Company: PRGO
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0000950170-25-042897
Chunk: 39

Company: PERRIGO Co plc
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 39
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 |           $899,987 |   $353,466 |   $539,986 |           $1,793,439 |

#### 34PERRIGO•2025 PROXY STATEMENT
Executive Compensation

1) Award amounts were calculated in accordance with ASC 718. The rTSR PSUs are valued using a Monte Carlo simulation; the value shown in the table above may not be exactly equal to 20% of each executive target LTI due to differences between the per-target-share Monte Carlo value and the closing stock price on the grant date.

LTIP and Pay-for-Performance

The LTIP is designed to align executive rewards with Perrigo performance and investor expectations, and we believe it is working. When Perrigo’s performance did not meet our targets, LTIP awards paid below target. As outlined in the chart below, taking into account the change in market value of our ordinary shares, only 66% of the 2022 – 2024 regular LTIP award value to our NEOs was realized.

*Target amounts were valued using the closing market price of our ordinary shares on the date of grant; $36.12 and $39.72 on March 7, 2022 and June 7, 2022. Realized amounts were valued using the closing market price of our ordinary shares on the date of vest; $37.71 and $33.72 for RSUs vesting on March 7, 2023 and June 7, 2023, $26.69 and $26.94 for RSUs vesting on March 7, 2024 and June 7, 2024, and $27.76 for RSUs and OI PSUs vesting on March 7, 2025 and June 7, 2025 (estimate). Realized amounts consider actual payout of 118% for OI PSUs and 0% for rTSR PSUs. Analysis excludes Ms. Quinn and Ms. Hanson as they separated from the business on July 31 and October 31, respectively.

Currency-Neutral Adjusted Operating Income PSUs

Fifty percent of each executive’s 2024 target annual grant value was in the form of PSUs that may be earned based on Adjusted OI measured over a three-year performance period. The TCC selected currency-neutral Adjusted Operating Income (“PSU OI”) as the applicable long-term performance measure for these PSUs because it directly aligns with our stated strategic long-term growth