<SEC-DOCUMENT>0000950103-22-013834.txt : 20220809
<SEC-HEADER>0000950103-22-013834.hdr.sgml : 20220809
<ACCEPTANCE-DATETIME>20220809170456
ACCESSION NUMBER:		0000950103-22-013834
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220809
DATE AS OF CHANGE:		20220809
EFFECTIVENESS DATE:		20220809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bausch Health Companies Inc.
		CENTRAL INDEX KEY:			0000885590
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-266718
		FILM NUMBER:		221149298

	BUSINESS ADDRESS:	
		STREET 1:		2150 ST. ELZEAR BLVD. WEST
		STREET 2:		LAVAL
		CITY:			QUEBEC
		STATE:			A8
		ZIP:			H7L 4A8
		BUSINESS PHONE:		514-744-6792

	MAIL ADDRESS:	
		STREET 1:		2150 ST. ELZEAR BLVD. WEST
		STREET 2:		LAVAL
		CITY:			QUEBEC
		STATE:			A8
		ZIP:			H7L 4A8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Valeant Pharmaceuticals International, Inc.
		DATE OF NAME CHANGE:	20100928

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOVAIL Corp
		DATE OF NAME CHANGE:	20100416

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIOVAIL CORP INTERNATIONAL
		DATE OF NAME CHANGE:	19960522
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp178483_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August 9, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B><BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM S-8</B><BR>
<BR>
</FONT><FONT STYLE="font-size: 10pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BAUSCH HEALTH COMPANIES INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><B>British Columbia, Canada<BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</B></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="background-color: white"><B>98-0448205</B></FONT><B><BR>
(I.R.S. Employer<BR>
Identification No.)</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2150 St. Elz&eacute;ar Blvd. West<BR>
    Laval, Quebec<BR>
    Canada, H7L 4A8 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(514) 744-6792<BR>
    (<FONT STYLE="font-size: 10pt">Address, including zip code, and telephone number, including area code, of Registrant&rsquo;s principal
    executive offices</FONT>)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BAUSCH HEALTH COMPANIES INC.<BR>
AMENDED AND RESTATED 2014 OMNIBUS INCENTIVE PLAN<BR>
<FONT STYLE="font-weight: normal">(Full Title of the Plan)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tom G. Vadaketh</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Executive Vice President, Chief Financial Officer</B><BR>
<B>Bausch Health Companies Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Bausch Health US, LLC</B><BR>
<B>400 Somerset Corporate Blvd.</B><BR>
<B>Bridgewater, NJ 08807</B><BR>
<B>(866) 246-8245</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: yellow"><BR>
</FONT><FONT STYLE="font-weight: normal">(Name, address and telephone number,<BR>
including area code, of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.<BR>
<BR>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; font-size: 10pt"><B>Large accelerated filer &#9746;</B></TD>
    <TD STYLE="width: 32%; font-size: 10pt"><B>Accelerated filer </B>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Non-accelerated filer </B>&#9744;<B>&nbsp;(Do not check if a smaller reporting company)</B></TD>
    <TD STYLE="font-size: 10pt"><B>Smaller reporting company </B>&#9744;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><B>Emerging Growth Company </B>&#9744;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXPLANATORY NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">This Registration Statement has
been prepared and filed pursuant to and in accordance with the requirements of General Instruction E to Form S-8 for the purpose of registering
an additional 11,500,000 Common Shares, no par value (&ldquo;Common Shares&rdquo;), of Bausch Health Companies Inc. (the &ldquo;Company&rdquo;
or &ldquo;Registrant&rdquo;) that are issuable at any time or from time to time under the Bausch Health Companies Inc. Amended and Restated
2014 Omnibus Incentive Plan, as amended and restated effective as of June 21, 2022 (the &ldquo;Plan&rdquo;),</FONT> and any additional
Common Shares that become issuable under the Plan by reason of any stock dividend, stock split, or other similar transaction pursuant
to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Pursuant to General Instruction
E, the contents of the Registration Statements on Form S-8 filed for the Plan with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
on May 21, 2014 (Registration No. 333-196120), August 10, 2018 (Registration No. 333-226786) and May 7, 2020 (Registration No. 333-226786),
including the documents incorporated by reference therein, are incorporated by reference into this Registration Statement on Form S-8
(this &ldquo;Registration Statement&rdquo;), except as supplemented by the information set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I<BR>
&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information specified in Item 1 and Item 2
of Part I of Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act and the introductory
note to Part I of the Form S-8 instructions. The document containing the information specified in Part I will be delivered to the participants
in the Plan as required by Rule 428(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents previously filed with
the Commission are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;The Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Commission on February 23, 2022 (Registration No.
001-14956)(except for the information set forth in Items 7 and 15(a)(1) thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) The Company&rsquo;s Quarterly Reports on Form
10-Q for the quarter ended March 31, 2022, filed with the Commission on May 10, 2022 and for the quarter ended June 30, 2022, filed with
the Commission on August 9, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) The Company&rsquo;s Current Reports on Form
8-K filed on January 13, 2022 (except with respect to Item 7.01), January 18, 2022, January 27, 2022, February 10, 2022 (except with respect
to Item 7.01), March 31, 2022, April 4, 2022, April 28, 2022 (except with respect to Item 2.02), May 10, 2022, May 11, 2022, May 31, 2022,
June 3, 2022, June 24, 2022, June 24, 2022 and July 29, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp; The description of the Common Shares
contained in the Company&rsquo;s Registration Statement on Form 8-A12B/A filed with the Commission on May 20, 2014 and any amendment or
report filed for the purpose of updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, all documents subsequently filed
by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration
Statement and to be a part hereof from the date of the filing of such documents. Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">modifies
or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; width: 9%; padding-bottom: 3pt"><B>Exhibit<BR>
Number</B></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; width: 2%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; width: 89%; text-align: center; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885590/000119312513331879/d583672dex31.htm">4.1</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; text-align: center; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885590/000119312513331879/d583672dex31.htm">Certificate of Continuation, dated August 9, 2013, originally filed as Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on August 13, 2013*</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885590/000095010318008539/dp93294_ex0301.htm">4.2</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885590/000095010318008539/dp93294_ex0301.htm">Notice of Articles of Bausch Health Companies Inc., as of July 16, 2018, filed as Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on July 16, 2018*</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885590/000095010318008539/dp93294_ex0302.htm">4.3</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="https://www.sec.gov/Archives/edgar/data/885590/000095010318008539/dp93294_ex0302.htm">Articles of the Company, as of July 13, 2018 and dated August 8, 2013, filed as Exhibit 3.2 to the Company&rsquo;s Current Report on Form 8-K filed on July 16, 2018*</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex0501.htm">5.1</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex0501.htm">Opinion of Osler, Hoskin &amp; Harcourt LLP</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex2301.htm">23.1</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex2301.htm">Consent of PricewaterhouseCoopers LLP</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex0501.htm">23.2</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex0501.htm">Consent of Osler, Hoskin &amp; Harcourt LLP (included in Exhibit 5.1)</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="#poa">24.1</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="#poa">Power of Attorney (included on the signature pages of this Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex9901.htm">99.1</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_ex9901.htm">Bausch Health Companies Inc. Amended and Restated 2014 Omnibus Incentive Plan, amended and restated effective as of June 21, 2022</A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_exfilingfees.htm">107</A></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-bottom: 3pt"><A HREF="dp178483_exfilingfees.htm">Calculation of filing fee table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">*Incorporated herein by reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the United
States, in the township of Bridgewater, State of New Jersey, on August 9, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>BAUSCH HEALTH COMPANIES INC. </B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 29%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">By:</TD>
    <TD STYLE="vertical-align: top; width: 38%; border-bottom: Black 1pt solid"><I>/s/ Thomas J. Appio</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Thomas J. Appio</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>Chief Executive Officer </I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>(Principal Executive Officer)</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>BAUSCH HEALTH US, LLC, <BR>
as Authorized Representative in the United States </B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><I>/s/ Tom G. Vadaketh</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Tom G. Vadaketh</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Executive Vice President, Chief Financial Officer</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>on behalf of Bausch Health US, LLC </I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><A NAME="poa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The undersigned directors and officers of Bausch
Health Companies Inc. hereby appoint each of Thomas J. Appio and Tom Vadaketh as attorneys-in-fact for the undersigned, with full power
of substitution for, and in the name, place and stead of the undersigned, to sign and file with the Securities and Exchange Commission
under the Securities Act of 1933, any and all amendments (including post-effective amendments) and exhibits to this registration statement
on Form S-8 (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under
the Securities Act of 1933) and any and all applications and other documents to be filed with the Securities and Exchange Commission pertaining
to the registration of the securities covered hereby, with full power and authority to do and perform any and all acts and things whatsoever
requisite and necessary or desirable, hereby ratifying and confirming all that said attorney-in-fact, or his her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Signature&nbsp;</P></TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; width: 31%; padding-left: 2pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Title&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 29%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Thomas J. Appio&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Chief Executive Officer and Director<BR>
(Principal Executive Officer)</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">Thomas J. Appio</TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ Tom
G. Vadaketh&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Vice President,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Financial Officer<BR>
(Principal Financial Officer)&nbsp;</P></TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">Tom G. Vadaketh</TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
John S. Barresi&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Senior Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">John S. Barresi</TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; vertical-align: bottom; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ John
A. Paulson&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Chairman of the Board</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>John A. Paulson</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Richard U. De Schutter&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Richard U. De Schutter</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Brett Icahn&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Brett Icahn</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><I>/s/ Dr.
