Document:

Employment Offer Letter

 Exhibit 10.1 
 EXECUTION COPY 
 March 22, 2010 
 Mr. Paul B. Manning 
 204 North Main St.

 Gordonsville, VA 22942 
 Dear Paul:

 As you know, Perrigo Company (“Perrigo”) is in the process of acquiring the PBM businesses (the “Acquisition”) through
its subsidiaries, Pine Holdings Merger Sub, Inc. and Pine Nutritionals Merger Sub, LLC, which at the closing of the Acquisition will be merged with and into PBM Holdings, Inc. and PBM Nutritionals, LLC, respectively (the surviving companies will be
collectively referred to herein as the “Companies”). 
  

	1.	Employment. This letter agreement (this “Letter Agreement”) will govern the terms and conditions of your employment with the Companies. Your employment
will commence upon the closing of the Acquisition (the “Effective Date”) and will continue until the first anniversary of the Effective Date (the “Term”), unless your employment is sooner terminated pursuant to paragraph 5 below.
The portion of the Term during which you are actually employed by the Companies is referred to as the “Employment Period.” Should the closing of the Acquisition not occur for any reason, this Letter Agreement shall be null and void and of
no force and effect. 

  

	2.	Position; Duties; Place of Employment. You will be employed as the Executive Vice President and General Manager of the Companies. You will report to the Chief
Executive Officer of Perrigo, and shall be responsible for the overall accountability and business operations of the Companies and its subsidiaries and such other duties as may be assigned to you which shall include: 

  

	 	•	 	 Actively assisting with the integration process following the Effective Date 

  

	 	•	 	 Actively leading the new product selection and development process 

  

	 	•	 	 Assisting in the long-term strategic planning of the infant nutritional businesses 

  

	 	•	 	 Actively monitoring the achievement of operational and financial results 

  

	 	•	 	 Developing growth and diversification strategies to achieve ongoing objectives 

 You agree to use your best efforts to perform such duties faithfully and to devote such working time, attention and energies to the
businesses of the Companies and its

	 	 
subsidiaries in a manner consistent with your pattern and level of activity, with respect to the Companies, prior to the Effective Date; provided such pattern and level of activity do not
conflict with your duties described in this Letter Agreement. 

  

	3.	Base Salary. You will be paid a base salary (“Base Salary”) at a monthly rate of $100,000, payable in accordance with the Companies’ normal
payroll practices, but in no event less frequently than twice per month. 

  

	4.	Benefits. You will be provided with such retirement benefits, fringe benefits and insurance coverages as are made available to executives of the Companies
generally; provided that you shall not be entitled to any types of benefits in addition to those you were normally provided prior to the Effective Date. 

  

	5.	Termination. 

 (1) Your
employment with the Companies during the Term may be terminated under the following circumstances. 
 (a) Death.
Your employment hereunder shall terminate upon your death. 
 (b) Disability. If you become Disabled, the
Companies may terminate your employment. For purposes of this Letter Agreement, you shall be deemed to be “Disabled” if you have a physical or mental disability which renders you incapable, after reasonable accommodation, of performing
substantially all of your duties hereunder for a period of 120 days (which need not be consecutive) in any 12 month period. Any dispute as to whether you are Disabled shall be determined in writing, at the Companies’ expense, by a qualified
independent physician. You agree to submit to such tests and examination as such physician shall deem appropriate. The determination of such physician shall be final and binding. 
 (c) Termination by the Companies with Cause. The Companies may terminate your employment hereunder for Cause by written
notice to you detailing the basis for the Cause termination. For purposes of this Letter Agreement, “Cause” means (i) continuing failure, refusal or neglect by you to substantially perform your duties as contemplated by this Letter
Agreement (other than any such failure resulting from incapacity due to physical or mental illness), (ii) willful misconduct by you which is materially injurious to the Companies, monetarily or otherwise, (iii) your engaging in egregious
misconduct involving serious moral turpitude to the extent that your creditability and reputation no longer conforms to the standard of senior executives of the Companies, (iv) your commission of a material act of dishonesty or breach of trust
resulting or intending to result in personal benefit or enrichment at the expense of the Companies or their affiliates, or (v) a material breach of this Letter Agreement; provided, however, that in the event of subsections (i) and (v), you
fail to correct such circumstances in all material respects within 30 days following written

