Form 4: Bausch Health Executive Aimee J. Lenar Reports Changes in Beneficial Ownership

EVP Aimee J. Lenar reports acquisition of restricted share units and disposal of common shares of Bausch Health Companies Inc.

Summary

• On February 26, 2025, Aimee J. Lenar, EVP, US Pharma of Bausch Health Companies Inc., reported changes in beneficial ownership.
• Lenar acquired 108,311 common shares through the award of restricted share units (RSUs) at a price of $0.
• Lenar also disposed of 252,663 common shares.
• Following these transactions, Lenar beneficially owns 252,663 common shares.
• The RSUs vest in three equal installments on the first three anniversaries of the grant date, contingent upon continued service.

Sentiment

Score: 6

Explanation: Neutral sentiment. The filing primarily reports transactions related to executive compensation. The acquisition of RSUs is a positive sign, but the disposal of shares introduces some uncertainty.

Positives

• The acquisition of RSUs indicates a long-term incentive for the executive to remain with the company.

Negatives

• The disposal of 252,663 common shares could be interpreted negatively, although the reason for disposal is not specified.

Risks

• The vesting of RSUs is contingent upon continued service, creating a potential risk if the executive leaves the company before full vesting.

Future Outlook

The executive's compensation structure includes long-term incentives through RSUs, aligning their interests with the company's future performance.

Industry Context

Executive compensation packages often include a mix of salary, bonuses, and equity-based awards like RSUs to incentivize performance and retain key personnel. This filing reflects a standard practice in publicly traded companies.

Comparison to Industry Standards

• Comparing Bausch Health's executive compensation structure to peers like Valeant (prior to its restructuring) or Allergan (before its acquisition by AbbVie) would provide context on whether the equity grants are in line with industry norms.
• Reviewing executive compensation reports from companies such as Teva Pharmaceuticals or Mylan (now Viatris) could offer benchmarks for RSU grants as a percentage of total compensation.

Stakeholder Impact

• Shareholders may view the RSU grant as a positive incentive for the executive.
• Employees may see the executive's equity stake as aligning their interests with the company's success.

Key Dates