Argeris N. Karabelas&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Dr. Argeris N. Karabelas</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Sarah B. Kavanagh</I></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Sarah B. Kavanagh</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><I>/s/ Steven D. Miller</I></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 9.35pt; text-indent: -9.35pt">Steven D. Miller</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Dr. Richard C. Mulligan&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Dr. Richard C. Mulligan</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><I>/s/ Robert N. Power</I></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Robert N. Power</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Russel C. Robertson&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Russel C. Robertson</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Thomas W. Ross, Sr.&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;Thomas W. Ross, Sr.</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><I>/s/
Amy B. Wechsler, M.D.&nbsp;</I></P></TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">Director</TD>
    <TD STYLE="text-align: center">August 9, 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt">Amy B. Wechsler, M.D.</TD>
    <TD STYLE="padding-right: 2pt; text-align: center; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp178483_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OPINION OF OSLER, HOSKIN &amp; HARCOURT LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Osler,
      Hoskin &amp; Harcourt llp&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1055
West Hastings Street&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Suite
1700, The Guiness Tower&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vancouver,
British Columbia V6E 2E9&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778.785.3000&nbsp;&nbsp;MAIN&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778.785.2745&nbsp;&nbsp;FACSIMILE&nbsp;</FONT></P></TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
  <TD STYLE="text-align: center; vertical-align: bottom; width: 33%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; text-align: justify"><FONT STYLE="font-size: 10pt">August 9, 2022</FONT></TD>
    <TD STYLE="width: 29%; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Bausch Health Companies Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2150 St. Elz&eacute;ar Blvd. West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Laval, Qu&eacute;bec</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">H7L 4A8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re:</B> Adoption of the Bausch Health Companies Inc. Amended and
Restated 2014 Omnibus Incentive Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We acted as Canadian counsel to Bausch
Health Companies Inc. (the &ldquo;Company&rdquo;), a corporation organized under the laws of the Province of British Columbia,
Canada, in certain amendments to the Company&rsquo;s Amended and Restated 2014 Omnibus Incentive Plan (the &ldquo;Plan&rdquo;). We
understand that the Company intends to file a Registration Statement on Form S-8 with exhibits thereto (the &ldquo;Registration
Statement&rdquo;) under the U.S. Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), and the rules and regulations
thereunder, relating to the registration of an additional 11,500,000 common shares in the capital of the Company (the
&ldquo;Shares&rdquo;) which may be issued from treasury by the Company pursuant to the Plan. The Shares will be issued by the
Company upon (i) the due exercise of options (&ldquo;Options&rdquo;) or share appreciation rights (&ldquo;SARs&rdquo;) granted and
to be granted pursuant to the Plan, (ii) the due vesting of share units granted and to be granted pursuant to the Plan
(&ldquo;Share Units&rdquo;) or (iii) the due vesting of other share awards granted and to be granted pursuant to the Plan (the
&ldquo;Share Awards&rdquo;), in each case in accordance with the terms and conditions of
the Plan and the terms and conditions that the board of directors of the Company or the committee designated by the board of
directors of the Company to administer the Plan (the &ldquo;Committee&rdquo;) may have determined with respect to such Options,
SARs, Share Units  or Share Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the opinions expressed herein,
we have reviewed the Registration Statement, considered such questions of law and have examined such public and corporate records, certificates
and other documents and conducted such other examinations as we have considered necessary. In such examinations, we have assumed the legal
capacity of all individuals, the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the
conformity to authentic original documents of all documents submitted to us as certified, conformed or photostatic or facsimile copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to certain matters of fact, we have relied
exclusively upon a certificate of an officer of the Company. With respect to the number of Shares to be issued we have relied on the description
being made in the Registration Statement. Our opinions herein pertain solely to matters governed by the laws of the Province of British
Columbia and the federal laws of Canada applicable in the Province of British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">osler.com</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT></P></TD>
  <TD STYLE="width: 34%">&nbsp;</TD>
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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the basis of the foregoing, we are of the opinion
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">all necessary corporate action has been taken by the Company to authorize the issuance of the Shares
                                                                upon the due exercise of Options or SARs or the due vesting of Share Units or Share Awards in accordance with the terms and
                                                                conditions of the Plan and the terms and conditions that the Committee may have determined with respect to the exercise or vesting,
                                                                as the case may be, of such Options, SARs, Share Units or Share Awards, in each case provided that such Options, SARs, Share Units
                                                                or Share Awards are duly granted pursuant to and in accordance with the Plan; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">the Shares, when issued upon the due exercise of Options or SARs or the due vesting of Share Units
                                                                or Share Awards duly granted pursuant to the Plan and in accordance with the terms and conditions of the Plan and of those Options,
                                                                SARs, Share Units or Share Awards, and, in the case of Options, upon receipt of the exercise price for those Options or any
                                                                applicable payment for those SARs, Share Units or Share Awards, will be outstanding as validly issued, fully paid and
                                                                non-assessable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as Exhibit 5.1 to the Registration Statement. In giving the foregoing consent, we do not admit that we are in the category of persons
whose consent is required under Section 7 of the Act or the rules and regulations of the United States Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opinions expressed herein are provided solely
for your benefit in connection with the filing of the Registration Statement with the SEC and may not be relied on for any other purpose
or by any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours very truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>(signed) Osler, Hoskin &amp; Harcourt LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Osler, Hoskin &amp; Harcourt LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp178483_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 of Bausch Health Companies Inc. of our report dated February 23, 2022, except with respect to our opinion on the
consolidated financial statements insofar as it relates to the change in composition of reportable segments discussed in Note 22 in the
consolidated financial statements, as to which the date is May 10, 2022, relating to the financial statements and the effectiveness of
internal control over financial reporting, which appears in Bausch Health Companies Inc.&rsquo;s Current Report on Form 8-K dated May
10, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Florham Park, New Jersey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 9, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>dp178483_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 215.4pt 0pt 216.35pt; text-align: center; color: #231F20"><B>Bausch Health
Companies Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 201.75pt 0pt 202.75pt; text-align: center; color: #231F20"><B>2014 OMNIBUS
INCENTIVE PLAN</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in; text-align: center; color: #231F20"><B>(As Amended and Restated,
Effective as of June 21, 2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose
and Background</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; text-indent: 20pt; color: #231F20">The
purposes of the Amended and Restated 2014 Omnibus Incentive Plan (as amended from time to time, the &ldquo;<B>Plan</B>&rdquo;) are to
(i) align the long-term financial interests of employees, directors, consultants, agents and other service providers of the Company and
its Subsidiaries with those of the Company&rsquo;s shareholders; (ii) attract and retain those individuals by providing compensation opportunities
that are competitive with other companies; and (iii) provide incentives to those individuals who contribute significantly to the long-term
performance and growth of the Company and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; text-indent: 20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; text-indent: 20pt; color: #231F20">Bausch
Health Companies Inc., a British Columbia corporation, adopted the 2014 Omnibus Incentive Plan (the &ldquo;<B>2014 Plan</B>&rdquo;) effective
as of April 7, 2014, which was approved by the shareholders at the 2014 annual meeting. The 2014 Plan reserved approximately 18 million
Common Shares for the issuance of Awards. On April 30, 2018, the shareholders approved an amendment to the 2014 Plan to increase the number
of Common Shares authorized under the 2014 Plan by an additional 11,900,000 Common Shares. On April 28, 2020, the shareholders approved
an amendment and restatement of the 2014 Plan to increase the number of authorized Common Shares by an additional 13,500,000 Common Shares.
As of December 31, 2021, 11,593,059 Common Shares were available for further issuance. On February 14, 2022, the Talent and Compensation
Committee of the Board of Directors approved an amendment and restatement of the 2014 Plan to increase the number of authorized Common
Shares by an additional 11,500,000 Common Shares. The Plan, as amended and restated, has been adopted and approved by the Board (defined
below) and shall be effective as of June 21, 2022 (the &ldquo;<B>Effective Date</B>&rdquo;), subject to the approval of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; text-indent: 20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 468.1pt 0pt 56pt; text-align: justify; color: #231F20"><B>2. <U>Term</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 468.1pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">Subject to the
right of the Board to amend or terminate the Plan at any time pursuant to Section 19 hereof, the Plan shall remain in effect until the
earlier of (i) the date all Common Shares subject to the Plan have been purchased or acquired according to the Plan&rsquo;s provisions
or (ii) the tenth anniversary of the Effective Date. No Awards shall be granted under the Plan after such termination date, but Awards
granted prior to such termination date shall remain outstanding in accordance with their terms, and the authority of the Committee to
amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award shall
extend beyond such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 445.35pt 0pt 56pt; text-align: justify; color: #231F20"><B>3. <U>Definitions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 445.35pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 94.85pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Award</B>&rdquo;
shall mean an Option, SAR, Share Unit, Share Award or Cash Award granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 94.85pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Award
Agreement</B>&rdquo; shall mean any written agreement, contract, or other instrument or document evidencing an Award, which may, but need
not, be executed or acknowledged by a Participant, as determined in the discretion of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 266.45pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Board</B>&rdquo;
shall mean the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 266.45pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Blackout
Period</B>&rdquo; means a period self-imposed by the Company (within the meaning of Section 613(m) of the TSX Company Manual) when
the Participant is prohibited from trading in the Company&rsquo;s securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.7pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Business
Day</B>&rdquo; means any day, other than a Saturday, Sunday or statutory or civic holiday, on which banks in Toronto, Ontario are
open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 351.85pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Cash Award</B>&rdquo;
means cash awarded under Section 7(d) of the Plan, including cash awarded as a bonus or upon the attainment of Performance Criteria or
otherwise as permitted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Cause</B>&rdquo;
shall have the meaning set forth in the Participant&rsquo;s Service Agreement; provided that if no such agreement or definition exists,
&ldquo;Cause&rdquo; shall mean, unless otherwise specified in the Award Agreement: (i) conviction of any felony or indictable offense