  

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notification to you that the Companies intend to terminate your employment for one of the reasons set forth above. 
 (d) Voluntary Termination by You without Good Reason. You may terminate your employment hereunder at any time for any reason
by giving the Companies prior written notice not less than 45 days prior to such termination. 
 (e) Voluntary
Termination by You for Good Reason. You may terminate your employment hereunder for Good Reason by written notice to the Companies (which written notice must be delivered within ninety (90) days after the occurrence of such circumstances)
detailing the basis for the Good Reason termination. For purposes of this Letter Agreement, “Good Reason” means the occurrence, without your express prior written consent, of any of the following circumstances, unless such circumstances
are corrected by the Companies in all material respects within 30 days following written notification by you that you intend to terminate your employment for one of the reasons set forth below: (A) a reduction in the Base Salary or a failure to
pay the Base Salary when due, (B) a relocation of your principal office by more than 30 miles, or (C) any material breach by the Companies of this Letter Agreement. 
 (f) Mutual Agreement. This Letter Agreement may be terminated at any time by mutual written agreement of the parties.

 (g) Termination by the Companies without Cause. The Companies may terminate your employment hereunder at any
time for any reason by giving you written notice not less than 45 days prior to such termination; provided, however, termination by the Companies shall be deemed to have occurred under this paragraph 5(1)(g) only if such termination is not pursuant
to paragraph 5(1)(b), 5(1)(c) or 5(1)(f). 
 (2) Rights Upon Termination. Your right to payments and benefits under this Letter
Agreement for periods after your date of termination shall be determined in accordance with the following provisions: 
 (a) Accrued Benefits - If you are terminated during the Term for any reason, the Companies shall pay you: 
 (i) Your Base Salary, within 10 days following your date of termination, for the period ending on the date of termination of employment. 
 (ii) Any other payments, within 60 days following your date of termination, or benefits to be provided to you by the Companies pursuant to any employee benefit plans or arrangements adopted by them, to
the extent such payments and benefits are earned and vested as of the date of termination, or are

  

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required by law to be offered for periods following your date of termination (items (i) and (ii) shall be referred to as “Accrued Benefits”). 
 (b) Termination for Cause, Voluntary Resignation without Good Reason, Death, or Disability – If your employment is
terminated by either of the Companies for Cause or your Disability, or you die or voluntarily resign from employment without Good Reason, you shall be entitled only to the Accrued Benefits. 
 (c) Involuntary Termination without Cause, Voluntary Termination for Good Reason – If either of the
Companies involuntarily terminates your employment during the Term without Cause or if you voluntary terminate your employment during the Term for Good Reason, you shall be entitled to the Accrued Benefits and a lump sum cash payment (less
applicable withholding) equal to your Base Salary from the date of your termination through the one year anniversary of the Effective Date. Such lump sum payment shall be paid to you on the 60th day after your termination of employment and shall be contingent upon your signing, and not timely
revoking, a customary release of all claims against the Companies and their affiliates related solely to your employment with the Companies in the form agreeable to you and Perrigo. 
  

	6.	Restrictive Covenants. 

  

	 	(a)	 Trade Secrets or other Confidential Information. You recognize that it is in the Companies’ legitimate business interest to restrict your
disclosure or use of Trade Secrets or other Confidential Information relating to the Companies and their affiliates for any purpose other than in connection with your performance of services for the Companies, and to limit any potential
appropriation of such Trade Secrets or other Confidential information by you. You therefore agree that all Trade Secrets or other Confidential Information relating to the Companies and their affiliates heretofore or in the future obtained by you
shall be considered confidential and the proprietary information of the Companies. You further agree that, except to the extent required by applicable law, statute, ordinance, rule, regulation or orders of courts or regulatory authorities of
competent jurisdiction, you shall not at any time (whether during or after the Employment Period) use or disclose, or authorize any other person or entity to use or disclose, any of the Companies’ Trade Secrets or other Confidential
Information, other than as necessary to further the business objectives of the Companies. The term “Trade Secrets or other Confidential Information” includes, without limitation, matters of a technical nature, such as scientific, trade and
engineering secrets, “know-how”, formulas, secret processes, drawings, works of authorship, machines, inventions, computer programs (including documentation of such programs), services, materials, patent applications, new product plans,
other plans, technical information, technical improvements, manufacturing techniques, specifications, ideas, manufacturing and test data, progress reports and research projects, and

