Exhibit 10.3

PERRIGO COMPANY

U.S. SEVERANCE POLICY

ARTICLE I

INTRODUCTION

Perrigo Company (the “Company”) hereby establishes the Perrigo Company U.S. Severance Policy (the “Policy”), effective December 1, 2013, for the benefit of certain “Eligible Employees” of the Company and certain Affiliates specified by the Company. The Policy is intended to apply to United States based “Employees,” as described herein. The Policy shall be binding on any successor to all or substantially all of the Company’s assets or business. Except as otherwise provided herein, the Policy supersedes any prior formal or informal severance plans, programs or policies of the Company or its Affiliates covering Eligible Employees.

ARTICLE II

DEFINITIONS

2.1 “Act” means the Irish Companies Act 1963, as amended from time to time. References to any provision of the Act shall be deemed to include successor provisions thereto and regulations thereunder.

2.2 “Affiliate” means any member of the group of corporations, trades or businesses or other organizations comprising the “controlled group” with Perrigo Company under Code Section 414.

2.3 “Cause” means, as determined by the Administrator in its sole discretion:

2.4 “Change in Control” means:

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2.5 “Code” means the Internal Revenue Code of 1986, as amended.

2.6 “Company” means Perrigo Company, an indirect wholly-owned subsidiary of Perrigo Company plc.

2.7 “Comparable Position” means a position either with the Company or any of its Affiliates or with a successor or transferee of all or a part of the business of the Company or Affiliate, on terms which do not cause a Significant Reduction in Scope or Base Compensation and do not entail a Relocation. The Administrator, in its sole discretion, will determine whether a position is a Comparable Position.

2.8 “Confidential Information” means trade secrets and other propriety information of an Employer or any Affiliate. Such information includes, but is not limited to, internal financial information, marketing plans, customer and dealer data, names or lists of suppliers, new product plans, inventions, pending patent applications, product styles, manufacturing data and information, technical improvements, processes, methods, formulas, drawings, photographs, systems, machine readable records, flow charts, source decks, models, compilations, lists of employees, organization charts, computer software, databases, strategic plans, pricing information and customer lists. If an Eligible Employee entered into a separate confidentiality or proprietary rights agreement with an Employer or any Affiliate, the term “Confidential Information” for purposes of this Policy shall have the meaning ascribed to any such term or concept as it is defined under, or used in, the separate agreement.

2.9 “Eligible Employee” means each Employee who is not (i) covered by a written employment agreement that contains a severance provision, or covered by a written severance agreement (for the duration of that agreement); (ii) classified as “temporary,” including without limitation, anyone classified as an “intern” or “co-op”; (iii) a consultant; (iv) a “leased employee” as defined in Code Section 414(n); or (v) a person performing services for an Employer on a contract basis or as an independent contractor or consultant or through a purchase order, supplier agreement or any other form of agreement that the Employer enters into for services, regardless of whether any of the above such individuals set forth in (iii), (iv) or (v) are subsequently determined by the Internal Revenue Service, the U.S. Department of Labor or a court to be Employees.

2.10 “Employee” means any employee of an Employer who is regularly scheduled to work thirty-five (35) hours or more per calendar week for the Employer.

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2.11 “Employer” means the Company and each U.S. Affiliate of the Company.

2.12 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

2.13 “Involuntary Termination” means a termination of an Eligible Employee’s employment by the Employer due to a business condition, as determined in the sole discretion of the Employer. The term Involuntary Termination shall include (i) a termination effective when the Eligible Employee exhausts a leave of absence during, or at the end of, a WARN Notice Period, and (ii) a situation where an Eligible Employee on an approved leave of absence during which the Employee’s position is protected under applicable law (e.g., a leave under the Family Medical Leave Act), returns from such leave, and cannot be placed in employment with the Employer. An Eligible Employee’s termination for Cause shall not constitute an “Involuntary Termination” that entitles him/her to receive severance pay or severance benefits under the Policy.

2.14 “Policy” means the Perrigo Company U.S. Severance Policy, as set forth herein and as it may be amended from time to time.