(other than one related to a vehicular offense) or other criminal act involving fraud; (ii) willful misconduct that results in a material
economic detriment to the Company; (iii) material violation of Company policies and directives, which is not cured after written notice
and an opportunity for cure; (iv) continued refusal by the Participant to perform the Participant&rsquo;s duties after written notice
identifying the deficiencies and an opportunity for cure; (v) a material violation by the Participant of any material covenants to the
Company and (vi) such other actions constituting cause under applicable common law. No action or inaction shall be deemed willful if (x)
not demonstrably willful and (y) taken or not taken by the Participant in good faith and with the understanding that such action or inaction
was not adverse to the best interests of the Company. Reference in this definition to the Company shall also include direct and indirect
Subsidiaries of the Company, and materiality shall be measured based on the action or inaction and the impact upon the Company taken as
a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 233.05pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Change
of Control</B>&rdquo; shall have the meaning set forth in Section 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 233.05pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.4pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Code</B>&rdquo;
shall mean the U.S. Internal Revenue Code of 1986, as amended, including any rules and regulations promulgated thereunder and any successor
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.4pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.85pt 0pt 56pt; color: #231F20">&ldquo;<B>Committee</B>&rdquo; shall
mean the Board or a committee designated by the Board to administer the Plan. &ldquo;<B>Common Shares</B>&rdquo; shall mean the common
shares of the Company, no par value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.85pt 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Company</B>&rdquo;
shall mean Bausch Health Companies Inc., a corporation incorporated under the British Columbia Business Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 399.65pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Consultant</B>&rdquo;
means any individual, including an advisor, consultant or agent, who is providing services to the Company or any Subsidiary under a written
agreement, other than services provided in relation to a distribution, including, without limitation, any non-employee director serving
on the Board of Directors of any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Deferred
Shares</B>&rdquo; shall mean an Award payable in Common Shares at the end of a specified deferral period that is subject to the terms,
conditions and limitations described or referred to in Section 7(d)(iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Director</B>&rdquo;
means any member of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Disability</B>&rdquo;
shall mean, unless otherwise provided in an applicable Service Agreement or Award Agreement, that the Participant is (i) unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health
plan covering employees of the Company; provided, that, if applicable to the Award, &ldquo;Disability&rdquo; shall be determined in a
manner consistent with Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 143.05pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Eligible
Recipient</B>&rdquo; shall mean (i) any Employee, (ii) any Director or (iii) any Consultant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 143.05pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Exchange
Act</B>&rdquo; shall mean the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder
and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Good Reason</B>&rdquo;
shall have the meaning set forth in the Participant&rsquo;s applicable Service Agreement; provided that if no such agreement or definition
exists, &ldquo;Good Reason&rdquo; shall mean, unless otherwise specified in the Award Agreement, the occurrence of any of the events or
conditions described in clauses (i) and (ii) immediately below without the Participant&rsquo;s consent, which are not cured by the Company
(if susceptible to cure by the Company) within thirty (30) days after the Company has received written notice from the Participant which
notice must be provided by the Participant within ninety (90) days of the initial existence of the event or condition constituting Good
Reason specifying the particular events or conditions which constitute Good Reason and the specific cure requested by the Participant:
(i) any material reduction in the Participant&rsquo;s duties or responsibilities as in effect immediately prior thereto; provided that
diminution of responsibility shall not include any such diminution resulting from a promotion, death or Disability, the Participant&rsquo;s
Termination of Service for Cause, or the Participant&rsquo;s Termination of Service other than for Good Reason; and (ii) any reduction
in the Participant&rsquo;s base salary or target bonus opportunity which is not comparable to reductions in the base salary or target
bonus opportunity of other similarly-situated employees at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Insider</B>&rdquo;
shall mean a reporting insider, as defined in National Instrument 55-104 - <I>Insider Reporting Requirements and Exemptions of the
Canadian Securities Administrators.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 214.8pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>ISO</B>&rdquo;
shall mean an Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 410.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Intrinsic
Value</B>&rdquo; with respect to an Option or SAR means (i) the excess, if any, of the price or implied price per Common Share in a Change
of Control or other event over (ii) the exercise or price of such Award multiplied by (iii) the number of Shares covered by such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Market
Price</B>&rdquo; shall mean, with respect to Common Shares, (i) the closing price per Common Share on the national securities exchange
on which the Common Shares are principally traded (as of the Effective Date, the New York Stock Exchange), or (ii) if the Common Shares
are not then listed on a national securities exchange but are then traded in an over-the-counter market, the average of the closing bid
and asked prices for the Common Shares in such over-the-counter market, or (iii) if the Common Shares are not then listed on a national
securities exchange or traded in an over-the-counter market, such value as the Committee, using any reasonable method of valuation, shall
determine. With respect to property other than Common Shares, the Market Price shall mean the fair market value of such other property
determined by such methods or procedures as shall be established from time to time by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Nonqualified
Stock Option</B>&rdquo; shall mean an Option that is granted to a Participant that is not designated as an ISO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 490.9pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Option</B>&rdquo;
shall mean the right to purchase a specified number of Common Shares at a stated exercise price for a specified period of time subject
to the terms, conditions and limitations described or referred to in Section 7(a). The term &ldquo;Option&rdquo; as used in the Plan includes
the terms &ldquo;Nonqualified Stock Option&rdquo; and &ldquo;ISO.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 243.8pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Original
Term</B>&rdquo; shall have the meaning set forth in Section 7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 243.8pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 125.45pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Participant</B>&rdquo;
shall mean an Eligible Recipient who has been granted an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 125.45pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Performance
Criteria</B>&rdquo; shall mean performance criteria based on the attainment by the Company or any Subsidiary (or any division or business
unit of such entity) of performance measures pre-established by the Committee in its sole discretion, including, but not limited to, one
or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">revenues, income before taxes and extraordinary items, net income, operating income,
earnings before income tax, earnings before interest, taxes, depreciation and amortization, cash flow or a combination of any or all of
the foregoing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(ii)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">after-tax or pre-tax profits including, without limitation, that attributable to
continuing and/or other operations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(iii)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">the level of the Company&rsquo;s bank debt or other long-term or short-term public
or private debt or other similar financial obligations of the Company either in absolute terms or as it relates to a profitability ratio
including operating income or EBITA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76pt; color: #231F20">(iv)&#9;return on capital employed,
return on assets, or return on invested capital; (v)&#9;after-tax or pre-tax return on stockholders&rsquo; equity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 164.1pt 0pt 76pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.2pt 0pt 76pt; color: #231F20">(vi)&#9;economic value added targets
based on a cash flow return on investment formula; (vii)&#9;the Market Price of the Common Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 132.2pt 0pt 76pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(viii)</TD><TD STYLE="text-align: justify; padding-right: 53.35pt">the market capitalization or enterprise value of the Company, either in amount
or relative to industry peers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 95.1pt 0pt 76pt; color: #231F20">(ix)&#9;the value of an investment in
the Common Shares assuming the reinvestment of dividends; (x)&#9;the achievement of operating margin targets or other measures of improving
profitability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 95.1pt 0pt 76pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(xi)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">the filing of one or more new drug application(s) (&ldquo;NDA&rdquo;) or one or
more new drug submission(s) (&ldquo;NDS&rdquo;) or the approval of one or more NDA(s) or one or more NDS(s) by the U.S. Food and Drug
Administration or the Canadian Therapeutic Products Directorate, as applicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76pt; color: #231F20">(xii)&#9;the achievement of, or progress
toward, a launch of one or more new drug(s); (xiii)&#9;the achievement of research and development milestones;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.2pt 0pt 76pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(xiv)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">the achievement of other strategic milestones including, without limitation, the
achievement of specific synergy capture and cost savings realization relating to integrations and the successful creation or execution
of a restructuring plan for a specific business or function;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
successful completion of clinical trial phases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 76pt; color: #231F20">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;licensing
or acquiring new products or product platforms; (xvii) acquisition or divestiture of products or business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 228.15pt 0pt 76pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">(xviii) the entering into new, or exiting
from existing, geographic markets or industry segments; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 30pt">(xix)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">the attainment of a certain level of, reduction of, or other specified objectives
with regard to limiting the level in or increase in, all or a portion of controllable expenses or costs or other expenses or costs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">For purposes of
item (i) above, &ldquo;extraordinary items&rdquo; shall mean all items of gain, loss or expense for the fiscal year determined to be extraordinary
or unusual in nature or infrequent in occurrence or related to a corporate transaction (including, without limitation, a disposition or
acquisition) or restructuring or related to a change in accounting principles, all as determined in accordance with standards established
by Opinion No. 30 of the Accounting Principles Board. Each financial metric described in item (i) above may be on a business unit, geographic
segment, total company or per-share basis, and on a GAAP or non-GAAP adjusted basis. The Performance Criteria may be based upon the attainment
of specified levels of performance under one or more of the measures described above relative to the performance of other entities. The
Committee may designate additional business criteria on which the Performance Criteria may be based or adjust, modify or amend the aforementioned
business criteria, including to take into account actions approved by the Board or a committee thereof that affect the achievement of
the original performance criteria. Performance Criteria may include a threshold level of performance below which no Award will be earned,
a level of performance at which the target amount of an Award will be earned and a level of performance at which the maximum amount of
the Award will be earned. The Committee, in its sole discretion, shall make equitable adjustments to the Performance Criteria in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">recognition of unusual
or non-recurring events affecting the Company or any Subsidiary or the financial statements of the Company or any Subsidiary, in response
to changes in applicable laws or regulations, including changes in generally accepted accounting principles, or to account for items of
gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a
segment of a business or related to a change in accounting principles, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.15pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Person</B>&rdquo;
