Perrigo reinstates executive severance protections

Perrigo Company plc has reinstated its Executive Committee Severance Policy for most executive officers, excluding the Interim CEO and any successor CEO.

Rhea-AI Filing Summary

Perrigo Company plc has reinstated its Executive Committee Severance Policy for most executive officers, excluding the Interim CEO and any successor CEO. The policy applies to qualifying terminations without cause or for good reason from June 7, 2026 until 12 months after a new CEO starts.

During this transition period, eligible executives who experience a qualifying termination will receive 1.5 times the sum of base salary and target bonus, paid over an 18‑month severance period. Perrigo will also pay the employer portion of COBRA premiums during that period, provide a pro rata bonus based on actual performance, and offer career transition assistance.

The policy, which was reinstated on June 29, 2026, will terminate at the end of the transition period. All benefits are conditioned on a release of claims and ongoing confidentiality, invention, non-disparagement, non-compete, and non-solicitation obligations.

8-K Event Classification

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Key Figures

Policy reinstatement date: June 29, 2026 Transition period start: June 7, 2026 Severance multiple: 1.5x salary and target bonus +3 more

6 metrics

Policy reinstatement date June 29, 2026 Date Perrigo reinstated the Executive Severance Policy

Transition period start June 7, 2026 Beginning of period during which qualifying terminations are covered

Severance multiple 1.5x salary and target bonus Benefit for qualifying terminations under Executive Severance Policy

Severance duration 18 months Period over which severance pay is made

COBRA coverage Employer portion of premiums Paid by Perrigo during the 18‑month severance period

Transition period end 12 months after successor CEO start Policy terminates at this point

Key Terms

Executive Severance Policy, qualifying termination, good reason, COBRA premiums, +2 more

6 terms

Executive Severance Policy financial

"the Company reinstated the Perrigo Company plc Executive Committee Severance Policy"

qualifying termination financial

"a “qualifying termination” during the period from June 7, 2026"

good reason financial

"resignation for “good reason” (each as defined in the Executive Severance Policy"

COBRA premiums financial

"the Company will pay the employer portion of COBRA premiums"

non-compete financial

"subject to a release of claims as well as confidentiality, invention, non-disparagement, non-compete"

A non-compete is a contract clause that prevents an employee, executive, or seller from working for or starting a rival business for a set time and area after leaving a company. It matters to investors because it protects the value of intellectual property, customer relationships and key personnel—like putting a temporary fence around a company’s customers and know‑how—while also creating legal and operational constraints that can affect talent mobility and deal attractiveness.

non-solicitation financial

"non-disparagement, non-compete and non-solicitation provisions"

A non-solicitation clause is a contractual promise that one party will not actively try to lure away another party’s employees, customers, or suppliers. For investors, it signals protection of a company’s workforce and client base after a deal or partnership—reducing the risk that key staff or revenue sources will be poached and therefore helping preserve the business’s value, predictability, and post-transaction earnings. Think of it as an agreement not to knock on a neighbor’s door to take their business or team.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What executive change did Perrigo (PRGO) report in this 8-K?

Perrigo reinstated its Executive Committee Severance Policy for most executive officers. It had previously terminated the policy in January 2020. The reinstated policy defines severance protections during a transition period tied to the appointment of a successor Chief Executive Officer.

Which Perrigo (PRGO) executives are covered by the reinstated severance policy?

The policy covers all Perrigo executive officers except the Interim CEO and any successor CEO. These participating executives become eligible for severance benefits if they experience a qualifying termination during the specified transition period surrounding the leadership change.

What severance benefits can Perrigo (PRGO) executives receive under the policy?

Eligible executives receive 1.5 times base salary plus target bonus, paid over an 18‑month severance period. Perrigo also pays the employer portion of COBRA premiums, provides a pro rata bonus based on actual performance, and offers career transition assistance for the year of termination.

