PERRIGO Co plc 8-K/A

What Happened
Perrigo Co plc (PRGO) announced that its Board appointed Albert A. Manzone as Interim President and Chief Executive Officer (initially announced June 7, 2026) and on July 3, 2026 entered into a written employment agreement effective that date. The agreement covers a fixed term from June 7, 2026 to December 31, 2026, with a possible month-to-month extension up to 90 days if a permanent CEO has not been appointed. Compensation includes an annual base salary of $1,270,000, a one-time performance-based cash bonus of $250,000, and a one-time restricted stock unit (RSU) grant with a grant‑date fair value of $2,500,000 that vests on the earlier of one year, hiring of a permanent CEO, or termination in connection with a change of control. The full employment agreement is filed as Exhibit 10.1 to the Form 8-K/A.

Key Details

• Effective dates: employment effective July 3, 2026; Fixed Term June 7, 2026 – December 31, 2026, with up to 90-day month-to-month extension if needed.
• Cash pay: $1,270,000 annual base salary; one-time cash bonus of $250,000 subject to board‑approved performance metrics payable at end of Fixed Term or upon change‑of‑control termination.
• Equity: one-time special RSU grant with grant‑date fair value of $2,500,000 under Perrigo’s 2026 LTIP; vesting upon earlier of (x) one year, (y) hiring of a permanent CEO, or (z) change‑of‑control termination.
• Transition terms: if a permanent CEO is appointed before the end of the Fixed Term, Mr. Manzone will receive full salary and benefits for the Fixed Term and be offered an alternative role; if appointment occurs during any extended month‑to‑month period, he is paid through the actual termination date.

Why It Matters
This filing documents the company’s interim leadership and the specific compensation commitments tied to that role. For investors, the agreement clarifies near‑term executive pay cash costs (salary and potential $250k bonus) and a material equity grant ($2.5M fair value) that could affect dilution and executive incentives. The fixed-term and extension structure also provides clarity on the timeline for a permanent CEO search and associated transition costs.