APPIO THOMAS 4

What Happened
Thomas Appio, CEO of Bausch Health (BHC), had 1,137,862 performance share units settled for cash (disposed) resulting in $6,770,279. Additionally, 83,093 and 83,705 common shares were withheld to satisfy tax-withholding obligations on vested restricted share units, valued at $492,741 and $498,045 respectively (total ≈ $990,786). These were dispositions/withholdings rather than open-market sales or purchases.

Key Details

• Transaction dates: Feb 27, 2026 (83,093 shares withheld @ $5.93, $492,741) and Mar 2, 2026 (83,705 shares withheld @ $5.95, $498,045; 1,137,862 PSUs settled @ $5.95, $6,770,279).
• Total cash received from PSU settlement: $6,770,279; total value of shares withheld for taxes: ≈ $990,786.
• Shares owned after the transactions: Not disclosed in this filing.
• Footnotes: The withheld shares were surrendered to cover tax withholding on vested RSUs (codes F1/F2). The 1,137,862 PSU settlement was paid in cash per committee action and is exempt under Rule 16b-3(e) (footnote F3).
• Filing/timeliness: Report filed Mar 3, 2026 for transactions on Feb 27 and Mar 2 — filing appears timely.

Context
This was a cash settlement of previously earned performance share units (not an open-market sale of pre-existing shares) and the share counts labeled F indicate shares withheld to cover tax obligations on vested equity. Cash settlements of earned PSUs are treated differently from purchases/sales of existing stock and are often exempt under Rule 16b-3(e). These entries are routine compensation-related dispositions rather than direct insider purchases (which are generally viewed as stronger bullish signals).