SEC Form 4 · accession 0000885590-16-000104
Bausch Health Companies Inc. · BHC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joseph C Papa
Officer — Chairman and CEO · Director
Period of report
May 2, 2016
Accepted (ET)
May 4, 2016 · 5:00 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000885590
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, no par valueF1,F2,F3 | May 2, 2016 | A | 2,240,199 | $0.00 | A | 2,240,199 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents the award of 933,416 Restricted Share Units ("RSUs"), subject to performance-based vesting criteria as described in note (2), and 373,367 RSUs subject to continued service-based vesting criteria as described in note (3). Vested RSUs are settled in common shares, no par value ("Common Shares"), of Valeant Pharmaceuticals International, Inc. ("Valeant").
- F2Each performance based RSU represents a contingent right to receive up to two Common Shares on the achievement of adjusted share prices in $30 increments ranging from $60 to $270 (i.e., at $60 adjusted share price, the reporting person will be entitled to receive a number of Common Shares equal to 25% of the number of RSUs subject to the award and at $270 adjusted share price, the reporting person will be entitled to receive a number of Common Shares equal to 200% of the number of RSUs subject to the award) on the fourth anniversary of the grant date ("Measurement Date"). If Valeant's total shareholder return ("TSR") for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to 100% of the RSUs subject to the award.
- F3Each continued service-based RSU represents a contingent right to receive one Common Share, subject to the reporting person's continued service to Valeant through the fourth anniversary of the grant date.