Company: PRGO
Filing Date: 2025-02-26
Form Type: 8-K
Source: 0001585364-25-000008
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Company: PERRIGO Co plc
Filing Date: 2025-02-26
Form: 8-K
Item: Item 5.02
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ITEM 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of

Certain Officers; Compensatory Arrangements of Certain Officers.

On February 26, 2025, Perrigo Company plc (“ Perrigo” or the “ Company”) announced it reached agreement with Patrick Lockwood-Taylor to extend his tenure as CEO and President and member of the Board, and the Company, through its US subsidiary Perrigo Company, a Michigan corporation, entered into an amended and restated employment agreement with Mr. Lockwood-Taylor to be effective on February 26, 2025, (the “ Employment Agreement”). The Employment Agreement has an initial term of three years ending on June 30, 2028, which is subject to automatic renewal thereafter for one-year periods unless either party provides 90 days’ prior notice of non-renewal. The Agreement provides that Mr. Lockwood-Taylor will be entitled to an annual base salary of $1,240,000 and a target annual bonus opportunity of not less than 125% of his annual base salary (the “ Target Annual Bonus”), with the actual amount of the annual bonus ranging from 0% to 200% of the Target Annual Bonus; provided that Mr. Lockwood-Taylor will receive at least 50% of the Target Annual Bonus if the minimum applicable performance metrics are achieved for the applicable fiscal year. He will also be eligible to continue to participate in the Company’s 2019 Long-Term Incentive Plan; provided that annual grants made to Mr. Lockwood-Taylor shall have a grant date fair value of not less than $6,600,000. Mr. Lockwood-Taylor will continue to participate in employee benefit plans in effect from time to time. In addition, the Employment Agreement continues to entitle Mr. Lockwood-Taylor to indemnification to the fullest extent permitted by applicable law and directors’ and officers’ insurance coverage, in each case, to the same extent as other officers and directors of Perrigo.

If Mr. Lockwood-Taylor’s employment is terminated involuntarily by the Company without cause or by Mr. Lockwood-Taylor for good reason (except in the case of his primary place of work being changed to Dublin, Ireland), in either case, other than upon, or within 24 months following, a change in control, he will be entitled to a prorated annual bonus for the year of termination (based on actual performance), cash severance equal to 1.5 times