Bausch Health grants John Paulson 10,720 stock units

The compensation was issued as restricted share units in lieu of cash for board service for the quarter ended September 30, 2026.

Rhea-AI Filing Summary

Bausch Health Companies Inc. (BHC) director John Paulson acquired 10,720 restricted share units on September 30, 2026. The units were issued in lieu of cash compensation for board service for the quarter ended September 30, 2026, and each represents a contingent right to receive one common share. After the award, Paulson directly held 440,962 shares. Investment funds managed by Paulson directly owned 73,255,869 shares; he may be deemed an indirect beneficial owner but disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Grant/Award: 10,720 shares

Grant/Award 2 txns

Insider Paulson John

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares, No Par Value F1	10,720	$5.83	$62K
holding	Common Shares, No Par Value F2	--	--	--

Holdings After Transaction: Common Shares, No Par Value — 440,962 shares (Direct); Common Shares, No Par Value — 73,255,869 shares (Indirect, By Managed Funds)

Footnotes (2)

1. F1. 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 September 30, 2026, each representing a contingent right to receive one common share, no par value, of the Issuer.
2. F2. 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 "Act"), 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

Awarded restricted share units: 10,720 units Reported per-share amount: $5.83 per share Direct common shares after award: 440,962 shares +1 more

4 metrics

Awarded restricted share units 10,720 units Issued in lieu of cash compensation for board service for the quarter ended September 30, 2026

Reported per-share amount $5.83 per share Award transaction dated September 30, 2026

Direct common shares after award 440,962 shares John Paulson’s reported direct holdings following the award

Common shares owned by managed funds 73,255,869 shares The funds directly owned the shares; Paulson may be deemed an indirect beneficial owner and disclaims beneficial ownership except to the extent of any pecuniary interest

Key Terms

Restricted Share Units, contingent right, pecuniary interest, beneficial ownership

4 terms

Restricted Share Units financial

"Restricted Share Units issued in lieu of cash compensation"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

contingent right financial

"each representing a contingent right to receive one common share"

pecuniary interest regulatory

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

beneficial ownership regulatory

"may be deemed an indirect beneficial owner of the securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did John Paulson receive in the BHC Form 4?

John Paulson received 10,720 restricted share units on September 30, 2026, issued in lieu of cash compensation for board service for the quarter ended September 30, 2026. Each unit represents a contingent right to receive one common share.

What per-share amount was reported for John Paulson’s BHC award?

The reported per-share amount was $5.83 per share for the 10,720 restricted share units acquired on September 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 04:47 PM Accepted by SEC EDGAR 10/02/2026 - 04:46 PM Learn about SEC filing dates

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)
09/30/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Shares, No Par Value	09/30/2026		A		10,720(1)	A	$5.83	440,962	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 September 30, 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 "Act"), 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	10/02/2026
	** 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)