KAVANAGH SARAH B 4

What Happened
Sarah B. Kavanagh, a director of Bausch Health Companies Inc. (BHC), was awarded 45,871 restricted share units (RSUs) on 2026-05-22. The RSUs were granted at $0.00 per share (award, not a purchase) and have a grant-date value of $250,000; they will be settled in common shares of the company when they vest.

Key Details

• Transaction type: Award/Grant (code A) — 45,871 RSUs acquired on 2026-05-22.
• Reported acquisition price: $0.00 (RSU award — no cash purchase).
• Grant-date value: $250,000 (per filing footnote).
• Vesting/settlement: RSUs vest on the date immediately preceding the issuer’s next Annual Meeting of Shareholders and are settled in common shares.
• Reason/eligibility: Footnote indicates these RSUs are granted to non-employee directors on the third business day following their election at the annual meeting.
• Filing date: Form 4 filed 2026-05-26 (four days after the transaction date).
• Shares owned after transaction: Not specified in the provided filing details.

Context
This was a routine director compensation award (RSUs) rather than an open-market purchase or sale. Such awards are common for non-employee directors and represent deferred equity compensation that vests at a future date and is settled in shares, rather than an immediate cash transaction.