Company: PRMB
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001193125-25-045972
Chunk: 48

Company: Primo Brands Corp
Filing Date: 2025-03-05
Form: S-1/A
Chunk 48
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 value. For 2024, the performance bonus of each of our named executive officers other than with respect to Mr. Austin and Ms. Kim, will be calculated based on achievement of a specified level of Bonus-AdjustedEBITDA, Bonus-Adjustedoperating free cash flow and Bonus-Adjustedrevenue, weighted 50%, 25% and 25%, respectively. For Primo Water’s performance bonus purposes, (i) “Bonus-AdjustedEBITDA” is GAAP earnings before interest, taxes, depreciation, and amortization, (ii) “Bonus-Adjustedoperating free cash flow” is GAAP net cash 28

provided by operating activities, less capital expenditures, and (iii) “Bonus-Adjustedrevenue” is GAAP revenue, each as adjusted to exclude the impact of discontinued operations, foreign exchange rates, tuck-inand disposition transactions not included in the target, acquisition, integration and restructuring charges, share-based compensation, loss on disposal of property, plant and equipment and other transactions identified as unusual or not ordinary in nature, and as a result, they may not correspond to the reported measures used in Primo Brands’ other disclosures or filings. The Compensation Committee may approve adjustments to reflect events in the prior period (including the Transaction) and/or the results achieved during the applicable performance period to account for items not indicative of underlying performance. Individual adjustments may have positive or negative impact, and aggregate adjustments may increase or decrease incentive payouts. No such adjustments were implemented in respect of bonuses for 2024. The Primo Water performance bonuses for 2024 were eligible to be paid at “threshold”, “target” and “outperform” levels. Performance bonuses may be paid if the actual result for certain of the metrics is less than the applicable “threshold” level; however, if the actual results for the Bonus-AdjustedEBITDA metric are below the “threshold” level, the applicable NEOs would not have been entitled to any performance bonuses. For 2024, our named executive officers who were legacy Primo Water employees could earn a performance bonus of up to a maximum level of 200% of the target bonus amount based on achievement of goals at the “outperform” level. The target bonus award for 2024 for Mr. Rietbroek was 120% of annual base salary and for each of Mr. Hass and Ms. Poe was 75% of annual base salary. The following chart sets forth the threshold, target and outperform performance targets established by the compensation committee