shall have the meaning set forth in Section 14(d)(2) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.15pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.45pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Restricted
Shares</B>&rdquo; shall mean an Award of Common Shares that is subject to the terms, conditions, restrictions and limitations described
or referred to in Section 7(d)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.45pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.45pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>SAR</B>&rdquo;
shall mean a share appreciation right that is subject to the terms, conditions, restrictions and limitations described or referred to
in Section 7(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.45pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Section
16(a) Insider</B>&rdquo; shall mean an Eligible Recipient who is subject to the reporting requirements of Section 16(a) of the
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 368.8pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Separation
from Service</B>&rdquo; shall have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations. &ldquo;<B>Service
Agreement</B>&rdquo; means any employment, severance, consulting or similar agreement between the applicable Participant and the
Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.7pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Specified
Employee</B>&rdquo; shall have the meaning set forth in Section 409A of the Code and the Treasury Regulations promulgated
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 360.75pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 239.5pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Share
Award</B>&rdquo; shall have the meaning set forth in Section 7(d)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 239.5pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Share
Payment</B>&rdquo; shall mean a share payment that is subject to the terms, conditions, and limitations described or referred to in Section
7(d)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.4pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Share
Unit</B>&rdquo; shall mean a share unit that is subject to the terms, conditions and limitations described or referred to in Section 7(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.4pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Subsidiary</B>&rdquo;
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations
(other than the last corporation) in the unbroken chain owns shares possessing fifty percent (50%) or more of the total combined voting
power of all classes of shares in one of the other corporations in the chain (or such lesser percent as is permitted by Section 1.409A-1(b)(5)(iii)(E)
of the Treasury Regulations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Substitute
Award</B>&rdquo; means an Award granted in connection with a transaction between the Company (or a Subsidiary) and another entity or business
acquired by the Company (or a Subsidiary), or with which the Company or a Subsidiary combines, in substitution or exchange for, or conversion,
adjustment, assumption or replacement of, awards previously granted by such other entity or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Termination
of Service</B>&rdquo; means, unless as otherwise provided in an Award Agreement, in the case of a Participant who is an Employee, cessation
of the employment relationship such that the Participant is no longer an employee of the Company or any Subsidiary, or, in the case of
a Participant who is a Consultant or non-employee Director, the date the performance of services for the Company or any Subsidiary has
ended; <I>provided</I>, <I>however</I>, that in the case of a Participant who is an Employee, the transfer of employment from the Company
to a Subsidiary, from a Subsidiary to the Company, from one Subsidiary to another Subsidiary or, unless the Committee determines otherwise,
the cessation of employee status but the continuation of the performance of services for the Company or a Subsidiary as a Director or
Consultant shall not be deemed a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">cessation of service
that would constitute a Termination of Service; <I>provided</I>, <I>further</I>, that a Termination of Service shall be deemed to occur
for a Participant employed by, or performing services for, a Subsidiary when such Subsidiary ceases to be a Subsidiary unless such Participant&rsquo;s
employment or service continues with the Company or another Subsidiary. Notwithstanding the foregoing, with respect to any Award subject
to Section 409A of the Code (and not exempt therefrom), a Termination of Service occurs when a Participant experiences a Separation of
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 222.75pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Transferred
Shares</B>&rdquo; shall have the meaning set forth in Section 6(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 222.75pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>Treasury
Regulations</B>&rdquo; shall mean the regulations promulgated under the Code by the United States Internal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 387.5pt 0pt 56pt; text-align: justify; color: #231F20">Revenue Service,
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 387.5pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 333.85pt 0pt 56pt; text-align: justify; color: #231F20">&ldquo;<B>TSX</B>&rdquo;
means the Toronto Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 333.85pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">4<B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(a)
<B><I>&nbsp;&nbsp;Committee Authority</I></B>. Subject to applicable law, the Committee shall have full and exclusive power to administer and interpret
the Plan, to grant Awards and to adopt such administrative rules, regulations, procedures and guidelines governing the Plan and the Awards
as it deems appropriate, in its sole discretion, from time to time. The Committee&rsquo;s authority shall include, but not be limited
to, the authority to (i) determine the type of Awards (including Substitute Awards) to be granted under the Plan; (ii) select Award recipients
and determine the extent of their participation; (iii) determine Performance Criteria; (iv) establish all other terms, conditions, and
limitations applicable to Awards, Award programs and, if applicable, the Common Shares issued pursuant thereto; (v) determine whether,
to what extent, under what circumstances and by which methods Awards may be settled or exercised in cash, Common Shares, other Awards,
other property, net settlement (including broker- assisted cashless exercise), or any combination thereof, or canceled, forfeited or suspended;
and (vi) establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors
and determine such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance
with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. The Committee may accelerate
or defer the vesting or payment of Awards, cancel or modify outstanding Awards, waive any conditions or restrictions imposed with respect
to Awards or the Common Shares issued pursuant to Awards and make any and all other determinations that it deems appropriate with respect
to the administration of the Plan, subject to the limitations contained in Sections 6(d) and 19 of the Plan and applicable law and listing
rules with respect to all Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(b)
<B><I>&nbsp;&nbsp;Administration of the Plan</I></B>. The administration of the Plan shall be managed by the Committee. All determinations of the
Committee shall be made by a majority of its members either present in person or participating by conference telephone at a meeting or
by written consent. The Committee shall have the power to prescribe and modify the forms of Award Agreement, correct any defect, supply
any omission or clarify any inconsistency in the Plan and/or in any Award Agreement and take such actions and make such administrative
determinations that the Committee deems appropriate in its sole discretion. Any decision of the Committee in the administration of the
Plan, as described herein, shall be final, binding and conclusive on all parties concerned, including the Company, its shareholders and
Subsidiaries and all Participants. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at
any time and from time to time, grant Awards or administer the Plan. In any such case, the Board shall have all of the authority and responsibility
granted to the Committee herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(c)
<B><I>&nbsp;&nbsp;Delegation of Authority</I></B>. To the extent permitted by applicable law, the Committee may at any time delegate to one or more
officers or Directors of the Company some or all of its authority over the administration of the Plan (including the authority to grant
Awards under the Plan), with respect to individuals who are not Section 16(a) Insiders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(d)
<B><I>&nbsp;&nbsp;Indemnification</I></B>. No member of the Committee or any other Person to whom any duty or power relating to the administration
or interpretation of the Plan has been delegated shall be personally liable for any action or determination made with respect to the Plan,
except for his or her own willful misconduct or as expressly provided by statute. The members of the Committee and its delegates, including
any employee with responsibilities relating to the administration of the Plan, shall be entitled to indemnification and reimbursement
from the Company, to the extent permitted by applicable law and the by-laws and policies of the Company. To the fullest extent permitted
by the law, in the performance of its functions under the Plan, the Committee (and each member of the Committee and its delegates) shall
be entitled to rely upon information and advice furnished by the Company&rsquo;s officers, accountants, counsel and any other party they
deem appropriate, and neither the Committee nor any such Person shall be liable for any action taken or not taken in reliance upon any
such advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">5<B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Participation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(a)
<B><I>&nbsp;&nbsp;Eligible Recipients</I></B>. Subject to applicable law and Section 7 hereof, the Committee shall determine, in its sole discretion,
which Eligible Recipients shall be granted Awards under the Plan. Holders of equity compensation awards granted by an entity or business
that is acquired by the Company or a Subsidiary (or whose business is acquired by the Company or a Subsidiary) or with which the Company
or a Subsidiary combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable law and
the applicable regulations of any stock exchange on which the Company is then listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(b)
<B><I>&nbsp;&nbsp;Participation outside of the United States</I></B>. In order to facilitate the granting of Awards to Employees who are foreign nationals
or who are employed outside of the U.S., the Committee may provide for such special terms and conditions, including, without limitation,
substitutes for Awards, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or
custom. The Committee may approve any supplements to, or amendments, restatements or alternative versions of, this Plan (including sub-plans)
as it may consider necessary or appropriate for the purposes of this Section 5(b) without thereby affecting the terms of this Plan as
in effect for any other purpose, and the appropriate officer of the Company may certify any such documents as having been approved and
adopted pursuant to properly delegated authority; <I>provided</I>, that no such supplements, amendments, restatements or alternative versions
shall include any provisions that are inconsistent with the intent and purpose of this Plan, as then in effect; <I>further provided</I>
that any such action taken with respect to an Employee who is subject to Section 409A of the Code shall be taken in compliance with Section
409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">6<B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Available
Shares of Common Shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(a)
<B><I>&nbsp;&nbsp;Shares Subject to the Plan</I></B>. Subject to the following provisions of this Section 6, the maximum number of Common Shares that
may be issued to Participants pursuant to Awards (all of which may be granted as ISOs) shall be equal to the sum of (i) 43,768,825 Common
Shares, (ii) 11,500,000 Common Shares and (iii) the number of Common Shares becoming available for reuse after awards are terminated,
forfeited, cancelled, exchanged or surrendered following the Effective Date under the Company&rsquo;s 2011 Omnibus Incentive Plan (the
&ldquo;<B>Transferred Shares</B>&rdquo;). For the avoidance of doubt, the Transferred Shares shall no longer be available under the Company&rsquo;s
2011 Omnibus Incentive Plan. Common Shares issued pursuant to Awards granted under the Plan may be shares that have been authorized but
unissued, or have been purchased in open market transactions or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(b)
<B><I>&nbsp;&nbsp;Forfeited and Expired Awards</I></B>. If any shares subject to an Award (other than a Substitute Award) are forfeited, canceled,
exchanged or surrendered, or if an Award (other than a Substitute Award) terminates or expires without a distribution of Common Shares
to the Participant, the Common Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange,
surrender, termination or expiration, again be available for Awards under the Plan. Notwithstanding the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; color: #231F20">foregoing, (i)
the Common Shares surrendered or withheld as payment of either the exercise price of an Option (including shares otherwise underlying
an Award of a SAR that are retained by the Company to account for the exercise price of such SAR) and/or withholding taxes in respect
of an Award shall no longer be available for Awards under the Plan and (ii) any Common Shares subject to any Substitute Award that is
(A) forfeited, cancelled, exchanged, surrendered, cancelled or otherwise terminates or expires without a distribution of Common Shares
