eligible to participate in the SpinCo 401(k) Plan as of the applicable Benefits Commencement Date in accordance with Section 5.01(b), the parties will cooperate in good faith and will use commercially reasonable efforts to cause the SpinCo
401(k) Plan to recognize and maintain such U.S. SpinCo Participant’s elections (to the extent applicable and reasonable), including payment form elections, beneficiary designations, and the rights of alternate payees under qualified domestic
relations orders in effect under the Parent 401(k) Plan as of immediately prior to the 401(k) Plan Commencement Date, subject to the terms of the SpinCo 401(k) Plan and applicable Law. 

(g)    All contributions to be made to the Parent 401(k) Plan with respect to employee deferrals, matching contributions
and employer contributions for SpinCo Participants, other than Former SpinCo Employees, who are active participants in the Parent 401(k) Plan as of immediately prior to the 401(k) Plan Commencement Date that relate to a time period ending on or
prior to the 401(k) Plan Commencement Date, calculated in accordance with the terms and provisions of the Parent 401(k) Plan and applicable Law, shall be the responsibility of SpinCo under the SpinCo 401(k) Plan. 

(h)    Prior to the 401(k) Plan Commencement Date, the parties shall cooperate in good faith to determine the allocation
(if any) between the Parent 401(k) Plan and the SpinCo 401(k) Plan of the forfeiture account balance under the Parent 401(k) Plan outstanding as of immediately prior to the 401(k) Plan Commencement Date and, to the extent applicable, the mechanics
for transferring the applicable allocable portion of such account from the Parent 401(k) Plan to the SpinCo 401(k) Plan. 

Section 5.02.    SpinCo Canada DC Plans. 

(a)    Effective as of the applicable Benefits Commencement Date, SpinCo or another member of the SpinCo Group will adopt
the SpinCo Canada DC Plan. From and after the applicable Benefits Commencement Date, the applicable member of the SpinCo Group shall be responsible for the administration of the SpinCo Canada DC Plan, and no member of the Parent Group shall have any
Liability or obligation (including any administration obligation) with respect to the SpinCo Canada DC Plan. 

(b)    On or as soon as reasonably practicable following the applicable Benefits Commencement Date (but not later than 180
days thereafter), Parent or another member of the Parent Group will cause each Parent Canada DC Plan to transfer to the SpinCo Canada DC Plan, and SpinCo or another member of the SpinCo Group will cause such SpinCo Canada DC Plan to accept the
transfer of, the accounts, related Liabilities and any related Assets in such Parent Canada DC Plan attributable to SpinCo Participants. The transfer of assets will be in cash or in kind (as determined by Parent) and will be made in accordance with
applicable Law. From and after the applicable Benefits Commencement Date, SpinCo and the SpinCo Group will be solely and exclusively responsible for all obligations and Liabilities with respect to, or related to, benefits under the SpinCo Canada DC
Plan, whether accrued before, on or after the applicable Benefits Commencement Date. 
 Section 5.03.     Legacy
U.S. Pension Plan. Effective as of the Separation Time, the Legacy U.S. Pension Plan, which shall include The Bausch & Lomb Retirement Benefits Trust, shall be retained by the SpinCo Group in accordance with its terms. On and following
the Separation Time, each Parent Participant (including each Solta Employee) who participates in the Legacy U.S. Pension Plan will cease active participation in the Legacy U.S. Pension Plan (including the accrual of any additional benefits, if any,
under the Legacy U.S. Pension Plan). From and after the Distribution Date, the terms of the Legacy U.S. Pension Plan will govern the terms of distributions, if any, of any benefits payable under the Legacy U.S. Pension Plan to any Parent
Participants (including Solta Employees), as the case may be. For the avoidance of doubt, any Liabilities arising from or relating to the Legacy U.S. Pension Plan and The Bausch & Lomb Retirement Benefits Trust (whether relating to Parent
Participants, SpinCo Participants or SpinCo Employees) shall constitute SpinCo Assumed Employee Liabilities. 

  
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 Section 5.04.    Parent Deferred Compensation Plan.
Effective as of the Separation Time, the Parent Deferred Compensation Plan shall be retained by the Parent Group in accordance with its terms, and, for the avoidance of doubt, any Liabilities arising from or relating to the Parent Deferred
Compensation Plan will constitute Parent Retained Employee Liabilities. 
 Section 5.05.    Legacy SERP.
Effective as of the Separation Time, the Legacy SERP, including each of the secular trusts established thereunder, will be retained by the SpinCo Group in accordance with its terms, and, for the avoidance of doubt, any Liabilities arising from or
relating to the Legacy SERP will constitute SpinCo Assumed Employee Liabilities. 
 Section 5.06.    Other Non-U.S. Retirement Plans. The parties shall reasonably cooperate in good faith to effect the provisions of this Agreement with respect to any Employee Plans that are defined contribution retirement plans or
arrangements and any defined benefit pension plans or arrangements (other than the Parent Canada DC Plan) (including any statutory plans or arrangements), in each case in which any Non-U.S. SpinCo Participants
participate as of immediately prior to the Separation Time (including with respect to the creation of any “mirror” plans and the transfer of any accounts, Liabilities and related Assets), which in all cases shall be consistent with the
general approach and philosophy regarding the allocation of Assets and Liabilities (as expressly set forth in the recitals to this Agreement).  

ARTICLE VI 
 HEALTH
AND WELFARE PLANS; PAID TIME OFF AND VACATION 

Section 6.01.    Cessation of Participation in Parent H&W Plans; Participation in SpinCo H&W Plans.

 (a)    Subject to the terms of the Transition Services Agreement, effective as of the applicable Benefits
Commencement Date, SpinCo or another member of the SpinCo Group will provide all health and welfare benefits under SpinCo H&W Plans to SpinCo Participants and, to the extent necessary, establish certain SpinCo H&W Plans having features
(including benefit coverage options and employer contribution provisions) that are similar to the features of the corresponding Parent H&W Plans in which such SpinCo Participants participated immediately prior to the Benefits Commencement Date,
except as may otherwise be mutually agreed between the parties and only to the extent that such features are commercially reasonable for SpinCo or any other member of the SpinCo Group to offer to SpinCo Participants; provided that, the
parties agree and acknowledge that nothing in this Agreement shall require SpinCo or any other member of the SpinCo Group to provide all of the health and welfare benefits that were provided by Parent prior to the Benefits Commencement Date. 

(b)    Without limiting the generality of Section 4.01, effective as of the applicable Benefits Commencement Date,
except as otherwise provided by the terms of the Transition Services Agreement, (i) SpinCo Participants shall cease to actively participate in the Parent H&W Plans, (ii) SpinCo shall cause SpinCo Participants who participate in (or who
are otherwise entitled to present or future benefits under) a Parent H&W Plan as of immediately prior to the Benefits Commencement Date to be automatically enrolled in, covered by or otherwise offered participation in, a corresponding SpinCo
H&W Plan, and (iii) SpinCo shall use reasonable best efforts to cause the SpinCo H&W Plans to recognize all elections and designations (including coverage and contribution elections and beneficiary designations, continuation coverage
and conversion elections, and qualified medical child support orders and other orders issued by courts of competent jurisdiction) in effect with respect to SpinCo Participants as of immediately prior to the applicable Benefits Commencement Date
under the corresponding Parent H&W Plan for the remainder of the period or periods for which such elections are by their terms applicable, subject to the terms of the applicable SpinCo H&W Plan. Notwithstanding anything to the contrary
herein, Former SpinCo Employees who are receiving long-term disability benefits under any Parent H&W Plan as of the Separation Time will continue participation in the applicable Parent H&W Plan providing for such long-term disability
benefits, in accordance with, and subject to the terms and conditions of, such Parent H&W Plan and applicable Law (with the cost of any such benefits constituting a Parent Retained Employee Liability), and such Former SpinCo Employees will not
be enrolled in, covered by or otherwise offered participation in, a corresponding SpinCo H&W Plan with respect to such long-term disability benefits. 

  
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 (c)    Subject to the terms of the applicable SpinCo H&W Plan and
applicable Law, SpinCo shall use its reasonable best efforts to (i) waive all limitations as to preexisting conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to SpinCo Participants
under any SpinCo H&W Plan in which any such SpinCo Participant may be eligible to participate on or after the applicable Benefits Commencement Date to the extent that such conditions, exclusions and waiting periods are not applicable to or had
been previously satisfied by any such SpinCo Participant under the corresponding SpinCo H&W Plans and (ii) credit SpinCo Participants under any applicable SpinCo H&W Plan for any coinsurance or deductibles paid under any corresponding
Parent H&W Plan prior to the date such SpinCo Participant becomes a participant in such applicable SpinCo H&W Plan, if any, with respect to the calendar year in which such participation commences. Such credit, if any, shall be given for the
purpose of satisfying any applicable coinsurance or deductible requirements under any of the applicable SpinCo H&W Plans in which such SpinCo Participant is eligible to participate after the applicable Benefits Commencement Date. 

(d)    Neither the transfer nor other movement of employment or service from any member of the Parent Group to any member
of the SpinCo Group (including as contemplated by Article III) at any time before the Benefits Commencement Date shall constitute or be treated as a “status change” under the Parent H&W Plans or the SpinCo H&W Plans. 

(e)    Notwithstanding anything to the contrary herein, subject to Section 6.02, during the Benefits Transition
Period, if any, SpinCo Participants will continue participation in, and benefit accrual under, Parent H&W Plans, subject to an in accordance with the terms and conditions of such Parent H&W Plans and applicable Law and, if applicable, the
terms and conditions of the Transition Services Agreement, and the cost of such continued participation during the Benefits Transition Period shall be reimbursed by SpinCo to Parent. 

Section 6.02.    Assumption of Health and Welfare Plan Liabilities. Except as otherwise expressly provided in
this Agreement and subject to Section 6.03, effective as of the Separation Time, (a) all Liabilities relating to, arising out of, or resulting from health and welfare coverage or claims incurred prior to the Separation Time by each SpinCo
Participant under the Parent H&W Plans shall remain Liabilities of the Parent Group and shall be deemed to be Parent Retained Employee Liabilities, (b) all Liabilities relating to, arising out of or resulting from health and welfare
coverage or claims incurred prior to the Separation Time by each SpinCo Participant under the SpinCo H&W Plans shall be assumed by the SpinCo Group, and no portion of the Liability shall be treated as a Parent Retained Employee Liability and
(c) all Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred on or after the Separation Time by each SpinCo Participant (whether under Parent H&W Plans or SpinCo H&W Plans) shall be
retained or assumed (as applicable) by the SpinCo Group, and no portion of the Liability shall be treated as a Parent Retained Employee Liability; provided that, notwithstanding anything to the contrary herein, all Liabilities relating to,
arising out of or resulting from short-term disability benefit claims by any SpinCo Participants incurred (x) on or before December 31, 2021 under any Parent H&W Plans or SpinCo H&W Plans (if applicable) shall be retained by the
Parent Group (and constitute Parent Retained Employee Liabilities) and (y) following December 31, 2021 under any Parent H&W Plans or SpinCo H&W Plans shall be assumed by the SpinCo Group (and constitute SpinCo Assumed Employee
Liabilities). Without limiting the generality of the foregoing, subject to Section 6.03, any and all costs, expenses or Liabilities relating to participation by SpinCo Participants in the Parent H&W Plans during the Benefits Transition
Period shall constitute SpinCo Assumed Employee Liabilities and shall be reimbursed by the Company to the Parent Group, including, if applicable, in accordance with the terms of the Transition Services Agreement. For purposes of this
Section 6.02, (i) a medical, dental or vision benefit claim shall be “incurred” when the relevant service is provided or item purchased, (ii) a short-term disability benefit claim shall be “incurred” when the
circumstance or event giving rise to such short-term disability benefit claim first occurs and (iii) other benefit claims shall be “incurred” when any relevant benefit or payment is required to be provided or paid to the SpinCo
Participant, regardless of the time of the circumstance or event giving rise to such claims. Notwithstanding anything to the contrary herein, all Liabilities relating to long-term disability benefits received by Former SpinCo Employees under a
Parent H&W Plan will remain Parent Retained Employee Liabilities, regardless of when incurred. 

Section 6.03.    Post-Retirement Health and Welfare Benefits. Notwithstanding anything to the contrary in
Section 6.01 or Section 6.02, effective as of the Separation Time, the Legacy Retiree H&W Plan will be retained by the SpinCo Group in accordance with its terms, and, for the avoidance of doubt, any Liabilities arising from or relating
to the Legacy Retiree H&W Plan will constitute SpinCo Assumed Employee Liabilities. 

