Form 4: Bausch Health Director John Paulson Acquires Shares

Bausch Health Companies Inc. Director John Paulson reported the acquisition of 8,992 common shares through Restricted Share Units as compensation for his board service.

Summary

• John Paulson, a Director and 10% Owner of Bausch Health Companies Inc. (BHC), reported a transaction on December 31, 2025.
• He acquired 8,992 common shares, no par value, through Restricted Share Units (RSUs).
• These RSUs were issued in lieu of cash compensation for his service on the Issuer's Board of Directors for the quarter ending December 31, 2025.
• Each RSU represents a contingent right to receive one common share of the Issuer.
• Following this transaction, John Paulson directly beneficially owns 360,120 common shares.
• Additionally, he indirectly beneficially owns 73,255,869 common shares through managed funds, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: Slightly positive due to director receiving equity compensation, aligning interests with shareholders, though it's a routine compensation event rather than a direct investment.

Positives

• The acquisition of shares by a director, even as compensation, aligns the director's interests with those of shareholders, potentially indicating confidence in the company's future performance.

Negatives

• The shares were acquired as compensation (Restricted Share Units) rather than an open market purchase, which might be viewed differently than a direct cash investment by the insider.

Management Comments

• Restricted Share Units were issued in lieu of cash compensation in connection with the Reporting Person's service on the Issuer's Board of Directors for the quarter ending December 31, 2025.

Industry Context

This filing is a routine insider transaction report and does not provide specific industry context or trends. It reflects standard compensation practices for board members in publicly traded companies.

Related Party Transactions

• The issuance of Restricted Share Units to John Paulson, a director, as compensation for his board service constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The grant of equity compensation to a director can be seen as a positive step towards aligning management and shareholder interests, potentially leading to better long-term decision-making.
• Management/Directors: John Paulson's compensation structure now includes a greater equity component, tying his personal financial outcomes more closely to the company's stock performance.

Key Dates

Keywords

Bausch Health Companies Inc., BHC, John Paulson, Insider Trading, Form 4, Restricted Share Units, Director Compensation, Equity Compensation, Beneficial Ownership