  

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matters of a business nature, such as business plans, prospects, financial information, proprietary information about costs, profits, markets, sales, lists of customers and suppliers, procurement
and promotional information, credit and financial data, plans for future development, information relating to the Companies’ and their affiliates’ management, operation and planning, and other information of a similar nature to the extent
not available to the public, of or relating to the Companies or their affiliates, and their business, customers and suppliers, the disclosure of which to competitors of the Companies or others would cause the Companies and their affiliates to suffer
substantial and irreparable damage. 

  

	 	(b)	Return of Documents and Property. Upon the termination of your employment, or at any time upon the request of either of the Companies, you (or your heirs or
personal representatives) shall deliver to either of the Companies (i) all documents and materials (including, without limitation, computer files) containing Trade Secrets or other Confidential Information relating to the Companies’ and
their affiliates’ business and affairs, and (ii) all documents, materials, equipment and other property (including, without limitation, computer files, computer programs, computer operating systems, computers, printers, scanners, pagers,
telephones, credit cards and ID cards) belonging to the Companies and their affiliates, which in either case are in the possession or under the control of you (or your heirs or personal representatives). 

  

	 	(c)	 Discoveries and Works. All Discoveries and Works made or conceived by you during the Employment Period, solely, jointly or with others, that
relate to the Companies’ or their affiliates present or anticipated activities, shall be owned by the Companies and/or their affiliates. The term “Discoveries and Works” includes, without limitation, Trade Secrets or other
Confidential Information, patents and patent applications, trademarks, and trademark registrations and applications, trade names, copyrights and copyright registrations and applications. You shall, upon the reasonable request of either of the
Companies, (i) promptly notify, make full disclosure to, and execute and deliver any assignments or other documents, as the case may be, to evidence or better assure title to Discoveries and Works in the Companies and/or their affiliates, as so
requested, (ii) renounce any and all claims, including but not limited to claims of ownership and royalty, with respect to all Discoveries and Works and all other property owned or licensed by either of the Companies and/or their affiliates,
(iii) assist the Companies and/or their affiliates in obtaining or maintaining for itself at its own expense United States and foreign patents, trademarks, copyrights, trade secret protection or other protection of any and all Discoveries and
Works, (iv) promptly execute, whether during your period of service with the Companies or thereafter, all applications or other endorsements necessary or appropriate to maintain patents and other rights of the Companies and/or its affiliates
and to protect the title of the Companies and/or their affiliates thereto, including but not limited to assignments of such patents and other rights and (v) not exploit any such

  

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Discoveries and Works, other than as necessary to further the business objectives of the Companies. Any Discoveries and Works which, after the expiration or termination of your services for the
Companies, are made, disclosed, reduced to tangible or written form or description, or are reduced to practice by you and which pertain to the business carried on or products or services being sold or delivered by the Companies and/or their
affiliates at the time of such termination shall, as between you and the Companies and/or their affiliates, be deemed to have been made during your period of service with the Companies. You acknowledge that all Discoveries and Works that relate to
the Companies’ and/or their affiliates present or anticipated activities and that are created during the Employment Period shall be deemed “works made for hire” under the Copyright Act of 1976, as amended (17 U.S.C. Sect. 101);
provided, however, to the extent that any such Discoveries and Works do not constitute “works made for hire,” you hereby assign, grant, and convey, and agree to assign, grant and convey to the Companies and/or their
affiliates all rights, titles, and interests now existing, or that may exist in the future in the Companies and/or their affiliates with respect to such Discoveries and Works. 

