SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On May 24, 2022, the Board of Directors of Bausch Health Companies Inc. (“Company”) appointed John S. Barresi, 49, as the Company’s Senior Vice President, Controller and Chief Accounting Officer. Prior to his appointment, Mr. Barresi served as the Senior Vice President of Finance and Chief Accounting Officer of Bed Bath & Beyond, Inc. (“BBBY”). Prior to joining BBBY, Mr. Barresi served in various leadership roles at Tiffany & Co., including Vice President, Global Business Transformation from February 2017 through June 2021, Vice President, Controller from June 2013 through June 2017, and Vice President, Internal Audit and Financial Controls from April 2009 through June 2013. Earlier in his career, Mr. Barresi worked in public accounting with PricewaterhouseCoopers LLP.
The company has entered into an offer letter (“Offer Letter”) with Mr. Barresi. Under the terms of the Offer Letter, Mr. Barresi will receive an annual base salary of $425,000 and will be eligible to receive an annual cash bonus with a target of 50% of his base salary which will be prorated based on his start date. In consideration for the compensation Mr. Barresi will forfeit by leaving his current employer, Mr. Barresi will also receive a one-time sign-on cash bonus of $100,000, and a one-time sign-on equity grant with an aggregate grant date fair value of $150,000 to be delivered 100% in the form of restricted stock units granted under the Bausch Health Companies Inc. 2014 Omnibus Incentive Plan (as Amended and Restated, Effective as of April 28, 2020 (or any applicable successor plan thereto)). If Mr. Barresi voluntarily resigns at any time within the first two years of his employment, he will be required to repay the after-tax amount of the sign-on bonus to the company. Under the Company’s US Severance Pay Plan, if the Company terminates Mr. Barresi’s employment without cause, he will receive, subject to continued compliance with post-termination obligations and executing and not revoking a release of claims, an amount equal to his base salary, paid in normal payroll installments, for a period of 52 weeks following the date of termination.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BAUSCH HEALTH COMPANIES INC. | ||
| By: | /s/ Seana Carson | |
| Name: | Seana Carson | |
| Title: | Executive Vice President, General Counsel | |
Date: May 31, 2022