or (B) surrendered or withheld as payment of either the exercise price of a Substitute Award and/or withholding taxes in respect of a
Substitute Award, in each case, will not again become available for distribution in connection with Awards under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(c)
<B><I>&nbsp;&nbsp;Other Items Not Included in Allocation</I></B>. The maximum number of Common Shares that may be issued under the Plan as set forth
in Section 6(a) shall not be affected by (i) the payment in cash of dividends or dividend equivalents in connection with outstanding Awards
to the extent such cash dividends or dividend equivalents are permitted in accordance with Section 8; (ii) the granting or payment of
share- denominated Awards that by their terms may be settled only in cash, (iii) the granting of Cash Awards; or (iv) the grant of, or
issuance of Common Shares pursuant to, Substitute Awards. For the avoidance of doubt, Common Shares underlying Substitute Awards and Common
Shares remaining available for grant under a plan of an acquired company or of a company with which the Company or a Subsidiary combines
(whether by way of amalgamation, merger, sale and purchase of shares or other securities or otherwise), appropriately adjusted to reflect
the acquisition or combination transaction, shall not reduce the number of Common Shares remaining available for grant hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(d)
<B><I>&nbsp;&nbsp;ISO Limit.</I></B> Subject to Section 6(f), the maximum number of Common Shares available for issuance with respect to ISOs shall
be 55,268,825.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(e)
<B><I>&nbsp;&nbsp;Other Limitations on Shares that May be Granted under the Plan</I></B>. Subject to Section 6(f), (i) the number of Common Shares
issuable to Insiders, at any time, under all security-based compensation arrangements of the Company, cannot exceed 10% of issued and
outstanding Common Shares of the Company; (ii) the number of Common Shares issued to Insiders, within any one year period, under all security-based
compensation arrangements of the Company, cannot exceed 10% of issued and outstanding securities; and (iii) the number of Common Shares
issuable to non-employee members of the Board, at any time, under all security-based compensation arrangements of the Company, cannot
exceed 1% of issued and outstanding Common Shares of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 20pt">(f)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt"><B><I>Adjustments</I></B>. In the event of any change in the Company&rsquo;s capital
structure, including, but not limited to, a change in the number of Common Shares outstanding, on account of (i) any stock dividend, stock
split, reverse stock split or any similar equity restructuring or (ii) any combination or exchange of equity securities, merger, consolidation,
recapitalization, reorganization, or divesture or any other similar event affecting the Company&rsquo;s capital structure, or change in
applicable laws, regulations or accounting principles, to reflect such change in the Company&rsquo;s capital structure, the Committee
shall make appropriate equitable adjustments to the maximum number of Common Shares that may be issued under the Plan as set forth in
Section 6(a) and the limits set forth in Section 6(d) and Section 6(e). In the event of any extraordinary dividend, divestiture or other
distribution (other than ordinary cash dividends) of assets to shareholders, or any transaction or event described above, to the extent
necessary to prevent the enlargement or diminution of the rights of Participants, the Committee shall make appropriate equitable adjustments
to the number or kind of shares subject to an outstanding Award (including the identity of the issuer), the exercise or hurdle price applicable
to an outstanding Award, and/or any measure of performance that relates to an outstanding Award, including any applicable Performance
Criteria. Any adjustment to ISOs under this Section 6(f) shall be made only to the extent not constituting a &ldquo;modification&rdquo;
within the meaning of Section 424(h)(3) of the Code. With respect to Awards subject to Section 409A of the Code, any adjustments under
this Section 6(f) shall conform to the requirements of Section 409A of the Code. Notwithstanding anything set forth herein to the contrary,
the Committee may, in its discretion, decline to adjust any Award made to a Participant, if it determines that such adjustment would violate
applicable law or result in adverse tax consequences to the Participant or to the Company. If, as a result of any adjustment under this
section 6(f), a</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; color: #231F20">Participant would
become entitled to a fractional Common Share, the Participant has the right to acquire only the adjusted number of full Common Shares
and no payment or other adjustment will be made with respect to the fractional Common Shares so disregarded. Adjustments under this Section
6(f) are subject to any applicable regulatory approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(g)
<B><I>&nbsp;&nbsp;Non-Employee Director Limitations.</I></B> In any calendar year, no Participant who is a non-employee Director shall be granted
Options, SARs, Share Units, Share Awards, Cash Awards or any other compensation with an aggregate fair market value as of the grant date
(as determined in accordance with applicable accounting standards) or payment date, as applicable, in excess of $750,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 385.4pt 0pt 56pt; text-align: justify; color: #231F20">7<B>. <U>Awards
Under The Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 385.4pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">Awards under the
Plan may be granted in the form of Options, SARs, Share Units, Share Awards or Cash Awards as described below. Awards may be granted singly,
in combination or in tandem as determined by the Committee, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">(a) <B><I>&nbsp;&nbsp;Options</I></B>. Options granted
under the Plan shall be designated as Nonqualified Stock Options or ISOs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; color: #231F20">Options shall expire
after such period, not to exceed a maximum of ten years, as may be determined by the Committee (the &ldquo;<B>Original Term</B>&rdquo;).
If an Option is exercisable in installments, such installments or portions thereof that become exercisable shall remain exercisable until
the Option expires or is otherwise canceled pursuant to its terms. Notwithstanding anything to the contrary in this Section 7(a), except
as otherwise determined by the Committee, and subject to compliance with Section 409A of the Code (including Section 1.409A-1(v)(C)(1)
of the Treasury Regulations), if the Original Term of an Option held by a Participant expires during a Blackout Period, the term of such
Option shall be extended until the tenth Business Day following the end of the Blackout Period, at which time any unexercised portion
of the Option shall expire; <I>provided, however, </I>that in no event shall such extension pursuant to this provision result in the term
of such Option being extended beyond the latest date which would not result in an extension within the meaning of Section 1.409A-1(v)(C)(1)
of the Treasury Regulations. Except as otherwise provided in this Section 7(a), Options shall be subject to the terms, conditions, restrictions,
and limitations determined by the Committee, in its sole discretion, from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt"><B><I>Exercise Price</I></B>. The Committee shall determine the exercise price
per share for each Option, which, except with respect to Substitute Awards, shall not be less than 100% of the Market Price (as of the
date of grant) of the Common Shares subject to the Option.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(ii)
<B><I>&nbsp;&nbsp;Exercise of Options</I></B>. Upon satisfaction of the applicable conditions relating to vesting and exercisability, as determined
by the Committee, and upon provision for the payment in full of the exercise price and applicable taxes due, the Participant shall be
entitled to exercise the Option and receive the number of Common Shares issuable in connection with the Option exercise. The Common Shares
issued in connection with the Option exercise may be subject to such conditions and restrictions as the Committee may determine, from
time to time. The exercise price of an Option and applicable withholding taxes relating to an Option exercise may be paid by methods permitted
by the Committee from time to time including, but not limited to, (1) a cash payment; (2) tendering (either actually or by attestation)
Common Shares owned by the Participant (for any minimum period of time that the Committee, in its discretion, may specify), valued at
the Market Price at the time of exercise; (3) arranging to have the appropriate number of Common Shares issuable upon the exercise of
an Option withheld or sold (including pursuant to a &ldquo;sell-to-cover&rdquo; method) pursuant to such procedures as determined by the
Committee in its discretion; or (4) any combination of the above. Additionally, the Committee may provide that an Option may be &ldquo;net
exercised,&rdquo; meaning that upon the exercise of an Option or any portion thereof, the Company shall deliver the number of whole Common
Shares equal to (A) the difference between (x) the aggregate Market Price of the Common Shares subject to the Option (or the portion of
such</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; color: #231F20">Option then being
exercised) and (y) the aggregate exercise price for all such Common Shares under the Option (or the portion thereof then being exercised)
plus (to the extent it would not give rise to adverse accounting consequences pursuant to applicable accounting principles or to adverse
tax consequences to the Participants under Canadian federal, provincial or territorial tax laws) the amount of withholding tax due upon
exercise divided by (B) the Market Price of a Common Share on the date of exercise. Any fractional share that would result from such equation
shall be canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iii)
<B><I>&nbsp;&nbsp;ISOs</I></B>. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and
the terms, conditions, limitations and administrative procedures established by the Committee from time to time in accordance with the
Plan. At the discretion of the Committee, ISOs may be granted only to an employee of the Company, its &ldquo;parent corporation&rdquo;
(as such term is defined in Section 424(e) of the Code) or a Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 136pt; text-align: justify; text-indent: -20pt; color: #231F20">(1)
<B><I>&nbsp;&nbsp;ISO Grants to 10% Shareholders</I></B>. Notwithstanding anything to the contrary in this Section 7(a), if an ISO is granted to a
Participant who owns shares representing more than ten percent of the voting power of all classes of shares of the Company, its &ldquo;parent
corporation&rdquo; (as such term is defined in Section 424 (e) of the Code) or a Subsidiary, the term of the Option shall not exceed five
years from the time of grant of such Option and the exercise price shall be at least 110 percent of the Market Price (as of the date of
grant) of the Common Shares subject to the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 136pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 136pt; text-align: justify; text-indent: -20pt; color: #231F20">(2)
<B><I>&nbsp;&nbsp;$100,000 Per Year Limitation for ISOs</I></B>. To the extent the aggregate Market Price (determined as of the date of grant) of
the Common Shares for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the
Company) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 136pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 136pt; text-align: justify; text-indent: -20pt; color: #231F20">(3)
<B><I>&nbsp;&nbsp;Disqualifying Dispositions</I></B>. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately
after the date he or she makes a &ldquo;disqualifying disposition&rdquo; of any Common Shares acquired pursuant to the exercise of such
ISO. A &ldquo;disqualifying disposition&rdquo; is any disposition (including any sale) of such Common Shares before the later of (i) two
years after the date of grant of the ISO and (ii) one year after the date the Participant acquired the Common Shares by exercising the
ISO. The Company may, if determined by the Committee and in accordance with procedures established by it, retain possession of any Common
Shares acquired pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the
preceding sentence, subject to complying with any instructions from such Participant as to the sale of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 136pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iv)
<B><I>&nbsp;&nbsp;No Dividends or Dividend Equivalents</I></B>. No Option will be eligible for the payment of dividends or dividend equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(v)
&nbsp;&nbsp;Subject to applicable laws and Company policies, the Committee may provide in any applicable Award Agreement that, if, as of the last
day of the Original Term of the Option, (i) the Market Price of the Common Shares subject to the Option exceeds the aggregate exercise
price of the Option and (ii) the Participant has not previously exercised such Option, then the Option shall be deemed to have been automatically
exercised by the Participant on such date (the &ldquo;<B>Automatic Exercise Date</B>&rdquo;), which such automatic exercise shall be made
on a &ldquo;net exercise&rdquo; basis (pursuant to such terms and procedures as determined by the Committee) to cover the applicable exercise
price applicable to such Option and any applicable tax withholding obligations; <I>provided </I>that, unless otherwise determined by the
Committee, this Section 7(a)(v) shall not apply to any Option held by a Participant who has incurred a Termination of Service on or before
the Automatic Exercise Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-indent: -20pt; color: #231F20">(b) <B><I>&nbsp;&nbsp;Share Appreciation
Rights</I></B>. A SAR represents the right to receive a payment in cash, Common Shares, or a combination thereof, in an amount equal to
the product of (1) the excess of the Market Price per</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.2pt 0pt 96pt; text-align: justify; color: #231F20">Common Share on
