Company: PRGO
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0000950170-25-042897
Chunk: 47

Company: PERRIGO Co plc
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 47
---
 2024, Mr. Khoury joined the Company and based on Irish law, we entered into an Irish Employment Agreement with him. The key compensation terms of these agreements are summarized below.

Post-employment payments under employment agreements, as applicable, and the U.S. Severance Policy, and our Change in Control Severance Policy for U.S. Employees and the Perrigo Employee Severance Programme, Ireland are presented in the section entitled “Potential Payments Upon Termination or Change in Control” beginning on page 49.

#### 40PERRIGO•2025 PROXY STATEMENT
Executive Compensation

All other NEOs, except Mr. Lockwood-Taylor, Ms. Quinn, Mr. Khoury and Mr. Janish, are subject to our general severance policy.

Mr. Lockwood-Taylor

Mr. Lockwood-Taylor's employment agreement became effective on June 30, 2023. Consistent with our emphasis on performance-based pay, the majority of Mr. Lockwood-Taylor's annual compensation is stock-based with the ultimate value realized based on Perrigo’s stock price performance. In accordance with his employment agreement, Mr. Lockwood-Taylor's compensation includes: a base salary; participation in the AIP; annual grants of equity under the LTIP; and participation in Perrigo’s other employee benefit plans.

Mr. Lockwood-Taylor did not receive a 2023 annual grant under the LTIP. The agreement outlines one-time Buy-Out Compensation offered in the form of $2,800,000 Restricted Stock Units and $1,500,000 in Equity Performance Stock Units expressly intended to offset the approximately $4,300,000 in unvested equity which was forfeited upon exiting his previous organization. The Independent Directors were intentional to ensure that a significant portion of this was performance based, subject to performance of PSU OI and aligned with the interest of shareholders.

In addition, the employment agreement offered initial benefits related to relocation to Grand Rapids, Michigan and payment of legal fees related to negotiation of his employment agreement.

The employment agreement provides for an initial term of two years, subject to automatic renewal thereafter for two-year periods unless either party provides 90 days’ prior notice of non-renewal. The agreement contains customary confidentiality obligations, non-competition restrictions for two years from the date of termination of employment and non-solicitation restrictions for two years from the date of termination of employment.

If Mr. Lockwood-Taylor were involuntarily terminated by us without cause or voluntarily terminated for good reason