2.15 Relocation” means a material change in the geographic location at which the Eligible Employee is required to perform services. Such change in an Eligible Employee’s primary job site will be considered material if (i) for Eligible Employees other than field-based sales representatives (or similar field-based positions), the new location increases the Eligible Employee’s commute between home and primary job site by at least thirty (30) miles, or (ii) in the Company’s reasonable opinion, the new location requires that the Eligible Employee move his/her home to a new location at least thirty (30) miles away from the Eligible Employee’s home immediately prior to the change.

2.16 “Severance Date” means the final day of employment with the Employer which date shall be communicated in writing by the Employer to the Employee.

2.17 “Significant Reduction in Scope or Base Compensation” means a material diminution in the Eligible Employee’s authority, duties, or responsibilities or a material diminution in the Eligible Employee’s base compensation. The Administrator, in its sole discretion, shall determine whether an Eligible Employee experiences a “Significant Reduction.”

2.18 “Triggering Event” means an Involuntary Termination, Relocation or Significant Reduction in Scope or Base Compensation.

2.19 “WARN Act” means the Worker Adjustment and Retraining Notification Act.

2.20 “WARN Notice Date” means the date the Employer is required to notify an Eligible Employee pursuant to the WARN Act or similar state law that he/she is to be terminated from employment with the Employer in conjunction with a “plant closing” or “mass layoff” as described in the WARN Act or similar state law.

2.21 “WARN Notice Period” means the sixty (60) consecutive calendar day period, or other applicable period under similar state law, commencing on an Eligible Employee’s WARN Notice Date.

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2.22 “Week of Pay” shall be determined based on the Eligible Employee’s status as a salaried or hourly Employee. If the Eligible Employee is a salaried Employee, Week of Pay shall be the Eligible Employee’s regular weekly base salary compensation rate in effect on his/her Severance Date. If the Eligible Employee is an hourly Employee, Week of Pay shall be the Eligible Employee’s regular hourly base compensation rate multiplied by his/her regularly scheduled number of hours worked per week in effect on his/her Severance Date.

2.23 “Years of Service” shall be determined in accordance with the Employer’s personnel records. An Eligible Employee shall receive credit for a Year of Service for each twelve (12) month period of active service with the Employer. For partial years of employment, the Eligible Employee shall receive credit for a full Year of Service if he/she completes at least six (6) full months of active service. If an Eligible Employee has not completed at least six (6) full months of active service during a partial year, he/she shall not receive credit for a Year of Service.

ARTICLE III

ELIGIBILITY

3.1 Conditions of Eligibility. To be eligible for benefits as described in Article V, the Eligible Employee must (i) remain an Employee through the Severance Date, (ii) through the Severance Date, fulfill the normal responsibilities of his/her position, including meeting regular attendance, workload and other standards of the Employer, as applicable, and (iii) submit the signed Waiver and Release Agreement required by the Administrator on, or within forty-five (45) days after, his/her Severance Date or receipt of the Waiver and Release Agreement (whichever occurs later) and not revoke the signed Waiver and Release Agreement. In addition, in the event of a Relocation or a Significant Reduction in Scope or Base Compensation, the Eligible Employee must provide his/her Employer with written notice within ninety (90) days after the occurrence of such event. The Employer shall then have thirty (30) days to cure such event.

3.2 Conditions of Ineligibility. An otherwise Eligible Employee shall not receive severance pay or severance benefits under the Policy if:

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The foregoing list of conditions is intended to be illustrative and may not be all inclusive; the Administrator will determine in the Administrator’s sole discretion whether an Eligible Employee is eligible for severance pay and severance benefits under the Policy.

ARTICLE IV

PAY AND BENEFITS IN LIEU OF WARN NOTICE

4.1 Wage Payments. If an Eligible Employee is entitled to advance notice of a “plant closing” or a “mass layoff” under the WARN Act or similar state law, but experiences a Triggering Event before the end of a WARN Notice Period, the Eligible Employee shall be entitled to receive pay until the end of the WARN Notice Period as if he/she were still employed through such date. The pay under this Section 4.1 will be issued according to the normal payroll practices of the Employer and shall not be subject to the Waiver and Release Agreement.

