Company: PRMB
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001193125-25-012325
Chunk: 216

Company: Primo Brands Corp
Filing Date: 2025-01-24
Form: S-1
Chunk 216
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 LP, or any employee benefit plan sponsored by the Company or any of its affiliates), becomes the “beneficial owner” of
securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; (ii) the consummation of a sale by the Company of all or substantially all of the Company’s assets, except
for sales to Triton Water Parent Holdings, LP or related entities; (iii) the date when individuals who, on the first date the Shares commence trading on the New York Stock Exchange following the Effective Date, constitute the Board (the
“Incumbent Directors”) cease to be a majority of the Board, unless their appointment or election was approved by at least two-thirds of the remaining Incumbent Directors or they are Sponsor Nominees
as defined in the Stockholders Agreement; and (iv) the liquidation, dissolution, or winding-up of the Company. The definition of “Change of Control” in the Legacy Equity Plans is substantially
similar to the definition of “Change of Control” in the Primo Brands Equity Plan, except that references to the Company refer to Primo Water under the Legacy Equity Plans.

The Legacy Equity Plans define “Cause” to mean:

(i) the willful failure of the participant to properly carry out the participant’s duties and responsibilities or to
adhere to Primo Water’s policies;

(ii) theft, fraud, dishonesty or misappropriation by the participant, or the
gross negligence or willful misconduct by the participant, involving the property, business or affairs of Primo Water or a subsidiary, or in the carrying out of the participant’s duties, including, without limitation, any breach by the
participant of the representations, warranties and covenants contained in the participant’s employment agreement;

(iii) the participant’s conviction of or plea of guilty to a criminal offense that involves fraud, dishonesty, theft
or violence;

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(iv) the participant’s breach of a fiduciary duty owed to Primo Water or a subsidiary; or (v) any other action that constitutes cause for termination of the Grantee’s employment with Primo Water or a subsidiary under any other agreement to which the participant is a party or under applicable law. The definition of “Good Reason” in the Legacy Equity Plans is substantially similar to the definition of “Good Reason” in the Severance Plan, as described below, except that the Legacy Equity Plans provide that individual employment agreement definitions control, if applicable. The definitions of