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                                                                   EXHIBIT 10(m)

                     NONQUALIFIED DEFERRED COMPENSATION PLAN

L. Perrigo Company ("L. Perrigo") is in the process of implementing the L.
Perrigo Nonqualified Deferred Compensation Plan ("Plan") for a select group of
management and highly compensated employees and directors of L. Perrigo, Perrigo
Company and its affiliates and subsidiaries (collectively, the "Company"). The
Plan will be effective for the Plan year beginning July 1, 2001. Elections to
participate in the Plan must be made prior to the first day of the Plan Year.
Irrevocable deferral elections have been made by eligible employees and
directors who elected to participate in the Plan for the 2001 Plan year.

The Plan is administered by a committee appointed by the Board of Directors (the
"Committee"). Under the Plan, eligible participants are given the opportunity to
defer up to 80% of annual base salary and 100% of annual bonus. Directors are
given the opportunity to defer up to 100% of their directors' fees, including
retainer fees and meeting fees. The minimum deferral permitted under the Plan is
$5,000 per year. In addition to participant deferrals, the Plan provides for
annual Company matching amounts equal to the difference between the amount of
matching contributions made on the participant's behalf under the L. Perrigo
Company Profit-Sharing and Investment Plan (the "401(k) Plan") and the amount of
matching contributions the participant would have received under the 401(k) Plan
if such matching contributions had not been limited by the Internal Revenue
Code. The Company may also credit the participant's Plan accounts with
discretionary Company amounts.

All deferrals and Company matching and discretionary amounts are credited to
separate bookkeeping accounts in the participant's name. The amounts in these
accounts are adjusted periodically to reflect the earnings and losses that would
have been received had the amounts been invested in various mutual funds and
other investments selected by the participant from among those designated by the
Committee for this purpose. Participants have a fully vested interest in their
deferral account. Company matching amounts vest in accordance with the vesting
schedule set forth in the 401(k) Plan. Discretionary amounts, if any, vest as
determined by the Committee at the time they are credited to the participant.
All accounts become fully vested on a Change in Control (defined similarly to
the Perrigo Company Employee Incentive Stock Option Plan).

At the time an annual deferral election is made under the Plan, the participant
may elect a specific future date on which such deferral amounts, as adjusted for
earnings, shall be paid. Such future date must be at least three Plan years
after the Plan year in which such amount is deferred. Upon termination of
employment, all vested amounts become payable in a lump sum payment; provided
that if a participant has at least 5 years of service with the Company or is age
65 or older, the participant can elect payment in installments of 5, 10 or 15
years. The Plan also permits distributions in the case of unforeseeable
financial emergency, with the approval of the Committee. A participant can also
request a withdrawal of his or her entire vested account balances prior to a
scheduled payment date, subject to a 10% withdrawal penalty.

Participants under the Plan have no legal or equitable rights, interests or
claims in any property or assets of the Company above that of an unsecured,
general creditor of the Company. The Company may establish a grantor trust, the
assets of which shall remain subject to the Company's general creditors, to
assist it with funding its obligations under the Plan.