  

	 	(d)	Non-Competition, Non-Disparagement, and Non-Solicitation. You agree that in connection with your execution of this Letter Agreement and your employment with the
Companies, you shall execute the Non-Competition Agreement attached hereto as Exhibit A (the “Non-Competition Agreement”). Neither Perrigo nor its affiliates shall, at any time during or after the Employment Period, disparage you to any
person or entity or encourage any person or entity to not retain your services, as the case may be; provided, however, that nothing contained in this Section 6(d) shall (i) prohibit Perrigo or its affiliates from asserting or
enforcing any rights, claims or defenses any of them may have under the terms of the Merger Agreement or any of the other Transaction Documents, including pursuant to this Letter Agreement, the Non-Competition Agreement, or Article VIII or IX of the
Merger Agreement, in each case, in connection with a court, arbitral or other similar proceeding, or (ii) prohibit Perrigo or its affiliates from making statements that they believe, upon advice of counsel, are required by applicable Law. Any
terms used and not defined in this Section 6(d) shall have the meanings assigned to the terms in the Non-Competition Agreement. 

  

	 	(e)	 Enforcement. You agree that: (i) the covenants set forth in this paragraph 6 are reasonable in all respects, including, where applicable,
geographical and temporal scope, and (ii) the Companies would not have entered into this Letter Agreement but for your covenants contained herein, and (iii) the covenants contained herein have been made in order to induce the Companies to
enter into this Letter Agreement. If, at the time of enforcement of this paragraph 6, a court of competent jurisdiction shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the
parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be

  

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allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law. You recognize and affirm that in the event of your breach of any provision of
this paragraph 6, money damages would be inadequate and the Companies would have no adequate remedy at law. Accordingly, you agree that in the event of a breach or a threatened breach by you of any of the provisions of this paragraph 6, the
Companies, in addition and supplementary to other rights and remedies granted by law existing in its favor (including recovery of damages and costs (including reasonable attorneys’ fees)), may apply to any court of law or equity of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof (without posting a bond or other security). The provisions of this paragraph 6 shall survive the
termination of this Letter Agreement. 

  

	7.	Future Cooperation. You agree that upon the Companies’ reasonable request, for one year following your termination of employment, you will use reasonable
efforts (which shall not include a meaningful amount of time and shall not interfere with your other activities) to assist and cooperate with the Companies in connection with the defense or prosecution of any claim that may be made against or by the
Companies or their affiliates, or in connection with any ongoing or future investigation or dispute or claim of any kind involving the Companies or their affiliates, including any proceeding before any arbitral, administrative, regulatory,
self-regulatory, judicial, legislative, or other body or agency. You will be entitled only to reimbursement for reasonable out-of-pocket expenses (including travel expenses) incurred in connection with providing such assistance.

  

	8.	Withholding. The Companies shall have the right to withhold from any amount payable to you hereunder an amount necessary in order for the Companies to satisfy
any withholding tax obligation it may have under applicable law. 

  

	9.	Governing Law. The terms of this Letter Agreement, and any action arising thereunder, shall be governed by and construed in accordance with the domestic laws of
the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of New York. 

  

	10.	 Modification; Waiver; Severability. This Letter Agreement may not be released, changed or modified in any manner, except by an instrument in
writing signed by you and the Companies. The failure of either party to enforce any of the provisions of this Letter Agreement shall in no way be construed to be a waiver of any such provision. No waiver of any breach of this Letter Agreement shall
be held to be a waiver of any other or subsequent breach. If any portion or application of this Letter Agreement should for any reason be declared invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction, such
invalid, illegal or unenforceable provision or application or

  

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part thereof shall be severable from this Letter Agreement and shall not in any way affect the validity or enforceability of any of the remaining provisions or applications.

  

	11.	Assignment. This Letter Agreement is personal to you. You shall not assign this Letter Agreement or any of your rights and/or obligations under this Letter
Agreement to any other person. The Companies may, without your consent, assign this Letter Agreement to any affiliate or successor to their business. 

