Company: PRGO
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0000950170-25-035751
Chunk: 41

Company: PERRIGO Co plc
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 41
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 Income (“PSU OI”) as the applicable long-term performance measure for these PSUs because it directly aligns with our stated strategic long-term growth 3/5/7 objectives, specifically consistently delivering 5% annual Adjusted OI growth.

For the 2022 and 2023 grants of PSU OI awards, goals for the three-year period were set up front as follows: the target goal for the first year of the three-year performance period is based on the Board-approved annual financial plan, and the target goals for the second and third years of the three-year performance period are determined by applying a pre-determined 5% growth rate to the prior year’s actual PSU OI. Earned PSUs are based on the average of the vesting credit for each year in the three-year performance period.

For the 2024 grant cycle, the TCC changed the PSU OI program design to further align with investor preference to measure three-year cumulative PSU OI. Instead of measuring year-over-year growth separately for each year of the three-year performance period, the 2024-2026 PSU OI awards will be earned based on cumulative PSU OI dollars generated over the three fiscal years 2024, 2025 and 2026.

Target PSU OI will be the sum of:

Adjusted Operating Income included in the 2024 Annual Financial Plan (" 2024 Plan OI "); and

2024 Plan OI x 1.05; and

2024 Plan OI x 1.05 x 1.05.

The threshold goal was then set at 80% of this target PSI OI value, which would result in 50% of the target PSUs being earned. No PSUs will be earned if performance is below the threshold goal. The maximum goal was set at 120% of the target PSU OI value, which would result in 200% of the target PSUs being earned. Payout is linearly interpolated for performance between levels.

#### 36PERRIGO•2025 PROXY STATEMENT
Executive Compensation The following tables summarize the three-year cumulative PSU OI goals for the 2024-2026 performance period: 2024-2026 PSU OI

|                                                                        |     |                   Target |
| CY2024 PSU OI                                                          |     | Cumulative for CY24-CY26 |
| Maximum (>=120% of metric target performance pays 200% of Target PSUs) |     |                 $2,370.