  
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 Section 6.04.    Flexible Spending Account Plan Treatment.
Effective as of the applicable Benefits Commencement Date, the Company shall establish or designate flexible spending accounts for health and dependent care expenses (the “SpinCo FSAs”). To the extent applicable, the parties shall
take all actions reasonably necessary or appropriate so that the account balances (positive or negative) under the Parent FSAs of each SpinCo Participant who has elected to participate therein in the year in which the applicable Benefits
Commencement Date occurs shall be transferred, effective as of the applicable Benefits Commencement Date, from the Parent FSAs to the corresponding SpinCo FSAs. The SpinCo FSAs shall assume responsibility as of the applicable Benefits Commencement
Date for all outstanding dependent care and health care claims under the Parent FSAs of each SpinCo Participant for the year in which the applicable Benefits Commencement Date occurs and shall assume the rights of and agree to perform the
obligations of the analogous Parent FSA from and after the applicable Benefits Commencement Date. The parties shall cooperate in good faith to provide that the contribution elections of each such SpinCo Participant as in effect immediately before
the applicable Benefits Commencement Date remain in effect under the SpinCo FSAs from and after the applicable Benefits Commencement Date. 

Section 6.05.     Workers’ Compensation Liabilities. All workers’ compensation
Liabilities relating to, arising out of or resulting from any claim by any SpinCo Participant that result from an accident or from an occupational disease, to the extent incurred before the Separation Time (or the applicable Delayed Transfer Date),
shall be retained by Parent and shall constitute Parent Retained Employee Liabilities and (ii) all workers’ compensation Liabilities relating to, arising out of or resulting from any claim by any SpinCo Participant that results from an
accident or from an occupational disease, to the extent incurred on or after the Separation Time (or the applicable Delayed Transfer Date), shall be assumed by SpinCo and shall constitute SpinCo Assumed Employee Liabilities. The parties shall
cooperate with respect to any notification to appropriate governmental agencies of the disposition and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and contracts governing the handling of claims.

 Section 6.06.    Vacation and Paid Time Off. Effective as of no later than the Separation Time, the
applicable SpinCo Group member shall recognize and assume all Liabilities with respect to vacation, holiday, sick leave, paid time off, floating holidays, personal days and other paid time off with respect to SpinCo Participants accrued on or prior
to the Separation Time, and the Company shall credit each such SpinCo Participant with such accrual; provided, that if any such vacation or paid time off is required under applicable Law to be paid out to the applicable SpinCo Participant in
connection with the Distribution, such payment will be made by the Company as of no later than the Distribution Date, and the Company will credit such SpinCo Participant with unpaid vacation time or paid time off in respect thereof; it being
understood that any amount of vacation or paid time off required to be paid out in connection with the Distribution shall constitute SpinCo Assumed Employee Liabilities. 

Section 6.07.    COBRA and HIPAA. 

(a)    The Parent Group shall administer the Parent Group’s compliance with the health care continuation coverage
requirements of COBRA, the certificate of creditable coverage requirements of HIPAA and the corresponding provisions of the Parent H&W Plans with respect to SpinCo Participants who incur a COBRA “qualifying event” occurring before the
applicable Benefits Commencement Date entitling them to benefits under a Parent H&W Plan; provided that, for the avoidance of doubt, any Liabilities related thereto (i) in connection with a “qualifying event” occurring
before the Separation Time shall constitute Parent Retained Employee Liabilities and (ii) in connection with a “qualifying event” occurring on or after the Separation Time shall constitute SpinCo Assumed Employee Liabilities. 

(b)    The Company shall be solely responsible for all Liabilities incurred pursuant to COBRA and for administering, at
the Company’s expense, compliance with the health care continuation coverage requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the SpinCo H&W Plans with respect to
SpinCo Participants who incur a COBRA “qualifying event” that occurs at any time on or after the applicable Benefits Commencement Date entitling them to benefits under a SpinCo Plan and, for the avoidance of doubt, any Liabilities related
thereto shall constitute SpinCo Assumed Employee Liabilities. 
 (c)    The parties agree that neither the Separation,
the Distribution nor any assignment or transfer of the employment or services of any employee or individual independent contractor as contemplated under this Agreement shall constitute a COBRA “qualifying event” for any purpose of COBRA,
and the parties shall cooperate in good faith to give effect to such intent. 

  
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 ARTICLE VII 

INCENTIVE COMPENSATION 

Section 7.01.    Cash Incentive and Cash Bonus Plans. 

(a)    Each SpinCo Participant participating in any Parent Plan or SpinCo Plan that is a cash bonus or cash incentive plan
(including, without limitation, any sales incentive plan) with respect to the 2021 performance year (each, a “2021 Bonus Plan”) will remain eligible to receive a cash bonus in respect of the 2021 performance year (or any applicable
2021 quarterly performance period under any sales incentive or similar plan, as the case may be) (collectively, the “2021 Cash Bonuses”) in accordance with, and subject to, the terms and conditions of such applicable 2021 Bonus Plan
(including any necessary or appropriate adjustments made to reflect the Separation Time), as determined by the Parent Compensation Committee. Following the end of the 2021 performance year, the Parent Compensation Committee (or its delegate) will
certify achievement of the performance goals under the 2021 Bonus Plans in the ordinary course of business (including as to the timing of such certification) and in accordance with the terms of such 2021 Bonus Plans and shall determine the 2021 Cash
Bonuses payable to the SpinCo Participants (the date of such certification, the “2021 Bonus Certification Date”). Following the Separation Time, the Company shall pay the 2021 Cash Bonuses to the SpinCo Participants on behalf of
Parent in accordance with the terms of the applicable 2021 Bonus Plans (including terms relating to the timing of payment), to the extent not paid prior to the Separation Time, in an amount no less than the 2021 Aggregate Cash Bonus Amount (which
shall be communicated by Parent to the Company prior to the Separation Time). For purposes of this Agreement, the “2021 Aggregate Cash Bonus Amount” shall mean an amount equal to the aggregate amount of all such 2021 Cash Bonuses
actually payable to SpinCo Participants or, if the Separation Time occurs prior to the 2021 Bonus Certification Date, the 2021 Aggregate Cash Bonus Amount shall be equal to Parent’s good faith estimate as of the Separation Time of the aggregate
amount of the 2021 Cash Bonuses that Parent expects will become payable to all SpinCo Participants under the 2021 Bonus Plans, in each case together with the employer portion of any applicable payroll, employment and similar taxes thereon. The 2021
Aggregate Cash Bonus Amount shall constitute a Parent Retained Employee Liability, and shall be fully satisfied by Parent prior to the Separation Time in such manner as reasonably determined by Parent in good faith. 

(b)    For the 2022 performance year, (i) SpinCo Participants will not be eligible to participate in any Parent Plan
that is a cash bonus or cash incentive plan (including, without limitation, any sales incentive plan) and (ii) SpinCo or another member of the SpinCo Group will establish one or more cash bonus or cash incentive plans for SpinCo Participants
(each, a “SpinCo Bonus Plan”). The terms and conditions of the SpinCo Bonus Plans (including the applicable performance metrics) with respect to the 2022 performance year will be established by the SpinCo Board (or an applicable
committee or delegate thereof). For the avoidance of doubt, any amounts payable under any SpinCo Bonus Plans (including with respect to the 2022 performance year) shall constitute SpinCo Assumed Employee Liabilities. 

Section 7.02.    B+L Separation Bonuses. Each SpinCo Participant who, as of immediately prior to the
Separation Time, is eligible to receive a cash bonus award under the Bausch + Lomb Separation Bonus Opportunity program, regardless of when payable (the “Covered Bonus Awards”), will remain eligible to receive his or her Covered
Bonus Award following the Separation Time in accordance with, and subject to the terms of, the applicable agreement or program, as applicable; provided that such SpinCo Participant’s continued employment with the SpinCo Group following
the Separation Time shall count towards satisfying any continuous employment requirement applicable to any such Covered Bonus Award. Any Covered Bonus Award that becomes payable to SpinCo Participants following the Separation Time will be paid by
SpinCo on behalf of Parent in accordance with the terms of the applicable agreement or program (including terms relating to the timing of payment); provided, further, that 100% of the aggregate amount of such Covered Bonus Awards payable to
SpinCo Participants (and the employer portion of any applicable payroll, employment and similar taxes thereon) shall constitute a Parent Retained Employee Liability. 

  
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 ARTICLE VIII 

TREATMENT OF OUTSTANDING EQUITY AWARDS 

Section 8.01.    No Adjustments at the IPO. Except as may otherwise be provided pursuant to the express terms
of any Parent RSU, Parent Deferred RSU, Parent PRSU, Parent MRSU or Parent Option, no adjustments shall be made to any Parent RSU, Parent Deferred RSU, Parent PRSU, Parent MRSU or Parent Option in connection with the execution of this Agreement or
the consummation of the IPO. 
 Section 8.02.    Parent RSU, Parent Deferred RSU and PRSU Distribution
Adjustments. 
 (a)     Effective as of immediately prior to the consummation of the Distribution on the
Distribution Date, except as provided in Section 8.02(b) or 8.02(c), (1) each Parent RSU and Parent PRSU that is outstanding as of immediately prior to the Distribution Date that (w) was granted prior to January 1, 2022 (in the case
of Parent RSUs and Parent PRSUs, other than Parent MRSUs) or was granted at any time (in the case of Parent MRSUs), (x) is not a New Hire Grant, (y) is not a Parent New CEO Grant and (z) is held by (i) a Parent Participant (other than
a Former Parent Employee or Solta Employee (including any Former Solta Employee or Agency Transfer Employee)) or (ii) a SpinCo Participant (other than a Former SpinCo Employee) and (2) each Parent Deferred RSU that is outstanding as of
immediately prior to the Distribution Date and held by a Dual Director, a SpinCo Director or a Parent Director, in each case shall be converted into both (I) an Adjusted Parent RSU, Adjusted Parent PRSU, Adjusted Parent Deferred RSU,
respectively, and (II) an award of restricted share units with respect to Resulting Entity Common Shares (“SpinCo RSUs”), and each such Adjusted Parent RSU, Adjusted Parent PRSU, Adjusted Parent Deferred RSU and SpinCo RSU
shall be subject to the same terms and conditions (including vesting and payment schedules and, if applicable, performance conditions and deferral elections) as were applicable to the corresponding Parent RSU, Parent PRSU and Parent Deferred RSU as
of immediately prior to the Distribution Date; provided that from and after the Distribution Date: 

(i)    the number of Parent Common Shares subject to such Adjusted Parent RSU, Adjusted Parent PRSU or
Adjusted Parent Deferred RSU, as applicable, shall be equal to the number of Parent Common Shares subject to the corresponding Parent RSU, Parent PRSU or Parent Deferred RSU, as applicable, immediately prior to the Distribution Date; and 

(ii)    the number of Resulting Entity Common Shares subject to such SpinCo RSU shall be determined by
multiplying (A) the number of the Parent Common Shares subject to the corresponding Parent RSU, Parent PRSU or Parent Deferred RSU, as applicable, immediately prior to the Distribution Date by (B) the Basket Ratio, rounded down to the
nearest whole share (provided that, in the case of any Parent PRSUs, the corresponding SpinCo RSUs shall not be subject to any performance-based vesting conditions following the Distribution Date). 

(b)    Effective as of immediately prior to the consummation of the Distribution on the Distribution Date, and
notwithstanding anything to the contrary in Section 8.02(a), (I) each Parent RSU and Parent PRSU that is outstanding as of immediately prior to the Distribution Date and that (1) is held by a Parent Participant and (x) was granted on
or following January 1, 2022 (other than any Parent MRSUs), (y) is a New Hire Grant or (z) is the Parent New CEO Grant, (2) is held by (i) a Former Parent Employee, (ii) a Former SpinCo Employee, (iii) a Solta Employee
(including any Former Solta Employee or Agency Transfer Employee), (iv) a Parent Director, (v) a Dual Director or (vi) a Solta Director (in each case of this sub-clause (2), regardless of when
granted) or (3) is held by a Parent Participant that is employed in a jurisdiction where the treatment set forth in Section 8.02(a) is not permitted and (II) each Parent Deferred RSU that is outstanding as of immediately prior to the
Distribution Date that is held by a Solta Director, in each case shall be converted into an Adjusted Parent RSU, Adjusted Parent PRSU or Adjusted Parent Deferred RSU, as applicable. The number of Parent Common Shares subject to such Adjusted Parent
RSU, Adjusted Parent PRSU or Adjusted Parent Deferred RSU, as applicable, shall be determined by multiplying (i) the number of Parent Common Shares subject to such Parent RSU, Parent PRSU or Parent Deferred RSU, as applicable, as of immediately
prior to the Distribution Date by (ii) the Parent Concentration Ratio, rounded down to the nearest whole share. Each such Adjusted Parent RSU, Adjusted Parent PRSU or Adjusted Parent Deferred RSU shall be subject to the same terms and
conditions (including vesting and payment schedules and, if applicable, performance-based vesting conditions and deferral elections) as applicable to the corresponding Parent RSU, Parent PSU or Parent Deferred RSU as of immediately prior to the
Distribution Date. 

