Bausch Health enters standstill-like pacts with Icahn, Paulson, Kavanagh limiting activism

Bausch Health Companies Inc.

Icahn Group, John Paulson, and Sarah Kavanagh each signed letter agreements with Bausch Health on May 20, 2025.
If a group engages in a 'Specified Action' (proxy contest, solicitation, >19.99% stake), members must resign from both BHC and B+L boards.
BHC agrees to vote its B+L shares in favor of each group's designee if nominated to B+L board and to offer new committee seats.
Icahn Group irrevocably waives right to designate replacement directors under B+L DANA upon resignation.
Agreements terminate upon a director's resignation from BHC board, with some provisions surviving until next B+L annual meeting.

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