UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Consistent with the Company’s longstanding pay-for-performance compensation philosophy, on April 9, 2020, the Company’s subsidiary, Perrigo Pharma International D.A.C., amended and restated the Perrigo Employee Severance Programme-Ireland (the “Programme”) to remove the excise tax gross-up payment for eligible executives under the Programme. The Programme provides benefits in cases where an eligible executive officer is: made redundant; terminated without cause; relocated from the existing place of work; subject to a material diminution of authority, duties or responsibilities; or subject to a material diminution in salary. In these cases, eligible executive officers under an Irish employment agreement would receive statutory redundancy pay (where applicable), a notice period or payment in lieu thereof per the terms of the employment agreement, and an ex gratia payment in an amount equal to two and a half times the sum of 52 weeks of pay (prior to any reduction due to a significant reduction in pay) and the eligible executive officer’s target annual bonus for the year in which the severance occurs. Under the Programme as amended and restated, the excise tax gross-up payment provision has been eliminated, and no eligible executive will be entitled to such payment under the Programme.
SIGNATURE
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/ Todd W. Kingma | |||
| Dated: April 9, 2020 |
Todd W. Kingma | |||
| Executive Vice President, General Counsel and Secretary | ||||