  
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 (c)    Effective as of immediately prior to the consummation of the
Distribution on the Distribution Date, and notwithstanding anything to the contrary in Section 8.02(a), each Parent RSU and Parent PRSU that is outstanding as of immediately prior to the Distribution Date and that (1) is held by a SpinCo
Participant (other than a Former SpinCo Employee) and that (x) was granted on or following January 1, 2022 (other than any Parent MRSUs) or (y) is a New Hire Grant or (2) is held by a SpinCo Participant (other than a Former
SpinCo Employee) that is employed in a jurisdiction where the treatment set forth in Section 8.02(a) is not permitted, in each case shall be converted into a SpinCo RSU. The number of Resulting Entity Common Shares subject to such SpinCo RSU
shall be determined by multiplying (i) the number of Parent Common Shares subject to such Parent RSU or Parent PRSU, as applicable, as of immediately prior to the Distribution Date by (ii) the Company Concentration Ratio, rounded down to
the nearest whole share. Each such SpinCo RSU shall be subject to the same terms and conditions (including vesting and payment schedules) as applicable to the corresponding Parent RSU or Parent PRSU as of immediately prior to the Distribution Date
(for the avoidance of doubt, in the case of any Parent PRSUs, the corresponding SpinCo RSUs shall not be subject to any performance-based vesting conditions following the Distribution Date). 

(d)    Each Parent RSU granted to each SpinCo Director in 2022 (if any) (other than, for the avoidance of doubt, any
Parent Deferred RSUs) will not be adjusted in accordance with Section 8.02(a), 8.02(b) or 8.02(c) hereof, and will instead vest on a prorata basis and be settled on or prior to the Record Date in respect of the Distribution in accordance with,
and subject to the terms of the applicable award agreement governing such Parent RSUs. 
 (e)    Notwithstanding
anything to the contrary herein, with respect to any Parent PRSUs for which the applicable performance period is not yet complete or deemed complete as of the Distribution Date, the Parent Compensation Committee shall make such equitable adjustments
to the applicable performance goals in light of the impact of the Distribution on such performance goals, as determined in the discretion of the Parent Compensation Committee in accordance with the terms of the Parent Equity Plan and the applicable
award agreements thereunder. 
 Section 8.03.    Stock Option Distribution Adjustments. 

(a)    Effective as of immediately prior to the consummation of the Distribution on the Distribution Date, each Parent
Option (whether vested or unvested) that is outstanding as of immediately prior to the Distribution Date and that is held by a SpinCo Participant other than a Former SpinCo Employee shall be converted into an option to acquire Resulting Entity
Common Shares (each, a “SpinCo Option”) and shall be subject to the same terms and conditions (including vesting and expiration schedules) as applicable to the corresponding Parent Option as of immediately prior to the Distribution
Date; provided, that (i) the number of Resulting Entity Common Shares subject to such SpinCo Option shall be determined by multiplying (A) the number of Parent Common Shares subject to the corresponding Parent Option
immediately prior to the Distribution Date by (B) the Company Concentration Ratio, rounded down to the nearest whole share, and (ii) the exercise price per Resulting Entity Common Shares applicable to such SpinCo Option shall be
determined by dividing (A) the exercise price per Parent Common Share applicable to the corresponding Parent Option immediately prior to the Distribution Date by (ii) the Company Concentration Ratio, rounded up to the nearest whole cent.

 (b)    Effective as of immediately prior to the consummation of the Distribution on the Distribution Date, each
Parent Option (whether vested or unvested) that is outstanding as of immediately prior to the Distribution Date and held by (1) a Parent Participant (including any Former Parent Employee), (2) a Former SpinCo Employee or (3) a Solta
Employee (including any Former Solta Employee and any Agency Transfer Employee), in each case shall be converted into an Adjusted Parent Option and shall be subject to the same terms and conditions (including vesting and expiration schedules) as
applicable to the corresponding Parent Option as of immediately prior to the Distribution Date; provided, that (i) the number of Parent Common Shares subject to such Adjusted Parent Option shall be determined by multiplying
(A) the number of Parent Common Shares subject to the corresponding Parent Option immediately prior to the Distribution Date by (B) the Parent Concentration Ratio, rounded down to the nearest whole share, and (ii) the
exercise price per Parent Common Share applicable to such Adjusted Parent Option shall be determined by dividing (A) the exercise price per Parent Common Share applicable to the corresponding Parent Option immediately prior to the Distribution
Date by (ii) the Parent Concentration Ratio, rounded up to the nearest whole cent. 

  
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 (c)    Notwithstanding anything to the contrary in this
Section 8.03, the exercise price, the number of shares of Parent Common Shares or Resulting Entity Common Shares, as applicable, and the terms and conditions of exercise applicable to any Adjusted Parent Option or SpinCo Option, as the case may
be, shall be determined in a manner consistent with the requirements of Section 409A of the Code and other applicable tax Laws (including, if applicable, the ITA). 

Section 8.04.    SpinCo Equity Plan. Effective as of the time the IPO Registration Statement is declared
effective by the SEC, the Company shall adopt an equity incentive compensation plan for the benefit of eligible SpinCo Participants (the “SpinCo Equity Plan”). The Company shall prepare and file with the Securities and Exchange
Commission a registration statement on an appropriate form with respect to the Resulting Entity Common Shares to be authorized for issuance under the SpinCo Equity Plan and shall use its reasonable best efforts to have such registration statement
declared effective as soon as practicable following the time the IPO Registration Statement is declared effective by the SEC. Any and all costs and expenses incurred by the Parent Group to establish and design the SpinCo Equity Plan will be retained
by Parent and will constitute Parent Retained Employee Liabilities. From and after the Separation Time, (i) the Company shall retain the SpinCo Equity Plan, and all Liabilities thereunder shall constitute SpinCo Assumed Employee Liabilities,
and (ii) Parent shall retain the Parent Equity Plan, and all Liabilities thereunder shall constitute Parent Retained Employee Liabilities. 

Section 8.05.    Employee Stock Purchase Plan; Matching Shares Program. Prior to the Separation Time, the
Parent Board or the appropriate committee or delegate thereof shall take all actions reasonably necessary to cause the Offering (as defined in the Parent ESPP) in effect under the Parent ESPP during which the Separation Time occurs (or such
applicable prior Offering) to be the final Offering with respect to any SpinCo Participants. SpinCo Participants will be eligible to receive a grant of Parent MRSUs in respect of such final Offering, to the extent applicable, in accordance with, and
subject to the terms of, the Parent ESPP. Following such final Offering, and notwithstanding anything to the contrary in the Parent ESPP, each SpinCo Participant shall cease participation in the Parent ESPP. Effective as of the Separation Time,
SpinCo Participant shall cease eligibility to participate in the Parent Matching Shares Program. 

Section 8.06.    Miscellaneous Terms and Actions; Tax Reporting and Withholding. 

(a)    From and after the Distribution Date, for purposes of any SpinCo Awards received by any Parent Participant, Parent
Director or Dual Director pursuant to Section 8.02 or 8.03, (i) such Parent Participant’s, Parent Director’s or Dual Director’s employment with or service to the Parent Group shall be treated as employment with and service to the
SpinCo Group (including with respect to any deferral elections) and shall count towards satisfying any applicable service-based vesting requirements applicable to any such SpinCo Awards and (ii) any reference to “cause”, “good
reason”, “disability”, “willful” or other similar terms applicable to such SpinCo Awards shall be deemed to refer to the definitions of “cause”, “good reason”, “disability”, “willful”
or other similar terms set forth in the Parent Equity Plan (or, if applicable, in such Parent Participant’s individual employment or similar agreement with a member of the Parent Group). From and after the Distribution Date, for purposes of any
Adjusted Parent Awards received by any SpinCo Participant , SpinCo Director or Dual Director pursuant to Section 8.02 or 8.03, as applicable, (A) such SpinCo Participant’s, SpinCo Director’s or Dual Director’s employment
with or service to the SpinCo Group shall be treated as employment with and service to the Parent Group (including with respect to any deferral elections) and shall count towards satisfying any applicable service-based vesting requirements
applicable to any such Adjusted Parent Awards and (B) any reference to “cause”, “good reason”, “disability”, “willful” or other similar terms applicable to such Adjusted Parent Awards shall be deemed to
refer to the definitions of “cause”, “good reason”, “disability”, “willful” or other similar terms set forth in the SpinCo Equity Plan (or, if applicable, in such SpinCo Participant’s individual
employment or similar agreement with a member of the SpinCo Group). From and after the Distribution Date, for purposes of any SpinCo Awards received by any SpinCo Participant, SpinCo Director or Dual Director pursuant to Section 8.02 or 8.03
hereof, such SpinCo Participant’s, SpinCo Director’s or Dual Director’s continued service with any member of the SpinCo Group (and, for the avoidance of doubt, in the case of any Dual Director, with any member of the Parent Group) on
and following the Distribution Date shall count towards satisfying any applicable service-based vesting requirements applicable to any such SpinCo Awards (and, in accordance with Section 8.06(c) below, the Distribution shall not be deemed a
termination of employment or service 

  
 23 

 
for purposes of such SpinCo Awards). The foregoing provisions of this Section 8.06(a) shall apply to the applicable Adjusted Parent Awards and SpinCo Awards, in each case to the extent that
such provisions do not result in adverse tax consequences under Section 409A of the Code. 
 (b)    From and after
the Distribution Date, subject to compliance with any applicable requirements under Section 409A of the Code (if applicable), (x) any reference to a “change in control,” “change of control” or similar term applicable to
any Adjusted Parent Award contained in any applicable award agreement, employment or services agreement or the Parent Equity Plan shall be deemed to refer to a “change in control,” “change of control” or similar term as defined
in such award agreement, employment or services agreement or the Parent Equity Plan (a “Parent Change in Control”) and (y) any reference to a “change in control,” “change of control” or similar term
applicable to any SpinCo Award contained in any applicable award agreement, employment or services agreement or the SpinCo Equity Plan shall be deemed to refer to a “change in control,” “change of control” or similar term as
defined in the SpinCo Equity Plan (a “SpinCo Change in Control”).  

(c)    For the avoidance of doubt, the Distribution shall not, in and of itself, be treated as either a Parent Change in
Control or a SpinCo Change in Control. Neither the Separation, the Distribution nor any assignment, transfer or continuation of the employment of employees as contemplated by Article III shall, in any such case, be deemed a termination of employment
or service of any SpinCo Participant, Parent Participant, SpinCo Director, Parent Director, Solta Director or Dual Director or otherwise constitute a Parent Change in Control or SpinCo Change in Control, in each such case for purposes of the Parent
Equity Plan, the SpinCo Equity Plan or any Adjusted Parent Award or SpinCo Award, as applicable. Without limiting the generality of the foregoing, to the extent Parent determines it necessary or desirable, each Parent RSU, Parent PRSU or Parent
Option, as the case may be, shall be amended to expressly clarify the same. 
 (d)    From and after the Distribution
Time, all Adjusted Parent Awards, regardless of by whom held, shall be granted under and subject to the terms of the Parent Equity Plan and shall be settled by Parent, and all SpinCo Awards, regardless of by whom held, shall be granted under and
subject to the terms of the SpinCo Equity Plan and shall be settled by the Company. 
 (e)    The Company shall be
responsible for the settlement of cash dividend equivalents on any Adjusted Parent Awards or SpinCo Awards held by a SpinCo Participant or SpinCo Director, and Parent shall be responsible for the settlement of cash dividend equivalents on any
Adjusted Parent Awards or SpinCo Awards held by a Parent Participant or Parent Director; provided that (i) with respect to SpinCo Awards held by Parent Participants or Parent Directors (for which Parent is obligated to settle
the applicable cash dividend equivalents in accordance with this Section 8.06(e) on behalf of SpinCo), prior to the date any such settlement is due, the Company shall pay Parent in cash amounts required to settle any dividend equivalents
accrued following the Distribution Time and (ii) with respect to any Adjusted Parent Awards held by SpinCo Participants or SpinCo Directors (for which SpinCo is obligated to settle the applicable cash dividend equivalents in accordance with
this Section 8.06(e) on behalf of Parent) prior to the date any such settlement is due, Parent shall pay SpinCo in cash amounts required to settle any dividend equivalents accrued following the Distribution Time. With respect to a Dual Director, the Company shall be responsible for the settlement of cash dividend equivalents on any SpinCo Awards, and Parent shall be responsible for the settlement of cash
dividend equivalents on any Adjusted Parent Awards. 
 (f)    Unless otherwise required by applicable Law and
notwithstanding anything in Section 9.02 of this Agreement to the contrary, (i) the applicable member of the SpinCo Group shall be responsible for all applicable income, payroll, employment and other similar tax withholding, remittance and
reporting obligations in respect of SpinCo Participants relating to any Adjusted Parent Awards or SpinCo Awards and (ii) the applicable member of the Parent Group shall be responsible for all applicable income, payroll, employment and other
similar tax withholding, remittance and reporting obligations in respect of Parent Participants relating to any Adjusted Parent Awards or SpinCo Awards. The parties shall facilitate performance by the other party of its obligations hereunder by
promptly remitting amounts withheld in respect of any Adjusted Parent Awards or SpinCo Awards, as applicable, directly to the applicable Governmental Authority on such other party’s behalf or to the other Party for remittance to such
Governmental Authority. The parties will cooperate and communicate with each other and with third-party providers to effectuate withholding and remittance of taxes, as well as required tax reporting, in a timely, efficient and appropriate manner.  