  

	12.	Dispute Resolution. Except for any claim or controversy relating to the enforcement of the restrictive covenants as set forth in paragraph 6, which may be
brought in any court of competent jurisdiction in New York City, any other disputes involving this Letter Agreement, including claims of violations of federal or state discrimination statutes or public policy, shall be resolved pursuant to binding
arbitration in New York City. In the event of a dispute, a written request for arbitration shall be submitted to the New York City office of the American Arbitration Association under its Resolution of Employment Dispute Rules. The award of the
arbitrators shall be final and binding and judgment upon the award may be entered in any court having jurisdiction thereof. Except as otherwise provided above, this procedure shall be the exclusive means of settling any disputes that may
arise under this Letter Agreement. All fees and expenses of the arbitrators and all other expenses of the arbitration, except for attorneys’ fees and witness expenses, shall be shared equally by you and the Companies. Each party shall bear its
own witness expenses and attorneys’ fees. 

  

	13.	No Conflicts. You represent and warrant to the Companies that your acceptance of employment and the performance of your duties for the Companies will not
conflict with or result in a violation or breach of, or constitute a default under any contract, agreement or understanding to which you are or were a party or of which you are aware and that there are no restrictions, covenants, agreements or
limitations on your right or ability to enter into and perform the terms of this Letter Agreement. 

  

	14.	Entire Agreement. Upon the Effective Date, this Letter Agreement supersedes all previous and contemporaneous communications, agreements and understandings,
whether oral or written, between you, on the one hand, and the Companies or any of its affiliates, on the other hand, and constitutes the sole and entire agreement between you and the Companies pertaining to the subject matter hereof.

  

	15.	Counterparts. This Letter Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become a
binding agreement when one or more counterparts have been signed by each party and delivered to the other party. 

 *     *     *     * 
 If the foregoing is acceptable to you, kindly sign
and return to us one copy of this letter. 
  

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	Sincerely yours,
	
	Perrigo Company
		
	By:	 	 /s/ Joe Papa

	Name:	 	Joe Papa
	Title:	 	Chairman and CEO

  

							
	AGREED TO AND ACCEPTED BY:	 		  		  	
				
	 /s/ Paul B. Manning
	 		  	 03/22/2010
	  	
	Paul B. Manning	 		  	Date	  	

  

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 EXHIBIT A 
 Non-Competition AgreementNon-Competition Agreement

 Exhibit 10.2 
 EXECUTION COPY 
 NON-COMPETITION AGREEMENT 
 THIS NON-COMPETITION AGREEMENT (this “Agreement”) is entered into on March 22, 2010 by and between PERRIGO COMPANY, a
Michigan corporation (together with its affiliates, “Perrigo”), and Paul B. Manning (“Employee”). 
 WHEREAS concurrently with the execution and delivery of this Agreement Perrigo is entering into that certain Merger Agreement (the “Merger Agreement”) with PBM Holdings, Inc., PBM Nutritionals, LLC, Pine Holdings Merger
Sub, Inc., a direct wholly-owned subsidiary of Perrigo, Pine Nutritionals Merger Sub, LLC, a direct wholly-owned subsidiary of Perrigo, and PBM Stakeholders, LLC, as the stakeholders’ representative, pursuant to which Pine Holdings Merger Sub
will merge with and into Holdings and Pine Nutritionals Merger Sub will merge with and into Nutritionals (the “Mergers”) (terms used and not defined herein shall have the meanings assigned to such terms in the Merger Agreement);

