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Get filing alertsPerrigo reinstates executive severance policy during CEO transition period
Filed July 6, 2026 · Period ending June 29, 2026 · ~1 min read
Key Changes
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Perrigo reinstated an executive severance policy that had been terminated since January 2020, covering the transition period from June 7, 2026 through 12 months after a new permanent CEO starts.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Executives terminated without cause or resigning for good reason during the transition period receive 1.5x base salary plus target bonus over 18 months, COBRA coverage, prorated actual-performance bonus, and career transition assistance.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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The policy excludes the Interim CEO and any successor CEO, and all benefits require a release of claims plus non-compete and non-solicitation agreements.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Perrigo reinstated an executive severance policy on June 29, 2026 that had been terminated over six years earlier. The policy covers executive officers (excluding the Interim CEO and any successor CEO) during a defined transition period running from June 7, 2026 through 12 months after a new permanent CEO begins employment. This timing suggests the company is managing executive retention risk during leadership transition.
For qualifying terminations during this window—either termination without cause or resignation for good reason—covered executives receive 1.5 times their base salary plus target bonus paid over 18 months, employer-paid COBRA premiums during that period, a prorated bonus based on actual performance for the termination year, and career transition assistance. All benefits require the executive to sign a release of claims and agree to confidentiality, non-compete, and non-solicitation terms. The policy's narrow window and automatic termination after the transition period indicate this is a targeted retention tool rather than a permanent compensation structure change.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
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.
Perrigo brought back a severance policy that had been terminated over six years ago. The policy covers executive officers except the Interim CEO and any successor CEO. It applies during a transition period running from June 7, 2026 through 12 months after a new permanent CEO starts.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
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.
All severance payments and benefits require the executive to sign a release of claims and agree to confidentiality, invention assignment, non-disparagement, non-compete, and non-solicitation terms.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 7, 2026 · How we verify