  
 24 

 (g)    The Company shall prepare and file with the SEC a registration
statement on an appropriate form with respect to the Resulting Entity Common Shares subject to the Parent Awards converted into SpinCo Awards pursuant to this Article VIII and shall use its reasonable best efforts to have such registration statement
declared effective as soon as practicable following the Distribution Date and to maintain the effectiveness of such registration statement covering such SpinCo Awards (and to maintain the current status of the prospectus contained therein) for so
long as any such SpinCo Awards remain outstanding. 
 (h)    Prior to the Distribution Time, each party shall take all
such steps as may be required to cause any dispositions of Parent Common Shares (including Parent Awards or any other derivative securities with respect to Parent Common Shares) or acquisitions of Resulting Entity Common Shares (including SpinCo
Awards or any other derivative securities with respect to Resulting Entity Common Shares) resulting from the Distribution or the transactions contemplated by this Agreement or the Master Separation Agreement by each individual who is subject to the
reporting requirements of Section 16(a) of the Exchange Act with respect to Parent or who are or will become subject to such reporting requirements with respect to the Company to be exempt under
Rule 16b-3 promulgated under the Exchange Act. With respect to those individuals, if any, who, subsequent to the Distribution Date, are or become subject to the reporting requirements under
Section 16(a) of the Exchange Act, as applicable, the Company shall administer any Parent Award converted into a SpinCo Award pursuant to this Article VIII in a manner that complies with
Rule 16b-3 promulgated under the Exchange Act to the extent such converted Parent Award complied with such rule prior to the Distribution Date. 

(i)    From and after the Distribution Date, each of Parent and the Company shall cooperate in good faith to facilitate
the orderly administration of the Adjusted Parent Awards and SpinCo Awards held by Parent Participants, SpinCo Participants, Parent Directors, SpinCo Directors, Solta Directors and Dual Directors, as applicable, including, without limitation, the
sharing of information relating to such individuals’ employment or service status with the Parent Group (including the Solta Group) or the SpinCo Group, as applicable, as well as other information relating to the vesting and forfeiture of
Adjusted Parent Awards or SpinCo Awards, tax withholding and reporting and compliance with applicable Law. 

(j)    Notwithstanding anything to the contrary herein, all adjustments to Parent Awards contemplated by this Article VIII
shall be made in accordance with the terms and conditions of the Parent Equity Plan and, to the extent applicable, in a manner consistent with the requirements of Section 409A of the Code and other applicable tax laws (including the ITA). 

(k)    For the avoidance of doubt, (i) the adjustments described in Section 8.02 and Section 8.03 reflect
the adjustments that shall be made to the Parent Awards that are outstanding as of immediately prior to the Distribution Date, as a result of, and after giving effect to, the consummation of all of the transactions, in the aggregate, that
collectively constitute the Distribution, as detailed in the Plan of Arrangement and the Master Separation Agreement and (ii) for purposes of the treatment of outstanding equity incentive awards set forth in this Article VIII, an
individual’s employment status with respect to Parent, SpinCo or Solta, as the case may be, including whether such individual is a current or former employee thereof, shall be determined by reference to such individual’s applicable
employment status as of immediately prior to the Distribution. 
 Section 8.07.    Canadian Participants.
Notwithstanding the other provisions of this Article VIII, it is the intention of the Parties that the adjustments to Parent Awards contemplated by this Article VIII be completed on a tax-neutral basis under
the provisions of the ITA, to the extent applicable. This being the case, notwithstanding anything to the contrary in Section 8.02, a particular Parent Award may be further adjusted in the manner set forth in this Section 8.07 if the
Parent Award is (i) subject to the provisions of subsection 7(1) of the ITA, and (ii) held by an individual that is a resident of Canada for purposes of the ITA, or is held by an individual who is not a resident of Canada for purposes of
the ITA and who was granted the Parent Award in respect of, in the course of, or by virtue of duties of any office or employment performed in Canada (each, a “Canadian Participant”). In no event shall the In-the-Money Amount (as defined in the Plan of Arrangement) of an Adjusted Parent Award and/or SpinCo Award, as applicable, provided to a Canadian Participant pursuant to
Section 8.02 (as determined immediately following the time of such adjustments described in Sections 8.02) exceed the In-the-Money Amount of the corresponding
Parent Award immediately prior to such adjustments, as determined on a Parent Award-by-Parent Award basis. Accordingly, and in furtherance of the foregoing, with respect
to any Parent Award held by a Canadian Participant that is outstanding as of immediately prior to the Distribution Date, in the event that the aggregate
In-the-Money-

  
 25 

 
Amount of the applicable Adjusted Parent Award and/or SpinCo Award provided to such Canadian Participant pursuant to Section 8.02 (as determined immediately after such adjustments), as
applicable, exceeds the aggregate In-the-Money Amount of such corresponding Parent Award (as determined immediately prior to such adjustments), then the Parent Board (or
an applicable committee thereof) and the SpinCo Board (or any applicable committee thereof) shall cooperate and agree to a further adjustment in the number of Parent Shares underlying the applicable Adjusted Parent Award and/or the number of
Resulting Entity Common Shares underlying the applicable SpinCo Award (or any combination thereof), as applicable, in each case in order to ensure that any such excess in the
In-the-Money Amount is reduced to nil, and the Parent Board (or any applicable committee thereof) and/or the SpinCo Board (or any applicable committee thereof), as
applicable, shall cause such further adjustments to be made with any such further adjustment deemed to be effective as of the time of the adjustments set forth in Section 8.02.     

ARTICLE IX 

PERSONNEL RECORDS; PAYROLL AND TAX WITHHOLDING 

Section 9.01.    Personnel Records. To the extent permitted by applicable Law, each of the SpinCo Group and
the Parent Group shall be permitted by the other to access and retain copies of such records, data and other personnel-related information in any form (“Personnel Records”) as may be necessary or appropriate to carry out their
respective obligations under this Agreement, the Master Separation Agreement, any of the Ancillary Agreements or applicable Law, and for the purposes of administering their respective employee benefit plans and policies. All Personnel Records shall
be accessed, retained, held, used, copied and transmitted in accordance with all applicable Laws, policies and agreements between the parties hereto. 

Section 9.02.    Payroll; Tax Reporting and Withholding. 

(a)    Subject to the obligations of the parties as set forth in the Transition Services Agreement, effective as of no
later than the Separation Time (or, in the case of any Delayed Transfer Employee, if later, the applicable Delayed Transfer Date), (i) the members of the SpinCo Group shall be solely responsible for providing payroll services (including for any
payroll period already in progress) to the SpinCo Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (ii) the members of the Parent Group shall be solely responsible for providing payroll services
(including for any payroll period already in progress) to the Parent Employees and for any Liabilities with respect to garnishments of the salary and wages thereof. 

(b)    To the extent consistent with the terms of the Tax Matters Agreement, the party that is responsible for making a
payment hereunder shall be responsible for (i) making the appropriate withholdings, if any, attributable to such payments and (ii) preparing and filing all related required forms and returns with the appropriate Governmental Authority.

 (c)    With respect to SpinCo Employees, the parties shall (i) treat the Company (or the applicable member of
the SpinCo Group) as a “successor employer” and Parent (or the applicable member of the Parent Group) as a “predecessor,” within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, for purposes of taxes imposed under
the U.S. Federal Unemployment Tax Act or the U.S. Federal Insurance Contributions Act, and (ii) cooperate and use reasonable best efforts to implement the alternate procedure described in Section 5 of Revenue Procedure 2004-53. 
 ARTICLE X 

NON-U.S. EMPLOYEES AND EMPLOYEE
PLANS 
 Section 10.01.    Special Provisions for Employees and Employee Plans Outside of the
United States. 
 (a)    From and after the date hereof, to the extent not addressed in this Agreement, the parties
shall reasonably cooperate in good faith to effect the provisions of this Agreement with respect to (i) Non-U.S. Parent Participants and Non-U.S. SpinCo
Participants and (ii) employees and employee-, compensation- and benefits-related matters with respect to Non-U.S. Parent Participants and Non-U.S. SpinCo
Participants (including Employee Plans covering Non-U.S. Parent Participants and Non-U.S. SpinCo Participants), which in all cases shall be consistent with the general
approach and philosophy regarding the allocation of Assets and Liabilities (as expressly set forth in the recitals to this Agreement). 

  
 26 

 (b)    Without limiting the generality of Section 3.03(a), to the
extent required by applicable Law or the terms of any SpinCo CBA or similar employee representative agreement, SpinCo or a member of the SpinCo Group, as applicable, shall become a party to the applicable collective bargaining, works council, or
similar arrangements with respect to SpinCo Employees located outside of the United States and shall comply with all obligations thereunder from and after the Separation Time. 

ARTICLE XI 
 GENERAL
AND ADMINISTRATIVE 
 Section 11.01.    Sharing of Participant Information. To
the maximum extent permitted under applicable Law, Parent and the Company shall share, and shall cause each member of its respective Group to reasonably cooperate with the other party hereto to (i) share, with each other and their respective
agents and vendors all participant information reasonably necessary for the efficient and accurate administration of each of the Parent Plans and the SpinCo Plans (including notifications regarding the termination of employment or service of any
SpinCo Participant or Parent Participant to the extent relevant to the administration of a Parent Plan or SpinCo Plan, as the case may be), (ii) facilitate the transactions and activities contemplated by this Agreement and (iii) resolve any and
all employment-related claims regarding SpinCo Participants. The Company and its respective authorized agents shall, subject to applicable Laws, be given reasonable and timely access to, and may make copies of, all information relating to the
subjects of this Agreement in the custody of the Parent Group, to the extent reasonably necessary for such administration. Parent Group members shall be entitled to retain copies of all Company Books and Records relating to the subjects of this
Agreement in the custody of the Parent Group, subject to the terms of the Master Separation Agreement and applicable Law. 

Section 11.02.    Cooperation. Following the date of this Agreement, the parties shall, and shall cause their
respective Subsidiaries to, to cooperate in good faith with respect to any employee compensation or benefits matters that either party reasonably determines require the cooperation of the other party in order to accomplish the objectives of this
Agreement (including, without limitation, relating to any audits by any Governmental Authorities); provided that nothing herein shall be deemed to require any member of the SpinCo Group to administer any Parent Plan or to require any member
of the Parent Group to administer any SpinCo Plan, in each case at any time on or following the Separation Time. 

Section 11.03.    Vendor Contracts. Prior to the Benefits Commencement Date, Parent and SpinCo will cooperate
in good faith and use commercially reasonable best efforts to (a) negotiate with the current third-party providers to separate and assign to the SpinCo Group (or SpinCo Plans) the applicable rights and obligations under each group insurance
policy, health maintenance organization, administrative services contract, third-party administrator agreement, letter of understanding or similar arrangement that pertains to one or more Parent Plans (each, a “Vendor Contract”), to
the extent that such rights or obligations pertain to SpinCo Participants, or, in the alternative, to negotiate with the current third-party providers to provide similar services to a SpinCo Plan on similar terms under separate contracts with a
member of the SpinCo Group or the SpinCo Plans, as applicable, and (b) to the extent permitted by the applicable third-party provider, obtain and maintain pricing discounts or other preferential terms for the Parent Group and SpinCo Group under
the applicable Vendor Contracts. 
 Section 11.04.    Data Privacy. Notwithstanding anything to the contrary
herein, the parties agree that any applicable data privacy laws and any other obligations of the Parent Group and the SpinCo Group to maintain the confidentiality of any employee information held by any member of the Parent Group or the SpinCo
Group, as applicable, or any information held in connection with any Employee Plans in accordance with applicable Law will govern the disclosure of employee information between the parties under this Agreement. Each of Parent and SpinCo will ensure
that it has in place appropriate technical and organizational security measures to protect the personal data of the Parent Participants and SpinCo Participants, respectively. 

