Bausch & Lomb Corp

Outperformance Plan Performance Share Unit Award

On February 18, 2024, the Talent and Compensation Committee of the Board of Directors approved a Performance Share Unit (“PSU”) award for a limited number of key senior leaders (the “Executives”), including each of our current named executive officers (Brent Saunders, Sam Eldessouky and Yehia Hashad) whose compensation is required to be disclosed pursuant to SEC rules. This PSU award is designed to reward the Executives for achieving significant outperformance of performance goals that would ultimately deliver substantial value to our shareholders if achieved. The target grant date value of the awards for each of the Executives is $1,500,000.

The PSUs may be earned between 0% and 300% based on the level of achievement of: (i) a revenue metric (measured for fiscal year 2026) and (ii) a relative total shareholder return (“TSR”) metric measured over the three-year period ending December 31, 2026. In the event that the Company’s absolute TSR during such period is negative, then the maximum payout of the PSU award will be capped at 50%. Any PSUs that are earned will vest on February 28, 2027, subject generally to the Executive’s continued employment through such date, except in limited circumstances set forth in the applicable award agreement.