 WHEREAS Schedule I to this Agreement lists the products that Perrigo, as of the Effective Time, is currently marketing, and
Schedule II to this Agreement lists those categories of products that Perrigo is currently developing and planning to market (such products (as may be updated pursuant to Section 5) and categories listed on Schedule I and Schedule II,
respectively, the “Perrigo Business”); 
 WHEREAS the Companies, directly and indirectly through certain of
their Subsidiaries, are engaged in the business of manufacturing, marketing and distributing (i) infant and toddler nutritional products, including formulas, foods and pediatric drinks, (ii) Glucoburst gel, drink and tablet products or
their store-brand equivalents, and (iii) any other products that the Companies or one of their controlled affiliates are (A) marketing or (B) as of the Employment End Date, actively developing and planning to market
(the “Companies’ Business”); and 
 WHEREAS as a material inducement to Perrigo to enter into the
Merger Agreement and consummate the Mergers, Employee agreed to enter into this Agreement. 
 NOW, THEREFORE, in consideration
of Perrigo’s hiring Employee as an employee and the receipt of consideration in connection with the transactions contemplated by the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are
acknowledged, the parties agree as follows: 
 1. Non-Competition. 
 (a) Beginning at the Effective Time and ending on the fifth anniversary of the Closing Date (the “Companies’
Non-Competition Period”), Employee shall not, directly or indirectly, alone or as a partner, (i) serve as an officer, director, owner, trustee, employee or consultant of any Person, or (ii) own, manage, control, operate, or
otherwise invest, participate or engage in, any business or other enterprise that in any way competes with the Companies’ Business as conducted immediately prior to the Employee’s termination of its employment with Perrigo (for any reason)
(the “Employment End Date”). 

 (b) Beginning at the Effective Time and ending on the Employment End Date (the
“Initial Perrigo Non-Competition Period”), Employee shall not, directly or indirectly, alone or as a partner, officer, director, owner, trustee, employee or consultant of any Person, own, manage, control, operate, or otherwise
invest, participate or engage in any business or other enterprise that develops, manufactures or commercializes any products or categories that compete with the Perrigo Business as set forth on Schedule I (as may be updated pursuant to
Section 5) and Schedule II. Beginning at the end of the Initial Perrigo Non-Competition Period and ending on the second anniversary of the Employment End Date (the “Extended Perrigo Non-Competition Period”), Employee shall not,
directly or indirectly, alone or as a partner, officer, director, owner, trustee, employee or consultant of any Person, own, manage, control, operate, or otherwise invest, participate or engage in any business or other enterprise that develops,
manufactures or commercializes any products that compete with any of the products listed on Schedule I (as may be updated pursuant to Section 5). For the purposes of this Agreement, “Perrigo Business” during the Extended
Perrigo Non-Competition Period shall be defined as only those products listed on Schedule I (including as it may have been updated pursuant to Section 5). 
 (c) Nothing in this Agreement shall restrict or prohibit Employee from, at any time, directly or indirectly, developing, manufacturing or commercializing any national or regional brand products (but not
store brand, private label or control brand products), including such products that may compete with any of the Perrigo products specified on Schedule I or within the categories set forth on Schedule II. 
 (d) Notwithstanding anything to the contrary herein, passive beneficial ownership of less than 5% in the aggregate of the stock of any
corporation listed on a national securities exchange shall not be deemed to be a violation of this Section 1. 
 (e)
Nothing contained herein shall prevent Employee or any of his affiliates from acquiring, merging with or investing in any Person or business whose net revenues from the Perrigo Business constitute less than five percent (5%) of the net revenues
of the acquired business during the calendar year immediately preceding the consummation of the acquisition of the acquired business. 
 2. Non-Solicitation. During the Companies’ Non-Competition Period, Employee shall not knowingly or intentionally, directly or indirectly, either for himself or any other Person, solicit or induce, or attempt to solicit or
induce, any individual who is, at such time, an employee or independent contractor of Perrigo to terminate his, her, or its relationship with Perrigo or in any way interfere with or disrupt Perrigo’s relationship with any of its employees or
independent contractors; provided, however, that the foregoing provision shall not preclude Employee and his affiliates from (A) making good faith generalized solicitations for employees through advertisements or search firms and
hiring any persons through such solicitations; provided, that Employee and his affiliates do not encourage or advise such firm to approach any such employee and such searches are not targeted or focused on Perrigo’s employees, or
(B) responding to or hiring any employee of Perrigo who contacts Employee or its affiliates at his or 
  

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her own initiative without any prior direct or indirect encouragement or solicitation (other than as permitted by clause (A) of this proviso). 
 3. Non-Disparagement. Employee shall not at any time disparage Perrigo to any Person or encourage, during the Companies’
Non-Competition Period or with respect to the Companies’ Business, and during the applicable period specified in Section 1(b) above with respect to the Perrigo Business, any Person to not retain the services of Perrigo with respect to, or
in connection with, the Companies’ Business or the Perrigo Business, as the case may be; provided, however, that nothing contained in this Section 3 shall (i) prohibit the Employee or any of its controlled affiliates
from asserting or enforcing any rights, claims or defenses any of them may have under the terms of the Merger Agreement or any of the other Transaction Documents, including pursuant to this Agreement or Article VIII or IX of the Merger Agreement, in
each case, in connection with a court, arbitral or other similar proceeding, or (ii) prohibit Employee or any of its controlled affiliates from making statements that they believe, upon advice of counsel, are required by applicable Law.