Section 11.05.    Notices of Certain Events. Each of the Company and Parent shall promptly notify and provide
copies to the other of: (a) written notice from any Person alleging that the approval or consent of such 

  
 27 

 
Person is or may be required in connection with the transactions contemplated by this Agreement; (b) any written notice or other communication from any Governmental Authority in connection
with the transactions contemplated by this Agreement or the Master Separation Agreement; and (c) any actions, suits, claims, investigations or proceedings commenced or, to its knowledge, threatened against, relating to or involving or otherwise
affecting the SpinCo Group or the Parent Group, as the case may be, that relate to the consummation of the transactions contemplated by this Agreement or the Master Separation Agreement; provided that the delivery of any notice pursuant to
this Section 11.05 shall not affect the remedies available hereunder to the party receiving such notice. 

Section 11.06.    No Third Party Beneficiaries. Notwithstanding anything to the contrary herein, nothing in
this Agreement shall: (a) create any obligation on the part of any member of the SpinCo Group or any member of the Parent Group to retain the employment or services of any current or former employee, director, independent contractor or other
service provider; (b) be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any future, present, or former employee or service provider of any member of the Parent Group or the
SpinCo Group (or any beneficiary or dependent thereof) under this Agreement, the Master Separation Agreement, any Parent Plan or SpinCo Plan or otherwise; (c) preclude the Company or any SpinCo Group member (or, in each case, any successor
thereto), at any time after the Separation Time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any SpinCo Plan, any benefit under any SpinCo Plan or any trust, insurance policy, or
funding vehicle related to any SpinCo Plan (in each case in accordance with the terms of the applicable arrangement); (d) preclude Parent or any Parent Group member (or, in each case, any successor thereto), at any time after the Separation Time,
from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Parent Plan, any benefit under any Parent Plan or any trust, insurance policy, or funding vehicle related to any Parent Plan (in each
case in accordance with the terms of the applicable arrangement); or (e) confer any rights or remedies (including any third-party beneficiary rights) on any current or former employee or service provider of any member of the Parent Group or the
SpinCo Group or any beneficiary or dependent thereof or any other Person. 
 Section 11.07.    Fiduciary
Matters. Parent and the Company each acknowledge that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no party shall be deemed to be in
violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard.
Each party shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release and indemnify the other party for any Liabilities caused by the failure to
satisfy any such responsibility. 
 Section 11.08.    Consent of Third Parties. If any provision of this
Agreement is dependent on the consent of any third party (such as a vendor or Governmental Authority), the parties shall cooperate in good faith and use reasonable best efforts obtain such consent, and if such consent is not obtained, to implement
the applicable provisions of this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the parties shall negotiate in good faith to implement the
provision in a mutually satisfactory manner. A party’s obligation to use its “reasonable best efforts” shall not require such party to take any action to the extent it would reasonably be expected to (i) jeopardize, or result in
the loss or waiver of, any attorney-client or other legal privilege, (ii) contravene any applicable Law or fiduciary duty, (iii) result in the loss of protection of any Intellectual Property or other proprietary information or
(iv) incur any non-routine or unreasonable cost or expense. 
 ARTICLE XII 

NON-SOLICIT;
NO-HIRE 
 Section 12.01.    Non-Solicitation/No-Hire of Covered Service Providers. 

(a)    During the applicable Restricted Period, SpinCo shall not, and shall cause the other members of the SpinCo Group
not to, (i) solicit or induce, or attempt to solicit or induce, any Covered Parent Service Provider or Covered Solta Service Provider to terminate his or her employment or service relationship with any member of the Parent Group or the Solta
Group, as applicable, or (ii) hire or engage any Covered Parent Service Provider or Covered Solta Service Provider; provided, that the restrictions set forth in clause (i) of this Section 12.01(a) shall not

  
 28 

 
prohibit a member of the SpinCo Group from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted toward a Covered Parent Service
Provider or Covered Solta Service Provider (provided that nothing in this proviso shall permit the hiring or engagement of any such Covered Parent Service Provider or Covered Solta Service Provider who responds to any such public
advertisement or general solicitation). Notwithstanding anything to the contrary in this Section 12.01(a), subject to approval in the discretion of Parent’s Chief Executive Officer or Parent’s Chief Human Resources Officer (with
respect to Covered Parent Service Providers) or Solta’s Chief Executive Officer or Solta’s Chief Human Resources Officer (with respect to Covered Solta Service Providers), the limitations provided for in this Section 12.01(a) may be
waived at the written request of SpinCo. Notwithstanding anything to the contrary herein, (A) nothing in this Section 12.01(a) shall prohibit the SpinCo Group from hiring a New Agency Transfer Employee upon the prior written request of the
Solta Group (as contemplated by Section 3.01(c) hereof) and (B) for the avoidance of doubt, the SpinCo Group’s employment of any Agency Transfer Employees (including, for the avoidance of doubt, any New Agency Transfer Employees) in
accordance with the terms of any applicable Agency Agreement shall not be deemed to breach or otherwise violate SpinCo’s obligations under this Section 12.01(a). 

(b)    During the applicable Restricted Period, Parent shall not, and shall cause the other members of the Parent Group
(including, for the avoidance of doubt, the Solta Group) not to, (i) solicit or induce, or attempt to solicit or induce, any Covered SpinCo Service Provider to terminate his or her employment or service relationship with any member of the
SpinCo Group or (ii) hire or engage any Covered SpinCo Service Provider; provided, that the restrictions set forth in clause (i) of this Section 12.01(b) shall not prohibit a member of the Parent Group from placing public
advertisements or conducting any other form of general solicitation that is not specifically targeted toward a Covered SpinCo Service Provider (provided that nothing in this proviso shall permit the hiring or engagement of any such Covered
SpinCo Service Provider who responds to any such public advertisement or general solicitation). Notwithstanding anything to the contrary in this Section 12.01(b), subject to approval in the discretion of SpinCo’s Chief Executive Officer or
SpinCo’s Chief Human Resources Officer, the limitations provided for in this Section 12.01(b) may be waived at the written request of Parent. 

(c)    The parties agree and acknowledge that Solta shall be an express third-party beneficiary hereunder with respect to
SpinCo’s obligations under Section 12.01(a), to the extent related to any Covered Solta Service Providers and, accordingly, that Solta shall have all of the rights and remedies (including to the right to obtain injunctive relief against
any breach or prospective breach of such obligations) as are afforded under this Agreement to Parent and the other members of the Parent Group. 

ARTICLE XIII 

DISPUTE RESOLUTION 

Section 13.01.    General. The provisions of Article VIII of the Master Separation Agreement shall apply,
mutatis mutandis, to all disputes, controversies, or claims (whether arising in contract, tort, or otherwise) that may arise out of or relate to, or arise under or in connection with, this Agreement or the transactions contemplated hereby.

 ARTICLE XIV 

MISCELLANEOUS 

Section 14.01.    General. The provisions of Article XI of the Master Separation Agreement (other than
Section 11.9 and Section 11.19 of the Master Separation Agreement) are hereby incorporated by reference into and deemed part of this Agreement and shall apply, mutatis mutandis, as if fully set forth in this Agreement. 

[Signature Page Follows] 

  
 29 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives as of the date first above written. 
  

					
	 BAUSCH HEALTH COMPANIES INC.

		
	 By:
	 	 /s/ Thomas J. Appio

		 	 Name:
	 	 Thomas J. Appio

		 	 Title:
	 	 CEO, Pharma Business

	
	 BAUSCH + LOMB CORPORATION

		
	 By:
	 	 /s/ Joseph C. Papa

		 	 Name:
	 	 Joseph C. Papa

		 	 Title:
	 	 Chief Executive Officer

 [Signature Page to Employee Matters Agreement]EX-10.7

 Exhibit 10.7 

REDACTED 
 Certain
identified information, indicated by [*****], has been excluded from the 
 exhibit because it is both (i) not material and (ii) would
likely cause competitive harm if publicly disclosed. 
 INTELLECTUAL PROPERTY MATTERS AGREEMENT 

BY AND BETWEEN 
 BAUSCH HEALTH
COMPANIES INC. 
 AND 
 BAUSCH +
LOMB CORPORATION 
  
  

Dated as of March 30, 2022 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	ARTICLE I	  

	
	DEFINITIONS	  

			
	 Section 1.1
	 	Certain Definitions	  	 	4	 
	 Section 1.2
	 	Other Definitions	  	 	5	 
	
	ARTICLE II	  

	
	INTELLECTUAL PROPERTY LICENSES	  

			
	 Section 2.1
	 	License to SpinCo Licensees of Parent Licensed Patents	  	 	6	 
	 Section 2.2
	 	License to Parent Licensees of SpinCo Licensed Patents	  	 	6	 
	 Section 2.3
	 	License to SpinCo Licensees of Parent Licensed Other IP	  	 	6	 
	 Section 2.4
	 	License to Parent Licensees of SpinCo Licensed Other IP	  	 	6	 
	 Section 2.5
	 	Rights of Subsidiaries	  	 	6	 
	 Section 2.6
	 	Sublicensing	  	 	7	 
	 Section 2.7
	 	No Other Rights; Retained Ownership	  	 	7	 
	 Section 2.8
	 	Reservation of Rights	  	 	8	 
	
	ARTICLE III	  

	
	TRANSITIONAL TRADEMARK LICENSES	  

			
	 Section 3.1
	 	License to Parent Licensees	  	 	8	 
	 Section 3.2
	 	Rights of Subsidiaries	  	 	8	 
	 Section 3.3
	 	No Sublicensing	  	 	8	 
	 Section 3.4
	 	Quality Control	  	 	9	 
	 Section 3.5
	 	Goodwill	  	 	10	 
	
	ARTICLE IV	  

	
	TRANSITIONAL DOMAIN NAME USE	  

			
	 Section 4.1
	 	Domain Name Transition and Domain Name Redirect	  	 	10	 
	
	ARTICLE V	  

	
	ADDITIONAL TERMS	  

			
	 Section 5.1
	 	Bankruptcy Rights	  	 	10	 
	 Section 5.2
	 	Confidentiality	  	 	10	 

							
	
	 ARTICLE VI
	  

	
	 NO REPRESENTATIONS OR WARRANTIES
	  

			
	 Section 6.1
	 	NO REPRESENTATIONS OR WARRANTIES	  	 	11	 
	 Section 6.2
	 	General Disclaimer	  	 	11	 
	 Section 6.3
	 	LIMITATION OF LIABILITY	  	 	12	 
	
	 ARTICLE VII
	  

	
	 TERM
	  

			
	 Section 7.1
	 	Term and Termination	  	 	12	 
	 Section 7.2
	 	Post-Term Matters	  	 	12	 
	 Section 7.3
	 	Survival	  	 	13	 
	
	 ARTICLE VIII
	  

	
	 GENERAL PROVISIONS
	  

			
	 Section 8.1
	 	Licensee Indemnity	  	 	13	 
	 Section 8.2
	 	No Obligation	  	 	13	 
	 Section 8.3
	 	Successors and Assigns	  	 	13	 
	 Section 8.4
	 	Limitations on Change of Control	  	 	14	 
	 Section 8.5
	 	Specific Performance	  	 	14	 
	 Section 8.6
	 	Expenses	  	 	14	 
	 Section 8.7
	 	Notices	  	 	15	 
	 Section 8.8
	 	Severability	  	 	16	 
	 Section 8.9
	 	Entire Agreement	  	 	16	 
	 Section 8.10
	 	No Third-Party Beneficiaries	  	 	16	 
	 Section 8.11
	 	Governing Law; Jurisdiction and Forum; Waiver of Jury Trial	  	 	16	 
	 Section 8.12
	 	Amendment and Waivers	  	 	17	 
	 Section 8.13
	 	Rules of Construction	  	 	18	 
	 Section 8.14
	 	Counterparts	  	 	18	 
	 Section 8.15
	 	Mutual Drafting	  	 	18	 
	 Section 8.16
	 	Ancillary Agreements	  	 	18	 
	 Section 8.17
	 	Relationship of the Parties	  	 	18	 

  

			
	Exhibit A	  	Trademark Usage Guidelines
		
	Schedule I	  	BHC Licensed Marks

  

  
 2 

 INTELLECTUAL PROPERTY MATTERS AGREEMENT 

This INTELLECTUAL PROPERTY MATTERS AGREEMENT, dated as of March 30, 2022 (this “Agreement”), is made by and between Bausch
Health Companies Inc., a corporation continued under the laws of the Province of British Columbia, Canada (“Parent”), and Bausch + Lomb Corporation, a company incorporated under the laws of Canada (“SpinCo”). Parent
and SpinCo are collectively referred to herein as the “Parties” and individually referred to herein as a “Party.” Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement shall have
the meaning set forth in the Master Separation Agreement, dated as of the date hereof, by and between Parent and SpinCo (as amended, modified or supplemented from time to time in accordance with its terms, the “Separation
Agreement”). 
 R E C I T A L S 

WHEREAS, SpinCo is presently a wholly owned subsidiary of Parent; 

WHEREAS, pursuant to the Separation Agreement, Parent will offer and sell to the public Initial Common Shares in an initial public offering
(the “IPO”), immediately following which offering and sale Parent will own 80.1% or more of the outstanding Initial Common Shares; 

WHEREAS, Parent currently intends to, after the IPO, effect the Distribution; 

WHEREAS, in order to facilitate and provide for an orderly transition under the Separation Agreement, Parent and its Subsidiaries (in such
capacity, the “Parent Licensors”) wish to grant to SpinCo and its Subsidiaries (in such capacity, the “SpinCo Licensees”) licenses to certain Parent Licensed Patents and Parent Licensed Other IP (as defined below),
and SpinCo and its Subsidiaries (in such capacity, the “SpinCo Licensors”) wish to grant to Parent and its Subsidiaries (in such capacity, the “Parent Licensees”), licenses to certain SpinCo Licensed Patents and
SpinCo Licensed Other IP (as defined below), in each case, as and to the extent set forth herein; 
 WHEREAS, SpinCo Licensors wish to grant
to Parent Licensees transitional licenses to certain BHC Licensed Marks (as defined below); 
 WHEREAS, Parent will continue to own the BHC
Domains (as defined below) for a transitional period and, upon the expiration of the transitional period, Parent will transfer the BHC Domains to SpinCo; and 

WHEREAS, the Separation Agreement requires execution and delivery of this Agreement by Parent and SpinCo at or prior to the Separation Time.

