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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.
On May 14, 2025, the Board of Directors of Mallinckrodt plc (the “Company”) adopted amendments to the award agreements pursuant to which the Company had previously granted time-vesting restricted units (“RSUs”) to the Company’s executive officers (other than Mr. Sigurdur O. Olafsson, the Company’s Chief Executive Officer) and non-employee directors. As previously disclosed in the Company’s registration statement on Form S-4 filed with the Securities and Exchange Commission (“SEC”) on April 23, 2025 (as amended, the “Registration Statement”), such amendments provide that the vesting of the RSUs will accelerate in full (as opposed to pro rata vesting) upon a termination of employment or service without “cause” or, in the case of executive officers, for “good reason,” as such terms are defined in the relevant agreements. Other key terms of the RSUs are more fully described in the section entitled “Compensation of Executive Officers — Fiscal 2024 Executive Compensation Decisions — 2024 Equity Grants” on page 30 of the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 3, 2025.
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.
| MALLINCKRODT PLC | ||
| Date: May 16, 2025 | By: | /s/ Mark Tyndall |
| Mark Tyndall | ||
| Executive Vice President and Chief Legal Officer & Corporate Secretary | ||