2003 LONG-TERM INCENTIVE PLAN
AS AMENDED AS OF FEBRUARY 7, 2007
SECTION 1. PURPOSE. The purposes of the Perrigo Company 2003 Long-Term Incentive Plan (the "Plan")
are to encourage employees, directors and other persons providing significant services to Perrigo Company and
its subsidiaries to acquire a proprietary and vested interest in the growth and performance of the Company, to
generate an increased incentive to contribute to the Company's future success and prosperity, thus enhancing the
value of the Company for the benefit of share owners, and to enhance the ability of the Company to attract and
retain individuals of exceptional managerial talent upon whom, in large measure, the sustained progress, growth
and profitability of the Company depends. The amended and restated Plan shall be effective as of February 7,
2007 and shall apply to Awards granted on or after such effective date.
SECTION 2. DEFINITIONS. As used in the Plan, the following terms shall have the meanings set forth below:
(a) "Acquiring Person" means any person (any individual, firm, corporation or other entity) who or which,
together with all Affiliates and Associates, has acquired or obtained the right to acquire the beneficial ownership
of fifty percent (50%) or more of the Shares then outstanding.
(b) "Affiliate" and "Associate" shall have the respective meanings ascribed to such terms in Rule 12b-2 of the
General Rules and Regulations under the Exchange Act.
(c) "Award" shall mean any Option, Stock Appreciation Right, Restricted Share Award, Performance Share,
Performance Unit, Other Stock Unit Award, or any other right, interest, or option relating to Shares or other
securities of the Company granted pursuant to the provisions of the Plan.
(d) "Award Agreement" shall mean any written agreement, contract, or other instrument or document evidencing
any Award granted by the Committee hereunder and signed by both the Company and the Participant.
(e) "Beneficiary" means the person