 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained in this Agreement, Parent and SpinCo, intending to
be legally bound, hereby agree as follows: 

  
 3 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Definitions. The following capitalized terms used in this Agreement shall have the meanings set forth below:

 (a) “BHC Domains” shall mean bauschhealth.com. 

(b) “BHC Licensed Marks” shall mean the Trademarks listed on Schedule I. 

(c) “Change of Control” shall mean, with respect to a Party, the occurrence after the Separation Date of any of the following:
(a) a transaction whereby any Person or group (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) would acquire, directly or indirectly, voting securities representing more than fifty percent (50%)
of the total voting power of such Party; (b) a merger, consolidation, recapitalization or reorganization of such Party, unless securities representing more than fifty percent (50%) of the total voting power of the legal successor to such Party
as a result of such merger, consolidation, recapitalization or reorganization are immediately thereafter beneficially owned, directly or indirectly, by the Persons who beneficially owned such Party’s outstanding voting securities immediately
prior to such transaction; or (c) the sale of all or substantially all of the consolidated assets of such Party’s Group. For the avoidance of doubt, no transaction contemplated by the Separation Agreement shall be considered a Change of
Control. 
 (d) “Domain Name Transition Period” shall commence on the Separation Time and terminate, with respect to each of
the BHC Domains, upon the termination of the license to the corresponding Marks included in the BHC Domains under Section 3.1. 

(e) “Licensee(s)” shall mean the Parent Licensees or the SpinCo Licensees, as applicable, in their capacities as the licensees
or grantees of the rights or licenses granted to them by the SpinCo Licensors or the Parent Licensors, as applicable, pursuant to Article II and Article III. 

(f) “Licensor(s)” shall mean the Parent Licensors or the SpinCo Licensors, as applicable, in their capacities as the licensors
or grantors of any rights or licenses granted by them to the SpinCo Licensees or the Parent Licensees, as applicable, pursuant to Article II and Article III. 

(g) “Majority Voting Power” shall mean a majority of the voting power in the election of directors of all outstanding voting
securities of the Person in question. 
 (h) “Parent Licensed Other IP” shall mean the Parent Intellectual Property Rights
(other than Patents, Marks and Internet Properties) that are embodied in or by any of the SpinCo Technology. 
 (i) “Parent Licensed
Patents” means the Patents owned by Parent or members of its Group as of the Separation Time that, absent a license thereto of the scope granted under this Agreement, would be infringed by the operation of the SpinCo Business immediately
following the Separation Time in the same manner as such SpinCo Business was operated immediately preceding the Separation Time. For the purposes of the foregoing determination, a Patent issued after the Separation Time on a Patent application owned
by Parent or members of its Group as of the Separation Time, shall be deemed to have been issued immediately prior to the Separation Time. 

  
 4 

 (j) “Parent Product” shall mean products and services manufactured, sold,
provided or distributed, as the case may be, by Parent or members of its Group. 
 (k) “Parent Technology” shall mean any
and all Technology, including any know-how or knowledge of any employees of the Parent Business, used in or held for use in the operation of the Parent Business. 

(l) “SpinCo Licensed Other IP” shall mean the SpinCo Intellectual Property Rights (other than Patents, Marks or Domain Names)
that is embodied in or by any Retained Technology. 
 (m) “SpinCo Licensed Patents” means the Patents owned by SpinCo or
members of its Group as of the Separation Time that, absent a license thereto of the scope granted under this Agreement, would be infringed by the operation of the Parent Business immediately following the Separation Time in the same manner as such
Parent Business was operated immediately preceding the Separation Time. For the purposes of the foregoing determination, a Patent issued after the Separation Time on a Patent application owned by SpinCo or members of its Group as of the Separation
Time, shall be deemed to have been issued immediately prior to the Separation Time. 
 Section 1.2 Other Definitions. The
following capitalized terms used in this Agreement shall have the meanings set forth in the Sections set forth below. 
  

			
	 Term
	  	 Section

	 Acquired Business
	  	Section 8.3
	 Acquired Party
	  	Section 8.3
	 Acquiring Party
	  	Section 8.3
	 Agreement
	  	Preamble
	 Bankruptcy Code
	  	Section 5.1
	 IPO
	  	Recitals
	 Parent
	  	Preamble
	 Parent Licensees
	  	Recitals
	 Parent Licensors
	  	Recitals
	 Parties
	  	Preamble
	 Party
	  	Preamble
	 Separation Agreement
	  	Preamble
	 SpinCo
	  	Preamble
	 SpinCo Licensees
	  	Recitals
	 SpinCo Licensors
	  	Recitals

  
 5 

 ARTICLE II 

INTELLECTUAL PROPERTY LICENSES 

Section 2.1 License to SpinCo Licensees of Parent Licensed Patents. Subject to the terms and conditions of this Agreement, Parent
Licensors agree to grant, and hereby grant, to the SpinCo Licensees a non-exclusive, non-transferable (except as set forth in Section 8.3), non-sublicensable (except as set forth in Section 2.6), irrevocable (except as provided in Section 7.1), worldwide, fully paid, royalty-free license under the
Parent Licensed Patents to make, have made, import, use, offer to sell, sell and otherwise provide any SpinCo Product, including to practice any method, process or procedure claimed in any of the Parent Licensed Patents, in each case, solely with
respect to the operation of the SpinCo Business. 
 Section 2.2 License to Parent Licensees of SpinCo Licensed Patents. Subject
to the terms and conditions of this Agreement, SpinCo Licensors agree to grant, and hereby grant, to the Parent Licensees a non-exclusive, non-transferable (except as
set forth in Section 8.3), non-sublicensable (except as set forth in Section 2.6), irrevocable (except as provided in Section 7.1),
worldwide, fully paid, royalty-free, license under the SpinCo Licensed Patents to make, have made, import, use, offer to sell, sell and otherwise provide any Parent Product, including to practice any method, process or procedure claimed in any of
the Parent Licensed Patents, in each case, solely with respect to the operation of the Parent Business. 
 Section 2.3 License to
SpinCo Licensees of Parent Licensed Other IP. Subject to the terms and conditions of this Agreement, Parent Licensors agree to grant, and hereby grant, to the SpinCo Licensees a non-exclusive, non-transferable (except as set forth in Section 8.3), non-sublicensable (except as set forth in Section 2.6), perpetual,
irrevocable (except as provided in Section 7.1), worldwide, fully paid, royalty-free license under the Parent Licensed Other IP to use, reproduce, distribute, disclose, make, modify, improve, display and perform, create
derivative works of, or otherwise exploit any SpinCo Technology in any field. 
 Section 2.4 License to Parent Licensees of SpinCo
Licensed Other IP. Subject to the terms and conditions of this Agreement, SpinCo Licensors agree to grant, and hereby grant, to the Parent Licensees, and Parent Licensees hereby retain, a non-exclusive,
non-transferable (except as set forth in Section 8.3), non-sublicensable (except as set forth in Section 2.6), perpetual, irrevocable (except as provided in
Section 7.1), worldwide, fully paid, royalty-free license under the SpinCo Licensed Other IP to use, reproduce, distribute, disclose, make, modify, improve, display and perform, create derivative works of, or otherwise
exploit any Parent Technology in any field. 
 Section 2.5 Rights of Subsidiaries. 

(a) All rights and licenses granted in Section 2.1, Section 2.2,
Section 2.3 and Section 2.4 are granted to SpinCo and Parent as a Licensee, respectively, and to any entity that is a Subsidiary of the Licensee, but only for so long as such entity is a Subsidiary
of the Licensee, and, except as set forth in Section 2.5(b), will terminate with respect to such entity when it ceases to be a Subsidiary of the Licensee. 

  
 6 

 (b) Notwithstanding the foregoing, if such entity ceases to be a Subsidiary of a Licensee,
including by way of a divestiture, spin-off, split-off or similar transaction, the licenses granted in Section 2.1,
Section 2.2, Section 2.3 and Section 2.4, as applicable, shall continue to apply to such Subsidiary but only with respect to the line of business that it is engaged in at
the effective time of such cessation as a Subsidiary of a Licensee; provided that such entity or its successor provides the applicable Licensors hereunder with written notice of its change in status as a Subsidiary of a Licensee and agrees in
writing to be bound by the terms of this Agreement, including any license limitations. In the event that such Subsidiary is acquired by a third party, the licenses granted herein will not extend to any products, business or operations of such third
party that exist prior to the date of the consummation of such transaction. 
 Section 2.6 Sublicensing. Parent Licensees and
SpinCo Licensees may sublicense the licenses and rights granted to them in Section 2.3 and Section 2.4, respectively, to a third party solely in connection with the operation of such
Licensee’s business in the ordinary course, including in connection with the exploitation or licensing of its respective Technology, products and services; provided that (i) each Licensee shall, and shall cause its sublicensees to,
comply with Section 5.2; (ii) each Licensee shall not disclose such Trade Secrets or confidential information of the other Party to a third-party sublicensee, except pursuant to a written confidentiality agreement
substantially similar to agreements under which such Party would disclose its own Trade Secrets or confidential information of at least comparable importance and value; and (iii) each Licensee shall be responsible and liable hereunder for any
act or omission of a sublicensee as if such act or omission were taken by Licensee directly. 
 Section 2.7 No Other Rights;
Retained Ownership. 
 (a) Each Party acknowledges and agrees that its rights and licenses to the other Party’s Intellectual
Property Rights are solely as set forth in, and as may be limited by, this Agreement, the Separation Agreement and the other Ancillary Agreements. No Licensee shall exercise the respective Intellectual Property Rights licensed to such Licensee in
Section 2.1, Section 2.2, Section 2.3 and Section 2.4, respectively, outside the relevant licensed field. The Parent Licensors and the SpinCo
Licensors retain sole ownership of the Intellectual Property Rights licensed by them in Section 2.1, Section 2.2, Section 2.3 and Section 2.4,
respectively. 
 (b) Notwithstanding anything to the contrary set forth in this Agreement, this Agreement grants to the Parent Licensees no
right or license to any Intellectual Property Rights that the SpinCo Licensors may own now or in the future, whether by implication, estoppel or otherwise. The SpinCo Licensors retain sole ownership of the Business Intellectual Property licensed by
the SpinCo Licensors under this Agreement. 
 (c) Notwithstanding anything to the contrary set forth in this Agreement, this Agreement grants
to the SpinCo Licensees no right or license to any Intellectual Property Rights that the Parent Licensors may own now or in the future, whether by implication, estoppel or otherwise. The Parent Licensors retain sole ownership of the Intellectual
Property Rights licensed by the Parent Licensors under this Agreement. 

  
 7 

 Section 2.8 Reservation of Rights. All rights not expressly granted by a Party
hereunder are reserved by such Party. The rights and licenses granted in this Article II are subject to, and limited by, any and all licenses, rights, limitations and restrictions with respect to Intellectual Property
Rights previously granted to or otherwise obtained by any third party that are in effect as of the Separation Date. None of the licenses or rights granted to the SpinCo Licensees hereunder shall extend to any product, service, activity or conduct of
SpinCo or its Affiliates, engaged in or exploited, as the case may be, prior to the date hereof. 
 ARTICLE III 

TRANSITIONAL TRADEMARK LICENSES 

Section 3.1 License to Parent Licensees. 