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4.2 Benefits. An Eligible Employee described in Section 4.1 shall be entitled to benefits under Employer-sponsored medical, dental and vision benefit plans, as amended from time to time, through the end of the WARN Notice Period on the same terms and under the same conditions as applied to the Eligible Employee immediately prior to the Triggering Event. The benefits under this Section 4.2 are not subject to the Waiver and Release Agreement.

ARTICLE V

SEVERANCE PAY AND SEVERANCE BENEFITS

5.1 Generally. In exchange for providing the Employer with an enforceable Waiver and Release Agreement, in a form acceptable to the Administrator, an Eligible Employee who terminates employment on account of a Triggering Event shall be eligible to receive severance pay and severance benefits as described below, subject to the terms of the Policy. The consideration for the voluntary Waiver and Release Agreement shall be the severance pay and severance benefits the Eligible Employee would not otherwise be eligible to receive.

5.2 Amount of Severance Pay. Severance pay shall be determined in accordance with the table below based on the Eligible Employee’s “Band” classification. The Band applicable to any Eligible Employee shall be determined by the Administrator, in its sole discretion, based on the Eligible Employee’s job position relative to the job grading system in place for the applicable Employer.

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Severance will be paid for the number of weeks determined under the above table in equal installments at regularly scheduled payroll intervals, provided the Eligible Employee has executed and submitted a Waiver and Release Agreement and the period during which the Employee is entitled to revoke the Waiver and Release Agreement has expired, with any such severance payments to commence on the sixtieth (60) day following the Severance Date. Any severance payable to the Eligible Employee for the period following his/her Severance Date and the date payments commence shall be paid in a lump sum at the time installment payments commence. In the sole discretion of the Administrator, severance may be paid in a lump sum within sixty (60) days following the Eligible Employee’s Severance Date, provided the Eligible Employee has executed and submitted a Waiver and Release Agreement and the period during which the Employee is entitled to revoke the Waiver and Release Agreement has expired. All legally required taxes and any sums owed the Employer shall be deducted from Policy severance pay.

Severance paid in installments on regularly scheduled payroll dates will continue to be payable upon the death of a former Eligible Employee who was receiving severance payments at the time of death. The remaining payments will be made in a lump sum to the estate of the former Eligible Employee as soon as possible following death, but in no event later than two (2) years following termination of employment.

If an Employer reemploys an Eligible Employee who is receiving or has received severance pay and benefits under the Policy, the individual shall become ineligible and such pay and benefits shall cease effective as of the reemployment date. Further, the former Eligible Employee must repay the portion of the severance pay attributable to the period that begins on the date the Eligible Employee was reemployed. If the Administrator, in its sole discretion, determines that the former Eligible Employee’s services address a critical business need, then the Administrator may provide that no such repayment is required.

5.3 Severance Benefits.

(a) Medical, Dental and Vision Benefits Coverage Continuation. Under federal health care continuation coverage law (“COBRA”), the Eligible Employee who is receiving health care coverage under an Employer-sponsored plan is entitled to elect health care continuation coverage under the applicable Employer health plan if his/her employment terminates for certain reasons. Any of the Triggering Events would qualify the Eligible Employee to receive such continuation coverage, subject to the terms of the applicable health plan and governing law. If an Eligible Employee experiences a Triggering Event before his/her WARN Notice Period (if applicable) expires, his/her COBRA rights begin when the WARN Notice Period expires.

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If an Eligible Employee elects to exercise his/her applicable COBRA continuation rights under an Employer health plan, for the period of time during which the individual receives severance pay under Section 5.2, the Employer shall pay the full monthly COBRA premium on behalf of the Eligible Employee and his/her eligible covered dependents. For the balance of the Benefit Continuation Period, if any, the Eligible Employee will be required to pay the full monthly COBRA premium. The Employer will reimburse the Eligible Employee for the full cost of the COBRA premiums paid during the balance of the Benefit Continuation Period, less the amount that would apply if he/she were participating in the applicable Employer health plan as an active employee. Any partial month will be rounded up to the next whole month.