the date the SAR is exercised over the exercise price per Common Share of such SAR (which exercise price shall be no less than 100% of
the Market Price of the Common Shares subject to the SAR as of the date the SAR was granted, except in the case of Substitute Awards)
and (2) the number of Common Shares subject to the portion of the SAR being exercised. If a SAR is paid in Common Shares, the number of
Common Shares to be delivered will equal the amount determined to be payable in accordance with the prior sentence divided by the Market
Price of a Common Share at the time of payment. The Committee shall establish the Original Term of a SAR, which shall not exceed a maximum
of ten years. Notwithstanding anything to the contrary in this Section 7(b), except as otherwise determined by the Committee, and subject
to compliance with Section 409A of the Code (including Section 1.409A-1(v)(C)(1) of the Treasury Regulations) if the Original Term of
a SAR held by the Participant expires during a Blackout Period, the term of such SAR shall be extended until the tenth Business Day following
the end of the Blackout Period, at which time any unexercised portion of the SAR shall expire; <I>provided, however, </I>that in no event
shall such extension pursuant to this provision result in the term of such SAR being extended beyond the latest date which would not result
in an extension within the meaning of Section 1.409A-1(v)(C)(1) of the Treasury Regulations. Except as otherwise provided in this Section
7(b), SARs shall be subject to the terms, conditions, restrictions and limitations determined by the Committee, in its sole discretion,
from time to time. A SAR may only be granted to an Eligible Recipient to whom an Option could be granted under the Plan. No SAR will be
eligible for the payment of dividends or dividend equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.2pt 0pt 96pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(c)
<B><I>&nbsp;&nbsp;Share Units.</I></B> A Share Unit is an Award that represents the right to receive a Common Share or a cash payment equal to the
Market Price of a Common Share. Share Units shall be subject to such terms and conditions (including, without limitation, service-based
and/or performance-based vesting conditions, including Performance Criteria), restrictions and limitations as the Committee may determine
to be applicable to such Share Units, in its sole discretion, from time to time and set forth in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 53.25pt"><B><I>Blackout Period.</I></B> In the event that any Share Unit is scheduled by
its terms to be settled in Common Shares (the &ldquo;<B>Original Distribution Date</B>&rdquo;) during a Blackout Period, then, if the
Participant is restricted from selling Common Shares during the Blackout Period, the Committee, in its discretion, may determine that
such Common Shares subject to the Share Unit shall not be delivered on such Original Distribution Date and shall instead be delivered
as soon as practicable following the expiration of the Blackout Period; <I>provided, however, </I>that in no event shall the delivery
of the Common Shares be delayed pursuant to this provision beyond the latest date on which such delivery could be made without violating
Section 409A of the Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">(d) <B><I>&nbsp;&nbsp;Share Awards</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt"><B><I>Form of Awards</I></B>. The Committee may grant Awards that are payable in
Common Shares or denominated in units equivalent in value to Common Shares or are otherwise based on or related to Common Shares (&ldquo;<B>Share
Awards</B>&rdquo;), including, but not limited to, Share Payments, Restricted Shares and Deferred Shares. Share Awards shall be subject
to such terms, conditions (including, without limitation, service-based and performance-based vesting conditions, including Performance
Criteria), restrictions and limitations as the Committee may determine to be applicable to such Share Awards, in its sole discretion,
from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(ii)
<B><I>&nbsp;&nbsp;Share Payment</I></B>. If not prohibited by applicable law, the Committee may issue unrestricted Common Shares in such amounts and
subject to such terms and conditions as the Committee shall from time to time in its sole discretion determine. A Share Payment may (but
need not) be granted as, or in payment of, a bonus, or to provide incentives or recognize special achievements or contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iii)
<B><I>&nbsp;&nbsp;Restricted Shares</I></B>. Restricted Shares shall be subject to the terms, conditions, restrictions, and limitations determined
by the Committee, in its sole discretion, from time to time. The number of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; color: #231F20">Restricted Shares allocable to an Award
under the Plan shall be determined by the Committee in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iv)
<B><I>&nbsp;Deferred Shares</I></B>. Subject to Section 409A of the Code (to the extent applicable), Deferred Shares shall be subject to the
terms, conditions, restrictions and limitations determined by the Committee, in its sole discretion, from time to time. A Participant
who receives an Award of Deferred Shares shall be entitled to receive the number of Common Shares allocable to his or her Award, as determined
by the Committee in its sole discretion, from time to time, at the end of a specified deferral period determined by the Committee. Awards
of Deferred Shares represent only an unfunded, unsecured promise to deliver shares in the future and shall not give Participants any greater
rights than those of an unsecured general creditor of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(e)
<B><I>&nbsp;&nbsp;Cash Awards</I></B>. The Committee may grant Awards that are payable to Participants solely in cash, as deemed by the Committee
to be consistent with the purposes of the Plan, and, except as otherwise provided in this Section 7(e), such Cash Awards shall be subject
to the terms, conditions, restrictions, and limitations determined by the Committee, in its sole discretion, from time to time. Awards
granted pursuant to this Section 7(e) may be granted with value and payment contingent upon the achievement of Performance Criteria. Payments
earned hereunder may be decreased or increased in the sole discretion of the Committee based on such factors as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 76pt"></TD><TD STYLE="width: 20pt">(f)</TD><TD STYLE="text-align: justify; padding-right: 53.25pt">Unless the applicable Award Agreement provides otherwise or the Committee determines
otherwise, (i) vesting with respect to an Award will cease upon a Termination of Service, and unvested Awards shall be forfeited upon
such termination and (ii) in the case of a Termination of Service for Cause, vested Awards shall also be forfeited.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 333.6pt 0pt 56pt; text-align: justify; color: #231F20">8<B>. <U>Dividends
and Dividend Equivalents</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 333.6pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">The Committee may,
in its sole discretion, provide that Share Units and/or Share Awards shall earn dividends or dividend equivalents, as applicable. Such
dividends or dividend equivalents may be credited to an account maintained on the books of the Company. Any payment or crediting of dividends
or dividend equivalents will be subject to such terms, conditions, restrictions and limitations as the Committee may establish, from time
to time, in its sole discretion, including, without limitation, reinvestment in additional Common Shares or common share equivalents;
provided, however, if the payment or crediting of dividends or dividend equivalents is in respect of a Share Unit or Share Award that
is subject to Section 409A of the Code, then the payment or crediting of such dividends or dividend equivalents shall conform to the requirements
of Code Section 409A of the Code and such requirements shall be specified in writing. Notwithstanding the foregoing, dividends or dividend
equivalents (i) shall have the same vesting dates and shall be paid in accordance with the same terms as the Award to which they relate
and (ii) with respect to any Award subject to the achievement of Performance Criteria, shall not be paid unless and until the relevant
Performance Criteria have been satisfied, and then only to the extent determined by the Committee, as specified in the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 410.05pt 0pt 56pt; text-align: justify; color: #231F20">9<B>. <U>Nontransferability</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 410.05pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">Except as may be
permitted by the Committee or as specifically provided in an Award Agreement, Awards granted under the Plan, and during any period of
restriction on transferability, Common Shares issued in connection with the exercise of an Option or a SAR, may not be sold, pledged,
hypothecated, assigned, margined or otherwise transferred in any manner other than by will or the laws of descent and distribution, unless
and until the shares underlying such Award have been issued, and all restrictions applicable to such shares have lapsed or have been waived
by the Committee. No Award or interest or right therein shall be subject to the debts, contracts or engagements of a Participant or his
or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment
or any other means whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment
or any other legal or equitable proceedings (including bankruptcy and divorce), and any attempted disposition thereof shall be</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">null and void, of
no effect, and not binding on the Company in any way. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit
(on such terms, conditions and limitations as it may establish) Nonqualified Stock Options and/or shares issued in connection with an
Option or a SAR exercise that are subject to restrictions on transferability, to be transferred to a member of a Participant&rsquo;s immediate
family or to a trust or similar vehicle for the benefit of a Participant&rsquo;s immediate family members. During the lifetime of a Participant,
all rights with respect to Awards shall be exercisable only by such Participant or, if applicable pursuant to the preceding sentence,
a permitted transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Effect
of a Termination of Service</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(a)
&nbsp;&nbsp;The Committee may provide, by rule or regulation or in any applicable Award Agreement, or may determine in any individual case, the circumstances
in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant&rsquo;s
Termination of Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(b)
&nbsp;&nbsp;Subject to Section 409A of the Code, the Committee may determine, in its discretion, whether, and the extent to which, (i) an Award will
vest during a leave of absence, (ii) a reduction in service level (for example, from full-time to part-time employment) will cause a reduction,
or other change, to an Award and (iii) a leave of absence or reduction in service will be deemed a Termination of Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">11<B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
of Control</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">(a) &nbsp;&nbsp;Unless otherwise determined in an Award
Agreement, in the event of a Change of Control:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 53.25pt">With respect to each outstanding Award that is assumed or substituted in connection
with a Change of Control, in the event of a Termination of Service without Cause or by the Participant for Good Reason during the 12-month
period following such Change of Control (i) such Award shall become fully vested and exercisable, (ii) the restrictions, payment conditions,
and forfeiture conditions applicable to any such Award granted shall lapse, and (iii) any performance conditions (including any Performance
Criteria) imposed with respect to Awards shall be deemed to be achieved at target performance levels or at such other level as determined
by the Committee in its discretion or specified in the applicable Award Agreement or the definitive transaction documentation in connection
with such Change of Control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(ii)
&nbsp;&nbsp;With respect to each outstanding Award that is not assumed or substituted in connection with a Change of Control immediately upon the
occurrence of the Change of Control, (x) such Award (including both time-based and performance-based Awards) shall become fully vested
and exercisable based on a fraction, the numerator of which is the number of days between the grant date and the date of the Change of
Control and the denominator of which is the number of days during the period beginning on the grant date of the Award and ending on the
date of vesting of the Award or such other period determined by the Committee in its discretion or as set forth in the applicable Award
Agreement, (y) the restrictions, payment conditions, and forfeiture conditions applicable to any such Award granted shall lapse, and (z)
any performance conditions (including any Performance Criteria) imposed with respect to performance-based Awards shall be deemed to be
achieved at target performance levels (for the avoidance of doubt, prorated in accordance with clause (x)) or at such other level as determined
by the Committee in its discretion or specified in the applicable Award Agreement or the definitive transaction documentation in connection
with such Change of Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iii)
&nbsp;&nbsp;For purposes of this Section 10, an Award shall be considered assumed or substituted for if, following the Change of Control, the Award
remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change of Control except that,
if the Award related to Common Shares, the Award instead confers the right to receive common shares of the acquiring entity (or its parent).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iv)
&nbsp;&nbsp;Notwithstanding any other provision of the Plan, in the event of a Change of Control, the Committee (a) may, in its discretion provide
