Company: PRMB
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001140361-25-009675
Chunk: 5

Company: Primo Brands Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 5
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 respect to Primo Shares subject to performance-based vesting granted pursuant to the Legacy Equity Plans or otherwise (each, a “ Primo PSU” and, together with Primo Options, Primo RSUs, and other equity interests granted as compensation or otherwise in respect of service, whether or not granted pursuant to the Legacy Equity Plans, collectively, the “ Primo Equity Awards”), which was outstanding immediately prior to the Transaction, was automatically assumed and converted into a restricted stock unit award to acquire Class A common stock in an amount equal to the number of Primo Shares previously underlying such Primo PSU based on Primo Water’s estimated performance for the performance period to date (each, a “ Primo Brands Conversion RSU” and, together with the Primo Brands Replacement Options and Primo Brands Replacement RSUs, the “ Primo Brands Replacement Awards”). Each such Primo Brands Conversion RSU has a time-based vesting period equal to the remaining performance period of such Primo PSU prior to the Transaction. 1 TABLE OF CONTENTS As used herein, “ Fully Diluted Shares” refers to the sum of (i) the aggregate number of shares of Class A common stock and Class B common stock issued and outstanding, if any, plus (ii) the aggregate maximum number of shares of Class A common stock issuable in respect of any equity interests of the Company, including with respect to Primo Brands Replacement Options, Primo Brands Replacement RSUs, and Primo Brands Conversion RSUs, in each case, that were outstanding or deemed outstanding at the time of the Transaction (and assuming the vesting in full of any of the foregoing subject to vesting or similar conditions). On November 7, 2024, in connection with the Transaction, the Company and the Initial ORCP Stockholder entered into a Stockholders Agreement (the “ Stockholders Agreement”) setting forth certain governance and other rights of the Initial ORCP Stockholder and certain of its permitted transferees (together, the “ Sponsor Stockholders”). The Initial ORCP Stockholder is an affiliated entity of One Rock Capital Partners, LLC (together with its affiliates, “ One Rock” and all Sponsor Stockholders that are affiliated with One Rock, the “ ORCP Stockholders”). On November 8, 2024, the Company became the successor issuer to Primo Water pursuant to Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “ Exchange Act”). Pursuant to Rule 12g-3(e) under