All of the terms and conditions of Employer-sponsored medical, dental and vision benefit plans, as amended from time to time, shall be applicable to an Eligible Employee (and his/her eligible dependents, if applicable) participating in any form of continuation coverage under such Employer-sponsored medical, dental and vision benefit plans. This Policy is not to be interpreted to expand an Eligible Employee’s health care continuation rights under COBRA.

(b) Severance Bonus. An Eligible Employee who, in the absence of an Involuntary Termination, would have been eligible to receive a bonus under any bonus plan or policy of the Employer or any Affiliate, shall receive a severance bonus pro-rated for the actual bonus payout to be paid at the regularly scheduled annual bonus payment date. Such pro-rated severance bonus shall be paid at the same time that annual bonuses are generally payable under any such bonus plan or policy of the Employer or any Affiliate.

(c) Long-Term Incentives. Long-term incentive payments shall be payable in accordance with the terms of any long-term incentive plan applicable to an Eligible Employee.

(d) Career Transition Assistance. A career transition assistance firm selected by the Administrator and paid for by an Employer shall provide career transition assistance as determined by the Administrator. An Eligible Employee must begin the available career transition assistance services within sixty (60) days following his/her Severance Date.

ARTICLE VI

WAIVER AND RELEASE AGREEMENT

In order to receive the severance pay and severance benefits available under the Policy, an Eligible Employee must submit a signed Waiver and Release Agreement form to the Administrator on or within forty-five (45) days after his/her Severance Date or receipt of the Waiver and Release Agreement, whichever occurs later. The required Waiver and Release Agreement shall be in such form as the Administrator shall prescribe, in its sole discretion. An Eligible Employee may revoke his/her signed Waiver and Release Agreement within seven (7) days of his/her signing the Waiver and Release Agreement. Notwithstanding any provision of this Policy to the contrary, in no event shall the timing of the Eligible Employee’s execution of the Waiver and Release Agreement, directly or indirectly, result in the Eligible Employee designating the calendar year of any severance payment, and if a payment that is subject to

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execution of the Waiver and Release Agreement could be made in more than one taxable year, payment shall be made in the later taxable year. Any such revocation must be made in writing and must be received by the Administrator within such seven (7) day period. An Eligible Employee who timely revokes his/her Waiver and Release Agreement shall not be eligible to receive any severance pay or severance benefits under the Policy. Eligible Employees shall be advised to contact their personal attorney at their own expense to review the Waiver and Release Agreement form if they so desire.

ARTICLE VII

ADMINISTRATOR

The Company, or any committee or individual as may be designated by the Company, shall administer the Policy (the “Administrator”). The Administrator may delegate to other persons responsibilities for performing certain of the duties of the Administrator under the terms of the Policy. The Administrator shall have full power and discretionary authority to determine eligibility for Policy severance pay and severance benefits and to construe the terms of the Policy, including, but not limited to, the making of factual determinations, the determination of all questions concerning benefits and procedures for claim review and the resolution of all other questions arising under the Policy. Severance pay and severance benefits under the Policy will be payable only if the Administrator determines in its discretion that the Eligible Employee is entitled to them. The decisions of the Administrator shall be final and conclusive with respect to all questions concerning the administration of this Policy. In no event shall an Eligible Employee or any other person be entitled to challenge a decision of the Administrator in court or in any other administrative proceeding unless and until the claim and appeals procedures established under this Policy have been complied with and exhausted. In the event of a group termination, as determined in the sole discretion of the Administrator, the Administrator shall furnish affected Eligible Employees with such additional information as may be required by law.

