Form 4: Bausch Health Director Sandra Leung Receives Restricted Stock Unit Grant

Bausch Health Companies Inc. Director Sandra Leung was granted 30,149 Restricted Share Units, vesting before the 2026 Annual Meeting of Shareholders.

Summary

• Sandra Leung, a Director of Bausch Health Companies Inc. (BHC), acquired 30,149 Common Shares on July 25, 2025.
• The acquisition was in the form of Restricted Share Units (RSUs), with a transaction price of $0, indicating a grant rather than a purchase.
• Each RSU represents a contingent right to receive one Common Share, no par value, of Bausch Health Companies Inc.
• These RSUs are scheduled to vest immediately before the 2026 Annual Meeting of Shareholders.
• Following this transaction, Sandra Leung directly beneficially owns 30,149 Common Shares.

Sentiment

Score: 7

Explanation: The grant of Restricted Share Units to a director is a common practice for aligning management and director incentives with shareholder interests, indicating a commitment to long-term performance. This is generally viewed as a positive, routine corporate governance action.

Positives

• The grant of Restricted Share Units to a director aligns their financial interests with the long-term performance and shareholder value of Bausch Health Companies Inc.

Future Outlook

The granted Restricted Share Units are set to vest immediately before the 2026 Annual Meeting of Shareholders, indicating a future conversion to common shares contingent on continued service.

Industry Context

The grant of Restricted Share Units to directors is a common and widely accepted practice in corporate governance across various industries, serving as a form of equity compensation to incentivize long-term commitment and align director interests with shareholder returns.

Comparison to Industry Standards

• Granting Restricted Share Units (RSUs) to directors is a standard compensation practice across publicly traded companies, including those in the pharmaceutical and healthcare sectors like Bausch Health.
• This method is comparable to compensation structures seen in companies such as Pfizer, Johnson & Johnson, or Merck, where equity awards are used to align executive and director incentives with long-term company performance.
• The specific size of the grant would typically be benchmarked against peer companies of similar market capitalization and industry, though this filing does not provide comparative data for a detailed assessment of the grant's relative size.

Corporate Governance

Related Party Transactions

• The grant of 30,149 Restricted Share Units to Sandra Leung, a Director, constitutes a related party transaction as it is a form of compensation provided by the company to a member of its board.

Stakeholder Impact

• Shareholders: The RSU grant aims to align the director's interests with shareholder value creation over the long term.
• Director (Sandra Leung): Receives equity compensation, incentivizing continued service and performance.

Next Steps

• The 30,149 Restricted Share Units are expected to vest immediately before the 2026 Annual Meeting of Shareholders.

Key Dates

Recommendation

This Form 4 reports a routine equity compensation grant to a director, which is a standard practice to align interests. It does not provide new information that would fundamentally alter the investment thesis for Bausch Health Companies Inc., thus a 'hold' recommendation is appropriate as it neither signals strong positive nor negative catalysts.

Keywords

Bausch Health, BHC, Form 4, Insider Transaction, Restricted Stock Units, RSU, Director Compensation, Equity Grant