Company: PRMB
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001193125-25-045972
Chunk: 84

Company: Primo Brands Corp
Filing Date: 2025-03-05
Form: S-1/A
Chunk 84
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 good
faith direction of the Board or the participant’s supervisor.

The Severance Plan defines “Good Reason” to include any of
the following:

(i) a material diminution in the participant’s title or duties or assignment to the participant
of materially inconsistent duties;

(ii) a reduction in the participant’s then current annual base salary or
target bonus opportunity as a percentage of annual base salary, unless such reduction in target bonus opportunity is made applicable to all participants serving in substantially the same capacity as the participant;

(iii) relocation of the participant’s principal place of employment to a location that is more than 50 miles away
from the participant’s principal place of employment on the date upon which the participant became a participant, unless such relocation is effected at the request of the participant or with the participant’s approval;

(iv) a material breach by Primo Brands of any provisions of the Severance Plan, or any employment agreement to which the
participant and Primo Brands are parties, after written notice by the participant of the breach and such failure remaining uncorrected following an opportunity for Primo Brands to correct such failure within ten days of the receipt of such notice;
or

(v) the failure of Primo Brands to obtain the assumption in writing of its obligation to perform the Severance
Plan by any successor to all or substantially all of the business or assets of Primo Brands within fifteen days after a merger, consolidation, sale or similar transaction.

If a participant’s employment is terminated by us without Cause or by the participant for Good Reason, he or she will receive a cash
payment of an amount equal to the participant’s total annual base salary and target bonus multiplied by his or her severance multiple. The terminated participant would also be paid accrued salary and vacation through the date of termination,
less applicable withholdings, and a pro-rata payment of the participant’s annual bonus based on actual performance for the year of termination. In addition, the terminated participant would receive
accelerated vesting of rights to the extent provided in our equity incentive plans (as described above), would continue to receive benefits under our benefit plans for the number of years equal to the severance multiple where we may do so legally
and in accordance with the applicable benefit plans in effect from time to time (up to a maximum of 18 months), and would receive up to $15,000 of outplacement assistance.

Payments to all participants under the Severance Plan subject to excise tax are cut back to an amount that will result in no portion of the