Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 195

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 195
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 and pay practices from Primo Brands’ peer group and general industry surveys to determine the “market median” of the compensation of executives performing similar functions in the competitive market and in Primo Brands’ peer group. However, the Board and the Compensation Committee retain discretion in setting the compensation for our Chief Executive Officer and the other executive officers, respectively. As a result, compensation for these executives may differ from the peer group and may vary according to factors such as experience, position, tenure, individual and organizational factors, and retention needs, among others. Upon the recommendation of the Compensation Committee, the Board set the compensation for our Chief Executive Officer. The Compensation Committee intends to annually evaluate and select which companies will comprise its compensation peer group. With guidance from its compensation consultant and input and discussion with management, the Compensation Committee intends to discuss annually whether the mix of companies in the peer group produces a valid competitive analysis relative to our talent requirements. The Compensation Committee, with input from FW Cook, determined that a peer group, consisting of selected US public companies either (a) in the beverage and food consumer packaged goods with revenue between 0.33x and 3.00x Primo Brands’ pro forma revenue or (b) in other route-based service industries with revenue between 0.50x and 2.00x Primo Brands’ pro forma revenue, was appropriate for setting target compensation following the Transaction, including equity awards granted in December 2024. This peer group is set forth below:

| Companies used for Compensation Comparison |     |                               |
| The Campbell’s Company                     |     | Monster Beverage Corporation  |
| Clean Harbors, Inc.                        |     | Post Holdings, Inc.           |
| Coca-Cola Consolidated, Inc.               |     | The Boston Beer Company, Inc. |
| Flower Foods, Inc.                         |     | The Hershey Company           |
| General Mills, Inc.                        |     | The J.M. Smucker Company      |
| Keurig Dr Pepper Inc.                      |     | Waste Connections, Inc.       |
| Lamb Weston Holdings, Inc.                 |     | WK Kellogg Co                 |
| Molson Coors Beverage Company              |     | XPO, Inc.                     |

In addition, the Compensation Committee reviewed median compensation data from one general industry survey in which management annually participates: the 2024 FW Cook Executive Compensation Survey. Such survey included 113 organizations ranging in size from approximately $2,537 million to $9,962 million in annual revenue. The