 4. Remedies. 
 (a) The parties to this Agreement recognize that irreparable harm would result from any breach by Employee of any restrictive covenant contained in this Agreement and that monetary damages alone would not
provide adequate relief for any such breach. Accordingly, in addition to any other remedy that may be available to Perrigo, if Employee breaches a restrictive covenant contained in this Agreement, the parties acknowledge that injunctive relief in
favor of Perrigo is proper (without the requirement of posting a bond or other security). 
 (b) The parties acknowledge that
the agreements herein are reasonable in all respects and necessary for the protection of Perrigo, and Employee acknowledges that Perrigo’s willingness to enter into the Merger Agreement is expressly conditioned on Employee’s undertaking
and complying with the agreements in this Agreement. Accordingly, Employee shall be bound by the restrictive covenants in this Agreement to the maximum extent permitted by Law, it being the intent and spirit of the parties that the foregoing shall
be fully enforceable. The parties further agree, however, that if a court of competent jurisdiction determines that any of the provisions hereof are excessively broad as to duration, scope, or geographic area, such provision shall be deemed modified
to permit enforcement to the maximum extent allowed by Law. 
 5. Perrigo Business; Schedules I and II; Update of Perrigo
Business. Perrigo Business shall be limited to only those products listed on Schedule I and, prior to the Employment End Date, those categories set forth on Schedule II. Perrigo shall (i) on or prior to the Closing Date, deliver to Employee
a true and correct list of the products that (together with the categories set forth on Schedule II, which shall not be subject to updating) comprise the Perrigo Business and, in each case, which include the products that are in the market in
commercial distribution on the Closing Date, (ii) promptly on or following (but, in any event, no later than fourteen (14) Business Days following) the Employment End Date, deliver to 
  

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Employee an amended and restated Schedule I to reflect the Perrigo Business, including only those products on the market in commercial distribution on the Employment End Date; provided,
that (x) in the event that Perrigo fails to deliver to Employee an update to Schedule I pursuant to, and within the required period set forth in, clause (ii) of this Section 5, then the products listed on Schedule I delivered pursuant
to clause (i) of this Section 5 shall be, for all purposes, the Perrigo Business and (y) if at any time during the Initial Perrigo Non-Competition Period or the Extended Perrigo Non-Competition Period any product included in
Schedule I is sold or transferred to a third party such that Perrigo does not continue to commercialize such product, then Schedule I shall be deemed, without any action required by the parties hereto, amended to delete reference to such
product. Notwithstanding anything to the contrary in this Agreement, Schedule I (and, accordingly, the Perrigo Business) shall in no event include, and Employee shall not, following the Employment End Date, be restricted from competing with, any
product or products added following the date of this Agreement, to Perrigo’s portfolio of products pursuant to, or in connection with, a transaction or series of related transactions (in each case, whether alone or as part of a merger,
acquisition, consolidation or otherwise) involving aggregate consideration equal to, or in excess of, $200 million. 
 6.
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED
AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. 
 (b) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT WITHIN THE COUNTY OF NEW
YORK, IN THE STATE OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, THE PARTIES IRREVOCABLY (I) ACCEPT GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF THESE COURTS; (II) WAIVE ANY OBJECTIONS THAT SUCH PARTY MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (I) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVE AND AGREE NOT
TO PLEAD OR CLAIM IN ANY SUCH COURT THAT SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; (III) AGREE THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR
CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PARTY AT THEIR RESPECTIVE ADDRESSES PROVIDED IN ACCORDANCE WITH SECTION 7; AND (IV) AGREE THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER SUCH PARTY
IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE

