Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 209

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 209
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 vest based on achievement of average annual ROIC and aggregate revenues of a three-year period beginning on the first day of Primo Water’s 2023 fiscal year and ending on the last day of Primo Water’s 2025 fiscal year (weighted 75% and 25%), respectively. The PSUs granted in December 2023 to Mr. Hass and Ms. Poe and in January 2024 to Mr. Rietbroek (the “2024 Annual Grant”) were to vest based on achievement of average annual ROIC and total shareholder return (“TSR”) relative to the Russell 2000 index over a three-yearperiod beginning on the first day of Primo Water’s 2024 fiscal year and ending on the last day of Primo Water’s 2026 fiscal year (weighted 50% and 50%) respectively. In connection with the Transaction, Primo Water awards outstanding under the Legacy Equity Plans were assumed by the Company, provided that outstanding Primo Water awards that were subject to performance-vesting conditions were converted to Company awards that vest solely on continued service, based on the estimated Primo Water performance achieved as of the Transaction, with such converted awards vesting at the end of the original award’s performance period. The chart below sets forth the target and estimated performance targets achieved as of the Transaction for purposes of the conversion of such performance-vesting awards.

| PSU Grant         |               | Performance 
 Period      |                 |     |                 | Metrics    |        | Target |     | Estimated      
 Performance    
 Achieved as of 
 Transaction    |     | % Award 
 Earned  |     | Payouts |
| 2022 Annual Grant |               |             | 2022 – 2024     |     |                 | ROIC (75%) |        | 9.73%  |     | 10.82%         |     | 200.0%  |     | 191.4%  |
|                   | Revenue (25%) |             | $6,808M         |     | $7,120.8M       |            | 165.7% |        |     |                |     |         |     |         |
| 2023 Annual Grant |               |             | 2023 – 2025     |     |                 | ROIC (75%) |        | 11.43% |     | 12.33%         |     | 200.0%  |     |