Actionable news
0
All posts from Actionable news
Actionable news in PRGO: PERRIGO COMPANY PLC,

Departure of Directors or Certain

Certain Officers; Compensatory Arrangements of Certain Officers.

On April 24, 2016, Joseph C. Papa resigned as Chairman of the Board, Director and Chief Executive Officer of Perrigo Company plc (the Company) and its subsidiaries and affiliates.

In connection with Mr. Papas resignation, he and Perrigo Company, a Michigan corporation and wholly-owned subsidiary of the Company (Perrigo Michigan), entered into Amendment No. 3 (the Third Amendment), effective as of April 24, 2016 (the Amendment Date), to that certain Employment Agreement between Mr. Papa and Perrigo Michigan, effective as of October 9, 2006, as amended by Amendment No. 1 effective as of November 12, 2015 and Amendment No. 2 effective as of October 22, 2015.

The Third Amendment provides that Mr. Papa terminated his e mployment effective April 24, 2016. The Third Amendment also provides that the Company will not enforce the non-compete provisions of Mr. Papas employment agreement related to Mr. Papa serving as Chief Executive Officer or a member of the board of directors of Valeant Pharmaceuticals International, Inc. and its subsidiaries (Valeant) with respect to Valeants currently-constituted products (including extensions and organic growth), as well as (1) authorized generic, store-brand generics or over-the-counter versions of pharmaceutical products of Valeant (for pharmaceutical products owned by Valeant or to which Valeant has rights as of the Amendment Date) or any extension thereof, (2) any new product that has been publicly announced by Valeant as of the Amendment Date, (3) any product that is under development by Valeant as of the Amendment Date (subject to certain conditions described in the Third Amendment), or (4) any Permitted Acquisition (as defined in the Third Amendment). Other than as specifically provided for in the previous sentence, the non-compete provisions of Mr. Papas employment agreement remain in force and effect such that for two years following his termination of employment, Mr. Papa may not, directly or indirectly, engage in Competition as defined in the Third Amendment.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Third Amendment, which is included as Exhibit 10.1 hereto.

Item 9.01.

Financial Statements and Exhibits.

(d)Exhibits

10.1

Amendment No. 3, effective as of April 24, 2016, to the Employment Agreement, effective as of October 9, 2006, by and between Perrigo Company and Joseph C. Papa.

SIGNATURE

Pursuant to the requirement 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:

Todd W. Kingma

Executive Vice President General Counsel and

Company Secretary

Exhibit Index

10.1

Amendment No. 3, effective as of April 24, 2016, to the Employment Agreement, effective as of October 9, 2006, by and between Perrigo Company and Joseph C. Papa.

makes a similar move, sign up!

Other recent filings from the company include the following:

Results of Operations and Financial - April 25, 2016
Perrigo Company's Executive VP & CFO just cashed-in 2,776 options - April 14, 2016
Perrigo: Form, Schedule Or Registration Statement No Filing Party: Date Filed: - April 14, 2016
Perrigo: Form, Schedule Or Registration Statement No Filing Party: Date Filed: - April 14, 2016