(a) Subject to the terms and conditions of this Agreement, the SpinCo Licensors agree to grant, and hereby grant, to the Parent Licensees a non-exclusive, non-transferable (except as set forth in Section 8.3), non-sublicensable (except as set forth
in Section 3.3), fully paid, royalty-free license to use the BHC Licensed Marks in connection with the Parent Business for the three (3)-year period following the Distribution Date (the “Licensed Mark Term”); provided
that, as long as Parent Licensees use reasonable best efforts to minimize and eliminate use of the BHC Licensed Marks, the Parent Licensees shall have the right to extend the Licensed Mark Term for one (1) additional year upon written notice to
SpinCo Licensees solely to the extent necessary for Purchaser Licensees to cease and discontinue use of the BHC Licensed Marks. 
 (b)
Without limiting the generality of the foregoing, the Parent Licensees will use the BHC Licensed Marks hereunder only in such form and appearance as are described on Exhibit A and only in compliance with
Section 3.4. Notwithstanding anything to the contrary herein, the Parent Licensees and their Affiliates shall be permitted to use, and SpinCo agrees to permit the use of, the BHC Licensed Marks or any other Mark in a manner
that constitutes nominative fair use, including for the purposes of referring to the Transactions contemplated by this Agreement and the Separation Agreement or for describing the corporate history of Parent Licensees or their Affiliates;
provided that such use does not give rise to a likelihood of confusion as to the source or origin of any goods or services or imply any endorsement by, or ongoing association with, SpinCo or any of its Subsidiaries. 

Section 3.2 Rights of Subsidiaries. All rights and licenses granted in Section 3.1 are granted to
Parent and to any entity that is a Subsidiary of Parent, but only for so long as such entity is a Subsidiary of Parent, and will terminate with respect to such entity when it ceases to be a Subsidiary of Parent. 

Section 3.3 No Sublicensing. The licenses granted in Section 3.1 are personal to the Parent Licensees,
and, except as set forth herein the Parent Licensees shall not assign, transfer, sublicense or in any manner purport to convey all or any part of its rights or obligations in Section 3.1 without the prior written consent of
the SpinCo Licensors, which consent may not be unreasonably withheld by SpinCo Licensors. Any purported assignment, sublicense or other transfer of the Parent Licensees’ rights or obligations in violation of this
Section 3.3 shall be deemed a material breach of this Agreement and is void. 

  
 8 

 Section 3.4 Quality Control. 

(a) To comply with SpinCo Licensors’ quality control standards, Parent Licensees shall: (i) adhere to reasonable levels of quality
for the services identified by the BHC Licensed Marks that are at least as high as those standards maintained by Parent Licensees prior to the Separation Date and such other specific reasonable updates to the global standards for the level of
quality for the services that are communicated from time to time by SpinCo Licensors to Parent Licensees; (ii) comply with all applicable Laws and regulations in any country or other governmental jurisdiction; and (iii) use the BHC
Licensed Marks in accordance with sound trademark and trade name usage principles and adhere to the global usage and display guidelines that are applicable to the Parent Business as of the Separation Date, that will be provided attached as
Exhibit A and that may be amended from time to time thereafter. Parent Licensees shall appropriately use TM, ® or
any other proprietary rights designation provided by SpinCo Licensors in connection with each use or display of the BHC Licensed Marks. 

(b) Parent Licensees shall not use the BHC Licensed Marks in any manner that would reflect adversely on the reputation for quality symbolized
by the BHC Licensed Marks. Parent Licensees shall not engage in any conduct that would, or would be reasonably likely to, place the BHC Licensed Marks, other Bausch Marks or SpinCo Licensors in a negative light or context. Parent Licensees shall not
use the BHC Licensed Marks in a manner that would, or would be reasonably likely to, devalue, injure, demean, or dilute the reputation of the BHC Licensed Marks, other Bausch Marks, or SpinCo Licensors. Parent Licensees shall not use the BHC
Licensed Marks in any manner which would be reasonably likely to tarnish, disparage or reflect adversely on SpinCo Licensors, the BHC Licensed Marks or any other Bausch Marks. 

(c) Parent Licensees shall not make any material changes to the BHC Licensed Marks without the prior written consent of SpinCo Licensors, which
consent may be withheld in SpinCo Licensors’ sole discretion. 
 (d) Parent Licensees shall not use the BHC Licensed Marks in any manner
that is reasonably likely to cause consumer confusion that any Parent Licensee is affiliated or associated with SpinCo Licensors in any way other than as a licensee; and Parent Licensees shall take commercially reasonable precautions necessary to
avoid or prevent such confusion as to affiliation or association occurring. 
 (e) To confirm that Parent Licensees’ use of the BHC
Licensed Marks complies with this Section 3.4, Parent Licensees shall, upon reasonable request by SpinCo Licensors, submit to SpinCo Licensors representative samples of publicly disseminated materials bearing any of the BHC
Licensed Marks which are in the possession or control of Parent Licensees and, in the event that SpinCo Licensors find that use of the BHC Licensed Marks in such samples in any manner other than as expressly permitted herein, Parent Licensees shall,
upon notice from SpinCo Licensors, immediately take steps necessary to correct the identified deviations or misuse of the respective items; provided, however, that if SpinCo Licensors reasonably determine that the defect poses a threat
to public health or safety, or to the validity or value of any of the Bausch Marks or to the goodwill associated therewith, Parent Licensees shall, upon notice from SpinCo Licensors, immediately cease and direct others to cease all use of the non-conforming materials and all use of the BHC Licensed Marks in connection therewith. 

  
 9 

 Section 3.5 Goodwill. Any and all goodwill associated or that arises from Parent
Licensees’ use of the BHC Licensed Marks shall inure to the sole and exclusive benefit of SpinCo Licensors. If, at any time, by operation of law or otherwise, Parent Licensees acquire any interest in any of the BHC Licensed Marks, Parent
Licensees hereby assign, and agree to assign, such interest (along with associated goodwill) to SpinCo Licensors. 
 ARTICLE IV

 TRANSITIONAL DOMAIN NAME USE 

Section 4.1 Domain Name Transition and Domain Name Redirect. 

(a) As between Parent and SpinCo, Parent shall continue to own exclusively all right, title, and interest in and to the BHC Domains until the
expiration of the applicable Domain Name Transition Period. 
 (b) As soon as reasonably practicable after the expiration of the applicable
Domain Name Transition Period, (i) Parent shall transfer ownership and control of the BHC Domains to SpinCo, and (ii) Parent and SpinCo shall mutually agree to any additional arrangements that may be reasonably required to transition
Parent away from use of the BHC Domains (for example, creating a website landing page offering to direct customers to each Party’s respective websites). 

ARTICLE V 

ADDITIONAL TERMS 

Section 5.1 Bankruptcy Rights. All rights and licenses granted to a Party as Licensee hereunder, are, for purposes of
Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”), licenses of intellectual property within the scope of Section 101 of the Bankruptcy Code. The Licensors acknowledge that the Licensees, as
licensees of Intellectual Property Rights and licenses hereunder, will retain and may fully exercise all of their rights and elections under the Bankruptcy Code. Each Party irrevocably waives all arguments and defenses arising under 11 U.S.C.
§ 365(c)(1) or successor provisions to the effect that applicable Law excuses such Party from accepting performance from or rendering performance to an entity other than the debtor or debtor-in-possession as a basis for opposing
assumption of this Agreement in a case under Chapter 11 of the Bankruptcy Code to the extent that such consent is required under 11 U.S.C. § 365(c)(1) or any successor provisions. 

Section 5.2 Confidentiality. Notwithstanding the transfer or disclosure of any Technology or grant or retention of any license to
a Trade Secret or other proprietary right in confidential information to or by a Party hereunder, each Party agrees on behalf of itself and its Subsidiaries that (a) it (and each of its Subsidiaries) shall treat the Trade Secrets and
confidential information of the other Party with at least the same degree of care as they treat their own similar Trade Secrets and confidential information, but in no event with less than reasonable care, and (b) neither Party (nor any of its
Subsidiaries) may use or disclose the Trade Secrets or confidential 

  
 10 

 
information, as applicable, licensed or disclosed to it by the other Party under this Agreement, except in accordance with its respective license granted in Article II.
Nothing herein will limit either Party’s ability to enforce its rights against any third party that misappropriates or attempts to misappropriate any Trade Secret or confidential information from it, regardless of whether it is an owner or
licensee of such Trade Secret or confidential information. 
 ARTICLE VI 

NO REPRESENTATIONS OR WARRANTIES 

Section 6.1 NO REPRESENTATIONS OR WARRANTIES. ALL LICENSES AND RIGHTS GRANTED HEREUNDER ARE GRANTED ON AN AS-IS BASIS
WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND. NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, CUSTOM, TRADE,
NON-INFRINGEMENT, NON-VIOLATION OR NON-MISAPPROPRIATION OF THIRD-PARTY INTELLECTUAL PROPERTY, ARE MADE OR GIVEN BY OR ON BEHALF OF A PARTY. ALL SUCH REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR
OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED AND DISCLAIMED. NOTWITHSTANDING THE FOREGOING, OR ANYTHING IN SECTION 6.2 BELOW, NOTHING IN THIS AGREEMENT SHALL BE DEEMED TO LIMIT OR EXPAND ANY OF THE RIGHTS OR REMEDIES OF ANY
PARTY UNDER THE SEPARATION AGREEMENT. 
 Section 6.2 General Disclaimer. Nothing contained in this Agreement shall be construed
as: 
 (a) a warranty or representation by either Party as to the validity, enforceability or scope of any Intellectual Property Rights; 

(b) except as expressly set forth herein, an agreement by either Party to maintain any Intellectual Property Rights in force; 

(c) except as expressly set forth herein, an agreement by either Party to bring or prosecute actions or suits against any third party for
infringement of Intellectual Property Rights or any other right, or conferring upon either Party any right to bring or prosecute actions or suits against any third party for infringement of Intellectual Property Rights or any other right; 

(d) conferring upon either Party any right to use in advertising, publicity or otherwise any trademark, trade name or names, or any
contraction, abbreviation or simulations thereof, of the other Party, other than as permitted hereunder; 
 (e) conferring upon either Party
by implication, estoppel or otherwise, any license or other right, except the licenses and rights expressly granted hereunder; or 
 (f) an
obligation to provide any technical information, know-how, consultation, technical services or other assistance or deliverables to the other Party. 

  
 11 

 Section 6.3 LIMITATION OF LIABILITY. IN NO EVENT SHALL EITHER PARTY, ITS
AFFILIATES OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, EXEMPLARY, OR SIMILAR DAMAGES, DIMINUTION IN VALUE OR DAMAGES CALCULATED BASED ON MULTIPLES OF REVENUE,
EARNINGS OR OTHER METRICS (INCLUDING LOST PROFITS OR LOST REVENUES) IN CONNECTION WITH THIS AGREEMENT (UNLESS SUCH DAMAGES ARE ACTUALLY AWARDED AND PAID TO A THIRD PARTY BY A COURT OF COMPETENT JURISDICTION), WHETHER IN CONTRACT, TORT (INCLUDING
NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, AND EACH PARTY HEREBY WAIVES ON BEHALF OF ITSELF, ITS AFFILIATES AND ITS REPRESENTATIVES ANY CLAIM FOR SUCH DAMAGES. 

ARTICLE VII 

TERM 

Section 7.1 Term and Termination. 

(a) Except as expressly set forth herein, the term of this Agreement shall commence at the Separation Time and shall continue until the
expiration of the last-to-expire of the Intellectual Property Rights licensed under this Agreement, if ever; provided that the term of the Patent license granted
pursuant to Section 2.1 and Section 2.2 shall end upon the expiration of the last Patent licensed thereunder. 

(b) Upon written notice to Parent Licensee by SpinCo Licensor, SpinCo Licensor may terminate partially or in their entirety (subject to the
limitations set forth below) the licenses granted to Parent Licensees under Section 3.1 only, if Parent Licensee is in material breach of Section 3.4 or any other provision of this Agreement and
such breach continues uncured for a period of thirty (30) days after the Parent Licensee’s receipt of notice from SpinCo Licensor of such breach (or, if such breach is not reasonably curable in such thirty
(30)-day period, if Parent Licensee is not using commercially reasonable efforts to cure or remedy such breach thereafter); provided, however, that the applicable license may only be
terminated with respect to the portion of the license that was the subject of such material breach. 
 (c) Upon any expiration or termination
of this Agreement with respect to a license granted to Licensee hereunder, Licensee shall cease and completely discontinue use of the Intellectual Property Rights licensed under such terminated license and such license granted to Licensee herein
shall immediately terminate. 
 (d) Termination of the licenses granted by a Party or its Subsidiaries as a Licensor shall not in any way
affect or limit the licenses granted to such Party or its Subsidiaries as a Licensee. 
 Section 7.2 Post-Term Matters. Upon the
expiration or termination of the licenses granted in Section 3.1 (partially or in their entirety) for any reason, all rights granted to Parent Licensees shall revert to SpinCo Licensors and Parent Licensees shall,
immediately upon expiration and as soon as possible but no later than within thirty (30) days of termination cease all 

  
 12 

 
use of the BHC Licensed Marks and take commercially reasonable steps to destroy all remaining materials bearing the BHC Licensed Marks in Parent Licensees’ possession or control, and shall
certify that it has taken such steps to SpinCo Licensors in writing within thirty (30) days of the obligation to take such steps; provided, however, that Parent Licensees may continue to
sell-off remaining inventory or other products and components thereof bearing the BHC Licensed Marks in existence prior to such expiration or termination. 

