Company: PRMB
Filing Date: 2025-02-07
Form Type: S-1/A
Source: 0001193125-25-022806
Chunk: 307

Company: Primo Brands Corp
Filing Date: 2025-02-07
Form: S-1/A
Chunk 307
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 and each participant was fully vested. Settlement of the Nestlé Plan was triggered due to change in
control as a result of the Company’s acquisition of NWNA. In April 2021, the Company settled all remaining benefits through lump sum payouts to each participant.

Split Dollar Life Insurance

The Company provides
certain executives with life insurance benefits through split-dollar life insurance arrangements. As part of the NWNA acquisition, the Company retained agreements with certain former and active executives whereby the Company must maintain the life
insurance policy for a specified amount and split a portion of the policy benefits with the designated beneficiary of each executive. The Company’s investment in corporate-owned life insurance policies is recorded at cash surrender value, which
approximates fair value.

As of December 31, 2023 (Successor), the cash surrender value of $27.4 million for the remaining split dollar life
insurance policies is recorded in other non-current assets, and future amounts owed to the executives or their designated beneficiaries is $2.7 million, which is split between accruals and other current
liabilities and other non-current liabilities in the amount of $0.5 million and $2.2 million, respectively.

As of December 31, 2022 (Successor), the cash surrender value of $30.8 million for the remaining split dollar life insurance policies is recorded in
other non-current assets, and future amounts owed to the executives or their designated beneficiaries is $2.2 million, which is split between accruals and other current liabilities and other non-current liabilities in the amount of $0.5 million and $1.7 million, respectively.

Changes in the cash
surrender value of these policies related to gains and losses incurred on these investments are classified within Selling, general and administrative expenses. Investments in and redemptions of these life insurance contracts are reported as cash
flows from investing activities. Gains (losses) related to the corporate-owned life insurance policies were insignificant for all periods presented.

The
Company funded $17.0 million into a rabbi trust in April 2021, which will be used to pay premiums and other fees on these split-dollar life insurance plans in the future. As of December 31, 2023 and 2022 (Successor), the rabbi trust
has $14.9 million and $14.8 million of Level 1 investments, which are included in other non-current assets (see Note 17-Fair Value
Measurements).

Executive Medical

Prior