ARTICLE VIII

CLAIMS FOR SEVERANCE BENEFITS

8.1 Claim for Benefits. It is not necessary that an Eligible Employee apply for severance pay and severance benefits under the Policy. However, if an Eligible Employee wishes to file a claim for severance pay and severance benefits, such claim must be in writing and filed with the Administrator. If the Eligible Employee does not provide all the necessary information for the Administrator to process the claim, the Administrator may request additional information and set deadlines for the Eligible Employee to provide that information. The Administrator will review a claim, and will make a determination of the claim and provide notice of that determination generally within ninety (90) days of the date the written claim is submitted to the Administrator, unless an extension of up to ninety (90) days is necessary. Within the ninety (90) or one-hundred eighty (180) day time period, the Administrator will accept or deny the claim completely or partially and notify the claimant of acceptance or denial of the claim.

8.2 Benefits Review. If the claim is completely or partially denied, the Administrator will furnish a written or electronic notice to the claimant that specifies the reasons for the denial, refers to the Policy provisions on which the denial is based, describes any additional information that must be provided by the claimant in order to support the claim, explains why the information is necessary, and explains the appeal procedures under the Policy.

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8.3 Appeal Procedures. A claimant may appeal the denial of his/her claim and request the Administrator reconsider the decision. The claimant or the claimant’s authorized representative may: (a) appeal by written request to the Administrator not later than sixty (60) days after receipt of notice from the Administrator denying his/her claim; (b) review or receive copies or any documents, records or other information relevant to the claimant’s claim; and (c) submit written comments, documents, records and other information relating to his/her claim. In deciding a claimant’s appeal, the Administrator shall take into account all comments, documents, records and other information submitted by the claimant relating to the claim. If the claimant does not provide all the necessary information for the Administrator to decide the appeal, the Administrator may request additional information and set deadlines for the claimant to provide that information.

The Administrator will make a decision with respect to such an appeal generally within sixty (60) days after receiving the written request for such appeal or, in special circumstances, within one-hundred twenty (120) days after receiving the written request for such appeal. The claimant will be advised of the Administrator’s decision on the appeal in writing or electronically. The notice will include the reasons for the decision, references to Policy provisions upon which the decision on the appeal is based, and a statement that the claimant is entitled to receive, upon request, reasonable access to, and copies of, all documents, records or other information relevant to the claimant’s claim. In no event shall a claimant or any other person be entitled to challenge a decision of the Administrator in court or in any other administrative proceeding unless and until the claim and appeal procedures described above have been complied with and exhausted. No legal action may be brought more than six (6) months following the Administrator’s final determination.

ARTICLE IX

AMENDMENT/TERMINATION/VESTING

Eligible Employees do not have any vested right to severance pay and/or severance benefits under the Policy and the Company reserves the right, in its sole discretion, to amend or to terminate the Policy at any time.

ARTICLE X

CONFIDENTIAL INFORMATION/COOPERATION

Recognizing that the disclosure or improper use of Confidential Information will cause serious and irreparable injury to an Employer, Eligible Employees with such access acknowledge that (i) they will not at any time, directly or indirectly, disclose Confidential Information to any third party or otherwise use such Confidential Information for their own benefit or the benefit of others and (ii) in addition to any other remedy permissible by law, payment of severance pay and severance benefits under the Policy shall cease if an Eligible Employee discloses or improperly uses such Confidential Information. Any Eligible Employee subject to an individual confidentiality agreement or proprietary rights agreement with an Employer or any Affiliate will be deemed to violate the terms of this Article if he/she violates the terms of the individual confidentiality agreement or proprietary rights agreement.

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Subject to the terms of the Waiver and Release Agreement, each Eligible Employee shall cooperate with any Employer and its legal counsel in connection with any current or future investigation or litigation relating to any matter to which the Eligible Employee was involved or of which the Eligible Employee has knowledge or which occurred during the Eligible Employee’s employment. Such assistance shall include, but not be limited to, depositions and testimony and shall continue until such matters are resolved. In addition, an Eligible Employee shall not in any way disparage any Employer nor any person associated with an Employer to any person, corporation, or other entity.