that each Option and each SAR which may, by its terms, only be settled in shares shall, immediately prior to the occurrence of a Change
of Control, be deemed to have been exercised on a &ldquo;net exercise&rdquo; basis; and (b) may, in its discretion, except as would otherwise
result in adverse tax consequences under Code Section 409A, provide that each Award, other than Options and SARs which may, by their terms,
only be settled in shares, shall, immediately upon the occurrence of a Change of Control, be cancelled in exchange for a payment in cash
or securities in an amount equal to (i) the excess of the consideration paid per Common Share in the Change of Control over the exercise
or purchase price (if any) per Common Share subject to the Award multiplied by (ii) the number of Common Shares then outstanding under
the Award; <I>provided</I> that, if the Intrinsic Value of an Option or SAR is equal to or less than zero, the Committee may, in its sole
discretion, provide for the cancellation of such Award without payment of any consideration therefor (for the avoidance of doubt, in the
event of a Change of Control, the Committee may, in its sole discretion, terminate any Option or SAR for which the exercise or purchase
price is equal to or exceeds the per Common Share value of the consideration to be paid in the Change of Control transaction without payment
of consideration therefor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(b)
&nbsp;&nbsp;For purposes of this Agreement and, except to the extent as would result in a violation of Code Section 409A, a &ldquo;Change of Control&rdquo;
shall be deemed to occur if and when the first of the following occurs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">(i)</TD><TD STYLE="text-align: justify; padding-right: 53.3pt">the acquisition (other than from the Company), by any person (as such term is defined
in Section 13(d) or 14(d) of the Exchange Act, including a &ldquo;group&rdquo; as defined in Section 13(d) thereof) of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the combined voting power of the
Company&rsquo;s then outstanding voting securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(ii)
&nbsp;&nbsp;the individuals who, as of the date hereof, are members of the Board (the &ldquo;Incumbent Board&rdquo;), cease for any reason to constitute
at least a majority of the Board, unless the election, or nomination for election by the Company&rsquo;s shareholders, of any new director
was approved by a vote of at least a majority of the Incumbent Board, and such new director shall be considered as a member of the Incumbent
Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iii)
&nbsp;&nbsp;the closing of an amalgamation or similar business combination (each, an &ldquo;Amalgamation&rdquo;) involving the Company if (i) the
shareholders of the Company, immediately before such Amalgamation, do not, as a result of such Amalgamation, own, directly or indirectly,
more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of the entity resulting from such
Amalgamation in substantially the same proportion as their ownership of the combined voting power of the voting securities of the Company
outstanding immediately before such Amalgamation or (ii) immediately following the Amalgamation, the individuals who comprised the Board
immediately prior thereto do not constitute at least a majority of the board of directors of the entity resulting from such Amalgamation
(or, if the entity resulting from such Amalgamation is then a subsidiary, the ultimate parent thereof);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">(iv)
a complete liquidation or dissolution of the Company or the consummation of the sale or other disposition of all or substantially all
of the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 116pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(c)
&nbsp;&nbsp;Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because fifty percent (50%) or more of the combined
voting power of the Company&rsquo;s then outstanding securities is acquired by (i) a trustee or other fiduciary holding securities under
one or more employee benefit plans maintained by the Company or any of its subsidiaries or (ii) any corporation which, immediately prior
to such acquisition, is owned directly or indirectly by the shareholders of the Company in the same proportion as their ownership of shares
in the Company immediately prior to such acquisition. In addition, notwithstanding the foregoing, solely to the extent required by Section
409A of the Code, a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; color: #231F20">Change of Control
shall be deemed to have occurred only if a change in the ownership or effective control of the Company or a change in ownership of a substantial
portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code and the Treasury Regulations
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 444.2pt 0pt 56pt; text-align: justify; color: #231F20">12<B>. <U>Clawback</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 444.2pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">The Committee may
specify in an Award Agreement that a Participant&rsquo;s rights, payments and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting
or performance conditions of an Award. Such events may include a Termination of Service, violation of material policies, breach of non-competition,
non-solicitation, confidentiality or other restrictive covenants, or requirements to comply with minimum share ownership requirements,
that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company
and/or its Subsidiaries. The Committee shall have full authority to implement any policies and procedures necessary to comply with Section
10D of the Exchange Act and any rules promulgated thereunder and any other regulatory regimes. Notwithstanding anything to the contrary
contained herein, any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to any
clawback or recoupment arrangements or policies the Company has in place from time to time, and the Committee may, to the extent permitted
by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel
or require reimbursement of any Awards granted to the Participant or any Common Shares issued or cash received upon vesting, exercise
or settlement of any such Awards or sale of Common Shares underlying such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 404pt 0pt 56pt; text-align: justify; color: #231F20"><B>13. <U>Award Agreements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 404pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">Each Award under
the Plan shall be evidenced by an Award Agreement (as such may be amended from time to time) that sets forth the terms, conditions, restrictions
and limitations applicable to the Award, including, but not limited to, the provisions governing vesting, exercisability, payment, forfeiture,
and Termination of Service, all or some of which may be incorporated by reference into one or more other documents delivered or otherwise
made available to a Participant in connection with an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 411.45pt 0pt 56pt; text-align: justify; color: #231F20">14<B>. <U>Tax
Withholding</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 411.45pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">Participants shall
be solely responsible for any applicable taxes (including, without limitation, income, payroll and excise taxes) and penalties, and any
interest that accrues thereon, which they incur in connection with the receipt, vesting or exercise of an Award. The Company and its Subsidiaries
shall have the right to require payment of, or may deduct from any payment made under the Plan or otherwise to a Participant, or may permit
shares to be tendered or sold, including Common Shares delivered or vested in connection with an Award, in an amount sufficient to cover
withholding of any federal, state, provincial, territorial, local, foreign or other governmental taxes or charges required by law or such
greater amount of withholding as the Committee shall determine from time to time and to take such other action as may be necessary to
satisfy any such withholding obligations. It shall be a condition to the obligation of the Company to issue Common Shares upon the exercise
of an Option, or SAR, or upon settlement of a Share Award, that the Participant pay to the Company, on demand, such amount as may be requested
by the Company for the purpose of satisfying any tax withholding liability. If the amount is not paid, the Company may refuse to issue
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 298.3pt 0pt 56pt; text-align: justify; color: #231F20">15<B>. <U>Other
Benefit and Compensation Programs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 298.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">Awards received
by Participants under the Plan shall not be deemed a part of a Participant&rsquo;s regular, recurring compensation for purposes of calculating
payments or benefits from any Company benefit plan or severance program unless specifically provided for under the plan or program. Unless
specifically set forth in an Award Agreement, Awards under the Plan are not intended as payment for compensation that otherwise would
have</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; color: #231F20">been delivered in cash, and even if so
intended, such Awards shall be subject to such vesting requirements and other terms, conditions and restrictions as may be provided in
the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 419.8pt 0pt 56pt; text-align: justify; color: #231F20">16. <B><U>Unfunded
Plan</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 419.8pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">The Plan is intended
to constitute an &ldquo;unfunded&rdquo; plan for incentive and deferred compensation. The Plan shall not establish any fiduciary relationship
between the Company and any Participant or other Person. To the extent any Participant holds any rights by virtue of an Award granted
under the Plan, such rights shall constitute general unsecured liabilities of the Company and shall not confer upon any Participant or
any other Person any right, title, or interest in any assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.35pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 382.5pt 0pt 56pt; text-align: justify; color: #231F20">17<B>. <U>Rights
as a Shareholder</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 382.5pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">Unless the Committee
determines otherwise, a Participant shall not have any rights as a shareholder with respect to Common Shares covered by an Award until
the date the Participant becomes the holder of record with respect to such Common Shares. No adjustment will be made for dividends or
other rights for which the record date is prior to such date, except as provided in Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 424.75pt 0pt 56pt; text-align: justify; color: #231F20">18<B>. <U>Future
Rights</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 424.75pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">No Eligible Recipient
shall have any claim or right to be granted an Award under the Plan. There shall be no obligation of uniformity of treatment of Eligible
Recipients under the Plan. Further, the Company and its Subsidiaries may adopt other compensation programs, plans or arrangements as deemed
appropriate or necessary. The adoption of the Plan, or grant of an Award, shall not confer upon any Eligible Recipient any right to continued
employment or service in any particular position or at any particular rate of compensation, nor shall it interfere in any way with the
right of the Company or a Subsidiary to terminate the employment or service of Eligible Recipients at any time, free from any claim or
liability under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">19<B>.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Termination</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(a)
&nbsp;&nbsp;The Plan and any Award may be amended, suspended or terminated at any time by the Board, provided that no amendment shall be made without
shareholder approval if such shareholder approval is required in order to comply with applicable law or the rules of the New York Stock
Exchange, the rules of the TSX, or any other securities exchange on which the Common Shares are traded or quoted. Except as otherwise
provided in Section 11(a), no termination, suspension or amendment of the Plan or any Award shall materially adversely affect the right
of any Participant with respect to any Award theretofore granted, as determined by the Committee, without such Participant&rsquo;s written
consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">(b)
&nbsp;&nbsp;Notwithstanding Section 19(a), the Company shall obtain shareholder approval for: (i) except as provided in Section 6(f), a reduction
in the exercise price or purchase price of an Award (or the cancellation and re-grant of an Award resulting in a lower exercise price
or purchase price); (ii) the extension of the Original Term of an Option; (iii) any amendment to the ISO limits described in Section 6(d);
(iv) any amendment to remove or to exceed the participation limits described in Section 6(e), including but not limited to those applicable
to Insiders; (v) an increase to the maximum number of Common Shares issuable under the Plan pursuant to Section 6(a) (other than adjustments
in accordance with Section 6(f)); (vi) amendments to this Section 19 other than amendments of a clerical nature; and (vii) any amendment
that permits Awards to be transferable or assignable other than for normal estate settlement purposes or for other purposes not involving
the receipt of monetary consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 96pt; text-align: justify; text-indent: -20pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">20<B>.&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
and SAR Repricing</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; color: #231F20">Except as provided in Section 6(f) and
without limiting Section 19(b)(i), the Committee may not, without shareholder approval, seek to effect any re-pricing of any previously
granted &ldquo;underwater&rdquo; Option or SAR by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">(i) amending or
modifying the terms of the Option or SAR to lower the exercise price; (ii) cancelling the underwater Option or SAR and granting either
