Company: PRGO
Filing Date: 2025-02-26
Form Type: 8-K
Source: 0001585364-25-000008
Chunk: 1

Company: PERRIGO Co plc
Filing Date: 2025-02-26
Form: 8-K
Item: Item 5.02
Chunk 1
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 the sum of his annual base salary and target annual bonus opportunity, and payment of the cost of health care continuation coverage for up to 18 months following termination, plus payment of the amount of such costs for up to an additional six months, provided that any payment of health care continuation costs shall cease if Mr. Lockwood-Taylor becomes eligible to receive health care benefits under another employer-provided plan). Mr. Lockwood-Taylor will also be entitled to the continued vesting of any then-outstanding equity incentive awards for 36 months following his termination, with any performance-based awards vesting, if at all, based on actual performance.

If Mr. Lockwood-Taylor’s employment were terminated involuntarily by the Company without cause or by Mr. Lockwood-Taylor for good reason, in either case, upon, or within 24 months following, a change in control, he would be entitled to a prorated annual bonus for the year of termination based on target annual bonus activity, cash severance equal to 2.0 times the sum of his annual base salary and target annual bonus opportunity, paid health care continuation coverage for up to 18 months as described above, and an additional lump sum cash payment equal to the cost of an additional six months of healthcare continuation coverage. Mr. Lockwood-Taylor will also be entitled to the full vesting of any then-outstanding equity incentive awards, with any then-outstanding performance-based equity incentive awards vesting based on “target” levels of achievement of the applicable performance thresholds.

The foregoing severance benefits are subject to Mr. Lockwood-Taylor’s execution of a release of claims in favor of Perrigo. In addition, Mr. Lockwood-Taylor has agreed to comply with (i) a post-termination noncompete covenant and a post-termination nonsolicitation of customers and employees covenant, each of which will endure for 24 months following any termination of employment, (ii) a perpetual confidentiality covenant, and (iii) a perpetual mutual nondisparagement covenant.

The foregoing summary of the Amended and Restated Employment Agreement is qualified in its entirety by the full text thereof, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

ITEM 9.01. Financial Statements and Exhibits