  

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IN EVERY RESPECT. THE PARTIES HERETO IRREVOCABLY WAIVE, AND AGREE TO CAUSE THEIR SUBSIDIARIES TO WAIVE, THE RIGHT TO TRIAL BY JURY IN ANY ACTION TO ENFORCE OR INTERPRET THE PROVISIONS OF THIS
AGREEMENT. 
 7. Notices. All notices, requests, demands, waivers and other communications required or permitted to be
given under this Agreement to any party hereunder shall be in writing and deemed given upon (a) personal delivery, (b) transmitter’s confirmation of a receipt of a facsimile transmission, (c) confirmed delivery by a standard
overnight carrier of national reputation or when delivered by hand or (d) when mailed in the United States by certified or registered mail, postage prepaid, addressed at the following addresses (or at such other address for a party as shall be
specified by notice given hereunder): 
 If to Perrigo, to: 
 Perrigo Company 
 515 Eastern Avenue 
 Allegan, MI 49010 
 Attn: Todd W. Kingma 
 Fax:  269-673-1386 
 With copies to (which shall not constitute receipt of notice hereunder): 
 Morgan, Lewis & Bockius LLP 
 101 Park Avenue 
 New York, NY 10178 
 Attn: Robert G. Robison 
          R. Alec Dawson 
 Fax:  (212) 309-6001 
 If to Employee, to: 
 Paul B. Manning 
 204 North Main Street 
 Gordonsville, VA 22942 
 Fax: (540) 832-0193 
 With copies to (which shall not constitute receipt of notice hereunder): 
 Kramer Levin Naftalis & Frankel LLP 
 1177 Avenue of the Americas 
 New York, NY 10036 
 Attn:   Steven M. Goldman 
 Fax:    (212) 715-8053 
 8. No Third-Party
Beneficiaries. This Agreement is not intended to, and does not, confer upon any Person other than the parties hereto and their respective successors and permitted assigns any rights or remedies. 
 9. Assignment; Binding Effect. This Agreement and the rights hereunder are not assignable unless such assignment is consented to in
writing by Perrigo and Employee. 
  

 5 

 
Subject to the preceding sentence, this Agreement and all the provisions hereof shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
permitted assigns. This Agreement and the rights, privileges, and obligations of the parties hereunder may not be assigned, except that Perrigo may, at its option, assign this Agreement or one or more of its rights, privileges or obligations under
this Agreement to a controlled affiliate of Perrigo (so long as such affiliate remains a controlled affiliate) or in connection with a transfer of all or substantially all of the assets or stock of Perrigo or a merger or consolidation of Perrigo
with and into another company or entity. 
 10. Entire Agreement. This Agreement constitutes the entire agreement among
the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral and written, between the parties with respect to such subject matter. 
 11. Amendment and Waiver. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party hereto, or in the case of a waiver, by the party or parties against whom the waiver is to be effective. No failure or delay by any party in exercising any right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 
 12. Severability. If any provision of this Agreement or the application of any such provision to any Person or circumstance shall be
held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and any such invalidity, illegality or unenforceability in any
jurisdiction shall not invalidate or render illegal or unenforceable such provision in any other jurisdiction. 
 13.
Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which when executed, shall be deemed to be an original and all of which together will be deemed to be one and the same instrument
binding upon all of the parties hereto notwithstanding the fact that all parties are not signatory to the original or the same counterpart. For purposes of this Agreement, facsimile signatures or signatures by other electronic form of transfer shall
be deemed originals, and the parties agree to exchange original signatures as promptly as possible. 
 14. Headings. The
headings contained in this Agreement are inserted for convenience only and shall not be considered in interpreting or construing any of the provisions contained in this Agreement. 
 [Signature Page Follows] 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above. 
  

							
	EMPLOYEE	 		 	PERRIGO COMPANY
				
	 /s/ Paul B. Manning
	 		 	by:	 	 /s/ Joseph C. Papa

	Paul B. Manning	 		 	Name:	 	Joseph C. Papa
		 		 	Title:	 	President and CEO

  

 Signature Page to Non-Competition Agreement

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