Company: PRGO
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0000950170-25-035751
Chunk: 49

Company: PERRIGO Co plc
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 49
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-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 (as defined in the agreement), he would receive cash severance benefits and continued vesting of certain stock-based awards. The circumstances under which severance benefits are triggered and the resulting payouts are generally consistent with market practices.

In September of 2023, an amendment to Mr. Lockwood-Taylor's agreement was issued changing his place of employment from Grand Rapids, Michigan to Morristown, New Jersey negating the need for additional standard relocation support.

On February 21, 2024, the Company and Patrick Lockwood-Taylor entered into Amendment No. 2 to his Employment Agreement, which modified Mr. Lockwood-Taylor’s AIP target bonus opportunity for 2024 only from 120% of annual base salary to 40% of annual base salary. In consideration thereof, Mr. Lockwood-Taylor will receive an RSU grant under the LTIP in 2025 equal to two times the actual AIP bonus awarded for 2024 performance, plus 10% (the “RSU Grant”). The RSU Grant will be in addition to any annual award under the LTIP and will vest in two equal installments on the first and second anniversary of the grant date.

On February 26, 2025, the Company and Patrick Lockwood-Taylor entered into an amended and restated employment agreement extending his employment with Company and amending certain compensation and other terms set forth therein. A copy of his employment agreement was filed as an Exhibit to our Current Report on Form 8-K filed on February 26, 2025.

Mr. Khoury

Mr. Khoury's Irish Employment Agreement became effective in May 2024. In accordance with this employment agreement, Mr. Khoury'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.

The employment agreement also provides one-time buy-out compensation offered in the form of $425,000 of Restricted Stock Units subject to two-year ratable vesting. He also received a 2024 pro-rata LTI grant in the amount of $758,333 which was a mix of RSUs and PSUs subject to three-year ratable vesting.

#### 42PERRIGO•2025 PROXY STATEMENT
Executive Compensation

The employment agreement