[Form 4] Bausch Health Companies Inc. Insider Trading Activity

Rhea-AI Filing Summary

Bausch Health Companies director Sandra Leung was granted 3,673 restricted share units (RSUs) issued in lieu of cash compensation for her service on the board for the quarter ending September 30, 2025. Each RSU represents a contingent right to receive one common share. After the award, the reporting person beneficially owned 33,822 common shares. The transaction was reported on a Form 4 and executed under transaction code V, with the RSUs recorded at $0 price as issued units rather than an open-market purchase.

Positive

• 3,673 RSUs issued in lieu of cash demonstrates director compensation alignment with shareholders
• Reporting person beneficial ownership updated to 33,822 shares, maintaining transparency under Section 16

Negative

• None.

Insights

Corporate Governance Analyst

Director compensation paid as RSUs aligns pay with shareholder outcomes.

The Form 4 discloses 3,673 RSUs issued to a director in lieu of cash, each converting to one common share upon vesting, which is a common practice to align board members with shareholder interests.

The filing shows the award was recorded at $0 because these are equity grants, not open-market purchases; the report is informational and complies with Section 16 disclosure requirements.

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

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

1. Name and Address of Reporting Person^*

LEUNG SANDRA

(Last) (First) (Middle)

400 SOMERSET CORPORATE BLVD.

(Street)

BRIDGEWATER NJ 08807

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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

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

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

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	09/30/2025		A		3,673(1)	A	$0	33,822	D

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, 2025, each representing a contingent right to receive one common share, no par value, of the Issuer.

	/s/ Brianna M. Cetrulo, attorney-in-fact	10/02/2025
	** 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.

FAQ

What transaction did Sandra Leung report on the Form 4 for BHC?

The Form 4 reports the grant of 3,673 restricted share units (RSUs) issued in lieu of cash compensation for board service for the quarter ending September 30, 2025.

How many shares does the reporting person own after the transaction?

The reporting person beneficially owned a total of 33,822 common shares following the reported transaction.

What does a transaction code V indicate on this Form 4?

Transaction code V is used here to report the issuance of securities upon conversion or vesting of previously granted awards; the filing shows the RSUs were issued in lieu of cash.

Was there a cash purchase price reported for the transaction?

No. The Form 4 lists the price as $0 because the disclosure records the grant of RSUs rather than an open-market cash purchase.

Does the Form 4 indicate these RSUs immediately convert to shares?

The Form 4 describes each RSU as a contingent right to receive one common share; it does not state vesting or conversion dates in the disclosed lines.