ARTICLE XI

MISCELLANEOUS PROVISIONS

11.1 Return of Property. In order for an Eligible Employee to commence receiving severance pay and severance benefits under the Policy, (i) he/she shall be required to return all Employer property (including, but not limited to, Confidential Information, client lists, keys, credit cards, documents and records, identification cards, equipment, laptop computers, software, and pagers), and (ii) repay any outstanding bills, advances, debts, amounts due to an Employer, as of his/her Severance Date. To the extent the Eligible Employee has any Employer property stored electronically (including, but not limited to, in the form of email) on his/her personal computer, in a personal email account, on a personal storage device, or otherwise, such Eligible Employee shall promptly provide copies of all such information to the Employer and thereafter permanently delete or otherwise destroy the Eligible Employee’s personal copy.

All pay and other benefits (except Policy severance pay and severance benefits) payable to an Eligible Employee as of his/her Severance Date according to the established policies, plans, and procedures of the Employer shall be paid in accordance with the terms of those established policies, plans and procedures. In addition, any benefit continuation or conversion rights which an Eligible Employee has as of his/her Severance Date according to the established policies, plans, and procedures of the Employer shall be made available to him/her.

11.2 No Assignment. Severance pay and severance benefits payable under the Policy shall not be subject to anticipation, alienation, pledge, sale, transfer, assignment, garnishment, attachment, execution, encumbrance, levy, lien, or charge, and any attempt to cause such severance pay and severance benefits to be so subjected shall not be recognized, except to the extent required by law.

11.3 Code Section 409A Compliance. It is the Company’s intent that amounts paid under the Policy shall not constitute “deferred compensation” as defined under Code Section 409A and the regulations promulgated thereunder because the amounts paid under this Policy are structured to comply with the “short-term deferral” exception to Code Section 409A or the “severance pay” exception to Code Section 409A. However, if any amount paid under this Policy is determined to be “deferred compensation” within the meaning of Code Section 409A and compliance with one or more of the provisions of this Policy causes or results in a violation of Code Section 409A, then such provision shall be interpreted or reformed in the manner

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necessary to achieve compliance with Code Section 409A, including, but not limited to, the imposition of a six (6) month delay in payment to any “specified employee” (as defined in Code Section 409A) following such specified employee’s date of termination which entitles him/her to a payment under this Policy. All payments to be made upon a termination of employment under this Policy may only be made upon a “separation from service” as defined under Code Section 409A. In no event shall the timing of an Eligible Employee’s execution of a Waiver and Release Agreement, directly or indirectly, result in the Eligible Employee designating the calendar year of any severance payment, and if a payment that is subject to execution of the Waiver and Release Agreement could be made in more than one taxable year, payment shall be made in the later taxable year. For purposes of Code Section 409A, the right to installment payments of severance shall be treated as the right to a series of separate payments.

11.4 Representations Contrary To The Policy. No employee, officer, or director of an Employer has the authority to alter, vary, or modify the terms of the Policy except by means of an authorized written amendment to the Policy. No verbal or written representations contrary to the terms of the Policy and its written amendments shall be binding upon the Policy, the Administrator, or an Employer.

11.5 No Employment Rights. This Policy shall not confer employment rights upon any person. No person shall be entitled, by virtue of the Policy, to remain in the employ of an Employer and nothing in the Policy shall restrict the right of an Employer to terminate the employment of any Eligible Employee or other person at any time.

11.6 Policy Funding. No Eligible Employee shall acquire by reason of the Policy any right in or title to any assets, funds, or property of the Employer. Any severance pay, which becomes payable under the Policy is an unfunded obligation and shall be paid from the general assets of the Company. No employee, officer, director or agent of the Employer personally guarantees in any manner the payment of Policy severance pay and severance benefits.

11.7 Applicable Law. This Policy shall be governed and construed in accordance with the laws of the State of Michigan without regard to its conflicts of law provisions.

11.8 Severability. If any provision of the Policy is found, held or deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or other controlling law, the remainder of the Policy shall continue in full force and effect.

11.9 Recovery Of Payments Made By Mistake. An Eligible Employee shall be required to return to the Company any severance pay payment and any severance benefits payment, or portion thereof, made by a mistake, including but not limited to, any mistake of fact or law.

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