(A) replacement Options or SARs having a lower exercise price or (B) Restricted Shares, Share Units, or Other Share Awards in exchange;
or (iii) cancelling or repurchasing the underwater Options or SARs for cash or other securities. An Option or SAR will be deemed to be
&ldquo;underwater&rdquo; at any time when the Market Value of the Common Shares covered by such Award is less than the exercise price
of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 385.55pt 0pt 56pt; text-align: justify; color: #231F20">21<B>. <U>Successors
and Assigns</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 385.55pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">The Plan and any
applicable Award Agreement shall be binding on all successors and assigns of a Participant, including, without limitation, the estate
of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative
of the Participant&rsquo;s creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 433.4pt 0pt 56pt; text-align: justify; color: #231F20">22<B>. <U>Severability</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 433.4pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">If any provision
of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any
Participant or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall
be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination
of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction,
Participant or Award, and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">23<B>.&nbsp;&nbsp;<U>Governing
Law</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; color: #231F20">The Plan and all agreements entered into
under the Plan shall be governed, construed and administered in accordance with the laws of the Province of Ontario and the laws of Canada
applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 425.9pt 0pt 56pt; text-align: justify; color: #231F20">24<B>. <U>Interpretation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 425.9pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">The Plan is designed
and intended, to the extent applicable, to provide for grants and other transactions which are exempt under Rule 16b-3, and all provisions
hereof shall be construed in a manner to so comply. Awards under the Plan are also intended to be exempt from, or otherwise comply with
Section 409A of the Code to the extent subject thereto, and the Plan and all Awards shall be interpreted in accordance with Section 409A
of the Code and Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations
or other guidance that may be issued after the effective date of the Plan. If any provision of the Plan or any term or condition of any
Award would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended
so as to avoid this conflict. Notwithstanding any provision in the Plan to the contrary, no payment or distribution under this Plan that
constitutes an item of deferred compensation under Section 409A of the Code and becomes payable by reason of a Participant&rsquo;s Termination
of Service with the Company shall be made to such Participant until such Participant&rsquo;s Termination of Service constitutes a Separation
from Service. For purposes of this Plan and any Award granted hereunder, each amount to be paid or benefit to be provided shall be construed
as a separate identified payment for purposes of Section 409A of the Code. If a participant is a Specified Employee, then to the extent
necessary to avoid the imposition of taxes under Section 409A of the Code, such Participant shall not be entitled to any payments upon
a termination of his or her employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the
date of such Participant&rsquo;s Separation from Service or (ii) the date of such Participant&rsquo;s death. Upon the expiration of the
applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 24 (whether
they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to such
Participant in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period,
and any remaining payments due under this Plan will be paid in accordance with the normal payment dates specified for them herein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.25pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">or the terms of
the applicable Award. If an Award includes a &ldquo;series of installment payments&rdquo; (within the meaning of Section 1.409A-2(b)(2)(iii)
of the Treasury Regulations), a Participant&rsquo;s right to such series of installment payments shall be treated as a right to a series
of separate payments and not as a right to a single payment, and if an Award includes &ldquo;dividend equivalents&rdquo; (within the meaning
of Section 1.409A-3(e) of the Treasury Regulations), a Participant&rsquo;s right to such dividend equivalents shall be treated separately
from the right to other amounts under the Award. Notwithstanding any provision of the Plan to the contrary, in no event shall the Company
or any affiliate be liable to a Participant on account of an Award&rsquo;s failure to (i) qualify for favorable U.S. or foreign tax treatment
or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, Section 409A, 4999 or 457A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 417pt 0pt 56pt; text-align: justify; color: #231F20">25<B>. <U>Data Protection</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 417pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">In connection with
the Plan, the Company or its Subsidiaries, as applicable, may need to process personal data (as such term, &ldquo;personal information,&rdquo;
&ldquo;personally identifiable information,&rdquo; or any other term of comparable intent, is defined under applicable laws or regulations,
in each case to the extent applicable) provided by the Participant to, or otherwise obtained by, the Company or its Subsidiaries, their
respective third party service providers or others acting on the Company&rsquo;s or its Subsidiaries&rsquo; behalf. Examples of such personal
data may include, without limitation, the Participant&rsquo;s name, account information, social security number, tax number and contact
information. The Company or its Subsidiaries may process such personal data for the performance of the contract with the Participant in
connection with the Plan and in its legitimate business interests for all purposes relating to the operation and performance of the Plan,
including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; color: #231F20">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;administering and maintaining Participant
records;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; color: #231F20">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;providing the services described
in the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="padding-right: 53.3pt">providing information to future purchasers or merger partners of the Company or any Subsidiary, or the
business in which such Participant works; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 81pt"></TD><TD STYLE="width: 15pt">&bull;</TD><TD STYLE="padding-right: 53.3pt">responding to public authorities, court orders and legal investigations and complying with law, as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">The Company or its
Subsidiaries may share the Participant&rsquo;s personal data with (i) Subsidiaries, (ii) trustees of any employee benefit trust, (iii)
registrars, (iv) brokers, (v) third party administrators of the Plan, (vi) third party service providers acting on the Company&rsquo;s
or its Subsidiaries&rsquo; behalf to provide the services described above, (vii) future purchasers or merger partners (as described above)
or (viii) regulators and others, as required by law or in order to provide the services described in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">If necessary, the
Company or its Subsidiaries may transfer the Participant&rsquo;s personal data to any of the parties mentioned above in a country or territory
that may not provide the same protection for the information as the Participant&rsquo;s home country. Any transfer of the Participant&rsquo;s
personal data to recipients in a third country will be made subject to appropriate safeguards or applicable derogations provided for,
and to the extent required, under applicable law. Further information on those safeguards or derogations can be obtained through, and
other questions regarding this Section 25 may be directed to, the contact set forth in the applicable employee privacy notice or other
privacy policy that previously has been made available by the Company or its applicable Subsidiary to the Participant (as applicable,
and as updated from time to time by the Company or its applicable Subsidiary upon notice to the Participant, the &ldquo;<B>Employee Privacy
Notice</B>&rdquo;). The terms set forth in this Section 25 are supplementary to the terms set forth in the Employee Privacy Notice (which,
among other things, further describes the Company&rsquo;s and its Subsidiaries&rsquo; processing activities, and the rights of the Participant,
with respect to the Participant&rsquo;s personal data); <I>provided</I> that, in the event of any conflict between the terms of this Section
25 and the terms of the Employee Privacy Notice, the terms of this Section 25 shall govern and control in relation to the processing of
such personal data in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 53.3pt 0pt 56pt; text-align: justify; color: #231F20">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.75in; text-align: justify; color: #231F20">The Company and
its Subsidiaries will keep personal data collected in connection with the Plan for as long as necessary to operate the Plan or as necessary
to comply with any legal or regulatory requirements and in accordance with the Company&rsquo;s and its Subsidiaries&rsquo; backup and
archival policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.75in; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.75in; text-align: justify; color: #231F20">Certain Participants
may have a right, as further described in the Employee Privacy Notice, to (i) request access to and rectification or erasure of the personal
data provided, (ii) request the restriction of the processing of his or her personal data, (iii) object to the processing of his or her
personal data, (iv) receive the personal data provided to the Company or its Subsidiaries and transmit such data to another party, and
(v) to lodge a complaint with a supervisory authority.</P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>dp178483_exfilingfees.htm
<DESCRIPTION>EXHIBIT 107.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibit 107.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Calculation of Filing Fee
Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM S-8</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 3in"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BAUSCH HEALTH COMPANIES INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Exact Name of Registrant as
Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Table 1: Newly Registered Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 2pt; border: Black 1.5pt solid; width: 14%; text-align: center; text-indent: 0in; padding-left: 2pt">Security Type</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 13%; text-align: center; text-indent: 0in; padding-left: 2pt">Security Class Title <B>&nbsp;<SUP>(1)</SUP></B></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 11%; text-align: center; text-indent: 0in; padding-left: 2pt">Fee Calculation Rule</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 11%; text-align: center; text-indent: 0in; padding-left: 2pt">Amount Registered <B><SUP>(1)</SUP></B></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 10%; text-align: center; text-indent: 0in; padding-left: 2pt">Proposed Maximum Offering Price Per Unit <B><SUP>(2)</SUP></B></TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 19%; text-align: center; text-indent: 0in; padding-left: 2pt">Maximum Aggregate Offering Price</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 11%; text-align: center; text-indent: 0in; padding-left: 2pt">Fee Rate</TD>
    <TD STYLE="padding-right: 2pt; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; width: 11%; text-align: center; text-indent: 0in; padding-left: 2pt">Amount of Registration Fee <B><SUP>(3)</SUP></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Equity</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">Common Shares, no par value</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">Rule 457(c) and Rule 457(h)</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">11,500,000</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">$ 4.61</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">$ 53,015,000</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">0.0000927</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">$ 4,915</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt"><B>Total Offering Amounts</B></TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt"><B>Total Fee Offsets (4)</B></TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt"><B>Net Fee Due</B></TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0in; padding-left: 2pt">$4,915</TD></TR>
  </TABLE>
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<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers Common Shares, no par value (&ldquo;Common
Shares&rdquo;), of Bausch Health Companies Inc. (the &ldquo;Company&rdquo; or the &ldquo;Registrant&rdquo;) issuable pursuant to the Company&rsquo;s
Amended and Restated 2014 Omnibus Incentive Plan, as amended and restated effective as of June 21, 2022 (the &ldquo;Plan&rdquo;), and
any additional Common Shares that become issuable under the Plan by reason of any stock dividend, stock split, or other similar transaction
pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated pursuant to Rule 457(c) and Rule 457(h) under the Securities Act, solely for the purpose of computing the registration fee,
based on the average of the high and low prices reported for a Common Share on the New York Stock Exchange on August 2, 2022.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Rounded up to the nearest dollar.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">(4) The Registrant does not have any
fee offsets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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