From 2017 through 2019, BHC’s debt rose by approximately 1 billion and their net income was approximately negative 3.5 billion. In 2019, BHC had debt of approximately 26 billion and net income of approximately negative 1.8 billion. What does that mean for the executive management team's pay? Joseph C. Papa 2019 Total Comp: $17,141,646 2018 Total Comp: $14,741,050 2017 Total Comp: $4,895,108 Paul S. Herendeen 2019 Total Comp: $6,977,361 2018 Total Comp: $6,400,807 2017 Total Comp: $2,597,950 Christina M. Ackermann 2019 Total Comp: $3,379,932 2018 Total Comp: $3,386,907 2017 Total Comp: $2,795,152 Thomas J. Appio 2019 Total Comp: $3,958,001 2018 Total Comp: $4,386,602 2017 Total Comp: $3,429,286 William D. Humphries 2019 Total Comp: $3,615,591 2018 Total Comp: $1,374,375 2017 Total Comp: $8,434,206 I found the following rather interesting: On 9/29/2019 BHC's stock price was $19.10/share and the stock rose all the way up to $31/share on 12/8/2019. As you will read, on 1/6/2020 BHC's stock conveniently closed at $28.86/share. TSR was measured on both an absolute and relative basis on January 6, 2020 for Ms. Ackermann and Mr. Appio. The following absolute stock price targets were set at the beginning of 2017 based on our Common Share price at that time ($14.65) and applied to these grants. Stock Price in 2020 PSUs Achieved Less than $19.53 0% $19.53 25% $29.30 100% $58.60 200% Greater than $58.60 200% Based on the $28.86 closing price of our Common Shares on January 6, 2020, this resulted in a final payout of 96% for Ms. Ackermann and Mr. Appio. TSR was measured on both an absolute and relative basis for Mr. Humphries on January 2, 2020 (Mr. Humphries’ third anniversary with the Company). The following absolute stock price targets were set at the beginning of 2017 based on our Common Share price at that time ($14.63) and applied to his grant. Stock Price in 2020 PSUs Achieved Less than $19.51 0% $19.51 25% $29.27 100% $58.53 200% Greater than $58.53 200% Based on the $29.91 closing price of our Common Shares on January 2, 2020, this resulted in a final payout of 102% for Mr. Humphries. Since our TSR over the measurement period was above the 50th percentile ranking of the TSR for NYSE ARCA PHARMACEUTICAL INDEX, the 100% cap was not applied. These 2017 PSUs were delivered to Ms. Ackermann, Messrs. Appio and Humphries in February 2020, as shown in the Outstanding Equity Awards at Fiscal Year End Table beginning on page 60. Messrs. Papa and Herendeen were not awarded 2017 PSUs. If you are interested in learning more, please visit: https://ir.bauschhealth.com/corporate-governance/sec-filings click on: DEF 14A Proxy Statement (definitive) 03/16/20