Bausch Health Companies Inc 8-K/A, filed Sep 29, 2023
Bausch Health Companies Inc. (BHC)
About this 8-K/A
Bausch Health Companies Inc filed this 8-K/A on September 29, 2023, reporting on events of September 18, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(Amendment No. 1)
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Explanatory Note
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In connection with his appointment as interim Chief Financial Officer, Mr. Barresi will be entitled to receive: (i) a bi-weekly cash stipend of $5,000, which will be paid in addition to his regular base pay during the time he serves in the role of interim Chief Financial Officer, and (ii) a cash retention award of $100,000, which will be payable as follows: (i) $50,000 on the first regular payroll date after October 1, 2023, and (ii) $50,000 on the first regular payroll date after October 1, 2024, provided that Mr. Barresi remains an employee on the applicable payment date; provided that, in the event Mr. Barresi resigns or is terminated for Cause, in either case within the 12 months following receiving any payment of the cash award, he will be required to reimburse the Company the full amount of such cash award calculated on an after-tax basis. In addition, while serving as interim Chief Financial Officer, Mr. Barresi will be eligible for enhanced severance benefits in the event of his termination of employment without “cause” (a “Qualifying Termination”) equal to 1.5 times the sum of his (i) annual base salary and (ii) target annual cash bonus opportunity, and a pro-rata annual cash bonus for the year of termination. If Mr. Barresi’s Qualifying Termination occurs during the 12 month period following a “change of control” while serving as interim Chief Financial Officer, his severance will be equal to two (2) times the sum of his (i) annual base salary and (ii) target annual cash bonus opportunity and a pro-rata annual cash bonus for the year of termination. The payment of any such severance is subject to Mr. Barresi’s execution and non-revocation of a release of claims.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |
| 104 | The cover page from this Amended Current Report on Form 8-K/A, formatted in Inline XBRL |
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: September 29, 2023