Why were Restricted Share Units used instead of cash for BHC board compensation?

The Form 4 states that the 11,574 Restricted Share Units were issued in lieu of cash compensation for the quarter ending March 31, 2026. This means Bausch Health paid part of John Paulson’s director fees in stock-based units rather than in cash, aligning compensation with equity.

John Paulson receives 11,574 Bausch Health (NYSE: BHC) RSUs as fees

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bausch Health Companies Inc. director John Paulson reported an equity compensation grant rather than an open-market trade. He acquired 11,574 common share equivalents at $5.40 per share as Restricted Share Units issued in lieu of cash fees for his board service for the quarter ending March 31, 2026.

After this award, he holds 371,694 common shares directly and has an additional 73,255,869 shares reported as indirectly owned by managed funds. A footnote states these securities are directly owned by the funds, and Paulson disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Paulson John

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares, No Par Value	11,574	$5.40	$62K
holding	Common Shares, No Par Value	--	--	--

Holdings After Transaction: Common Shares, No Par Value — 371,694 shares (Direct); Common Shares, No Par Value — 73,255,869 shares (Indirect, By Managed Funds)

Footnotes (1)

Reflects Restricted Share Units issued in lieu of cash compensation in connection with the Reporting Person's service on the Issuer's Board of Directors for the quarter ending March 31, 2026, each representing a contingent right to receive one common share, no par value, of the Issuer. John Paulson, the controlling person of Paulson Capital Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is the investment manager of investment funds (the "Funds"). John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.

Key Figures

RSUs granted: 11,574 units Grant reference price: $5.40 per share Direct holdings after grant: 371,694 shares +1 more

4 metrics

RSUs granted 11,574 units Equity issued in lieu of cash board compensation for quarter ending March 31, 2026

Grant reference price $5.40 per share Reported transaction price per Bausch Health common share for the RSU award

Direct holdings after grant 371,694 shares Bausch Health common shares directly held by John Paulson following the RSU award

Indirect fund holdings 73,255,869 shares Common shares held by managed funds for which Paulson may be deemed an indirect beneficial owner

Key Terms

Restricted Share Units, indirect beneficial owner, pecuniary interest, Rule 16a-1(a)(4), +1 more

5 terms

indirect beneficial owner financial

"John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds"

pecuniary interest financial

"except to the extent that the reporting person has a pecuniary interest therein"

Rule 16a-1(a)(4) regulatory

"Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended"

Managed Funds financial

"Paulson is the investment manager of investment funds (the "Funds")"

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Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 06:20 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Paulson John

(Last)

(First)

(Middle)

180 LAKEVIEW AVENUE

(Street)

WEST PALM BEACH

FLORIDA

33401

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Bausch Health Companies Inc. [ BHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares, No Par Value	03/31/2026		A		11,574⁽¹⁾	A	$5.4	371,694	D
Common Shares, No Par Value								73,255,869	I⁽²⁾	By Managed Funds⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Reflects Restricted Share Units issued in lieu of cash compensation in connection with the Reporting Person's service on the Issuer's Board of Directors for the quarter ending March 31, 2026, each representing a contingent right to receive one common share, no par value, of the Issuer.

2. John Paulson, the controlling person of Paulson Capital Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is the investment manager of investment funds (the "Funds"). John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.

	/s/ Brianna M. Dorsi attorney-in-fact	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BHC director John Paulson report on this Form 4?

John Paulson reported receiving 11,574 Restricted Share Units of Bausch Health common shares. These units were issued in lieu of cash compensation for his service on the board during the quarter ending March 31, 2026, and represent a contingent right to receive one common share each.

Was John Paulson’s BHC Form 4 transaction an open-market stock purchase?

No, the Form 4 shows a grant of 11,574 Restricted Share Units at $5.40 per share. The filing describes these as equity issued instead of cash board fees, not as an open-market purchase, so it reflects compensation rather than a discretionary buy in the market.

How many Bausch Health shares does John Paulson hold directly after this transaction?

After the reported equity award, John Paulson holds 371,694 Bausch Health common shares directly. This figure includes the newly granted Restricted Share Units, which each represent a contingent right to receive one common share of the issuer when they settle.

What are the indirect BHC holdings reported for John Paulson on this Form 4?

The Form 4 reports 73,255,869 Bausch Health common shares as indirectly held through managed funds. These securities are directly owned by investment funds managed by Paulson Capital Inc., and a footnote states John Paulson may be deemed an indirect beneficial owner of those positions.

How does the Form 4 describe John Paulson’s beneficial ownership of BHC through the funds?

The filing explains that John Paulson, as controlling person of Paulson Capital Inc., may be deemed an indirect beneficial owner of shares held by the funds. However, he expressly disclaims beneficial ownership of securities not directly owned, except to the extent of any pecuniary interest he may have.