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Bausch & Lomb Corp. (NYSE:BLCO, TSX:BLCO) announced changes to the employment agreement of Chief Executive Officer Brenton L. Saunders, according to a press release statement based on a filing with the Securities and Exchange Commission.
On Monday, the company and Mr. Saunders agreed to modify his employment contract, specifically limiting the scope of his “good reason” severance rights related to a potential spin-off of Bausch & Lomb from Bausch Health Companies (NYSE:BHC) Inc. The amendment removes the provision that would have triggered a severance right based on the timing of the distribution date outlined in the Master Separation Agreement between Bausch Health Companies Inc. and Bausch & Lomb.
Additionally, the company and Mr. Saunders entered into an amended and restated award agreement concerning performance stock units (PSUs) previously granted to him in connection with his appointment as CEO in February 2023. Under the revised terms, the PSUs will now vest and pay out between 120% and 330% of the target award on February 23, 2029. The payout will depend on the achievement of specified share-price hurdles, ranging from $26.57 to $39.06 per share, measured as of the new performance end date.
The amended agreement also introduces a cumulative Adjusted EBITDA performance modifier, covering the company’s fiscal years 2025 through 2028. This modifier can adjust the payout range by -40% to +40% based on whether certain cumulative financial targets are met. Vesting of the PSUs remains subject to Mr. Saunders’ continued employment through the new performance end date, with certain exceptions.
The company stated that the summary provided is not comprehensive and that the full text of the amendments will be filed with its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.
Bausch & Lomb’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker BLCO.
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