Company: PRMB
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0001140361-25-009675
Chunk: 110

Company: Primo Brands Corp
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 110
---
 Pay vs. Performance Table As described in more detail in the section “Compensation Discussion and Analysis,” our executive compensation program reflects a variable pay-for-performance philosophy. While we utilize several performance measures to align executive compensation with Company performance, they are not all required to be presented in the Pay vs. Performance table. In accordance with SEC rules, the Company provided information regarding the Net Loss of $12.6 million in 2024 and Combined Adjusted EBITDA of $1,352.5 million in 2024 in the table above. The ongoing relationship between these financial measures and compensation actually paid will expand as we build history as a public company. The 2024 CAP to our Principal Executive Officer (“PEO”) of $29.9 million is higher than the Summary Compensation Table figure of $26.0 million, and the average CAP for our Non-PEO NEOs of $7.5 million is higher than the Summary Compensation Table average of $5.6 million. The primary driver of these differences is that our stock price increased throughout 2024. Our TSR increased from November 11, 2024 (the first trading day of Primo Brands’ stock in the NYSE) through December 31, 2024 while the TSR of our peer group declined over the same period. Most Important Company Performance Measures for Determining Executive Compensation The most important financial performance measures used by Primo Brands, as well as individually by Legacy Blue Triton and Legacy Primo, to link executive compensation to Company performance during fiscal year 2024 were: Primo Brands

| • | Combined Adjusted EBITDA |

Legacy Blue Triton

| • | Retail EBITDA |

| • | ReadyRefresh EBITDA |

| • | Total Company Working Capital |

Legacy Primo

| • | Bonus-Adjusted EBITDA |

| • | Bonus-Adjusted Operating Free Cash Flow |

| • | Bonus-Adjusted Revenue |

70

TABLE OF CONTENTS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth information with respect to the beneficial ownership of our Common Stock for:

| • | each person who is known to be the beneficial owner of more than 5% of our Common Stock; |

| • | each of our NEOs and directors; and |

| • | all executive officers and directors as a group. |

The amounts and percentages of Common Stock beneficially owned are reported on the basis of the regulations of the SEC governing the determination of beneficial ownership of