When does Perrigo’s (PRGO) Executive Severance Policy apply and end?

The policy applies to qualifying terminations from June 7, 2026 until 12 months after a successor to Patrick Lockwood‑Taylor starts as CEO. It automatically terminates at the end of this transition period, limiting the duration of the enhanced protections.

What conditions must Perrigo (PRGO) executives meet to receive severance benefits?

Executives must have a qualifying termination and provide a release of claims. They are also subject to confidentiality, invention assignment, non-disparagement, non-compete, and non-solicitation provisions, which continue to bind them while receiving severance pay and related benefits.

How does Perrigo (PRGO) define qualifying terminations in this policy?

The policy provides benefits for a termination without “cause” or resignation for “good reason”, as defined in the Executive Severance Policy. These events, occurring during the transition period, are collectively referred to as qualifying terminations for purposes of severance eligibility.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/06/2026 - 04:45 PM Learn about SEC filing dates

0001585364false00015853642026-06-292026-06-290001585364prgo:OrdinaryShares0001ParValueMember2026-06-292026-06-290001585364prgo:A4.900SeniorNoteDue2030Member2026-06-292026-06-290001585364prgo:A6.125SeniorNotesDue2032Member2026-06-292026-06-290001585364prgo:A5.375SeniorNotesDue2032Member2026-06-292026-06-290001585364prgo:A5.300SeniorNotesDue2043Member2026-06-292026-06-290001585364prgo:A49SeniorLoanDue2024Member2026-06-292026-06-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________

 FORM 8-K

______________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

June 29, 2026

_______________________________________________

Perrigo Company plc

(Exact name of registrant as specified in its charter)

_______________________________________________

Commission file number 001-36353

Ireland						Not Applicable
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

The Sharp Building, Hogan Place, Dublin 2, Ireland D02 TY74

+353 1 7094000

(Address, including zip code, and telephone number, including

area code, of registrant’s principal executive offices)

Not Applicable

(Former name or former address, if changed since last report)

________________________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act

    (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act

    (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

    (17 CFR 240.14d-2(b))

☐         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

        (17 CFR 240.13e-4(c))

Securities Registered pursuant to section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Ordinary shares, €0.001 par value			PRGO			New York Stock Exchange
4.900% Notes due 2030			PRGO30			New York Stock Exchange
6.125% Notes due 2032			PRGO32A			New York Stock Exchange
5.375% Notes due 2032			PRGO32B			New York Stock Exchange
5.300% Notes due 2043			PRGO43			New York Stock Exchange
4.900% Notes due 2044			PRGO44			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 29, 2026, the Company reinstated the Perrigo Company plc Executive Committee Severance Policy, as amended and restated (the “Executive Severance Policy”) which previously terminated effective January 15, 2020. Each of the Company’s executive officers other than the Interim Chief Executive Officer and any successor Chief Executive Officer will be eligible to participate in the Executive Severance Policy. The Executive Severance Policy provides, in the event of termination without “cause” or resignation for “good reason” (each as defined in the Executive Severance Policy, a “qualifying termination”) during the period from June 7, 2026 until 12 months after the date on which a successor to Patrick Lockwood-Taylor commences employment as the Company’s Chief Executive Officer (the “Transition Period”), participating executives will be entitled to 1.5 times the sum of base salary and target bonus payable over an 18-month severance period, and during such severance period the Company will pay the employer portion of COBRA premiums. Participating executives will also be entitled to a pro rata bonus payment based on actual performance for the year of termination and career transition assistance. The Executive Severance Policy will terminate at the end of the Transition Period.

The above-described payments, benefits and equity award treatment are subject to a release of claims as well as confidentiality, invention, non-disparagement, non-compete and non-solicitation provisions.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

(Registrant)

PERRIGO COMPANY PLC

By:

/s/ Charles Atkinson

Dated:

July 6, 2026

Charles Atkinson

General Counsel & Company Secretary

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4 documents

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