Section 7.3 Survival. The terms and conditions of the following provisions will survive termination of this Agreement:
Article I, Article VI, Section 7.2, this Section 7.3 and Article VIII. The termination of this Agreement will not
relieve either Party of any Liability under this Agreement that accrued prior to such termination. 
 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.1 Licensee Indemnity. Parent Licensees shall indemnify, hold harmless, compensate and reimburse (and if requested by
SpinCo Licensors, defend) the SpinCo Licensors and any of its officers, directors, managers and Affiliates from and against any and all losses, costs, liabilities, damages or expenses (including reasonable attorneys’ fees and litigation costs)
arising from any claim, demand, action, suit or other proceeding brought by an unaffiliated third party and arising out of or relating to Parent Licensees’ use of any of the BHC Licensed Marks, except any liability or expense in respect of any
infringement of third-party rights as a result of Parent Licensee’s use of the BHC Licensed Marks in accordance with the terms and conditions of this Agreement. Parent Licensees shall not settle any dispute involving the BHC Licensed Marks
without the prior written consent of SpinCo Licensors. 
 Section 8.2 No Obligation. Nothing set forth herein shall restrict
either Party from transferring, assigning or licensing any Intellectual Property Rights owned by it and licensed to the other Party hereunder; provided that any transfer or assignment of any Intellectual Property Rights licensed to a Party
hereunder shall be subject to the licenses granted in this Agreement. 
 Section 8.3 Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the Parties and their respective permitted successors and assigns; provided that neither this Agreement nor any of the rights and benefits of a Licensee Party hereunder
may be assigned to or assumed by a third party (whether by operation of Law or otherwise, including in connection with, or as a result of, a Change of Control) without the express prior written consent of the other Party. Notwithstanding the
foregoing, subject to, and except as provided in Section 8.1(c) and Section 8.4, no such consent shall be required for the assignment or assumption of a Party’s rights, licenses or obligations
under Article II, Section 4.1 and Section 5.2 of this Agreement in whole or in relevant part, in connection with, or as a result of a Change of Control of a Party (such
Party, the “Acquired Party”) or the sale or other disposition of the business or assets of a Party or its Affiliates to which this Agreement relates (such business or assets, the “Acquired Business”);
provided that the resulting, surviving or transferee Person or acquirer of the Acquired Business (the “Acquiring Party”) (a) assumes all of the applicable obligations of the Acquired Party by operation of Law or by express
assignment, as the case may be, and (b) delivers to the other Party, prior to or concurrently with the consummation of any 

  
 13 

 
transaction resulting in a Change of Control, an express acknowledgement regarding the limitations on the licenses granted hereunder to the Acquired Party as a result of such Change of Control or
sale or disposition. For the avoidance of doubt, upon and subject to the implementation of the applicable step in the Plan of Arrangement, each of Amalco and the Resulting Entity shall be regarded as successors and permitted assigns of SpinCo for
purposes of this Agreement, the Separation Agreement and any other Ancillary Agreements and it is the express intention of each of the Parties that all terms referring or relating to SpinCo shall be construed to refer or relate to the Resulting
Entity. 
 Section 8.4 Limitations on Change of Control. In the event of a Change of Control: 

(a) where Parent is the Acquired Party, the licenses to the Parent Licensees set forth in Section 2.2,
Section 2.4 and Section 3.1 will be transferrable to, or assumable by, the Acquiring Party in whole or in part in accordance with Section 8.3, but shall become limited and
shall not extend to any product or service or business of the Acquiring Party or its Affiliates that are sold, distributed, provided or otherwise commercialized at any time, if such product, service or business was commercialized or conducted prior
to the date of the consummation of such Change of Control of Parent; 
 (b) where SpinCo is the Acquired Party, the license to the SpinCo
Licensees set forth in Section 2.1 and Section 2.3 will be transferrable to, or assumable by, the Acquiring Party in whole or in part in accordance with Section 8.3, but
shall become limited and shall not extend to any product or service or business of the Acquiring Party or its Affiliates that are sold, distributed, provided or otherwise commercialized at any time, if such product, service or business was
commercialized or conducted prior to the date of the consummation of such Change of Control of SpinCo. 
 Section 8.5 Specific
Performance. The Parties hereto agree that irreparable damage, for which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the Parties hereto do not perform any provision of this Agreement in
accordance with its specified terms or otherwise breach such provisions. Accordingly, the Parties acknowledge and agree that the Parties shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches or
threatened breaches of this Agreement and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which they are entitled in Law or in equity. Each of the Parties agrees that it will not oppose the granting of an
injunction, specific performance and other equitable relief on the basis that the other Party has an adequate remedy at Law or that any award of specific performance is not an appropriate remedy for any reason at Law or in equity. Any Party seeking
an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection with such order or injunction. 

Section 8.6 Expenses. Except as otherwise expressly set forth in this Agreement, all legal and other costs and expenses incurred
in connection with this Agreement and the transactions contemplated by this Agreement shall be paid by the Party incurring such costs and expenses. 

  
 14 

 Section 8.7 Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with
receipt confirmed or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with
this Section 8.7): 
  

	 	(a)	 If to Parent: 

Bausch Health Companies Inc. 

2150 St. Elzéar Blvd. West 

Laval, Québec, Canada H7L 4A8 

Attention: General Counsel 
 E-mail: [*****] 
 and 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention: Igor Kirman 

                  Mark F. Veblen 

Facsimile: [*****] 
 Email:
      [*****] 
  

	 	(b)	 If to SpinCo: 

Bausch + Lomb Corporation 
 400
Somerset Corporate Blvd 
 Bridgewater, NJ 08807, USA 

Attention: General Counsel 
 E-mail: [*****] 
 with a copy to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention: Igor Kirman 

                  Mark F. Veblen 

Facsimile: [*****] 
 Email:
      [*****] 

  
 15 

 A Party may, by notice to the other Party, change the address to which such notices are to
be given. 
 Section 8.8 Severability. If any provision of this Agreement or the application thereof to any Person or
circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which
it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a
suitable and equitable provision to effect the original intent of the Parties. 
 Section 8.9 Entire Agreement. This Agreement,
the Separation Agreement and any other Ancillary Agreements, and the Exhibits, Schedules and appendices hereto and thereto, contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein or
therein. This Agreement, the Separation Agreement and any other Ancillary Agreements together govern the arrangements in connection with the Separation, the IPO, the Arrangement and the Distribution and would not have been entered independently.

 Section 8.10 No Third-Party Beneficiaries. Except as provided in Section 8.1, this Agreement
is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person, including any union or any employee or former employee of
Parent or SpinCo, any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement. 

Section 8.11 Governing Law; Jurisdiction and Forum; Waiver of Jury Trial. 

(a) This Agreement (and any claims or disputes arising out of or related hereto or thereto or to the transactions contemplated hereby and
thereby or to the inducement of any Party to enter herein and therein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in
accordance with the Laws of the State of Delaware irrespective of the choice of laws principles of the State of Delaware including all matters of validity, construction, effect, enforceability, performance and remedies. The Parties expressly waive
any right they may have, now or in the future, to demand or seek the application of a governing Law other than the Law of the State of Delaware. In addition, each of the Parties hereto irrevocably (i) submits to the personal jurisdiction of the
Delaware Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over such dispute, the United States District Court for the District of
Delaware, or in the event (but only in the event) that such United States District Court also does not have jurisdiction over such dispute, any Delaware State court sitting in New Castle County (and in each case, appellate courts therefrom), in the
event any dispute (whether in contract, tort or otherwise) arises out of this Agreement or the transactions contemplated hereby, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for
leave from any such court, 

  
 16 

 
(iii) waives any objection to the laying of venue of any Action relating to this Agreement or the transactions contemplated hereby in such court, (iv) waives and agrees not to plead or
claim in any such court that any Action relating to this Agreement or the transactions contemplated hereby brought in any such court has been brought in an inconvenient forum, and (v) agrees that it will not bring any Action relating to this
Agreement or the transactions contemplated hereby in any court other than the Delaware Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter
jurisdiction over such Action, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States District Court also does not have jurisdiction over such Action, any Delaware State court
sitting in New Castle County (and, in each case, appellate courts therefrom). Each Party agrees that service of process upon such Party in any such Action shall be effective if notice is given in accordance with
Section 8.7. 
 (b) EACH PARTY TO THIS AGREEMENT WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY OF THEM AGAINST THE OTHER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE OTHER ANCILLARY AGREEMENTS, THE SEPARATION AGREEMENT, THE CONFIDENTIALITY AGREEMENT OR ANY OTHER AGREEMENTS EXECUTED IN CONNECTION HEREWITH OR
THEREWITH OR THE ADMINISTRATION HEREOF OR THEREOF OR THE SALE OR ANY OF THE OTHER TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN. NO PARTY TO THIS AGREEMENT SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION
PROCEDURE BASED UPON, OR ARISING OUT OF, THIS AGREEMENT, THE OTHER ANCILLARY AGREEMENTS, THE SEPARATION AGREEMENT, THE CONFIDENTIALITY AGREEMENT OR RELATED INSTRUMENTS. NO PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN
WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY TO THIS AGREEMENT CERTIFIES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS SET FORTH
IN THIS SECTION 8.11(b). NO PARTY HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION 8.11(b) WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. 

Section 8.12 Amendment and Waivers. No provisions of this Agreement, including any Schedules to this Agreement, shall be deemed
waived, amended, supplemented or modified by a Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment,
supplement or modification. The waiver by either Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. No failure or delay by either Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

  
 17 

 Section 8.13 Rules of Construction. In this Agreement, (a) words in the
singular shall be deemed to include the plural and vice versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words
of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules, Exhibits and Appendices hereto) and not to any particular provision of this Agreement; (c) Article, Section,
Schedule, Exhibit and Appendix references are to the Articles, Sections, Schedules, Exhibits and Appendices to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement (including this Agreement)
shall be deemed to include the exhibits, schedules and annexes (including all Schedules, Exhibits and Appendixes) to such agreement; (e) the word “including” and words of similar import when used in this Agreement shall mean
“including, without limitation,” unless otherwise specified; (f) the word “or” need not be exclusive; (g) unless otherwise specified in a particular case, the word “days” refers to calendar days;
(h) references herein to this Agreement or any other agreement contemplated herein shall be deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified or supplemented
thereafter, unless otherwise specified; (i) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,” “the date of this Agreement” and words of similar import shall all be references to
March 30, 2022; and (j) the word “extent” and the phrase “to the extent” shall mean the degree (if any) to which a subject or other thing extends, and such word or phrase shall not merely mean “if”. 

Section 8.14 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 

Section 8.15 Mutual Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of
construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 

Section 8.16 Ancillary Agreements. In the event of any conflict or inconsistency between the terms of this Agreement and the terms
of the Separation Agreement, the terms of this Agreement shall control with respect to the subject matter addressed by this Agreement to the extent of such conflict or inconsistency. In the event of any conflict or inconsistency between the terms of
this Agreement or the Separation Agreement or any other Specified Ancillary Agreement, on the one hand, and any Transfer Document, on the other hand, including with respect to the allocation of Assets and Liabilities as among the Parties or the
members of their respective Groups, this Agreement, the Separation Agreement or such Specified Ancillary Agreement shall control. 

Section 8.17 Relationship of the Parties. Nothing contained herein shall be deemed to create a partnership, joint venture or
similar relationship between the Parties. Neither Party is the agent, employee, joint venturer, partner, franchisee or representative of the other Party. Each Party specifically acknowledges that it does not have the authority to, and shall not,
incur any obligations or responsibilities on behalf of the other Party. Notwithstanding anything to the contrary in this Agreement, each Party (and its officers, directors, agents, employees and members) shall not hold themselves out as employees,
agents, representatives or franchisees of the other Party or enter into any agreements on such Party’s behalf. 
 [Remainder of page
left blank intentionally; signature page follows] 

  
 18 

 IN WITNESS WHEREOF, the Parties have caused this Intellectual Property Matters Agreement to
be executed by their duly authorized representatives as of the date first written above. 
  

			
	BAUSCH HEALTH COMPANIES INC.
		
	By:	 	 /s/ Thomas J. Appio

		 	Name: Thomas J. Appio
		 	Title: Chief Executive Officer, Pharma Business
	
	BAUSCH + LOMB CORPORATION
		
	By:	 	 /s/ Joseph C. Papa

		 	Name: Joseph C. Papa
		 	Title: Chief Executive Officer

 [Signature Page to Intellectual Property Matters Agreement]

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