Company: PRMB
Filing Date: 2025-12-08
Form Type: SCHEDULE 13D/A
Source: 0001493152-25-026555
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Company: Primo Brands Corp
Filing Date: 2025-12-08
Form: SCHEDULE 13D/A
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 the Bank (the "Margin Loan Pledged Shares"). The VPF Pledged Shares represent approximately 16% of the shares of Class A Common Stock beneficially owned by the Reporting Persons and, as further described below, absent a physical settlement of the Forward Contract or the Counterparty's default on the Forward Contract, the Forward Contract does not affect any otherwise existing voting and Board of Directors nomination rights of the Reporting Persons. 
 Concurrently with the Forward Contract and the Refinancing Amendment, the Counterparty and Triton Water Equity Holdings, LP agreed to be subject to a 60-day lock-up period. During the lock-up period, subject to certain limited exceptions consistent with the previous lock-up undertakings of the Reporting Persons in respect of the offering of Class A Common Stock in 2025, Triton Water Forward Holdings, LP and Triton Water Equity Holdings, LP and their affiliates may not offer, sell, contract to sell, or otherwise dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position with respect to their shares of Class A Common Stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 The Forward Contract obligates the Counterparty to deliver to the Bank, on one or more specified dates over a period of time ending on the maturity date of January 6, 2028 (the "Maturity Date"), at the Counterparty's option, either, (i) up to an aggregate number of shares of the Class A  Common Stock equal to the number of shares pledged by the Counterparty or (ii) at the Counterparty's election, subject to certain conditions, an equivalent amount of cash. Under the terms of the Forward Contract, on or about the date thereof, the Counterparty received a prepayment in an aggregate amount of approximately $139 million (equivalent to the present value of a payment of the Floor Price (as defined below) at the Maturity Date) from the Bank, which pursuant to the Refinancing Amendment will be applied to refinance the certain outstanding obligations of Triton Water Equity Holdings, LP under the Loan Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
 The Counterparty retains ownership and voting rights in the VPF Pledged Shares during the term of the Forward Contract until such VPF Pledged Shares are either (i) released and returned to the Counterparty, if the Counterparty settles the Forward Contract in cash, or (ii) the VPF Pledged Shares are delivered to the Bank if Counterparty physically settles the Forward Contract or upon an